Top 3 Electric Vehicle (EV) News of the Week
Last week of trading, 7-11 August, there was a lot going on in the fast-growing electric vehicle (EV) space as usual. Here are three top EV stories of the week that investors should be aware of. On Monday, Tesla (NASDAQ: TSLA ) revealed via a regulatory filing that CFO Zachary Kirkhorn is leaving the electric vehicle pioneer after a 13-year tenure. for the past four and a half years as its financial leader. He stepped down as chief financial officer on Aug. 4 but will remain at Tesla through the end of the year to "support a seamless transition," the statement said.
Tesla's chief accounting officer, Vaibhav Taneja, has been named CFO effective August 4 and will also continue in his current role.It's never a good thing when a well-regarded CFO—as was the case with Kirkhorn, whose tenure saw Tesla's financials improve dramatically—leaves the company. It could be neutral or negative because individual investors almost never know what is going on behind the scenes.
The decision to part ways with Tesla may have been entirely Kirkhorn's. It's also possible that he could have been pushed out by CEO Elon Musk or the company's board, as there may have been some dissatisfaction with the company's financial direction in recent quarters. The vehicle price cuts boosted Tesla's sales, but significantly reduced its margins and profits.Tesla shares fell 4.4% last week, compared with a 0.3% decline in the S&P 500.Rivian beat 2Q estimates and raised production outlook to 2023
After the closing bell on Tuesday, premium electric car maker Rivian Automotive (NASDAQ: RIVN ) posted second-quarter results that beat Wall Street consensus estimates for both revenue and earnings. Additionally, the company raised its annual production estimate to 52,000 total vehicles, up from 50,000.
In the second quarter, the maker of three EV models -- a pickup truck, an SUV and a commercial van for partner Amazon -- increased revenue by 208% year over year to $1.12 billion. Wall Street had expected sales of $1 billion. Sales growth was driven primarily by 12,640 cars delivered in the quarter. That delivery number was up 59% from the first quarter. Rivian's all-important quarterly production number also got a turbocharger. In the second quarter, the company produced a total of 13,992 cars, up 49% from the previous quarter.Investors sent Rivian shares down nearly 10% on Wednesday, despite the sales and profit beat and an increased production outlook.
Why? Most likely because many investors are concerned about Rivian's cash burn rate. The company does have a lot of cash — about $10.2 billion — but at its current quarterly pace of $1.62 billion, that cash would only last a little over six quarters.Rivian shares fell 14.6% last week. Ford and GM hit a slowdown in their EV initiatives
Legacy automakers Ford Motor (NYSE: F ) and General Motors (NYSE: GM ) are experiencing setbacks in their electric car plans. This is obviously not good news for investors in these companies, but it is positive for companies that already have several EV models on the market, such as Tesla and Rivian.Ford on Thursday pushed back the launch of its all-electric Ford Explorer for the European market to summer 2024. The original launch date was early 2024. The electric car will be built in Germany on the Volkswagen platform.
Also on Thursday, Reuters reported that GM CFO Paul Jacobson said at an investor conference that the automaker is still having trouble making its new Ultium batteries, which is slowing down its EV production. The batteries are manufactured by Ultium Cells, a joint venture between GM and South Korea's LG Energy Solution, at a plant in Ohio.Shares of Ford and GM fell 5.8% and 7.3% last week, respectively.Find out why Tesla is one of the 10 best stocks to buy right now
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Electric vehicles (EVs) are no longer just a futuristic concept; they are entering the mainstream faster than ever before. With the automotive industry undergoing monumental transformation, it's essential to stay up-to-date with the latest EV news. This week we bring you the top 3 EV news that are electrifying the automotive scene.
Tesla's battery breakthrough
Tesla, a pioneer in the EV world, has once again hit the headlines with a groundbreaking battery innovation. Their new 'QuantumVolt' battery technology promises to revolutionize the power, range and charging speed of electric cars. Using advanced nanotechnology, Tesla aims to pack more power into a smaller form factor, potentially pushing EVs to achieve a staggering 500 miles of range on a single charge. These developments not only expand the possibilities of long-distance travel, but also accelerate the transition to renewable energy sources. As electric cars continue to evolve, Tesla's QuantumVolt technology is a game-changer that could reshape the entire automotive landscape.
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Ford's bold move towards an all-electric future
Ford, renowned in the automotive industry, has announced a bold commitment to an all-electric future. In a strategic move, Ford has accelerated its timetable for phasing out internal combustion engine (ICE) vehicles with the aim of achieving 75% of its global sales from electric cars by 2030. This ambitious transition includes significant investment in electric car manufacturing, charging infrastructure, and research and development. By 2025, Ford plans to launch several new electric models to expand its EV lineup to meet diverse consumer needs. The announcement marks a pivotal moment for the industry and signals the legacy automaker's commitment to fully embrace the electric revolution. Ford, fully electric future, EV production, charging infrastructure, electric models, older car manufacturers.
Rapid advances in EV charging technology
EV charging infrastructure is rapidly developing and addressing one of the key concerns of potential EV buyers: the convenience of charging. This week, a consortium of major automakers and charging network providers announced a joint effort to standardize ultra-fast EV charging technology. The goal is to develop a universal, high-performance charging system that significantly reduces charging times, making long-distance EV travel more viable than ever. With this new initiative, charging stations could provide up to 300 miles of range in just 10 minutes.
This leap in charging technology paves the way for a future where recharging an electric car will be as quick and convenient as refueling a traditional gas vehicle. Electric vehicle charging infrastructure, ultra-fast charging, long-distance travel, charging technology, charging stations, electric vehicle charging consortium.
In conclusion, the electric vehicle industry is bursting with innovation and progress. From Tesla's revolutionary battery technology to Ford's decisive move to an all-electric lineup and rapid advances in EV charging infrastructure, these 3 top stories of the week highlight the remarkable momentum driving the EV revolution forward. Stay tuned for more exciting developments as the world embraces a cleaner, greener and electrifying automotive future.
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