Electric Vehicles

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VW Latches Onto Rivian in US$5 billion EV Pact to Catch up to Tesla

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Deal is a financial lifeline for Rivian as automakers rethink strategies in a slowing EV market Bloomberg News Volkswagen AG is taking another swing in its long struggle to catch up with Tesla Inc., plowing US$5 billion into a tie-up with that company’s closest would-be rival, Rivian Automotive Inc. VW and Rivian are set to jointly develop battery-powered …

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Troubled Electric Vehicle Maker Fisker Files for Bankruptcy

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Bloomberg News The EV maker announced weaker-than-expected earnings and plans to cut 15 per cent of its workforce Fisker Inc. filed for bankruptcy on Monday, months after the electric-vehicle startup stopped production of its only model, the oft-malfunctioning Ocean SUV. The company listed between US$500 million and US$1 billion of assets, and between US$100 million and US$500 million of …

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Largest U.S. Oil Trade Group to Sue to Block Biden’s EV Push

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The nation’s largest oil trade group, which includes Exxon Mobil and Chevron, will file a federal lawsuit on Thursday seeking to block the Biden administration’s efforts to reduce planet-warming emissions from cars and light trucks and encourage electric vehicle manufacturing, the group said. The U.S. Environmental Protection Agency issued new tailpipe emission rules in March that will force …

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Tesla CEO Musk Refuses to Commit to Cheaper Electric Vehicles

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The billionaire said it was difficult for him to answer questions that are ‘of such a significant nature’ Bloomberg News Tesla Inc. chief executive Elon Musk doesn’t want to talk about whether he’s committed to bringing a low-cost electric vehicle to market, or the carmaker’s rough last few months. Elon Musk Visits Troubled Tesla Gigafactory Near Berlin The CEO largely …

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UNSOLD: Slowing EV Sales Are Upending Banker Climate Strategies

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The collateral damage from decelerating EV adoption will be far wider than the energy transition. Electric vehicles have swiftly gone from a rare bright spot in the fight against climate change to a cause for concern. A slowdown in EV adoption has potentially huge implications for the energy transition. It also has ramifications for the many financial institutions that …

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The Inside Story of Elon Musk’s Mass Firings of Tesla Supercharger Staff

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(Reuters) – The day before Elon Musk fired virtually all of Tesla’s electric-vehicle charging division last month, they had high hopes as charging chief Rebecca Tinucci went to meet with Musk about the network’s future, four former charging-network staffers told Reuters. After Tinucci had cut between 15% and 20% of staffers two weeks earlier, part of much wider …

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Tesla Board Rallies Retail Investors to Vote for Musk’s US$56 Billion Pay Package

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The automaker’s financial performance has been flagging amid a global slowdown in EV sales Bloomberg News Elon Musk has threatened to develop products outside of Tesla if he doesn’t attain at least a 25 per cent equity stake in the carmaker. PHOTO BY JAE C. HONG/ASSOCIATED PRESS Tesla Inc. is looking to woo its unusually large base …

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What are Biden’s New Tariffs on China Goods?

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(Reuters) – President Joe Biden is hiking tariffs on $18 billion in Chinese goods including electric vehicles, batteries, semiconductors, steel, aluminum, critical minerals, solar cells, ship-to-shore cranes, and medical products, while retaining Trump-era tariffs on over $300 billion in goods. The United States Trade Representative’s Office told Reuters it anticipates the effective date will be in …

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Trump Vows to Target EVs, LNG Exports in Meeting With Oil CEOs

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Republican presidential candidate Donald Trump vowed to reverse dozens of the Biden administration’s environmental rules and policies at a meeting with top U.S. oil executives, where he also asked them to raise $1 billion for his presidential campaign, the Washington Post reported on Thursday. The Post, citing unidentified sources familiar with the meeting last month …

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Duke Energy Beats First-Quarter Profit Estimates on Higher Rates

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(Reuters) – Duke Energy  beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from higher rates and robust demand for electricity. Income from Duke’s electric utilities segment jumped 29% to $1.02 billion. “We have a clear path forward that will deliver sustainable value and 5% to 7% earnings growth over the next …

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