XPEV - Trump Pours Cold Water On Industry Tesla Falls Ahead Of Earnings Week Ford's Step-back In EV Plans And More: Biggest EV Stories Of The Week | Benzinga
Electric vehicle stocks fell across the board, with the decline mostly due to the broader market pullback this week. Tesla, Inc. (NASDAQ:TSLA) extended its weekly declines ahead of next week’s earnings release.
Here’s a run down on what happened in the EV space during the week:
Tesla Raises Prices: The not-so-successful price-cutting strategy has been discontinued at least for now, with Tesla announcing $2,000 price increases for all variants of the Model S and Model X EVs in U.S. this week. The prices of these models were also hiked in Canada. The company, however, is persisting with its incentives and liberal financing options. Tesla influencer Sawyer Merritt reported that Tesla has begun offering a loan rate of 1.99% APR for all new Model Y finance orders in the U.S.
Despite analyst upping their estimates for Tesla, the stock fell for a second straight week. The company is scheduled to report its quarterly results after the market close on Tuesday. Analysts, on average, expect Tesla to report earnings per share of 57 cents per share and revenue of $22.6 billion. This is in contrast with the year-ago numbers of 91 cents and $24.93 billion, respectively.
Tesla Energy, which is supposed to be one of the most promising segments, announced this week it has committed an additional 15.3 gigawatt-hour of Megapacks to Intersect Power. “The agreement adds to Intersect's 2.4 GWh of Megapacks under operation or construction, including 966 MWh at three Texas sites, set to ...