Electric vehicle (EV) stocks faced a challenging week, underperforming the broader market despite a dovish Federal Reserve. Tesla, Inc. (TSLA) experienced pressure towards the end of the week, despite a modest recovery earlier.
Tesla's production cuts in China and renewed calls for an SEC investigation by Senator Elizabeth Warren raised concerns about demand and potential conflicts of interest. Fund managers criticized Tesla's tactics of threatening price hikes to lure buyers.
Ford Motor Co. (F) plans to reenter the Indian market, capitalizing on the country's revised EV policy. The company aims to produce EVs in Chennai for both domestic and international markets.
Fisker, Inc. (FSR) secured a financing commitment of up to $150 million and announced a six-week production pause to align inventory levels and advance strategic plans.
BYD Co. Ltd. (BYDDY) expanded its international presence by entering the Greek passenger car market with its Yuan Plus crossover and Seal sedan.
Canoo, Inc. (GOEV) received approval for its Oklahoma City facility as a Foreign Trade Zone, enhancing its "Made in America" manufacturing strategy and profitability.
The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) declined by 0.36% for the week, ending at $22.44.