Charged: Trump administration halts Coastal Virginia Offshore Wind

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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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CVOW PROJECT: The Trump administration halted Coastal Virginia Offshore Wind and paused leases for four other major East Coast offshore wind projects, citing national security concerns raised by the Pentagon, CNBC’s Spencer Kimball reports. Shares of Dominion Energy (D), which is developing the Coastal Virginia project, were down nearly 5% in morning Monday trading.

PAY PACKAGE: Tesla CEO Elon Musk’s net worth has hit $749B following the Delaware Supreme Court’s decision to reinstate Tesla stock options worth $139B that were voided last year, Reuters reports. The court resorted Musk’s 2018 pay package two years after a lower court struck down the compensation deal.

BATTERY CELL PRODUCTION: Tesla is creating the conditions to produce up to 8 gigawatt hours of battery cells a year at its German gigafactory in Gruenheide near Berlin starting in 2027, Reuters reports, citing a statement. “To this end, we are investing another three-digit million amount in cell production,” it said, adding this would take total investments in the local cell factory to nearly $1.2B. “The aim is to increase the vertical range of manufacture at the site: everything from battery cells to vehicles will be produced at a single location. This is unique in Europe and also strengthens the resilience of our supply chains,” Tesla said.

CALIFORNIA SALES: After Bloomberg reported that California sales of Tesla will be suspended for 30 days as a penalty for misleading consumers about driver-assistance technology, Tesla responded on X, formerly Twitter, saying that, “This was a ‘consumer protection’ order about the use of the term ‘Autopilot’ in a case where not one single customer came forward to say there’s a problem. Sales in California will continue uninterrupted.”

Q4 DELIVERIES: UBS lowered the firm’s Q4 forecast for Tesla to 415,000 deliveries from 429,000, 5% below consensus. The firm’s updated forecast is informed by weaker U.S. deliveries given the expiration of the $7,500 EV consumer tax credit at the end of September, the analyst tells investors in a research note. UBS has a Sell rating and $247 price target on the stock.

BUY RIVIAN: Baird upgraded Rivian to Outperform from Neutral with a price target of $25, up from $14. The firm says 2026 is the year of the R2 launch. The launch should boost Rivian’s brand, product demand, and the shares as deliveries begin near mid-year, the analyst tells investors in a research note. In addition, Baird says the company’s recent autonomy day was highlighted by the unveiling of custom chips, which is positive for Rivian’s long-term competitiveness. The firm wants to own the stock into the new product cycle of launching the R2.

UPGRADE TO NEUTRAL: Goldman Sachs upgraded Enphase Energy (ENPH) to Neutral from Sell with an unchanged $29 price target. The firm had turned negative on Enphase in mid-2025 with a downgrade in July, which was predicated on the company’s exposure to the expiring residential solar tax credits materially weighing on results into 2026, but since being added to the Sell list on July 8, 2025, the shares declined by 23% vs. the Russell 2000 up 12%. The management has also reset expectations lower amid anticipation of a revenue trough in Q1 with several growth drivers that should support results through the rest of the year and beyond, Gold