Author: Harding Greenwood

Tesla has reduced lease prices for its Cybertruck, marking another move to stimulate demand for the polarizing vehicle. The base lease price now starts at $899 per month for the AWD model and $999 for the Tri-Motor Cyberbeast, both requiring a $7,500 down payment for a 36-month term. This adjustment represents a reduction of over 10%, according to the automaker. Initially met with massive interest, Tesla reported over 1 million reservations for the Cybertruck. However, challenges such as higher-than-expected production costs and reduced range estimates have dampened enthusiasm. Analysts estimate Tesla delivered between 40,000 and 50,000 Cybertrucks before its reservation…

Tesla has reversed its long-standing policy of prohibiting lease buyouts in the United States, a move seen as a shift in the company’s approach to its robotaxi ambitions. Effective November 27, Tesla now allows U.S. customers to purchase their vehicles at the end of their lease, except in Iowa and Louisiana, where local regulations still prevent such transactions. The updated policy includes an option for customers to sell leased vehicles to third-party providers, with an additional fee of up to $350 for the buyout. Tesla announced the change through its website over the Thanksgiving weekend, signaling a significant departure from…

Australian mining giant Fortescue has inked a major deal with Chinese engineering firm XCMG, securing over 100 electric mining vehicles for its Pilbara operations in a contract worth more than $400 million. The agreement marks XCMG’s largest mining equipment order outside China, underlining its global expansion ambitions. The equipment delivery, scheduled through 2030, includes battery-powered wheel loaders, bulldozers, graders, and other machinery. This deal follows Fortescue’s ongoing efforts to electrify its fleet, a commitment that has seen significant investments in partnerships with global equipment manufacturers. In September 2024, Fortescue signed a $2.8 billion contract with Liebherr for 360 autonomous electric…

Thomas Schultze, Chief Operating Officer at Italian EV charging station manufacturer Alpitronic, has announced his departure from the company and the electric vehicle sector after nearly three years in the role. In a statement posted on LinkedIn, Schultze reflected on his time at Alpitronic and the company’s growth trajectory. “After very exciting and enriching years as COO of Alpitronic, I would like to say goodbye to a great team and our unbeatable Hyperchargers. It has been an incredible journey of innovation and growth,” he wrote. Schultze hinted at moving to a different industry, stating he was “off to a different…

The United Kingdom is reconsidering its electric vehicle (EV) sales targets following industry feedback on the potential economic impact of its ambitious Zero Emission Vehicle (ZEV) mandates. The ZEV mandates, part of the UK government’s transition plan to achieve 100% zero-emission vehicle sales by 2035, are set to undergo consultation. Published in January 2024, the mandates require 80% of new cars and 70% of new vans sold in Great Britain to be zero-emission by 2030. While the government emphasized its regulatory framework as the world’s most ambitious, automakers have raised concerns about the feasibility of these targets. “The UK now…

Tesla’s highly anticipated Cybertruck has demonstrated a significant advantage in maneuverability thanks to its four-wheel steering system, a feature that sets it apart as a large electric pickup. A recent test visually compared the Cybertruck’s turning radius with the rear-wheel steering system enabled and disabled, showcasing a dramatic difference. As seen in a video, the Cybertruck with four-wheel steering enabled completed a much tighter turn than the one without, underlining the system’s impact on improving maneuverability. This system allows the rear wheels to steer slightly in the opposite direction of the front wheels, a common approach in vehicles with four-wheel…

EV charging platform provider Ampeco has raised $26 million in a Series B funding round led by Revaia, bringing its total funding to $42 million. The company aims to capitalize on the growing demand for EV charging infrastructure, driven by projections of over 30 million electric cars and a need for 40 million public charging points globally by 2030. Since January 2023, Ampeco has more than doubled its charging points, growing from 62,000 to over 120,000, with another 100,000 in development. “But the real story isn’t just in numbers – it’s in who’s choosing us. Major utilities like EON Drive…

Lucid Motors, VinFast, Rivian, and other electric vehicle (EV) manufacturers may experience a sales decline if President-elect Donald Trump follows through on plans to overturn the $7,500 federal tax credit for EV purchases. The credit, a crucial incentive for EV adoption, has significantly boosted sales through a leasing loophole utilized by many automakers. According to S&P Global Mobility, leasing has become a dominant strategy for some EV models to qualify for the tax credit. For example, leasing rates as of July 2024 showed 99.5% for the VinFast VF8, 91.4% for the Polestar 2, 90.4% for the Nissan Ariya, and 79.1%…

Rivian announced on Monday that it has received conditional approval for a $6.6 billion loan from the U.S. Department of Energy (DOE) to support the construction of its new production facility in Georgia. The facility is central to the electric vehicle maker’s plans to expand its lineup with the R2 SUV and R3 crossover, aimed at providing more affordable EV options. Operations at the Georgia plant are expected to commence in 2028. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” said…

Kia introduced the 2025 EV5 GT Line at the 2024 Guangzhou Auto Show, unveiling a sportier, upgraded version of its compact electric SUV. Building on the foundation of the EV5 launched last summer, the GT Line model elevates the EV’s appeal with sleek design enhancements and improved performance. The EV5 is positioned as a competitor to Tesla’s Model Y, offering comparable dimensions at 4,615 mm in length, 1,875 mm in width, and 1,715 mm in height. Initially launched in China with a starting price of $21,000 (149,800 yuan), the EV5 combines affordability with advanced technology, including a BYD Blade battery.…

South Korean battery maker SK On has entered into a three-year agreement with Posco Pilbara Lithium Solution to procure up to 15,000 tonnes of lithium hydroxide for use in NCM cathodes. The deal underscores SK On’s efforts to diversify its raw material sources while reducing logistics costs and lead times. The lithium hydroxide will be processed in South Korea, though the raw material originates from Pilbara Minerals’ Pilgangoora mine in Western Australia, which has an annual capacity of approximately 680,000 tonnes. Posco Pilbara Lithium Solution, a joint venture formed in 2021 between Posco and Pilbara Minerals, handles the final conversion…

Chinese electric vehicle (EV) giant BYD announced plans to launch its next-generation blade battery in 2025, promising to enhance vehicle range and extend battery life, according to a senior company executive. “I think in the coming years, 2025, BYD will introduce the new generation of our remarkable blade battery,” said Cao Shuang, managing director of BYD Central Asia in European Auto Sales Division, during an interview with Chinese state media outlet CGTN at COP29 in Baku, Azerbaijan. “This will enhance the driving distance of our vehicles, and also extend the life cycle of the battery itself.” BYD has made strides…