Charged: EU sets guidance on price offers for Chinese EV exports

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From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.

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GUIDANCE: The European Commission issued a Guidance Document on the submission of price undertaking offers in the context of the anti-subsidy duties in place on battery electric vehicles from China. The Guidance Document provides Chinese exporters of BEVs to the EU with general guidance on the submission of price undertaking offers. It covers various aspects to be addressed in a possible undertaking offer, including the minimum import price, sales channels, cross-compensation, and future investments in the EU. Each price undertaking offer is subject to the same legal criteria and the European Commission will conduct each assessment in an objective and fair manner, following the principle of non-discrimination and in accordance with WTO rules. Publicly traded companies in the Chinese electric vehicle space include XPeng (XPEV), Nio (NIO), Li Auto (LI), BYD (BYDDY), and Geely (GELYF). Publicly traded companies in the broader auto space include Ford (F), General Motors (GM), Honda (HMC), Lucid Group (LCID), Mercedes-Benz (MBGYY), Nissan (NSANY), Rivian (RIVN), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).

SELL RIVIAN: Wolfe Research downgraded Rivian to Underperform from Peer Perform with a $16 price target. The risk/reward appears unfavorable at current levels, as Rivian’s fundamentals have weakened despite recent share gains driven by autonomy enthusiasm, with 2026 Street expectations viewed as overly optimistic, the firm tells investors in a research note. Higher EBITDA losses, increased free cash flow burn, potential R2 demand risk, and limited near-term autonomy catalysts point to downside risk, Wolfe says.

RECALL: Rivian is recalling 19,641 previously serviced R1S and R1T electric vehicles in the U.S., citing incorrectly assembled rear toe link, the NHTSA says. The automaker will replace the rear toe-link bolts free of charge, NHTSA adds.

POSITIVE PERFORMANCE TRENDS: Freedom Capital analyst Roman Lukianchikov upgraded XPeng to Buy from Hold with a price target of $25, up from $20, on positive performance trends. The firm says the company’s results exceeded expectations, but the outlook was dampened by weak guidance for the next quarter. Innovation has enabled the launch of the low-cost sub-brand Mona, driving revenue growth, while greater technological sophistication has allowed XPeng to price its premium vehicles above competitors, supporting margins, Freedom adds.

MOVING TO THE HEADLINES: TD Cowen downgraded Plug Power (PLUG) to Hold from Buy with a price target of $2, down from $4. The firm moves to the sidelines to monitor the company’s execution given demand challenges in material handling and electrolyzers. Plug’s electrolyzer ramp may take longer to materialize, TD Cowen tells investors in a research note.

SHIPMENTS: Enphase Energy (ENPH) announced that it began production shipments of its IQ9N-3P Commercial Microinverter across the United States in late December 2025. The product is manufactured in the United States to support domestic content requirements and Foreign Entity of Concern, FEOC, compliance for eligible commercial solar projects. This is Enphase’s first microinverter powered by gallium nitride, GaN, technology and designed for three-phase 480Y/277 V grid configurations, without using external transformers.

BUY ARRAY: TD Cowen upgraded Array Technologies (ARRY) to Buy from Hold with a price target of $12, up from $10. The firm cites the company’s improving execution, low investor expectations and valuation gap versus peers for the upgrade. Array has a “clear catalyst” in the July 4th safe-harbor deadline, TD Cowen tells investors in a research note.

TURNAROUND: TD Cowen upgraded SolarEdge (SEDG) to Buy from Hold with a price target of $38, up from $34. The firm says the company is executing its turnaround with the launch of Nexis and Single supporting margins and market share gains. Ramping U.S. manufacturing and exports improves SolarEdge’s competitive position in Europe, TD Cowen tells investors in a research note.

CAUTIOUS ON THE SHARES: Jefferies downgraded First Solar (FSLR) to Hold from Buy with a price target of $260, down from $269. The firm is cautious on the shares in 2026 citing the company’s limited booking visibility and “emerging strategic questions.” Jefferies expects First Solar’s S232 tailwind to “underwhelm investor expectations” due to potential carve-outs for Germany watering down pricing and developers moving ahead of duties. As such, it sees limited upside in the shares from current levels.

NUCLEAR ENERGY PROJECTS: Meta (META) said, “Today, we’re announcing landmark agreements that will extend and expand the operation of three nuclear power plants, boost the development of new advanced nuclear technology, and foster job growth in several American communities.Supporting nuclear energy development strengthens our country’s energy infrastructure and helps create a more reliable electric grid, which are key to powering the economy and securing America’s energy independence and global leadership in AI. Our agreements with Vistra (VST), TerraPower, and Oklo — and the one we signed with Constellation Energy (CEG) last year — make Meta one of the most significant corporate purchasers of nuclear energy in American history.” Meta added: “Today’s announcements are the result of a thorough nuclear RFP process where we learned how we could improve our support of nuclear projects’ development lifecycles and identify specific partner companies to help scale and accelerate the buildout of new nuclear energy production. For more than a decade, we’ve worked with innovative partners to back clean energy projects that support the grid – adding nearly 28 GW of new energy to grids across 27 states. We’re proud to include Oklo, TerraPower, and Vistra on that list and support their work to boost America’s energy leadership.”