Tesla Cybertruck Buzz Gets Louder, Rivian Jumps On NACS Bandwagon But Lucid Holds Off, Nikola's Fire Mishap, And More: Biggest EV Stories Of The Week
Portfolio Pulse from Shanthi Rexaline
EV stocks moved down in the week ending on June 23, with Tesla Cybertruck sightings increasing and Rivian partnering with Tesla for charging. Nikola faced a fire incident, Ford received $9.2B DOE funding, and Fisker began US deliveries. Lordstown founder sold his entire stake, and Faraday Future delayed deliveries.
June 24, 2023 | 2:13 pm
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POSITIVE IMPACT
Ford received a conditional loan of $9.2 billion from the U.S. Department of Energy to construct three EV battery plants in partnership with South Korean partner SK On.
The $9.2 billion loan from the U.S. Department of Energy will help Ford expand its EV battery production capabilities, which could boost the company's stock price in the short term. The partnership with SK On also strengthens Ford's position in the EV market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Fisker began deliveries of 22 vehicles to customers from its facility in the Los Angeles area, with additional deliveries planned throughout the summer.
Fisker's commencement of US deliveries is a positive development for the company, as it indicates progress in its production and distribution capabilities. This could potentially boost Fisker's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Rivian announced a charging partnership with Tesla, adopting the North American Charging Standard.
Rivian's partnership with Tesla for charging infrastructure could be seen as a positive development for the company, as it will provide Rivian customers with access to Tesla's extensive charging network. This could potentially boost Rivian's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Tesla Cybertruck sightings increase, suggesting possible rollout by end of Q3. Tesla CEO Elon Musk met with Indian Prime Minister Narendra Modi, expressing interest in investing in India. Two analysts shed bullish stances on Tesla stock valuation.
The increased sightings of the Tesla Cybertruck suggest that the long-awaited vehicle may be released soon, which could boost the stock price. Elon Musk's meeting with the Indian Prime Minister and expressing interest in investing in India could open up a new market for Tesla, further supporting the stock. However, the shedding of bullish stances by analysts may create some short-term uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Faraday Future announced a delay in deliveries of its FF 91 EV, causing its stock price to plummet. The company also proposed a plan to raise capital and reverse-split its shares.
The delay in deliveries of Faraday Future's FF 91 EV is a negative development for the company, as it indicates potential production or supply chain issues. The stock price plummeting and the company's plans to raise capital and reverse-split its shares could further negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Nikola suffered a fire incident outside its Phoenix headquarters, affecting some of its battery EV trucks. Foul play is suspected.
The fire incident at Nikola's headquarters could negatively impact the company's stock price in the short term, as it raises concerns about the safety and security of its facilities and products. The suspicion of foul play adds to the uncertainty surrounding the company.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Lordstown Motors founder Steve Burns sold his entire stake in the company, as it faces a battle with manufacturing partner Hon Hai Precision Manufacturing and is on the brink of going bust.
The founder of Lordstown Motors selling his entire stake in the company is a negative signal for investors, as it indicates a lack of confidence in the company's future prospects. This could lead to a decline in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100