Sales of Tesla Model 3 and Model Y cars made in China were up 30.9% in August relative to July
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From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.
CHINA-MADE EVS:
According to data from China Passenger Car Association, Tesla sold 84,159 electric vehicles in August, which is up 9.3% from year-ago levels, Reuters’ Qiaoyi Li, Zhang Yan and Brenda Goh report. Sales of Model 3 and Model Y cars made in China were also up 30.9% in August relative to July, the report states.
Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.
MARGIN QUESTIONS:
Barclays says Tesla cut its U.S Model 3 inventory vehicle pricing by up to $5,500. The cuts, which reflect a further increase in discounts already in place on inventory, come ahead of a likely Model 3 refresh and add to questions on whether Q2 will prove to be the gross margin trough for Tesla, the firm tells investors in a research note. Barclays sees further discounts ahead amid the company’s push to drive volume higher. This reaffirms the case for negative consensus earnings revisions in 2024, contends the firm, which keeps an Equal Weight rating on Tesla.
DOJ, SEC PROBE:
The U.S. Attorney’s Office for the Southern District of New York has sought information about personal benefits paid to Tesla CEO Elon Musk related to a secret project that had been described internally as a “glass house” for the founder and top executive, people familiar with the matter told The Wall Street Journal’s Rebecca Elliott and Dave Michaels.
PEV EV:
Fisker (FSR) confirmed that Foxconn (HNHPF) will be producing its $29,900 Pear electric urban lifestyle crossover vehicle at its Lordstown, Ohio facility, TechCrunch’s Rebecca Bellan reports, citing remarks made at Fisker’s Product Vision Day. Fisker will begin manufacturing and delivery of the Pear in July 2025.
EV CHARGER NAVIGATION:
EVgo (EVGO) announced the debut of an Alexa-enabled EV charging experience with Amazon (AMZN). Drivers with Alexa-enabled vehicles as well as automotive accessories like Echo Auto can now ask Alexa to help them find and navigate to nearby EV charging stations. This announcement follows the company’s previous news of supporting Amazon’s voice-initiated EV driver experience during CES 2023, building on EVgo’s commitment to delivering a best-in-class customer experience. Drivers with Alexa-enabled vehicles, as well as automotive accessories like Echo Auto, can now ask Alexa to help them find and navigate to nearby EV charging stations.
SEC SETTLEMENT:
Plug Power (PLUG) announced the settlement of a civil administrative proceeding with the U.S. Securities and Exchange Commission related to the company’s March 16, 2021 announcement that the financial statements in its prior annual reports on Form 10-K for 2018 and 2019, and quarterly reports on Form 10-Q for 2019 and 2020, should no longer be relied upon. On May 14, 2021, the company filed a Form 10-K for 2020 that included restated financial statements for those periods. The company, without admitting or denying the findings, agreed to a cease-and-desist order regarding Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act, and Rules 13a-1, 13a-13, and 13a-15(a) – (c) thereunder. As part of the settlement, the company agreed to a civil monetary penalty in the amount of $1.25M. Additionally, the company has undertaken to fully remediate its material weakness and publicly disclose the same within one year from the date of the order.
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Originally Posted September 5, 2023 – What You Missed This Week in EVs and Clean Energy
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