Benzinga - Electric vehicle stocks closed the week ending April 14 mostly lower, as a result of company-specific tidings and broader market weakness caused by soft financial data. Market leader Tesla, Inc. (NASDAQ: TSLA) didn't change much, as the weakness set in motion by its first-quarter numbers continued to linger.
Here are the key events that happened in the EV space during the week:
Tesla’s Price Cuts, India Plans And More: Tesla announced more price cuts in several countries, including in Germany, Singapore, France and Israel. The series of price cuts comes amid a ramp-up in production at the company’s Giga Berlin plant and follows another round of downward price adjustment in the U.S.
A leaked photo purportedly of Tesla’s Model 3 refresh (which has been dubbed Project Highland) surfaced on Reddit and made its way to media outlets this week. The refresh is rumored to be launched later this year or in 2024.
Changes appear to have been made to the front of the car, where there will be slit-like headlights and a simpler and more upright front valance instead of the typically large headlight bezels and noticeably canted front-bumper cover, Car and Driver reported. The front-end design is reminiscent of Tesla's 2017 Roadster prototype, the publication added.
Tesla, which has shied away from setting up shop in India due to the government’s reluctance to reduce a heavy duty on imported cars, could soon be making gains in the country. Optimism rose after Tesla CEO Elon Musk followed Indian Prime Minister Narendra Modi on Twitter.
Lucid Deliveries Disappoint: Lucid Group, Inc. (NASDAQ: LCID) reported, this week, first-quarter deliveries of 1,406 vehicles and a production of 2,314 vehicles. The figures reflected a decline from the company's fourth-quarter numbers of 1,932 and 3,493 units, respectively. The company's stock declined more than 6% in reaction to the news on Friday.
See also: Best Electric Vehicle Stocks
Rivian Downgraded On Cost Associated With Vertical Integration: A longtime Rivian Automotive, Inc. (NASDAQ: RIVN) bull stepped to the sidelines following concerns that the company's vertical integration strategy will prove costly. Piper Sandler analyst Alexander Potter said, in order for Rivian to justify its cost structure, the company has to spread its investment over millions of units. Rivian might also need capital of over $4 billion to fund growth beyond 2025 if the manufacturer wants to finance such an aggressive expansion, Potter added.
Piper Sandler downgraded Rivian shares from "Overweight" to "Neutral" and reduced the price target from $63 to $15.
Canoo Secures Manufacturing Facility: Struggling EV maker Canoo, Inc. (NASDAQ: GOEV) announced this week that it has entered into a long-term lease agreement with an affiliate of AFV Partners for its vehicle manufacturing facility in Oklahoma City, Okla. The company also said it will initially occupy about 500,000 square feet and employ more than 500 people during the first phase of its project.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Stricter Emission Rules Positive For EVs: The U.S. Environmental Protection Agency released new standards for emissions that require EVs to make up two-thirds of new car sales in the U.S. by 2032. The new standards would eliminate the equivalent of about 7.3 billion tons of carbon dioxide, thereby reducing air pollution.
Read Next: Disappointed With Tesla's Latest 13% Slump? Analyst Sees These 2 Factors Priming Stock For A 740%
EV Stock Performances for The Week:
Photo: Shutterstock
Latest Ratings for TSLA
| Feb 2022 | Daiwa Capital | Upgrades | Neutral | Outperform |
| Feb 2022 | Piper Sandler | Maintains | Overweight | |
| Jan 2022 | Credit Suisse | Upgrades | Neutral | Outperform |
View the Latest Analyst Ratings
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.