Toyota, a pioneer in electric vehicle technology, has announced it will invest $13.6 billion in battery development over the next decade to remain on the cutting edge. Kana Inagaki reports in The Financial Times: Toyota will invest ¥1.5tn ($13.6bn) in battery development and supply over the next decade as the world’s largest carmaker aims to stay ahead in the race for cheaper and longer-lasting electric and hybrid vehicles. The Japanese group outlined its plans as it attempted to quell criticism it had been slow to shift to electric cars because of its dominance in hybrid vehicles that use … [Read more...]
Battery Battle: Stellantis Opens New Front in Europe’s Electric Vehicle Wars
Stellantis, the world's sixth-largest automaker, was formed by the merger of PSA and Fiat Chrysler and is now joining the battle for battery supremacy in Europe. The FT reports: Stellantis will spend more than €30bn over the next four years developing electric cars and software, underlining the investment the auto industry is having to make as combustion engines are phased out. In the first major announcement on its electric strategy since it was formed by the merger of France’s PSA and Fiat Chrysler earlier this year, Stellantis laid out plans to open five battery factories across Europe … [Read more...]
Mercedes-Benz Builds Rival to Tesla Model S
The new Mercedes-Benz EQS has been dubbed the "Tesla fighter," and aims to rival the American electric car company's Model S. Jack Denton reports in Barron's: Mercedes’ new luxury electric-vehicle, dubbed a “Tesla fighter” by analysts, beats out the high-end Model S offering from Elon Musk’s company on two key fronts based on a road test, a team at Swiss bank UBS said. Shares in Daimler, which owns Mercedes-Benz, slipped around 1.3% in Frankfurt trading on Wednesday, paralleling losses with the blue-chip German DAX index. The back story. The EQS is Mercedes’ new flagship … [Read more...]
Battery Battle: Detroit is Coming for Tesla
Big automakers have watched for a long time as Tesla has continuously proven that they can surprise the market with progress on electric vehicles. Now, Detroit wants to get in on the action. Mike Colias reports: General Motors Co. GM -1.42% is raising its investment in electric vehicles—the second boost in recent months—and pushing deeper into battery production, making it the latest global auto maker to accelerate its transition to plug-in cars. The company also raised its guidance for pretax profit excluding one-time items for the first half of this year, to between $8.5 billion and $9.5 … [Read more...]
SPAC Model for EV Startups Takes Hit as Lordstown Motors’ CEO, CFO Leave After “Inaccuracies”
Bloomberg reports on the fiasco at Lordstown Motors, where "inaccuracies," in reporting have seen the CEO and CFO leave the company. Christine Watkins writes: Lordstown Motors Corp. announced the abrupt departure of its two top executives and said its board found evidence of inaccurate statements, intensifying the turmoil for the electric-vehicle maker and onetime SPAC star. The company said in a statement Monday that Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company, effective immediately. It is the latest setback for the … [Read more...]
What’s Really Going on With Tesla’s Autopilot?
At MarketWatch, Therese Poletti and Jeremy C. Owens say "It's time for Elon Musk to start telling the truth about autonomous driving." They write: Tesla Chief Executive Officer Elon Musk has shown that he has an influential platform by roiling the cryptocurrency market with his tweets. It is time for him to use it for a more important purpose: Telling the truth about autonomous driving. Tesla Inc. TSLA, +2.39% has been charging customers up to $10,000 for “full self-driving” technology for nearly five years. The problem is that such technology does not exist. The company’s cars are … [Read more...]
Tesla Set to Lose Major Emissions Credit Buyer
As a result of the merger between Fiat Chrysler and PSA, the need for the former to buy emissions credits has been eliminated as the newly merged entity is compliant with EU rules on emissions. Tesla will lose hundreds of millions of dollars in payments because of the loss of the market for credits. Peter Campbell and David Keohane report in The Financial Times: In 2019 Fiat Chrysler (FCA) entered a deal to pool with Tesla to pass tough European carbon dioixide rules, agreeing to pay to offset the emissions from its own line-up. But Stellantis, formed earlier this year by the merger of … [Read more...]
Despite Disturbing Crash, Tesla Logs Record Earnings
Despite the still unsolved crash of a Tesla, the company's earnings hit record highs in the first quarter of 2021. Rebecca Elliott reports for The Wall Street Journal: Tesla Inc. TSLA -4.26% posted a record quarterly profit despite supply disruptions, fueled by rising deliveries and increasingly broad-based demand for electric vehicles. The Silicon Valley car maker has enjoyed booming sales, driven by both its popular Model Y compact sport-utility vehicle and sustained demand in China. The company also has benefited from the wider embrace of plug-in cars as governments across the world … [Read more...]
Chinese Taking Aim at Tesla
Tesla investors have high hopes for the Chinese market, but with homegrown competitors, Tesla is likely to face ongoing resistance. The WSJ explains here that Tesla has been facing mounting criticism of quality issues in recent months. If Tesla’s aren’t high enough quality for the Chinese market, what does that say about their prospects in the developed world? Trefor Moss reports: SHANGHAI— Tesla Inc., TSLA -1.35% hit by a widespread outcry over its handling of consumer complaints in China, has issued a public apology and pledged to set up a customer-satisfaction unit as the electric-car … [Read more...]
FACTORY SHUTDOWN: Semiconductor Shortage Halts Auto Production at Some Plants
A global shortage in semiconductors has begun impacting automobile production as companies can't source enough chips. Ford Motor Company is the latest to be impacted and has announced a plan to idle production of F-150s. Christina Rogers reports in The Wall Street Journal: Ford Motor Co. F -1.69% is scheduling more downtime at several U.S. factories, including its two major truck plants, as a global shortage of semiconductors upends vehicle manufacturing for car makers in North America. The company said Wednesday that it would halt production for two weeks in April at its truck plant in … [Read more...]
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