Welcome to The Fly's latest edition of "Charged," where we look back at some recent analysts' notes, news and activity in the electric vehicle and clean energy space.
PROPOSED IPO: Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
NEW CEO: Shares of Lordstown Motors (RIDE) were on the rise on Thursday after the company announced that its board of directors has appointed Daniel Ninivaggi as chief executive officer and as a member of the board, effective immediately. Ninivaggi is the former CEO of Icahn Enterprises (IEP). This comes as the electric-truck maker faces intense regulatory scrutiny and production challenges. The company is being investigated by the Securities and Exchange Commission and the Justice Department over the handling of its SPAC merger and recording of vehicle pre-orders. Lordstown founder and its largest shareholder Steve Burns resigned as CEO back in June after the board's conclusion from an internal investigation into claims made by Hindenburg Research regarding vehicle pre-orders.
XPENG P7 SHIPPING: XPeng (XPEV) started shipping the first batch of the XPeng P7, its flagship smart sedan model, from Guangzhou to Norway. This marks the first time that XPeng has exported the P7 to a market outside China. The P7 is XPeng's second production model for the Norwegian market, following the delivery of the G3 smart SUV to customers in Norway in December 2020. Following its launch in China in mid-2020, over 40,000 P7s have been delivered to Chinese customers as of end July. The localized Norwegian version of the P7 rolled off XPeng's production line at its Zhaoqing Smart EV Manufacturing Base in August. The first Norwegian customers are expected to receive their P7s in the fourth quarter.
ON THE SIDELINES: DA Davidson analyst Matt Summerville initiated coverage of Blink Charging (BLNK) with a Neutral rating and $31 price target. The analyst is positive on the company's position as the only public, integrated owner/operator of EV charging, with "industry leading" charging speed. Summerville further contended that Blink is well-positioned to capitalize upon strong demand for charging infrastructure in North America and noted its building presence in Europe. Nonetheless, the analyst also believes that its current valuation is relatively full given the "blend of growth and risk prospects."
BUY NEXTERA ENERGY PARTNERS: UBS analyst William Grippin initiated coverage of NextEra Energy Partners (NEP) with a Buy rating and $100 price target. The company is a "best-in-class Yield Co" with access to one of the industry's largest renewables development portfolios, the analyst told investors in a research note. Grippin further cited NextEra's track record of executing against financial targets, underpinning his forecast for above-peer 15% per year DPS growth through 2024.
ANALYST REMAINS CAUTIOUS: Bank of America analyst Ryan Greenwald initiated coverage of EVgo (EVGO) with a Neutral rating and $11 price target. EVgo, the owner operator of the largest U.S. public fast charging network, has "distinguished itself from peers" through partnerships with electronic vehicle companies, ride sharing, and autonomous vehicles, and is "ideally situated to complement demanding commercial client needs," which the analyst believes is the "clearest bull case to substantive gains in charger utilization, visibility." However, Greenwald noted that the model is high risk/high reward, and remains cautious "given likely deflating low carbon fuel standard values, substantive assumptions on utilization scaling, and competitive pricing pressure."
EVgo
+0.23 (+2.55%)
NextEra Energy Partners
+0.36 (+0.46%)
Blink Charging
+0.05 (+0.16%)
XPeng
+0.45 (+1.12%)
Icahn Enterprises
+1.24 (+2.28%)
Lordstown Motors
-0.01 (-0.15%)
Ford
-0.19 (-1.43%)
Amazon.com
+84.19 (+2.51%)