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The market mayhem following the release of weak economic data did not spare electric-vehicle stocks and most ended lower for the week ended Sept. 6. Market leader Tesla, Inc. (NASDAQ:TSLA), despite staging a recovery mid-week, gave back its gains amid Friday’s jobs data-induced market sell-off.
Here’s a rundown on what happened in the EV space during the week:
Tesla Announces Timeline For FSD: As Tesla’s core EV business has hit an air pocket, the company and its stakeholders are pinning their hopes on the full-self driving technology. FSD is expected to fetch the company high-margin recurring revenue stream. Tesla announced on its Tesla X subsidiary’s X handle this week anticipated timelines for launching the technology in its Cybertrucks and in other geographies.
The company expects the rollout of FSD Supervised v12.5.2 iteration with three times improved miles between necessary interventions in September. Also planned for the month are Actually Smart Summon feature, which allows your vehicle to come to you, or head to a spot that you choose, all on its own, Cybertruck Autopark, and Cybertruck FSD. In October, the company plans to make available unpark, park and reverse in FSD v13, with six times improved miles between necessary intervention.
The FSD package will be made available in China and Europe in the first quarter of 2025, contingent on securing regulatory approval. Industry watchers say FSD will become a differentiator for the company in China, where it is facing intensifying competition.
Separately, Tesla bull and Morgan Stanley analyst Adam Jonas dampened expectations concerning the upcoming Oct. 10 Robotaxi Day. In a note released this week, the analyst said there is likely to be a demonstration of the latest iteration of FSD and that of a fully autonomous ‘cyber-cab,' mostly in a closed/semi-closed course. The company is yet to have a permit for autonomous vehicle testing or deployment without a driver, he noted.
Nio Stock Jumpstarts On Strong Q2: Chinese EV startup Nio, Inc. (NYSE:NIO) reported second-quarter results, showing better-than-expected revenue and improved margins. The company also issued an upbeat deliveries guidance for the third quarter. CEO William Li said on the earnings call that the first mass market vehicle from the company’s stable, the Onvo 60, will go on sale in September, with monthly deliveries likely to come in north of 20,000 units. The stock reacted to the results with a strong move to the upside, ending up more than 24% for the week.
See Also: Best EV Stocks
Volvo Latest To Temper EV Ambitions: Sweden’s Volvo Car AB (publ.) (OTC:VLVCY), owned by Geely Automobile Holdings Limited (OTC:GELYF), said it aims for 90 to 100% of its global sales volume by 2030 to consist of electrified cars, meaning a mix of both fully electric and plug-in hybrid models. The remaining 0-10% will allow for a limited number of mild hybrid models to be sold, if needed. This replaces the company's previous ambition for its line-up to be fully electric by 2030. U.S. legacy automakers General Motors Corp. (NYSE:GM) and Ford Motor Co. (NYSE:F) have all recently trimmed their EV goals in some form or other amid tough market conditions.
Faraday Future Mobilizes $30M Funding: Struggling EV startup Faraday Future Intelligent Electric Inc. (NYSE:FFIE) confirmed this week it has secured $30 million in financing commitments from investors in the Middle East, U.S., and Asia. The new financing commitment includes a previously funded $7.5 million, and $22.5 million of new investment in the form of convertible notes and warrants to acquire additional shares. Separately, the company said it has been informed by Nasdaq that it had regained compliance with all Nasdaq continued listing criteria.
Hyzon Announces Reverse Split: Hydrogen fuel-cell energy company Hyzon Motors, Inc. (NASDAQ:HYZN) said its board and stockholders approved a 1-for-50 reverse stock split of its Class A common stock, with the split taking effective on Sept. 11. The reverse split is intended to increase the bid price of the Company’s Class A common stock so that Hyzon can regain compliance with the minimum bid price requirement of $1 per share for continued listing on the Nasdaq.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session plunged 3.83% at $18.55, according to Benzinga Pro data. For the week, the ETF fell 2.78% .
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Here’s how the EV stocks fared this week:
| Weekly Change (+/-) | |
| Tesla | -1.58% |
| Nio | +24.26% |
| XPeng, Inc. (NYSE:XPEV) | +6.09% |
| Li Auto, Inc. (NASDAQ:LI) | -5.91% |
| Workhorse, Inc. (NASDAQ:WKHS) | -14.85% |
| Hyzon Motors | +3.18% |
| Canoo, Inc. (NASDAQ:GOEV) | -5.26% |
| Rivian Automotive, Inc. (NASDAQ:RIVN) | -6.37% |
| Lucid Group, Inc. (NASDAQ:LCID) | -11.19% |
| Faraday Future | -4.57% |
| Nikola Corp. (NASDAQ:NKLA) | -20.66% |
| VinFast Auto Ltd. (NASDAQ:VFS) | +3.89% |
Posted In: F FFIE GELYF GM GOEV HYZN KARS LCID LI NIO NKLA RIVN TSLA VFS VLVCY WKHS XPEV
