Ford’s electric vehicle (EV) business recorded a significant loss of $1.1 billion in the second quarter of 2024. Despite generating $1.1 billion in revenue, the EV unit faced a loss margin of -99.5%. This downturn was compounded by a 23% decrease in vehicle volume compared to the previous year. Key factors contributing to the losses […]
Rivian CEO and founder RJ Scaringe addressed the current state of the electric vehicle (EV) market and competition with Tesla in a recent interview with Nilay Patel, editor-in-chief of The Verge. Scaringe emphasized the lack of choice in the sub-$50,000 EV market as a primary reason for the perceived slowdown in EV sales. “What I […]
Ford announced on Thursday it plans to assemble F-Series Super Duty pickups at its Oakville Assembly Complex in Ontario, Canada, starting in 2026. This move will boost production of one of Ford’s most popular vehicles by up to 100,000 units, adding to existing production at plants in Kentucky and Ohio. Ford did not clarify where […]
Rivian’s stock increased on Tuesday after the electric vehicle manufacturer reported quarterly delivery figures that significantly surpassed forecasts. The California-based company announced it delivered 13,790 vehicles in the second quarter, representing a 9.1% increase from the same period last year. This total exceeded the FactSet consensus estimate of 12,000 EVs by a margin of 14.9%, […]
Rivian Automotive and Volkswagen Group have announced plans to form a joint venture to develop next-generation software-defined vehicle (SDV) platforms. The partnership aims to enhance the software technology in both companies’ future electric vehicles. Volkswagen will make an initial investment of $1 billion in Rivian, with up to $4 billion in additional funding, bringing the […]
Lucid CEO Peter Rawlinson recently asserted that Lucid has surpassed Tesla in electric vehicle technology, stating that Lucid is now the tech leader in the industry. “If we look back in time, 10, 15 years ago, Tesla was the tech leader. I think there’s a degree of distraction now, and I think that Lucid has […]
General Motors (GM) is reducing its forecasted sales and production of all-electric vehicles (EVs) for this year, citing slower-than-anticipated U.S. adoption of EVs. GM Chief Financial Officer Paul Jacobson announced the company now anticipates producing 200,000 to 250,000 EVs in 2024, down from the previously stated range of 200,000 to 300,000. Despite this adjustment, Jacobson […]
Rivian has unveiled the second generation of its flagship vehicles, the R1S SUV and R1T pickup. These new models feature advanced performance capabilities, an evolved tech platform, and updated designs, with prices starting at $69,900 USD. The latest versions of the R1S and R1T have undergone significant reengineering, incorporating hundreds of hardware improvements, performance upgrades, […]
Tesla’s recent decision to lay off its entire Supercharger team has led to delays in the timeline for connecting more non-Tesla brands to its charging network. Initially, Tesla’s website stated that Volvo, GM, and Polestar drivers would gain access to 15,000 eligible stations by spring 2024. However, Polestar has indicated that the timeline has shifted. […]
General Motors is actively seeking to recruit software interns impacted by Tesla’s recent downsizing. Laura del Amo, a talent sourcing strategist for GM, made a public appeal on LinkedIn targeting software students affected by Tesla’s decision to terminate its summer internship program. This move comes as Tesla recently announced a reduction of more than 10% […]
Lucid Motors has reported a substantial net loss of $685 million in the first quarter of 2024, despite a slight improvement from the $780 million loss recorded in the same quarter of the previous year. The company’s stock reacted negatively, dropping 7.5 percent to $2.82 per share in after-hours trading on Monday. Despite the financial […]
Ford’s electric vehicle (EV) division, Model e, experienced significant financial setbacks in the first quarter of 2023, recording a staggering loss of $1.3 billion. This equates to an alarming $132,000 loss for each of the 10,000 vehicles sold during this period, marking a notable decline in performance from the previous year, where sales were 20% […]
In the first quarter of the year, BMW’s sales of fully electric vehicles significantly increased compared to the year-ago quarter. BMW reported a 41% increase in the delivery of battery-powered models, including the i4, iX1, and i7, in the three months leading to March, against the backdrop of a 28% rise in the group’s overall […]
Lucid has revealed its production and delivery figures for the first quarter ended March 31, 2024. The company announced it produced 1,728 vehicles and achieved deliveries of 1,967 vehicles during the quarter. This deliveries number beats Wall Street estimates and is far lower than the 2021 SPAC presentation where it said it was forecasted to […]
Uber Eats, in collaboration with Google’s Waymo, has expanded its services in Phoenix to include deliveries made by autonomous vehicles. This innovative step, building on the success of their autonomous ride-sharing partnership in Phoenix, marks a significant milestone in the evolution of delivery services. Starting today, residents of Tempe, Mesa, and Chandler may see their […]
