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Wednesday, March 8, 2023

EV Update -- March 8, 2023

Tracking

EVs: in round numbers --

  • 2022:
    • F: sold 61,575 EVs in 2022: became the second-largest EV manufacturer in the US, behind Tesla
    • GM:
      • sold fewer than 25,000 EVs in 2022
  • 2023:
    • Tesla: 1.1 million EVs
    • F: 500,000 EVs -- original estimate
      • run rate
        • F-150 Lightning: 150,000 annual run rate
          • on track to triple production y/y
          • sold 3,600 through February, 2023
          • list price: $52K to $97K
      • Mustang Mach-E: 210,000 annual run rate
    • GM:
      • to deliver 400,000 EVs by end of 2023, link here
      • will build a third factory to build the Silverado EV
      • currently: Factory Zero and the Orion assembly plant
  • 2026:
    • Tesla:
    • F: 2 million
    • GM:

EVs: link here. Scorecard

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ICU

The next twelve months look like it could be "make it or break it" for a number EV manufacturers with the new Fed policy: "higher, sooner, longer." 

Rivian's offering:

  • $1.3 billion
  • 4.625%
  • will settle March 10, 2023
  • due 2029

Links.

  • Lordstown:
    • Lordstown: critical, in ICU, needs partner to survive. Link here. March 7, 2023, one day ago.
    • Lordstown CEO: setback, disappointing. Link here. March 6, 2023, two days ago.
    • Lordstown: delivered just six EV pickups before shutting down. Link here. March 6, 2023, two days ago.
  • Market today, mid-day:
    • Lordstown (RIDE): down another 7.5% today.
    • Nikola: down 2%.
    • ARVL: down 9.3%.
    • LCID: up slightly.
    • RIVN: up 3%.
    • FSR: down 1.3%.
    • F: flat, slightly green

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Market

So, with the new Fed policy, "much higher sooner, much longer," how did the EV manufacturers do yesterday, Tuesday, March 8, 2023? (For 52 weeks):

  • F: down 1%. (A high of $17.80; now trading for $12.98).
  • RIVN: down 15%. (A high of $56.76; now trading for $14.64). All-time high: $172.01.
  • RIDE: down 4%. (A high of $3.79; now trading for $0.98). All-time high: $29.01.
  • LCID: down 6%. (A high of $28.14; now trading for $8.31). All-time high: %55.21.
  • ARVL: down 4%. (A high of $4.13; now trading for $0.24). All-time high: $31.54.
  • GOEV: down 7%. (A high of $6.25; now trading for $0.65). All-time high: $20.28.
  • TSLA: down 3%. (A high of $384; now trading for $188).
  • NKLA: down 5%. (A high of $11.87; now trading for $1.95). All-time high: $65.
  • FSR: down 4%.  (A high of $14.74; now trading for $7.40); All-time high: $28.50.

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