Tesla's Relief Rally, Volkswagen's Diess Springs In Surprise, Lucid Strengthens Leadership Team, Faraday Future Stalls and More: The Week's Biggest EV Stories

Electric vehicle stocks closed mostly higher in the week ending July 22, thanks to a strong earnings report from market leader Tesla, Inc. TSLA. Some stocks reacted to company-specific developments, while shares of Chinese electric vehicle makers closed evenly lower.

Here are the key events that happened in the EV space during the week:

Tesla puts the worst behind: Tesla reported better-than-expected second-quarter earnings despite margin contraction. Topline missed expectations, driven by COVID lockdowns in China. Unfazed by setbacks, the company moves forward with confidence. Tesla suggested on the earnings call that it will likely have a record second-half performance. Analysts, even bulls, were skeptical whether this was a lofty target.

The rally before and after earnings blew a hole in the pocket of short sellers, who lost $1.55 billion in the past 30 days, S3 Partners said.

Other highlights included Tesla's liquidation of 75% of its Bitcoin BTC/USD holdings. During the earnings call, CEO Elon Musk confirmed the launch timing of the highly anticipated Cybertruck, which he says could be Tesla's best product yet.

In another development, Tesla has reportedly launched an internal investigation of Giga Austin executive Omead Afshar for his alleged role in sourcing glass, which has been deemed suspicious. The executive had purchased this hard-to-obtain material, saying it was needed for a secret project, Bloomberg reported.

Related link: Elon Musk says this is one of the best features of the Tesla Model X SUV

Volkswagen CEO to leave by the end of August: Volkswagen AG's VWAGY CEO Herbert Diess, who is primarily behind the German automaker's aggressive push for electric vehicles , reportedly communicated his decision to resign at the end of August. August. The board of directors has agreed with the CEO on the terms of the departure, a report added.

His role will be taken over by the company's Porsche brand manager, Oliver Blume. The inside story suggests that Diess and the board recently clashed over the former's pursuit of electrification, for which he earned the union's displeasure. For Volkswagen, this could mean a setback, given Diess' ambitious goal of overthrowing leader Tesla in the race for electric vehicles.

Separately, the company announced that its all-electric Scout II pickup will be launched in the United States by 2026.

Ford Announces Full Throttle Push Toward EV Goals: Ford Motor Company F has announced an update to its electrification strategy, outlining its supply chain plans. According to the company, this will help it achieve its goal of reaching an annual production rate of 600,000 by 2023 and over 2 million by 2026.

The company announced that it will partner with China's CATL to source cheaper lithium-iron-phosphate batteries in the coming year and also announced an increase sourcing from its existing suppliers, including SK Innovation and LG Energy Solution.

Lucid Hires High Level Executives: Lucid Group Inc LCID has added two new executives to its leadership team as it expands globally. The company has hired Evelyn Chiang as vice president of process transformation and Walter Ludwig as vice president of global logistics. Chiang has held leadership positions at Tesla and SAP SE SAP, and Ludwig is a veteran automotive executive with a 28-year stint at