The California Air Resources Board (CARB) has approved a 483 million dollar budget for the 2018 to 2019 fiscal period. The budget will be used to fund clean vehicle rebates, zero emission public transport and logistics and other mobility pilot projects.
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Volvo has invested in FreeWire Technologies, who specialises in mobile rapid charging systems in California. Their charging stations initially use low voltage power, so operators can simply connect them to a standard power outlet.
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The crisis at Faraday Future continues after their fight with investor Evergrande Health remains unresolved. With funds running low, FF now had to lay off workers and cut the salaries of those who remain by 20 percent. This includes executives.
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It is confirmed, PIF, the sovereign wealth fund of Saudi Arabia, who Elon Musk had banked on to help him taking Tesla private, is investing in Lucid Motors. The sheiks are ready to spend over a billion dollars to launch the Air EV.
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Tesla will not be taken private, says Tesla CEO Elon Musk who had planned to privatise the company. Rather than removing it from the stock market, it will now remain listed. Powerful investors had managed to change the mind of the Tesla CEO.
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PIF, the sovereign wealth fund of Saudi Arabia, who Elon Musk had banked on to help him taking Tesla private, is thinking to invest in Lucid Motors. The electric car startup is holding talks with PIF over a $1BN investment, Reuters quotes sources close to the matter.
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Transport & Environment has analysed investments of European carmakers and found that they spend 7 times more on electric car production in China than they do at home. This is down to failed EU policies, T&E suggests.
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Porsche is taking a stake in Rimac Automobilii, Croatia’s supercar powerhouse as they buy a 10% minority share. The Germans hope for a development partnership as they are gearing up for the coming of the Mission E that will be sold as Taycan.
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Elon Musk has deepened his financial participation in Tesla. After Musk purchased 33,000 stocks in May, worth around 10 million dollars, he purchased another 72,500 stocks worth 25 million dollars on the 12 and 13 of June, according to the SEC.
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Electric car startup Byton has closed its latest round of financing. It collected half a billion dollars from investors, the latest being CATL that joins the likes of China’s FAW. Byton, led by former BMWi manager Breitfeld, is about to present their second concept EV.
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German battery maker Akasol is preparing for a stock market listing in Frankfurt likely in June. Their move is to raise money to invest in new capacity so Akasol may benefit from an expected surge in demand from EV makers.
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China’s BYD and Daimler will put more money behind their joint electric vehicle venture Denza in China as they increase their investment. Both will add another 400 million RMB, (about 53M euros) in order to build on production and service.
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Tesla has made some major changes to their banking credit in order to be able to invest more capital. Hence Musk has offered up the Fremont factory as collateral as Tesla’s existing 1.8BN dollar credit only has another 543M dollars left to use.
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The Welsh government has announced their plan to invest 2 million pounds into the expansion of a charging network for electric vehicles in their borders. Currently there are 439 public charging ports available in Wales to service the approximately 2,500 BEVs and PHEVs.
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The Chinese owned joint venture Beijing WKW Automotive Parts wants to invest about 2.5 billion dollars (16 billion yuan) into a new energy car project. WKW plans to set up a production base in the port city of Qinhuangdao.
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