The EV space saw mixed sentiment for the week ended January 20, with technical moves driving some EV stocks higher while broader market volatility weighed on most others.

Well, here are the main events that took place in the EV space during the week:

Analysts support Tesla: Notwithstanding the shaky near-term fundamentals, most analysts think the EV pioneer will emerge from the current weak patch unscathed. Wedbush’s own survey showed that 76% of shoppers in China want to buy a Tesla vehicle following the January 6 price cuts, favoring the brand over domestic rivals including BYD Manufacturing Company Limited BYDDY BYDDF and Nio, Inc. NEVER.

Regardless, Jefferies analyst Philippe Houchois states that speed and simplicity are Tesla’s key competitive levers and will continue to drive affordability and resource efficiency. Piper Sandler’s Alexander Potter proactively recommended accumulating Tesla shares at their current valuation.

Price reductions in the US, Europe and China this year have had a positive impact on purchase intentions and interest. Data from auto shopping site Edmunds.com showed that local shoppers’ consideration of Tesla Pages more than doubled to 2% this week, and that the Model 3 and Model Y climbed their top search vehicle rankings from 47th place or 70 to have improved to 11th or 2nd after to Teslarati.

XPeng, Lucid Ape Tesla Move: Chinese EV startup XPeng, Inc. XPEV announced this week price cuts from up to 12.5% ​​for its vehicles in step with Tesla. XPeng has struggled a lot in the last year, lagging behind its domestic rivals Nio and LiAuto, Inc. LI. A report by DriveTeslaCanada states that the US luxury EV maker Lucid Group, Inc. LCID announced a $7,500 rebate on its Air sedan for customers leasing the vehicle through Lucid Financial Services. The report cites letters sent to reservation holders.

See also: The best stocks for electric vehicles

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