Shares of electric vehicle makers swayed to the tune of the broader market sentiment, although some reacted to company-specific catalysts. EV leader Tesla, Inc. (NASDAQ:TSLA) returned to winning ways, with the stock hitting $180 once again.
Here are several key events that happened in the EV space during the week:
Tesla Eyes Doubling Giga Berlin Capacity: Tesla submitted an initial application to Germany’s environmental agency to expand its Gigafactory in Berlin, according to German outlet RBB. Citing an official at the agency, the outlet reported that the U.S. carmaker applied to increase its annual production capacity from 500,000 vehicles to 1 million vehicles per year. The company also reportedly optimized its planning and production process to boost production capacity without having to further increase the usage of freshwater.
Volkswagen Announces Budget EV: German automaker Volkswagen AG (OTC:VWAGY) announced its ID.2 all-concept EV, which will be priced at approximately $26,500, this week. The company expects to make the vehicle available in 2025. Along with the upcoming production of the ID.2, the German company aims to launch about 10 new EV models by 2026. More importantly, Volkswagen said it is working on an EV priced below $21,560.
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Barra Meets With Lawmakers: General Motors Company (NYSE:GM) CEO Mary Barra met with Senate Commerce Committee Chair Sen. Maria Cantwell (D-WA) and committee member Sen. Gary Peters (D-MI) this week in a bid to prod Congress to expedite legislation to accelerate the deployment of self-driving vehicles, Reuters reported.
Around a year ago, GM, along with its subsidiary Cruise, sought permission from the National Highway Traffic Safety Administration to deploy up to 2,500 self-driving vehicles without steering wheels, mirrors, turn signals and windshields.
Ford Teases New MEB-Based EV Ahead Of Launch: Ford Motor Company (NYSE:F) Europe teased on Twitter a new midsize SUV based on Volkswagen’s MEB platform, which had been unveiled earlier in the week. In its post, the company used the caption “exploring reinvented,” giving rise to speculation that the new vehicle could be an electric Explorer.
XPeng Q3 Misses Estimates: Chinese EV startup XPeng, Inc. (NYSE:XPEV) reported a fourth-quarter loss and revenue that missed expectations. The company forecast a year-over-year decline in first-quarter deliveries. It also hinted at cost cuts due to inclement macroeconomic conditions and fundamental setbacks.
Lucid’s Saudi-Assembled EV To Roll Out In September: Lucid Group, Inc. (NASDAQ:LCID), backed by Saudi Arabia’s Public Investment Fund, will roll out its first fully Saudi-assembled car in September, said Faisal Sultan, the company’s vice president and managing director in the Middle East, Arab News reported.
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Rivian Loses Another Executive: Rivian Automotive, Inc.’s (NASDAQ:RIVN) chief engineer Charles Sanderson, whom the company poached in 2018 from McLaren, is returning to the British supercar maker. He is rejoining McLaren as its chief technical officer. Rivian has seen some high-profile executive departures recently amid its difficulty in ramping up production.
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EV Stock Performances for The Week: