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Electric vehicle stocks were mostly up in the week ending Dec. 2, helped by broad market optimism over a potential Fed pivot and some company-specific catalysts. The Chinese EV trio of Nio, Inc. NIO, XPeng, Inc. XPEV and Li Auto, Inc. LI were among the week’s best performers amid bargain hunting fueled by their November delivery data.
Now, here are the key events that happened in the EV space throughout the week:
Tesla Price Cut, Semi Launch And More: Close on the heels of price cuts and increased insurance incentives in China, Tesla, Inc. TSLA offered a $3,750 credit for US buyers of its Model Y and Model 3 vehicles available in inventory. The reduced prices fueled concerns about slowing demand amid an uncertain economic environment.
The EV pioneer began deliveries of the Tesla Semi this week, some five years after it was first announced. The first servings were handed out to the beverage giant PepsiCo. PEP. Tesla bull and Future Fund’s Gary Black said that the Semi is likely to be Tesla’s most important hardware product to date. “People are sleeping on this product,” he added. During the launch event, the company said the Cybertruck will use the same charger as the new megawatt V4 charger the company developed for the Semi.
Separately, a report said Tesla’s production of Model Y SUVs at its Giga Austin plant is ramping up well, with the factory priming to produce 75,000 units in the first quarter. This will bring the weekly production rate to 5,000 units.
See also: $1,000 Invested In Tesla Today Will Be Worth Now By Year’s End If Returns Are Up To Historical Standards
Ford November Numbers: Ford Motor Company F this week reported its November sales numbers, underscoring the progress it has made in the EV transition. The company said its US EV sales expanded at twice the overall industry rate in November, thanks to a 103% month-over-month increase.
“Ford is America’s second best-selling brand and manufacturer of electric vehicles behind Tesla,” the company said in a statement. F-150 Lightning EV truck sales reached 2,062, Ford E-Transit sales were at 654 and Mustang Mach-E sales were up 14.6% year-over-year to more than 3,539 units.
Separately, the company announced that it has achieved the milestone of launching its 150-thousandth Mach-E, about two years after it went on sale.
Nio, Li, BYD Sparkle: The November delivery scorecard released this week showed that Nio, Li Auto and Warren Buffett– turned away BYD Company Limited BYDDY BYDDF able to overcome the disruptions of COVID-19. Companies reported year-over-year as well as sequential improvements in deliveries. On a more promising note, Nio said it expects delivery momentum to accelerate further in December.
XPeng sales have fallen sharply since a year ago, with the company blaming the problem on the COVID-19 situation.
Hyundai teases the IONIQ 5 N EV: on friday, Hyundai Motor Company HYMTF released a video giving a sneak peek of the Performance variant of its IONIQ 5 N EV, wrapped in an N-specific camouflage membrane. The video also showcased its testing platforms, the RN22e and N Vision 74 as well as some upcoming technologies that facilitate its electrified future.
Lordstown Gets Clearance For Endurance EV Pickup Truck Delivery: Lordstown Motors Corp. RIDE it said its Endurance pickup truck has achieved full homologation certification from the EPA and CARB – an important condition to begin customer sales. The company noted that the initial batch of 500 EV pickup trucks is on its way out Hon Hai Manufacturing Company Limited’s HNHPF Ohio plant for customer delivery.
Fisker Hit By Brief Report: Fisker, Inc. FSR shares came under pressure after short-seller Fuzzy Panda Research said all of the company’s $825 million in cash was tied up in guarantees to its manufacturing partner Magna International, Inc. MGA. The EV maker’s access to funds is limited by bank guarantees that set minimum cash balances, it added.
Canoo Moves: Canoo Inc. GOEV It said it delivered its first new “light tactical vehicle” to the US Army for testing and demonstration in fulfillment of a contract awarded in July 2022.
Read Next: Best Electric Vehicle Stocks
EV Stock Performances for the Week:
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