EV stocks ended mixed in the week ending Jan. 7, with market leader Tesla, Inc. (NASDAQ: TSLA) giving back the strong gains notched in reaction to its stellar fourth-quarter deliveries. Stocks in the space also came under pressure along with the tech sector in the wake of hawkish commentary from the Federal Reserve this week.
Here are the key events that happened in the EV space during the week:
Tesla Achieves Record Q4 Deliveries, FSD Price Hike, Cathie Continues to Sell And More: Tesla, last Sunday, reported record deliveries of 308,600 vehicles in the fourth quarter, pushing annual deliveries to 936,172 units. The results outperformed expectations by a huge margin.
CEO Elon Musk announced through Twitter, Tesla’s full self-driving software will become more costly, rising to $12,000 beginning Jan. 17. He also said the monthly subscription price will go up when FSD is more widely released.
Cathie Wood’s Ark Invest continued to trim its stake in Tesla to take advantage of the strong upside in shares.
Nikola Amid Positive News Flow: Embattled EV maker Nikola Corporation (NASDAQ: NKLA) had a trio of positive catalysts this week. The company and Tesla mutually filed a notice with the U.S. District Court for the Northern District Of California, of a voluntary dismissal of the longstanding patent infringement litigation between the companies.
Nikola signed a letter of intent with Saia, Inc. (NASDAQ: SAIA) to supply or lease 100 Nikola Tre heavy-duty trucks. Earlier this week, USA Truck announced a letter of intent for an initial purchase of Nikola Tre EV trucks from Thompson Truck Centers, a member of Nikola’s sales and service dealer network.
Rivian Rocked By Partner Amazon’s Stellantis Deal: Rivian was among the worst performing EV stocks of the week after Stellantis N.V. (NYSE: STLA) announced Amazon, Inc. (NASDAQ: AMZN) would be the first commercial customer for the ProMaster EV in 2023. The ecommerce giant has a stake in Rivian and is the company’s largest customer.
Related Link: As Rivian Pulls Back Towards IPO Price, What Should Traders Do With The Stock?
GM Debuts Silverado Pickup Truck: Taking another step forward in its EV transitioning, General Motors Corporation (NYSE: GM) launched the EV version of its Silverado ICE truck that is built on the company’s Ultium EV platform and has a range of 400 miles. Pricing of the EV truck is expected to start at $39,900, the same price as Ford Motor Company’s (NYSE: F) F-150 Lightning Electric Truck.
Sony’s EV Ambition: Japanese consumer electronics giant Sony Group Corporation (NYSE: SONY) announced its EV concept car at CES 2022. The SUV named Vision-S 02 is being tested on public roads, the company said.
Fisker’s Ocean SUV to Have Digital-Imaging 4D Radar System: Fisker said its Ocean SUV will feature a digital-imaging 4D radar system, the first of its kind. The radar system, according to the company, will help enable the vehicle’s advanced driver assistance systems, known as Fisker Intelligent Pilot. The car will also be armed with a surround-view set of cameras and even a camera for monitoring the driver’s behaviors.
Meanwhile, CEO Henrik Fisker said the company will likely raise $1.3 billion in revenue from the current reservations for its Ocean SUV, which goes on sale in November 2022.
EV Stock Performances for The Week:
Related Link: After Strong Q4 Deliveries, Does Tesla’s Growth Hinge On These 2 Factors?
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.