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 (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) 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.
CHARGING NETWORK: Tesla’s is opening its charging network to rivals, Claire Bushey of The Financial Times reports. Originally, Tesla’s network of thousands of locations for charging was designed to only repower Tesla vehicles, but last week CEO Elon Musk said he will allow Ford (F) cars to plug in at 12,000 sites beginning next spring. Tesla also announced plans to invite other EV brands to use 7,500 locations by the end of 2024.
Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.
$3B OFFERING: Shares of Lucid Group (LCID) were under pressure last Wednesday after the company announced the commencement of a public offering of 173,544,948 shares of its common stock. In addition, Lucid’s majority stockholder and affiliate of the Public Investment Fund, or "PIF," Ayar Third Investment Company, has agreed to purchase from Lucid 265,693,703 shares of Lucid common stock in a private placement for an aggregate purchase price of approximately $1.8B. The private placement is expected to close on June 26 and is subject to completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects to maintain its approximate 60.5% ownership of Lucid’s outstanding common stock. Lucid intends to use the net proceeds from the public offering, as well as from the private placement by its majority stockholder for general corporate purposes, which may include, among other things, capital expenditures and working capital.
PREORDERS: Nio (NIO) launched its second-generation ES6 electric SUV two weeks ago, and according to a new report from the Chinese consumer behavior research agency CarFans, the ES6 is generating quite a stir during its first week on the market, Electrek’s Peter Johnson writes. The data shows that each NIO store received an average of 90 pre-orders of the ES6, with 20 confirmed orders, including a down payment. With around 330 stores, that’s about 29,700 pre-orders or 6,600 confirmed. Although most of the 29,700 pre-orders are refundable, with 6,600 confirmed reservations, NIO’s new ES6 is still off to an excellent start for only being on the market for three days, Johnson says.
MAY DELIVERIES: Nio said it delivered 6,155 vehicles in May. The deliveries consisted of 2,396 premium smart electric SUVs, and 3,759 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 333,410 as of May 31, 2023.
XPeng (XPEV) also announced its vehicle delivery results for May, saying it delivered 7,506 Smart EVs. The delivery volume of the P7i has experienced a substantial increase compared to the previous month. The company will further accelerate deliveries of the P7i in June, with the goal of rapidly bringing customers this popular new model that features outstanding style and design aesthetics and distinguishing smart features.
Additionally, Li Auto (LI) said the company delivered 28,277 vehicles in May, up 146% year over year. This marks Li Auto’s third consecutive month of delivering over 20,000 vehicles and its second straight month of delivering over 10,000 Li L7s. The cumulative deliveries of Li Auto vehicles reached 363,876 as of the end of May.
SUPPORTIVE ACTION: BofA upgraded NextEra Energy Partners (NEP) to Neutral from Underperform with a price target of $60, up from $53, citing what the firm calls "supportive action" from sponsor NextEra Energy (NEE). The incentive distribution relief suspension for 2023-2026 announced by NextEra Energy provides the partnership with $628M in additional cash flow, which removes a near-term capital markets overhang, the firm tells investors.
ON THE SIDELINES: Late last week, GLJ Research upgraded First Solar (FSLR) to Hold from Sell with a $157.56 price target. While the firm believes the solar industry is in the "beginning innings of one of the most severe supply surpluses its ever seen," it calls First Solar the "best house on a (very) bad block" considering its "enviable position" due to President Biden’s Inflation Reduction Act "giveaways." While GLJ expects First Solar to outperform its peers, the firm still expects the stock to end the year lower, keeping it from placing a Buy rating on the shares.
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