Most underperforming electric vehicle stocks staged a modest comeback in the week that ended on July 21, although market leader Tesla, Inc. (NASDAQ:TSLA) took a tumble as investors shrugged off a second-quarter beat and focused on certain comments from company CEO Elon Musk.
Here are the key events that happened in the EV space during the week:
Tesla’s Post-Earnings Sell-Off, Cybertruck Sightings And More: Tesla reported better-than-expected earnings and revenue for the quarter. Its vehicle margin, excluding regulatory credits, even came in better than expected. Investors, however, sent the stock down by about 10% in a post-earnings reaction on Thursday.
Some market watchers blamed the slump on a poor quality-earnings beat that came mainly from Tesla’s other sources of income and lower operating earnings from the company’s core businesses. Others pointed to Musk’s comments that not only left open the possibility of further price cuts but also failed to clarify Tesla’s margin outlook.
Cybertruck, meanwhile, continues to stirs excitement among the Tesla community. Fans shared videos of the electric pickup truck in a different camouflage, creating a buzz. …
