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Electric Vehicles

GM To Begin Delivery of Hummer Electric Pickup Truck by Mid-December

Kimberly Redmond | Equities.com |

General Motors Company (GM) expects to start deliveries of its new flagship vehicle, the GMC Hummer electric pickup truck, by the middle of December.

Duncan Aldred, global vice president of GMC and Buick, said on Tuesday the Hummer’s launch will begin with a $113,000 special “Edition 1” pick-up truck and that subsequent models with lower starting prices will be added in 2023. (https://www.reuters.com/business/autos-transportation/gm-begin-hummer-electric-pic...


Keep Your Friends Close, But Your Enemies Closer — Part II

Michael McTague | Equities.com |

In this second entry in the payback series, we look at actions taken by companies and governments to get back at unfair treatment by others. One of the most dramatic examples is Venezuela not paying back its debts to companies such as Conoco (COP) and to bondholders and preventing outside oil companies from doing business in the nation with the greatest amount of oil reserves worldwide. At first glance, it may appear that Venezuela got away with its efforts to take over...


Amazon Now Owns 20% of Electric Truck Maker Rivian

Kimberly Redmond | Equities.com |

Amazon.com Inc (AMZN), an early backer of Rivian Automotive Inc, now owns about a fifth of the electric truck startup, the e-commerce giant disclosed in a quarterly filing with the US Securities and Exchange Commission (SEC).

As of Sept. 30, Amazon held equity investments representing a 20% ownership interest that had a carrying value of $3.8 billion, up from $2.7 billion at the end of 2020.


Hertz Orders 100,000 Tesla Model 3 Vehicles; First Step Toward Electrifying Fleet

Kimberly Redmond | Equities.com |

Hertz Global Holdings Inc (HTZZ) has placed an order for 100,000 Tesla Inc (TSLA) electric cars, the first step in the rental car company’s plan to electrify its fleet of a half million cars.

Starting in early November, the Florida-based company will offer Tesla Model 3 compact cars for rent at its airport and neighborhood locations in major US markets and certain European cities, Hertz announced Monday.


Stellantis and Samsung SDI Form Joint Venture for Electric Vehicle Batteries

Kimberly Redmond | Equities.com |

Automaker Stellantis NV (NYSE: STLA) has formed a joint venture with South Korean battery maker Samsung SDI to produce electric vehicle batteries for its North American auto assembly plants.

On Friday, Stellantis, which counts Jeep, Dodge, Ram and Chrysler among its brands, said it is reviewing locations for a future lithium-ion battery plant and aims to begin operating by the first half of 2025. The new facility will have an initial annual production capacity of 23 gigawatt hours with the ability to increase up to 40 gigawatt hours in the future, the companies said.


Toyota To Spend $13.7 Billion on Next Generation Electric Vehicle Battery Technology

Kimberly Redmond | Equities.com |

Toyota Motor Corporation (NYSE: TM) plans to spend more than $13.5 billion by 2030 on the development of next-gen batteries and production tooling as part of its push to capture a bigger share of the growing electric vehicle market.

On Tuesday, the Japanese automaker said it is working on technology to mass produce solid-state batteries, which Toyota believes will help spur EV production because they are more energy dense, charge faster and are less prone to catching fire than current technology.


Elon Musk Says $200,000 Tesla Roadster Will Be Delayed Until 2023

Kimberly Redmond | Equities.com |

Tesla Inc’s (Nasdaq: TSLA) chief executive officer Elon Musk said the EV maker is delaying deliveries of the new version of its Roadster sports car until 2023, at the earliest.

In a tweet Wednesday, Musk wrote, “2021 has been the year of super crazy supply chain shortages, so it wouldn’t matter if we had 17 new products, as none would ship. Assuming 2022 is not mega drama, new Roadster should ship in 2023.”


Rivian Announces 'Confidential' Filing of Registration Statement for IPO

Kimberly Redmond | Equities.com |

Rivian, an electric vehicle startup backed by Amazon.com Inc (Nasdaq: AMZN), BlackRock Inc (NYSE: BLK) and Ford Motor Company (NYSE: F), announced via press release Friday that it has filed a draft registration statement confidentially with the US Securities and Exchange Commission for an initial public offering (IPO).

Bloomberg News reported that Rivian expects the offering to be available by late November and is targeting an $80 billion valuation, while The New York Times said the company is looking for $70 billion.


General Motors To Replace Battery Modules in 68,000 Recalled Bolt Electric Vehicles

Kimberly Redmond | Equities.com |

General Motors Company (NYSE: GM) plans to start replacing all of the lithium-ion battery modules in thousands of recalled Chevrolet Bolt EVs to reduce the risk of the vehicles catching fire.On Tuesday, GM said it began sending out recall letters to the owners of the 68,000 affected vehicles worldwide and will start repairs later this month, according to the Detroit Free Press.


Biden Announces Auto Industry Commitment for Electric Vehicles To Be 50% of Production by 2030

AP News | Equities.com |

Declaring the U.S. must “move fast” to win the world’s carmaking future, President Joe Biden on Thursday announced a commitment from the auto industry to produce electric vehicles for as much as half of U.S. sales by the end of the decade.

Biden also wants automakers to raise gas mileage and cut tailpipe pollution between now and model year 2026. That would mark a significant step toward meeting his pledge to cut emissions and battle climate change as he pushes a history-making shift in the U.S. from internal combustion engines to battery-powered vehicles.


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