Benzinga - by Shanthi Rexaline, Benzinga Editor.
Electric vehicle (EV) stocks meandered to a mixed close in the week ended Aug. 25 as they reacted to company-specific catalysts and broader market trends.
Elon Musk‘s Tesla, Inc. (NASDAQ:TSLA) reversed course from posting three straight weekly declines. The stock closed the week at $238.59, according to Benzinga Pro, up 3.72% for the session and 10.72% higher for the week.
Cybertruck Update & Other Key Events From The Week Musk teased Cybertruck photos on X, formerly Twitter, as the launch timeline approaches. This was enough to send the fanbase of the electric pickup truck’s fanbase.
On Wednesday, he shared a picture of a Cybertruck on the road with the azure blue sky as the backdrop and captioned it as “Just drove the production candidate Cybertruck at Tesla Giga Texas!”
Musk shared merely a photo of the vehicle on Thursday plying on the roads
pic.twitter.com/AlB3PXhBx5— Elon Musk (@elonmusk) August 24, 2023
Tesla is also closing in on the launch date of the refreshed Model 3 vehicle, code-named Highland. Spy shots of the vehicle manufactured in the Giga Shanghai continue to crop up on social media. A Chinese blogger this week shared a photo of a heavily camouflaged vehicle in Xinjiang doing high-temperature tests.
In a separate development, Tesla may have got the stubborn Indian government to come around. Reports suggest the Indian government is considering a reduced import tax for imported vehicles if the manufacturer commits to some domestic manufacturing. The government is reportedly considering a reduced tax of 15% as opposed to the current hefty 100% import duty for automobiles costing over $40,000.
Lucid’s Price Cuts Are Working, Says CEO: Forced to raise prices in 2022 amid the supply-chain constraints, Lucid Group, Inc. (NASDAQ:LCID) has now reverted to the original pricing through slashing of prices. Speaking at the Monterey Car Week, CEO Peter Rawlinson reportedly said, “that’s been so well received by customers [and] the market alike.”
Polestar Production Hits Key Milestone: Swedish EV maker Polestar Automotive Holding UK PLC (NASDAQ:PSNY) achieved the feat of rolling out the 150,000th vehicle off the production line. This comes within three years of the company manufacturing its first volume car, Polestar 2. Separately, the company said it entered an agreement with Mobileye Global, Inc. (NASDAQ:MBLY) for autonomous driving technology. Polestar 4, which goes on sale in China this week and globally in 2024 will feature Mobileye’s Chauffeur autonomous driving technology.
Ford Makes Mach E More Affordable: Detroit stalwart Ford, Inc. (NYSE:F) is offering incentives and lease option for its Mach-E crossover SUV EV in the U.S. This includes a discount of up to $3,000. The company had earlier this year taken down prices of its F-150 Lightning EV pickup truck amid tough demand conditions.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Faraday Future Effects Reverse Split: Struggling EV startup Faraday Future Intelligent Electric, Inc. (NASDAQ:FFIE) effected a 1-for-80 reverse stock split, after the market close on Friday.
The common stock will begin trading on a split-adjusted basis commencing upon the market opening on Monday. The Monterey, California-based company also reported this week a narrower second-quarter results.
Read Next: Cybertruck Launch Could Triple Tesla Stock By 2030, Says Fund Manager: ‘Expect It To Ignite Interest In Entire Franchise’
EV Stock Performances for The Week
| Weekly Performance | |
| Tesla | +10.72% |
| Nio, Inc. (NYSE:NIO) | +1.50% |
| Xpeng, Inc. (NYSE:XPEV) | +17.02% |
| Li Auto, Inc. (NASDAQ:LI) | +1.11% |
| Fisker, Inc. (NYSE:FSR) | +5.06% |
| Workhorse Group, Inc. (NASDAQ:WKHS) | -6.07% |
| Lordstown Motors Corp. (OTC:RIDEQ) | -8.29% |
| Hyzon Motors, Inc. (NASDAQ:HYZN) | +7.76% |
| Canoo, Inc. (NASDAQ:GOEV) | +19.60% |
| Rivian Automotive, Inc. (NASDAQ:RIVN) | -3.42% |
| Lucid | -2.59% |
| Faraday Future | -37.50% |
| Arrival (NASDAQ:ARVL) | -7.60% |
| Nikola Corp. (NASDAQ:NKLA) | -33.16% |
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