XPEV - Elon Musk Cozies Up To World Leaders Lucid's Saudi Progress Nikola Spikes After New COO Appointment: Biggest EV Stories Of The Week | Benzinga
Electric vehicle shares fell across the board this week, as the Federal Reserve hinted that its rate-tightening cycle hasn’t ended. Market leader Tesla, Inc. (NASDAQ:TSLA) also reacted to analysts’ rerating of earnings estimates and factored in an anticipated third-quarter deliveries shortfall.
Here are the key events that happened in the EV space during the week:
Tesla’s Giga Texas Pause, International Plans And More: Tesla is rumored to pause Model Y production at its Giga Texas plant through the end of September, as it prepares its production line for the Cybertruck. This set off worries concerning third-quarter deliveries falling short of expectations.
Future Fund's Gary Black said he isn’t too worried about the latest development as it was anticipated and had been factored in by the market. The Giga Texas plant upgrades were communicated by CEO Elon Musk andthen CFO Zachary Kirkhorn on the second-quarter earnings call, Black noted. Black added that Tesla will likely undershoot its deliveries target in the third quarter but make up for it with a fourth-quarter outperformance.
Tesla CEO Elon Musk has been meeting with world leaders, who are eager to have a Tesla plant built in their countries. This week, visiting Israeli Prime Minister Benjamin Netanyahu and his wife were taken for a tour around Tesla’s Fremont facility in California and went on a Cybertruck ride alongside Musk.
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