The electric-vehicle space saw a major deal this week, which, along with the broader market strength, imparted some buoyancy. However, stocks closed the week on a mixed note.
Here are the key events that happened in the EV space during the week:
Can Tesla Clear Lowered Bar? Tesla, Inc. (NASDAQ:TSLA) investors will be on pins and needles, as the company prepares to release its second-quarter deliveries, most likely on Tuesday. Future Fund’s Gary Black said he sees a decent chance of upside surprise given the muted expectations. He noted that the consensus calls for a 6% year-over-year decline in deliveries to 440,000 units, while whisper numbers are around 420,000 units.
The fund manager attributed his positive expectations to recently strong weekly registrations data in China and the last two days of the quarter being over the weekend, which offer an opportunity to pull in deliveries.
RBC Capital Markets analysts this week reduced their deliveries estimate from 533,000 units to 410,000 units, basing their prediction on the analysis of vehicle registration data and Tesla app downloads. Wedbush’s Daniel Ives believes the company may have seen a “mini rebound” in 2Q which should help it come close to the Street’s estimate. The focus going forward will likely be on a second-half unit recovery, price stabilization, China growth, and a “historic Robotaxi Day” scheduled for Aug. 8.
Rivian Stock Takes Off On Financing Deal: Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) ...Full story available on Benzinga.com
Related tickers: FFIE, RIVN, VFS, F, TSLA, BYDDY, BYDDF, LI, WKHS, KARS, VWAGY, NIO, NKLA, XPEV, GOEV, LCID, HYZN.
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