What You Missed This Week in EVs and Clean Energy

Articles From: The Fly
Website: The Fly

Tesla recalls 362,758 FDS vehicles as media reports say mulling offer for Sigma Lithium

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.

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.

TESLA RECALL: 

Tesla is recalling 362,758 electric vehicles — certain 2016-2023 Model S and Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles — that are equipped with its Full Self-Driving Beta software or are pending installation, the National Highway Traffic Safety Administration disclosed on its website. The FSD Beta system may allow the vehicle to act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution, the NHTSA noted. Tesla will release an over-the-air software update, free of charge, it added. Owner notification letters are expected to be mailed by April 15.

Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.

BATTERY-METALS MINER: 

Tesla has been considering an acquisition of battery-metals miner Sigma Lithium (SGML), Bloomberg reported over the weekend, citing people with knowledge of the matter. The car maker has been in talks with potential advisers about an offer, the report noted.

Commenting on the report, Wells Fargo notes that this would secure needed lithium supply and capture margin. That said, the location likely won’t qualify for U.S. IRA and there would be new operational risks, Wells adds. The firm has an Equal Weight rating on the shares with a price target of $150.

EV CHARGING NETWORK: 

The Biden-Harris Administration also announced its latest set of actions aimed at creating a convenient, reliable and Made-in-America electric vehicle charging network so that the great American road trip can be electrified. Companies including Tesla, General Motors, EVgo (EVGO), Pilot, Hertz (HTZ) and bp (BP), among others, are announcing new commitments to expand their networks by thousands of public charging ports in the next two years, using private funds to complement federal dollars and putting the nation’s EV charging goals even closer within reach.

Tesla, for the first time, will open a portion of its U.S. Supercharger and Destination Charger network to non-Tesla EVs, making at least 7,500 chargers available for all EVs by the end of 2024. Hertz and bp are announcing their intention to build out a national network of EV fast charging infrastructure to accelerate the adoption of electric vehicles. Pilot Company, General Motors, and EVgo have partnered to build a coast-to-coast network of 2,000 high power 350 kW fast chargers at Pilot and Flying J travel centers along American highways.

TravelCenters of America (TA) and Electrify America announced that they will offer electric vehicle charging at select Travel Centers of America and Petro locations, with a goal of installing approximately 1,000 EV chargers at 200 locations along major highways over the next five years. General Motors, in partnership with FLO, has announced a collaborative effort with dealers to install up to 40,000 public Level 2 EV chargers in local communities by 2026 through GM’s Dealer Community Charging Program. Ford has committed to installing at least one public-facing DC Fast charger with two ports at 1,920 Ford dealerships by January 2024.

PRODUCTION SHUTDOWN: 

Ford Motor will extend a suspension of production of its F-150 Lightning truck through at least the end of next week as it investigates a battery issue, reported Reuters’ David Shepardson. One EV truck displayed a battery issue during a pre-delivery quality inspection and Ford said it believes it has identified the root cause and expects to conclude an investigation by the end of next week. Applying its findings to the truck’s battery production process could take a few weeks, the report said.

Originally Posted February 21, 2023 – What You Missed This Week in EVs and Clean Energy

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