Author: Joshua Morris

Joby Aviation, a developer of electric aerial vehicles (EAVs), has announced its plans for a public offering of common stock, seeking to raise $202 million. The company intends to allocate the proceeds from this offering to support its certification and manufacturing initiatives, prepare for commercial operations, and address general corporate expenses. The public offering price has been set at $5.05 per share, according to a regulatory filing. This public offering follows a substantial $500 million investment from Toyota, which has now invested a total of $894 million in Joby since their partnership began in 2019. Initially, Toyota’s investment was $394…

Porsche announced it will reduce its dealership network in China, as weakening demand in the world’s largest auto market weighs on European carmakers. The German luxury automaker, majority-owned by Volkswagen, aims to implement cost-saving measures totaling billions of euros by 2030, according to Chief Financial Officer Lutz Meschke. The decision comes on the heels of a sharp 41% decline in Porsche’s third-quarter operating profit, signaling the financial pressures facing European manufacturers in the region. “China is an incredible challenge, not just for Porsche,” Meschke stated, noting that demand in China is unlikely to return to previous levels for European brands. He…

Tesla has marked a significant milestone by producing its 7 millionth vehicle, an achievement announced via the company’s official X account. The vehicle was manufactured at the Fremont Factory, and the occasion was commemorated with a photo of the Tesla team alongside the milestone vehicle. During the third quarter earnings call, CEO Elon Musk underscored the importance of this achievement, particularly in the context of a challenging automotive environment. Musk noted that Q3 2024 represented a record quarter for Tesla. “It is notable that Tesla is profitable despite a very challenging automotive environment, and this quarter actually is a record…

U.S. self-driving truck company Outrider announced on Thursday that it has raised $62 million from investors to expand its autonomous truck services in distribution yards, catering to clients in e-commerce, manufacturing, and other sectors. The Series D funding round was led by Koch Disruptive Technologies, the venture capital arm of industrial conglomerate Koch, along with New Enterprise Associates (NEA), a prominent American venture capital firm. The funding round also saw contributions from Nvidia’s (NVDA.O) venture capital division, NVentures, and Prologis’ (PLD.N) venture capital arm. With this latest investment, Outrider, based in Brighton, Colorado, has now raised over $250 million to…

Austrian energy group Verbund has committed €1.5 million to Easelink, a Graz-based company specializing in automated conductive electric vehicle charging technology known as Matrix Charging. This investment, made through Verbund’s investment arm, Verbund X Ventures, aims to expedite Easelink’s international expansion and enhance its collaborations with automobile manufacturers. The Matrix Charging system central to Easelink’s offering allows electric vehicles to charge efficiently by utilizing a retrofitted charging plate on the vehicle’s underbody. This plate connects with a charging pad mounted on the ground, establishing a conductive connection that minimizes energy losses compared to traditional wireless charging methods. Michael Strugl, CEO…

CATL unveiled its latest innovation, the Freevoy Super Hybrid Battery, designed to provide an electric vehicle (EV)-like experience for extended-range electric vehicles (EREVs) and plug-in hybrid electric vehicles (PHEVs). The launch took place today at an event in Beijing. The new battery boasts a range exceeding 400 kilometers for hybrid vehicles and supports rapid charging at 4 C, catering to the growing preference among Chinese consumers for the driving experience of battery electric vehicles (BEVs) while alleviating range anxiety. This trend has led many consumers to opt for hybrid models, as evidenced by the retail sales figures for hybrid vehicles…

Stellantis has made a significant announcement in the realm of electric vehicle (EV) technology, revealing plans to integrate solid-state batteries into the Dodge Charger Daytona by 2026. While this news is certainly exciting, it is essential to note that the initial rollout will consist of a demonstration fleet, aimed primarily at testing the technology in real-world conditions. The prototypes of the Charger Daytona will feature solid-state batteries developed by Factorial Energy, boasting an impressive energy density exceeding 390 Wh/kg. Although specific details about the battery performance remain scarce, both Stellantis and Factorial emphasize the numerous advantages of this innovative technology…

Tesla has released its financial results for the third quarter of 2024, and with them, a rare and bold prediction for the fourth quarter. The automaker expects to set a record in vehicle deliveries, sending Tesla’s stock soaring by 8% in aftermarket trading. While Tesla narrowly missed revenue expectations by around $300 million in Q3, the company still beat earnings per share (EPS) forecasts, reporting $0.72, exceeding projections by $0.12. Tesla’s ability to maintain higher-than-expected margins last quarter helped buffer the revenue miss, though it’s not the primary reason for the stock’s surge. The jump in Tesla’s stock price is…

Tesla is in discussions with Palo Alto officials about testing its Cybercab for the company’s upcoming Robotaxi rideshare service. The electric vehicle manufacturer is exploring the possibility of making Palo Alto a testing site as it prepares to launch the service, which promises to offer more affordable transportation options. Palo Alto currently operates a popular rideshare service known as Palo Alto Link, though it has been criticized for its cost. Tesla’s Robotaxi service, featuring the newly unveiled Cybercab, could offer a lower-cost alternative. According to Tesla CEO Elon Musk, the Cybercab may be able to provide rides at an estimated…

Canoo has announced that it has received Individual Vehicle Approval (IVA) regulatory certificates for its Right-Hand Drive (RHD) electric commercial delivery vans in the United Kingdom. This certification confirms that the vehicles meet the national technical requirements, allowing Canoo to proceed with pilot testing of the RHD variants of its LDV 130 and LDV 190 models with a selected fleet in the UK. The IVA certification was obtained in a period of three months, with changes to the Bill of Materials (BoM) for the US-certified RHD LDV 190 being less than 2%. The modifications made are primarily applicable to components…

