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Tesla is offering discounts on the Cybertruck just 14 months after its launch, signaling a decline in demand for the electric pickup. Despite initial predictions of high sales, the company sold about 39,000 units in 2024, falling short of expectations and contributing to a drop in overall global sales. While the Cybertruck leads among electric pickups, the initial excitement has waned, with competitors like the Ford F-150 Lightning gaining traction among users.
Rivian Automotive, Inc. focuses on designing, manufacturing, and marketing electric vehicles, including passenger cars and commercial vans. In 2022, the company sold 20,332 vehicles and offers various services such as financing, telematics, and vehicle maintenance. By the end of 2022, Rivian will have a production facility in the United States.
Stocks rallied on the final day of the Santa Claus rally, with the Dow up 340 points and all major indexes closing in the green, despite the S&P 500 ending the period down 0.5%. Rivian Automotive surged 24.4% after exceeding EV delivery forecasts, while Tesla faced a decline in sales. Analysts remain divided on Rivian's stock, with some optimistic about its production numbers, while others express concerns over cash burn and margins.
The S&P 500 is on track for its first gain since Christmas, rising 1.1% in afternoon trading, driven by Nvidia's 4.5% increase. Despite a recent pullback, concerns about inflation and high stock prices persist, while U.S. Steel fell 5.6% after a blocked acquisition. Global markets reacted variably, with South Korea's Kospi gaining 1.8% amid political instability.
U.S. equities rebounded at midday, buoyed by optimism for nuclear energy and Tesla's recovery from disappointing delivery numbers. Vistra, NRG Energy, and Constellation Energy surged due to rising electricity demand for AI data centers, while U.S. Steel shares fell after President Biden blocked Nippon Steel's takeover on national security grounds. Alcohol stocks declined following health warnings about drinking and cancer.
Wall Street rebounded on Friday, with the S&P 500 rising 1.3% for its first gain since Christmas, driven by strong performances from Big Tech stocks like Nvidia and Tesla. The Dow Jones gained 339 points, while the Nasdaq jumped 1.8%. However, U.S. Steel fell 6.5% after a blocked acquisition, and alcohol companies dropped following health warnings about cancer risks associated with consumption.
The S&P 500 is on track for its first gain since Christmas, rising 1.1% in afternoon trading, while the Dow Jones increased by 258 points. Nvidia led the rally with a 4.5% rise, despite concerns over high tech stock prices, while Tesla rebounded 5% after a previous drop. However, U.S. Steel fell 5.6% following a blocked acquisition, and alcohol stocks declined after health warnings linked consumption to cancer risks.
In Q3 2024, fully electric vehicles (EVs) made up 7.0% of US auto sales, a slight decrease from 7.4% in Q2. Despite a slowdown in growth, EV sales rose 8% year over year, with Tesla maintaining a dominant position, though its market share continues to decline as competitors like Ford, GM, and Honda gain traction.
Stellantis has secured a conditional commitment for a $7.54 billion loan from the US Department of Energy to establish lithium-ion battery factories in Indiana, aiming to produce 67 GWh of batteries annually. The company is also investing in lithium-sulfur battery technology, partnering with Zeta Energy to potentially launch a commercial version by 2030, which promises lighter, cheaper, and faster-charging batteries. As scrutiny of these projects increases, the future of Stellantis's EV ambitions remains uncertain amid competitive pressures in the automotive industry.
Vivek Ramaswamy criticized the Biden administration's recent spending initiatives, including a $6.6 billion loan to Rivian Automotive, labeling them as a "last minute spending spree" that warrants scrutiny. He expressed concerns over potential fiduciary breaches and emphasized the need for review of eleventh-hour spending decisions, particularly those made through executive power. Ramaswamy, who will co-lead a new agency with Elon Musk, indicated that the agency, DOGE, will focus on targeting government waste and fraud within its limited timeframe.
Rivian Automotive, Inc.
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