Charged: Musk Buys 2.57M Tesla Shares

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In today’s fast-paced financial landscape, institutional investors and professional traders need up-to-the-minute information to stay ahead. The Fly provides critical updates on the electric vehicle (EV) and clean energy sectors, including which stocks are being recommended by top analysts on Wall Street.

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Whether you're following the high-flying Tesla (TSLA), Wall Street's newest favorite Rivian (RIVN), or traditional automakers like General Motors (GM) and Ford (F) that are transitioning into the EV space, The Fly has you covered. Their weekly recap, “Charged,” highlights the top stories and expert calls in the sector.

Recent Developments in the EV Sector

Tesla’s Stock Moves

Tesla CEO Elon Musk recently made a significant move by purchasing 2,568,732 shares of Tesla stock on September 12. The purchase was made at prices ranging from $371.90 to $396.36, signaling strong confidence in the company.

William Blair maintained its Market Perform rating on Tesla, citing Musk’s substantial investment as a clear signal of confidence. The firm believes the market is looking past concerns over margin pressures due to the elimination of environmental tax credit revenue. With positive momentum from delivery expectations and the upcoming robotaxi rollout, William Blair is becoming more bullish on the stock.

Delivery Expectations

Barclays expects Tesla to deliver 465,000 units in Q3, which is flat year-over-year but higher than the consensus estimate of 430,000. Positive data points could support the stock’s recent strength. However, the firm warns that investors may look to Tesla’s weaker volume outlook for Q4 and beyond, especially in the U.S., where demand could decline after the expiration of the EV tax credit. Barclays maintains an Equal Weight rating with a $275 price target.

Wells Fargo notes that August Tesla sales data remains weak despite the end of the IRA on September 30. While deliveries in three major markets showed a 9% year-over-year decline, they increased 37% month-over-month. Despite this, Q3 deliveries remain at risk compared to the consensus estimate. Wells has an Underweight rating on the shares with a price target of $120.

Exploring New Opportunities

Amazon’s Electric Van Initiative

Amazon.com (AMZN) has been quietly evaluating General Motors’ BrightDrop electric van. This move reflects the e-commerce giant’s commitment to reducing carbon emissions through its extensive delivery operations. Amazon confirmed testing the vehicles, stating their goal of having 100,000 electric delivery vehicles on the road by 2030.

Safety Concerns and Recalls

Rivian Recall

Rivian is recalling 24,214 R1S and R1T electric vehicles due to a software defect that may cause its hands-free Highway Assist system to misidentify lead vehicles. The issue affects certain 2025 Rivian vehicles running an older software version in the U.S.

XPeng Recall

XPeng (XPEV) plans to recall 47,490 P7+ electric sedans starting September 15 due to potential steering assist failure. Loose wire connections in the power steering assist sensors may cause fluctuations in the steering sensor signal. This recall affects vehicles manufactured between August 2024 and April.

Mergers and Acquisitions

Zeekr’s Merger Plan

Zeekr announced that its shareholders approved the merger agreement with Geely Automobile and Keystone Mergersub. This agreement will result in Zeekr becoming a wholly-owned subsidiary of Geely. The merger requires filing with the Registrar of Companies of the Cayman Islands and the completion of all related transactions.

Key Takeaways

• Tesla continues to attract attention with Musk’s stock purchase and positive analyst sentiment.
• Delivery expectations remain mixed, with some firms optimistic about Q3 results while others caution about future challenges.
• Recalls highlight ongoing safety concerns across the EV industry.
• Mergers and acquisitions reflect the evolving landscape of the EV sector.

By staying informed and leveraging expert insights, investors can navigate the complexities of the EV and clean energy markets with greater confidence.