Tesla’s “AI Day” front and center, Nio On Damage Control mode, Romeo’s Rough Ride, Lordstown’s “very brief” shareholders’ meeting
The past week has been fairly calm on the EV front after weeks of robust news feeds in the middle of the earnings season. Tesla, Inc. (NASDAQ: TSLA) Elon Musk, however, provided the excitement that could last all week and more, with the electric vehicle maker’s AI Day presentation.
Tesla at the forefront of cutting AI technology: At the AI Day event, Tesla showcased several next-generation technologies, highlighting ongoing R&D initiatives.
The announcements included an internal chip named “D1” that will power the company’s Dojo supercomputer. When scaled, D1 can increase bandwidth and reduce latency for better AI performance.
“The AI capabilities Tesla is working on will improve and improve its FSD with the hope that Dojo will be up and running next year,” Wedbush analyst Daniel Ives said in a note.
Investors are blowing hot and cold on Tesla Bot: Musk also introduced the Tesla Bot, a humanoid robot designed to help with dangerous and repetitive tasks. Despite the visionary project, investors likely won’t be overly impressed, according to Ives.
As with the robotic axis and Musk’s other future sci-fi projects, the Tesla Bot is an “absolute puzzle” that will get investors more agitated, the analyst said. Investors are already concerned about increasing competition and safety concerns with Tesla cars, he added.
Auto Pilot Probe A setback for Tesla at the start of the week: Ahead of AI Day, Tesla’s shares were affected by a report that the National Highway Traffic Safety Administration had launched a formal investigation. The probe is linked to past accidents involving Tesla vehicles with their autopilot mode activated.
Related Link: Tesla’s Advertising Spend Could Go From Zero To Significant In 2025: How Will Margins Be Affected?
Nio accused of falsifying data after Fata crash: After the crash last weekend of Nio, Inc. (NYSE: NIO) ‘s ES8 which killed the owner of the car, the family of the deceased accused Nio technicians of accessing the data without permission from the traffic police.
Nio quickly issued a statement saying that its staff had not changed or deleted any data. A group of Nio users came to the company’s rescue by issuing a joint statement.
XPeng is making progress with manufacturing facilities: XPeng, Inc. (NYSE: XPEV) announced the expansion of its Zhaoqing plant in Guangdong province, which will increase annual production capacity from 100,000 units to 200,000 units. The electric vehicle maker has another factory under construction in Guangzhou province and it is also setting up a smart manufacturing company in Wuhan.
The Plug Power management team strengthens: Hydrogen fuel cell energy company Connect Power, Inc. (NASDAQ: PLUG) announced the appointment of four general managers, overseeing each of its business units. The company also reiterated its record gross billing forecast of $ 750 million for 2022.
Romeo’s disappointment in the second quarter: Ailing electric vehicle battery company Romeo Power, Inc. (NYSE: RMO) reported below consensus earnings for the second quarter, pushing shares lower for much of the week.
Lordstown Blink-and-Miss General Meeting: Lordstown Motors Corp (NASDAQ: RIDE) held its annual meeting of shareholders on Thursday, which lasted only 10 minutes. The company reiterated its forecast for the start of limited production of its Endurance EV pickup truck in September.
China publishes automatic data security regulations: New automotive data security regulations issued jointly by five agencies / ministries aim to regulate the processing of automotive data, protect the legitimate rights and interests of individuals and organizations, safeguard national security and social public interests , and promote the rational development and use of automotive data.
“If there is a need to deliver important data overseas due to business needs, the automotive data processor should implement the data output security assessment system requirements and should not provide important data abroad in violation of the conclusions of the exit safety assessment, and complete the relevant information information in the annual report, “the regulators statement said.
Performance of EV shares for the week:
Related Link: How Will Tesla’s Autopilot Safety Probe Affect the Electric Vehicle Maker and Industry?
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