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General Motors formally teamed up with Nikola Motors, inking a deal yesterday to help the electric-truck startup to develop and manufacture new electric truck models, in exchange for an 11% stake in Nikola Corp, The Wall Street Journal reported. Both company’s stock prices jumped after the announcement showing that investors are still sweet on big […]
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Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market. According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies.
Why This Matters: Former Vice President Biden’s new clean energy jobs proposal revives the “cash for clunkers” program but in a way that would juice this market.
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In a major milestone for electric cars, Tesla announced yesterday that it has cracked the 400-mile barrier, a first for a production electric vehicle sold to the public. The company says the EPA will officially rate the new Long Range Plus version of the Model S for a 402-mile range. The new range is due […]
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CNBC reported yesterday that despite factory closures in China and the U.S., Tesla managed to eke out $16M in profit in the first quarter of the year, but it remains unclear how quickly its U.S. car plant and suppliers can ramp up production once it re-opens from Covid-19 restrictions.
Why This Matters: The COVID pandemic is a setback for many industries — but particularly ones working to get off the ground like electric vehicle manufacturing.
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The President late on Friday finally used his Defense Production Act authority to order General Motors to begin to make ventilators, and the CEO Elon Musk of Tesla said the company’s New York electric vehicle factory will reopen in order to make ventilators and will also purchase and donate devices to the New York hospitals.
Why This Matters: EV manufacturing shutdowns particularly impact the next wave of EVs that were about to start to roll off the assembly line – such as Volkswagen’s ID.3 and Tesla’s Model Y.
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Last week, the CEO of General Motors rolled out the company’s extensive plans to manufacture electric vehicles across all its brands and vehicle models and it even hopes to rejuvenate its luxury Cadillac brand by offering high-end EVs that will compete with Tesla, according to The New York Times.
Why This Matters: GM is making a big bet on EVs and looking to leapfrog all the other conventional vehicle companies – and make money on these EVs right from the start.
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