NextStar Energy, a joint venture between LG Energy Solution and Stellantis, has commenced battery module production at its facility in Windsor, Ontario. The site, Canada’s first large-scale electric vehicle (EV) battery manufacturing plant, is set to achieve an annual energy capacity of 49.5 gigawatt-hours upon completion, enough to power approximately 450,000 vehicles per year. Initially, the facility will assemble battery modules using supplied cells, with full battery cell production slated to begin once construction is completed in 2025. This marks a significant step in establishing North America as a hub for battery technology and production. The joint venture reflects growing…

Chinese electric vehicle manufacturer Xpeng has further expanded into the Middle East, launching its G6 and G9 SUV models in the United Arab Emirates (UAE). The launch, carried out in partnership with Ali & Sons Holding LLC, marks Xpeng’s official entry into the UAE market and is part of the company’s broader Middle East growth strategy. Xpeng has already set up a sales channel in the UAE and plans to open a new store in Abu Dhabi next year, in addition to its existing location in Dubai. “Xpeng will leverage Ali & Sons’ operational experience and local strengths to quickly…

Wisk Aero, a subsidiary of Boeing, has formed a partnership with government-owned Airservices Australia to explore the development of self-flying electric air taxis in Australia. This memorandum of understanding aims to evaluate initiatives for autonomous air mobility networks and investigate the integration of advanced air mobility (AAM) and remotely supervised flying vehicles into the country’s airspace. The collaboration is anticipated to facilitate discussions and knowledge sharing to improve practices related to electric aerial vehicles (EAV) in Australia. “Australia has a history of aviation innovation and a vision for the future that includes advanced air mobility,” said Catherine MacGowan, Wisk’s vice…

Ford has announced the release of the 2025 Mustang Mach-E, incorporating a range of new features, including a heat pump to enhance efficiency in colder weather, three fresh color options, and a Sport Appearance Package. The starting price for the latest model is set at $36,495, marking a $3,500 decrease from the 2024 model’s starting price of $39,995. The inclusion of a heat pump is a key upgrade for the 2025 Mustang Mach-E, addressing a common concern among electric vehicle owners regarding range loss in low temperatures. This technology had previously been introduced in the Tesla Model Y. Ford has…

FIAT has confirmed its continued leadership in the European city car market during the first nine months of 2024, driven by the performance of the Fiat Panda and 500e models. These two vehicles have played a key role in FIAT’s position within the city car and electric city car segments, contributing to the brand’s focus on sustainable urban mobility. The Fiat Panda achieved over 100,000 units sold year-to-date, with a 24% market share in September—an increase of 4 percentage points from the same month in 2023. Its year-to-date share stands at 26%. In Italy, the Panda’s market share reached 60%…

Toyota has introduced new portable hydrogen cartridges that could be used as fuel cells for electric vehicles (EVs) and home applications, marking another step in its broader carbon neutrality strategy. The announcement was made during the Japan Mobility Show Bizweek 2024, held in Chiba Prefecture, where companies showcased emerging technologies and discussed potential collaborations. These hydrogen cartridges, designed to be easily swappable, offer a potential solution for extending the driving range of EVs or trucks. “Travel without pitstops,” is how one report described the convenience of these fuel cells, which could eliminate the need for frequent recharging stops. The cartridges…

Kia, a subsidiary of Hyundai Motor Group, is set to commence electric vehicle (EV) production at its Slovakian manufacturing plant by the end of this year, according to Marc Hedrich, president and CEO of Kia Europe. In a LinkedIn post, Hedrich stated, “I had a very good meeting today with Slovakian Economy Minister (Madame) Denisa Sakova and State Secretary Vladimir Simonak. I had the opportunity to discuss challenges the automotive industry is facing and how Kia is going to overcome them through a massive investment in our plant in Zilina, where BEV (battery-powered electric vehicle) production is going to start…

Waymo, the self-driving taxi company, has launched an innovative pilot program in the San Francisco Bay Area aimed at encouraging public transit use. Starting immediately, riders who utilize the Waymo One ride-hailing service to connect with designated transit stations will receive a $3 credit for future rides in Waymo’s robotaxis. Participants in the program will receive credits when they hail one of Waymo’s cabs to or from eight specified stations. The selected stations include four BART locations—Glen Park, Balboa Park, Daly City, and Colma—as well as two MUNI stations, West Portal and Third Street & Revere. The final two are…

Tesla has officially discontinued the sale of the Foundation Series Cybertrucks in the United States, signaling the start of sales for the regular versions of the highly anticipated electric truck. This change opens up Cybertruck orders to all customers, eliminating the need for a prior reservation. The Foundation Series, launched alongside the Cybertruck in late 2023, was marketed as a limited-edition offering. Available in Dual Motor AWD and Tri-Motor Cyberbeast variants, it featured several accessories and premium options included in the price. However, this exclusive package came at a hefty cost—$20,000 more than the regular versions—allowing Tesla to capitalize on…

Just months after the debut of the Alpine A290 GT, Renault is reportedly considering an even more extreme version of the new Renault 5 E-Tech under the iconic 5 Turbo badge. The move would follow the brand’s earlier tease of an electric super hatch concept, the 5 Turbo 3E, which was designed as a modern nod to the Group B rally era. Renault insiders have hinted at an internal push to turn the wild 5 Turbo 3E concept into a production reality. Auto Express reports that this high-performance model could feature a bespoke spaceframe chassis and come with a steep…