Elon Musk Hints at ‘Epic’ Q4 After Revenue Miss, GM’s Expensive Cadillac Celestiq Draws Flak, Automakers to Double Down on EV Spending & More: Biggest EV Stories of the Week – Tesla (NASDAQ:TSLA)
As the market rallied, helped by a positive start to the earnings season, most electric car stocks rose in the week ending October 21.
This week’s EV news feed was led by the market leader Tesla, Inc.’s TSLA results report.
Here are the key events to bring EV investors up to date:
Tesla’s present, future perfect: Tesla’s third quarter revenue and gross margin for the automotive industry came in under estimates, generating negative sentiment towards the stock.
CEO Elon Musk sounded optimistic on the earnings call. He suggested that the fourth quarter is likely to be “epic”[ads1];. The semi-launch event will be held on December 1, the billionaire confirmed. The company aims to scale up semi-finished products to 50,000 by 2024.
Tesla shared on its official Twitter account a link to vote on supercharger locations, and those with a Tesla account can cast their votes. The company said that in each three-month voting cycle, voters can cast multiple votes to help it decide on new locations for its superchargers.
Tulipshare, a retail shareholder platform, asked Tesla to link executive pay to environmental, social and governance factors, Reuters reported. The group said it plans to table a shareholder resolution on the matter during the electric car maker’s annual shareholder meeting in 2023. So far, CEO Musk’s compensation is tied to the company’s financial performance.
With Twitter, Inc. TWTR the deal deadline is approaching, analysts included Gary Black of the Future Fund, expects Musk to offload more Tesla shares next week. Black predicts a rise in Tesla shares when the Twitter deal’s overhang is lifted.
See also: Elon Musk says this is the ‘closest we’ve been’ to World War 3 since 1962 as he warns of a global recession lasting until spring 2024
GM’s Cadillac Launches $300,000 EV: General Motors Corporation GM Cadillac announced an ultra-luxurious electric car called the Celestiq priced at a whopping $300,000-plus, which will go into production by the end of next year. Not many are sure that there will be takers for the more expensive car and began to draw parallels with Apple, Inc.’s AAPL now defunct 18K gold Apple Watch Edition.
Will car manufacturers double consumption? Spending on electric cars as well as batteries and battery materials is expected to increase to $1.2 trillion through 2030, Reuters reported, citing public data and estimates released by automakers.
Automakers want to build 54 million battery-powered electric vehicles within the same time frame, accounting for about 50% of total vehicle production, the report said.
Rivian is almost done fixing recalled vehicles: Rivian Automotive, Inc. TORN CEO RJ Scaringe said at a TechCrunch conference that the company has fixed a significant majority of the more than 12,000 vehicles it recalled this month.
The recall was initiated to fix a loose fastener connecting the front upper control arm and steering knuckle.
He also suggested that Rivian is excited about the e-bike space. The CEO suggested that it will play an important role in transport, both for the movement of goods for commercial purposes and also for the movement of people.
Canoo’s order book abounds: Canoo Inc. GOEV announced a binding order for 9,300 electric vehicles from Kingbee, a van rental provider, with an option to increase to 18,600 vehicles. Kingbee will outfit, package and deliver Canoo vehicles as turnkey fleet solutions for corporate and small and medium business customers across the US
Read next: Best electric vehicle stocks
EV stock performance for the week:
Cadillac Celestiq. Courtesy photo.
