Electric vehicle manufacturers are experiencing a tumultuous week with several significant developments.
The Biden administration awarded $1.7 billion to various companies, including General Motors, Stellantis, and Volvo, for factory conversions to produce electric vehicles. Additionally, China’s BYD announced the construction of a new factory in Turkey to manufacture EVs, avoiding the European Union’s new tariffs. Despite facing substantial legal fees, delaying its robotaxi unveiling, and losing some market control, Tesla’s stock has surged by more than 40% over the last month.
In other news, Fisker Group is struggling to survive bankruptcy, with the CEO reducing his salary to $1. Both Fisker and Lucid have issued recalls this week. BMW has also announced a recall affecting over 390,000 cars due to potentially dangerous, faulty airbag inflators. Lastly, Volkswagen’s Audi plant in Belgium’s capital might shut down amid poor sales of both combustion engine and electric vehicles.