Electric vehicle stocks moved lower again in the week ended September 30 as economic concerns continue to plague the broader market. Lordstown Motors Corp. HORSE RIDING and Workhorse Group, Inc. WKHS were among the stocks that managed to escape the downtrend.
Well, here are the main events that took place in the EV space during the week:
Tesla AI Day updates and more: Tesla, Inc. TSLA held its 2022 AI Day at an unusual time, with Musk and his AI team taking to the stage very late at night on Friday to announce all of the “cool updates” Musk had hinted at.
As expected, the Tesla bot, named Optimus was the focus of the presentations. A prototype of the bot was presented, he took the stage and waved to the seated audience. A video was shown showing the robot watering plants, carrying a box and working in Tesla’s factory. Musk anticipates the bot will be manufactured in bulk, bringing prices down to as much as $20,000.
The company also announced incremental updates to its full self-driving software and the Dojo supercomputer.
According to a Reuters report, Tesla plans to increase global production of its Model Y and Model 3 electric vehicles to 495,000 in the fourth quarter, with momentum accelerating in 2023. The rumor has it that the company’s projected growth would exceed global auto growth estimates by about 10 times.
Tesla China plans to extend the insurance subsidy it offered in September until the end of the year, CnEVPost reported, citing the Chinese entity’s Weibo account. The announcement comes as part of the National Day holiday in China from October 1st to 7th.
Li Auto recovers strongly: Chinese EV trio Nio, Inc. NEVER, XPeng, Inc. XPEV and LiAuto, Inc. LI announced a delivery update for September on Saturday. Li Auto’s deliveries grew over 100% month-on-month, with the majority of vehicles sold being the new L9 electric SUV. Nio saw shipments increase slightly from a month ago, while XPeng’s declined.
Nio started deliveries of its ET5 smart sedans this year.