Electric vehicle stocks closed mixed in the week that ended on Dec. 15 despite the broader market optimism over the Federal Reserve’s inclination toward rate cuts. It appears that these stocks will likely be laggards, primarily due to the larger slowdown in EV adoption and ramp-up issues faced by both legacy automakers transitioning to EVs and startups.
Here are the key events that happened in the EV space during the week:
Tesla Recalls, Cybertruck Delay And More: Shares of Tesla, Inc. (NASDAQ:TSLA) broke above the $250 psychological barrier, despite the company’s recall of over 2 million vehicles in the U.S. to rectify issues with Autosteer via an over-the-air update. Documents posted on the National Highway Transport Safety Administration’s website said the update would increase warnings and alerts to drivers and limit the areas where the basic version of the Autopilot system can operate. The recall has since expanded to Canada.
As Tesla grapples with workers’ unions in Sweden, the company is seeking to employ a specialist with “significant experience with Nordic legislative and regulatory advocacy,” according to a new posting on Tesla’s careers website.
The Giga Mexico, which is currently under construction, will likely receive $158 million in new incentives from Mexico’s Nuevo León state, where it is located. “The approved incentives will allow the creation of basic infrastructure, such as drinking and treated water, roads and new transportation routes, which will enhance the economic development of the western area of the Metropolitan Area,” a posting on the state government’s website said.
Tesla has pushed back the delivery dates of the Cybertruck Foundation series from early 2024 to mid-to-late 2024, according to information available on its website. The changed schedule was first reported by Tesla influencer Sawyer Merritt.
Ford’S Tempered EV Ambition: Legacy automaker Ford Motor Co. (NYSE:F) is planning to reduce its F-150 Lightning EV production by 50%, beginning in 2024, an Automotive News report said. The company reportedly informed dealers that the weekly production of the electric pickup truck would decrease from 3,200 units to 1,600 units. The report comes as EV adoption has slowed and as Ford contends with the aftermath of a strike by…
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