EV Stock Roundup: NIO Q4 Results, CHPT-TM Alliance & More
The electric vehicle (EV) revolution is speeding up, with legacy automakers and pure-play e-mobility makers leaving no stone unturned to establish a strong foothold in this domain. Amid the soaring popularity of green cars, EV battery maker LG Energy Solution announced a massive investment last week. The company plans to invest $1.4 billion to build a battery factory in Arizona by 2024 to meet the mounting demand for electric cars. Construction will commence in the second quarter of 2022. Mass production is expected to begin in 2024, with a capacity of 11 gigawatt hours.
Meanwhile, China-based EV maker NIO Inc. NIO and EV charging company EVgo Inc. EVGO reported fourth-quarter 2021 results. Another charging firm, ChargePoint CHPT signed a deal with Japanese car giant Toyota TM to provide a convenient charging option for the latter’s soon-to-be-launched electric SUV bZ4X. Lucid Group LCID also made it to the top stories as it strengthened its foothold in Canada and teamed up with Electrify Canada.
Top Stories of the Week Gone By
NIO reported fourth-quarter 2021 loss per American Depositary Share (ADS) of 21 cents, wider than the year-ago loss of 16 cents amid higher operating expenses. The EV manufacturer posted revenues of $1,553.6 million, up 49.1% year over year on the back of robust deliveries. NIO delivered 25,034 vehicles in the fourth quarter of 2021, including 5,683 ES8s, 12,180 ES6s and 7,171 EC6s. Total deliveries surged 44.3% year over year.
Cash and cash equivalents totaled $2,406.2 million as of Dec 31, 2021. Long-term debt was $1,528.3 million. NIO expects first-quarter 2022 deliveries in the band of 25,000-26,000 vehicles, signaling an uptick in the range of 24.6-29.6%. Revenues are envisioned between $1,511 million and $1,567 million, indicating a year-over-year increase of 20-25.1%.
ChargePoint entered into an agreement with Toyota to provide accessible and convenient public and home EV charging for Toyota’s new battery-electric bZ4X SUV owners/drivers. Per the recent agreement with Toyota, ChargePoint will provide multiple charging facilities to enhance convenience for bZ4X drivers. To ensure that drivers can charge whenever required, ChargePoint will provide access to more than 80% of charging spots in North America.
For home charging, customers will have the option to purchase a ChargePoint Home Flex Level 2 charger from Toyota dealerships or directly from ChargePoint online. The charger has provisions for Wi-Fi and indoor as well as outdoor installations. It also supports different parking configurations and can charge EVs up to nine times faster than a standard outlet.
EVgo reported fourth-quarter 2021 revenues of $7.1 million compared with $4.2 million in the comparable year-ago period. The company incurred a net loss of $46.3 million amid a high cost of sales and operating expenses. Network throughput jumped 95% year over year to 8.2 Gigawatt hours (GWh) for the quarter under discussion. Capex totaled $25.3 million for the fourth quarter of 2021.
Cash and restricted cash totaled $484.8 million as of Dec 31, 2021. EVgo expects 2022 revenues in the band of $48-$55 million. Network throughput is anticipated in the range of 50-60 GWh. EVgo expects to have 3,000-3,300 DC fast charging stalls to be operational or under construction by 2022-end.
Lucid opened its new studio in Toronto, which would serve as the second location in Canada and 23rd in the company's North American retail network. It expects to begin Canadian deliveries of the Lucid Air in Spring 2022.
In a separate development, Lucid teamed up with Electrify Canada to offer two years of free charging to those who reserve a Lucid Air by Jun 30, 2022. With 150 kilowatt (kW) and 350 kW chargers, Electrify Canada offers one of the fastest charging services in the country. The alliance will enable Lucid Air owners to charge up to 350 kilometers in 15 minutes for models with 900+V architecture connected to 350 kW chargers.
Price Performance
The following table shows the price movement of some of the major EV players over the past week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for announcements of the upcoming EV models and any important updates from the red-hot industry.
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Toyota Motor Corporation (TM) : Free Stock Analysis Report
NIO Inc. (NIO) : Free Stock Analysis Report
ChargePoint Holdings, Inc. (CHPT) : Free Stock Analysis Report
EVgo Inc. (EVGO) : Free Stock Analysis Report
Lucid Group, Inc. (LCID) : Free Stock Analysis Report
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