Electric vehicle (EV) stocks closed the week ending March 24 on a mixed note, despite the positive weekly performance by the broader market. However, this hasn't stopped major players in the industry from making headlines.
Tesla Inc., led by Elon Musk, made waves with its aggressive price cuts that have taken a bite out of rival companies. This move has helped Tesla increase its dominance in the EV market and could potentially lead to more consumers choosing their vehicles over competitors.
Meanwhile, luxury car manufacturer Lucid Motors announced a partnership with tech giant Apple. The two companies will reportedly work together on developing electric vehicle technology and software that could help position them as serious contenders in the increasingly competitive industry.
Not to be outdone, American automotive company Ford teased their own "revolutionary" next-generation EV truck. While details remain scarce at this point, it is expected to be an important addition to their lineup and could make waves if successful.
Other notable news from the world of electric vehicles includes General Motors' $100 million investment into improving production capabilities for its upcoming GMC Hummer EV pickup truck; Chinese automaker Nio's announcement of plans for expansion into Europe starting with Norway; and Hyundai's unveiling of its first dedicated electric vehicle platform which will allow for faster development and rollout of new models.
Overall, it was another busy week in the world of electric vehicles as major companies continue to invest heavily in research and development while also making strides towards expanding consumer adoption through partnerships and aggressive pricing strategies.