Electric vehicle manufacturers are experiencing a tumultuous week, with both positive and negative developments.
The Biden administration has awarded $1.7 billion to several companies, including General Motors, Stellantis, and Volvo, to convert factories for electric vehicle production. In a strategic move, China’s BYD has announced the establishment of a new factory in Turkey to bypass the European Union’s new tariffs. Despite facing significant legal expenses, delaying its robotaxi introduction, and losing some market share, Tesla’s stock has surged over 40% in the past month.
On the other hand, Fisker Group is struggling to survive bankruptcy, with its CEO reducing his salary to just $1. Both Fisker and Lucid have issued recalls this week. BMW has also announced a substantial recall affecting over 390,000 vehicles due to potentially dangerous, faulty airbag inflators. Additionally, Audi’s plant in Belgium may face closure due to poor sales in both combustion engine cars and electric vehicles.