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What You Missed This Week in EVs and Clean Energy
The Fly

What You Missed This Week in EVs and Clean Energy

Wedbush says China electric vehicle survey bullish for Tesla

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.

From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with "Charged," a weekly recap of the top stories and expert calls in the sector.

EV SURVEY BULLISH FOR TESLA: Wedbush kept an Outperform rating and $175 price target on Tesla following a proprietary survey of Chinese EV consumers living in Mainland China. The survey found that 76% of Chinese electric vehicle consumers are considering buying a Tesla in 2023, with nearly 70% responding that "the most recent price cuts have positively influenced their decision to more likely purchase a Tesla Y" which proves "the price cuts have been a home run success out of the gates," according to the firm.

Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.

VEHICLE PRODUCTION: Lucid Group reported on Friday production and delivery totals for Q4. The company said it produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during the same period. On a full-year basis, the company produced 7,180 vehicles, exceeding provided guidance range of 6,000-7,000 vehicles, and delivered 4,369 vehicles.

Meanwhile, Citi analyst Itay Michaeli resumed coverage of Lucid Group (LCID) with a Buy rating and $12 price target. The firm says that despite recent and ongoing headwinds, it is encouraged by Lucid’s latest Q4 production update and balance sheet actions. The analyst continues to like the company’s technology and product positioning in the electric vehicle race. Citi expects continued share volatility but likes the stock’s risk/reward given the continued production ramp of the Air.

MANUFACTURING SITES: General Motors announced plans to invest $918M in four U.S. manufacturing sites, including $854M to prepare these facilities to produce the company’s sixth generation Small Block V-8 engine and an additional $64M in Rochester, New York and Defiance, Ohio for castings and components to support EV production. The company expects these investments will enable it to strengthen its industry-leading full-size truck and SUV business and continue to support the company’s growing EV product portfolio.

Meanwhile, The Wall Street Journal’s Mike Colias and River Davis reported that General Motors and Korean battery supplier LG Energy Solution have indefinitely shelved plans for what would have been the fourth U.S. battery plant to be developed by the companies through their 50-50 joint venture, Ultium Cells, reported. GM is in discussions with at least one other battery supplier to proceed with an added U.S. battery-cell factory, some sources told the authors. GM said, "We’ve been very clear that our plan includes investing in a fourth U.S. cell plant," but declined to discuss specifics, Colias and Davis noted.

LAYOFFS IN FAVOR OF EV DEVELOPMENT: Ford’s reported layoffs in Europe will mostly affect those employees working in vehicle development, especially in Germany and U.K., although job cuts to other Ford facilities are apparently in the works as well, Electrek’s Scooter Doll writes. The layoffs come as Ford looks to shift its production strategy to larger vehicles and EVs, but news of the cuts is already triggering unions in Europe to threaten to step in, the author adds.

BUY SHIFT GROUP: BTIG analyst Gregory Lewis initiated coverage of Shyft Group with a Buy rating and $40 price target. The Shyft Group has historically been a body manufacturer across its commercial vehicle offering and its Specialty Vehicles segment, which builds chassis for motorhomes and offers contract manufacturing services, will soon include Blue Arc, Shyft’s new EV class 3 delivery van that is scheduled to start production later this year. The firm thinks Shyft is well positioned over the long term to leverage its existing legacy internal combustion engine business and cash flows into the nascent commercial EV market.

Keywords: charged, ev, electric vehicles, clean energy, solar, batteries, bev

Published first on TheFly

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