The EV space posted a mixed performance during the week ended September 24, with several current market developments that boosted stock action.
Here are the top headlines of the week related to electric vehicle stocks:
Cathie Wood’s Tesla Strategy, California Battery Plant and more: Cathie Bois, a Tesla bull and fund manager, told the Morning Star Investment Conference that she would consider liquidating holdings in the electric vehicle maker if the stock reached the “$ 3,000” level.
Wood’s Ark Invest ETFs have substantial positions in Tesla. In September, however, the funds liquidated some of their holdings in Tesla.
Tesla, which has its flagship manufacturing facility in Fremont, California, has opened a new battery production facility in California. The factory, nicknamed “Megafactory”, will be used to produce a large scale “Megpack” battery system.
Rumors that emerged during the week suggest that Samsung is in talks with Tesla to make next-generation stand-alone chips, which would mean the latter will abandon its partnership with Taiwan Semiconductor Manufacturing Co. Ltd.(NYSE: TSM).
CEO of Tesla Elon musk said in a tweet during the week that the company hopes to deliver real-time insurance, based on actual driving history, in Texas next month. Musk was ruining the extremely slow and complex regulatory process for approving insurance.
Li Auto Trims Guidance: Li Auto, Inc. (NASDAQ: LI), which was the best-performing Chinese trio of U.S.-listed electric vehicles in terms of deliveries, lowered its guidance for the third quarter.
The company now expects shipments of 24,500, down from previous forecasts of 25,000 to 26,000, with the shortfall blamed on COVID-19 disruptions at its dedicated Malaysian chipmaker that will affect the supply of chips for its millimeter wave radar.
The warning announced on Monday also triggered the sale at other manufacturers of electric vehicles.
Related Link: Plug Power To Build A Hydrogen Production Facility In California: What You Need To Know
Workhorse suspends production: Workhorse Group Inc. (NASDAQ: WKHS) The cup of woes is overflowing, as the electric vehicle maker says it is suspending deliveries of its flagship C-1000 delivery electric vehicles. The company also said it was recalling the 41 vehicles it had already delivered.
The company attributed the decision to identifying improvements in the production process and design, as well as customer feedback related to vehicle dynamics.
Nio unveils a longer, cheaper battery and releases an update on the foray into Norway: Nio, Inc. (NYSE: NIO) this week unveiled a new, longer-run, 75-kilowatt-hour hybrid battery that uses both lithium-ion and lithium iron phosphate ternary cells. The company will likely phase out its current 70 kWh battery packs.
Using a cheaper lithium iron phosphate battery should lower the cost of the battery.
The company has also confirmed that it will launch its ES8 hybrid in Norway and announce the Nio House in Oslo on September 30.
Lucid extends the rally: Lucide Group, Inc. Stocks (NASDAQ: LCID) continued to move north this week, continuing their recent momentum. The stock is up about 27% since September 10.
This Tesla’s killer’s EPA lineup was rated significantly higher than the competing Model S vehicle.
GM invests in a Chinese standalone tech company: General Motors Company(NYSE: GM) announced that it is investing $ 300 million in Chinese autonomous driving startup Momenta to develop autonomous driving technologies for future models in China. GM is present in China through its partnership with SAIC Motors.
Plug Power Gains On Rating Upgrade, Californian Plant: Connect Power, Inc. (NASDAQ: PLUG) was another stellar artist of the week. The action was shot in the arm by Piper Sandler analyst Pearce Hammond who raised its rating from neutral to overweight and the company confirming it will build a hydrogen plant in California.
Related Link: This Nimble EV Stock Outperformed Tesla And Other Major Auto Makers In September
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.