Electric vehicle startup Faraday Future Intelligent Electric Inc (“Faraday Future”) is set to receive another financial lifeline after the company signed a deal to raise up to $350 million. Faraday Future said that financing from an affiliate of Yorkville Advisors Global with an initial commitment of $200 million gives it the cash it needs to start production and deliver its first EV to customers named the “FF91”.
FutureCar Staff Nov 14, 2022 11:00 AM PT
China Has Installed Around 4.7 Million Electric Vehicle Charging Poles as of October 2022
Companies in China are installing tens of thousands of new EV chargers at a rapid pace. New data from the China Passenger Car Association (CPCA) shows that EV sales in China jumped by 169% in 2021 to almost three million units. As a result, the number of EV chargers online in China has grown significantly.
Eric WalzNov 11, 2022 10:20 AM PT
Tesla Rival NIO Reports a Record 31,607 Electric Vehicles Deliveries in Q3 as Demand Grows
Electric vehicle manufacturer NIO Inc., which is one of Tesla’s biggest rivals in China, reported strong Q3 results on Thursday boosted by growing demand for its technology-packed electric vehicles. NIO delivered 31,607 vehicles in the third quarter of 2022, which represents a 26.1% jump from 25,059 EVs in Q2 and a 29.3% jump from the same period last year.
FutureCar Staff Nov 10, 2022 11:15 AM PT
Qualcomm Technologies is working Renault Group’s new software company Ampere on the co-development of a centralized compute architecture for the automaker's next-generation of software defined vehicles, which will be fully connected and capable of receiving regular over-the-air (OTA) software updates. The ‘Software-Defined Vehicle (SDV) Platform for Renault’s future electric vehicles will be based on Qualcomm’s Snapdragon family of digital chassis solutions.
Eric WalzNov 09, 2022 10:30 AM PT
The Foxconn-led Mobility in Harmony Consortium (MIH Consortium) unveiled a new electric vehicle platform that can help automakers to more easily enter the competitive EV market. The MIH consortium was established in 2020 by Foxconn to promote a global set of open standards for the manufacturing of electric vehicles.
Eric WalzNov 08, 2022 2:30 PM PT
Recent data from the China Passenger Car Association (CPCA) provides a snapshot of China’s best selling New Energy Vehicles (NEVs) vehicles from Oct 1 through Nov 6. China’s BYD tops the list with registration of 37,168 NEVs, more than triple that of Tesla. BYD, which is based in Shenzhen, is China's largest manufacturer of EVs.
FutureCar Staff Nov 08, 2022 11:05 AM PT
US-listed LiDAR Developers Velodyne and Ouster to Merge in an All-Stock Deal
Two of the biggest competitors in the lidar industry, Velodyne Lidar Inc. and San Francisco-based Ouster Inc., announced they will merge in an all stock deal. U.S.-listed Velodyne and Ouster will combine their customer base, partners and distribution channels to reduce lidar product costs and accelerate its adoption across fast-growing markets.
Eric WalzNov 07, 2022 12:30 PM PT
California’s Electric Vehicle Sales for Q1-Q3 2022 Show That Tesla is Facing Growing Competition
Recent data from California's Energy Commission, which tracks sales of zero emissions electric vehicles and hybrid modes in the state, show that Tesla's market share is declining now that car buyers in California have more choices when shopping for an EV. These new Tesla rivals include Rivian, Hyundai, BMW, Volkswagen, Ford Motor Co, Audi, Mercedes-Benz and General Motors, all of which have introduced fully-electric models over the past several years.
FutureCar Staff Nov 04, 2022 11:00 AM PT
EV Brand Polestar Announces $1.6 Billion in New Financing as its Stock Price Falls Below $5
Electric performance vehicle brand Polestar, which is jointly operated by Sweden’s Volvo Cars and its parent company Chinese automaker Geely, announced its secured $1.6 Billion in financing from two major shareholders, including Polestar's parent company Volvo Cars, which is providing $800 million as part of an 18-month term loan with an equity conversion option.
Eric WalzNov 03, 2022 11:50 AM PT
Drivers of 2010 to 2018 Lexus vehicle models equipped with hardware to connect to older 3G cellular networks can no longer use the automaker’s “Lexus Enform” subscription-based connectivity services. As of Nov 1, Lexus models, including the GS, LS, IC and IS using 3G networks will no longer have the ability to connect to newer 4G, 5G and LTE networks and the hardware that’s pre-installed in the vehicles cannot be upgraded, according to Lexus.
