Author: Benedict Mcdaniel

Nio is reportedly contemplating the spin-off of its battery manufacturing unit as part of a strategic move to achieve profitability, streamline operations, and cut costs, according to sources familiar with the matter cited in a Reuters report today. The spin-off initiative may materialize by the end of this year, following which the battery unit intends to attract external investors, with the valuation set to be determined at a later stage, as per the report. This development marks a shift in Nio’s previous strategy, where the company had initially planned to independently develop and manufacture some of its batteries while outsourcing…

Mary Barra, the CEO of General Motors, officially confirmed that the next-generation Chevrolet Bolt is set to hit the streets in 2025. This revelation follows Barra’s prior affirmation of the Bolt’s return, now revamped as an Ultium-based electric vehicle. Addressing the Automotive Press Association in Detroit, Barra discussed the upcoming successor to the affordable EV, stating, “That’s been a truly positive development this year, and it has influenced our decision to reintroduce it in 2025.” Previous statements from Barra had hinted at the Bolt’s comeback after the phase-out of current models. The next-generation Bolt will be built upon GM’s Ultium…

Chinese smartphone giant Xiaomi is set to diversify its product lineup to include hybrid models, following the recent disclosure of its inaugural electric vehicle (EV) model in a regulatory filing last month. According to a report by local media outlet AutoPix, Xiaomi has outlined plans for three new models, with the first two being battery electric vehicle (BEV) models named Modenat and Lemang, and the third being a hybrid model named Kunlun. The company is expected to officially launch Modenat next year, with Lemang also being a BEV, while Kunlun will serve as a hybrid. Earlier speculations suggested that Xiaomi’s…

Hedge fund Luxor Capital has completed the acquisition of the UK business and assets of Volta Trucks, forming a separate sub-company named “Volta Commercial Vehicles Limited.” The financial details of the transaction have not been disclosed. Volta Trucks filed for insolvency in October, encompassing not only its Swedish unit but also the crucial trading company, Volta Trucks Limited, based in England. The insolvency was reportedly triggered by the financial troubles of Volta’s battery supplier, Proterra, in August, causing a significant disruption to Volta’s production plans. The subsequent production halt made it challenging for Volta to secure new funding in an…

Tesla has officially confirmed a 50% reduction in the $7,500 federal tax credit on two Model 3 trims starting next year. Since the 2023 reform of the electric vehicle incentive program, buyers of all Model 3 vehicles have had access to the tax credit, contingent on individual eligibility based on income. However, changes in eligibility criteria for electric vehicles, including factors such as price and source of components, are now in effect. Tesla has indicated that the evolving criteria, particularly related to battery materials, are becoming more stringent each year, with an emphasis on incorporating batteries and materials produced in…

Toyota’s upcoming 2024 bZ4X electric SUV is set to see a price increase of up to $1,070 compared to the previous model, according to recent order guide data. The base model, 2024 bZ4X XLE, will have an MSRP of $43,070, while the AWD variant starts at $45,150, both reflecting a modest price hike. In tandem with the pricing adjustments, Toyota is offering a special financing rate to maintain competitiveness in the electric vehicle market. Despite the higher pricing, Toyota aims to entice buyers with a 1.99% APR financing offer, valid until December 5, for up to 72 months. This special…

General Motors (GM) CEO Mary Barra voiced disappointment in the company’s electric vehicle (EV) production for 2023, attributing challenges to constraints. However, optimism prevails as GM unveils a $10 billion buyback plan, a 33% increase in dividends, and reduced spending on Cruise. Barra acknowledged disappointment but remained confident, stating, “Although I am disappointed with our Ultium-based EV production in 2023, we have made substantial improvements.” The setback was clarified as a manufacturing hurdle related to automation in building modules, not an Ultium issue. Barra highlighted ongoing improvements and expressed expectations to overcome challenges by mid-next year. Despite the setback, GM’s…

German luxury automakers BMW and Mercedes-Benz are set to establish a joint venture in China to build a comprehensive charging network. The agreement, signed by BMW Brilliance, BMW’s joint venture in China, and Mercedes-Benz, outlines a 50:50 shareholding collaboration. The joint venture aims to deploy a minimum of 1,000 supercharging stations across China by the end of 2026, providing approximately 7,000 supercharging piles. According to a press release, the charging stations will initially commence operations in key new energy vehicle (NEV) cities in China starting in 2024, with plans for expansion to cover more cities and regions in subsequent phases.…

UK-based battery materials and recycling company Altilium Metals has secured over £700,000 in innovation funding from the UK government for two collaborative research initiatives focused on recovering copper and rare earth elements from mine waste. The projects, conducted in partnership with CPI and Camborne School of Mines, aim to develop environmentally friendly processes for recycling battery metals and rare earth elements from mine tailings. Altilium intends to leverage mine waste, or tailings, controlled by the company in Europe for both projects, aligning with the goal of transitioning to a circular economy. The focus is on mitigating waste, reducing the need…

The highly anticipated Tesla Cybertruck is set to make its official debut on November 30th, and as the delivery event approaches, some new details and accessories have surfaced through the Tesla app. While key specifications are still awaited, the leaks provide insights into additional features and options that could accompany the groundbreaking electric pickup. One notable addition is the introduction of a new mode called “Beast Mode,” hinted at by Elon Musk in a recent podcast with Joe Rogan. The leaked image suggests that Beast Mode will be visually represented on the vehicle’s large infotainment screen, similar to the Plaid…

Lucid Motors has decided against adopting Tesla’s controversial yoke steering in its upcoming Gravity SUV. The move comes as Tesla faces a divided response from its fanbase regarding the unconventional rectangular steering apparatus. Derek Jenkins, Senior Vice President of Design and Brand at Lucid Motors, revealed the company’s considerations during an event previewing the Gravity model. Despite exploring the possibility of incorporating a yoke, Lucid ultimately deemed it a compromise they were unwilling to make due to concerns about operability. “We just felt it was a compromise we weren’t willing to make,” Jenkins stated. In contrast to Tesla’s approach, Lucid…

In a letter dated November 28th, 2023, a consortium of 3,882 U.S. car dealers reached out to President Biden, expressing their concerns regarding the stringent requirements for electric vehicle (EV) sales mandated by his administration. While the dealers acknowledged the appeal of battery electric vehicles (BEVs) for many consumers, they asserted that the current demand does not align with the influx of BEVs arriving at their dealerships. The primary concerns outlined in the letter revolved around charging infrastructure limitations, particularly for customers without home charging options who rely on public networks. The dealers argued that these regulations are unrealistic given…