Zacks Analyst Blog Highlights NIO, EVgo, ChargePoint Holdings Inc (CHPT), Toyota and Lucid Group.
Here are the highlights of Monday’s Analyst Blog:
EV Stock Roundup: NIO Q4 earnings and more
The electric vehicle (EV) revolution is accelerating, leaving no stone unturned for legacy automakers and pure-play e-mobility manufacturers to establish a strong foothold in this domain. Amid the 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 rising demand for electric cars. Construction will start withinside the 2nd zone of 2022. Massive production is expected to begin in 2024 with a capacity of 11 gigawatt hours.
Nio (NYSE: NIO) stock is off to a strong start this week
Meanwhile, China-based EV manufacturer NIO Inc. And EV charging company EVgo Inc. Fourth quarter 2021 results reported. Another charging company, ChargePoint has signed a deal with Japanese car giant Toyota to provide a convenient charging option for the soon-to-be-launched electric SUV bZ4X. Lucid Group strengthened its base in Canada and joined forces with Electrify Canada to add to its high profile stories.
The NIO reported fourth-quarter 2021 losses at 21 cents per American Deposit Share (ADS), more than 16 cents a year earlier, amid higher operating costs. EV manufacturers posted revenues of $ 1,553.6 million, up 49.1% year over year in the wake of robust deliveries. NIO added 25,034 automobiles withinside the fourth zone of 2021, along with 5,683 ES8s, 12,a hundred and eighty ES6s and 7,171 EC6s. Total deliveries extended 44.3% year-on-year.
Cash and cash equivalents totaled $ 2,406.2 million as of December 31, 2021. The long-term debt was $ 1,528.3 million. NIO expects first quarter 2022 deliveries in the 25,000-26,000 vehicle band, indicating an increase in the range of 24.6-29.6%. Revenues were estimated at between $ 1,511 million and $ 1,567 million, representing an increase of 20-25.1% year-over-year.
Chargepoint has signed an agreement with Toyota to provide accessible and convenient public and home EV charging for Toyota’s new battery-electric bZ4X SUV owners / drivers. According to a recent agreement with Toyota, ChargePoint offers multiple charging features to enhance convenience for bZ4X drivers. To ensure drivers can charge when needed, ChargePoint provides access to over 80% of charging spots in North America.
For home charging, customers have the option to purchase the ChargePoint Home Flex Level 2 Charger from Toyota dealerships or online directly from ChargePoint. The charger has Wi-Fi and provisions for indoor and outdoor installations. It additionally helps exclusive parking configurations and may rate EVs as much as 9 instances quicker than a fashionable outlet.
EVgo reported fourth-quarter 2021 revenue of $ 7.1 million, compared to $ 4.2 million in the comparable year-ago period. The company suffered a net loss of $ 46.3 million amid high cost of sales and operating expenses. In the quarter under discussion, network throughput jumped 95% year-on-year to 8.2 gigawatt hours (GWh). Capex’s total for the fourth quarter of 2021 was $ 25.3 million.
The total amount of cash and restricted cash as of December 31, 2021 was $ 484.8 million. EVgo expects 2022 revenue in the $ 48- $ 55 million band. Network throughput is expected to be in the 50-60 KWh range. EVgo expects to have 3,000-3,300 DC fast charging stalls, or under construction by the end of 2022.
You can buy Lucid Motors stock.
Lucid has opened its new studio in Toronto, which will be the second location in Canada and 23rd in the company’s North American retail network. It expects to begin the Canadian delivery of Lucid Air in the spring of 2022.
In a separate development, Lucid has teamed up with Electrify Canada to offer two years of free charging for those who book Lucid Air by June 30, 2022. With 150 kW and 350 kW chargers, Electrify Canada offers faster charging. Services in the country. This alliance enables Lucid Air owners to charge up to 350 kilometres in 15 minutes for models with 900 + V architecture connected to 350 kW chargers.
What’s ahead in space?
Stay tuned for upcoming EV models announcements and any major updates from the Red-Hot industry.
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