Electric vehicle stocks closed the week that ended on June 16 on an upbeat note, benefiting from the positive broader market sentiment as the Federal Reserve hit the pause button. Market leader Tesla, Inc. TSLA raced to an eight-and-a-half month high despite snapping its 13-session winning streak.
Here are the key events that happened in the EV space during the week:
Tesla’s Cybertruck Update, Semi Recall And More: More information on Tesla’s upcoming Cybertruck was revealed this week as influencers shared photos and videos of a camouflaged vehicle driving through the roads of Palo Alto, California. The electric pickup truck, which is expected to be launched in late 2023, was also seen driven by Tesla engineers through an In-N-Out Burger drive-thru. Commenting on a video shared on Twitter, CEO Elon Musk said on Wednesday, “It’s a tradition.”
Telsa also announced a major battery production milestone this week. The company’s official Twitter handle shared a tweet, saying, “Produced our 10 millionth 4680 cell at Giga Texas this week!”
The Semi Class 8 truck was the subject of another recall this week, as 36 units of 2023 Tesla Semi trucks manufactured between Nov. 30, 2022 and March 15, 2023, were recalled due to issues with the door closure warning system for the truck’s rear-hinged side doors.
After General Motors Corp. GM and Ford Motor Co. GM adopted Tesla’s North American Charging Standard, Musk recommended that Toyota Motor Corp. TM also join the EV pioneer’s proprietary charging standard. The billionaire’s comment came after a Business Insider report highlighted the poor charging system of the Japanese automaker’s bZ4X EV.
See also: Best Electric Vehicle Stocks
Rivian To Drop Out Of Nasdaq 100: EV startup Rivian Automotive, Inc. RIVN will be removed from the Nasdaq 100 Index ahead of the market’s opening on June 20. The company was only added to the index, which comprises of large-cap non-financial tech stocks, in Dec. 2022. Rivian’s stock had a weighting of less than 0.1% of the index for two consecutive months, leading to its ejection out of the index.
Separately, Rivian announced this week that Spaces, the auto company’s series of new lifestyle-focused retail locations across the U.S., will kickstart sales. The first such location is open in New York’s Meatpacking District.
“Designed as an interconnected network of Rivian-owned destinations linked by a robust footprint of Rivian Adventure Network DC fast charging sites, our spaces help attract new customers and serve as a meeting place for our community,” the company said.
Nio Announces Price Cuts: Chinese EV startup Nio, Inc. NIO, which earlier balked at price cuts, has warmed up to the pricing strategy. The company said it would reduce the prices of all new Nio models by 30,000 yuan ($4,200). It, however, made the free battery-swap service offer a paid option. Separately, the company began deliveries of its ET5 Touring in China.
GM To Build New EV Battery Plant: General Motors, along with Samsung SDI, will build a EV battery plant in New Carlisle, Indiana at a whopping price of over $3 billion. The companies expect to begin operations at the plant in 2025. The new plant is expected to create 1,700 jobs and will have an annual production capacity of 30 gigawatt hours.
Ford’s German EV Plant: Ford opened its Cologne EV Center at the same site it set up its ICE manufacturing plant in 1930. The company announced in 2021 that it would transform the German plant into a EV manufacturing center at a cost of $1 billion as Ford aims to transition fully into EVs in Europe by 2030.
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Nikola Shines On Job Cuts: Struggling EV and hydrogen truck maker Nikola Corp. NKLA announced a strategic decision to reduce 270 jobs across multiple sites. The company expects to cut down on personnel-related cash spend by more than $50 million annually. The company also reiterated that it would launch its hydrogen fuel-cell energy truck by the fourth quarter. The stock added about 69% for the week.
EV Stock Performances for The Week:
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