Tesla stock's comeback, Biden gives GM and Stellantis $1 billion; BYD eyes Turkey: Autos news roundup
Electric vehicle makers are going through a lot this week, for better or worse.
President Joe Biden’s administration handed out $1.7 billion to several firms — including General Motors, Stellantis, and Volvo — to convert factories to make EVs. China’s BYD announced a new factory in Turkey to make EVs (and avoid the European Union’s new tariffs). And although Tesla is fighting off some hefty legal fees, delaying its robotaxi unveiling, and lost some control of the market, the stock is up by more than 40% over the last month.
Meanwhile, Fisker Group is fighting to stay alive through bankruptcy, with its CEO cutting his salary to $1. Both Fisker and Lucid have announced recalls this week. BMW has issued its own sprawling recall over more than 390,000 cars that may have dangerous, faulty, airbag inflators. And Volkswagen’s Audi plant in Belgium’s capital may close down due to poor sales in both combustion engine cars and EVs.
The Biden administration is handing out $1.7 billion to help firms like GM and Stellantis make EVs
The Biden Administration announced Thursday it would dole out $1.7 billion to help automakers convert at-risk or shuttered manufacturing and assembly plants to make electric vehicles or hybrids.
Bankrupt EV startup Fisker’s CEO is slashing his pay to $1 to keep the company alive
The co-founders of the Fisker Group, Henrik Fisker and Geeta Gupta-Fisker, are taking a pretty sizable pay cut as their electric vehicle startup moves through bankruptcy proceedings.
Tesla’s China rival BYD will sidestep tariffs by making EVs in Turkey
China’s largest electric vehicle company has signed a deal to build a $1 billion factory in Turkey as it continues to expand around the world.
Tesla’s EV market share in the U.S. fell below 50% for the first time. Investors don’t seem to mind
For the first time, Tesla’s share of the electric vehicle market has fallen to less than 50% in a quarter. But investors don’t seem to mind much.
The lawyers who killed Elon Musk’s $56 billion Tesla payday want $370,000 per hour
The legal team for the shareholder who sued to shut down Tesla CEO Elon Musk’s $56 billion pay package have upped their already record-breaking demands for compensation.
EV makers Lucid and Fisker are recalling thousands of electric sedans and SUVs over power issues
Lucid Motors and the Fisker Group are recalling thousands of electric sedans and SUVs after the companies discovered issues that could cause a loss of power.
Tesla stock is on track to end its winning streak after robotaxi launch gets delayed
Tesla stock is shedding some of its massive gains over the past few weeks after a report that the company will delay its self-driving car event.
Tesla’s stock surge is a win for investors — and a big loss for hedge funds
Tesla’s explosive stock surge is proving to be a major win for investors — and a sizable blow for some hedge funds.
Volkswagen is having a tough time
The possible closure of an Audi plant and a 3.8% drop in second-quarter sales (driven mostly by China) have put Volkswagen in a bit of a tough spot right now. From Reuters: — Andy Kalmowitz / Jalopnik
The big Takata airbag recall just hit 390,000 BMWs
BMW is recalling 390,000 vehicles in the U.S. as part of the massive Takata airbag recall. The faulty airbag inflator could potentially explode, according to the National Highway Traffic Safety Administration. — Andy Kalmowitz / Jalopnik