The week saw electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) rebound modestly from its post-earnings weakness even as the market awaited earnings from startups. Monthly deliveries reported by Chinese EV makers as well as Tesla showed the effect a slowing domestic economy has had on these companies.
Here are the key events that happened in the EV space during the week:
Musk’s Compensation Plan Verdict And More: Delaware Chancery Court Judge Court Chief Judge Kathleen McCormick’s verdict invalidating Tesla CEO Elon Musk’s $55 billion 2018 compensation plan polarized social media users this week. Tesla analysts saw the verdict as an opportunity for the board to announce a new compensation plan for its top man and in the process cede him more voting control — something he has demanded recently.
Meanwhile, Musk reacted by running a poll on X that asked whether the company should shift its place of incorporation from Delaware to Texas, where it is headquartered. Voters overwhelmingly supported a move to Texas. The billionaire also vented his frustration on the platform, decrying the perils of being a public company.
On the operational front, Tesla’s Giga Berlin made strides as it hit the weekly production milestone of 6,000 Model Y EVs, according to LinkedIn posts from executives at the plant.
In other news, Tesla recalled about 2.2 million vehicles, including the Cybertruck, due to concerns about a smaller font size for warning lights, compromising the visibility of crucial safety information.
Ford EV Sales Fall: Legacy automaker Ford Motor Co.‘s (NYSE:F) reported that sales of its battery EVs, namely the Mustang Mach E and the F-150 Lightning EVs, declined in January. The former’s sales slumped 50.7% year-over-year to 1,295 units and the latter’s edged down 0.3% to 2,258 units, while E-transit electric van sales rose from 357 units a year ago to 1,121 units. BEV sales fell 11% overall, but the company offset the weakness by a 43% jump in hybrid sales.
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Lucid Amid Positive Tidings: Shares of luxury EV maker Lucid Group, Inc. (NASDAQ:LCID) jumped nearly 25% this week, thanks to a few catalysts. Ma’aden Rolling, a subsidiary of Saudi Arabian Mining Co., announced on X that it struck a new agreement with Lucid to supply aluminum sheets to…