Volvo Cars has confirmed months of speculation by announcing that it’s planning to go public on NASDAQ Stockholm. On Monday, the automaker stated that it would be seeking to raise 25 billion Swedish kronor (nearly $2.9 billion USD) via the selling of new shares as a way to fast-track its electrification plans. Those include ensuring half its annual volume being represented by EVs and transitioning the majority of its sales stemming from online orders by 2025.

While the targeted IPO valuation is unknown, prior information coming from Zhejiang Geely Holding Group (Volvo’s Chinese parent company) suggested it was aiming for something in the neighborhood of $20 billion. We’ve also learned that the collaboratively owned Polestar would also be going public, except it will be using the always sketchy special-purpose-acquisition-company merger to help pump the stock.  (Read More…)

The troubled Lordstown Motors has announced it will be selling its Ohio production facility to the Taiwanese Hon Hai Precision Industry, better known as Foxconn. But this is not a case of the prospective automaker offloading its assets so it can pay off its debts in full retreat. Instead, Lordstown has asserted this is a necessary partnership that will help guarantee it can still deliver the all-electric Endurance pickup truck.

Terms stipulate that Lordstown Motors will sell the sprawling factory to Foxconn for about $230 million. Two years ago, the site was purchased from General Motors for a very breezy $20 million after the Detroit-based manufacturer decided to abandon the Chevrolet Cruze. Foxconn will also be buying up $50 million worth of common stock and effectively take responsibility for production at Lordstown Assembly. However there is a laundry list of things that need to be done before pickup assembly is even an option.  (Read More…)

You can say what you want about Lucid Motors and their upcoming Air luxury sedan, but you can’t call their PR team “shy”.

“An absolute triumph of efficiency,” reads the headline. “Lucid Air achieves 520 miles of range … besting the closest competition by over 100 miles.”

Think about that. There is a fast, comfortable electric car that will go a full five-hundred and twenty miles before you need to stop and plug it in. As Jasper said when he stepped out the Kwik-E-Mart freezer, “What a time to be alive.”

But, like, do you really even want an electric car that can go 520 miles? The more I stare at that figure, the more I think the answer to that question is: Maybe I don’t.

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Ford has grand plans for building EVs and batteries, and the Blue Oval brand laid out those plans earlier this week.

Welcome to Blue Oval City

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Production of the 2022 Lucid Air started this week, adding another automaker to the North American roster. The manufacturer held an event on September 28th, inviting Arizona Governor Doug Ducey, relevant executives, big-time investors, select media outlets, and customers who dropped $170,000 to purchase the limited Dream Edition of the electric vehicle.

While often framed as a Tesla ripoff, Lucid Motors has been setting its sights so high that it hardly feels like a fair assessment. Because the Air is offering one of the most impressive all-electric spec sheets in the industry right now and should probably worry the competition.

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Michigan Governor Gretchen Whitmer has announced a plan to construct the Lake Michigan Electric Vehicle Circuit that would allow EV drivers to enjoy a scenic, coastal drive without being distracted by fears of range anxiety. Having recently returned from the Mitten state, I can say that its current charging infrastructure is about what you’d expect. You’re bound to find something in the urban hubs, likely with a little help from navigational apps. But the spaces between aren’t going to be of much help and the situation only worsens as you head north along the Eastern coastline where charging points are particularly sparse.

But it’s Lake Michigan that draws the most tourists in a given year, so Whitmer’s team has elected to plot the stations on the Western side of the state to encourage visitors. As a byproduct, leadership said this will also prove that the region is committed to electrification and serious about supporting the evolving automotive industry.  (Read More…)

Daimler is getting cozy with Chrysler again, or at least the American side of Stellantis, so they can tackle battery development and production. Those in the know will recall that Chrysler has been passed around more than a bottle of booze at a middle school party. But its long history of partnerships also kept it in business and resulted in some of its better products.

Before the Amero-French merger that resulted in Stellantis, Fiat Chrysler Automobiles was an Italian-American company with facilities dotted around North America. Prior to that, it was known as DaimlerChrysler – resulting in the LX Platform, Pentastar V6, and a wider variety of Jeep Wranglers. Now, Chrysler’s alienated German wife has shown up on the doorstep with a wad of cash and news that she’ll be investing it into the new battery business.  (Read More…)

Despite being the target of a German lawsuit accusing the manufacturer of not being green enough, Volkswagen Group is probably the legacy automaker touting the merits of electrification with the most enthusiasm. While undoubtedly influenced by the diesel emissions catastrophe that cheesed off every regulator in the Western world, its brand has actively been delivering EVs and praising alternative energy automobiles whenever possible.

