EV Week In Review: Tesla’s Many Delays, Chip Crunch Bites Nio, Apple Car Rumors, Trouble Brews For Workhorse, Volkswagen’s Best-seller Reaches China
EV stocks had a mixed outing in the week ending Sept. 3. The global semiconductor shortage was back in the headlines following warnings by EV makers, and after a brief pause, Apple, Inc. (NASDAQ: AAPL) Car chatter grew louder during the week.
Here are the key developments from the EV space:
Tesla Delays & Model 2 Budget Car: Tesla announced three delays during the week. Elon Musk relayed through a tweet the full-self driving, or FSD, beta 10 will roll out next Friday, a week later than the previously communicated date. FSD beta 10.1 will be ready to have a public opt-in request button two weeks later, he suggested.
Musk also reportedly communicated that the Cybertruck will not go into production until the end of 2022. The Tesla chief also tweeted that production of the second-gen Tesla Roadster is delayed by a year to 2023.
On a positive note, things began moving for Musk & team on the India front, as reports suggested Tesla has received approvals for four of its variants in India.
More details emerged on Tesla’s $25,000 car, widely referred to as Model 2 vehicle. Musk reportedly told employees in a company-wide meeting that production will likely start in 2023 and it might come with no steering wheel and pedal.
Auto-Tech Stalwarts to Forge Partnership? Cupertino was reportedly in Asia, holding discussions with potential partners and suppliers. Apple is eyeing a partnership with Japanese auto giant Toyota Motor Corp. (NYSE: TM) after having engaged in discussions with EV component suppliers SK Group and LG Electronics, both based out of South Korea.
Related Link: Tesla Giga Shanghai Production Halted For 4 Days In August Due To Chip Shortage: Report
Worst Fears Come True For Nio: Chinese EV startup Nio, Inc. (NYSE: NIO)’s deliveries momentum faltered in August, as the company’s triple-digit “year-over-year growth streak” ended. The company blamed the weakness on shortages of chips and components.
Meanwhile, domestic peer XPeng, Inc. (NASDAQ: XPEV) performed better than Nio, although the growth rate of its deliveries slowed. XPeng said production of its G3 SUV was impacted as it is prepping to deliver the improved version of the model – the G3i – in September.
Li Auto Shines Brightest Among Chinese EV Trio: Li Auto, Inc. (NASDAQ: LI), the less flamboyant of the three U.S.-listed Chinese EV makers, reported strong deliveries for August. The company which has a lone EV model – the Li One – in the market weathered the chip crunch that bit Nio and XPeng.
Volkswagen Brings Its Best-selling EV to China: German automaker Volkswagen AG (OTC: VWAGY), which has a presence in the hot-and-happening Chinese EV market, is looking to accelerate sales in the country.
The company’s best-selling EV in Europe – the ID.3 – will be made available in China in the fourth quarter, the company said this week. The EV debuted at the Chengdu Motor Show this week.
Workhorse Group Under SEC Scanner: The SEC has initiated a probe into Workhorse Group Inc. (NASDAQ: WKHS). The regulator’s active probe was brought to light by short-seller Fuzzy Panda, which also accused the firm of touting fake orders and committing accounting fraud.
EV Stock Performances for The Week:
Related Link: Tesla’s $25,000 Car, Dubbed Model 2, Likely Arriving In 2023: Report
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