Tesla raises Model Y prices after U.S. relaxes tax credit terms, GM partners with Netflix
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TESLA RAISES PRICES:
Tesla raised prices in the United States of its best-selling vehicle, the Model Y, by $1,000 after the government raised the ceiling on the price of crossover electric vehicles eligible for tax credits, Reuters says. Tesla increased the price of the Model Y Long Range to $54,990, and the Model Y Performance to $57,990, an increase of $1,000 each, according to current and previous prices posted on its website.
Click here to check out recent Media Buzz Sentiment on Tesla as measured by TipRanks.
SURVEY SAYS:
Wedbush raised its price target on Tesla on Monday, while keeping an Outperform rating on the shares. Based on the firm’s recent survey work in the field, Wedbush believes the China EV reacceleration story for Tesla is just starting to hit its stride and should be a tailwind in Q1. The price cuts on Model Y/3 have resulted in a clear demand driver for Tesla in this key China region and coupled with the “reopening” post lockdowns are having a meaningful impact for Tesla in the field over the last few weeks, the firm says. China production now is on a run rate north of 1 million units per year with increased scale/scope which is crucial for Musk & Co. as they battle domestic EV competition and a price war begins in China, Wedbush adds.
JANUARY DELIVERIES:
Nio (NIO) said it delivered 8,506 vehicles in January. The deliveries consisted of 2,190 premium smart electric SUVs, and 6,316 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 298,062 as of January 31. From January 13 to January 31, the peak travel season around the Chinese New Year Holiday, Nio provided over 1M power swaps to its users, among which over 300 thousand swaps were completed at the Nio power swap stations along the highways, and over 11,000 swaps were flexible battery upgrades to enhance the long-distance travel experience.
Meanwhile, XPeng (XPEV) said it delivered 5,218 Smart EVs in January. January deliveries included 2,249 G9 SUVs. Vehicle deliveries for the month reflected seasonal slowdown during the Chinese New Year holiday period which began in mid-January. The company will soon unveil the new version of the P7 smart sedan.
Additionally, Li Auto (LI) announced that the company delivered 15,141 vehicles in January, up 23.4% year over year. The cumulative deliveries of Li Auto vehicles reached 272,475 as of the end of January.
EV PRESENCE:
General Motors and Netflix (NFLX) are partnering to increase the presence of electric vehicles in Netflix-produced shows and films, where relevant, while also taking steps to enable more sustainable productions. As a result of the partnership, Netflix is supporting and educating creators, helping them to better understand how EVs can complement and enhance their stories. Over the course of the next year, inspired by this partnership, GM EVs will be seen in select Netflix shows and films, including Love is Blind, Queer Eye and Unstable, which will feature the Chevrolet Bolt EUV, GMC HUMMER EV Pickup and Cadillac LYRIQ respectively.
IRA NOW PRICED IN:
BofA downgraded First Solar (FLSR) to Neutral from Buy. Following the stock’s outperformance since August, the benefit of the Inflation Reduction Act, or IRA, appears priced in and the potential upside now appears “less compelling,” the firm tells investors. Between the shares’ outperformance and recent weakness in global solar prices, the “favorable drivers are largely embedded,” BofA says.
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Originally Posted February 6, 2023 – What You Missed This Week in EVs and Clean Energy
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