Electric vehicle manufacturers are experiencing significant developments this week, with both positive and negative outcomes.
The Biden administration has allocated $1.7 billion to several companies, including General Motors, Stellantis, and Volvo, to retrofit their factories for electric vehicle production. China’s BYD has announced plans to establish a new factory in Turkey to manufacture EVs and circumvent the European Union’s new tariffs. While Tesla faces substantial legal fees, postpones its robotaxi introduction, and has lost some market control, its stock has surged by more than 40% over the past month.
Meanwhile, Fisker Group is struggling to avoid bankruptcy, with its CEO reducing his salary to $1. Both Fisker and Lucid have issued recalls this week. BMW has also announced a significant recall affecting over 390,000 cars due to potentially hazardous, faulty airbag inflators. Additionally, Volkswagen’s Audi plant in Belgium’s capital faces the possibility of closure due to declining sales in both combustion engine vehicles and EVs.