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EV Roundup: CHPT's Q2 Results, FSR's Production Ramp-Up Plans & More
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The electric vehicle (EV) charging stock, ChargePoint Holdings (CHPT - Free Report) , released second-quarter fiscal 2024 results (ending Jul 31, 2023) last week. The EV startup, Fisker , unveiled its European EV lineup in Munich, featuring the Ronin GT, PEAR city EV and Alaska pickup. Meanwhile, the company is also boosting production capacity for the Fisker Ocean SUV and expanding operations in North America and Europe. Amid the soaring popularity of EVs, Volkswagen (VWAGY - Free Report) aims to launch 11 new electric cars by 2027. Meanwhile, Tesla (TSLA - Free Report) slashed the prices of Models S and X. Honda (HMC - Free Report) also made it to the top stories as it announced that it would embrace Tesla’s North American Charging Standard (“NACS”), seeking to provide its customers with a seamless charging experience and contribute to the growing electric mobility landscape in North America.
ChargePoint incurred an adjusted quarterly loss of 24 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents as well as the year-ago period’s loss of 19 cents. Revenues of $150.5 million missed the Zacks Consensus Estimate by 0.94% but grew 39% year over year. Revenues from networked charging systems amounted to $114.6 million, reflecting a 36% yearly increase. Subscription revenues reached $30 million, marking 48% growth from the corresponding quarter of the prior year. As of Jul 31, cash/cash equivalents of the firm stood at $233.5 million.
For the fiscal third quarter of 2024, ChargePoint envisions revenues in the band of $150-$160 million, indicating a year-over-year increase of 26% at the midpoint of the guidance. The adjusted gross margin is expected at 22-25%. The company forecasts adjusted operating expenses in the range of $81-$84 million. For the fiscal fourth quarter of 2024, non-GAAP operating expenses are anticipated between $79 million and $82 million. Fiscal 2024 revenues are forecast in the $605-$630 million band, indicating 32% year-over-year growth at the midpoint of the projection.
Fisker unveiled its European all-electric vehicle lineup, featuring the Ronin GT sports car, PEAR city EV and the Alaska pickup truck. Henrik Fisker, the CEO, presented the models at the pre-IAA Mobility 2023 event, highlighting their commitment to sustainability. The Ronin, an ultra-luxury model, will cost around €425,500/£371,900, with limited production of 999 vehicles and deliveries set for the second half of 2025. PEAR, expected to be available from mid-2025, will likely start at €32,900 with VAT in Germany and £30,900 with VAT in the UK. The Alaska pickup, expected in 2025, is anticipated to start at €49,900 with VAT in Germany and £47,900 with VAT in the UK.
Fisker is also increasing the production of its all-electric SUV, the Fisker Ocean. The production capacity will rise from 180 vehicles per day to around 300 per day in the fourth quarter of 2023. This expansion will serve customer deliveries across Europe (including Austria, Germany, France, and the UK), Canada and various U.S. regions. More than 3,000 vehicles have been manufactured to date, and Fisker expects to receive 5,000 Fisker Ocean One launch edition vehicles from the manufacturing partner Magna by Sep 30, 2023. Although the company aims to deliver most by September end, some deliveries may extend to October.
Volkswagen announced plans to launch 11 new electric cars by 2027. The EVs, with a few new concepts, underscore the company’s long-term plan to offer a wide range of eco-friendly options. The German automaker plans to make its entire lineup in Europe electric by 2033. Until then, the automaker will continue to offer both combustion and hybrid models. To increase the efficiency of its popular models, Volkswagen will soon release a plug-in hybrid version of its Passat and Tiguan models with an electric range of about 100 km.
Volkswagen also unleashed the ID. GTI concept. It is based on the company’s modular electric drive matrix platform and aims to leverage the popularity of the GTI brand to advance in the direction of an all-electric future. The "I" in GTI branding, which formerly stood for "injection", has now been updated to "intelligence." Thomas Schafer, the CEO of Volkswagen Passenger Cars, said that the production version of ID. GTI would be revealed in 2026 and hit the market in 2027.
