Author: James Bryant

Ford Motor Company has reduced its ownership in Rivian Automotive to 1.15%. The move comes as part of Ford’s strategy to scale back its involvement with the electric vehicle (EV) firm. Ford initially held an 11.4% stake in Rivian at the time of its IPO in 2021. The plan was for Ford to utilize Rivian’s skateboard-style all-electric platform for its own electrification initiatives. However, the recent news of Ford’s seemingly withdrawal from Rivian has caused a decline in both companies’ stocks. Rivian’s shares dropped by 3.4% and Ford’s by 8% at the time of the filing. According to CNBC, Ford…

Electric vehicle (EV) drivers’ satisfaction with Level 2 and Level 3 public charging stations has reached its lowest point since J.D. Power began tracking customer satisfaction in 2021. This decrease in happiness is primarily due to the increasing unreliability of public charging points across the US. In 2022, one in five charging attempts at public stations failed, and this rate has been steadily rising since 2021. J.D. Power attributes this widespread failure to the country’s aging charging stations and the lack of routine maintenance. This is a significant challenge for the automotive industry, as it comes at a time when…

Warren Buffett’s company, Berkshire Hathaway, has been gradually reducing its stake in Chinese electric carmaker, BYD. The company has now sold close to 95 million out of its original 225 million shares. Despite this reduction, Berkshire Hathaway remains a significant shareholder, with a current holding of 130.3 million BYD shares, equating to approximately 12% of the stock. Berkshire Hathaway announced its most recent sale of 4.235 million BYD shares in a filing with the Hong Kong stock market. According to disclosure rules, Berkshire is only required to reveal its ownership stake when it decreases into another percentage point. See also:…

Shell, the fuel giant, has announced its bold plan to install 500,000 electric vehicle (EV) charging stations worldwide by 2025, with a target of reaching 2.5 million by 2030. The company’s Vice President of Global Mobility Network, Min Yih Tan, shared the news at the Asia Pacific EV Charging Infrastructure 2023 conference in Singapore. Tan’s role encompasses the development of Shell’s low carbon fuels infrastructure, including its EV charging capabilities. According to Tan, Shell has already more than tripled its EV charging network to 140,000 chargepoints worldwide in the past three years. The company is working with several partners, including…

CitySprint, a UK-based distribution company and part of the DPD Group, has made an investment in the future of sustainable delivery by acquiring 40 new electric vans from Maxus. These vehicles will be deployed in major cities such as London, Leeds, Bristol, Manchester, Southampton, and Birmingham with the aim of reducing air pollution. The company’s commitment to a greener future is evident in their growing electric vehicle fleet, now consisting of 43 electric vans, 24 cargo bikes, 6 electric motorbikes, and 4 electric bicycles. CitySprint has stated their intention to continue exploring ways to expand this fleet and reduce their…

Rivian, the electric vehicle maker, is facing tough times as it continues to lose money. In order to keep up with the competition and reduce costs, CEO RJ Scaringe has announced job cuts for 6% of the company’s workforce, equating to around 840 employees. The decision was made to focus resources on ramping up production and reaching profitability. The cuts will not affect manufacturing positions at the plant in Normal, Illinois. Rivian has declined to comment on the layoffs, but confirmed the authenticity of the internal email obtained by Reuters. CEO Scaringe apologized for the difficult decision but emphasized that…

British electric vehicle (EV) start-up Arrival has made the difficult decision to lay off half of its workforce, aiming to reduce cash operating expenses and secure the company’s future. The company will be cutting approximately 800 jobs, but at the same time, they will be welcoming a new CEO to their team. Igor Torgov has been named as Arrival’s new CEO, starting in his new role after serving as the company’s EVP of Digital since February 2020. With his extensive experience in the field, Torgov is poised to lead the company forward as they navigate these challenging times. “Following a…

General Motors (GM) has hired Zach Kirkman as its Vice President of Corporate Development and Global Mergers & Acquisitions. He previously held the same position at Tesla for six years. GM’s CFO, Paul Jacobson, announced the hiring and praised Kirkman’s background in M&A and special projects. “I’m pleased to share Zach Kirkman has joined GM as Vice President, Corporate Development and Global Mergers & Acquisitions. Previously serving as Head of Corporate Development, Mergers & Acquisitions at Tesla, he brings an extensive background assessing and executing M&A, evaluating and managing minority investments, evaluating unique supply chain situations, as well as leading…

Daimler Truck is partnering with engine manufacturer Deutz as it moves away from combustion engines and towards e-mobility. The cooperation involves two transactions. Daimler Truck will acquire 4.19% of Deutz AG’s shares in exchange for Deutz’s access to Daimler Truck’s internal combustion engines. The deals are worth a mid-double-digit million euro sum and include medium-duty engines for construction machinery and heavy-duty engines for agricultural machinery. Deutz will pay a cash sum for the heavy engine series and issue new shares for the medium-duty engine rights. The heavy-duty engines will continue to be produced by Daimler Truck, while the medium-duty engines…

The highly anticipated Nissan Ariya electric vehicle has faced another setback, with limited supply expected to reach the U.S. market in 2023. At a recent National Automobile Dealers Association gathering, Nissan informed dealers that the shortage is due to the high cost of battery materials. Despite eagerness from retailers to receive more units, the exact number of Ariya models allocated for the U.S. has not been disclosed by the company. However, according to an unnamed source, approximately 6,000 units have been earmarked for the current fiscal year ending March 31, 2023. See also: The 2023 Nissan Ariya electric crossover starts…

Nissan, a Japanese automaker, has partnered with a subsidiary of Hitachi to launch a new system for elevator power during blackouts. This innovative solution will utilize the batteries of electric vehicles (EVs) to provide energy to elevators. While still a rarity, bi-directional charging technology is gaining popularity, with companies such as Ford and Renault exploring its potential. With this technology, vehicles can serve as a source of power for homes and even feed energy back into the electrical grid. Nissan and Hitachi Building Systems are exploring a new application for electric vehicle (EV) batteries in earthquake-prone Japan. The companies aim…

Toyota Motor Corporation is reportedly developing a new EV-only platform to increase the competitiveness and efficiency of its electric vehicles and cut production costs. According to Asahi Shimbun, one of Japan’s largest newspapers, this decision is part of Toyota’s plan to start mass-producing EVs as it anticipates a rapid increase in consumer demand for electric vehicles amid steep gasoline price increases. The publication notes that this new strategy aims to put Toyota in direct competition with EV industry leader, Tesla. This marks a significant shift in the company’s electrification strategy, particularly as Toyota has announced a major executive reshuffle in…