While everyone continues to disparage Tesla after its disappointing Q1 2024 sales performance, the market is favoring Toyota even more. The Japanese automaker’s share prices are up 32% year to date, whereas Tesla is down 33%, which Elon Musk’s company attributed to arson attacks at the Berlin Gigafactory, the shipping crisis in the Red Sea, and the production ramp-up of the Model 3 facelift in California. But as the laggard in the EV race transitions into a late-bloomer, its sluggish approach is after all being rewarded.
Welcome to Critical Materials, your daily round-up of news that’s shaping up the future of mobility. Today, we’re discussing how Toyota is benefitting from the narrative of “slow-down” in the electric vehicle race, another blow to Fisker as the National Highway Traffic Safety Administration (NHTSA) opened a third probe into the Ocean electric SUV, and the beginning of battery production at General Motor’s Ultium Cells plant in Spring Hill, Tennessee.
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