EV manufacturers had a robust outing the week ending Oct. 22, thanks to Tesla, Inc. (NASDAQ:TSLA)'s strong quarterly report. Most other green energy stocks, however, meandered through the week to close in the red.
Here are the key events that happened in the EV space during the week:
Tesla Pushes Toward $1T Market Cap With Q3 EPS Beat: The EV giant reported record third-quarter revenues and above-consensus earnings per share, with the results driven by margin expansion and strong topline growth.
Impressed with the margin expansion story, sell-side analysts scrambled to raise their price targets for Tesla shares. Their optimism was, however, laced with caution, as some of the breed opined that the shares are priced to perfection.
Tesla shares have been on a bull run in recent sessions. The stock rose to a record intraday high of $910 Friday before giving back some of its gains. At $910, Tesla's valuation swelled to $908 billion.
Lucid Sets Sights Beyond U.S. and Canada: Lucid Group, Inc. (NASDAQ:LCID), which set up its first retail location in Canada earlier this month, is contemplating a foray into more geographies. CEO Peter Rawlinson reportedly said the Tesla slayer plans to launch its Lucid Air EV sedans in the Middle East and Europe in 2022.
The company also aims to launch its EVs in the highly-competitive Chinese market in 2023.
Nio Day 2021 Itinerary Out: Nio, Inc. (NYSE:NIO) confirmed last week it will hold its Nio Day 2021 at the Olympic Sports Center in Suzhou, China on Dec. 18. The annual event is keenly watched as the company uses it as a platform for important product and services announcements.
The Nio Day 2020 was delayed to Jan. 9, 2021 due to the pandemic, and in the first trading session following the event, the stock shot up to its all-time high of $69.99.
Ford Laser Focused On EV Transition: Ford Motor Company (NYSE:F) announced this week it is investing about $316 million to manufacture EV components at its existing plant near Liverpool.
Helped by financial support from the U.K. government, Ford plans to begin manufacturing EV components at the factory, beginning 2024.
Credit Suisse analyst Dan Levy upgraded Ford shares this week from Neutral to Buy and upped the price target from $15 to $20, premised primarily on the automaker's changed perception on long-term positioning in EV/AV/digital.
Nikola Nikola Corporation (NASDAQ:NKLA) shares experienced some strength earlier this week after a U.S. District Court judge issued an order in a lawsuit brought by the company against Tesla, allowing the case to move forward.
Nikola originally filed its lawsuit in 2018, alleging that Tesla had infringed on its patents on a hydrogen powered semi-truck for its own Semi model.
Foxconn Apple, Inc. (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co., Ltd. (OTC:HNHPF) launched three concept EVs this week - the Model C SUV, the Model E sedan and the Model T bus. The company clarified that it would prefer selling to automotive customers rather than marketing these vehicles under its own brand name. The company also expressed its intention to manufacture EVs in India, Brazil and European countries.
EV Stock Performances for The Week: