Week of September 13th, 2023
After facing competitive pressures in China due to the COVID-19 pandemic, Tesla appears to be recovering in this key market. Weekly insurance registration data for Tesla vehicles reached a robust 16,200 for the week ended September 8th, indicating strong momentum. Analysts predict Tesla is on track for its best quarter ever, with 15% year-over-year and 25% sequential growth in the quarter-to-September 8th data.
Luxury EV maker Lucid Group offered another glimpse of its upcoming mid-sized EV, set for production in late 2026. This model will have a starting price under $50,000, positioning it against Tesla's popular Model Y. Lucid also showcased its technological advancements and roadmap updates.
Ford plans to restart production in India, focusing on manufacturing EVs for export. The company intends to resume operations in 2025 and potentially establish a battery manufacturing unit in the country.
Canoo withdrew its previously issued revenue and operational guidance for 2024 and subsequent periods, citing cash crunch, production hiccups, and weak demand. The company also announced preliminary third-quarter revenue of $0.1 million to $1.2 million and an adjusted EDITDA loss of $30 million to $40 million.
The National Highway Traffic Safety Administration initiated a probe into VinFast EVs based on complaints regarding the Lane Keep Assist system. The investigation covers around 3,118 vehicles manufactured in 2023 and 2024.
The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) gained 4.47% for the week, despite a slight dip on Friday.
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