Electric vehicle stocks finished the week ended Sept. 20 on a mixed note despite the positive performance by the broader market. Tesla, Inc. (NASDAQ:TSLA) rose to its highest level since late July amid some positive catalysts.
Here’s a rundown on what happened in the EV space during the week:
Tesla China, Europe Sales: China weekly vehicle insurance data from China showed 15,600 insured registrations for Tesla vehicles in the week of Sept 9-15, CnEVPost reported, citing data from Li Auto, Inc. (NASDAQ:LI). Commenting on the data, fund manager Gary Black said after 11 weeks into the quarter, with only two weeks left, Tesla’s China third-quarter registrations are on track for their best quarter ever. Quarter-to-date period, the number was up 20% year-over-year and 26% higher than in the first quarter, he added.
On the flipside, data released by European Automobile Manufacturers Association showed that Tesla volumes in Europe dropped 36% year-over-year to 21,701 vehicles in August. “The electric car market is now on a continual downward trajectory,” the ACEA said in a statement.
Rivian Launches Tri-Motor RT1 EVS: EV startup Rivian Automotive, Inc. (NASDAQ:RIVN) has begun shipping new R1S and R1T vehicles with triple-motor powertrains. The 2025 model R1T and R1S EVs launched earlier this year rolled out with dual motors. The new Max battery pack is placed between the front and rear motors, and the tri-motor version has a range of 405 miles in conserve mode or 371 miles for all-purpose driving. This version has a starting price of $99,900.
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Nio Launches Onvo L60: Chinese EV maker Nio, Inc. (NYSE:NIO) on Wednesday officially launched the L60, the first model of the Onvo mass-market brand, in Hefei, Anhui province. The Onvo L60, a mid-size SUV pitched as a Model Y rival, has a starting price of 206,900 yuan (around $29,300) including the battery pack. If the EV is purchased with Nio’s battery-as-a-service, the price would be as cheap as 149,900 yuan. Deliveries are set to begin Sept. 28.
Faraday Future Announces Second Brand: Struggling upstart Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) announced a second brand, namely Faraday X and the first vehicles of the brand, dubbed FX5, with an estimated price range of 20,000-$30,000, and FX 6, with an expected price range of $30,000-$50,000, will likely come with range-extended AIEV and battery-electric AIEV. The company plans to start production by the end of 2025, subject to securing necessary funding.
Hyzon Starts Class 8 200kW Hydrogen Truck Production: Hyzon Motors, Inc. (NASDAQ:HYZN) announced the start of production of its Class 8 200 kilowatt fuel-cell electric truck. It “marks the beginning of a new chapter for ‘hard-to-decarbonize’ heavy-duty industries, as Hyzon sets the standard for high-performance, zero-emission alternatives to diesel,” said Hyzon Chief Executive Officer Parker Meeks. The Class 8 200kW FCET features a single stack 200kW fuel cell system, which is 30% lighter and smaller, and 25% more cost-efficient than using two 110kW systems combined, the company said.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) fell 1.58% on Friday before ending at $19.32, according to Benzinga Pro data. For the week, the ETF , however, slipped 0.31%.
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Here’s how the EV stocks fared this week:
| Weekly Change (+/-) | |
| Tesla | +3.46% |
| Nio | -4.87% |
| XPeng, Inc. (NYSE:XPEV) | +7.02% |
| Li Auto, Inc. (NASDAQ:LI) | +12.66% |
| Workhorse, Inc. (NASDAQ:WKHS) | +7.59% |
| Hyzon Motors | +1.33% |
| Canoo, Inc. (NASDAQ:GOEV) | -19.20% |
| Rivian | -13.26% |
| Lucid Group, Inc. (NASDAQ:LCID) | -11.42% |
| Faraday Future | -15.54% |
| Nikola Corp. (NASDAQ:NKLA) | -6.85% |
| VinFast Auto Ltd. (NASDAQ:VFS) | -7.58% |
