The electric vehicle (EV) stock market saw a mixed performance for the week ending September 20, despite the broader market’s positive trend. Tesla, Inc. (TSLA) climbed to its highest point since late July, fueled by a number of positive developments.
Tesla’s China Sales Surge, European Market Slumps
Data from China showed strong performance for Tesla, with 15,600 insured registrations for Tesla vehicles in the week of September 9-15. This suggests Tesla is on track for its best quarter ever in China. However, Tesla’s European sales declined by 36% year-over-year in August, reaching 21,701 vehicles. This decline reflects broader trends in the European EV market, which the European Automobile Manufacturers Association describes as being on a “continual downward trajectory.”
Rivian Introduces New Tri-Motor Powertrain
EV startup Rivian Automotive, Inc. (RIVN) introduced a new tri-motor powertrain option for its popular R1S and R1T models. The 2025 model year R1T and R1S, initially launched with dual motors, now offer a powerful tri-motor configuration. This new version boasts a range of 405 miles in conserve mode or 371 miles for all-purpose driving, with a starting price of $99,900.
Nio Launches Mass-Market Brand, Onvo
Chinese EV manufacturer Nio, Inc. (NIO) made headlines with the official launch of its mass-market brand, Onvo, in Hefei, Anhui province. The first model, the Onvo L60, is a mid-size SUV aimed at competing with Tesla’s Model Y. The L60 has a starting price of 206,900 yuan (around $29,300) with the battery pack included, or a more affordable 149,900 yuan if purchased with Nio’s battery-as-a-service option. Deliveries are slated to begin on September 28.
Faraday Future Announces Second Brand, Faraday X
Faraday Future Intelligent Electric Inc. (FFIE), known for its struggles, announced a second brand called Faraday X. The first vehicles under this brand, dubbed FX5 and FX6, will likely come with range-extended and battery-electric options. These models are estimated to have price ranges of $20,000-$30,000 and $30,000-$50,000, respectively. Faraday Future aims to start production by the end of 2025, pending securing necessary funding.
Hyzon Motors Begins Production of Class 8 Hydrogen Truck
Hyzon Motors, Inc. (HYZN) announced the start of production of its Class 8 200 kilowatt fuel-cell electric truck. This launch marks a significant step in the decarbonization of heavy-duty industries, offering a high-performance, zero-emission alternative to diesel trucks. The truck features a single stack 200kW fuel cell system, which is 30% lighter and smaller than using two 110kW systems. This makes the truck 25% more cost-efficient than its diesel counterparts.
EV Stock Performance
Here’s a look at the weekly performance of key EV stocks:
* Tesla: +3.46%
* Nio: -4.87%
* XPeng: +7.02%
* Li Auto: +12.66%
* Workhorse: +7.59%
* Hyzon Motors: +1.33%
* Canoo: -19.20%
* Rivian: -13.26%
* Lucid: -11.42%
* Faraday Future: -15.54%
* Nikola: -6.85%
* VinFast: -7.58%
