Electric vehicle stocks closed the week ending May 19th on a positive note, with broader market strength and company-specific catalysts generating growth in the space.
Tesla, Inc. TSLA The stock rose to a one-month high, benefiting from positive news from the company’s annual shareholder meeting.
Here are the most important events that occurred in the electric vehicle space during the week:
Tesla Hears Investors, Revives Plans for India, and More: At Tesla’s annual shareholder meeting in Giga Texas this week, CEO Elon Musk He assured investors that he wouldn’t be stepping down from Tesla anytime soon. Confirmed schedule of Electronic trucklaunch and talked about two Next generation vehicles Which has the potential to reach volumes of up to 5 million per year.
In a notable development, the billionaire said he’s open to experimenting with advertising on a small scale to popularize Tesla’s lesser-known features to potential customers.
Commenting on Cybertruck’s prospects after the shareholder meeting, Kevin O’Leary From Shark Tank he said the car, while odd, is very exciting and will do a lot of good from a margin perspective.
After on and off negotiations with the Indian government, Tesla reignites his quest to conquer the Indian frontier. Reports indicated that several key executives in Tesla’s Group C could meet with Indian government officials as early as next week, mainly to discuss sourcing materials and push for lower import duties for the company’s electric vehicles.
See also: Best electric car stock
Fisker confirms itinerary for second tranche of deliveries: Fisker, Inc. FSRwhich started its first shipments from Ocean SUV Earlier this month, it said it would start the next phase of production to accelerate the global launch of the electric vehicle. The company said it plans to deliver to customers across the European and US markets, starting in June.
By the end of June, the company expects to build 1,400 to 1,700 vehicles, provided the supply chain maintains compliance. With an increase expected in the third quarter, the company reaffirmed its guidance for 2023 from 32,000 to 36,000 units.
Ford chooses wise China strategy: With Ford’s electric vehicle business in China incurring losses of up to $600 million, the company is looking forward to a deliberate and prudent plan in the country. CEO Jim Farley He said in an interview with the Financial Times that the automaker will look to scale back future investments in China. He further noted that the winners in the Chinese electric vehicle market are not traditional automakers but emerging companies.
“We don’t want to leave China like others have because battery technology and digital user experience … are among the best in the world,” he said.
Narrowing Loss in Canoo’s Q1: Kano, Inc. GOVInc., the manufacturer of Lifestyle EVs, this week reported a narrower first-quarter loss. CEO Tony Aquila You alluded to several announcements regarding more orders during the quarter.
A recent tweet from the company listed customers for its lifestyle delivery trucks. Aside from the announced names, the company also mentioned Chick-Fil-A. This sparked speculation that the fast food chain could be one of the new customers hinted at by Akeelah.
Check out more coverage of Benzinga Future Of Mobility by following this link.
Toyota wants to err on the side of caution: Japanese auto giant Toyota TM Jalopnik reports that he’s not very optimistic about EV adoption, citing a memo sent to dealers. The company reportedly believes that the high cost of raw materials makes it more profitable to manufacture plug-in hybrid cars than electric vehicles. The company also has a muted view of the charging infrastructure in the United States
The Infrastructure Reduction Act has left out a large portion of PHEVs/EVs, the memo said, and thus automakers and dealers have shown declining interest in these new energy vehicles. That explains Toyota’s electrification strategy going forward with a range of PHEVs and EVs.
Now Read: As Tesla Stock Hits a One-Month High, Analysts List 6 Key Catalysts That Propelled This Week’s Rally
Electric Vehicle Inventory Performance for the Week:
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Image: NVIDIA Corporation via Flickr
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