Electric vehicle stocks ended the week ended October 18 uniformly lower amid the broader market decline. market leader Tesla, Inc. TSLA continued its downward move amidst the CEO Elon Musk’s is struggling with its newly acquired social media platform, Twitter.
Well, here are the main events that took place in the EV space during the week:
Tesla Succession Plan Scares Investors: The litigation surrounding Musk’s 2018 compensation plan has opened discussions about Tesla’s succession plan after the board member james murdoch, During testimony at the trial, Tesla said he had identified Musk’s potential successor. Tesla bull Gene Munster created a List of seven potential candidates who could fill Musk’s big footsteps.
Italy’s Minister of Infrastructure Matteo Salvini invited Musk to set up a manufacturing facility in Italy. The minister called Musk an “innovation genius.” Referring to the hiccups Tesla is facing in Germany, he said Italy awaits Musk with its doors wide open, as each day one locally made car is preferred over German models.
Another recall was added to Tesla’s tally this week, as the EV maker recalled about 30,000 Model X cars in the US over airbag issues. The company said it will be addressing the matter with an over-the-air update and is not aware of any accidents, injuries or deaths due to the issue.
The company only recently recalled over 40,000 Model S and X vehicles, citing the risk of losing power steering assistance when driving on rough roads or after hitting a pothole.
In another major development, Tesla began sending out invitations for the Semi Delivery Event, scheduled to take place on December 1 at Giga Nevada. Invitees were selected based on a random drawing from a list of Tesla retail shareholders.
– Tesla (@Tesla) November 16, 2022
According to a Reuters report, production at Tesla’s Giga Shanghai has rebounded at a record pace, reducing wait times for the Model 3 and Model Y sedans.
[ad_2]
Source story
