Tesla Stock At 6-Month High, Orders Trickle In For Canoo, Nio CFO Departs And More: Biggest EV Stories Of The Week
Most electric vehicle stocks advanced in the week that ended on July 5, led by market leader Tesla, Inc. (NASDAQ:TSLA), with the broader market strength also contributing to the upside. Tesla shares are now in the green after the company reported better-than-feared deliveries.
Here are the key events that happened in the EV space during the week:
Tesla Knocks Off Lowered Number: After prolonged weakness, Tesla shares turned the corner, thanks to a second-quarter deliveries report that came in better than expectations. Analysts attributed the positive number to the lavish financing options facilitated by the company. Skeptics weren’t impressed as they pointed to the sharply lowered estimate ahead of the report and the year-over-year sales decline.
Tesla has moved past one of its key catalytic events unscathed, and all eyes are now focused on the second-quarter earnings report that is due on July 23.
Tesla continues to find favor with authorities in China. A CnEVPost report said multiple state-owned enterprises in Shanghai have purchased Model Ys as part of the city’s efforts to optimize the business environment and demonstrate equal treatment for domestic and foreign companies.
On the other hand, the company’s progress in China’s neighbor, India, hasn’t been encouraging. A Bloomberg report said Tesla executives have stopped contacting Indian officials regarding the company’s proposed expansion into India. Citing people familiar with the development, the report said officials in New Delhi were informed that Tesla has capital issues and that it wasn’t planning fresh investment in India in the near future.
See Also: Best Electric Vehicle Stocks
Rivian’s Volkswagen Partnership Limited To Software: Irvine, California-based Rivian Automotive, Inc. (NASDAQ:RIVN) told Reuters that the company does not plan to produce vehicles with Volkswagen AG (OTC:VWAGY). The clarification came after a German media report said the two would be extending their previously announced partnership beyond software to include EV manufacturing.
Separately, Rivian reported second-quarter deliveries that exceeded its pre-announced number. The company said it sold 13,790 EVs in the second quarter, ahead of the 13,000-13,300 units it forecast at its Investor Day held in June. The company manufactured 9,162 units and reaffirmed its 2024 guidance of 57,000 units.
Canoo Snags New Orders: Lifestyle EV manufacturer Canoo, Inc. (NASDAQ:GOEV) announced that logistics company Go2 Delivery has signed a definitive agreement to purchase five of its fully-electric commercial delivery vans, with the potential to purchase up to an additional 85 vans. The Class 1 LDV130 will be integrated into Go2’s delivery fleet as it accelerates its commitment to becoming the leading carbon-free logistics company to meet the last mile and other delivery transportation needs of its customers in Virginia and the Chesapeake Bay area.
Ford Reports Solid Q2 EV Sales: Legacy automaker Ford Motor Co. (NYSE:F) reported strong second-quarter EV sales, with its pureplay EV models recording double-digit growth. EV sales jumped 61% year-over-year as the Blue Oval toppled crosstown rival General Motors Corp. (NYSE:GM) to be the second-largest U.S. EV maker.
F-150 Lightning sales climbed 77% to 7,902 units, Mustang Mach-E sales rose 46% to 12,645 units and E-Transit van deliveries surged up 96% to 3,410 units.
Nio Announces CFO Departure: Chinese EV startup Nio, Inc. (NYSE:NIO) its CFO Steven Feng has announced his decision to quit, effective July 5, citing personal and family reasons. The board approved the promotion of Senior Vice President of Finance Stanley Qu as Feng’s replacement. Feng’s resignation came close on the heels of the Shanghai-based company reporting robust deliveries for June.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session down 1.02% at $20.21 according to Benzinga Pro data. For the week, the ETF advanced 4.23%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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EV Stock Performances This Week:
| Weekly Change (+/-) | |
| Tesla | +27.11% |
| Nio, Inc.(NYSE:NIO) | +11.06% |
| XPeng, Inc. (NYSE:XPEV) | +8.05% |
| Li Auto, Inc. (NASDAQ:LI) | +14.43% |
| Workhorse Group, Inc. (NASDAQ:WKHS) | -14.65% |
| Hyzon Motors, Inc. (NASDAQ:HYZN) | +0.97% |
| Canoo | -0.47% |
| Rivian | +10.21% |
| Lucid Group, Inc. (NASDAQ:LCID) | +12.26% |
| Faraday Future Intelligent Electric Inc. (NYSE:FFIE) | -21.04% |
| Nikola Corp. (NASDAQ:NKLA) | +9.77% |
| VinFast Auto Ltd. (NASDAQ:VFS) | +0.47% |
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