EV stocks turned in a mixed performance yet again in the week ending Feb. 18, as the broader market volatility continued to impact the space. EV pioneer Tesla, Inc. TSLA extended its slide, while Fisker, Inc. FSR was in the spotlight amid its product pipeline update and fourth-quarter earnings release.
Here are the key events that happened in the EV space during the week:
Tesla China Sales, Musk's Tirade, Model 3 Loses Top Spot And More: Tesla's China wholesale sales, including domestic sales and exports, fell from December's record number. Nevertheless, the year-over-year growth was an astounding 285%.
The company's domestic sales trailed the EV tally of BYD Company Limited BYDDF, which is backed by billionaire investor Warren Buffett.
In a negative headline, Tesla's Model 3 lost out to Ford Motor Company's F Mustang Mach-E in being named Consumer Report's 2022 Top Pick. The publication said the ranking is based on an overall score, which factors road-test score, predicted reliability, owner satisfaction, and safety.
Tesla was on the radar of the National Highway Traffic Safety Administration yet again, as the federal regulator began a probe on 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.
It came to light during the week that Elon Musk's lawyer wrote a letter to a federal judge for the U.S. District Court of New York, accusing the Securities Exchange Commission of witch-hunting and subjecting the company and its CEO to harassment. The is in relation to a settlement agreement between the SEC and Musk over his "funding secured" tweet in 2018.
GM Delays Bolt Production Restart: General Motors Corporation GM announced an extension to the schedule for restarting the production of its Bolt EV. Production of the EV was stalled after the automaker recalled all the vehicles produced following reports of batteries catching fire. The company now expects to resume production of the Bolt at its Orion Township plant in Michigan, beginning April 4.
Related Link: Why Tesla Is No Longer Working On A Lower-Priced EV
Fisker's News-Rich Week: Fisker was in the news throughout the week. On Monday, Fisker tweeted that "something juicy" is coming. The very next day, the company said it will begin taking reservations for its PEAR EV model due to continued demand.
The company also released fourth-quarter results, turning in bottom-line results that were in line with estimates and revenues that exceeded expectations. On the earnings call, the company said reservations for its Ocean SUV have exceeded 31,000.
Volkswagen: Volkswagen AG's VWAGY EV quest came to the fore in full force in an "Ask Me Anything" hosted by the group's CEO Herbert Diess on the Reddit platform. The CEO sees widespread EV adoption by 2025 and said the German legacy automaker is working on an ID Space Vizzion sedan and an SUV variant for the North American market.
When asked whether Volkswagen will enter the EV pickup truck segment, Diess said he sees it as a good idea. The Volkswagen CEO also said the company is working on electric cars priced at around 20,000 euros ($22,600) for entry segments.
XPeng To Join Hang Seng Tech Index: XPeng, Inc. XPEV, which has dual listings in the U.S. and Hong Kong, said this week its shares will be added to the Hang Seng TECH Index, effective March 7. Meanwhile, Cathie Wood's Ark Invest added to its XPeng positions during the week.
Nio to Unveil ES7 Model: Nio, Inc. NIO will launch a five-seater electric SUV in April, the CnEVpost reported, citing the company's co-founder Qin Lihong. This will mark the company's sixth vehicle model.
EV Stock Performances for The Week:
Related Link: Elon Musk Goes After SEC (Again): Accuses Regulator Of Harassment With Its 'Unrelenting Investigation'
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