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Electric vehicle stocks benefited from the strength seen in the broader market, with most advancing strongly during the week. Pioneer of electric vehicles Tesla company (NASDAQ:TSLA) acquired early as Morgan Stanley Adam Jonas He upgraded the stock and raised the price target to $400, citing Dojo’s supercomputer potential.
Here are the main events that happened in the electric vehicle space during the week:
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Tesla Giga Mexico update, electric car leasing securitization plan, and more: Governor of Nuevo Leon, samuel Garcia Sepulveda, Teslarati recently reported that an Instagram post mentioned that construction of Tesla’s Giga Mexico could begin soon. This could allay concerns about potential delays in Giga Mexico construction involving Tesla’s suppliers in China and Mexican media.
Media reports, citing a pre-sale report by Fitch Ratings, said that Tesla may target to raise $1.8 billion through securitization of electric vehicle leases. This will likely involve converting a significant portion of Tesla’s leases into bonds, as the company plans to generate interest on about $1 billion in securities divided into five classes of bonds, rated from Triple A to Double A. However, the lower-rated tranches will not It is offered for sale.
Tesla this week removed the rear-drive standard range version of the Model Y from its US website. Commenting on this development, Future Fund’s Gary Black said: “There has been some concern that TSLA may cut the price of MY as Q3 comes to a close. Alternatively TSLA may want to allocate more of the Cybertruck’s 4,680-cell production capacity.”
A United Auto Workers strike has crippled Detroit’s Big Three and left non-union Tesla a big winner, analysts said this week.
See also: Best electric car stocks
Nikola CEO update calms nerves: Beleaguered truck maker Nikola Company (NASDAQ:NKLA) new CEO Steve Girsky A fireside chat this week covered the recall of more than 200 battery-electric heavy-duty trucks due to a fire hazard. He explained that the recall of the battery-powered electric truck does not affect the production or delivery of the fuel cell electric vehicle because the truck uses a different battery pack from a different supplier.
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Nikola also said this week it will expand its dealer network to Canada for Class 8 truck sales and service coverage, in partnership with trailer manufacturer ITD Industries.
Rivian excels among startups: With the decline in the electric car market due to price cuts, Rivian Automotive Company (NASDAQ:RIVN) has managed to hold its own, data from Experian showed, according to Automotive News. Registrations for Rivian’s RIT pickup truck and R1S crossover vehicles reached 2,750 units in July, up from a monthly average of 2,596 new registrations in the first half of the year. Competitor startup Lucid Group, Inc (NASDAQ:LCID) saw just 348 registrations for its Aero sedan in July.
Faraday Future Star Gravity: shares Faraday Future Intelligent Electricity, Inc (NASDAQ:FFIE) jumped on Wednesday after the company shared a video of the reality TV personality and real estate broker Jason Oppenheim The FF 91 2.0 Futurist Alliance takes delivery on the company’s “Joint Delivery Day”.
“Jason is thrilled to experience this new vehicle and be part of a club that will allow him to share his vision for the future of luxury electric vehicles,” Faraday Future said in a statement.
See more coverage of the future of mobility from Benzinga by By following this link.
Volkswagen axle functions amid weak demand for electric cars: Old German car manufacturer Volkswagen AG VWAGY (OTC:VWAGY) is seeking to reduce the number of employees at its factory in the eastern German city of Zwickau due to falling demand for electric vehicles, Reuters reported, citing the German news agency DPA. The company is reportedly planning to reduce headcount by allowing fixed-term contracts to expire, which could affect a few hundred employees at the end of October.
Read next: Why this Tesla investor expects third-quarter deliveries to fall short of expectations: ‘We remain optimistic but cautious’
Performance of electric car stocks this week:
| Weekly performance (+/-) | |
| Tesla | +10.42% |
| New, Inc (NYSE: NEO) | +3.89% |
| X-Ping Company (NYSE:XPEV) | +5.48% |
| Lee Auto Company (NASDAQ:LEY) | +5.86% |
| Fisker company (NYSE: FSR) | +11.86% |
| Workhorse Group, Inc (Nasdaq:WKHS) | +2.11% |
| Lordstown Motor Company (OTC:REDIC) | -4.06% |
| Hizon Motors Company (Nasdaq:HYZN) | -7.58% |
| Kano, Inc (NASDAQ:GOEV) | -2.90% |
| Rivian | +4.68% |
| Clear | +1.37% |
| Faraday future | +35.91% |
| Access (NASDAQ:ARVL) | 0% |
| Nicola | +35.21% |
| FINFAST AUTOMOBILE CO., LTD (NASDAQ: VFS) | +2.22% |
Image: Shutterstock
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