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.
OUTPUT SUSPENSION: Tesla (TSLA) intends to suspend most output at its Shanghai factory in the first two weeks of July to work on an upgrade of the plant, Reuters' Zhang Yan and Brenda Goh reported, citing an internal memo. Following the upgrade, the car maker seeks to boost the factory's output to a new record high by the end of July to get closer to its goal of making 22,000 cars per week in Shanghai, the authors noted.
EV PRICE RAISES: Auto makers have been raising prices on electric cars, partly to offset the soaring cost of materials used in their large batteries. Car executives also are capitalizing on strong consumer interest in EVs, as a new wave of plug-in vehicles hits the market, The Wall Street Journal's Mike Colias reported. In the past few months, Tesla, Ford (F), General Motors (GM), Rivian Automotive (RIVN) and Lucid Group (LCID) have increased prices on certain electric models, the author noted.
ORDERS, DELIVERIES: Li Auto (LI) announced that the orders for Li L9, its flagship smart SUV, have exceeded 30,000 in 72 hours since the vehicle was available for reservation, demonstrating the outstanding product appeal of the vehicle for family users. Each Li L9 order requires a RMB5,000 deposit, which is refundable for a limited period of time.
Meanwhile, XPeng (XPEV) announced that it has reached 200,000 cumulative smart electric vehicle deliveries. The company expects to launch its next advanced driver assistance function "City Navigation Guided Pilot" in the coming months. XPeng's flagship SUV, XPENG G9, equipped with the next-generation XPILOT platform and X-EEA 3.0 electronic and electrical architecture, will also be launched in the third quarter of this year, with deliveries expected in the fourth quarter. It also plans to launch two new models based on the new platform in 2023, which are expected to solidify the company's leadership in China's smart EV market.
BUY SONO MOTORS: Cantor Fitzgerald analyst Andres Sheppard initiated coverage of Sono Motors (SEV) with an Overweight rating and $7 price target. Sono is developing a solar-powered, electric car for the mass market and he believes it can offer a more affordable electric vehicle that is less dependent on charging, Sheppard told investors. He also thinks Sono's multiple revenue streams help to de-risk the business and sees the company benefiting from supportive legislation that should drive demand for EVs.
RENEWABLES TARGET: The German Economy Ministry announced in a statement that European Union energy ministers have agreed to increase the share of renewables in the bloc's energy production to 40% by 2030, up from a previous goal that had been set at 32%, Reuters reported. Publicly traded companies in the solar energy space include Array Technologies (ARRY), Canadian Solar (CSIQ), FTC Solar (FTCI), First Solar (FSLR), JinkoSolar (JKS), Maxeon Solar (MAXN), ReneSola (SOL), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR).
