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EV Roundup: TSLA's $1T Market Cap & XPEV's Tech Day Grab Eyeballs
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Tesla (TSLA - Free Report) made big headlines last week, as the electric vehicle (EV) king entered the elite $1 trillion club following the biggest-ever order from car rental giant Hertz. After securing a purchase order for 100,000 Model 3 vehicles from Hertz, Tesla’s market capitalization propelled beyond $1 trillion for the first time. Such a purchase will certainly help Tesla become a brand for the masses and not just the affluent. Tesla Model 3 vehicles will enter the Hertz rental inventory starting this November in major U.S. markets and select cities in Europe. The clinching of the deal is indeed a historic event for Tesla as it marks the Zacks Rank #1 (Strong Buy) company’s entry into the exclusive club of highly valued tech companies which include Apple, Amazon.com, Microsoft and Alphabet. What makes Tesla's achievement all the more praiseworthy is that it became the first automaker to hit this milestone. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Key Stories of the Week
1. XPeng Inc. (XPEV - Free Report) announced a series of innovations at its annual Tech Day in Guangzhou in China aimed at shaping the future of transportation. It revealed plans to launch the next generation of ADAS — Xpilot 3.5 — for drivers in select cities during the first half of 2022. With Xpilot Pilot 3.5, the company will introduce a feature called the City Navigation Guided Pilot. XPeng also mentioned plans to produce next-generation “X-Power” superchargers for the company’s cars. At the event, XPeng also presented details of the next-generation ADAS called Xpilot 4.0, which is slated to hit the roads in first-half 2023.
Meanwhile, XPeng also released vehicle delivery results for October 2021. The company delivered 10,138 Smart EVs last month, up a whopping 233% on a year-over-year basis. The deliveries comprised 6,044 P7 smart sports sedans, 3,657 G3 and G3i smart SUVs, and 437P5 smart family sedans.
2. General Motors (GM - Free Report) is set to install up to 40,000 Level 2 EV chargers across the United States and Canada. The U.S. auto giant, along with its dealers, will jointly work to broaden access to charging in areas where the facility is limited. The initiative, beginning in 2022, is in sync with the company’s latest commitment of spending $750 million to expand home, workplace, and public charging infrastructure through the Ultium Charge 360 ecosystem.
3. Canoo Inc. (GOEV - Free Report) signed an agreement with Panasonic Corp., per which the latter will supply batteries for its Lifestyle Vehicle. The vehicle is scheduled for production in fourth-quarter 2022 and will be built by contract manufacturer VDL Nedcar. The vehicle will aid product demand in the United States and Canada.
4. Toyota (TM - Free Report) will invest $461 million in its Kentucky plant to boost the facility’s capabilities, in sync with the automaker’s plans to reduce carbon emissions and speed up its advanced mobility game. The investment will involve facility layout improvements, and the addition of superior equipment and technologies to support the development of new products, including e-mobility offerings. The Japan-based auto biggie also intends to add a 2.4-liter turbo engine line, which would boost the company’s ability to offer a full portfolio of products. The plant will continue to build Camry, Camry Hybrid and RAV4 Hybrid models. It should be noted that the transformation of this Kentucky facility began in 2017 with a $1.3-billion investment and the total spending on the plant is expected to exceed $8.5 billion once the project gets completed by 2025.
Meanwhile, Toyota announced a new all-electric vehicle model bZ4X based on the firm’s Beyond Zero platform. bZ4X is the first of the firm’s many EVs based on the platform and will be launched by mid-2022.
5. Lucid Motors commenced initial customer deliveries of the Dream Edition of Lucid Air model, the first 500-mile EV. The limited-run Dream Edition features a 118 kWh battery pack and boasts a range of 520 miles on a single recharge. The production of Lucid Air commenced in September in Arizona. The company targets to deliver 520 Lucid Air Dream Editions, followed by deliveries of Lucid Air Grand Touring versions. Deliveries of Touring and Pure models are expected to begin next year.
Price Performance
The following table shows the price movement of some of the major EV players over the past week and six-month period.
In the past six months, all stocks have increased, apart from NIO, Lordstown and Canoo. Lordstown bore the maximum brunt, with shares declining 44%. In the past week, all stocks have increased, with Tesla being the best performer.
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry. Also, watch out for the delivery count of NIO and Li Auto for the month of October.
