Most electric vehicle stocks settled the week lower, although leader Tesla, Inc. (NASDAQ:TSLA) and the Chinese EV trio managed to end in the green. The lackluster performance came despite the strength seen in the broader market.
Here are the key events that happened in the EV space during the week:
Tesla’s Swedish Labor Woes, Cybertruck News And More: The strike by Swedish trade union IF Metall against Tesla, urging for collecting bargaining, precipitated this week. The situation prompted Tesla CEO Elon Musk to comment. As the Swedish postal services joined the strike in sympathy with IF Metall — which prevented license plates from reaching new Tesla cars — the billionaire said, “This is insane.”
IF Metall, one of Sweden’s most powerful trade unions, has been leading strikes in eight Tesla workplaces in the country for about five weeks now, The Guardian reported.
With the Cybertruck launch less than a week away, Tesla fans and influencers are flooding social media with photos of the electric pickup truck arriving in several locations. Musk confirmed on X this week that “Cybertrucks are on their way to Tesla stores in North America!”
Future Funds Gary Black relayed his excitement about the vehicle in a few posts. Calling the Cybertruck the “biggest people magnet,” he said the EV will likely have the same impact on volume as the one produced by Model Y when the latter was launched in 2020. Tesla’s volume growth increased from 36% in 2020 to 87% in 2021, he said. The fund manager expects Cybertruck to have a “halo effect” on the rest of Tesla’s EV lineups.
Tesla is looking to implement its full-self driving technology in China, CnEVPost said, citing a local media news outlet. Tesla China later confirmed the rumors. “[Work to bring FSD to China] is indeed moving forward at the moment,” it reportedly confirmed to the source of the report.
See also: Best Electric Vehicle Stocks
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