Here are the key events that happened in the EV space during the week:
Tesla’s Post-Earnings Sell-Off, Cybertruck Sightings And More: Tesla reported better-than-expected earnings and revenue for the quarter. Its vehicle margin, excluding regulatory credits, even came in better than expected. Investors, however, sent the stock down by about 10% in a post-earnings reaction on Thursday.
See also: Best Electric Vehicle Stocks
Rivian Analyst Upbeat: Mizuho analyst Vijay Rakesh issued a bullish commentary on Rivian Automotive, Inc. (NASDAQ:RIVN) this week. As EV sales ramp up, the Normal, Illinois-based EV maker is on track to exceed its full-year delivery guidance of 50,000 units, the analyst said.
And with overall industry sales of EVs "ramping well," Rakesh said he sees potential for Rivian to exceed its 50,000-delivery estimate for 2023. He also upped the price target for the stock from $27 to $30.
“After a strong start to the year, we see potential for strong auto sales momentum, specifically for EV, despite headwinds from a stretched consumer and high interest rates," the analyst said.
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EV Stock Performances for The Week:
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