IONIQ range, E-GMP platform and the Metaplant ramp — Hyundai’s EV push, tracked.
Porsche AG just posted the most humiliating quarter in its 77-year history—a €967 million ($1.1 billion) operating loss that marks the luxury automaker’s first quarterly loss since going public in 2022. According to Bloomberg, the sports car manufacturer is hemorrhaging cash as it scrambles to unwind an expensive electric vehicle strategy that spectacularly backfired against…
Rivian has agreed to pay $250 million to settle a 2022 class-action lawsuit that accused the electric vehicle maker of misleading investors about vehicle pricing during its blockbuster 2021 initial public offering, according to a court filing Thursday. The settlement arrives at a critical juncture for the struggling EV startup. On the same day it…
Rivian Automotive is laying off approximately 600 employees—roughly 4.5% of its workforce—as the electric vehicle maker faces mounting pressure from the September 30 expiration of federal EV tax credits and a broader slowdown in EV demand. The layoffs, first reported by The Wall Street Journal, mark the third workforce reduction in just four months for…
Uber is launching a $4,000 grant program for drivers purchasing electric vehicles in select states, stepping in just as the federal EV tax credit vanished from the market. The ride-hailing giant announced Wednesday it’s rebranding “Uber Green” to “Uber Electric” while rolling out its Go Electric grants to drivers in California, New York, Colorado, and…
Federal agents detained 475 workers at Hyundai’s $12.6 billion electric vehicle battery plant site near Savannah, Georgia, in what authorities described as the largest single-site immigration raid in the history of Homeland Security Investigations (HSI), reports The Atlanta Journal-Constitution. Largest Operation in HSI History Steven Schrank, special agent in charge of HSI Atlanta, said the…
Global automakers are overhauling their China strategies as foreign brands see their market share slide from 66% in 2020 to just 38% in the first half of this year, according to BloombergNEF. The shift reflects surging domestic competition, rapid electrification, and evolving consumer expectations in the world’s largest auto market. Expanding China-Specific EV Lineups With…
Carmakers in the UK have initiated substantial price cuts on electric vehicles to leverage a surge in consumer interest, even as confusion persists over a newly announced government grant program that has yet to fully launch. This move highlights growing frustration among manufacturers with bureaucratic hurdles, prompting them to offer discounts matching or approaching the…
As electric vehicle sales falter, major battery manufacturers are shifting focus to a booming market in large-scale energy storage systems, offering a potential buffer against losses in the automotive sector. This strategic pivot helps utilize underused factories and taps into rising demand from utilities and data centers, according to a recent analysis from the WSJ.…
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