Tesla’s China Sales Stutter, Oil-Rich Saudi Arabia Turns to Electric Vehicles, Canoo’s Quest for Vertical Integration, Fisker Stays on Track and More: The Biggest Electric Vehicle Stories from the week – Tesla (NASDAQ:TSLA)

Electric vehicle inventories were mostly down in the week ending Nov. 4, as another big rate hike issued by the Federal Reserve weighed on risk appetite. market leader Tesla, Inc. TSLA remained under pressure amid investor concerns by Elon Musk divided attention following its purchase on Twitter.

Now, here are the key events that happened in the EV space over the week:

Tesla sales in China are slowing: Data released by the China Passenger Car Association showed that Tesla sales in China fell from 83,135 units in September to 71,704 units in October. This is despite the company reducing vehicle prices by 5% at the end of October. The company’s sales also paled before warren buffet-supported BYD Manufacturing Company Limited BYDDY BYDDFwhich recorded battery EV sales of 103,157 units in October.

Among Chinese startups, Nio, Inc. NIO and Li Auto, Inc. LI recorded year-over-year growth, although sales fell sequentially. XPeng, Inc. XPEV sales, meanwhile, were cut nearly in half from a year ago. Nio said supply chain challenges following COVID-19 restrictions have impacted production and the supply chain.

Saudi Arabia, Foxconn Partner: The Saudi sovereign wealth fund has created a joint venture with Hon Hai Precision Manufacturing Company Limited HNHPF manufacture and sell electric vehicles as part of its Vision 2030 goal to reduce its dependence on oil and diversify its economy. The joint venture, called Ceer, plans to design, manufacture and sell a portfolio of electric vehicles using BMW AG BMWYY component technology.

See also: Tesla’s rivals in China see shares soar amid mixed October deliveries: Are investors outpacing Xi Jinping-tied selling?

Nikola reports a mixed third quarter: Nikola Company NKLA announced a weaker-than-expected third-quarter loss and revenue above consensus. The company said it produced 75 BEV Nikola Tre at its plant in Coolidge, Arizona, and delivered 63 trucks to its dealers. The company, however, cut its 2022 production outlook from 300 to 500 trucks to 255 to 305 units, and gave no guidance for 2023, citing uncertainties.

Lucid will unveil new air trims: LucidGroup, Inc. LCID said it will unveil the Lucid Air Pure and Air Touring at an online global launch event on Nov. 15 at 1 p.m. EST. The unveiling will be preceded by the first delivery of Air Touring which would take place at the company’s Beverly Hills studio. The Air Pure and Air Touring have starting prices of $87,400 and $107,400, respectively.

Fisker on the right track: Fisker, Inc. FSR has confirmed that it will begin production of its first electric vehicle model – the Ocean SUV, later this month. The vehicle has garnered more than 62,000 reservations, the company said, adding that it is aiming for production of 42,400 units by the end of 2023. While the electric vehicle is manufactured in Austria by a unit of Magna International, Inc. MGAthe company plans to move manufacturing to the United States by 2025. The company, meanwhile, reported a bigger loss for its third quarter.

Canoo makes a foray into battery manufacturing: Short of money Canoo inc. GOV announced that it would set up a battery module manufacturing facility at the MidAmerica Industrial Park in Pryor, Oklahoma. Once fully operational, the facility will be capable of producing around 3,200 MWh of battery module manufacturing capacity, he added.

EV stock performance for the week:

Read more : : Best Electric Vehicle Stocks

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