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Electric vehicle manufacturing

Hertz makes ‘agile’ decision to shift strategy and sell EVs, Teslas

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021. Brendan Mcdermid | ReutersHertz surprised many onlookers last week when the car-rental company announced it would be selling about a third of its global electric vehicle fleet, reversing course on several big bets it had placed on EVs.The move seemingly followed the rest of the auto industry, which has quickly shifted its position on EVs after years of aggressive…

Nio earnings report Q3 2023

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China.Getty Images | Getty Images News | Getty ImagesNio on Tuesday reported narrowing losses in the third quarter, but gave a revenue forecast below market expectations.Here's how Nio did in the third quarter, according to LSEG consensus estimates:Revenue: 19.1 billion Chinese yuan ($2.7 billion) versus 19.4 billion yuan expected.Loss per share: 2.67 yuan per share loss versus 2.91 yuan loss expected. That was smaller than…

Volkswagen, Xpeng to develop two new electric vehicles for China

Volkswagen and Xpeng will jointly develop two new VW-brand EVs for China based on Xpeng's electric G9.Chen Dongqiu | Visual China Group | Getty ImagesVolkswagen said Wednesday that it has signed a deal to jointly develop two new electric vehicles for China with Chinese EV maker Xpeng. As part of the deal, Volkswagen will invest about $700 million in Xpeng, taking a 4.99% stake.Xpeng's U.S.-traded shares ended the day up over 26% following the news.related investing newsUnder the deal, Volkswagen and Xpeng will develop two…

Xpeng (XPEV) shares jump as Chinese EV maker sees deliveries rise

A XPeng Inc. G6 electric sport utility vehicle (SUV). The company is hoping the release of the new car will boost sales which plunged in the first quarter.Qilai Shen | Bloomberg | Getty ImagesShares of Xpeng were higher Monday in the U.S. after the Chinese electric vehicle maker reported a quarterly return to growth for car deliveries, following more than a year of declines.Xpeng on Saturday said it delivered 23,205 cars in the second quarter of 2023, logging a 27% quarter-on-quarter rise. This surpassed the company's own…

Japan signed a critical minerals deal with the U.S. — but it’s still losing the global EV race

Sony Honda Mobility CEO Yasuhide Mizuno speaks at a news conference in Tokyo, on Oct. 13, 2022. Sony and Honda's joint mobility venture unveiled a new EV prototype in January.Kiyoshi Ota | Bloomberg | Getty ImagesJapan is gearing up to be a larger player in the EV space by signing a critical minerals trade deal with the U.S., but it has a lot of catching up to do and resource restraints could slow its progress.Tokyo in March signed the U.S.-Japan Critical Minerals Agreement, securing both countries' commitment to…

Tesla’s U.S. electric vehicle market share could drop to 18% by 2026

Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023.Tingshu Wang | ReutersTesla's share of the U.S. electric vehicles market will drop to 18% by 2026, Bank of America analysts estimated in a note Tuesday.That would be a significant drop from the 62% share of the market BofA reported Tesla had in 2022 and even further down from its peak of 78% market share in 2018.That shift is expected as incumbent automakers such as Ford and General Motors are expected to grow…

Elon Musk met with Italy PM Giorgia Meloni to talk AI, birth rates

Tesla CEO Elon Musk.Ludovic Marin | Afp | Getty ImagesElon Musk met with Italy Prime Minister Giorgia Meloni on Thursday and discussed the risks of artificial intelligence and birth rates, among other topics, the Italian leader tweeted Thursday.The Tesla CEO landed in Rome on Thursday on a flight from Austin, Texas, according to the Instagram account that tracks the billionaire's private jet.It marks the start of what is expected to be a short European tour. Musk will travel to France on Friday to speak at the Viva Tech…

How new lithium extraction tech could help us meet EV targets

The world contains vast quantities of lithium, an integral element in electric vehicle batteries. And though lithium is commonly mined from hard rock, the majority of the world's lithium reserves are actually found in brine, extremely salty water beneath the Earth's surface.Today, brine mining involves evaporating the brine in massive, extravagantly colored pools over a series of about 18 months, leaving high concentrations of lithium behind. It's a simple but inefficient process that takes up vast swaths of land and is…

How Ford, GM auto dealers are thinking about Detroit’s EV future

Ford Mustang Mach-E vehicles at a Ford dealership in Colma, California, on July 22, 2022.Bloomberg | Getty ImagesAfter a home, buying a car is the most expensive purchase most consumers will ever make during their lifetime. The transition to electric vehicles by major auto makers is likely to make the process a little more stressful, at least in the early days of the EV era when many consumers are still under-informed on EV basics. If consumers are to be sold on the mass adoption of battery-powered electric vehicles, car…

Sila: 2023 CNBC Disruptor 50

Founders: Gene Berdichevsky (CEO), Gleb Yushin, Alex JacobsLaunched: 2011Headquarters: Alameda, CaliforniaFunding: $930 millionValuation: N/AKey technologies: NanotechnologyIndustry: AutomotivePrevious appearances on Disruptor 50 List: 1 (No. 34 in 2021)As the electric vehicle fast becomes the future for major automakers, critical elements including lithium are poised to be the equivalent of new oils.Elon Musk has been saying for years that if there's any business a smart entrepreneur should get into, it's lithium…