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Electric Vehicle Checkpoint: Tesla Remains Under Pressure

See the latest news for the top stocks in the electric vehicle space including Ford, General Motors, NIO, Lordstown Motors, Nikola, and more.

Tesla  (TSLA) - Get Tesla Inc. Report stock is back under pressure. Despite CEO Elon Musk’s appearance on “Saturday Night Live” or the reports that Tesla is sold out for the quarter, investors just aren’t buying the stock. 

With other top EV stocks like NIO  (NIO) - Get NIO Inc. American depositary shares each representing one Class A Report also under severe pressure, it’s hard for Tesla to find a bid. Even though there’s good news to be had, investors are selling. That’s indicative of a bear market, which growth stocks are certainly enduring, TheStreet's Bret Kenwell wrote.

Ford  (F) - Get Ford Motor Company Report and General Motors  (GM) - Get General Motors Company Report are making huge EV plays, and TheStreet's Jim Cramer thinks they're both great giving both brands his stamp of approval for investors.

"I think Ford is going to surprise and General Motors had a great quarter. It's the best market for autos that I've ever seen in my life," Cramer said.

Here is a list of the electric vehicle stocks to watch and their performance from the past week by percentage change at the close of trading on Wednesday, May 12:

Tesla | -12.08% 5-Day

Shares of Tesla  (TSLA) - Get Tesla Inc. Report fell ahead of the opening bell on Tuesday after the electric vehicle maker reportedly halted plans to buy land to expand its Shanghai plant and make it a global export hub because of uncertainty created by tensions between the U.S. and China.

After bottoming near $540, Tesla shares enjoyed a near-45% rally to their high in April. It doesn’t help that ARK Invest  (ARKK) - Get ARK Innovation ETF Report is under intense selling pressure and in its most well-known fund, the ARK Innovation Fund, Tesla is the top holding.

Founder and CEO Elon Musk re-inserted himself into the cryptocurrency news cycle by asking his 54 million Twitter followers if Tesla should "accept Doge" as a form of payment, just three days after he called the digital token a "hustle" on Saturday Night Live, comments that triggered a price collapse that erased a third of its value.

TheStreet Quant Ratings rates Tesla as a Hold with a rating score of C.

Ford | -2.41% 5-Day

Ford Motor  (F) - Get Ford Motor Company Report said Monday that its new electric truck will be named the F-150 Lightning and will be unveiled May 19. The truck will be built by Ford-United Auto Workers staff at the Ford Rouge Complex in Dearborn, Mich. beginning next spring, the company said.

Ford recently traded little changed at $11.81. It has jumped 45% over the past six months amid buoyant demand for autos. Ford said last week that retail sales in April rose 57% from April 2020, which coincided with the pandemic, and 24% from April 2019, a year prior to the pandemic.

TheStreet Quant Ratings rates Ford as a Hold with a rating score of C.

General Motors | -6.63% 5-Day

General Motors  (GM) - Get General Motors Company Report posted much stronger-than-expected first quarter earnings, while confirming its full-year profit guidance even as chip shortages bloated its overall inventory and clipped free cash flow. Group revenues, General Motors said, slipped modestly from last year to $32.47 billion, coming in just shy of analysts' estimates.

Looking into the 2021 financial year, GM said it expects profits closer to higher end of its $10 billion to $11 billion range, or $4.5 to $5.25 per share, including first half total of around $5.5 billion.

TheStreet Quant Ratings rates GM as a Buy with a rating score of B.

Nikola | +20.63% 5-Day

Nikola  (NKLA) - Get Nikola Corporation Report was moving into high gear this past week after the electric truck maker posted better-than-expected first-quarter results. The company said that during the first quarter, it commissioned the first batch of five Nikola Tre battery-electric vehicles.

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Shares of the Phoenix-based company were climbing 7.1% to $10.86 in early trading. Nikola reported a net loss of $120.2 million, or 31 cents a share, compared with a loss of $33.1 million, or 12 cents a share, a year ago.

In April, Nikola unveiled plans with Iveco and OGE to transport hydrogen from production sources to fueling stations that support fuel-cell elective vehicles. And this past week the company said Total Transportation Services, one of Southern California's most prominent port trucking companies, signed a letter of intent to order 100 Class 8 battery and fuel-cell electric semi-trucks.

