XPEV - Tesla's Unionization Threat Rivian Hires Mercedes-Benz Veteran Nikola's Battery Fire Returns To Haunt In Q3 And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks advanced solidly in the week that ended on Nov. 3, thanks to the broader market strength facilitated by the Federal Reserve’s rate decision and Chair Jerome Powell’s dovish commentary at the post-meeting press conference.
Here are the key events that happened in the EV space during the week:
Tesla Faces Risk of Unionization And More: Fresh off the United Auto Workers‘ win against Detroit’s Big Three automakers, the union is mobilizing support for collective bargaining at Tesla, Inc.’s (NASDAQ:TSLA) Fremont factory, a Bloomberg report said this week. Following the rumors, Deepwater Asset Management’s Gene Munster said Tesla employees would likely vote down the UAW and instead settle for a 20% pay raise. If a wage raise were to materialize, the company’s margin would likely continue to remain under pressure.
CEO Elon Musk said on “The Joe Rogan Experience” podcast that the annual production capacity of the upcoming Cybertruck will likely be at 200,000 units when production is fully ramped up. He also emphasized the difficulty in manufacturing due to the truck’s unique design. Commenting on Musk’s production estimate, CNBC’s “Mad Money” host Jim Cramer said Tesla may not be able to sell even 50,000 units of the 200,000 units produced.
Rivian Poaches Mercedes-Benz Executive: As ...