XPEV - Biden Backs Unionization At Tesla Lucid's Dismal Quarter Fisker Scouting Manufacturing Partners And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks came under selling pressure in the week that ended on Nov. 11 as the broader market weakness triggered some profit-taking. Lucid Group, Inc. (NASDAQ:LCID) did not help matters any further by reporting a disappointing quarter.
Here are the key events that happened in the EV space during the week:
Tesla India Rumors, Swedish Strike And More: The stalemate over Tesla, Inc.’s (NASDAQ:TSLA) India foray continues, but reports suggested that India’s Commerce Minister Piyush Goyal will likely meet Elon Musk in the U.S. next week. Goyal will reportedly discuss plans to set up a Tesla factory in India to manufacture the company’s $25,000 EVs. Musk will also likely push to cut the import duty on fully-built EVs from 100% to 15%.
Tesla is additionally facing labor union issues in Sweden, one of its key European markets. As Tesla mechanics began to strike, they were joined by dock workers affiliated with four powerful unions in the country. This has reportedly disrupted the unloading of Tesla’s vehicles.
Following margin-squeezing price cuts, Tesla has opted to raise prices of its Model Y Long Range and refreshed Model 3 prices in China by 1,500 yuan ($206), according to its Chinese website.
Speaking on the sidelines of the Baron Investment Conference, billionaire investor Ron Baron said Tesla will likely build its $25,000 EV within 18 months. “Wait 'til you see what's going to happen when all of a sudden they start ...