Weekly Dose

EV Stocks Slide, Social & Tech Stocks in Focus and More Stories

By:Vonetta Logan

Vonetta Logan's weekly recap of the big business, news, markets, political, cultural and viral trending stories featured this week on Daily Dose

What’s up tastynation! Welcome to this week’s edition of Weekly Dose! Each week, I recap the top stories that I covered on Daily Dose. If you missed any eps of Daily Dose you can catch up on them here

I’m back after being off last Friday. How old is too old for an Easter basket? Asking for a friend.

Who has exciting plans for the eclipse? This graph showing sold out Airbnb (ABNB) rentals perfectly lines up with the path of the eclipse. I hope the weather cooperates on Monday for everyone. Just remember you’re not supposed to stare directly at it unless you’re wearing protective eyewear. The same rules apply to starting directly at Tom.

Let’s get to this week’s recap.

EV stocks get less electric 

All eyes were on Tesla (TSLA) this week as the electric car manufacturer was on the clock to report its Q1 deliveries. The bar was already low before the number came out, but somehow Tesla still managed to disappoint.

Tesla reported first-quarter vehicle deliveries of 386,810, a drop of 8.5% from the same quarter last year. Tesla’s deliveries for the quarter fell far below even the most bearish of analysts’ expectations. That bummer of a press release brought down not only Tesla, but even comparatively good news from competitors couldn’t escape the dark cloud hanging over the titular leader.

Rivian (RIVN) delivered 13,588 vehicles in the first quarter beating estimates for quarterly deliveries, fueled by strong demand for its electric pickup trucks and SUVs, although its shares fell 5% as Tesla's weak numbers fanned concerns about an EV market slowdown. The disappointing numbers of course sent analysts running for the exits which led to several downgrades of Tesla this week. One outspoken Tesla bear was like “this stock is going to $14.” 

Meanwhile, Ford (F) announced it would delay the release of an all-electric SUV and will instead focus on hybrid vehicles.

EV prices fall—a lot

The EV manufacturer news was coupled with the release of a study this week that analyzed the value of EVs.

The study, from from iSeeCars.com, showed that the average price of an EV fell 31.8% in the past year compared to just 3.6% for internal combustion engine vehicles. The fast depreciation rate could dissuade car buyers from choosing EVs over internal combustion engine vehicles.

But the final death knell seemed to ring on Friday morning as I was procrastinating, I mean writing this blog. “Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.”

Tesla’s stock started the week around $174 a share, it looks to finish out the week at around $167. Tesla is set to report earnings on April 17. Hopefully, we all won’t be April fools. 

Social shenanigans 

Remember back in the day, there used to be a Jeopardy! category simply called “potpourri. I imagine it occurred when the Jeopardy! writers were fresh off a three-day bender and weren’t quite sure what to do with all the random bits of facts they had. Hi! It’s me. I’m the Jeopardy! writers this week. So here is my spicy potpourri of social/tech stock shenanigans.

Random chicanery 

These are my favorite funny stories of the week

That’s it for this week! See ya next week! 

Vonetta Logan has more than a decade of markets experience and has been a trader for five years. She is an on-air personality, creative writer and news correspondent at tastylive. Vonetta appears Monday-Friday on Daily Dose and contributes to Luckbox Magazine. @vonettalogan

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