Electric vehicle roundup: Tesla preps for big step in Germany, Chinese names fall
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The electric vehicle sector started the week off with mixed returns.
While Chinese EV names Li Auto (LI
-5.5%), XPeng (XPEV
-5.5%) and Nio (NIO
-3.7%) sputtered again after Chinese banks disappointed earlier in the day by leaving the domestic loan prime rate unchanged, some U.S. startups like Mullen Automotive (MULN
+29.1%), Helbiz (HLBZ
+7.9%), Cenntro Electric Group (CENN
+7.5%) and Tritium DCFC Limited (NASDAQ:DCFC
+4.5%) broke higher on a shift by investors back to positive sentiment on the near-term upside.
Meanwhile, Tesla (NASDAQ:TSLA
+1.2%) rode to a six-week high with Elon Musk set to cut a red ribbon at the Gigafactory in Berlin tomorrow to end a long battle to start production out of Germany.
"We view the opening of Giga Berlin as one of the biggest strategic endeavors for Tesla over the last decade and should further vault its market share within Europe over the coming years as more consumers aggressively head down the EV path," updated Wedbush Securities analyst Dan Ives on the development.
The Berlin factory is said to establish a major beachhead for Tesla (TSLA) in Europe with the factory having a capacity of ~500K vehicles annually, headlined by the Model Y initially.
Check out the latest breakdowns on Tesla (TSLA) from Seeking Alpha authors.