XPEV - Elon Musk Slammed For Wanting More Tesla Control Rivian Skids On Prospect Of Significant Losses Fisker Faces Braking Issue Probe And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks fell across the board yet again in the week that ended on Jan. 19 as the broader market weakness in the first half of the week and negative sentiment toward the sector generated weakness. Market leader Tesla, Inc. (NASDAQ:TSLA) pulled back toward the lowest level since Nov. 10, 2023 before finishing just off its current level.
Here are the key events that happened in the EV space during the week:
Tesla Price Cuts, Falling Short Interest And More: Tesla resumed price cuts this week, stirring anxiety over margins just ahead of the company’s earnings release on Wednesday. It raised the prices of several Model 3 variants in China and Model Y variants in European countries. Commenting on the price cuts, Future Fund Managing Partner Gary Black said he sees a 25- to 30-cent impact from the price cuts in China and a 15-cent impact from the cuts in Europe. Consequently, the fund manager lowered his 2024 adjusted earnings per share estimate for Tesla from $4.20 to $3.75.
Data shared by S3 Partners Ihor Dusaniwsky showed that the short interest in Tesla stock fell following the rally seen in 2023. As a result, the Elon Musk-led company ceded its position as the most shorted stock to Apple and is now the third-most shorted stock behind tech giant Microsoft.
Musk ruffled many feathers this week by suggesting that he wanted about 25% voting control in Tesla in order to make the company a leader in Ai and robotics. “Unless that is the case, ...