What You Missed This Week in EVs and Clean Energy

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.

RIVIAN JOINS GM, FORD: Rivian Automotive announced it has signed an agreement with Tesla to provide Rivian drivers access to Tesla’s Supercharger network across the United States and Canada. Central to its mission to electrify and decarbonize transportation, Rivian will also continue to expand its own Rivian Adventure Network. An adapter will be available to enable Rivian’s R1T and R1S to charge on the Supercharger network as early as spring 2024. Rivian will incorporate North American Charging Standard, or NACS, charge ports as standard in future R1 vehicles starting in 2025, as well as in its upcoming R2 platform. Transportation is responsible for over a quarter of U.S. greenhouse gas emissions, highlighting the urgent need to electrify the sector and preserve our world for future generations. Tesla has struck similar charging network deals in recent weeks with General Motors and Ford.

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

CATALYST WATCH: Citi opened a “30-day positive catalyst watch” on shares of Li Auto (LI) while keeping a Buy rating on the name with a $54.30 price target. The firm views Li’s recent strong weekly shipment and potential sector recovery into July as positive. The company’s weekly insurance sales reported 8,400 units, beating market expectations, and its shipments should further accelerate over the next few weeks, Citi says.

ADAS FOR URBAN DRIVING: XPeng (XPEV) announced the official launch of City NGP, or Navigation Guided Pilot, in Beijing, making it China’s first Advanced Driver Assistance System, or ADAS, available in the urban areas of Beijing, applicable on the major ring roads and expressways. With the beta version currently offered on select XPeng models in Beijing, City NGP can be accessed on XPeng G9 Max and P7i Max versions through OTA, or Over-the-Air, update of Xmart OS 4.3.0, as well as on XPeng P5 P version which upgraded to Xmart OS 3.5.0. In the second half of 2023, XPeng will gradually release its ADAS functions for Chinese cities or urban areas without HD map coverage. It also plans to offer customized NGP capabilities for daily commuting nationwide. These initiatives will cater to a wider range of driving scenarios and provide enhanced intelligent driving experiences for users in various environments.

‘RARE UNDISCOVERED GEM’: Craig-Hallum initiated coverage of Tigo Energy (TYGO) with a Buy rating and $28 price target. The firm sees Tigo Energy as a “rare undiscovered gem” in the rapidly growing global solar market and thinks that investors who take note will be rewarded. Following substantial growth over the last several years, Module Level Power Electronics for the residential solar market have been dominated by Enphase Energy (ENPH) and SolarEdge (SEDG). Craig-Hallum believes the market wants another option and sees Tigo Energy as that company.

Roth MKM also started coverage of Tigo Energy with a Buy rating and $21 price target. The company is poised to win module level power electronics share in the residential / C&I solar segments in E.U. / U.S. in the coming years, the firm tells investors in a research note. Tigo Energy also has an attractive value proposition with its flexible optimizer technology and customers are looking for alternatives, Roth states, adding that as a lower cost option, the company offers a rapid growth and attractive margin potential.

G2 BATTERY LAUNCH: Shares of solar module maker JinkoSolar (JKS) moved up approximately 12% on Thursday to close at $46.43 per share after reporting earlier that it launched G2 Battery Into the European market at Intersolar Europe. The upgraded product, JKR-B1250~2750-A is a high-performance energy storage system designed for residential and small commercial applications. It features a self-developed Jinko HV battery with a single pack capacity of 3,84 kWh, which uses a long cycle high-quality cell that can reach 6000 cycles at room temperature… “We are once again raising the bar, this time not only in the PV business, but also in the Energy Storage System by offering a wide range of intelligent new energy solutions that set new standards for the growing demands of the market,” said Frank Niendorf, the General Manager Europe for JinkoSolar.

SAFETY PROBE: U.S. auto safety regulators are investigating nearly 40,000 Hyundai (HYMTF) Ioniq 5 electric vehicles over reports of power loss while driving tied to a battery charging issue, Reuters’ David Shepardson reports. The National Highway Traffic Safety Administration’s preliminary investigation covers 2022 model-year vehicles after it received 30 consumer complaints alleging a loss of acceleration. The agency said many consumers reported a loud popping noise followed by a warning displayed on their dashboard, and immediately experienced a loss of power that ranged from a reduction in acceleration to a complete loss.