The broader market strength pervaded into the electric-vehicle space and most stocks belonging to the industry posted decent gains in the week ended Sept. 13. That said, some of the upstarts continued to bleed, reflecting ongoing struggles.
Here’s a rundown on what happened in the EV space during the week:
Commenting on the data, Tesla bull and fund manager Gary Black said the weekly registration data suggested Tesla is on track to record the best quarter ever. With three weeks left in the quarter, the quarter-to-Sept. 8 data showed 15% year-over-year and 25% sequential growth, he said.
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At the event, Lucid showcased its technological advancements and provided updates on its roadmap.
The company also said it has entered into the equity distribution agreement with Northland Securities to sell up to $200 million shares from time to time, through an “at the market offering” program. Canoo’s woes reflect the state of the EV startup ecosystem, which has been stymied by cash crunch, production hiccups and weak demand.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) fell 0.56% on Friday before ending at $19.38, according to Benzinga Pro data. For the week, the ETF , however, gained 4.47%.
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Here’s how the EV stocks fared this week:
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