Eric WalzNov 02, 2022 9:45 AM PT
Automaker Volvo is set to officially unveil its new flagship EX90 electric SUV on November 9 in Stockholm, which is poised to compete with other luxury electric SUVs hitting the market from BMW, General Motors, Audi and Mercedes-Benz. Ahead of its upcoming debut next week, Volvo shared the first exterior photos of the battery-powered SUV.
Eric WalzNov 01, 2022 1:00 PM PT
Tesla is bringing in engineers and production staff from overseas to help boost production capacity at its factory in California to meet growing demand for its vehicles. Approximately 200 automation and control engineers from Tesla’s factory in Shanghai will assist the automaker in making upgrades to its Fremont factory to boost output.
FutureCar Staff Nov 01, 2022 10:00 AM PT
China’s Contemporary Amperex Technology Co Ltd (CATL), which is the biggest supplier of electric vehicle batteries to the global auto industry, announced the signing of an MoU with Vietnam-based EV startup VinFast for the co-development of a dedicated skateboard platform for battery-powered vehicles that can significantly lower production costs.
Eric WalzOct 31, 2022 12:30 PM PT
Automotive supplier MAHLE, which supplies components to leading automakers Mercedes-Benz, Porsche, BMW, Audi and others, recently announced a breakthrough in electric vehicle motor technology. The company developed a superior continuous torque (SCT) high performance electric motor that can run “indefinitely” without overheating.
FutureCar Staff Oct 31, 2022 9:55 AM PT
Construction of Panasonic’s New EV Battery Factory in Kansas to Start in November
Tesla’s long-time battery partner Panasonic will begin construction of its new electric vehicle battery factory in Kansas in November, as the company aims to ramp up production to meet growing demand from automakers. The factory initially will produce 30 GWh of cylindrical lithium ion (Li-ion) 2170 batteries. Mass production of battery cells at the plant in De Soto, Kansas is targeted to begin by the end of March 2025.
Eric WalzOct 31, 2022 9:15 AM PT
Automaker BMW will test out a new battery designed by Novi, Michigan-based EV battery startup Our Next Energy Inc. (“ONE”) that could deliver up to 600 miles of range on a full charge. ONE's advanced battery is dubbed the “Gemini”. It reduces lithium content by 20%, graphite by 60% and minimizes the use of nickel and cobalt. The Gemini battery also includes a proprietary energy management system.
Eric WalzOct 30, 2022 10:18 AM PT
Baidu-backed Chinese electric vehicle company Jidu officially launched its first vehicle, the limited-edition “ROBO-01 Lunar Edition”. It’s a futuristic EV that comes packed with advanced technology and “point-to-point Autopilot” (PPA) autonomous driving capabilities. Jidu's mission is to create and design a “human-centric, smart robotic vehicles with AI-powered human-machine interaction technology.”
Eric WalzOct 28, 2022 11:15 AM PT
As the world’s automakers make plans to produce millions of electric vehicles, sourcing the raw materials for the batteries needed to power all of these vehicles remains a high priority. Ford Motor Co says its will use new EV battery chemistries and secured contracts for 60 gigawatt hours (GWh) of annual battery capacity to deliver 600,000 EV globally by late 2023. It would make Ford the second-largest U.S.-based producer of electric vehicles behind Tesla.
Eric WalzOct 28, 2022 9:41 AM PT
Good Time to Buy Into China's EV Industry
The electric vehicle market has found itself in the eye of a global economic storm in recent weeks, but what happens next is uncertain.
FutureCar Staff Oct 27, 2022 8:25 AM PT
Ford's Lincoln Star Concept Offers a Glimpse into the Electric Future of the Luxury Brand
Ford recently unveiled the fully-electric Lincoln Star concept, which provides a look into the future of the luxury Lincoln brand. It features the brand's next-generation design language, which all future Lincoln EVs will eventually adopt.
Manish KharintaOct 26, 2022 10:45 PM PT
Accelerating Car Development with Mazda-backed AI Firm
FutureCar Staff Nov 27, 2023 10:15 PM PT
Tesla's triumph over Swedish labor unions and government in battle for business.
FutureCar Staff Nov 27, 2023 10:14 PM PT
Hyundai acquires GM plant in India
FutureCar Staff Nov 27, 2023 10:14 PM PT
Global Automakers Seek Electric Vehicle Insights from China
FutureCar Staff Nov 27, 2023 3:17 PM PT
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