Tesla Motors, Inc. (NASDAQ:TSLA), Flagstone Reinsurance Holdings S.A. (NYSE:FSR) – EV Week In Review: Musk Tapers Stake Sale, Apple Car Chatter Resurfaces, XPeng Unveils New SUV, Rivian, Lucid Caught Up In Irrational Exuberance And More

EV shares turned in blended performances for the week ending Nov. 19. EV makers swayed to stock-specific information, whereas charging shares pulled again amid revenue taking following a robust week of positive aspects.

Listed below are the important thing occasions that occurred within the EV house through the week:

Tesla Inventory Stalls Slide, Wedbush’s Bullish Value Goal And Extra: In maintaining along with his promise that he’ll abide by the suggestion of his Twitter followers concerning promoting 10% of his stake in Tesla, Inc. (NASDAQ: TSLA), CEO Elon Musk continued to dump shares.

Tuesday, Musk exercised choices and offered about 934,000 shares value about $973 million, thus culminating seven straight days of gross sales.
Cumulatively, Musk has now offered about 8.16 million shares valued at $8.8 billion, taking him virtually to the half-way mark of the initially deliberate 10% liquidation.

In the meantime, Tesla bull Daniel Ives of Wedbush raised his worth goal for shares to $1,400, matching Jefferies’ Road-high worth goal.

“We consider there may be $5 trillion of auto/software program pushed market {dollars} up for grabs with Tesla prone to personal $2.5 trillion of this pie, leaving ~50% of the EV market to 100+ OEMs attacking this chance, Ives mentioned within the be aware.

Apple Creates Stir In EV Shares: The rumors of an Apple, Inc. (NASDAQ: AAPL) Automobile resurfaced Thursday, with Bloomberg reporting that the tech large is seeking to launch a self-driving automobile by 2025. The corporate is reportedly planning to go along with full-self driving capabilities.

Given Apple’s disruptive potential within the sectors, it is no surprise the information despatched shares of most EV makers decrease. By the way, Apple shares launched right into a rally and hit a recent all-time excessive.

Associated Hyperlink: Did Elon Musk Assume Tesla Would Succeed At The Time Of Its Inception?

Lucid, Rivian Defy Gravity: Rivian Automotive, Inc. (NASDAQ: RIVN), which debuted on Wall Road Nov. 10 following its high-profile preliminary public providing, began the week stronger. The inventory climbed to an all-time excessive of $179.47 Tuesday amid frenzied shopping for, which pushed the corporate’s valuation previous that of German auto large Volkswagen AG (PNK: VWAGY).

Rivian, nevertheless, pulled again through the subsequent two classes earlier than recovering on Friday.

Lucid Group, Inc. (NASDAQ: LCID) additionally adopted the same trajectory, advancing strongly on Tuesday in response to its quarterly outcomes and administration commentary concerning its order guide. The inventory pulled again on Wednesday and Thursday earlier than coming again up stronger within the last buying and selling session of the week.

Lucid is now extra invaluable than Ford Motor Firm (NYSE: F).

XPeng Unveils G9 SUV: Chinese language EV startup XPeng, Inc. (NYSE: XPEV), which has been aggressively revamping its product pipeline, launched its fourth mass-produced car mannequin – the G9 SUV – on the Guangzhou Auto Present on Friday. The car would goal the worldwide market.

The latest car will compete towards Tesla’s Mannequin Y car and home rival Nio, Inc.’s (NYSE: NIO) ES6.

Fisker Reveals Off Ocean SUV: On the Los Angeles Auto Present, Fisker, Inc. (NYSE: FSR) unveiled the manufacturing model of its first EV – the Ocean SUV. The car was just like the prototype demoed on the 2020 Shopper Electronics Present.

Among the many key options is a SolarSky roof and a 17.1-inch Revolve rotating display. The car comes at a beginning worth level of $37,499 earlier than state tax credit and incentives. Larger-end variations of the car have worth factors of $49,999 and $68,999.

Canoo Accelerates Manufacturing Timeline: Canoo Inc. (NASDAQ: GOEV), which reported a narrower-than-expected loss for the third quarter, mentioned manufacturing will now begin on the Oklahoma plant earlier than the fourth quarter of 2022, versus the sooner timeline of 2023. The corporate additionally introduced this week it’s shifting its headquarters from California to Bentonville, Arkansas.

EV Inventory Performances for The Week:


Associated Hyperlink: Why This Luxurious Sports activities Carmaker Is Morgan Stanley’s Favourite EV Inventory

© 2021 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.


Leave a Reply

Your email address will not be published. Required fields are marked *