This week, our attention was driven to the shares of three electric car manufacturers – Faraday Future Intelligent Electric, BYD, and Rivian Automotive; and to the shares of Cheniere Energy liquefied natural gas company, and the shares of the space corporation, Virgin Galactic Holdings. Let us update you on what happened to the companies and how their shares reacted.

Faraday Future securities might have become meme stock

The shares of American electric car startup Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) embarked on a significant growth journey at the end of last week. On Friday they surged 36.54%, reaching $3.55.

The trend continued this week as well: on Tuesday 5 July, the stock quotes of Faraday Future Intelligent Electric recorded a 48.73% growth to $5.28, and following a one-day decline on Wednesday, they jumped 21.15% more to finally reach $5.5.

However, nothing particular had happened in the company to trigger such a noticeable increase in the share price. Analysts think that the shares of the electric car maker could have attracted the attention of individual investors. According to MarketWatch, in the middle of last month, more than 25% of Future Intelligent Electric Inc. shares were in short positions.

BYD surpassed Tesla in terms of sales volumes

On Wednesday 6 July, the Financial Times announced that in Q1 2022, Chinese car maker BYD sold more electric cars than Elon Musk’s company, namely 641,350 units against Tesla's 564,743.

One factor that influenced the decline of Tesla's sales was the temporary closure of Shanghai factories, which were put on halt due to the COVID lockdown. Other electric car makers such as Xpeng, Li Auto, and Nio also suffered from these restrictive measures. However, BYD's plants were not affected as they are located in regions of China where the quarantine measures were not that strict; hence, the company managed to keep its sales and production volumes growing.

The stock quotes of BYD Co. (HK:1211) reacted to the news quite calmly, recording a modest 1.21% growth to 317.4 HKD on 6 July, and on 7 July, they jumped 2.39% more to 325 HKD.

Rivian reported increased production and supply of electric cars

On Wednesday, the maker of electric 4x4s and pickups, Rivian Automotive Inc., shared with us its Q2 2022 production and sales volumes.

The company reported that it had produced 4,401 cars and had supplied 4,467 vehicles. Compared to the statistics of Q1, the results increased by 72% and 264%, respectively. Over the whole of 2022, Rivian is planning to produce 25,000 cars.

The shares of Rivian Automotive Inc. (NASDAQ:RIVN) have been growing for three sessions in a row: from Tuesday to Thursday, the share price jumped 23.1% from $25.7 to $31.63. However, note that the stock quotes of the company have lost 69.5% since January.

Cheniere Energy announced its upcoming report for Q2 2022

On Thursday 7 July, the shares of American maker and exporter of liquefied natural gas Cheniere Energy Inc. (NYSE:LNG) surged 6.05%, reaching $131.95.

The growth of the share price can be attributed to Cheniere Energy Inc. announcing an upcoming report about profits and losses in Q2 2022. The statistics are due on 4 August, before trading starts; and on the same day, a meeting is scheduled with investors.

Virgin Galactic will collaborate with Aurora Flight Sciences

On 7 June, space corporation Virgin Galactic Holdings announced an agreement with a Boeing subsidiary – Aurora Flight Sciences. The company carries out research in the sphere of aviation and aeronautics and specialises in the development and production of self-driving aircraft for special purposes.

Virgin Galactic and Aurora Flight Sciences will collaborate on designing and constructing a twin-fuselage new generation carrier airplane meant for bringing spaceships to the height of almost 16 km.

It is reported that the first aircraft of the new type will be put into operation in 2025 and will immediately start commercial flights with a full load. Meanwhile, Virgin Galactic Holdings still embraces its plans to launch its commercial programme in Q1 next year.

No more details are yet known about the partnership of the two companies. The news, however, had a good influence on the shares of Virgin Galactic Holdings Inc. (NYSE:SPCE): on Thursday the stock quotes jumped 12.09% to $7.23.

Summing up

Faraday Future shares might have become meme stock: over a week, they recorded a 55% growth. The shares of another car maker – BYD – demonstrated moderate growth after the news that the Chinese company had won over Tesla in the battle of electric vehicle sales.

Rivian Automotive, another representative of the electric vehicle sector, reported increased production and supply of cars in Q2 this year: at the end of the trading day, the stock quotes reacted with a growth of more than 10%.

The maker and exporter of liquefied natural gas Cheniere Energy announced its report for Q2 2022, and Virgin Galactic reported its cooperation with Aurora Flight Sciences – the stock quotes of the natural gas company and the space corporation grew 6% and 12%, respectively.

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Server is the guru of searching for market insights. Since 2019 he writes about everything that might be useful to the investor, focusing on the stock market and its assets.