Shares of electric vehicle manufacturers fell across the board in the week that ended on Jan. 5 amid the pullback in equity markets in the new year. Fourth-quarter deliveries report from market leader Tesla, Inc. (NASDAQ:TSLA) failed to rev up the space as a risk-averse mood and industry-specific fundamental issues weighed it down.
Here are the key events that happened in the EV space during the week:
CEO Elon Musk clarified on the Tesla-BYD comparison and said, “Tesla is an AI/robotics company that appears to many to be a car company.”
Tesla also had to deal with negative headlines regarding the recall of its EVs in China. On Friday, a release from China's State Administration for Market Regulation showed that the company was recalling 1.6 million vehicles in China due to concerns related to the misuse of its autosteer features. The recall was not a physical one and the issue would be rectified by over-the-air updates, the release said.
Future Fund co-founder Gary Black shrugged off the deliveries beat as not too significant. For supply-constrained startups like Rivian, production numbers matter more, he suggested. The fund manager sees the 2024 consensus production estimate for Rivian as too low.
“The Dealer Partnership model combines the goal of offering our customers no-haggle pricing on Fisker vehicles (where permitted) while also providing our dealer partners with larger market territories, so they can maintain pricing without concern for local competition,” the company said.
See Also: Best Electric Vehicle Stocks
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The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session up 0.02% at $24.28, according to Benzinga Pro data. For the week, the ETF fell -5.53%.
Read Next: Tesla Analysts Call Deliveries Beat A ‘Major Achievement,’ But One Bear Points Out Red Flags
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