EV Week In Review

Tesla: China Sales Soften, Potential NYC Deal, Musk Offloads More Shares: $Tesla(TSLA.US)$ found itself amid a slew of news this week. CEO Elon Musk sold more Tesla shares, as filings with the SEC late Thursday revealed that Musk sold 934,091 shares of the company, valued at $963.2 million. He also exercised options to purchase 2.17 million shares of the company. On a positive note, Tesla is on the cusp of landing a $12.36 million contract to supply Model 3 vehicles to New York City. During the week, the China Passenger Car Association reported Tesla's China sales for November. The company sold 52,859 Giga Shanghai-made Model 3 and Model Y vehicles, down from 54,391 units sold in October. Exports from China also dipped from 40,666 units to 21,127 units.

Lucid Faces SEC Probe, Sells Debt: $Lucid Group(LCID.US)$ disclosed this week an ongoing SEC investigation into its SPAC merger with Churchill Capital Corp. IV earlier this year. The EV maker also announced a $1.75 billion debt offering that pressured its stock.

More Setback For Apple Car Venture: $Apple(AAPL.US)$ has lost a few more personnel from its self-driving car unit, Bloomberg reported this week.

GM Rumored to Commit EV Investment In Michigan: $General Motors(GM.US)$ is reportedly planning to plow in $3 billion to manufacture EVs and battery-cells in Detroit and Lansing. The company also announced this week two initiatives to bolster its EV supply chain. GM and Germany's VAC announced plans to build a new U.S. plant to manufacture permanent magnets for electric motors used in the GMC Hummer EV, Cadillac LYRIQ, Chevrolet Silverado EV and more than a dozen other models using GM's Ultium Platform. The company also announced a long-term agreement with MP Materials for the supply of rare earth materials, alloys and finished magnets for electric motors.

Nio Day On Track: Quelling speculation over a potential delay in the Nio Day event amid the COVID-19 variant threat, $NIO Inc(NIO.US)$ confirmed the event will take place as scheduled. Nio Day, touted as a big catalyst for the stock, is scheduled to be held in Suzhou on Dec. 18. Additionally, the company announced Friday it has installed its 700th battery swap station in China, hitting its annual target ahead of schedule.

Sell-side Rallies Behind Rivian as IPO Quiet Period Expires: $Rivian Automotive(RIVN.US)$ With the IPO quiet period expiring, sell-side analysts initiated coverage of the stock. Most analysts are bullish on the EV maker despite the spike in its post-IPO valuation. Morgan Stanley analyst Adam Jonas suggested that Rivian could be the "one" that can ultimately challenge Tesla.

Ford's EV Pickup Truck Reservations Swells: $Ford Motor(F.US)$ has reportedly stopped taking orders for its F-150 Lightning pickup truck. The company has collected 200,000 refundable $100 deposits since May, when the truck was unveiled. The company is preparing to open its order book for the truck next month.