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, Stellantis, 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 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 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.
