EV stocks rose across the board in the week ending Oct. 29, with market leader Tesla, Inc. (TSLA) leading the way higher. Here are the key events that happened in the EV space during the week.
Tesla Hits $1 Trillion Market-cap Amid Hertz Deal Optimism
Tesla's third-quarter earnings proved to be a big driver of its shares in the week ending Oct. 22, and the momentum continued into this week. The Hertz Global Holdings, Inc. (HTZZ) deal did the trick for the company, as its shares broke above the psychological resistance of $1,000. In the process, the stock also hit another milestone of achieving a market-cap of $1 trillion.
Just when it looked like the stock would pause for a breather after the feat, renewed buying emerged, pushing the stock to fresh highs. Meanwhile, taking advantage of the rally in Tesla stock, Cathie Wood's ARK Invest continued to offload positions in the EV maker through the week.
Nio's Oct. Deliveries to Take a Hit
After an upbeat September, Chinese EV maker Nio, Inc. (NIO)'s deliveries appear to be floundering in October.
Citing the renovation and upgrade of a production line at its JAC-NIO Advanced Manufacturing Center in Hefei, Nio said deliveries scheduled for October will likely be delayed, the CnEVPost reported, citing a notification from the company on the Nio app.
The upgrade has now been completed to pave the way for the introduction of a new model and capacity increase, the company reportedly said. The schedule for the ET7 sedan launch isn't likely to be affected, the report said. The stock slipped back over 3% on Friday in reaction to the news.
Lucid Air Sedan to Hit Roads Soon
Lucid Group, Inc. (LCID) said first deliveries of its Lucid Air Dream Edition luxury sedan are planned for Saturday. The deliveries are to be made at the company's inaugural Lucid Rally, hosted by its executive leadership.
Lucid CEO Peter Rawlinson reportedly said it sees Saudi Arabia as its second-largest market after the U.S., going by pre-order numbers. The company leader reportedly said he expects to sell Lucid Air Pure in the Arabian nation at a $70,000 price point.
XPeng Tech Ambitions
Nio's peer XPeng, Inc. (XPEV) hosted its Tech Day last weekend. At the event, the company showed off its advanced driver assistance system, supercharger network, and a next-gen flying car built along with HT Aero, among other things.
On another note, the company is reportedly planning to ship its new P5 model without wave radar units that support its ADAS due to chip shortages.
GM Nurtures Big Ambition
In a statement of intent, General Motors Company (GM)'s CEO Mary Barra said in an interview to CNBC the company will catch up with market leader Tesla in EV sales by the year 2025.
EV Stock Performances for The Week
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