As of 10:39 AM EST, EV stocks are all trading pushed by Nasdaq jump (+1.23%) even with Yield on 10-Year Treasury Note at 1.885% Vs. 1.825% on Thursday. The U.S. listed Chinese EV makers are leading the gains with Xpeng up +8.29%, Nio +3.87% and Li Auto up 7.19%. The sector leader Tesla is trading above $900 after Earning’s dip where it closed around 11.00% lower on the day after. Nio has the biggest volume so far (19 Million shares traded) followed by Lucid and Tesla, both with 7 Million of volume so far.
“Most auto investors we speak still struggle with the idea that Tesla could ever be bigger than either GM or Ford. We expect Tesla revenues to be larger than GM + Ford (combined) by 2027. The zero-sum game is hard to see today… should become obvious over the next 24 months.” — said the analyst Adam Jonas.
ARK Invest Fund, led by Cathie Wood, added yesterday more Xpeng shares for the third time this week. ARK bought another 57,657 shares worthing around $2M, based on yesterday’s closing price of $34.52. Earlier this week, the Fund added 55,178 shares (around $2M, also) and on the next day another 14,000 making this one the third buy of this week. Xpeng is currently down 31% Year-to-date.
Earlier this week, Swedish enthusiasts of the Chinese EV maker Xpeng, shared on Reddit photos of the new showroom in Sweden, the second European Market after entering Norway in late 2020 with the SUV G3 Model. Located in the Westfield Mall of Scandinavia (Stockholm), the new showroom is part of the automaker plans to enter Sweden, Denmark and the Netherlands during this year extending its European presence up to 4 countries.
Last week, Rivian said it expects to soon be delivering as many as 200 electric R1T pickup trucks per week – quadrupling its production rate from where it was some weeks ago, and putting it on track to surpass 10,000 pickups manufactured this year.
Lucid chairman told Bloomberg News that the EV maker is in talks with the kingdom to build a factory there by 2025 or 2026. “Now that we are successfully producing and selling cars in the U.S., our attention is turning to this factory here,” Lucid Chairman Andrew Liveris told Bloomberg Television at a mining conference in Riyadh. Specifics being worked out include ownership percentages for Lucid and partners on the project.