Electric vehicles are back in the spotlight this week, with major automakers — namely those owned by the Hyundai Motor Co. — touting their growing sales of the cleaner cars. Xiaomi, Tesla’s newest rival in China, is building — and selling — the new SU7 like hotcakes. And California was proud to announce that its EV charging infrastructure is growing, even as the Golden State’s customers ditch Tesla and rebuke Elon Musk.
Speaking of Tesla, it’s been another wild week for the Austin, Texas-based company. Musk visited China over the weekend and returned with what appears to be a major win for Tesla, sending shares climbing. Then he laid off most of Tesla’s Supercharger team, said goodbye to at least three executives, and announced a slower expansion of the ultra-fast chargers. The division was a major deal for both Tesla and the wider EV market.
Meanwhile, Carvana is back on top this week, with a stock surge after the used car retailer shot past Wall Street’s expectations. It’s another sign of major growth for the company, which was rumored to be near-bankruptcy in late 2022.
Plus, the U.S. will require all passenger cars and light trucks to include automatic emergency brakes (AEB) by 2029. Federal authorities are also investigating Ford Motor Co.’s BlueCruise after two fatal crashes earlier this year.
