Tesla, Tesla bucking the downtrend, EV stocks this week

Electric vehicle stocks had a down week despite the broader market reversing course amid hopes that the Federal Reserve would relent from an extremely hawkish stance. Market leader Tesla, Inc. TSLA bucked the downtrend thanks to some bullish analysts.

Here are the key events that happened in the EV space during the week:

A few analysts rallied around Tesla, which saw its stock plunge to a two-year low after Elon Musk s Twitter missteps and slowing China demand. While Morgan Stanley s Adam Jonas praised the grand sale of the stock by touting its 100% appreciation potential, longtime bear and Citi s Itai Michaeli was tempted by the value proposition of the stock after its recent underperformance. He shifted his stance from a Sell to Neutral position.

In another important development, a Chinese local media outlet reported that Tesla is considering a third price cut in China, because demand has not picked up as a result of its previous two cuts. In late October, Tesla reduced the price of its Made-in-China EVs by about 5% and followed it up with a deduction on insurance payments in early November.

The recall of over 80,000 units of predominantly imported cars was caused by a malfunctioning battery management system and seat belt issues. A majority of the recalls could be addressed through over-the air updates, according to a filing with the Chinese regulator.

Another report suggested that Tesla could be eyeing another factory location in Asia, with South Korea thought to be the possible spot.

Musk confirmed this week that Tesla s full-self driving package beta is now available to all vehicle owners in North America who have paid for it.

Is Tesla Signaling A Comeback For Growth Stocks?

Hyundai Accelerates EV Investment In US: South Korean legacy automaker Hyundai Motor Company HYMTF will invest about $926 million in an EV Power Electric facility in Bryan County, Georgia. The company said that construction would begin in January 2023 and production would start sometime in 2024. This follows the company breaking ground on a $5.5 billion EV manufacturing facility in Bryan County in October. This plant is expected to come online in 2025 and has a production capacity of around 300,000 EVs per year.

Rivian Employees Flag Safety Concerns: Rivian Automotive, Inc. RIVN, a potent rival to Tesla, came under criticism after several of its employees revealed alleged safety violations at the company's Illinois plant. Employees have accused the company of neglecting hazards and deprioritizing safety resources that left some with a broken foot, a sliced earlobe and broken ribs.

Canoo Spikes On Insider Buying: Shares of cash-strapped Canoo Inc. GOEV rallied hard on Friday after CEO Anthony Aquilla bought $10 million worth of shares of the company, taking his stake in Canoo to more than 19%.

All About Lucid's Ready To Deliver Section: Lucid Group, Inc. LCID launched a Ready To Deliver section on its U.S. website that could be useful for customers who don't want to place a custom order and wait for the delivery of their Air sedan. The company said it is the most convenient way to put Lucid Air in your driveway. The vehicles in the inventory are configured with customers' favorite options.