U.S. stocks rebounded to finish the week stronger but electric-vehicle stocks did not match the market-wide optimism as fundamentals weakness continued to be a drag. Market leader Tesla, Inc. (NASDAQ:TSLA) did close higher for the week as it rose along with its mega-cap peers.

Here’s a rundown on what happened in the EV space during the week:

Tesla Under Pressure: The Elon Musk-led company has seen its market share erode in all regions, with the weakness more acute in North America, said a bearish analyst in a note released Friday. Bernstein’s Tony Sacconaghi, who rates Tesla an Underperform with a $120 price target, said the EV maker’s market share in North America dropped from 77% in the second-half of 2020 to a still-leading 48% in the first half of 2024.

“We don't believe that Tesla will be able to regain share or grow materially until it launches all new, lower priced
offerings – likely only in 2026 and 2027 – and believe the company's valuation is increasingly disconnected from
prevailing fundamentals,” he said.

Meanwhile, others, including Baird’s Ben Kallo, have turned their focus to Tesla’s ancillary businesses, Teslarati reported. Kallo called Tesla Energy “one of the most under the radar aspects of the broader business” and said it is worth about $41 per share to the company’s combined valuation.

Tesla came on top among DC fast charger brands, scoring 731 points out of 1,000 for overall customer satisfaction in JD Power’s survey, making it the only one to rank above the segment average of 664 points.

Lucid’s Rawlinson Shrugs Off Tesla Threat: Luxury EV maker Lucid Group, Inc. (NASDAQ:LCID) has yet to get going and make a meaningful impact in terms of production and sales. But CEO Peter Rawlinson said the Newark, California-based company is far superior as far as technology is concerned. In a LinkedIn post, the Lucid CEO said the new Lucid Air Pure that the company announced recently achieved a range of 5 miles per kilo-watthour and 146 miles per gallon of gasoline-equivalent.

Calling Volkswagen AG (OTC:VWAGY)-owned Porsche Taycan, the Mercedes-Benz Group AG (OTC:MBGAF) EQS and the Tesla Model S its closest competitors, Rawlinson said it would take them years to match the Lucid Air Pure of today.

See Also: Best EV Stocks

Rivian To Halt Amazon EDV Production: Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) took a hit Friday after Reuters reported that the company has temporarily halted production of the electric delivery vans it supply to Amazon due to parts shortage. “A part shortage has temporarily impacted our Electric Delivery Van (EDV) production. We expect to recover all missed production,” a company spokesperson said.

Ford, GM Subjects Of Recall: Legacy automakers, which are transitioning to EVs, were hit with negative headlines pertaining to recalls this week. Ford Motor Co. (NYSE:F) recalled 37,371 vehicles including its all-electric Mustang Mach-E SUV over concerns that its front windshield wipers may fail. The National Highway Traffic Safety Administration said Ford's dealers will inspect and replace the windshield wiper motors as required, free of cost to the customers. General Motors Corp. (NYSE:GM), meanwhile, recalled 21,469 2023-2024 model-year Cadillac Lyriq all-wheel drive electric SUVs in the U.S. over concerns of an unexpected activation of the anti-lock brake system, and will remedy the issue through an over-the-air update.

Canoo Skimps On Costs: Lifestyle EV maker Canoo, Inc. (NASDAQ:GOEV) reported second-quarter results that showed a narrower-than-expected loss. The loss also narrowed from both the previous quarter and a year ago due to a 33% reduction in operating expenses. As opposed to no revenue a year ago, the company clocked in revenue of $650,000 for the quarter. The total quarterly cash outflow was down by about 49% or $39 million year-over-year.

The EV startup reiterated its previous cash flow guidance and forecast an adjusted EBITA loss of $120 million to $140 million for the second half of 2024.

The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session up 0.44% at $18.30, according to Benzinga Pro data. For the week, the ETF was up 0.77% .

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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Here’s how the EV stocks fared this week: