Several electric vehicle makers are expected to report quarterly results in the upcoming weeks. Fisker (FSR) is scheduled to report earnings on Wednesday, while Nikola (NKLA) and Lucid (LCID) are expected to announced quarterly results on Thursday. Lordstown Motors (RIDE), Li Auto (LI), and Rivian (RIVN) will hold their earnings calls on May 9, 10, and 11, respectively. Additionally, XPeng (XPEV) is scheduled to report earnings on May 23, with Nio (NIO) expected to announce results around the same time. What to watch for:

COMMERCIAL VANS EXPOSURE: In a research note on Monday, Piper Sandler analyst Alexander Potter reiterated an Overweight rating on Rivian Automotive with a $112 price target following a client webinar with the North American Council for Freight Efficiency. A recent report from NACFE concluded that commercial vans are a "perfect fit for electric drivetrains, with fleets of all kinds embracing the technology," Potter noted. The analyst believes the company is a "high-profile" supplier in this segment, given its alignment with Amazon (AMZN), and favors Rivian for this exposure. Potter believes that to succeed, Rivian must sell software and service, not just vans, to big fleets.

SELL RIVIAN: Last month, Exane BNP Paribas initiated coverage of Rivian Automotive with an Underperform rating and $35 price target. Exane called Rivian "a serious brand with true staying power," but said the company's price increase plans suggest its original R1T/R1S pricing was "structurally unprofitable." The firm noted that its 2023-2024 revenue estimates for Rivian are 9% and 13% below consensus, respectively, and that its adjusted EBITDA view is 1% below consensus amid negative per unit economics.

COMMERCIAL MOMENTUM: A little over a month ago, Fisker announced that reservations for the Ocean electric vehicle have exceeded 40,000, a nearly 30% increase versus mid-February and above the 35,000 suggested by Citi's web-traffic model in early March, Citi analyst Itay Michaeli told investors in a research note back in April. The analyst argued that the mix of reservations appeared 'robust," with the company indicating that it might sell out most of its 2023 capacity across premium models. Michaeli believes Fisker continues to gain commercial momentum and views the update as "encouraging."

BUY XPENG: Back in early April, HSBC analyst Yuqian Ding initiated coverage of XPeng with a Buy rating and $37 price target. The Chinese electric vehicle player built all its autonomous driving software in-house from the ground up, like Tesla (TSLA), which is a feat no other domestic manufacturer has achieved, Ding told investors in a research note. The analyst believes XPeng's latest autonomous driving system is one of the best available in China, enabling autonomous pilot driving on highways. Ding expects XPeng's "leading and differentiated smart driving experience" to boost its brand equity and sales, and the company's "solid" product cycle to support "rapid" volume growth.

SALES ACCELERATION: Last month, UBS analyst Paul Gong also upgraded Nio to Buy from Neutral with a price target of $32, down from $42While Nio's sales volume growth has slowed with "aging products," the analyst believes three new model launches in 2022, based on its NT2.0 platform, could drive sales acceleration. The UBS Evidence Lab electric vehicle consumer survey shows Nio's brand recognition is improving, which provides a basis for strong sales from new products, the analyst wrote.

APRIL DELIVERIES: This past weekend, Nio, Li Auto, and XPeng announced April deliveries. Nio said it delivered 5,074 vehicles in April 2022. The deliveries consisted of 4,381 premium smart electric SUVs, including 1,251 ES8s, 1,878 ES6s and 1,252 EC6s, and 693 ET7s. "In late March and April 2022, the company's vehicle production and delivery have been impacted by the supply chain volatilities and other constraints caused by a new wave of the COVID-19 outbreaks in certain regions in China. The vehicle production has been recovering gradually," Nio said.

Meanwhile, Li said the company delivered 4,167 Li ONEs in April 2022. "The COVID-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics, and production since late March. Our Changzhou manufacturing base is located in the center of the Yangtze Delta region, which is home to over 80% of our parts suppliers, especially in Shanghai and Kunshan. The COVID-19 resurgence in this area has incapacitated some suppliers in Shanghai and Kunshan… This materially affected our production in April, resulting in delayed deliveries for some of our users," Yanan Shen, co-founder, and president of Li Auto commented.

Additionally, XPeng said it delivered 9,002 Smart EVs in April 2022, representing a 75% increase year-over-year. The April deliveries consisted of 3,714 P7 smart sports sedans, 3,564 P5 smart family sedans, as well as 1,724 G3i and G3 smart compact SUVs. As of April 30, 2022, year-to-date total deliveries reached 43,563, representing a 136% increase year-over-year.