There was more of that this week. Porsche has reportedly decided to make the 718 to be an all-electric model by 2025 and Audi recently announced that it’s employing rally icon and Hoonigan founder Ken Block (who broke with the Ford Motor Co. earlier this year) to develop EVs. (Read More…)

It’s become something of a mantra for me, lately, but that doesn’t make it any less true. It goes like this: Electric cars aren’t coming, they’re already here. And, depending on who you ask, they’ve been here – they just haven’t quite made it into the mainstream, yet. With the dawn of the Rivian R1T (which became the first full-size electric pickup to reach series production earlier this month), though, a lot of people would have you believe that’s set to change. I happen to be one of them.

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While I often criticize manufacturers, I try to remain sympathetic to their collective plight. Despite being multinational corporations that typically lack accountability, they’re still businesses that need to turn a profit to maintain their existence and are constantly coping with fluid regulatory rules or social pressures. That’s one reason why green initiatives are often more about optics and money than achieving any tangible environmental goals.

But not adhering to cultural dogmas can have real ramifications, as BMW and Daimler recently found out. The companies are being sued in their native Germany for allegedly failing to meet carbon reduction targets and not setting an official date to abolish the internal combustion engine.  (Read More…)

The Chevrolet Bolt has evolved from being General Motors’ superstar EV, radiating optimism for the company’s ambitious electrification strategy, to a public relations nightmare in relatively short order. While sales of the hatchback (and EUV) actually skyrocketed in Q2 of 2021, thanks largely to a diminished production output from the same period in 2020, shoppers are becoming aware of the fire reports and prolonged recall campaign that followed.

Another chapter has been added to that story, with GM now convinced that this will be the conclusion of the dejected tale. On Monday, the manufacturer issued an announcement that batteries for the Bolt had resumed production. But they won’t be coming out of the South Korean facility owned by LG Chem that’s been alleged as ground zero for the relevant defects. GM has instead elected to source the units from Michigan while LG improves quality assurance with the automaker peering over its shoulder, hopeful that customers will someday be able to use their car normally. Sadly, that moment still looks to be several months away.  (Read More…)

Tesla CEO Elon Musk isn’t fond of the new electric-vehicle incentives being proposed by the United States Congress and recently stated as much over social media this week. He even went so far as to allege that the bill was lobbyists working on behalf of legacy automakers and the United Auto Workers, as it monetarily benefits domestic manufacturers with strong union ties above all others.

Truth be told, it’s kind of hard to respond to those claims with anything other than an affirmative nod. Due to his seemingly intentional manipulation of cryptocurrency and willingness to overpromise Tesla investors, I’m not the biggest fan of Musk. However, he’s getting support from other manufacturers and it’s pretty hard for your author to see any legislative scenario other than the one he’s supporting — especially since this is frequently how business is done on Capitol Hill.  (Read More…)

When Volkswagen invited us to test drive the all-wheel-drive version of the ID.4 in Chattanooga, Tennessee, I hesitated.

Fly all the way to Tennessee just for a slightly different version of a car I drove a few months ago? A place that’s been one of the worst COVID hotspots during the Delta variant surge, no less? Is it worth the time out of office, even if COVID wasn’t a thing?

Then it hit me as I blasted some forlorn backroad with Eddie Rabbitt’s “Driving My Life Away” – apt for an automotive journalist – blaring on the radio. I was thinking too old school.

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If you’ve been following the Chevrolet Bolt, then you know it’s gone from a competitive front-motor, five-door all-electric subcompact to a tinderbox on wheels. Battery issues have resulted in numerous recalls while the associated fire risk is gradually making it the spiritual successor to the Ford Pinto flambé edition. Though, in fairness, the Bolt issue is nowhere near as devastating as those vintage Ford fires and pales in comparison to the General Motors’ own faulty ignition switch fiasco that left over 100 people dead.

It’s still leaving a bad impression, however, and GM’s latest decision (prudent as it might be) won’t be helping. As part of the recall campaign, the manufacturer has advised owners not to park the vehicle inside garages or close to buildings. It also has a charging protocol for customers to use to help minimize its risk of spontaneous combustion. Following yet another fire incident, GM has updated those recommendations and now advises drivers to park the Bolt at least 50 feet away from all other vehicles.  (Read More…)

Despite EV startups taking a lot of flak for habitually overpromising, sometimes on a level that approaches criminal fraud, things appear to be going rather well at the Rivian factory. Founder and CEO Robert Joseph “RJ” Scaringe announced that the company started building its very first production units on Tuesday.

With the necessary regulatory certifications in hand, Rivian can now begin delivering vehicles directly to customers and the timing couldn’t be much better. The electric brand had said it was basically done with prototypes and ready to spin up the assembly lines for the final product late last month. While this still placed it a bit behind schedule, the company now says it has all the necessary certifications from the relevant regulatory agencies (NHTSA, EPA, CARB, etc.) and an automobile that’s been federally approved for sale.  (Read More…)