The bygone week was fairly quiet in terms of EV news flow—a calm before the storm ahead of earnings kicking in. The broader market weakness pervaded into the EV space, and stocks closed steeply lower for the week.
Here are the key events that happened in the EV space during the week:
Tesla Drops Below $1,000, Rumors of Audio Equipment, Model Q and More
Amid the market sell-off, led by tech stocks, Tesla shares retreated below the psychological resistance of $1,000 for the first time since Dec. 21. The company is due to release its quarterly earnings on Wednesday after the close, and given expectations of a stellar quarter (going by the quarterly deliveries) the stock could reclaim the level in the coming week.
Rumors were flying thick and fast regarding Tesla foraying into in-house audio equipment, including headphones and speakers, after the company registered for both the “Tesla” and “T” logo trademarks in a new audio equipment category.
Meanwhile, Tesla denied rumors of a Model Q unveil reported widely by local Chinese media. Model Q is reportedly a cheaper EV vehicle to be made in Giga Shanghai and armed with BYD Company Limited’s blade batteries.
In an interesting development, NextCar, a fintech and insurtech vehicle subscription platform, launched an EV and zero emissions vehicle subscription program starting with the Tesla Model 3, and has rebranded under its newly-acquired consumer brand Autonomy.
Nio’s Norway Battery Swap Operation Goes Live
Nio Inc.’s first battery swap station in Norway is online, the CnEVPost reported, citing information shared by a car blogger on the Weibo platform.
Nio began locking orders for its ET7 on Jan. 20 and is looking to start order-based production on March 11, CnEVPost reported, citing a Nio executive. The first “show cars,” which may not be available for test drives, will be made available to various showrooms in January and February. All showrooms are expected to get show cars, including ones available for test drives, beginning on March 5.
German media outlet Vogel reported that Ralph Kranz, a veteran with Volvo Germany, will leave the company at the end of February and join Nio.
BYD Raises Prices
Buffett-backed Chinese automaker BYD has reportedly announced price hikes of 1,000 yuan to 7,000 yuan ($158–$1,105) for its new energy vehicles, effective Feb. 1. The company attributed the price hikes to the increase in raw materials costs and a reduction in EV subsidies planned by the Chinese government.
Ford Hit With Downgrade
Legacy automaker Ford Motor Company received a ratings downgrade from Jefferies analyst Philippe Houchois. Given the earnings improvement and stock rerating, the analyst sees limited scope for further upside.
GM Ahead of Schedule With Cadillac Lyriq
General Motors Corporation President Mark Reuss said in a LinkedIn post that a preproduction version of the electric Cadillac Lyriq SUV has been assembled, and a final production version will be delivered to customers shortly.
The executive suggested that the company is nine months ahead of schedule with the EV.
EV Stock Performances for the Week
By Shanthi Rexaline
© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.