XPEV - Tesla's China FSD Goldmine Rivian Receives Much-Needed Cash Boost Fisker Lands In Another Legal Mess And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle shares mostly advanced this week, riding high on the broader market strength as the Federal Reserve hinted at potential rate cuts.
Here are the key events that happened in the EV space during the week:
Tesla’s China FSD Potential, More Job Cuts : A surprise visit by Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk to China was received positively by the market, with the stock jumping over 15% on Monday. The optimism stemmed from reports of the company receiving approval to roll out its full self-driving technology in China. BofA’s John Murphy estimates incremental annual revenue of half a billion dollars and earnings of $350 million for Tesla if 25% of Tesla owners adopt FSD. Murphy projects even higher earnings ($2.3 billion) by 2030 based on the same adoption rate and projected auto sales growth in China.
Future Fund’s Gary Black suggests that incremental earnings per share could reach as high as 48 cents per share, and incremental valuation could increase by $24 per share if the FSD take rate is around 30%.
The week also saw the reporting of more job losses at Tesla.
Close on the heels of the large scale job cuts, The Information reported that Musk sent an email to managers regarding the eliminations of more key executives, including Senior Director of EV Charging Rebecca Tinucci and Director of Vehicle Programs Daniel Ho. The move raised eyebrows as ...