Author: Todd Gilbert

Vietnamese conglomerate Vingroup is under increasing pressure due to its financial support for loss-making electric vehicle manufacturer VinFast, as foreign investors reduce holdings and borrowing costs rise. Vingroup’s market capitalization has nearly halved to approximately $6 billion since VinFast’s Nasdaq listing in August 2023. Over the past year, its shares fell 6.6%, underperforming the Vietnam market index (.VNI), which gained 7.5% during the same period, according to LSEG data. Shares reached their lowest level since 2017 in December before recovering slightly. See also: VinFast Reports Narrowed Q3 Loss, Targets 80,000 Deliveries for 2024 This month, Moody’s and Fitch assigned speculative-grade…

Sonocharge Energy has raised $23.5 million in a financing round led by Cycle Capital, with additional participation from Honda, Khosla Ventures, and Temasek. The funding will support the company’s efforts to commercialize its acoustic wave battery technology, which is designed to improve battery life, charging speed, and safety. The company intends to use the funds to expand its team, enhance research and development, and scale its operations to meet the increasing demand for advanced battery solutions. See also: Circunomics Secures €8 Million in Series A Funding to Advance Battery Lifecycle Solutions The technology developed by Sonocharge aims to enhance the…

Omoda and Jaecoo have introduced their Super Hybrid System (SHS) in the UK, debuting with the Jaecoo 7 model. The Jaecoo 7 offers a driving range of 745 miles and a WLTP fuel efficiency of 403 mpg. The vehicle will be available starting at £35,065, with customer deliveries scheduled for January 31, 2025. The SHS, developed using Chery Group’s third-generation hybrid platform, is designed to provide high efficiency, extended mileage, and reduced emissions. The powertrain includes a fifth-generation 1.5-liter TDGI engine, hybrid transmission, and an 18.3 kW high-density lithium iron phosphate battery. The total power output of the Jaecoo 7…

Citroen is reportedly considering reviving its classic 2CV model as an electric vehicle, with early design work allegedly in progress. According to a report by Autocar citing an unnamed senior source, the project is still in its initial stages, but it aims to capture the essence and aesthetics of the iconic French car. The 2CV, which ceased production more than 30 years ago, remains a cultural symbol in Europe, and a modern electric reinterpretation could appeal to a nostalgic market. While Citroen has previously dismissed the possibility of reintroducing the 2CV, the brand’s head of design, Pierre Leclercq, recently left…

Nova Bus, a Canadian bus manufacturer within the Volvo Group, has secured an order for 80 electric buses from the Regional Municipality of York, located near Toronto in Ontario. The order includes the LFSe+ model, a 12.19-meter low-floor electric bus built on the established LFS platform. These buses will be equipped with both pantograph and plug-in charging options, designed to provide flexibility with existing infrastructure, and a modular battery system allowing up to 564 kWh of energy storage. The buses are expected to be delivered starting in 2026 from Nova Bus’ manufacturing facility in Saint-Eustache, Quebec. The order supports York…

FedEx has announced the addition of ten new electric vehicles (EVs) to its fleet in New Zealand, aimed at enhancing the company’s pickup and delivery operations in Auckland’s high-traffic areas. The newly introduced vehicles will be the LDV eDeliver 9 model, marking another step in FedEx’s global effort to electrify its delivery fleets. See also: FedEx Introduces Electric Vehicles in Korea as Part of Sustainability Efforts This expansion in New Zealand is part of FedEx’s broader strategy to reduce its carbon footprint and transition to fully electric delivery solutions. In the Asia Pacific region, the company operates over 7,600 vehicles,…

Polestar, the Swedish-Chinese electric vehicle (EV) manufacturer, is set to enter the French market in the summer of 2025, ending years of absence due to a trademark dispute with PSA (now Stellantis). The company plans to establish itself using an agency sales model, leveraging partnerships within Volvo’s network, with vehicles available online and in physical showrooms across multiple French cities. See also: Polestar CEO Sees Opportunity in Tesla Backlash Over Elon Musk’s Politics Stéphane Le Guevel, formerly Polestar’s Country Manager for Portugal and Spain, has been appointed Managing Director of Polestar France. Commenting on the development, Le Guevel said, “I…

Renault announced on Tuesday that its Chief Financial Officer (CFO), Thierry Pieton, will step down at the end of February to pursue new opportunities. Pieton, who has held the role for two years, leaves the company in better financial health than when he took over, the automaker stated. He will be replaced by Duncan Minto, currently CFO at Renault’s sports car subsidiary Alpine. Minto, who has been with the company since 1997, will assume the role of CFO at Renault on March 1. See also: Renault Plans to Launch Two Electric Vehicles in India by 2027 Renault’s stock initially dropped…

Blue Whale Materials (BWM), a U.S.-based lithium-ion battery recycling company, has been awarded a $55 million grant by the U.S. Department of Energy (DOE) to expand its recycling plant in Bartlesville, Oklahoma. The funding aims to bolster domestic critical mineral supply chains and advance sustainable recycling technologies. The investment will enable BWM to process up to 50,000 tonnes of battery raw materials annually, generating enough critical minerals to supply batteries for over 100,000 electric vehicles per year. The expansion is expected to create 150 permanent jobs and 180 construction roles, with an additional $3 million allocated for workforce development and…

Nissan is set to begin building updated LEAF models at its Sunderland, UK plant later this year, marking a significant step in the company’s EV production efforts. This development is supported by a new supply agreement with JATCO, the Japanese auto transmission giant, which will manufacture EV powertrains at a nearby facility. The new JATCO manufacturing plant in Sunderland, which opened on Thursday, represents a £48.7 million investment, part of the UK government’s push to create a competitive EV supply chain. The 138,840 square-foot plant is expected to create up to 183 new jobs and produce up to 340,000 EV…

Ram has confirmed that it will not move forward with the long-range version of its 1500 REV electric pickup, which was initially expected to offer over 500 miles of range. The company announced that plans for the variant, which would have included a large 229 kWh battery, have been scrapped, with Stellantis halting all related activities. According to a supplier notice viewed by MoparInsiders, Stellantis decided to cancel the “Light Duty RAM 1500 DT BEV XL (long range variant)” and instructed suppliers to “immediately cease all activities” and suspend spending related to the project. The cancellation specifically pertains to the…

WeRide  has been selected as the technology provider for an autonomous driving pilot project in Switzerland. The project, funded by the Canton of Zurich and Swiss national railway SBB, and managed by the Swiss Transit Lab (STL), will demonstrate WeRide’s Level 4 (L4) autonomous driving capabilities. The pilot is set to begin in mid-2025 with two autonomous vehicles, expanding to a fleet of up to 12 vehicles by 2026. The service will operate in suburban areas of Zurich, including Otelfingen, Boppelsen, Hüttikon, and Dänikon, with potential future expansion to Buchs, Dällikon, and Regensdorf. Residents will be able to book rides…