Vietnamese EV maker VinFast’s Nasdaq debut Tuesday was remarkable. The automaker, which went public after merging with Black Spade Acquisition, saw shares rise 68% to $37.06, valuing it at $86 billion, far above Ford, GM, and Stellantis. Wednesday was the real surprise. VinFast still had a market cap ahead of …
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Volkswagen’s $700 million investment in China’s electric vehicle startup XPeng is this week’s auto industry news. This partnership could set a precedent for Western automakers looking to leverage Chinese firms’ EV expertise, while Chinese firms can benefit from their foreign allies’ global distribution. Volkswagen will produce two battery-powered models using …
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According to a new Reuters report, Tesla overstated its EVs’ range estimates, causing owners to flood its service center. Elon Musk ordered algorithms to boost range numbers, according to anonymous sources and industry experts. Service requests skyrocketed with sales. Tesla created a “diversion team” to handle “range cases”—owners complaining of …
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According to a Monday court filing, Tesla directors will pay $735 million to settle shareholder claims that they overpaid themselves. A Tesla stock-holding retirement fund settled its 2020 lawsuit. Starting in June 2017, the Detroit Police and Fire Retirement System criticized Tesla directors’ stock options, including CEO Elon Musk, his …
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Tesla announced its first Cybertruck was produced in Texas over the weekend. Before Tesla’s second quarter 2023 earnings call, the futuristic pickup truck debuts. In 2019, Tesla CEO Elon Musk revealed the Cybertruck, however production has been delayed. Since 2021, Tesla has delayed production and delivery of the truck because …
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According to a late Tuesday website update, Tesla’s Model 3 and Model Y electric vehicles’ $7,500 federal tax credits may be reduced after December 31. The website states that customers who take delivery of a qualified new Tesla and meet all federal requirements are eligible for a $7,500 tax credit. …
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San Francisco safe streets activists discovered they can disable Cruise and Waymo robotaxis by placing a traffic cone on a vehicle’s hood. The group’s viral “Week of Cone” prank on Twitter and TikTok is a protest against the city’s robotaxi services, which residents are tired of breaking down and blocking …
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Tesla beat Wall Street delivery estimates in the second quarter of 2023 due to price cuts and the Biden administration’s federal electric vehicle tax credits. The Elon Musk-owned EV maker produced 479,000 units and delivered 466,140. That’s up 10% from the first quarter’s 422,875 Tesla EVs and 83% year-over-year. Delivery …
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Lordstown Motors has sued Foxconn, the Taiwanese iPhone maker. The EV company sued Foxconn Tuesday and filed for bankruptcy and sale. Lordstown, the 2020 public EV startup, filed for Chapter 11 in Delaware. Lordstown sued and restructured after failing to resolve its dispute with Foxconn over a previously agreed investment. …
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The luxury all-electric Air sedan maker Lucid Group will supply Aston Martin with powertrain components for future electric vehicles, the companies announced Monday. The iconic British luxury automaker plans to launch an EV in 2025. Lucid can now supply and diversify its revenue streams with the agreement. Lucid has missed …
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