Tesla’s Multiple Delays, Chip Crunch Bites NIO, Apple Car Rumors, Trouble Brew for Workhorse, Volkswagen’s Best-Seller Arrives in China

EV stocks had a mixed outing in the week ended September 3. Global semiconductor shortages were in the limelight following warnings by EV manufacturers, and after a brief pause, Apple, Inc. (NASDAQ:AAPL) car chatter intensified during the week.

The major developments from the EV sector are as follows:

Tesla Delay and Model 2 Budget Car: Tesla announced three delays during the week. Elon Musk Via a tweet Full-Self Driving, or FSD, Beta 10 will be released next Friday, a week after the previously stated date. He suggested that FSD Beta 10.1 would be ready for a public opt-in request button two weeks later.

Musk also reportedly revealed that the Cybertruck will not go into production until the end of 2022. The Tesla chief also tweeted that production of the second-generation Tesla Roadster is delayed by a year until 2023.

On a positive note, things seem to be moving forward for Musk and the team on the India front, as reports suggested that Tesla has got approval for four variants in India.

More details emerged about Tesla’s $25,000 car, widely known as the Model 2 vehicle. Musk reportedly told employees at a company-wide meeting that production was likely to begin in 2023 and could come without a steering wheel and pedals.

Auto-tech giant to form partnership? Cupertino was reportedly in Asia, in discussions with potential partners and suppliers. Apple eyeing partnership with Japanese auto giant Toyota Motor Corp. (NYSE:TM) after engaging in discussions with EV component suppliers SK Group and LG Electronics, both out of South Korea.

RELATED LINK: Tesla Giga Shanghai production halted for 4 days in August due to chip shortage: Report

The worst fears came true for Nio: Chinese EV Startups Neo, Inc. (NYSE:NIO)’s delivery momentum faltered in August, as the company’s triple-digit “year-over-growth streak” came to an end. The company attributed the weakness to shortage of chips and parts.

Meanwhile, domestic co-workers Xping, Inc. (NASDAQ: XPEV) outperformed the Nio, though its delivery growth rate slowed. XPeng said production of its G3 SUV was affected as it prepares to deliver an upgraded version of the model – the G3i – in September.

The brightest of the Li Auto Chinese EV trio: Lee Auto, Inc. (NASDAQ:LI), the less flamboyant of the three US-listed Chinese EV makers, reported strong deliveries for August. The company that has a single EV model – the Li One – faced chip shortages in the market that were a bit like the Nio and XPeng.

Volkswagen brings its best-selling EV to China german automakers Volkswagen AG (OTC: VWAGY), which has a presence in the Chinese EV market, is looking to ramp up sales in the country.

The company’s best-selling electric vehicle in Europe – the ID.3 – will be made available in China in the fourth quarter, the company said this week. The EV debuted at the Chengdu Motor Show this week.

Workhorse Group Under SEC Scanner: The SEC has launched an investigation Workhorse Group Inc. (NASDAQ:WKHS). The regulator’s proactive investigation was brought to light by short-seller Fuzzy Panda, who also accused the firm of placing counterfeit orders and committing accounting fraud.

EV Stock Performance for the Week:

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RELATED LINK: Tesla’s $25,000 Car, Dubbed Model 2, Likely to Come in 2023: Report

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