Electric vehicle stocks had a mixed outing in the week that ended on Dec. 1, as stock-specific actions drove sentiment in some cases while the listless performance of the broader market also weighed down on the industry. Tesla, Inc. (NASDAQ:TSLA) managed to post a weekly gain but settled off the highs, as the pre-Cybertruck launch frenzy soured amid mixed reviews for the electric pickup truck.
Here are the key events that happened in the EV space during the week:
Tesla’s Cybertruck Launch, Swedish Strike Update And More: After four years of its unveiling, Tesla’s Cybertruck finally saw the light of the day. The company held a grand delivery event Thursday afternoon at its Giga Austin facility and handed over the first few vehicles to customers. Delving into the details Tesla made available on its website, most analysts said the EV pickup truck was pricier.
Deepwater Asset Management’s Gene Munster, who is bullish on Tesla, said the final pricing of the three trim levels was at least 20-25% above his expectations. He also said the Cybertruck will likely be a “side story” until the company fully ramps up production to an annual production rate of 25,000 units in 2026.
Tesla continues to fight union troubles in Sweden as the Elon Musk-led company sued the Swedish Transport Agency after employees affiliated with Sweden’s public service union, Fackförbundent ST, stopped delivering mail, including license plates, to Tesla, local news outlet Dagens Industri reported.
Fisker Scales Back Production Plan For 4th Time: Startup Fisker, Inc. (NYSE:FSR) has, yet again, lowered its production guidance for the year. In a business update provided on Friday, the company lowered its 2023 production guidance to 10,000 units, citing its strategic decision to reduce December production to prioritize liquidity. This is a significant cut from the original guidance issued in May, which called for production of 32,000 to 36,000 units.
Fisker’s Chairman and CEO Henrik Fisker, however, sounded upbeat. “We may not have hit our original forecast but taking current market conditions and negative sentiments around EV sales into account, I would say we are doing quite well, as we continue to accelerate sales and deliveries,” he said in a statement. Fisker is among the startups that are struggling to…
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