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EV Roundup: TSLA's $1T Market Cap & XPEV's Tech Day Grab Eyeballs
Tesla (TSLA - Free Report) made big headlines last week, as the electric vehicle (EV) king entered the elite $1 trillion club following the biggest-ever order from car rental giant Hertz. After securing a purchase order for 100,000 Model 3 vehicles from Hertz, Tesla’s market capitalization propelled beyond $1 trillion for the first time. Such a purchase will certainly help Tesla become a brand for the masses and not just the affluent. Tesla Model 3 vehicles will enter the Hertz rental inventory starting this November in major U.S. markets and select cities in Europe. The clinching of the deal is indeed a historic event for Tesla as it marks the Zacks Rank #1 (Strong Buy) company’s entry into the exclusive club of highly valued tech companies which include Apple, Amazon.com, Microsoft and Alphabet. What makes Tesla's achievement all the more praiseworthy is that it became the first automaker to hit this milestone. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Key Stories of the Week
1. XPeng Inc. (XPEV - Free Report) announced a series of innovations at its annual Tech Day in Guangzhou in China aimed at shaping the future of transportation. It revealed plans to launch the next generation of ADAS — Xpilot 3.5 — for drivers in select cities during the first half of 2022. With Xpilot Pilot 3.5, the company will introduce a feature called the City Navigation Guided Pilot. XPeng also mentioned plans to produce next-generation “X-Power” superchargers for the company’s cars. At the event, XPeng also presented details of the next-generation ADAS called Xpilot 4.0, which is slated to hit the roads in first-half 2023.
Meanwhile, XPeng also released vehicle delivery results for October 2021. The company delivered 10,138 Smart EVs last month, up a whopping 233% on a year-over-year basis. The deliveries comprised 6,044 P7 smart sports sedans, 3,657 G3 and G3i smart SUVs, and 437P5 smart family sedans.
2. General Motors (GM - Free Report) is set to install up to 40,000 Level 2 EV chargers across the United States and Canada. The U.S. auto giant, along with its dealers, will jointly work to broaden access to charging in areas where the facility is limited. The initiative, beginning in 2022, is in sync with the company’s latest commitment of spending $750 million to expand home, workplace, and public charging infrastructure through the Ultium Charge 360 ecosystem.
3. Canoo Inc. (GOEV - Free Report) signed an agreement with Panasonic Corp., per which the latter will supply batteries for its Lifestyle Vehicle. The vehicle is scheduled for production in fourth-quarter 2022 and will be built by contract manufacturer VDL Nedcar. The vehicle will aid product demand in the United States and Canada.
4. Toyota (TM - Free Report) will invest $461 million in its Kentucky plant to boost the facility’s capabilities, in sync with the automaker’s plans to reduce carbon emissions and speed up its advanced mobility game. The investment will involve facility layout improvements, and the addition of superior equipment and technologies to support the development of new products, including e-mobility offerings. The Japan-based auto biggie also intends to add a 2.4-liter turbo engine line, which would boost the company’s ability to offer a full portfolio of products. The plant will continue to build Camry, Camry Hybrid and RAV4 Hybrid models. It should be noted that the transformation of this Kentucky facility began in 2017 with a $1.3-billion investment and the total spending on the plant is expected to exceed $8.5 billion once the project gets completed by 2025.
Meanwhile, Toyota announced a new all-electric vehicle model bZ4X based on the firm’s Beyond Zero platform. bZ4X is the first of the firm’s many EVs based on the platform and will be launched by mid-2022.
5. Lucid Motors commenced initial customer deliveries of the Dream Edition of Lucid Air model, the first 500-mile EV. The limited-run Dream Edition features a 118 kWh battery pack and boasts a range of 520 miles on a single recharge. The production of Lucid Air commenced in September in Arizona. The company targets to deliver 520 Lucid Air Dream Editions, followed by deliveries of Lucid Air Grand Touring versions. Deliveries of Touring and Pure models are expected to begin next year.
Price Performance
The following table shows the price movement of some of the major EV players over the past week and six-month period.
Company Last Week Last 6 Months
TSLA 22.5% 62.6%
NIO 1.4% -0.4%
XPEV 8.1% 60.6%
LI 1% 67.8%
RIDE 8.2% -44%
GOEV 14.7% -4.6%
NKLA 11.3% 7.2%
FUV 17.1% 17.8%
In the past six months, all stocks have increased, apart from NIO, Lordstown and Canoo. Lordstown bore the maximum brunt, with shares declining 44%. In the past week, all stocks have increased, with Tesla being the best performer.
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry. Also, watch out for the delivery count of NIO and Li Auto for the month of October.