Key Takeaways
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Stock Returns:
- Large-cap tech shares outperformed, with the S&P 500 Information Technology index rising 9%.
- Small-cap shares, as represented by the Russell 2000 Index, surged 10%.
- Mobility tech comparables showed a wide range of returns, with autonomous driving software and micromobility comps up 27%, while autonomous driving hardware comps fell 8%.
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Electric Vehicle (EV) Sales:
- US EV sales continued to grow at an estimated 8% YoY, but remained far below the pace of recent years.
- Tesla delivered 462,890 vehicles, reflecting 6.4% growth over Q3 2023, marking a reversal of sales declines in the first half of 2024.
- General Motors saw significant growth, with EV sales up 60% YoY and 46% QoQ to 32,095 vehicles.
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Auto Commerce Shares:
- Enjoyed a strong quarter, rising 14%, led by Carvana, Lithia Motors, and Group1 Automotive.
- Easing interest rates helped lift the group during the quarter.
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Autonomous Driving Hardware:
- Comps fell 8% on average during Q3, with Luminar Technologies and AEye experiencing sharp declines.
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Autonomous Driving Software:
- Comps saw a sharp increase, with Aurora Innovation leading the way with a 106% gain.
- The company raised $420 million in a secondary offering in August.
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Ride-Hailing Comps:
- Were flat for the quarter, with modest gains from Uber offset by a 5% decline in Lyft shares.
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EV Charging:
- EVgo stood out, with shares up 76%.
- EV charging competitor ChargePoint saw a 4% decline.
- EVgo reported overall revenue up 32% and charging network revenue up 146% for Q2.
The summary highlights the performance of various mobility tech segments, focusing on key financial metrics and trends observed during the third quarter of 2024.
