XPEV - Tesla Q2 EPS Estimate Bumped Up Rivian's Cold Shoulder To Union Lucid's 70% Sales Jump And More: Biggest EV Stories Of The Week | Benzinga
Most electric vehicle stocks advanced along with the broader market in the week that ended on July 12, catching up with market leader Tesla, Inc.’s (NASDAQ:TSLA) gain in the previous week. The Elon Musk-led company’s shares stumbled after a 11-session winning streak.
Here are the key events that happened in the EV space during the week:
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Musk Tightlipped On Robotaxi Rumors: Tesla shares were going strong and completed a 11-session winning-streak on Wednesday but reversed course on Thursday, stung by a report that said the EV maker would push back the robotaxi launch event by two months. The stock fell over 8% during the session before recovering in the very next session. Skeptics sensed a far more serious issue than the mere two-month delay, but bulls reasoned that the company could be perfecting the technology.
Musk, who is otherwise very vocal on X, the social media platform he owns, chose to remain silent on the rumored delay.
The week saw Tesla launching a new Model Y configuration in the U.S., namely the Long Range Rear-Wheel Drive, which costs under $35K and is eligible for the $7,500 federal tax subsidy. Separately, a COX Automotive report said Tesla’s Cybertruck was the best-selling EV priced at over $100,000 and that the company sold over 3,200 units in June alone.
Analysts have ratcheted up their earnings per share estimates for Tesla by about 9% over the ...