Electric vehicle manufacturers are experiencing significant developments this week, both positive and negative.
The Biden administration has allocated $1.7 billion to several companies, including General Motors, Stellantis, and Volvo, to transform factories for EV production. China’s BYD has revealed plans for a new factory in Turkey to manufacture EVs, aiming to sidestep the European Union’s newly imposed tariffs. Despite Tesla grappling with substantial legal fees, a postponed robotaxi launch, and some loss of market control, the company’s stock has surged over 40% in the past month.
In contrast, 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 announced a significant recall affecting over 390,000 vehicles due to potentially hazardous, faulty airbag inflators. Additionally, Volkswagen’s Audi plant in Belgium’s capital faces possible closure due to declining sales of both combustion engine cars and EVs.