Tesla’s Swedish Union Woes Compound, Lucid Booted Off Nasdaq 100, Nio Gains On Spin-off Rumors And More: Biggest EV Stories Of The Week

Electric vehicle stocks had a mixed close in the week that ended on Dec. 8 despite the broader market strength, with mid-cap startups losing ground. Market leader Tesla, Inc. (NASDAQ:TSLA), while up for the week, has largely been rangebound since it reported its third-quarter results in mid-October.

Here are the key events that happened in the EV space during the week:

Tesla’s Swedish Cup Of Woes, China Sales And More: A labor union strike by IF Metall has precipitated into a crisis for Tesla. A company representative in Sweden told local media outlet Jönköpings-Posten that the situation is sensitive and that the security of the employees is the company’s top priority, Teslarati reported. Employees reportedly were receiving threats on social media.

The week also saw Tesla losing a court case in Sweden against the nation’s postal service over the latter’s refusal to deliver license plates to the company’s Swedish arm.

Danish pension fund PensionDanmark announced this week that it plans to include Tesla in its exclusion list — a compilation of investments that it has earmarked for sale due to non-compliance with its investment guidelines. A Reuters report said the decision to divest Tesla was due to the EV maker’s refusal to enter into collective bargaining agreements with labor unions. The report also said labor unions in Norway and Denmark said they would start blocking transit shipments of Tesla meant for the Swedish market.

Data released by the China Passenger Car Association showed that Tesla’s made-in-China sales totaled 82,432 units in November, CnEVPost reported. This marked a 17.8% drop from a year ago. On a month-over-month basis, sales rose 14.3%. Domestic sales came in at 65,504 units, a 4.8% year-over-year increase and a 129% month-over-month jump. Exports of MIC EVs, however, slipped 55% year-over-year and 61% month-over-month to 16,928 units.

The performance is in line with Tesla’s typical focus on domestic sales in the second half of the quarter.

See Also: Best Electric Vehicle Stocks

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