EV Stocks: Why Tesla, Rivian, XPeng and Li Auto share price soared this week?
Shares of top EV makers listed on US exchanges have recorded stellar gains in the week ending Jul 7, 2023, spearheaded by robust sales numbers.
Most EV makers including Rivian, Tesla, XPeng and Li Auto reported robust sales for the quarter ended June 2023, while also exceeding analysts’ expectations, pushing their share prices higher.
EV stocks over the past years had been facing a demand slowdown coupled with production setbacks due to supply chain disruptions in semiconductors - a key component for EV manufacturing.
EV Stocks: Retail traders pile onto EV shares!
According to Vanda Research, retail traders increased their investment in American stocks during June, driven by promising returns.
Their attention shifted from artificial intelligence stocks to electric-vehicle companies, which were the preferred choice earlier in the year. In that month, they averaged a daily influx of $1.4 billion into U.S. equities, nearing the previous record of $1.5 billion per day set in March.
Rivian share price: Share price performance
| 1-day | 1-month | 1-year | 5-years |
| 14% | 76% | -17% | -82% |
(Data as on July 7, 2023)
EV Stocks: Rivian reports robust sales!
The company produced 13,992 vehicles at its manufacturing facility in Normal, Illinois and delivered 12,640 vehicles during the same period.
These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided.
The company also announced that on August 8th, after market close, it will release its second quarter 2023 financial results.
EV Stocks: Tesla charges ahead with record high sales!
Tesla has achieved new record-breaking results in the second quarter. In that period, the company manufactured a total of 479,700 electric cars, primarily consisting of the popular Model 3 and Model Y EVs. Furthermore, Tesla successfully delivered 466,140 vehicles to customers throughout the three-month duration.
As Tesla continues to expand, its growth rates have naturally started to slow down. Despite this, the production numbers saw an increase of 38,900 units, while deliveries rose by 43,265 units. It is evident that Tesla has set its sights on reaching a volume of 2 million vehicles by the end of this year, with the figures for the first half of the year accounting for approximately 45% of that target.
| 1-day | 1-month | 1-year | 5-years |
| -1% | 10% | 17% | 1190% |
(Data as on July 7, 2023)
EV Stocks: XPeng new model launches to drive sales?
Xpeng, a Chinese electric-vehicle manufacturer, anticipates a significant increase in vehicle shipments during the latter half of the year. This growth is attributed to the company's latest model, which directly competes with Tesla by offering competitive pricing and advanced smart-driving technologies.
During the firm's quarterly earnings, President, Brain Gu, revealed that the company has received a substantial number of orders for its recently launched G6 pure electric crossover. As a result, Xpeng aims to achieve a monthly sales volume of 15,000 units in the third quarter, which is nearly double the figures for June and May. Additionally, Gu expects sales to surpass 20,000 units in the final quarter of this year.
| 1-day | 1-month | 1-year | 5-years |
| -0.1% | 44% | -52% | -38% |
(Data as on July 7, 2023)
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