At the end of September, the electric vehicle tax credit in the U.S. ended. The stock market reaction was mixed. Rivian Automotive (RIVN) dipped while Tesla (TSLA) barely changed.
How will the bubble valuations in EVs look from here? More importantly, what happens after a shareholder’s opposition to reject Tesla CEO Elon Musk’s $1T pay package?
Rivian shares dipped after the firm reported production of 10,720 vehicles and 13,201 deliveries. For 2025, it is forecasting 41,500 – 43,500 vehicles delivered. This is below the 40,000 – 46,000 range. The firm will post results on November 4.
In China, BYD (BYDDF) posted a 2.1% Y/Y drop in third-quarter sales. This is the first quarterly drop since 2020. It achieved sales of 1.106 million. Sales of PHEVs fell by 25.6%, marking their sixth straight month of declines.
Tesla remains the EV stock to watch. Shareholders and state officials want to vote against Musk getting a $1T compensation plan. The group also opposes the re-election of three board directors.
SOC Investment Group said that the board’s pursuit of keeping its CEO hurts the company’s reputation. Tesla does not meet key objectives. That includes full self-driving.
The group may not have a convincing case. Musk would only get compensation if Tesla’s market capitalization rose to $8.6 trillion in 10 years. It closed last week at a $1.43 trillion market cap.
Related Stories
