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Charged: DOJ Probing Electric-Truck Startup Lordstown Motors

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Tesla, NIO and Xpeng report second quarter vehicles deliveries. Welcome to The Fly’s latest edition of “Charged,” where we look back at some recent analysts’ notes, news and activity in the electric vehicle and clean energy space.

Q2 DELIVERIES: 

Tesla (TSLA) announced that in the second quarter, it produced 206,421 vehicles and delivered 201,250. The Bloomberg estimate for deliveries is 204,160. Model S/X production was 2,340 and deliveries were 1,890. Model 3/Y production was 204,081 and deliveries were 199,360. The total subject to operating lease accounting was 7%. Tesla said, “Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more.”

Meanwhile, NIO (NIO) also announced its June second quarter delivery results. NIO delivered 8,083 vehicles in June, a new monthly record representing 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the company’s six-seater or seven-seater smart electric SUV, 3,755 ES6s, the company’s five-seater smart electric SUV, and 2,830 EC6s, the company’s five-seater smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.

On Thursday, XPeng (XPEV) announced its vehicle delivery results for June and the second quarter. XPeng recorded its highest-ever monthly deliveries in June of 6,565 Smart EVs, representing a 617% increase year-over-year, and a 15% increase over last month. The company also achieved a quarterly record of 17,398 deliveries in the second quarter, marking a 439% increase year-over-year. June deliveries consisted of 4,730 P7s, the company’s sports smart sedan, and 1,835 G3s, its smart compact SUV. As of June 30, year-to-date total deliveries reached 30,738 units, representing a 459% increase year-over-year. P7 deliveries continued record-breaking growth in June. Since mid-2020, 34,588 P7s have been delivered. The company plans to launch the G3i SUV, the new mid-phase facelift version of G3, in July, with deliveries planned for September this year. XPeng also plans to launch its third production model, the P5 family-friendly smart sedan, in third quarter with deliveries expected in the fourth quarter. Upon delivery, the P5 will be the world’s first mass-produced Smart EV equipped with auto-grade LiDAR technology.

MODEL 3 REGAINS ‘CR TOP PICK’ STATUS: 

“The Tesla Model 3 has regained its status as a Consumer Reports Top Pick after independent tests proved the effectiveness of its new camera-based automatic emergency braking and forward collision warning systems. The Insurance Institute for Highway Safety has released the first evaluations of new Tesla vehicles that use a camera-based system for AEB and FCW. Because of their performance, the Model 3 will once again get a Top Safety Pick+ designation, which is the IIHS’ highest safety award,” the consumer-focused publication announced.

DOJ PROBE: 

The Justice Department is probing electric-truck startup Lordstown Motors (RIDE) and the inquiry, which is in its early stages, is being handled by the U.S. attorney’s office in Manhattan, The Wall Street Journal‘s Ben Foldy and Rebecca Davis O’Brien reported, citing people familiar with the matter. Lordstown has previously said the SEC has issued subpoenas regarding Lordstown Motors’ move last year to become a public company and its representations about preorders and the company has said it is cooperating with the SEC’s investigation, authors noted.

LONG-RUNWAY FOR GROWTH: 

RBC Capital analyst Joseph Spak initiated coverage of Plug Power (PLUG) with an Outperform rating and $42 price target. With a “comprehensive turn-key solution,” Plug Power offers exposure to the emerging hydrogen economy, Spak told investors in a research note on Wednesday. The analyst argued that the stock’s “rich” valuation is justified by its “long-runway for growth.” In the near-term, the shares will be driven by policy developments, new announcements, partnerships, or acquisitions and estimate revisions, he added. Spak believes hydrogen could play a “key role in global de-carbonization.”

Originally Posted on July 6, 2021 – Charged: DOJ Probing Electric-Truck Startup Lordstown Motors

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