Electric vehicle stocks enjoyed another week of mixed performance, with gains impacting stock movements. market leader Tesla, Inc. TSLA had a bad week with several negative headlines.
Here are the key events that happened in the EV space over the week:
Tesla leadership rumors, price hikes and more: Tesla shares came under selling pressure Friday after reports from the CEO Elon Musk resign. The stock was reportedly down nearly 2.4%. The billionaire entrepreneur later clarified that He now intends to focus more on Tesla as he leaves Twitter leadership to a new CEO.
It’s an encouraging sign that Tesla raised prices for electric vehicles again in the US this week, reversing some of the aggressive cuts the company had made since the start of the year. This week, Model S and X prices in the US increased by $1,000 and Model Y by a more modest $250. Analysts like Future Fund’s Gary Black see this as a positive development and give reason to hope that margins could bottom out in the second quarter.
Tesla was also hit by a recall this week, as Chinese regulators ordered the recall of 1.1 million Tesla cars that were both imported and made in China. The recalled vehicles could have problems that increase the likelihood of drivers “accidentally stepping on the accelerator” over an extended period of time, potentially increasing the risk of a collision, regulators said. The company clarified that an over-the-air software update would fix the issue.
See also: The best stocks of electric vehicles
Rivian hints to keep prices high after beating first quarter estimates: Amidst a series of quarterly disappointments in the electric vehicle sector Rivian Automotive, Inc RIVN The performance in the first quarter gave cause for celebration. The company’s key metrics for the first quarter beat estimates, albeit marginally, and Rivian maintained its full-year production guidance.
Follow the results, CEO R.J. Scaringe called Price reductions for the flagship models are not plannedsince the electric vehicles are not…
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