{"id":37029,"date":"2023-07-17T22:59:55","date_gmt":"2023-07-18T02:59:55","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/nikola-stock-soars-tesla-tax-credits-to-shrink-this-week-in-evs\/"},"modified":"2023-07-17T22:59:56","modified_gmt":"2023-07-18T02:59:56","slug":"nikola-stock-soars-tesla-tax-credits-to-shrink-this-week-in-evs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37029","title":{"rendered":"Nikola stock soars; Tesla tax credits to shrink: This week in EVs"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
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Investing.com — Here is your weekly Pro Recap of the past week’s biggest headlines in the electric vehicle space: an earnings miss and angry workers at Tesla; a vow from Nio; and a delisting at Lordstown.<\/p>\n

As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.<\/p>\n

Nikola shares rocket with hydrogen deals<\/strong><\/h2>\n

Nikola Corp <\/span><\/span> (NASDAQ:), an American truck manufacturer, stole the spotlight this week when its stock price experienced a remarkable 62% surge on Thursday thanks to a significant strategic supply partnership with hydrogen producer BayoTech.<\/p>\n

Per the partnership agreement, BayoTech has committed to purchasing up to 50 of Nikola’s Class 8 hydrogen fuel cell trucks over the next five years. The first batch of 12 trucks is set to be delivered between 2023 and 2024.<\/p>\n

“Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the United States,” said Michael Lohscheller, President and CEO of Nikola Corporation.<\/p>\n

In return for this collaboration, Nikola has agreed to acquire up to 10 of BayoTech’s HyFill hydrogen transport trailers. These trailers serve a critical role in the transportation of high-pressure hydrogen from production sites to refueling stations.<\/p>\n

“BayoTech’s low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola’s Class 8 fuel cell electric zero-emission trucks,” added Lohscheller.<\/p>\n

Along with their partnership with BayoTech, Nikola sealed a deal with Bosch <\/span><\/span> (NS:) to become the engineering company\u2019s pilot customer for their volume production fuel-cell power modules.<\/p>\n

Bosch revealed Thursday that the company is investing $2.8 billion in hydrogen fuel cell technology from 2021 to 2026. According to Bosch, by 2030, approximately 20% of newly manufactured trucks weighing six metric tons or more are expected to be equipped with fuel-cell powertrains.<\/p>\n

Production of Bosch\u2019s fuel-cell power module will begin at its Feuerbach plant on the outskirts of Stuttgart and in Chongqing in China.<\/p>\n

Shares of NKLA ended trading Friday at $2.25, 19.7% off its high of $2.80, which they hit Friday morning.<\/p>\n

Tesla’s tax credit countdown<\/strong><\/h2>\n

Tesla (NASDAQ:), the most valuable car company in the world, revealed on its website Tuesday evening that federal tax credits for its popular Model 3 car are expected to decrease at the end of the year.<\/p>\n

According to a letter sent to owners, \u201cThe $7,500 federal tax credit will likely decrease after December 31, 2023 for some models. New Model 3 and Model Y vehicles delivered by December 31, 2023 still qualify for the full credit.\u201d<\/p>\n

Currently, half of the $7,500 credit is granted if at least 50% of a vehicle’s battery components are made or assembled in North America. The other half of the credit is awarded if the company sources at least 40% of the battery’s critical minerals from the U.S. or a country with a free trade agreement.<\/p>\n

These requirements are respectively rising to 60% and 50% next year.<\/p>\n

Rivals race to India<\/strong><\/h2>\n

One location that does not currently have a free trade agreement with the United States is India, where Tesla has been trying to gain a foothold for years.<\/p>\n

According to the Times of India on Thursday, Tesla has reopened discussions for investment opportunities in the most populous country in the world.<\/p>\n

Reports from India indicate that the company is in talks with the Indian government regarding an investment proposal aimed at establishing a factory that will ultimately be able to produce 500,000 EVs per year.<\/p>\n

The vehicles will have a starting price of 2 million rupees (1 rupee = $0.012), more than twice as much as India’s most affordable EV, the MG Comet, and a half-million rupees higher than the Tata (NS:) Nexon EV.<\/p>\n

Rival automaker BYD (SZ:) is also trying to gain a position in the Indian market, submitting a $1 billion investment plan aimed at manufacturing electric vehicles and batteries in collaboration with its partner, Megha Engineering.<\/p>\n

According to Reuters, BYD and Megha jointly submitted a proposal to Indian regulatory authorities, outlining their intention to establish an EV joint venture. The long-term objective of this venture is to manufacture an extensive range of electric vehicles under the BYD brand within India.<\/p>\n

Shares of TSLA ended trading Friday at $281.38 – up 3.2% on the week.<\/p>\n

Get ready to supercharge your investment strategy with our exclusive discounts.<\/p>\n

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\"summer<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Here is your weekly Pro Recap of the past week’s biggest headlines in the electric vehicle space: an earnings miss and angry workers at Tesla; a vow from Nio; and a delisting at Lordstown. As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an […]<\/p>\n","protected":false},"author":1,"featured_media":17764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-37029","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNikola stock soars; Tesla tax credits to shrink: This week in EVs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: an earnings miss and angry\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=37029\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nikola stock soars; 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