Electric vehicle stocks fell last week due to fears of more interest rate hikes by the Federal Reserve. Tesla's stock fell after it cut prices of its Model S, Model X, and Model Y vehicles in China, which was seen as a desperate move to attract customers amid challenging demand and competitive pressure. However, rumors suggest Tesla's refreshed Model 3 EV, referred to as “Highland,” will arrive at showrooms in China later this month. Fisker signed an agreement with Tesla to adopt the latter's North American Charging Standard for its first vehicles. XPeng reported a record quarterly loss of 2.7 billion yuan despite its sales meeting expectations. VinFast Auto made a strong debut on the Nasdaq but retreated over the remainder of the week.