TheStreet Quant Ratings has no rating for Nikola.

NIO | -10.69% 5-Day

NIO  (NIO) - Get NIO Inc. American depositary shares each representing one Class A Report plans to set up and sell its electric vehicles in Norway, rolling out its EVs beyond China. The car marker will begin delivering the latest version of its ES8 all-electric six- and seven-seat sports utility vehicle to Norway in September, NIO CEO William Li said at an event in Shanghai this past week.

Norway last year became the first nation in the world to see EVs account for the majority of its annual vehicle sales, thanks to green-friendly government incentives and an extensive charging infrastructure. The country wants all cars sold there to be zero-emission by 2025.

Preorders for the ES8 are expected to begin shortly. Its first EV sedan, the ET7, will launch in the second half of 2022.

TheStreet Quant Ratings rates NIO as a Sell with a rating score of E+.

Lordstown Motors | -16.55% 5-Day

Shares of Workhorse  (WKHS) - Get Workhorse Group Inc. Report fell Monday after the electric-vehicle maker swung to a first-quarter net loss and reported lower-than-expected revenue.

For the latest first quarter, the company reported a non-cash loss of $136.6 million as it wrote down the fair value of its investment in Lordstown Motors  (RIDE) - Get Lordstown Motors Corp. Report.

TheStreet Quant Ratings doesn't have a rating for Lordstown Motors.

XPeng | -11.54% 5-Day

Xpeng  (XPEV) - Get XPeng Inc. American depositary shares each representing two Class A Report, along with NIO and Li Auto  (LI) - Get Li Auto Inc. Report are the main challengers to Tesla in China, the world's largest EV market.

Xpeng shares rose Thursday after the Chinese electric-vehicle maker reported stronger-than-expected first-quarter results, including a sevenfold surge in revenue. Xpeng shares recently traded at $26.10, up 5.4%. They have dropped 47% over the past three months amid investor concern about the stock's valuation.

Xpeng debuted the Xpeng P5 smart sedan earlier this month, which the Chinese electrical vehicle maker said is the world’s first mass-produced smart EV equipped with automotive-grade LiDAR technology. LiDAR, or light detection and ranging, is a system that helps provide visibility for autonomous vehicles.

TheStreet Quant Ratings has no rating for Xpeng.

Plug Power | -8.44% 5-Day

A securities fraud class action lawsuit has been filed against Plug Power Inc.  (PLUG) - Get Plug Power Inc. Report on behalf of those who purchased or acquired Plug securities between Nov. 9, 2020, and March 1, 2021.

"Plug Power had accounting issues and we need to get to the bottom of them," Cramer recently said during the "Mad Money Lightning Round." 

TheStreet Quant Ratings rates Plug Power as a Sell with a rating score of D.

QuantumScape | -16.97% 5-Day

Shares of QuantumScape Corp.  (QS) - Get QuantumScape Corporation Class A Report dropped premarket Wednesday after the electric-vehicle-battery maker reported first-quarter results that missed estimates

The San Jose, Calif., company reported a net loss of 20 cents a share, compared with a 6-cent loss in the year-earlier quarter. Analysts polled by FactSet expected a loss of 7 cents a share for the latest period. 

TheStreet Quant Ratings doesn't have a rating for QuantumScape.

Canoo | -8.16% 5-Day

Canoo Inc  (GOEV) - Get Canoo Inc. Report announced earlier this month that it was appointing Tony Aquila, its executive chairman and one of its largest investors, to the role of chief executive. 

"That's dead money. I'm sorry," Cramer said Tuesday during the "Mad Money Lightning Round."

TheStreet Quant Ratings doesn't have a rating for Canoo.

Fisker | -3.50% 5-Day

Fisker  (FSR) - Get Fisker Inc. Class A Report has been tumbling after Goldman Sachs downgraded shares of the electric vehicle maker over concerns about an increasingly competitive EV market. 

Analyst Mark Delaney said in a research note he was downgrading Fisker to sell from neutral and cutting his price target to $10 from $15. 

TheStreet Quant Ratings doesn't have a rating for Fisker.

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