Electric vehicle manufacturers are experiencing significant developments this week, with both positive and negative outcomes.
The Biden administration has allocated $1.7 billion to various companies, including General Motors, Stellantis, and Volvo, to retrofit factories for EV production. BYD of China announced a new EV factory in Turkey, aiming to circumvent new EU tariffs. Despite facing legal battles, delays in its robotaxi launch, and a decrease in market share, Tesla’s stock has surged by 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 recall notices this week. BMW has also initiated a major recall affecting more than 390,000 cars due to potentially dangerous airbag inflators. Additionally, Volkswagen’s Audi plant in Belgium might shut down because of declining sales in both combustion engine and electric vehicles.