EVs are the future, and industry stakeholders are working overtime to increase the penetration of these environmental-friendly vehicles. Increasing the uptake of EVs is seen as one major way of meeting climate goals and make the earth a friendlier place to live.
Here are the key developments that happened in the EV space this week:
Biden Meets With Auto Firms: U.S. President Joe Biden announced Thursday measures to increase EV penetration in the U.S. The president signed an executive order, setting a goal of EVs accounting for half of all new vehicles sold in the U.S. by 2030. The White House also aims to improve the charging infrastructure in the U.S., spurring domestic manufacturing and union jobs in the sector, financing the manufacturing supply chain and fueling innovation in clean tech.
Musk Left Out of White House Invitees: Even as the “big three” automakers were invited to the event hosted by the White House to discuss the future of EVs in the U.S., Tesla, Inc. (NASDAQ: TSLA) was left out of the invitee list. The EV maker is currently the global leader in the manufacturing of zero-emission vehicles, and therefore the decision not to invite company officials raised several eyebrows.
The rational given by White House staff was that the invited companies are the three largest key players of the United Auto Workers, although they did suggest the Biden administration welcomes efforts by all U.S. companies engaged in EV manufacturing.
Tesla’s flamboyant CEO Elon Musk responded to the snub by suggesting in a tweet that it’s seemed odd.
Musk’s Biography In the Making: Musk confirmed through a tweet that Walter Isaacson, who chronicled the events in the life of the likes of Apple, inc. (NASDAQ: AAPL) founder Steve Jobs and Benjamin Franklin, is working on his biography.
Although there have been a couple of authors who wrote about Musk in the past, Isaacson will be the first high-profile biographer to attempt to chronicle Musk’s life and times.
BYD Rumored to Supply Blade Batteries to Tesla: Warren Buffett-backed BYD Company Limited (OTC: BYDDF) is speculated to supply blade batteries to Tesla. It is believed that Tesla might use this new battery, which reduces the risk of fire hazard, in its $25,000 EV.
Nio Comes Short of Peers: Nio, Inc. (NYSE: NIO) reported early in the week its July deliveries numbers. Although the maker of premium EVs more than doubled its sales from a year ago, monthly comparison revealed a dip. For the first time, Nio’s numbers fell below domestic rivals such as XPeng, Inc. (NYSE: XPEV) and Li Auto, Inc. (NASDAQ: LI).
Meanwhile, several rumors are flying thick and fast regarding Nio’s product line-ups. A mass market vehicle under a different brand is in the offing as early as next year, according to reports.
Li Auto’s Hong Kong IPO: Following in the footsteps of XPeng, Li Auto filed for a dual primary listing in Hong Kong. The company raised $1.5 billion by offering 100 million shares.
Plug Power, Fisker Q2 Earnings: Hydrogen fuel cell energy company Plug Power, Inc. (NASDAQ: PLUG) reported strong second-quarter revenues, although the bottom-line took a hit from margin pressure, stemming from some transient factors.
Fisker, Inc. (NYSE: FSR) said its second-quarter losses narrowed sequentially and affirmed its Ocean SUV production schedule of Nov. 2022.
EV Stock Performance for The Week:
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