The Entire EV sector seems to be feeling some pressure: $XPEV &$LI
The entire #EV sector seems to be feeling some pressure. EV stocks tank after Tesla earnings disappoint.
Below is a list of 15 EV stocks with market cap of over 1 billion, ranked by their 1 day performance.
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$Li Auto(LI)$ , $Allegro MicroSystems, Inc.(ALGM)$ , $General Motors(GM)$ , $Fisker Inc.(FSR)$ , $Polestar Automotive(PSNY)$ , $Tesla Motors(TSLA)$ , $Quantumscape Corp.(QS)$ $NIO Inc.(NIO)$ , $Nikola Corporation(NKLA)$ , $Rivian Automotive, Inc.(RIVN)$ , $EVgo Inc.(EVGO)$ , $Lucid Group Inc(LCID)$ , $Aehr Test(AEHR)$ , $XPeng Inc.(XPEV)$ , $ChargePoint Holdings Inc.(CHPT)$ .
From the news part, besides $Tesla Motors(TSLA)$’s disappointing earnings results.
Morgan Stanley issued a report stating that market concerns about industry competition and profit margins in the Q3 and Q4 have triggered the recent sell-off in $XPeng Inc.(XPEV)$ shares, and the bank believes that concerns have been excessive.
Morgan Stanley noted that the recent pullback provides a buying opportunity, and while investor concerns about the mainland's macro outlook and greater competition from technology companies such as Huawei may lead to further volatility in $XPeng Inc.(XPEV)$'s stock price.
Although the level of automobile ownership before the investment was improved, its operations and strategic opportunities are constantly improving. Xpeng's continued improvement in execution in G6/G9 delivery is the key to restoring market confidence.
2. Some other updates on EV companies:
$Ford(F)$ Ford Recalls 35,000 Mustang Mach-E EVs Over Power Loss Concerns
$NIO Inc.(NIO)$ considering dealer network in Europe to boost sales, report says
$NIO Inc.(NIO)$ says its sales model in Europe unchanged, sub-brand Firefly evaluating multiple models
$XPeng Inc.(XPEV)$ to hold its annual Tech Day next week, hinting at introduction of its own AI
$Lucid Group Inc(LCID)$ One week ago, they delivered the first #LucidAir Sapphires to customers. The company’ first EV manufacturing plant in Saudi Arabia has officially opened.
$Rivian Automotive, Inc.(RIVN)$ delivered an average of 55 of their electric vans to Amazon per day since July (Amazon had 5k in July). To date, Amazon has completed 150 million deliveries with Rivian vans.
Rivian Automotive plans to offer $1.5 billion in convertible notes.
Rivian said it expects its third-quarter revenue to come in between $1.29 billion and $1.33 billion, roughly in line with Wall Street estimates.
3. Below are the sales data of Chinese EV cars excluded $Tesla Motors(TSLA)$ & $BYD Co., Ltd.(BYDDY)$ .
In the 42nd week of 2023 (10.9-10.15), $NIO Inc.(NIO)$ insures 3,500 cars every week. As of October 15, $NIO Inc.(NIO)$ has insured 5,100 cars this month.
As of October 15, other brands are:$Li Auto(LI)$ ’s weekly sales volume is 10,500 units,$XPeng Inc.(XPEV)$ insured 4,600 vehicles
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Okoo good