Here are the key events that happened in the EV space during the week:
“There will never be another car like this, if you could even call it a car,” Musk said in the post.
The week also saw Tesla reversing the $1,000 price cut for the Model Y RWD and Model Y LR variants in the U.S. that had been in effect for much of February. The two variants now cost $43,990 and $48,990, respectively, not counting for the $7,500 EV tax credit. At the same time, Tesla began offering additional incentives in China for its Model 3 and Model Y EVs, which will run through March. The move comes amid intensifying competition in the country.
S&P Global Mobility announced Tesla as the automaker having the most overall loyalty to make, given the traction its best-sellers Model Y and 3 are having among customers.
The development elicited mixed reaction from analysts. Deepwater Asset Management’s Gene Munster lamented that an Apple car would have been epic, while others said that it only makes sense that Apple chose to go ahead with generative AI, which is expected to boom over the next few years.
See Also: Best Electric Vehicle Stocks
“I have directed my Secretary of Commerce to conduct an investigation into connected vehicles with technology from countries of concern and to take action to respond to the risks,” the president said in a statement.
The move was seen as the first of multiple measures the Biden administration plans to take to prevent the flooding of low-cost China-made EVs, including ones assembled in Mexico, in the U.S. market.
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The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session UP 2.35% to 0.05% at $21.64, according to Benzinga Pro data. For the week, the ETF climbed 6.89%.
EV Stock Performances For Week:
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