News

Electric Vehicles

Reuters | Equities.com |

The White House has told U.S. automakers it wants them to back a voluntary target of at least 40% of new vehicles sales being electric by 2030 as it works to reduce greenhouse gas pollution, sources briefed on the matter said.

The discussions with U.S. automakers on electric vehicle (EV) targets come as the Biden administration is set as early as next week to roll out its proposed revisions to vehicle emissions standards through 2026.


Reuters | Equities.com |

Electric-car maker Tesla Inc will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference on Wednesday.

Bitcoin was up 8% at $32,160.16, while ether surged 11.6% to $1,993.36. Tesla's shares were down 0.8% at $655.30 in extended trading.


Kimberly Redmond | Equities.com |

Startup electric truck maker Lordstown Motors Corporation (Nasdaq: RIDE) has confirmed that a federal probe is underway into its merger with special purpose acquisition company (SPAC) DiamondPeak Holdings Corporation.

At specific issue is Lordstown's reporting of vehicle pre-orders.


Reuters | Equities.com |

Tesla Inc's vehicle registrations in California rose more than 85% in the second quarter versus last year, largely due to the success of the company's Model Y, according to data from Cross-Sell, a research firm that collates title and registration data.

The automaker posted record vehicle deliveries for the April-to-June quarter earlier this month, as it dealt with a semiconductor shortage and relied on sales of its cheaper models.


Reuters | Equities.com |

The European Union is set to propose measures on Wednesday, as part of a broad climate package, that signal the end of petrol (gasoline) and diesel car sales within 20 years, and accelerate a switch to electric propulsion.

Many carmakers have already announced huge investments in electrification, partly in anticipation of tougher emissions targets, but want to know whether the EU will back them by building public charging stations, and how soon it wants hybrid electric/combustion vehicles to be phased out.


Kimberly Redmond | Equities.com |

Volvo Car Group announced Monday that it will raise its stake in electric car maker Polestar to 49.5%.

In a statement, Volvo said it is acquiring the additional shares from PSD Investment, the private investment company of Eric Li, chairman of Volvo Cars and its parent, Zhejiang Geely Holding Group (OTC: GELYY).


Reuters | Equities.com |

General Motors Co said on Monday it is turning to a German parts supplier to make the initial, small production run of its new electric commercial van in a move to get the vehicle quickly into the hands of customer Fedex.

The decision to use Kuka AG to build the EV600 vans is not typical in the industry. But it shows the No. 1 U.S. automaker's desire to stick to a plan to roll out the vehicle in late 2021, said Travis Katz, chief executive of GM's BrightDrop commercial van business.


Kimberly Redmond | Equities.com |

Stellantis NV (NYSE: STLA), the parent company of car brands including Jeep, Dodge and Ram, plans to invest at least $35.5 billion by the end of 2025 to expand its lineup of electric vehicles.

On Thursday, the world’s fourth-largest automaker said within the next four years it will have 55 electrified vehicles on the market in the US and Europe.


Kimberly Redmond | Equities.com |

One of South Korea’s biggest battery makers, Samsung SDI, is reportedly looking to expand its battery cell manufacturing capabilities in the US to help meet growing demand for electric vehicles.

A confidential source told Reuters that the battery maker, a unit of Samsung Electronics, is considering a US factory as either a joint venture or as an independent manufacturing site.


Kimberly Redmond | Equities.com |

Renault Groupe (OTC: RNLSY) announced two partnerships on Monday aimed at boosting the production of electric car batteries in France.

In a press release, the French carmaker said the new partnerships with China’s Envision AESC and French start-up Verkor will enable it to create an EV hub capable of churning out 400,000 cars annually.