Tesla’s Worst Week Since COVID-19 2020, Rivian Recall, Nio Drives…

Tesla’s Worst Week Since COVID-19 2020, Rivian Recall, Nio Drives…


Macro concerns continue to weigh on the electric vehicle space, with stocks falling for most of the week ended October 7th. market leader Tesla, Inc. TSLA had a dismal week, retreating about 15% amid a negative reaction to its deliveries in the third quarter and the constant bickering between Twitter, Inc. TWTR and Elon Musk over the latter’s suggestion to buy the former.

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

Tesla Product Updates: Musk tweeted this week that Tesla Semi will be made available PepsiCo, Inc. PEP from December 1st and this was later confirmed by the drinks giant. This would bring the number of vehicles in his lineup to five. The announcement comes as a surprise as the Semi, first announced in 2017, was not expected to go into production until 2023. The Tesla CEO also spoke of a range of 500 miles.

Meanwhile, IDRA Group’s 9,000-ton Giga-Press, which will be used to build Tesla’s Cybertruck, has reportedly arrived in Texas and should soon reach the Austin Gigafactory. In a reply to a Teslaratti story in Giga Press, Musk said he can’t wait to see this beast in action!

The Cybertruck is expected to hit the market in 2023.

The sharp drop in Tesla shares this week, the stock’s worst drop since March 2020, was primarily a function of concerns about potential stock sales by Musk to fund the proposed Twitter purchase. future fund Gary Black says the stock will remain under pressure until Musk clarifies this.

Rivian’s Mixed Week: Rivian Automotive, Inc. RIVN started the week with good news. The EV startup rreported production and shipments for the third quarter, which exceeded expectations. By the end of the week, the company had to deal with the recall of all vehicles so sold over potential fastener issues.



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