Electric vehicle stocks fell across the board for a second straight week as risk aversion intensified on Wall Street after the December consumer price inflation report set off worries that the Federal Reserve could delay rate hikes. Market leader Tesla, Inc. TSLA declined in all but one session of the week.
Key EV Events This Week
Tesla’s Model 3 Launch and China Price Cuts: About four-and-a-half months after Tesla launched its revamped Model 3 EV in China, the refreshed model made its way into North America this week. Two variants of the refreshed Model 3, namely the dual-motor long-range and rear-wheel drive, are now available for sale. The former has an estimated EPA range of 341 miles, up from the 333-mile-range for the comparable legacy model, and is priced at $38,990, while the RWD variant has a price tag of $45,990.
The company spooked investors by downwardly adjusting prices in China, despite sales momentum picking up in the country. In another negative headline, Hertz Global Holdings, Inc. HTZ made a U-turn by shifting its allegiance back to gas-powered vehicles, deciding to sell about 20,000 EVs from its U.S. fleet. Also, Tesla reportedly said it was suspending production in the Gigafactory Berlin-Brandenburg due to supply chain challenges.
Lucid Q4 Production Decline: Luxury EV maker Lucid Group, Inc. LCID reported a drop in its Q4 production and deliveries compared to the previous year. The company’s full-quarter production and deliveries came in at 8,428 units and 6,001 units, respectively, lower than the company’s earlier guidance.
XPeng’s eVTOL Introduction: Chinese EV startup XPeng, Inc. XPEV
Struggles for Canoo: EV maker Canoo, Inc. GOEV faced challenges as its stock plunged about 15% despite acquiring manufacturing assets at a substantial discount. This move was aimed at driving Canoo’s manufacturing strategy and creating advanced jobs in Oklahoma.
Honda’s Concept EVs: At the CES, Japanese automaker Honda Motor Co. HMC unveiled its “0” series EV concept models, Saloon and Space-Hub, pointing to a potential North American launch of these EVs in 2026.
Performance of Key EV Stocks This Week
| Performances (+/-) | |
| Tesla | -7.83% |
| Nio, Inc. NIO | -11.04% |
| XPeng | -10.08% |
| Li Auto, Inc. LI | -7.35% |
| Fisker, Inc. FSR | -22.56% |
| Workhorse Group, Inc. WKHS | -9.03% |
| Hyzon Motors, Inc. HYZN | -14.73% |
| Canoo | -14.69% |
| Rivian Automotive, Inc. RIVN | -5.35% |
| Lucid | -20.50% |
| Faraday Future Intelligent Electric, Inc. FFIE | -7.48% |
| Arrival ARVL | -5.31% |
| Nikola Corp. NKLA | -9.33% |
| VinFast Auto Ltd. VFS | -6.13% |
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