Elon Musk Hints At ‘Epic’ Q4 After Revenue Miss, GM’s Pricey Cadillac Celestiq Draws Flak, Automakers To Double Down On EV Spending And More: The Week’s Biggest EV Stories – Tesla (NASDAQ:TSLA)

As the market recovered, helped by a positive start to the earnings season, most electric vehicle stocks rose in the week ending October 21.

The EV news stream of the week was all about market leader Tesla, Inc.’s TSLA profit report.

Here are the key events to keep EV investors informed:

Tesla’s present tense, future perfect: Tesla’s third quarter sales and gross margin for autos came in below estimates, driving negative sentiment toward the stock.

Director Elon Musk sounded optimistic about the earnings call. He suggested the fourth quarter is likely to be “epic.” The Semi-launch event will take place on December 1, the billionaire has confirmed. The company aims to scale up semi-manufacturing to 50,000 by 2024.

Tesla shared a link to vote for supercharger locations on its official Twitter account, and those with a Tesla account can vote. The company said voters can cast multiple votes in each three-month voting cycle to help it decide on new locations for its superchargers.

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Tulipshare, a retail shareholder platform, called on Tesla to tie executive pay to environmental, social and governance factors, Reuters reported. The group said it plans to file a shareholder resolution on the matter at the EV maker’s annual shareholder meeting in 2023. So far, CEO Musk’s compensation has been tied to the company’s financial performance.

With the Twitter, Inc. TWTR deal deadline approaching, analysts including: Gary Black of Future Fund, expect Musk to sell more Tesla stock next week. Black predicts a rally in Tesla stocks once the Twitter deal lifts overhang.

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GM’s Cadillac Unveils $300,000 EV: General Motors Corporation’s GM Cadillac announced an ultra-luxury EV called Celestiq, priced at a staggering $300,000, that would go into production late next year. Not many people are confident that there will be buyers for the more expensive car and began to draw parallels with Apple, Inc.’s AAPL now defunct 18K gold Apple Watch edition.

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Automakers to double spending? Spending on EVs, batteries and battery materials is expected to rise to $1.2 trillion by 2030, Reuters reported, citing publicly available data and forecasts released by automakers.

Automakers aim to build 54 million battery-powered electric vehicles by the same time, accounting for about 50% of total car production, the report said.

Rivian almost done repairing recalled vehicles: Rivian Automotive, Inc. RIVN Director RJ Scaringe said at a TechCrunch conference that the company has repaired a significant majority of the more than 12,000 vehicles it recalled this month.

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The recall has been initiated to repair a loose fastener connecting the front upper wishbone and the knuckle.

He also suggested that Rivian is excited about the e-bike space. The CEO suggested that it will play an important role in transportation, both for the movement of goods for commercial purposes and for the movement of people.

Canoo’s order book is abundant: Canoe Inc. GOEV announced a binding order for 9,300 EVs from Kingbee, a provider of vans, with an option to increase to 18,600 vehicles. Kingbee will provision, pack and deliver Canoo vehicles as work-ready fleet solutions for US enterprises and small and medium-sized business customers

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EV stock performance for the week:

The Cadillac Celestiq. Courtesy photo.

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