XPEV - Bearish Sentiment Engulfs Tesla Rivian Stock Craters On Production Woes Ford Pauses F-150 Lightning Shipments And More: Biggest EV Stories Of The Week | Benzinga
Bad tidings from electric vehicle startups Rivian Automotive, Inc. (NASDAQ:RIVN) and Lucid Group, Inc. (NASDAQ:LCID) cast a pall of gloom on the EV space this week. The weakness came despite the broader market finishing the week at a record high.
Here are the key events that happened in the EV space during the week:
Tesla Bearish Sentiment Abounds, Price Tinkering: Tesla, Inc. (NASDAQ:TSLA) shares have been languishing at depressed levels ever since the company reported a double miss in the third quarter of 2023. Fundamentals of the Elon Musk-led company have faltered due to an inclement economy, slowing EV adoption and some of its own strategies.
Morgan Stanley analyst Adam Jonas said in a report released this week that, out of the 84 investors responding to the firm’s investor survey, three-quarters believe the stock has yet to bottom. Investors were particularly worried about the slowing EV demand narrative.
Tesla went on to hike the price of the Model 3 Long Range SUV in the U.S. by $250, with the variant now having a starting price of $47,740. The price of the base rear-wheel-drive variant remains unchanged at $38,990. The company also increased the price of the white interior Model 3 by $500. Commenting on the price changes, Troy Teslike, a social media user known for predicting Tesla deliveries, said the company could be discouraging customers ...