As the week concluded on March 15, sentiment surrounding electric vehicle (EV) stocks was a mixed bag, influenced by the challenging forecast for industry leader Tesla, Inc. (TSLA) and broader market jitters due to unexpected spikes in inflation.

Key events played out in the EV sector over the past week, shaping the landscape for investors and enthusiasts alike.

Tesla Faces Estimates Headwinds, Eyes Indian Market: Wall Street analysts adjusted their delivery projections for Tesla downward, expressing concerns over the near-term outlook. Speculation spurred as Deutsche Bank slashed its March quarter delivery estimate from 476,000 units to 427,000 units, citing production bottlenecks with the Model 3 refresh and Cybertruck, along with slowing worldwide EV adoption. Amidst this, the firm revised Teslas target price from $250 to $218 while maintaining a “Buy” recommendation.

Wells Fargo’s Colin Langan joined the trajectory by downgrading the stock from “Hold” to “Sell” and reducing the price target from $200 to $125, highlighting a lack of growth in the company. UBS also followed suit, scaling back its price target from $225 to $165, citing sluggish EV demand in the West, competitive pressures in China, and a lukewarm forecast for Model 2 sales in 2025.

India seems to be on the horizon for Tesla, with the government unveiling fresh EV policies to attract investments into the nation. The possibility of an import duty reduction for EVs provided manufacturers commit to a minimum investment of $500 million and initiate domestic production within three years has ignited hope in Tesla’s expansion plans. Reports suggest that eligible companies can yearly import up to 8,000 EVs with a value of $35,000 or more at a reduced tax of 15%, a significant drop from the previous 100% duty.

In a final push for the quarter’s end, Tesla teased a potential $1,000 price hike across all variants of its Model Y vehicles, set to take effect on April 1.

Fisker Flounders Near Bankruptcy: Struggling EV firm Fisker, Inc. (FSR) faced a tumultuous week as speculation circulated regarding an imminent bankruptcy filing. Share prices plummeted over 50% as rumors swirled, with reports indicating that the company had enlisted FTI Consulting and Davis Polk to prepare for the potential filing. Following their fourth-quarter results, Fisker issued a warning about their financial sustainability.

Responding to the speculations, the company chose not to address market rumors, focusing instead on securing additional capital and forging strategic partnerships with industry giants. Earlier murmurings had hinted at Nissan Motor Co., Ltd. (NSANY) engaging in talks to invest in the struggling EV startup.

Rivian Grabs Analysts’ Attention: Piper Sandler analyst Alexander Potter made waves by upgrading Rivian Automotive, Inc. (RIVN) from “Neutral” to “Overweight,” raising the price target from $15 to $21. An exhilarated Potter remarked on the positive aura surrounding the newly-unveiled R2 SUV, forecasting that the upcoming R3 model would make a significant impact once launched.

While acknowledging potential risks related to midyear production retooling affecting deliveries, Potter’s optimism around Rivian’s product line and operational strategy urged investors to adopt a more bullish stance.

Industry Stone Cold Realism: Former Ford CEO’s Projections: Former Ford CEO Mark Fields expressed caution, stating in a CNBC interview that the EV transition would occur but may unfold gradually. Fields highlighted the niche market that traditional gasoline engines would continue to cater to, serving collectors and enthusiasts even as EVs gain wider acceptance. He emphasized the significance of innovation and environmental impact for initial EV adopters, contrasting them with cost-conscious traditional car buyers.

Fields pointed out premium pricing, charging infrastructure limitations, and time-consuming charging processes as hindrances to EV adoption. He suggested a brighter outlook for hybrid vehicles, positioning them as a middle ground between conventional ICE cars and fully electric models.

Polestar’s Pragmatism: Swedish EV manufacturer Polestar Automotive Holding UK PLC (PSNY), now under China’s Geely Automobile Holdings Limited (GELYF), declared a price reduction for its upcoming SUV, the Polestar 3. Initially slated to start at $84,000, the SUV will now have a starting price of $73,400 in the U.S., with all variants coming equipped with the Pilot pack.