Tesla stock's comeback, Biden gives GM and Stellantis $1 billion; BYD eyes Turkey: Autos news roundup
Plus, Fisker's CEO takes a pay cut amid bankruptcy, and Volkswagen's tough time in Belgium
Electric vehicle makers are going through a lot this week, for better or worse.
President Joe Biden’s administration handed out $1.7 billion to several firms — including General Motors $GM, Stellantis $STLA, and Volvo — to convert factories to make EVs. China’s BYD announced a new factory in Turkey to make EVs (and avoid the European Union’s new tariffs). And although Tesla $TSLA is fighting off some hefty legal fees, delaying its robotaxi unveiling, and lost some control of the market, the stock is up by more than 40% over the last month.
Meanwhile, Fisker Group is fighting to stay alive through bankruptcy, with its CEO cutting his salary to $1. Both Fisker and Lucid $LCID have announced recalls this week. BMW has issued its own sprawling recall over more than 390,000 cars that may have dangerous, faulty, airbag inflators. And Volkswagen’s Audi plant in Belgium’s capital may close down due to poor sales in both combustion engine cars and EVs.
The Biden Administration announced Thursday it would dole out $1.7 billion to help automakers convert at-risk or shuttered manufacturing and assembly plants to make electric vehicles or hybrids.
The co-founders of the Fisker Group, Henrik Fisker and Geeta Gupta-Fisker, are taking a pretty sizable pay cut as their electric vehicle startup moves through bankruptcy proceedings.
China’s largest electric vehicle company has signed a deal to build a $1 billion factory in Turkey as it continues to expand around the world.
For the first time, Tesla $TSLA’s share of the electric vehicle market has fallen to less than 50% in a quarter. But investors don’t seem to mind much.
The legal team for the shareholder who sued to shut down Tesla $TSLA CEO Elon Musk’s $56 billion pay package have upped their already record-breaking demands for compensation.
Lucid $LCID Motors and the Fisker Group are recalling thousands of electric sedans and SUVs after the companies discovered issues that could cause a loss of power.
Tesla $TSLA stock is shedding some of its massive gains over the past few weeks after a report that the company will delay its self-driving car event.
Tesla $TSLA’s explosive stock surge is proving to be a major win for investors — and a sizable blow for some hedge funds.
The possible closure of an Audi plant and a 3.8% drop in second-quarter sales (driven mostly by China) have put Volkswagen in a bit of a tough spot right now. From Reuters: — Andy Kalmowitz / Jalopnik
BMW is recalling 390,000 vehicles in the U.S. as part of the massive Takata airbag recall. The faulty airbag inflator could potentially explode, according to the National Highway Traffic Safety Administration. — Andy Kalmowitz / Jalopnik