Tesla announced another round of price cuts for Model S/X. The EV king reduced the prices of Model S and X by 15-19% in the United States on all trim levels. Model S and Model X are now available at a base price of $74,990 (a 15% drop from $88,490) and $79,990 (an 18.8% decrease from $98,490), respectively. Also, base models now have a larger battery for both Model S and X, with an estimated EPA range of 405-348 miles, up from 320-269 miles, respectively.
The company also reduced the price of Full Self-Driving software by $3,000 from $15,000 in the United States for customers who make an upfront purchase. The price of the Plaid versions for both models dropped to $89,990 from $108,490. In China, the automaker is reducing the price of both models by about 7%.
Honda announced its adoption of Tesla's NACS for its EV lineup in North America starting in 2025. This move follows a trend in the automotive industry where multiple manufacturers are embracing NACS. The Japanese automaker specified that all new EV models introduced in North America from 2025 onward will be equipped with the NACS standard. This will kick off with the launch of a new EV model slated for that year. Moreover, Honda's existing EV models introduced before 2025 will feature CCS ports but also be compatible with the NACS system through the use of an adapter.
In addition to its charger standard adoption, Honda is actively participating in a joint venture with other automakers, including BMW, GM, Kya, Hyundai, Mercedes-Benz, and Stellantis, to develop a robust high-voltage charging network across North America. By adopting NACS, Honda's customers will gain access to Tesla's Supercharger network in the future, enhancing the convenience of EV ownership. This strategic move aligns with the industry trend of major automakers, such as Ford, GM, Rivian, Volvo, and Mercedes-Benz, joining forces with Tesla to utilize NACS for their electric vehicles.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and the six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for the announcements of upcoming EV models and any important updates on the red-hot industry.
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EV Roundup: CHPT's Q2 Results, FSR's Production Ramp-Up Plans & More
The electric vehicle (EV) charging stock, ChargePoint Holdings (CHPT - Free Report) , released second-quarter fiscal 2024 results (ending Jul 31, 2023) last week. The EV startup, Fisker , unveiled its European EV lineup in Munich, featuring the Ronin GT, PEAR city EV and Alaska pickup. Meanwhile, the company is also boosting production capacity for the Fisker Ocean SUV and expanding operations in North America and Europe. Amid the soaring popularity of EVs, Volkswagen (VWAGY - Free Report) aims to launch 11 new electric cars by 2027. Meanwhile, Tesla (TSLA - Free Report) slashed the prices of Models S and X. Honda (HMC - Free Report) also made it to the top stories as it announced that it would embrace Tesla’s North American Charging Standard (“NACS”), seeking to provide its customers with a seamless charging experience and contribute to the growing electric mobility landscape in North America.
While VWAGY and CHPT each carry a Zacks Rank #4 (Sell), HMC, TSLA and FSR each are Zacks #3 Ranked (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Last Week’s Top Stories
ChargePoint incurred an adjusted quarterly loss of 24 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents as well as the year-ago period’s loss of 19 cents. Revenues of $150.5 million missed the Zacks Consensus Estimate by 0.94% but grew 39% year over year. Revenues from networked charging systems amounted to $114.6 million, reflecting a 36% yearly increase. Subscription revenues reached $30 million, marking 48% growth from the corresponding quarter of the prior year. As of Jul 31, cash/cash equivalents of the firm stood at $233.5 million.
For the fiscal third quarter of 2024, ChargePoint envisions revenues in the band of $150-$160 million, indicating a year-over-year increase of 26% at the midpoint of the guidance. The adjusted gross margin is expected at 22-25%. The company forecasts adjusted operating expenses in the range of $81-$84 million. For the fiscal fourth quarter of 2024, non-GAAP operating expenses are anticipated between $79 million and $82 million. Fiscal 2024 revenues are forecast in the $605-$630 million band, indicating 32% year-over-year growth at the midpoint of the projection.
