Here are the key events that happened in the EV space during the week:
Tesla Q3 Delivery Expectations, Musk’s Warning On UAW Strike And More: As Tesla prepares to release its third-quarter deliveries, sell-side made eleventh-hour adjustments to its estimates to discount production suspension at the Giga Shanghai and Giga Texas plants. The former plant was gearing up for the manufacturing of the Model 3 refresh and the latter for the Cybertruck.
Company-compiled consensus shared by Tesla puts deliveries at 455,000 units compared to the Bloomberg-compiled consensus of 457,000 units, said Future Fund’s Gary Black. Black estimates a more modest deliveries of 445,000 units.
“We continue to expect investors to overlook any reasonable miss (445K-455K) given the well-documented M-3 Highland transition (likely cost 15K-20K) and downtime for factory upgrades (likely cost ~10K),” the fund manager said.
On Friday, Piper Sandler analyst Alexander Potter lowered his estimates by 70,000 units to 445,000 and expressed a similar opinion regarding stock reaction.
As the United Auto Workers’ strike plays out, Tesla’s CEO Elon Musk issued a stark warning. “They want a 40% pay raise *and* a 32 hour workweek. Sure way to drive GM, Ford and Chrysler bankrupt in the fast lane,” said Musk in a post.
Cybertruck continues to make buzz ahead of its launch. A 2024 model Cybertruck will be auctioned off at the Petersen Automotive Museum’s annual gala on Oct. 7, according to a post on X by a Tesla influencer.
See also: Best Electric Vehicle Stocks
The Rivian executive also hinted at the likelihood of launching affordable EVs, and suggested the company would strive to bring costs down over time.
Lucid’s Saudi Factory: EV startup Lucid Group, Inc. (NASDAQ:LCID) said its first international manufacturing plant has opened in Saudi Arabian city of Jeddah. The company, in 2022, signed an agreement with the country to sell up to 10,000 EVs over 10 years.
Faraday Future Plummets On Proposed Stock Sale: Shares of Faraday Future, which is in the process of marketing its FF 91 luxury performance EV, came crashing down this week, as the EV maker said it has entered into an “At-the-Market” equity offering that would allow it to sell its Class A common stock with an aggregate value of up to $90 million from time to time.
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The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended the week up 0.73% at $27.54, according to Benzinga Pro data.
EV Stock Performances for The Week:
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