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1 month ago
Electric-vehicle stocks had a down week amid stock market volatility, but China-based companies rode the momentum imparted by the stimulus measures announced by the country to kickstart economic growth. Market leader Tesla, Inc.‘s (NASDAQ:TSLA) rally stalled as traders did not take kindly to third-quarter deliveries just about managing to beat the consensus estimate.
Here’s a rundown on what happened in the EV space during the week:
Tesla Q3 Deliveries Beat And More: After two straight quarters of sales decline, Tesla turned things around in the September quarter. The company delivered 462,890 EVs in the third quarter, ahead of the company-compiled consensus estimate of 461,978 units. The quarterly number marked a 6.40% year-over-year increase and a 4.26% sequential rise. The stock fell 3.49% following the report and came under further pressure over the next two sessions before trimming the losses on Friday.
The negative reaction may be due to the small sales beat or possibly due to the typical “buy the rumor, sell the news” phenomenon. The stock had ran up appreciably in the run-up to the deliveries report.
With the deliveries report now in the rearview mirror, investors have begun to shift their focus to the Oct. 10 Robotaxi event. Most sell-side analysts, especially the bulls, and the Tesla community is excited about the event, which is scheduled to be held at the Warner Bros. studio in Los Angeles after the market close.
Offering his take on the event, Wedbush analyst Daniel Ives said, “We believe Robotaxi Day will be seminal and historical day ...
