Tesla, Inc. (NASDAQ:TSLA) led a recovery in electric vehicle stocks in the week that ended on April 26, as the company delivered what its investors wanted to hear in its earnings release and on its earnings call. Firmer broader market sentiment also helped to some extent.
Here are the key events that happened in the EV space during the week:
Tesla Affirms Product Plans And More: After a string of price cuts across its markets, Tesla chose to make peace with investors by reaffirming that it would roll out a low-end model. Analysts have emphasized the importance of an affordable EV in boosting Tesla’s sales from their current slump. The company announced an accelerated start of production for the new model, moving it up from the previously stated “second-half of 2025.” It will incorporate elements of both the next-generation platform and its current platforms, and will be manufactured using existing production lines.
Skeptics, however, suggested that the company’s announcement implied the absence of a sub-$30K car in the pipeline, instead indicating a plan to reduce features in its current lineup.
Tesla reported a double-miss, underperforming relative to both first-quarter earnings and revenue expectations, with its free-cash-flow sinking into negative territory. This prompted even bullish analysts to take down their estimates for the company.
Tesla confirmed on its earnings call that the Tesla Semi, which is now being sold exclusively to PepsiCo., will be manufactured from a new factory in Reno and first deliveries to external customers will begin in early 2026.
Tesla bull Ron Baron said in a CNBC interview this week that, while the stock could have bottomed now, “it’s going to go up huge.”
Another key Tesla executive confirmed this week that he would leaving. Tesla’s Investor Relations Head Martin Viecha said at the end of the earnings call that he communicated the decision to CEO Elon Musk and CFO Vaibhav Taneja a month ago.
“I'll be hanging around for another couple of months or so. So, feel free to reach out at any time. But after the seven-year sprint, I'm going to be taking a break and spending some good quality time with my family,” he said.
See Also: Best Electric Vehicle Stocks
Fisker In Talks For Potential Sale: Beleaguered EV maker Fisker, Inc.‘s (OTC:FSRN) CEO Henrik Fisker told employees in an all-hands meeting that the company was in talks with four automakers for a potential sale, Business Insider reported.
“We still have some time to get other offers on Fisker. We do have four car companies that have signed NDAs. However, they obviously need time to get to some diligence,” he reportedly said.
The report comes close on the heels of the company filing its 10-K report in which it said it “believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of this Annual Report on Form 10-K. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern.”
BYD’s Pickup Named “Shark”: Chinese EV startup and Warren Buffett-backed BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) announced on its Weibo account that its first energy pickup truck will officially be called the BYD Shark and will be built on the DMO super hybrid off-road platform, reported CnEVPost.
The vehicle will be sold globally, the company said. The report also stated that the pickup will be positioned as a mid-size model, surpassing the Toyota Hilux in size.
VinFast Founder’s Financing Commitment: Vietnamese EV maker VinFast Auto Ltd. (NASDAQ:VFS), which entered the U.S. market in 2022, may receive support from its founder as it contends with fierce competition and a slowing industry. Bloomberg reported that Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast at the company’s shareholders meeting.
Rivian Doing A Tesla? After Tesla announced flat $2,000 price reductions for its Model S,X and Y EVs as part of its Earth Day celebration, Rivian said it would offer a discount of up to $5,000 on qualifying new R1 models when customers trade in select gas-powered vehicles. Additionally, buyers would become eligible for a year of charging on the Rivian Adventure Network at no additional cost.
The discount, ranging from $1,000 to $5,000, is available to customers in the U.S. and Canada for deliveries taken between April 22 and June 30.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session up 2.30% at $21.32, according to Benzinga Pro data. For the week, the ETF gained 1.33%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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EV Stock Performances For Week:
| Performances (+/-) | |
| Tesla | +14.44% |
| Nio, Inc.(NYSE:NIO) | +18.16% |
| XPeng, Inc. (NYSE:XPEV) | +13.13% |
| Li Auto, Inc. (NASDAQ:LI) | -5.08% |
| Fisker | +23.04% |
| Workhorse Group, Inc. (NASDAQ:WKHS) | -2.67% |
| Hyzon Motors, Inc. (NASDAQ:HYZN) | -3.52% |
| Canoo, Inc. (NASDAQ:GOEV) | -2.81% |
| Rivian | +4.75% |
| Lucid Group, Inc. (NASDAQ:LCID) | +0.41% |
| Faraday Future Intelligent Electric, Inc. (NASDAQ:FFIE) | -19.93% |
| Nikola Corp. (NASDAQ:NKLA) | -0.08% |
| VinFast | +3.18% |
Photo: Shutterstock
