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EV Week In Review: Elon Musk Makes Good On His Doge Promise, Hyzon Subpoenaed By SEC, Fisker Teases Supercar, Rivian Warns And More

EV stocks meandered to a mixed close in the week ending Jan. 14 amid mixed news flow and the broader market’s directionless trading. EV leader Tesla Inc (NASDAQ: TSLA) found more than one reason to remain in the spotlight, while the week witnessed another EV SPAC mired in controversy.

Here are the key events that happened in the EV space during the week:

Tesla’s Standout China Numbers, Dogecoin Payment, Cybertruck Delay And More: Tesla’s global fourth-quarter deliveries reported on Jan. 2 did not specify numbers based on geographies. It took a little over a week for investors to get a glimpse at how the company fared in China, one of its key markets.

Data released by the China Passenger Car Association showed that Tesla’s China wholesale sales rose about 100% year-over-year to 70,847 units, with all but 245 units sold locally.

It also came to light that Tesla might not be starting production of its much-awaited and much-hyped Cybertruck in 2022. The company removed the reference to the 2022 production start date from the Cybertruck page.

Tesla finally began accepting Dogecoin (CRYPTO: DOGE) as a payment option for some of its merchandise this week. Items purchased using the dog-themed crypto, however, cannot be returned, exchanged or cancelled, the company said.

Products such as the “Cyberwhistle” and “Cyberquad for Kids” could be acquired using the cryptocurrency, the company added.

Hyzon On SEC Radar: Hyzon Motors, Inc. (NASDAQ: HYZN) disclosed this week the SEC sent a subpoena over allegations made by short seller Blue Orca Capital in September.

The maker of hydrogen fuel-cell energy vehicles said its 2021 deliveries will be slightly above expectations, but revenues and margins will materially trail expectations due to product mix and multiyear revenue recognition for the majority of sales.

Related Link: Tesla Analyst Hikes Price Target, Says The Company Can ‘Make All Other EV Names Obsolete’

Fisker Fleetingly Teases Supercar: Fisker, Inc. (NYSE: FSR) CEO Henrik Fisker teased a Supercar model in a blink-and-miss tweet, captioning the image as “top secret.” The company is currently developed an all-electric SUV named Ocean, which is scheduled for launch in the fourth-quarter of 2022, barring any production hiccups.

Rivian FY21 Production Falls Short: Rivian Automotive, Inc. (NASDAQ: RIVN) announced that it produced 1,015 vehicles in 2021 and delivered 920 units. This trailed the company’s 2021 target of 1,200 units.

Volkswagen’s Global Sales Double: German legacy auto giant Volkswagen AG (OTC: VWAGY) said its global EV sales jumped to 263,000 units, up about 98% year-over-year. A bulk of the vehicles were ID.4 EVs, the company said. The German company’s China performance, however, was subpar. The company sold about 70,000 ID-series EVs in China in 2021, below its target of 80,000-100,000 units.

EV Stock Performances for The Week:

Related Link: Ford Can’t Compete With Tesla Despite Doubling F-150 Lightning Production: Analyst

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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