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Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 | TechCrunch

TechCrunch · 1y ago

Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 | TechCrunch

Electric vehicle manufacturer Lucid Motors is scaling back its production targets for 2024, planning to build just 9,000 vehicles, compared to the 90,000 it had predicted when going public three years ago. The company's financial results for 2023 revealed a loss of $2.8 billion and a struggle to find buyers for its luxury sedans. Lucid recently reduced the prices of its Air sedan by $8,000 and hopes to boost sales with the upcoming release of its Gravity SUV, which experienced delayed production due to supply chain issues.

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Uber makes multi-million-dollar investment in Lucid and Nuro to build a premium robotaxi service | TechCrunch

TechCrunch · 2m ago

Uber makes multi-million-dollar investment in Lucid and Nuro to build a premium robotaxi service | TechCrunch

Uber is set to launch a premium robotaxi service, investing $300 million in Lucid for 20,000 EVs and a multi-hundred-million-dollar amount in Nuro for autonomous technology. These Lucid Gravity SUVs will feature Nuro's AV system, aiming for a 2026 rollout. This move positions Uber in the burgeoning autonomous vehicle market, while validating Nuro's pivot to licensing after financial struggles. Uber's partnerships include prominent AV technology firms, marking strategic expansion into driverless services.

Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers

TechCrunch · 1y ago

Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers

Electric vehicle manufacturer Lucid Motors has secured an additional $1 billion investment from Saudi Arabia's Public Investment Fund through its affiliate Ayar Third Investment. This funding follows Lucid's plans to produce around 9,000 of its luxury Air electric vehicles this year. Despite struggling to find buyers for its expensive sedan, the company aims to boost sales by reducing prices and expects to launch its electric Gravity SUV by the end of 2023. CEO Peter Rawlinson expressed caution about relying too heavily on Saudi financing, highlighting the need for sustainability.

Nikola's hydrogen trucks hit the auction block | TechCrunch

TechCrunch · 4m ago

Nikola's hydrogen trucks hit the auction block | TechCrunch

Nikola's hydrogen trucks are up for auction following the company's bankruptcy in February. Auction house Gordon Brothers, after reaching an agreement in Delaware bankruptcy court, is handling the auction of about $114 million worth of assets, including 103 hydrogen fuel cell-powered trucks and related equipment. This comes after Lucid Motors acquired Nikola's Arizona facility, including 300 employees, for approximately $30 million. The auction occurs amid challenges for hydrogen as a viable fuel source.

In April 2016 Elon Musk invited Indians to book Tesla Model 3s, now they’re asking for the money back as car never came… | Mint

Livemint

Livemint · 1y ago

In April 2016 Elon Musk invited Indians to book Tesla Model 3s, now they’re asking for the money back as car never came… | Mint

In 2016, Tesla opened preorders for its Model 3 in India. However, due to concerns about taxes and building a factory in the country, Tesla has yet to deliver cars in India. Other automakers have since launched their own electric vehicles (EVs) in India, and the EV market has evolved significantly. Tesla's position has also changed, with slowing sales and the need for more affordable cars. India's domestic auto market is dominated by Maruti Suzuki, Hyundai, and Tata Motors, and EV sales still represent a small portion of total car sales. To succeed in India, Tesla would need to build affordable EVs in the country and establish a robust charging network.

Get ready, EV owners: Here come the dongles | TechCrunch

TechCrunch · 1m ago

Get ready, EV owners: Here come the dongles | TechCrunch

General Motors (GM) has introduced three new adapters for its electric vehicles, enhancing flexibility for EV owners to access various charging networks, including Tesla’s Superchargers. Although this transition boosts adaptability, it complicates the charging process with multiple adapters. GM has already committed to the North American Charging Standard (NACS) for future EVs, but this shift signifies a complex interim period with numerous adapters, impacting convenience and necessitating careful planning for seamless charging experiences.

Tata Motors opposes tax cut on EV import amid Tesla’s India foray plans

Inc42 · 1y ago

Tata Motors opposes tax cut on EV import amid Tesla’s India foray plans

Tata Motors is opposing a proposal to lower import taxes on electric vehicles (EVs) in India, as the government considers Tesla's plan to enter the market. Tata argues that its investors made decisions assuming the existing tax regime, which supports local entities, would remain unchanged. The company emphasizes the need for government support during the early stages of India's EV industry growth. India is contemplating tax reductions on imported fully assembled EVs for up to five years to attract companies like Tesla. Local automaker Mahindra & Mahindra has also raised concerns about the EV tax plan.

U.S. government takes stake in Canadian lithium miner and its Nevada mining project | TechCrunch

TechCrunch · 7d ago

U.S. government takes stake in Canadian lithium miner and its Nevada mining project | TechCrunch

The U.S. Department of Energy acquired 5% equity stakes in Canadian company Lithium Americas and its Nevada joint venture with General Motors, following a renegotiated $2.26 billion loan. This move aims to strengthen domestic lithium supply chains and provides collateral to reduce taxpayer risk, amidst the U.S.’s minimal lithium production. The Thacker Pass mine in Nevada, under development by Lithium Americas, is expected to produce lithium for up to 800,000 EVs annually.

Tesla Cars To Be Available In India Later This Year

Inc42 · 1y ago

Tesla Cars To Be Available In India Later This Year

Electric car maker Tesla has started production of right-hand drive cars in Germany for export to India later this year, according to sources. While it remains unclear which model Tesla plans to ship to India, the move is seen as part of the company’s efforts to reduce its dependence on China. The EV major also reportedly aims to make India a bigger sourcing hub, as well as build a charging network across the country. Last month, the Indian government reduced import tax rates on certain EVs, providing further incentive for Tesla’s entry into the market.

EMotorad's Gigafactory To Make 5 Lakh Electric Cycles Annually

Inc42 · 1y ago

EMotorad's Gigafactory To Make 5 Lakh Electric Cycles Annually

EV startup EMotorad has announced plans to build the world's largest electric cycle gigafactory in Pune. The factory will be developed in four phases, with the first phase covering 240,000 square feet. Once completed, the gigafactory will have the capacity to produce up to 500,000 e-cycles annually for both domestic and international markets. The facility will manufacture various components, including batteries, motors, displays, and chargers. EMotorad aims to expand its presence in Europe and the US, with a significant portion of its exports already going to these regions.

GM, Hyundai explore partnership to develop vehicles together

Livemint

Livemint · 1y ago

GM, Hyundai explore partnership to develop vehicles together

General Motors (GM) and Hyundai Motor are in talks to form a partnership that could result in cost savings and joint development of vehicles. The American and Korean automakers are looking for additional scale as they transition to electric vehicles (EVs). While they have entered a nonbinding agreement, specific details of the partnership have not been disclosed. This potential collaboration would be the first of its kind between GM and Hyundai. Both companies are seeking to unlock their strengths and creativity to deliver more competitive vehicles to customers.

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