XPEV - Tesla's China Demand Woes Ford Plans 'Electric' India Reentry Canoo's Shot At Improving Profit And More: Biggest EV Stories Of The Week | Benzinga
Electric-vehicle stocks underperformed the broader market this week, not really benefiting from a dovish Federal Reserve. Tesla, Inc. (NASDAQ:TSLA), though ending higher for the week, came under pressure in the back-end.
Here are the key events that happened in the EV space during the week:
Tesla Cuts China Production, Lawmaker Renews Call For SEC Probe And More: Shares of Tesla, which saw a modest recovery early in the week, reversed course as fears concerning a first-quarter deliveries miss intensified. A Bloomberg report said the Elon Musk-led company asked its factory workers at Giga Shanghai to reduce a typical 6.5-day workweek to a five-day schedule. This raised concerns about a demand slowdown in one of its key markets.
Sen. Elizabeth Warren (D-Mass.) this week renewed her call to the SEC to investigate Musk and the company's board of directors, citing, “possible misappropriation of Tesla resources and conflicts of interest arising from Mr. Musk's dual role at Tesla and X,” formerly Twitter. The allegations assume importance as a Delaware court earlier this year nullified Musk’s $55.8 billion compensation plan from 2018.
Tesla was slammed by fund managers for luring buyers by the threat of a price hike once the quarter ends. Ross Gerber of Gerber Kawasaki Wealth and Investment Management said it was an “old trick,” while Deepwater Asset Management’s Gene Munster said “it’s hard to read between the lines what a $1k end-of-month discount followed by a $1k price increase means for demand and margins.”
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