Tesla, Ford, GM report hefty deliveries; shareholders vs. Rivian: This week in EVs

Tesla (TSLA) Model 3 tax credits likely reduced after Dec. 31

July 12, 2023 4:27 PM EDT

According to information posted on Tesla's (NASDAQ: TSLA) website on Tuesday evening, the federal tax credits of $7,500 for Tesla's Model 3 electric vehicles are expected to decrease after December 31.

The move comes as the U.S. government prepares to implement stricter regulations on batteries next year, with the aim of promoting domestic production of this essential... More

Audi in talks to acquire SAIC's EV platform

July 12, 2023 9:50 AM EDT

According to reports by Reuters Wednesday, citing people familiar with the matter, Germany's Audi is in talks with SAIC Motor Corpt to purchase an electric vehicle platform.

The decision highlights the intense competition in the world's largest auto market as legacy and Western brands grapple with the rising demand for EVs. With Audi's EV sales significantly lagging behind Tesla and domestic competitors... More

Citi opens upside catalyst watch ahead of General Motors (GM) 2Q earnings report

July 12, 2023 8:11 AM EDT

Citi reiterated a Buy rating on top pick, General Motors (NYSE: GM) and raised their 12-month price target on the stock to $89.00 (From $85.00) ahead of the companys 2Q earnings release. Citi also opened a 30-day upside catalyst call as they continue to see plenty of upside from strong North American pricing and expect a solid 2Q beat.

Analyst Itay Michaeli wrote in a note, If GM delivers another beat/raise with continued confidence in the... More

Citi Raises PT, Opens Catalyst Watch General Motors (GM)

July 12, 2023 4:34 AM EDT

(Updated - July 12, 2023 6:29 AM EDT)

Citi analyst Itay Michaeli reiterated a Buy rating and raised its price target to $89 (from $85) price target on General Motors (NYSE: GM) and opened an upside 30-day catalyst watch.

Opening Upside 30-Day Catalyst Watch

The analyst... More

Goldman Sachs starts Xpeng (XPEV) at Buy, expects rise in margins and overseas volumes

July 11, 2023 11:03 AM EDT

Goldman Sachs initiated coverage on Chinese electric automaker, XPeng (NYSE: XPEV) with a Buy rating and a 12-month price target of $18.10 as analyst Tina Hou expects Chinese auto OEMs overseas sales volume to rise from 2.7mn to 8.5mn in 2022-2030E, driven by leading technology and product competencies of Chinese EV models.

In the... More

U.S. to investigate 356k Ford (F) SUVs as doors unexpectedly open

July 11, 2023 10:20 AM EDT

The National Highway Traffic Safety Administration (NHTSA) revealed Tuesday that the U.S. regulator has opened an investigation into Detroit automaker, Ford Motors (NYSE: F) after receiving 118 questionnaires pointing to the potential for poor spot welds in the check arm bracket for the front... More

Mercedes-Benz doubles EV sales in 2Q

July 11, 2023 9:48 AM EDT

German luxury automaker, Mercedes-Benz released their second quarter sales results Tuesday, reporting a 6% rise in sales (to 515,700 vehicles) compared to the same time last year. According to Mercedes, Electric vehicles continued to be the main growth driver in the quarter, with passenger cars sales more than doubling (123%) to reach 56,300... More

Barclays sees these US auto & mobility stocks raising 2023 guidance

July 10, 2023 11:54 AM EDT

As earnings season rolls around once again, Barclays analyst Daniel Levy told investors in a note Monday that he sees six US auto and mobility stocks raising 2023 guidance. However, Levy warned that even though stability is emerging in the auto sector, investors should beware of the rising bar heading into the earnings releases.

Ford Motor (NYSE: F): The analyst told investors that the "stronger for longer" theme has emerged for both Ford and GM, with better pricing and volume than anticipated. While they expect a beat and raise for... More