Electric vehicle manufacturers have experienced significant developments this week, both positive and negative.
The Biden administration allocated $1.7 billion to various companies, including General Motors, Stellantis, and Volvo, for the purpose of converting factories to produce electric vehicles. Additionally, China’s BYD revealed plans to establish a new factory in Turkey to manufacture EVs and circumvent the European Union’s new tariffs. Despite facing hefty legal fees, a delayed robotaxi unveiling, and losing some market control, Tesla’s stock has surged by over 40% in the past month.
In contrast, Fisker Group is struggling to avoid bankruptcy, with its CEO slashing his salary to $1. Both Fisker and Lucid have issued recalls this week. BMW has also announced a significant recall affecting more than 390,000 cars due to potentially dangerous, faulty airbag inflators. Meanwhile, Volkswagen’s Audi plant in Belgium faces potential closure due to declining sales of both combustion engine cars and EVs.