It’s been a tough year for EV start-ups, Fisker filing for bankruptcy, and several others expected to follow. But there have been a few glimmers of hope. Price cuts helped Lucid outperform sales expectations during the second quarter, buying it time to bring a second product line to market later this year. But with Wall Street still skeptical, the California manufacturer remains critically dependent on cash from the Saudis, Lucid’s largest investor.
Off-road beast maker Ineos plans to push back production of its first all-electric model, the Fusilier SUV, from 2027 to an unknown introduction date. Ineos produces two off-road focused vehicles, the Grenadier and Quartermaster, and introduced the Fusilier in February. Get more details at Headlight.News.
U.S. automakers reported strong sales overall for June and the second quarter – with a handful of notable exceptions. In the case of Stellantis, a 21% decline has led the automaker to order temporary layoffs at two plants – with more cuts possible.
Prices at the gas pump remained uncharacteristically flat through the first month of the summer season, but that’s changed with the looming Independence Day holiday weekend. The national average rose to $3.50 a gallon — up 5 cents and it may continue. Get details at Headlight.News.
With the EV market taking longer to charge up than many have expected, Mercedes-Benz is putting money back into the development of internal combustion technology, as well as hybrids, CEO Ola Kallenius said. But the automaker isn’t scrapping plans for a new EV architecture, despite recent reports, the executive said.
Lucid Group named a new PR chief, Nick Twork taking on global communications duties at the EV start-up. The move comes at a critical time for the Silicon Valley-based automaker. While its initial product line, the Air sedan, has received generally favorable reviews, Lucid has been struggling with sluggish sales and a rapid cash burn while waiting for the more mainstream Gravity SUV to debut later this year.
For the second time in less than a dozen years, entrepreneur Henrik Fisker’s effort at launching an automotive start-up has plunged into bankruptcy. Start-up Fisker Inc. filed for Chapter 11 protection late Monday. While the one-time auto designer said the filing leaves a “viable path forward,” the options for saving the company appear increasingly sparse.
One thing you can say about Toyota Chairman Akio Toyoda: he’s ready to push things to the limits, as he proved while testing out a new rally version of the automaker’s GR Yaris at the R&D center in Shimoyama, Japan. While most executives tend to prefer covering up their mistakes, Toyoda left his out for everyone to see.
Jeep will introduce a $25,000 EV in 2027, officials from parent Stellantis confirmed on Thursday. CEO Carlos Tavares – who first dropped hints about the affordable offering last month – added a number of other details during a meeting with investors.
Stellantis faces challenges and has lost ground in the U.S. CEO Carlos Tavares acknowledged during Thursday’s “Investors Day” conference, putting some of the blame on his own shoulders. But the carmaker’s flexible strategy and new products offer hope for the future and protect the company’s profitability, he promised analysts and shareholders.
A growing number of investors have announced they will vote against the $56 billion pay package Tesla’s board of directors wants to give CEO Elon Musk – though the South African-born executive insists he has lined up enough support for the proposals approval during a shareholder’s meeting this week. What happens if the plan is rejected? Musk already has fired a warning shot.
The growth of the U.S. EV market may be slowing for the auto industry overall, General Motors sales were charged up, according to CEO Mary Barra, who said the automaker had its “best month ever” in May. But the automaker is still ready to adjust its electrification plans.