A missing component at Tesla’s Fremont, Calif., factory is forcing the company to place a “containment hold” on Model 3 and Model Y vehicles coming off the assembly line, sources told Electrek.
More than 10,000 vehicles are now undeliverable and will likely “lead to a logistical nightmare at the end of the quarter,” it reported.
The issue comes amid a global chip shortage that has slammed car production worldwide. On Tuesday, Fitch estimated the chip supply squeeze will cost automakers 3.8 million unit in lost output, or about 5% of 2021 sales.
Meanwhile, Fisker CEO Henrick Fisker said in Monday’s first-quarter earnings report that the company is set to start production and deliveries in the next year.
Fisker says it has 16,000 reservations so far. More than 50% of reservation holders are from outside the SUV segment, indicating a potentially larger addressable market than expected, the company said in a statement. Fisker posted a Q1 loss of 63 cents a share.
On Tuesday, Fisker signed an agreement with U.K.-based Onto electric-car subscription service for delivery of up to 700 vehicles in 2023. Onto will be the exclusive partner of Fisker, offering the Ocean SUV on a monthly subscription.
Fisker is slated to begin deliveries of right-hand-drive Ocean SUVs into the U.K. market in the first half of 2023. Fisker also plans to open an experience center in London in 2022.
Last week, Fisker inked a vehicle-assembly deal with Apple iPhone supplier Foxconn Technology with plans to open a U.S. plant in 2023.
Rival EV startup Canoo says it’s on track to start production in 2022 and ramp to 15,000 units in 2023, according to CEO Tony Aquila in a statement following Q1 earnings results. The company, which will make minivans and other commercial type vehicles, announced targeted pricing between $34,750 and $49,950 before incentives or optional equipment.
Canoo posted a per-share loss of 7 cents in Q1 and disclosed an SEC investigation related to its blank-check merger as well as its operations.
Volkswagen (VWAGY) said Tuesday it will offer plug-in hybrid versions by 2024 of Lamborghini’s Urus SUV as well as the Huracan and Aventador supercars. Volkswagen’s Italian supercar brand will also launch its first battery-electric vehicle in the second half of the decade, Automobili Lamborghini CEO Stephan Winkelmann said.
The transition to hybrid cars entails an investment of 1.5 billion euros, or about $1.8 billion, over four years. The company aims to reduce CO2 emissions of its vehicles by 50% by 2025. Specific details about the vehicles design and costs are still in the works.
Newcomer luxury EV maker Lucid motors will be trading under the ticker LCID on the Nasdaq, after completing its merger via a special purpose acquisition company. On Feb. 22, Churchill Capital Corp. IV (CCIV) announced a deal to take Lucid public. The transaction valued Lucid at $24 billion, based on a $15 per share offer price. The deal is expected to close in the second quarter.
Tesla stock rose 0.2% to close at 577.87 on the stock market today. Among other EV stocks, Fisker shares surged 9% but it’s still trading below its 50-day line, which itself is sloping downward. Shares are also below their 200-day line.
Canoo shares edged up 0.5%, still significantly below its 50-day line, which is also sloping down. Its relative strength line climbed as the stock rallied in mid-March, but has since reversed.
Startup electric-truck maker Lordstown (RIDE) jumped 20%, after the company announced Lordstown week from June 21-25, where people and analysts can tour its factory and test-drive vehicles. RIDE stock also surged 14.6% Monday.
Volkswagen’s U.S.-traded shares dipped 0.6%. The stock was in a three-weeks-tight pattern in mid-April, but failed to break out. Shares are just below the 50-day line. Its relative strength line is trending up.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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