Electric vehicle stocks fell across the board for the week ended September 2nd on macroeconomic concerns that rocked the market. The August jobs report, the US government’s move to limit chip exports to China and the closure of the offshore Nord Stream 1 pipeline, which supplies oil from Russia to Europe, all helped increase risk aversion in the market .
Well, here are the main events that took place in the EV space during the week:
Tesla’s gigafactories in operation: Tesla, Inc. TSLA is reportedly seeking recruiters in Quebec, Canada to handle a major recruitment round. The Tech Crunch report has tongues swarming that Canada is the site of the company’s next Gigafactory. The rumor comes on top of lobbying documents the company has filed with Canada and stray giveaways from Canadian politicians regarding Tesla Canada plans.
The Gigafactory in Berlin is also reportedly busy recruiting, as German media outlet rbb24, citing Tesla, said 120 trainees have started at the company. This shot follows the factory ramping up production. By the way manager Elon Musk tweeted this week that he spent a day touring the entire Giga Berlin production line and appreciate that the team there did an excellent job.
Meanwhile, Tesla China overcame a lean streak in July amid a factory remodel. According to preliminary data released by the China Passenger Car Association, Giga Shanghai launched 77,000 cars in August. This bodes well for the company as it looks to boost volumes after the first-half lull caused by plant closures in China.
China EV sales mixed: This week saw the release of August sales results from Chinese EV manufacturers including Nio, Inc. NEVER, XPeng, Inc. XPEV, LiAuto, Inc. LI and Warren Buffettsupports BYD Company Limited BYDDF. BYD has checked in another record sales month, and Nio reported sequential growth in shipments. XPeng and Li Auto posted month-on-month sales declines.
Ford EV Sales Catalyze Strong…
