Electric vehicle stocks posted mixed performance for the week ending November 19. EV makers swayed the stock-specific news, while load stocks retreated amid profit-taking after a week of solid gains.
Here are the key events that occurred in the EV space during the week:
Tesla Stock Stalls Slide, Wedbush’s bullish price target and more: In accordance with his promise that he will honor the suggestion of his followers on Twitter regarding the sale of 10% of his stake in Tesla, Inc. (NASDAQ: TSLA) CEO Elon Musk continued to dump stocks.
On Tuesday, Musk exercised options and sold about 934,000 shares worth about $ 973 million, culminating in seven consecutive days of sales.
In total, Musk has now sold around 8.16 million shares worth $ 8.8 billion, bringing him almost halfway to the initially planned 10% liquidation.
Meanwhile, Wedbush’s Tesla bull Daniel Ives raised his price target for the stocks to $ 1,400, matching the higher price target on Jefferies Street.
“We believe there is $ 5,000 billion in auto / software market to be gained with Tesla likely to own $ 2.5 trillion of this pie, leaving around 50% of the EV market to more than 100 attacking OEMs. this opportunity, ”Ives said in the note.
Apple creates stocks of electric vehicles: Rumors of a Apple Inc. (NASDAQ: AAPL) The car resurfaced on Thursday, Bloomberg reporting that the tech giant plans to launch a self-driving car by 2025. The company reportedly intends to opt for fully autonomous driving capabilities.
Considering Apple’s disruptive potential across industries, it’s no wonder the news has driven the shares of most EV makers down. Incidentally, Apple stocks started a rally and hit a new all-time high.
Related Link: Did Elon Musk Think Tesla Would Succeed When It Was Created?
Lucid, Rivian defies gravity: Rivian Automotive, Inc. (NASDAQ: RIVN), which debuted on Wall Street on Nov. 10 following its high-profile IPO, started the week on a strong footing. The stock hit an all-time high of $ 179.47 on Tuesday amid frenzied buying that pushed the company’s valuation beyond that of the German auto giant. Volkswagen AG (PNK: VWAGY).
Rivian fell back in the next two sessions, however, before recovering on Friday.
Lucid Group, Inc. (NASDAQ: LCID) also followed a similar trajectory, advancing strongly on Tuesday in response to its quarterly results and management’s comments regarding its order backlog. The title fell back on Wednesday and Thursday before rising stronger during the last trading session of the week.
Lucid is now worth more than Ford Motor Company (NYSE: F).
XPeng unveils the G9 SUV: Chinese EV startup XPeng, Inc. (NYSE: XPEV), which has aggressively revamped its product portfolio, on Friday launched its fourth mass-produced vehicle model – the G9 SUV – at the Guangzhou Auto Show. The vehicle would target the international market.
Latest vehicle to rival Tesla’s Model Y vehicle and national rival Nio, Inc. (NYSE: NIO) ES6.
Fisker presents the Ocean SUV: At the Los Angeles Auto Show, Fisker, Inc. (NYSE: FSR) has unveiled the production version of its first electric vehicle, the Ocean SUV. The vehicle was similar to the prototype shown at the 2020 Consumer Electronics Show.
Key features include a SolarSky roof and a 17.1-inch revolving Revolve display. The vehicle is offered at a starting price of $ 37,499 before state tax credits and incentives. The high-end versions of the vehicle are priced at $ 49,999 and $ 68,999.
Canoo speeds up the production schedule: Canoo Inc. (NASDAQ: GOEV), which reported a lower than expected loss for the third quarter, said production will now begin at the Oklahoma plant before the fourth quarter of 2022, as opposed to the previous timeline of 2023. The company also announced this week it is moving its headquarters from California to Bentonville, Arkansas.
Performance of EV actions for the week:
Related Link: Why This Luxury Sports Car Maker Is Morgan Stanley’s Favorite Electric Vehicle Stock
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