The EV space turned in a mixed performance in the week ended Sept. 24, with several market-moving news events driving action in stocks.
Here are the week's key headlines related to EV stocks:
Cathie Wood's Tesla Strategy, California Battery Plant and More: Cathie Wood, a Tesla bull and fund manager, said at the Morning Star Investment Conference that she would consider liquidating holdings in the EV maker if the stock hits the "$3,000" level.
Wood's Ark Invest ETFs have substantial positions in Tesla. In September, however, the funds liquidated some of their Tesla holdings.
Tesla which has its flagship manufacturing plant in Fremont, California, broke ground on a new battery production facility in California. The plant, dubbed "Megafactory" will be used for producing a large-scale battery system "Megpack."
Rumors that emerged during the week suggest that Samsung is in talks with Tesla to make next-gen self-driving chips, which would mean the latter will ditch its partnership with Taiwan Semiconductor Manufacturing Co. Ltd.TSM.
Tesla CEO Elon Musk said in a tweet during the week that the company is hoping to offer real-time insurance, based on actual driving history, in Texas next month. Musk was ruing the extremely slow and complex regulatory process for approving insurance.
Li Auto Trims Guidance: Li Auto, Inc. LI, which has been the top performer among the U.S.-listed Chinese EV trio in terms of deliveries, slashed its forecast for the third quarter.
The company now expects deliveries of 24,500, down from the previous guidance of 25,000-26,000, with the shortfall blamed on COVID-19-disruptions at its dedicated Malaysian chip manufacturer that will affect supply of chips meant for its millimeter-wave radar.
The warning announced Monday triggered selling in other EV makers too.
Related Link: Plug Power To Build Hydrogen Production Facility In California: What You Need To Know
Workhorse Suspends Production: Workhorse Group Inc. WKHS's cup of woes overflows, as the EV manufacturer said it is suspending deliveries of its flagship C-1000 delivery EVs. The company also said it is recalling the 41 vehicles it already delivered.
The company attributed the decision to identification of enhancements in the production process and design, as well as customer feedback related to vehicle dynamics.
Nio Unveils Longer-range, Cheaper Battery Pack, Issues Update On Norway Foray: Nio, Inc. NIO unveiled this week a new longer-range, 75-kilo-watt hour hybrid battery pack using both ternary lithium ion and lithium iron phosphate cells. The company will likely phase out its current 70-kWh battery packs.
The use of a cheaper lithium iron phosphate battery is expected to bring down the cost of the battery.
The company also confirmed that it will launch its ES8 hybrid in Norway and announce the Nio House, Oslo on Sept. 30.
Lucid Extends Rally: Lucid Group, Inc. LCID shares continued to head northwards this week, continuing their recent momentum. The stock is up about 27% since Sept. 10.
This Tesla slayer's EPA range has been rated notably higher than the competing Model S vehicle.
GM Invests In Chinese Self-driving Tech Company: General Motors CompanyGM announced it is investing $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for future models in China. GM has a presence in China through its partnership with SAIC Motors.
Plug Power Gains On Rating Upgrade, Californian Plant: Plug Power, Inc. PLUG was another stellar performer of the week. The stock received a shot in the arm from Piper Sandler analyst Pearce Hammond who upgraded its rating from Neutral to Overweight and the company confirming that it will build a hydrogen production facility in California.
Related Link: This Nimble EV Stock Has Outperformed Tesla And Other Major Automakers In September
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