Electric vehicle stocks were drowned in a sea of ââred during the week ending December 3, with the threat of the Omicron variant and fears over a possible delisting of Chinese electric vehicle makers being responsible for much weakness. The liquidation of Chinese shares of electric vehicles listed in the United States came despite encouraging figures for November deliveries by companies.
Here are the key events that occurred in the EV space during the week:
Tesla in the midst of a flood of news CEO of Tesla Elon musk share sales resumed this week. He exercised options to sell an additional 934,091 shares of the electric vehicle maker, raising $ 1.01 billion. As of Nov. 8, Musk has sold shares worth $ 10.9 billion, following the verdict of his Twitter followers who voted in favor of a 10% liquidation of his stake.
Tesla has also officially filed with the SEC to move its headquarters to Texas.
In another notable development, Musk suggested via a tweet that he would likely participate in the company’s earnings call to shed light on Tesla’s product roadmap. Musk had previously stayed on the sidelines of third-quarter earnings calls.
Musk also confirmed through a series of tweets that initial production of the highly anticipated Cybertruck will have four engines, which will allow it to spin like a tank. The Cybertruck will also have rear steering wheels and will be able to “drive diagonally like a crab” by turning all four wheels in the same direction.
Additionally, this week, an update to the Tesla app indicated that the company may roll out car sharing soon. The company has been considering vehicle sharing for some time, which would allow Tesla owners to loan out their cars for a reasonable amount.
The weekend also made headlines at Tesla, when Chinese regulators announced that the company had requested the recall of 21,599 units of Model Y vehicles manufactured at its Giga Shanghai plant that had problems with the vehicles. front and rear steering joints.
Related Link: Why Elon Musk Wants Employees to Switch From Accelerating Deliveries to Cutting Costs
Deliver the trio of Chinese electric vehicles: The week also saw Chinese electric vehicle manufacturers report bumper delivery statistics for November. XPeng, Inc. (NYSE: XPEV) was the star of the show, as it reported higher monthly deliveries than its two competitors who make up the Chinese trio of electric vehicles listed in the United States.
Compared to XPeng’s 15,613 deliveries, Nio, Inc. (NYSE: NIO) and Li Auto, Inc. (NASDAQ: LI) reported shipments of 10,878 and 13,485 units, respectively.
Toyota is taking serious action in the EV quest: Japanese auto giant Toyota Motor Corporation (NYSE: TM) reportedly joined forces with those backed by Warren Buffett BYD Company Limited (PNK: BYDDF) to launch an EV smart sedan in China at the end of 2022. The world’s second-largest automaker by market value plans to leverage BYD’s technology to make the car more affordable.
Rivian partners with AWS: VE start-up Rivian Automotive, Inc. (NASDAQ: RIVN) chose Amazon, Inc. (NASDAQ: AWS) AWS as preferred cloud partner. Rivian is already an AWS customer, using its cloud service to manage operations and streamline vehicle development.
âBy leveraging AWS and creating a central data lake to interconnect Rivian’s operations, products and services, we can enable proactive diagnostics and add intelligence to our vehicles, then use what we learn. to generate synergies and economies of scale, âsaid Rivian Vice President of Software Development Wassym Bensaid.
Performance of EV actions for the week:
Related Link: Nio Analyst Sees Unique Catalyst Driving Growth, Raises Price Target
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