LONDON—British car production last year fell to its lowest since 1956, largely due to a global shortage of semiconductor chips that caused automakers to slow or shutter plants while waiting for parts, an industry group said on Thursday. The Society of Motor Manufacturers and Traders (SMMT) said production fell 6.7 percent from 2020 to 859,575…
The EV Revolution: ‘It’s the Economics, Stupid’
Commentary Henry Ford famously said his customers could have any color car they wanted, as long as it was black. He could afford to say things like that. He was the only one cranking out cars at the time. Today, it would seem that automakers are taking a similar stand—“In the coming years you can…
Volvo Cars Picks Ember Technologies Chief Jim Rowan as New CEO
STOCKHOLM—Volvo Car Group has appointed Jim Rowan as new chief executive to succeed long-time CEO Hakan Samuelsson in March, it said on Tuesday. Rowan, currently CEO at U.S-based Ember Technologies, is taking over just months after Volvo wrapped up its initial public offering, the biggest in Europe last year. He will face the task of…
Rivian Expanding With New Factory in Georgia
December 17, 2021
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Electric transport startup Rivian will be setting up a second factory in Georgia, according to a company announcement on Thursday, indicating a positive outlook despite posting losses for the recent quarter after a disappointing Wall Street performance. From the proceeds of its Nov. 10 initial public offering, the Amazon-backed electric vehicle startup will invest $5…
UK Government Grants for New Electric Cars Slashed by 40 Percent
Grants for new electric cars have been slashed by 40 percent to “enable taxpayers’ money to go further” the Department for Transport (DfT) has announced. The maximum amount of cash motorists can claim towards the cost of a plug-in car has been cut from £2,500 ($3,300) to £1,500 ($1,980). For cars to be eligible for…
GM Venture to Build North American Battery Chemical Plant
December 1, 2021
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DETROIT—General Motors is forming a joint venture with Posco Chemical of South Korea to build a North American battery materials plant as it brings more steps in the electric vehicle supply chain under its umbrella. The Detroit automaker said Wednesday that details of the venture are still being worked out, including investment amounts and the…
Auto Executives Expect EVs Will Own Half of US, China Markets by 2030: Survey
November 30, 2021
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DETROIT—Auto industry executives expect electric vehicles (EV) will make up just over half of new vehicle sales in the United States and China by 2030, and could do so without receiving government subsidies, according to a new survey by accounting and consulting firm KPMG. But combustion vehicles, including hybrids, are expected to retain a significant…
Carmaker Stellantis Secures Supply of Battery-Grade Lithium
MILAN—The carmaker Stellantis said Monday that it has secured a five-year supply of battery-grade lithium hydroxide in Europe to support its plans to convert to 98 percent electrified vehicles by 2025. Stellantis, the company that combined PSA Peugeot and Fiat Chrysler, signed a binding agreement with Vulcan Energy Resources Ltd. in Germany, which uses geothermal…
Shares of China Evergrande’s EV Unit Rise After $347 Million Share Sale Plan
November 22, 2021
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HONG KONG—Shares of China Evergrande New Energy Vehicle Group Ltd. rose 11.1 percent to $0.50 on Monday, after the company said it planned to raise around $347 million in a share placement. Embattled property developer China Evergrande’s electric vehicle (EV) unit said on Friday it would issue about 900 million shares, or 8.3 percent of…
South Korean Tech Companies Double Down on US Investments, Shifting Away From China
November 19, 2021
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Earlier this month, South Korea’s tech conglomerate SK Group announced plans to invest $52 billion in the United States. Experts suggest the group’s latest commitment signals South Korea’s big shift from the Chinese supply chain. On Oct. 31, South Korean President Moon Jae-in attended a global supply chain summit convened by U.S. President Joe Biden…
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