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Tesla’s Shares Stand Strong Heading into Q3, While NIO & Lucid’s Shares Dropped
As Tesla heads into the third quarter, following what Elon Musk called a “tough quarter” for the automaker, analysts are noting which electric vehicle shares are worth investing in. Whilejumped slightly in the last week of Q2, Chinese automaker NIO and fellow U.S. automaker Lucid both saw their shares drop.
Tesla’s stock jumped by 2.6% nearing the end of last month, while automakers NIO and Lucid Motors saw shares drop by 3% and 4.7%, respectively, according to. Mizuho analyst Vijay Rakesh cut stock targets on both Tesla and NIO on Monday, despite maintaining buy ratings on both stocks and adding that there’s still plenty of upside.
Rakesh said that a handful of factors, specifically including the COVID-19 shutdowns in China, played a role in his cutting of Tesla’s 12-month price target to $1,150 from $1,300. Additionally, Rakesh dropped his price target for NIO to $48 from $55 per share. Despite this, Rakesh noted that Tesla and NIO still have a lot of room for upside, though Lucid could be facing a value discrepancy between its startup status and other, more established automakers — such as NIO and Tesla.
As ultra-expensive EVs become more and more limited, some analysts expect the automaker’s sales volume growth to flatten. Although Lucid currently has plans to debut more affordable models in the future, the near-term has seemed to captivate investor attention, while long-term investors may want to consider expectations at least a year or two years out.
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