Tesla reportedly aiming to begin mass production for Cybertruck at the end of 2023
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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.
CYBERTRUCK MASS PRODUCTION:
Tesla is aiming to begin mass production of its Cybertruck at the end of 2023, Reuters recently reported, citing two people with knowledge of the plans. Last month, Tesla said it is working with its Austin, Texas plant to build the new model with “early production” aimed to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk said in a conference. Tesla has not yet announced the final pricing, product version, or specified how it will manage the battery supply for the new model.
MAJORITY OF RIVIAN RECALLS FIXED:
Rivian has fixed a “significant majority” of the 12,000 vehicles that were recalled earlier this month, CEO RJ Scaringe said at the TechCrunch Disrupt conference, Rebecca Bellan reports. Scaringe said Rivian has traceability on hundreds of fasteners in the vehicle, and the issue shouldn’t happen again. “We literally mobilized our whole service network to say let’s go move through these vehicles really quickly,” said Scaringe. “In this case, it was like a minute fix. It’s just checking the torque on a faster.
OCTOBER DELIVERIES:
Nio (NIO) delivered 10,059 vehicles in October, representing an increase of 174.3% year-over-year. The deliveries consisted of 5,979 premium smart electric SUVs including 2,814 ES7s, and 4,080 premium smart electric sedans including 3,050 ET7s and 1,030 ET5s. The vehicle production and delivery were constrained by operation challenges in plants as well as supply chain volatilities due to the COVID-19 situations in certain regions in China. Cumulative deliveries of Nio vehicles reached 259,563 as of October 31. In October, NIO unveiled ET7, EL7 and ET5 for the European markets at the NIO Berlin 2022. These products are gradually made available for order in Norway, Germany, the Netherlands, Denmark and Sweden through NIO Subscription, leasing programs, and direct sales to users.
XPeng (XPEV) recorded monthly deliveries in October of 5,101 Smart EVs, consisting of 2,104 P7s, the company’s smart sports sedan, 1,665 P5 smart family sedans and 709 G3i smart compact SUVs. October deliveries also included 623 G9 SUVs, the company’s fourth production model launched in September. Mass deliveries of the G9 began on October 27, reaching customers in over 100 cities across China.
Li Auto (LI) announced that the company delivered 10,052 vehicles in October, up 31.4% year over year. The cumulative deliveries of Li Auto vehicles reached 221,067 as of the end of October.
OUSTER, VELODYNE ANNOUNCE MERGER:
Ouster (OUST) and Velodyne (VLDR) announced on the morning of November 7 that they have entered into a definitive agreement to merge in an all-stock transaction. The proposed merger is expected to drive significant value creation and result in a strong financial position through robust product offerings, increased operational efficiencies, and a complementary customer base in fast-growing end-markets. Under the terms of the agreement, each Velodyne share will be exchanged for 0.8204 shares of Ouster at closing. The transaction will result in existing Velodyne and Ouster shareholders each owning approximately 50% of the combined company, based on current shares outstanding. Both companies will continue to operate their businesses independently until the close of the merger transactions. The merger transactions are expected to be completed in the first half of 2023.
FISKER EXECUTION RISK:
RBC Capital analyst Joseph Spak downgraded Fisker (FSR), after the company’s third quarter earnings miss. The analyst cited near-term execution risk and lower units in the outer-years as Fisker product could be less competitive in the face of the Inflation Reduction Act. Spak added that following the upcoming November 17 investor event, Fisker has limited catalysts and high execution risk.
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Originally Posted November 7, 2022 – What You Missed This Week in EVs and Clean Energy
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