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...Indian steelmaker JSW last month launched a $1.5bn tie-up with China’s SAIC Motor to build and sell EVs in India....
...The F-150 has for years been the best-selling motor vehicle in the US, and the launch of the Lightning model in 2022 was seen as an important moment in the evolution of EVs....
...Rivian went public in late 2021 with a market capitalisation of more than $100bn — bigger than Ford and General Motors....
...Founded as a franchise in the 1930s, the team was purchased for $4.5mn by the grandson of Henry Ford in 1963 (coincidentally, on the day President John F. Kennedy was assassinated)....
...The transaction is also the latest in a series of takeovers in the UK motor retail sector where consolidation has meant only Vertu and Caffyns remain....
...Drew Baglino, senior vice-president leading Tesla’s engineering and technology development for batteries, motors and energy products, announced on X today that he would leave after 18 years at the auto group...
...Will a Chinese branded car with a starting price of $230,000 become a more common sight in the future?...
...The weak demand in the US has prompted Ford to cut production of its F-150 Lightning electric truck and scale back on a battery plant in Michigan....
...In the (in)famous 1999 IPO of Internet Capital Group, for example, the f&f accounted for 30 per cent of the deal; the shares rocketed for a while before crashing and burning....
...For years, it was the impossible dream for a sport that had a foothold in almost every major international market....
...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...That was down from 49 12 months earlier, as it exited stakes in companies including General Motors, UPS and Procter & Gamble earlier in the year....
...Ford, General Motors and Tesla have all pumped the brakes on expanding EV production capacity in recent weeks....
...The decade-long effort to build a product that competes with the likes of Tesla and Rivian has never been officially confirmed by Apple, and a spokesman for the company declined to comment....
...Ford’s F-150 Lightning electric truck starts from $42,000, while General Motors has launched an electric Hummer, which starts from $80,000 and weighs almost five tons....
...Dimensional Fund Advisors and F/m Investments followed suit last summer, and Fidelity did the same in October. All four filings remain pending....
...For example, US carmaker General Motors has committed to selling only electric vehicles by 2035, presenting its legal team with many challenges....
...Tesla shareholders were even more carried away, adding $46bn to the EV maker’s market cap — more than General Motors was then worth — when it announced a stock split in August 2020....
...Sales growth of electric cars has slowed in the past year, with carmakers increasingly forced to discount models in order to generate sufficient consumer demand, while companies from General Motors and Ford...
...Other best sellers fell sharply, including Ford’s F-150 Lightning pick-up truck, which dropped 30 per cent from $90,245 to $62,540, and the Chevrolet Bolt, which fell 32 per cent from $26,325 to $17,901....
...Ford’s electric pick-up truck, the F-150 Lightning, is critical for the group to defend its profit pool in trucks, but it has left the small SUV space wide open....
...The company disclosed it had sold off its remaining position in carmaker General Motors during the three months to the end of September, an investment that was worth roughly $850mn in the previous quarter...
...Shanghai’s state-owned carmaker SAIC Motor, for example, had its 15 per cent tax rate for being a “high-tech enterprise” renewed four times since 2008....
...Then, last week, fellow start-ups Rivian and Lucid Motors also announced lacklustre results, sending their shares tumbling....
...A version of this article was first published by Nikkei Asia on February 7. ©2024 Nikkei Inc. All rights reserved....
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