Fisker unveiled its European all-electric vehicle lineup, featuring the Ronin GT sports car, PEAR city EV and the Alaska pickup truck. Henrik Fisker, the CEO, presented the models at the pre-IAA Mobility 2023 event, highlighting their commitment to sustainability. The Ronin, an ultra-luxury model, will cost around €425,500/£371,900, with limited production of 999 vehicles and deliveries set for the second half of 2025. PEAR, expected to be available from mid-2025, will likely start at €32,900 with VAT in Germany and £30,900 with VAT in the UK. The Alaska pickup, expected in 2025, is anticipated to start at €49,900 with VAT in Germany and £47,900 with VAT in the UK.
Fisker is also increasing the production of its all-electric SUV, the Fisker Ocean. The production capacity will rise from 180 vehicles per day to around 300 per day in the fourth quarter of 2023. This expansion will serve customer deliveries across Europe (including Austria, Germany, France, and the UK), Canada and various U.S. regions. More than 3,000 vehicles have been manufactured to date, and Fisker expects to receive 5,000 Fisker Ocean One launch edition vehicles from the manufacturing partner Magna by Sep 30, 2023. Although the company aims to deliver most by September end, some deliveries may extend to October.
Volkswagen announced plans to launch 11 new electric cars by 2027. The EVs, with a few new concepts, underscore the company’s long-term plan to offer a wide range of eco-friendly options. The German automaker plans to make its entire lineup in Europe electric by 2033. Until then, the automaker will continue to offer both combustion and hybrid models. To increase the efficiency of its popular models, Volkswagen will soon release a plug-in hybrid version of its Passat and Tiguan models with an electric range of about 100 km.
Volkswagen also unleashed the ID. GTI concept. It is based on the company’s modular electric drive matrix platform and aims to leverage the popularity of the GTI brand to advance in the direction of an all-electric future. The "I" in GTI branding, which formerly stood for "injection", has now been updated to "intelligence." Thomas Schafer, the CEO of Volkswagen Passenger Cars, said that the production version of ID. GTI would be revealed in 2026 and hit the market in 2027.
Tesla announced another round of price cuts for Model S/X. The EV king reduced the prices of Model S and X by 15-19% in the United States on all trim levels. Model S and Model X are now available at a base price of $74,990 (a 15% drop from $88,490) and $79,990 (an 18.8% decrease from $98,490), respectively. Also, base models now have a larger battery for both Model S and X, with an estimated EPA range of 405-348 miles, up from 320-269 miles, respectively.
The company also reduced the price of Full Self-Driving software by $3,000 from $15,000 in the United States for customers who make an upfront purchase. The price of the Plaid versions for both models dropped to $89,990 from $108,490. In China, the automaker is reducing the price of both models by about 7%.
Honda announced its adoption of Tesla's NACS for its EV lineup in North America starting in 2025. This move follows a trend in the automotive industry where multiple manufacturers are embracing NACS. The Japanese automaker specified that all new EV models introduced in North America from 2025 onward will be equipped with the NACS standard. This will kick off with the launch of a new EV model slated for that year. Moreover, Honda's existing EV models introduced before 2025 will feature CCS ports but also be compatible with the NACS system through the use of an adapter.
In addition to its charger standard adoption, Honda is actively participating in a joint venture with other automakers, including BMW, GM, Kya, Hyundai, Mercedes-Benz, and Stellantis, to develop a robust high-voltage charging network across North America. By adopting NACS, Honda's customers will gain access to Tesla's Supercharger network in the future, enhancing the convenience of EV ownership. This strategic move aligns with the industry trend of major automakers, such as Ford, GM, Rivian, Volvo, and Mercedes-Benz, joining forces with Tesla to utilize NACS for their electric vehicles.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and the six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for the announcements of upcoming EV models and any important updates on the red-hot industry.