XPEV - Tesla Alienates Bears And Bulls Alike Nikola On The Mend Canoo's Struggles And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks sold off in the week ended April 5 amid the broader market swoon due to waning rate-cut hopes and some company-specific catalysts. The first quarter was tough for the industry, which was reflected in the sales of major players.
Here are the key events that happened in the EV space during the week:
Tesla’s Rare Deliveries Drop, Model 2 Rumors And More: Stung by demand and supply concerns, Tesla, Inc. (NASDAQ:TSLA) reported its first year-over-year sales decline since the second quarter of 2020, which was hit by COVID-19.
The Elon Musk-led company’s first-quarter deliveries came in at 386,810 vehicles, down from 422,875 a year earlier. Production also fell year-over-year. The company blamed the predicament on the transition to new Model 3 production at the Fremont factory and the production disruptions at the Giga Berlin factory. The weak numbers elicited negative reactions from bulls and bears alike, although the former group largely clung to its positive long-term outlook.
Musk remained tightlipped about the weak sales for the most part but was triggered to comment when fund manager Ross Gerber blamed the shortfall squarely on the billionaire and called for an overhaul of the board, citing inaction on its part. In a scathing response to Gerber’s comments, Musk called him an “idiot” and said even Chinese BYD Company Ltd. (OTC:BYDDY) (OTC:BYDDF), backed by Warren Buffett, had a dismal quarter. Incidentally, BYD, which wrested the ...