Shares of electric vehicle makers swayed to the tune of market sentiment, although some reacted to company-specific catalysts. TSLA, the leader in the EV industry, returned to winning ways, with the stock hitting $180 once again.
Here are some major events that happened in the EV space during the week:
According to German outlet RBB, Tesla submitted an initial application to Germany's environmental agency to expand its Gigafactory in Berlin. The U.S. carmaker applied to increase its annual production capacity from 500,000 vehicles to 1 million vehicles per year, according to an official at the agency. The plan and production process was optimized to boost production capacity without having to increase the use of freshwater.
This week, the 2 all-concept EV will be priced at $26,500. Along with the upcoming production of the ID, the ID is going to be produced. Volkswagen said it is working on an EV priced below $21,560.
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Barra Meets With Lawmakers: General Motors Company CEO Mary Barra met with Senate Commerce Committee Chair Sen. Maria Cantwell D-WA and committee member Sen. Gary Peters D-MI this week in a bid to push Congress to act to speed up the deployment of self-driving vehicles.
A year ago, GM, along with its subsidiary Cruise, sought permission from the National Highway Traffic Safety Administration to deploy up to 2,500 self-driving vehicles without steering wheels, mirrors, turn signals and windshields.
Ford Teases New MEB-Based EV Ahead Of Launch: Ford Motor Company F Europe teased a new midsize SUV based on Volkswagen's MEB platform, which was unveiled earlier in the week. The company used the caption exploring reinvented in its post, giving rise to speculation that the new vehicle could be an electric Explorer.
XPEV reported a fourth-quarter loss and revenue that didn't meet expectations, despite the fact that XPeng Q 3 Misses Estimates: Chinese EV startup XPeng, Inc. The company forecast a year-over-year decline in first-quarter deliveries. It also hinted at cost cuts due to inclement macroeconomic conditions and fundamental setbacks.
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Rivian Loses Another Executive: Rivian Automotive, Inc. s RIVN chief engineer Charles Sanderson, who was poached from McLaren in 2018, is returning to the British supercar maker. He is joining McLaren as a chief technical officer. Rivian has recently seen some high-profile executive departures due to its difficulty in ramping up production.