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.
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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.
MORE PRICE CUTS: Tesla on Friday cut prices on its entire U.S. model lineup, with the largest of the cuts being $5,000 per vehicle for its most expensive models, the S and the X. The company cut $2,000 off the price of the Y and added a lower-cost dual-motor version priced at $49,990. The 3 saw a $1,000 price cut.
Wolfe Research noted that these announcements came after Tesla confirmed that U.S. consumers will remain eligible for $7,500 U.S. government purchase credits for most of the Model 3/Y lineup. While the price cuts in the U.S. may raise questions about vehicle demand, there is "significant cost reduction ahead" for Tesla, Wolfe’s analyst tells investors.
SHANGHAI FACTORY: Tesla will build a factory in Shanghai to make the Megapack energy storage product, Chinese state media outlet Xinhua reported on Sunday, Reuters says. Elon Musk’s automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai. Complementing a huge existing Shanghai plant making electric vehicles, the new factory will initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, to be sold globally, Xinhua said.
Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.
CLASS ACTION SUIT: A California Tesla owner on Friday sued the electric carmaker in a prospective class action lawsuit accusing it of violating the privacy of customers, Reuters’ Hyunjoo Jin and Mike Scarcella report. The lawsuit in the U.S. District Court for the Northern District of California came after Reuters reported on Thursday that groups of Tesla employees privately shared via an internal messaging system sometimes highly invasive videos and images recorded by customers’ car cameras between 2019 and 2022.
TOUGHER POLLUTION RULES: The President is soon to enact some of the most prohibitive sanctions on auto emissions in the U.S, according to Bloomberg’s Jennifer A Dlouhy. "The plan is part of a multipronged Biden administration strategy to clamp down on planet-warming pollution from transportation and electricity, taking advantage of hundreds of billions of dollars of clean energy incentives under the Inflation Reduction Act," noted Bloomberg. Companies that may be impacted include Tesla, Li (LI), Lucid (LCID), Rivian, Nio (NIO), General Motors and Ford.
EV TAX CREDIT: Ford Motor said on Wednesday that four of its six electric and plug-in electric hybrid models will see tax credits halved to $3,750 on April 18 after new U.S. Treasury rules take effect, Reuters’ David Shepardson and Nathan Gomes report. Only the F-150 Lightning pickup truck and Lincoln Aviator Grand Touring will still be eligible for a $7,500 credit. The other models currently getting credits – Ford Mustang Mach-E, Ford E-Transit, Ford Escape Plug-In Hybrid and Lincoln Corsair Grand Touring – will see credits drop to $3,750.
BUY SOLAREDGE: Janney Montgomery Scott initiated coverage of SolarEdge (SEDG) with a Buy rating and $351 fair value estimate. The Israeli company is the "leading provider" of solar inverters on a revenue basis with operations in 36 countries and having shipped a total of 40GW of systems globally, the firm tells investors. Janney Montgomery Scott likes that SolarEdge has the most geo-market and end-market diversification among the U.S.-listed solar OEM providers and notes that its core European markets are seeing significant growth in 2023.
NIO CHANGES BATTERY TERMS: Nio will stop offering new customers free home charging points and will decrease the number of free battery swaps users can have to four from six a month, Yicai Global’s Liao Shumin reports, citing remarks made by CEO Li Bin. From June 1, customers of Nio’s ET7, EC7, ES7 and ET5 models will have to purchase home charging piles and the company also plans to make its battery swapping service fully paid.
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