Electric vehicle stocks advanced in the week ending July 8, thanks to positive broader market sentiment and some encouraging company-specific news. Market leader Tesla, Inc. (NASDAQ: TSLA ) closed above the $750 level and Rivian Automotive, Inc. (NASDAQ: RIVN ) also advanced solidly.
Here are the key events that happened in the EV space during the week:
Tesla Amid Abounding News Flow: Tesla's resilience came to the fore as the company reported record June sales in China. After an anemic performance in April, when Giga Shanghai was shut down for about three weeks, the company came back strongly in May and hit the top gear in June.
Tesla pushed out 78,000 Giga-Shanghai-made cars in June, according to the industry body China Passenger Car Association.
Reflecting China's importance in Tesla's scheme of things, the company is reportedly planning to appoint its top Chinese executive Tom Zhu to oversee its Asia-Pacific operations. This responsibility was previously held by North American executives.
Tesla chief executive officer Elon Musk hinted at a ...
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