Polestar targets new markets
EVinFocus
by Peter Ramsay
3d ago
Gothenburg-headquartered Polestar has not had its troubles to seek lately. But the firm remains in expansive mood despite its recent share price and governance issues. Polestar stock has tumbled from almost $5/share in July of last year to under $0.70/share at the end of last week (see main image) on concerns over the pace of sales growth and the firm’s ability to continue to fund itself before reaching scale. And, in May, Polestar had to admit that, as a consequence of not having filed its annual for the 2023 fiscal year, the company has received a deficiency notice from the Nasdaq exchange ..read more
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Lucid is EV tech leader – Rawlinson
EVinFocus
by Ciaran Donnelly
3d ago
Lucid CEO Peter Rawlinson says his firm is now the clear leader in EV technology, suggesting "distractions" away from EV manufacturing at industry leader Tesla. Speaking to US broadcaster Fox News, Rawlinson was in a bullish mood. "I think if we look back in time ten or fifteen years ago, Tesla was the tech leader. I think there is a degree of distraction now," he says. Rawlinson's comments come as Tesla CEO Elon Musk emerges from a key stockholder vote in favour of his future compensation plan, which Musk may claim vindicates a pivot at Tesla away from making EVs and towards AI and robotics ..read more
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EVs a sideshow in Musk compensation win
EVinFocus
by Ciaran Donnelly
6d ago
Tesla CEO Elon Musk scored a personal win with re-approval of his c.$56bn compensation package following a shareholder vote. But the retail investor fanfare that accompanied the vote was squarely focused on the moon-shot growth prospects of mass-scale robotaxis and the Optimus humanoid robot, with Tesla's EV sales barely mentioned. In fact, an uninitiated observer of the at times self-congratulatory press conference following the vote would hardly know that Tesla makes cars. Musk has, admittedly, clearly indicated that he wants Tesla to become an AI and robotics company. But without growing i ..read more
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China tariffs will 'damage' European firms – Tavares
EVinFocus
by Ciaran Donnelly
6d ago
Stellantis CEO Carlos Tavares has criticised new EU tariffs on Chinese EVs, saying that European firms' global competitiveness will be "damaged" by the policy. Tavares joins the ranks of several large European automakers who have come out against the new policy owing to fears either that European manufacturers risk losing competitiveness against technologically advanced and affordable EVs, or their own China positions being put in jeopardy by Chinese retaliation. "If we find ourselves protected in a bubble, our ability compete everywhere else in the world is going to be damaged because we wil ..read more
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BMW considers asking for individual China EV import tariff
EVinFocus
by Peter Ramsay
1w ago
Munich-headquartered BMW is mulling whether to request an accelerated review to receive an individually calculated duty rate on the import of BEVs that the firm makes in China and then brings to Europe. It may hope to get relief similar to that which China’s BYD and Geely have already won and US EV maker Tesla is seeking. BMW’s China business “has co-operated since the beginning of the investigation” in October, the firm says. That puts it on a list of firms that will be subject to an additional 21pc tariff on top of the current 10pc. That list also includes Chinese firms Dongfeng, which make ..read more
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Lawler confirms 'skunkworks' as Ford's next EV line-up
EVinFocus
by Ciaran Donnelly
1w ago
Ford CFO John Lawler has given the clearest indication yet that the OEM is prioritising bringing models developed by its so-called 'skunkworks' small EV project to market ahead of previously planned larger models which were originally set for launch first. In late March Lawler called the upcoming skunkworks vehicle "generation 2A", seemingly indicating that the project was being brought forward relative to a larger product line-up initially labelled 'second generation' by the company, which included a large e-pickup, as well as three-row SUV. When the skunkworks project was revealed, CEO Jim ..read more
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Opinion: At least US oil firms’ appetite to continue wrecking the planet is out in the open
EVinFocus
by Peter Ramsay
1w ago
EV inFocus is not rabidly anti-Big Oil. It recognises that it will take time to remake the global economy to stop burning liquid and gas fossil fuels. It has time for oil producers such as TotalEnergies, Repsol, OMV, Equinor and (at least for now) BP that are using at least some of their profits from sales of CO2-emitting products to try to reposition themselves for the net-zero world. It is comfortable with coal-fired power plants being decommissioned and replaced with gas-fired generation that is only at this stage CCS-ready — and fully comfortable with continuing use of gas if and when CCS ..read more
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GM invests $850mn in Cruise reset
EVinFocus
by Ciaran Donnelly
1w ago
Detroit OEM GM will invest $850mn into its troubled autonomous driving subsidiary Cruise as part of a new funding model which will give the company several months' runway for path back to operations following its suspension last year. GM CFO Paul Jacobson told analysts at a Deutsche Bank auto industry conference that the latest funding would differ from the company's previous model of funding Cruise, in that it will not take the form of a single lump sum. "I would consider to be like a step financing," Jacobson says. "So if you understand the way we had funded it before, we wanted them to hav ..read more
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Chinese EV tariffs receive less than rousing welcome
EVinFocus
by Ciaran Donnelly
1w ago
The European Commission has announced provisional additional tariffs on three leading Chinese automakers as a result of the months-long EU anti-subsidy investigation which seeks to safeguard European auto manufacturing against an influx of Chinese models whose development it suspects of being unfairly subsidised. The tariffs specifically mention three firms, BYD, Saic, and Geely, that were sampled in the Commission's investigation. Imported BYD EVs will face another 17.4pc of duty on top of the existing 10pc, with Geely and Saic facing 20pc and 38.1pc levies respectively. But all EVs made in ..read more
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GM cuts higher end of 2024 EV production guidance
EVinFocus
by Ciaran Donnelly
1w ago
Detroit automaker GM has cut its 2024 EV production guidance by up to 20pc, citing constrained demand, as the firm says greater caution towards EVs is now favoured by capital markets. Speaking at a Deutsche Bank auto industry conference, GM CFO Paul Jacobson acknowledges a trend of investors rewarding OEMs for caution regarding EV production targets, which he says is a step change from previous market conditions where unrestrained commitment to EVs saw automakers rewarded with valuation boosts. And Jacobson says this trend lies behind GM's decision to pull back its guidance by as much as 20pc ..read more
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