Electric vehicle stocks ended the week on a mixed note, with high-profile stocks rising along with the broader market while most struggling startups posted weekly declines. Shares of market leader Tesla, Inc. (NASDAQ:TSLA) made a comeback after pulling back to their lowest level in about nine months.
Here are the key events that happened in the EV space during the week:
Tesla China Sales, India Rumors and More: Tesla sold 71,447 made-in-China EVs in January, marking a 24% month-over-month drop but a 8% year-over-year increase, said China Passenger Car Association, according to CnEVPost. Of the total, the company sold 39,881 cars domestically, while the remaining 31,566 units were exported. Domestic sales were up about 48.5% year-over-year but declined over 47% from December.
Separately, a report said Tesla upgraded its hardware for its Model Y EVs in China to the HW 4.0 version. This will improve the vehicle’s self-driving capabilities. The January sales data from CPCA showed that the break-up of Tesla’s total sales was 41,873 Model Ys and 29,574 Model 3s.
Tesla stirred concerns among its workforce this week as it asked its managers in the U.S. to categorize the roles of their team members as either critical or non-critical, Bloomberg reported. The development came close on heels of the company cancelling some employees’ biannual performance reviews and reporting its second straight quarter of a double miss.
Tesla’s India plans also continue to be in limbo. The country’s Ministry of Heavy Industries clarified in a parliamentary session on Friday that it wasn’t contemplating a separate policy to accommodate the EV giant’s request for incentives, local media outlets reported. Tesla has been clamoring for reduced import duties for its cars even as the Indian authorities are firm on having the company localize manufacturing. Rumors suggest the company might set up a manufacturing plant in the northwestern state of Gujarat.
Rivian Announces New Battery Pack Options: Amid the slowing global EV adoption, Rivian Automotive, Inc. (NASDAQ:RIVN) deemed it fit to lower prices. Instead of announcing outright price cuts, the Irvine, California-based company announced two new battery packs, namely the Standard and Standard+, which will reduce the starting prices of its R1T and R1S EVs by…
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