Most electric vehicle stocks gained in the week ended September 9, reversing the course of the prior week’s general sell-off. The recovery is partly due to the broader market recovering from a period of weakness.
Rivian Automotive, Inc. RIVN led weekly gains amid company-specific catalyst and EV leader Tesla, Inc. TSLA had its first positive week since the company’s Aug. 25 stock split.
Well, here are the main events that took place in the EV space during the week:
Tesla becomes gangbuster in China: After the July setback amid factory upgrades, Tesla came back with a vengeance to back down a solid month in August. Deliveries rose 173% mom and 74% year-on-year to 76,995 units, just below June’s record.
Tesla started deliveries of its Model Y electric SUV in Japan this week, with the RWD variant costing the equivalent of $46,160 and the AWD Performance variant about $60,300.
Amid the supply chain disruptions, Tesla plans to take another step toward vertical integration. The EV maker is reportedly considering the possibility of developing a facility to refine battery-grade lithium hydroxide, with Texas as the potential location. If all goes according to plan, the company will have the facility operational by the fourth quarter of 2024.
Citing benefits from the Inflation Reduction Act of 2022 Rod Leek Wolfe Research has upgraded Tesla stock to Outperform from Market Perform and raised its price target to $360 from $317.
Rivian Strikes EV Partnership: Rivian announced a connection with this week Mercedes-Benz Group AG DMLRY to manufacture EV vans. The strategic partnership envisages the creation of a new joint venture manufacturing company to operate a factory in Europe to produce large electric vans for both companies, starting in a few years.
The companies plan to establish an all-electric manufacturing facility at the Mercedes-Benz site in Central/Eastern Europe and produce two large vans, one based on each of their…
