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The broader market strength pervaded into the electric-vehicle space and most stocks belonging to the industry posted decent gains in the week ended Sept. 13. That said, some of the upstarts continued to bleed, reflecting ongoing struggles.
Here’s a rundown on what happened in the EV space during the week:
Tesla China Sales Momentum Accelerates: After weighed down by competitive pressures in China following the COVID-19 pandemic, Tesla, Inc. appears to be on the road to recovery in this key market. China insurance registration data for Tesla vehicles came in at a robust 16,200 for the week ended Sept. 8, CnEVPost reported, citing data provided by Li Auto, Inc. .
Commenting on the data, Tesla bull and fund manager Gary Black said the weekly registration data suggested Tesla is on track to record the best quarter ever. With three weeks left in the quarter, the quarter-to-Sept. 8 data showed 15% year-over-year and 25% sequential growth, he said.
Meanwhile, sell-side analysts have begun trimming their quarterly delivery and earnings per share estimates for Tesla, ahead of the deliveries report, likely due on Oct. 2. CANACCORD Genuity’s George Gianarikas reduced his estimate from 480,000 units to 469,200 units, which however, is higher than the consensus estimate of 458,000 units. Most analysts suggested that they would look past the deliveries report and into the Oct. 10 Robotaxi unveil event.
See Also: Best EV Stocks
Lucid Offers Another Sneak-Peek Into Midrange EV: Luxury EV maker Lucid Group, Inc. , which held its Technology and Manufacturing Day at its Arizona facility this week, shared another glimpse of its mid-sized EV, which is set to roll off the production line in late-2026. The EV will have starting price under $50K, which will pitch it against EV leader Tesla’s hugely successful Model Y electric SUV.
Lucid Motors@LucidMotorsSep 10, 2024Wrapping up Tech & Manufacturing day: A new sneak peek at one of our upcoming midsize vehicles, set for production in late 2026 with a starting price under $50k.
With leading technology and efficiency, it will be able to deliver the same range as competitors while using a... pic.twitter.com/yJ5re2fIlt
At the event, Lucid showcased its technological advancements and provided updates on its roadmap.
Ford Eyes India As EV Export Base: Legacy automaker Ford Motor Co. , which closed down auto manufacturing operations in India three years ago, will likely restart production in the country. Local media outlets reported that Ford International Markets Group President Kay Hart has submitted a letter of intent to the local government of the Indian state of Tamil Nadu, where its manufacturing plant functioned out of. The company reportedly wants to manufacture EVs for export, with the operations likely resuming in 2025. Down the line, the company also plans to have a battery manufacturing unit in the state.
Canoo Withdraws Guidance: In a filing with the SEC, Canoo, Inc. said it was withdrawing its previously-issued revenue guidance for the year ending Dec. 31, 2024, and also its previously-issued operational guidance relating to the manufacturing run rate, production and delivery of vehicles in 2024 and subsequent periods. The company announced preliminary third-quarter revenue of $0.1 million to $1.2 million and an adjusted EDITDA loss of $30 million to $40 million. The revenue guidance trailed the $2.45 million consensus estimate.
The company also said it has entered into the equity distribution agreement with Northland Securities to sell up to $200 million shares from time to time, through an “at the market offering” program. Canoo’s woes reflect the state of the EV startup ecosystem, which has been stymied by cash crunch, production hiccups and weak demand.
VinFast On Regulator’s Radar: The National Highway Traffic Safety Administration has initiated a probe into EVs manufactured by Vietnamese EV maker VinFast Auto Ltd. based on complaints lodged by vehicle owners. The probe covered around 3,118 vehicles manufactured in 2023 and 2024, with owners alleging that the vehicles had problems with the “Lane Keep Assist system. The system had difficulty detecting lanes on the roadway, and provided improper steering inputs, making it difficult to override by the driver, the regulator said, citing the complaint.
The KraneShares Electric Vehicles and Future Mobility Index ETF fell 0.56% on Friday before ending at $19.38, according to Benzinga Pro data. For the week, the ETF , however, gained 4.47%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Here’s how the EV stocks fared this week:
Weekly Change (+/-) | |
Tesla | +9.28% |
Nio, Inc. | +10.56% |
XPeng, Inc. | +5.04% |
Li Auto, Inc. | +4.42% |
Workhorse, Inc. | +17.19% |
Hyzon Motors, Inc. H | -30.77% |
Canoo | -13.19% |
Rivian Automotive, Inc. | +2.04% |
Lucid Group | +10.36% |
Faraday Future Intelligent Electric Inc. | -16.88% |
Nikola Corp. | +2.66% |
VinFast Auto Ltd. | +5.88% |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Rivian Automotive (RIVN) closed at $13.50 in the latest trading session, marking a -1.6% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.54%. Elsewhere, the Dow saw an upswing of 0.72%, while the tech-heavy Nasdaq appreciated by 0.65%.
Heading into today, shares of the a manufacturer of motor vehicles and passenger cars had lost 0.29% over the past month, lagging the Auto-Tires-Trucks sector's gain of 10.04% and the S&P 500's gain of 4.86% in that time.
The investment community will be closely monitoring the performance of Rivian Automotive in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.90, reflecting a 24.37% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.1 billion, showing a 18.09% drop compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$4 per share and revenue of $4.77 billion. These totals would mark changes of +18.03% and +7.67%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Rivian Automotive. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.39% increase. At present, Rivian Automotive boasts a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 151, placing it within the bottom 41% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Faraday Future Intelligent Electric Inc FFIE.O:
FARADAY FUTURE ANNOUNCES NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER DERIVATIVE ACTIONS
Source text for Eikon: (Full Story)
Further company coverage: FFIE.O
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