Electric vehicle makers are experiencing a mix of challenges and triumphs this week.
President Joe Biden’s administration granted $1.7 billion to various firms, including General Motors, Stellantis, and Volvo, to transform factories for EV production. China’s BYD revealed plans to establish a new factory in Turkey to produce EVs and circumvent the European Union’s new tariffs. While Tesla faces significant legal expenses, delaying its robotaxi launch and losing some market share, its stock has surged by over 40% in the last month.
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In other developments, Fisker Group is struggling to survive bankruptcy, with its CEO reducing his salary to $1. Both Fisker and Lucid have issued recalls this week. BMW has initiated a massive recall of over 390,000 cars due to potentially dangerous, faulty airbag inflators. Additionally, Volkswagen’s Audi plant in Belgium’s capital is at risk of closure due to poor sales of both combustion engine cars and EVs.
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