XPEV - Tesla Signals Strategy Reversal Ford To Go Slow On Electrification Nikola's $165M Legal Windfall And More: Biggest EV Stories Of The Week | Benzinga
Most major electric vehicle stocks declined in the week that ended on Oct. 27 amid the broader market weakness, with EV leader Tesla, Inc. (NASDAQ:TSLA) extending its lean patch. The space could see some volatility in the near term, as EV companies are set to begin rolling out their third-quarter earnings reports over the next few weeks.
Here are the key events that happened in the EV space during the week:
Tesla Makes It To Elite List And More: Even as Tesla’s stock struggles, the company had something to cheer about this week. The EV maker debuted on Fortune’s list of 100 fastest-growing companies in 2023. Tesla took the second spot, primarily due to its strong earnings per share growth.
The Elon Musk-led company made a positive statement by announcing modest price hikes for some variants of its best-selling electric SUV, the Model Y, both in the U.S. and China. The company added $500 to the price of the Model Y LR range EV in the U.S. and hiked the price of the high-end Model Y Performance variant in China by a little over $1,900. Commenting on the move, Future Fund’s Gary Black said this was a positive signal at a time investors are worried about further margin erosion.
Tesla’s India plans hang in a limbo, given the government’s dogged stance on committing to local manufacturing. India's Minister for Road Transport & Highways Nitin Gadkari reportedly said in an interview with a local media outlet that the Musk-led company can’t expect concessions on ...