Supply chain constraint and input cost inflation are two big risks threatening to derail the ongoing EV momentum. All eyes are on the COVID situation in China, given the country is vital from the perspective of both demand and supply.
Here are the key events that happened in the EV space during the week:
Cathie Wood's Ark Invest was also a seller in Tesla stock this week.
Earlier this week, the company said it achieved a major production milestone, as the 200,000th EV rolled off the line at its Hefei manufacturing plant. The company said the feat was accomplished in less than four years, with the second 100,000 vehicles manufactured in around a year.
Related Link: Nio Rolls Out 200,000th EV In Record Time, Says On Track With 2022 Plans
BYD Earnings: BYD Company Limited (PNK: BYDDF) was the first among the U.S.-listed Chinese EV manufacturers to report its first quarter earnings. The Warren Buffet-backed automaker reported 63% year-over-year revenue growth and 240% net profit growth for the first quarter. The company also announced this week that its flagship Han EV sedan is being made available in Brazil.
Meanwhile, Tesla's semitruck has been in the works for several years now, and deliveries of the vehicle may not occur until 2023.
Lucid Announces EV Supply Contract: Lucid Group, Inc. (NASDAQ:LCID) announced a contract from the Saudi Arabian government for delivering up to 100,000 EVs over the next decade. The vehicles will be manufactured at the company's Arizona plant as well as the international manufacturing plant it has planned to construct in Saudi Arabia.
EV Stock Performances for The Week:
Related Link: Warren Buffett-Backed Chinese EV Maker BYD More Than Triples Earnings In Q1
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