Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.
From the hotly-debated high-flier Tesla, Wall Street's newest darling Rivian, traditional-stalwarts turned EV-upstarts GM and Ford to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with "Charged," a weekly recap of the top stories and expert calls in the sector.
SOLARCITY DEAL: Tesla (TSLA) shareholders have urged a judge at an ongoing trial to find Elon Musk coerced the company's board into a deal for SolarCity in 2016 and have asked for Musk to be ordered to pay $13B, Tom Hals of Reuters reported. "This case has always been about whether the acquisition of SolarCity was a rescue from financial distress, a bailout, orchestrated by Elon Musk," Randy Baron, an attorney for shareholders, told the Zoom hearing, according to Reuters. The lawsuit alleges Musk strong-armed Tesla's board to approving the deal for SolarCity, a company Musk was the top shareholder in. Musk has countered this claim by arguing it was part of a decade-old plan to vertically integrate Tesla to transform energy generation and consumption.
Meanwhile on Tuesday, Credit Suisse analyst Dan Levy raised the firm's price target on Tesla to $1,025 from $830, keeping a Neutral rating on the shares. The analyst believes favorable fundamentals can continue to support Tesla stock. Yet non-fundamental factors will also need to remain supportive, he added. Levy pointed out that his above-consensus fourth quarter earnings per share estimate assumes quarter-over-quarter margin expansion.
COMPONENTS PLANT: General Motors (GM) announced plans to invest nearly $154M in its Western New York Lockport Components plant. "The investment will be used to renovate the facility and purchase and install new machinery and equipment used in the production of the stator module, a key component in an electric motor. Electric motors will be used in a variety of GM's future Ultium Platform-based electric trucks and SUVs. Facility renovations will begin immediately," the company said.
Meanwhile, General Motors president Mark Reuss also said in a LinkedIn post that first pre-production of the all-electric Cadillac LYRIQ has rolled off the line at the company's Spring Hill facility and that the team prepares to ship such vehicles to customers in a "few months." "15 months ago we announced a $2 billion investment into Spring Hill to build fully electric vehicles," Reuss added. "Our teams have worked tirelessly on the LYRIQ, bringing the launch up nine months ahead of schedule and working in parallel to convert the plant and start production. This is an important proof point in our path to EV leadership as we introduce more high-volume EVs across price points and lifestyles. I'm thankful to the Spring Hill and Cadillac teams for all their hard work. Congratulations on this huge milestone!"
EV CHARGERS: Blink Charging (BLNK) announced it is deploying EV chargers at General Motors dealerships in the U.S. and Canada. "Working with ABM, which delivers turnkey EV charging installations, Blink has already started shipping chargers to selected GM dealerships and currently has orders on hand to supply GM dealers in the U.S. and Canada with additional charging stations over the next several months," the company said. "We are proud to bring Blink's EV charging stations to GM dealerships, providing the vital infrastructure needed to charge GM's growing lineup of EV models. As transportation continues to shift towards becoming more electric, Blink's technologically advanced EV charging infrastructure will help play a significant role in accelerating EV mass adoption," said Michael Farkas, Founder and CEO of Blink Charging.
NIKOLA, PROTERRA AGREEMENT: Nikola (NKLA) and Proterra (PTRA) announced a strategic, multi-year supply agreement to power Nikola zero-emission semi-trucks with Proterra's industry-leading battery technology. Proterra product is expected to be incorporated in the Nikola Tre battery-electric vehicle and Tre fuel cell electric vehicle. The first Proterra Powered Nikola semi-trucks are expected to be produced in the fourth quarter of 2022, with Proterra delivering prototype systems to Nikola starting in the second quarter of 2022.
