Zacua the electric car brand in Mexico is breaking stereotypes, the automobile firm is going for 100% women employment in the vehicle factory.

Zacua, the electric car brand hires women from directors to sales division

Thinking more seriously about buying an electric car now that gas prices are revving up? You and everybody else.

EVs are hard to find, especially now. The war in Ukraine hasn’t just caused gas prices to soar. It has also disrupted car production in Europe, which sends exports to the United States. And U.S. companies like Ford “basically got blindsided by how many people want to buy their cars” and can’t make EVs fast enough, Chris Harto, a senior policy analyst for Consumer Reports, told me.

When my partner and I moved to Los Angeles last year, we knew we would need to shop for a car, and we knew we wanted it to be all-electric.

After a lot of research, we managed to test all the cars we wanted to see in a day and drive home that night with our top pick.

Here’s what we learned:

Plan ahead.

Electric cars are in such high demand, few dealers are keeping vehicles around for test drives — we had to drive an hour to find one model. (Oh, and make sure to specify whether you want all-electric, so you aren’t surprised with a hybrid like we were.)

We made our appointments the day before. On the day of, we called ahead to make sure the car hadn’t been sold. A car being listed on a dealer’s website is no guarantee it’s on the lot.

Be ready to wait, or to pay extra.

We saw a handful of cars, but we ended up buying the first we test drove, the Kia Niro.

The markup on the Ford Mustang Mach-E was an eye-popping $15,000. If we had wanted the Volkswagen ID.4, all we had to do was wait up to six months, our salesman said. The Chevrolet Bolt has been out of production for months, and a lot of the other models were nowhere to be found, either.

But because we didn’t buy the Niro as soon as we saw it, the salesman was unwilling to knock off a $5,000 price increase over the manufacturer’s suggested retail price. C’est la vie, we thought, and moved forward anyway.

The EV credits are confusing.

We were dreading redeeming the incentive of up to $7,500 the federal government offers to EV buyers. It’s not an instant rebate; you have to wait until tax season.

We were prepared to finance the purchase, but the dealer talked us into a lease, which included the full government incentive as a rebate, plus a little extra rebate that covered the lease’s administrative fee. Our contract allows us to buy the car for whatever cost remains at any point during the lease period, plus a $300 fee, so we’ll do that in a few months to avoid the pricey lease charges. We calculated we may come out a few hundred dollars ahead, but the real value was that we got the credit right away.

That was a risky move though. Harto told me there could be a lot of gotchas.

“I would definitely not do it without very closely scrutinizing all of the paperwork,” he said.

California’s Clean Vehicle Rebate Project is confusing, too. First, the program, which offers rebates of $2,000 or more if you buy an all-electric vehicle, is funded and there is no wait list, despite outdated messages on its website.

But the income cap recently changed: If you make more than $135,000 (or $200,000 filing jointly) you do not qualify — something your dealer may not know or tell you. And the cap on the manufacturer’s suggested retail price changed, too, to no more than $45,000 for sedans and $60,000 for SUVs and trucks. That means newly purchased Teslas are not eligible. And those figures could change again.

There are other breaks out there, including a $750 credit that California dealers apply at checkout and incentives from electric companies.

Forget buying used.

We looked. There are exceedingly few used electrics unless you want to buy older models with lower ranges.

The Hyundai Kona we test drove was the cheapest late-model used electric we found — and was listed at more than $40,000, thousands over its original suggested retail price. And used cars aren’t eligible for the federal tax credit.

Be realistic about your savings.

Gas isn’t cheap, but neither is electricity.

At about 18 cents per kilowatt-hour, it will cost about $11.50 to fully charge our car’s 64 kWh battery. That’s a lot better than the $70 it costs to fill our Subaru Forester to get about the same distance. But factoring in the cost of the car, particularly with the markup, we may not really be saving much money over a conventional vehicle.

That isn’t the only reason to buy electric, which we were reminded of during a particularly smoggy day last week. And we expect to save on maintenance: no oil changes or spark plugs.

Compare the price per mile when using gas and electricity. The Department of Energy also has a good calculator that shows you the lifetime cost of various cars.

An alternative: Hybrids are in a lot less demand than full electrics. They’re also a lot cheaper; you can save as much as $10,000 to $15,000 at the dealer. Depending on your driving habits, you may still save a lot on gas.

In the end, we were happy we had been able to make it all happen in just one day. And as we drove the new car into our neighborhood, we were vindicated further: The price of gas on the corner had ticked up another 10 cents.

Thinking more seriously about buying an electric car now that gas prices are revving up? You and everybody else. EVs are hard to find, especially now. The war in Ukraine hasn’t just caused gas prices to soar.

Thinking more seriously about buying an electric car now that gas prices are revving up? You and everybody else. EVs are hard to find, especially now. The war in Ukraine hasn’t just caused gas prices to soar. It has also disrupted car production in Europe, which sends exports to the United States. And U.S. companies like Ford “basically got blindsided by how many people want to buy their cars” and can’t make EVs fast enough, Chris Harto, a senior policy analyst for Consumer Reports, told me. When my partner and I moved to Los Angeles last year, we knew we would need to shop for a car, and we knew we wanted it to be all-electric. After a lot of research, we managed to test all the cars we wanted to see in a day and drive home that night with our top pick. Here’s what we learned: Plan ahead. Electric cars are in such high demand, few dealers are keeping vehicles around for test drives — we had to drive an hour to find one model. (Oh, and make sure to specify whether you want all-electric, so you aren’t surprised with a hybrid like we were.) We made our appointments the day before. On the day of, we called ahead to make sure the car hadn’t been sold. A car being listed on a dealer’s website is no guarantee it’s on the lot. Be ready to wait, or to pay extra. We saw a handful of cars, but we ended up buying the first we test drove, the Kia Niro. The markup on the Ford Mustang Mach-E was an eye-popping $15,000. If we had wanted the Volkswagen ID.4, all we had to do was wait up to six months, our salesman said. The Chevrolet Bolt has been out of production for months, and a lot of the other models were nowhere to be found, either. But because we didn’t buy the Niro as soon as we saw it, the salesman was unwilling to knock off a $5,000 price increase over the manufacturer’s suggested retail price. C’est la vie, we thought, and moved forward anyway. The EV credits are confusing. We were dreading redeeming the incentive of up to $7,500 the federal government offers to EV buyers. It’s not an instant rebate; you have to wait until tax season. We were prepared to finance the purchase, but the dealer talked us into a lease, which included the full government incentive as a rebate, plus a little extra rebate that covered the lease’s administrative fee. Our contract allows us to buy the car for whatever cost remains at any point during the lease period, plus a $300 fee, so we’ll do that in a few months to avoid the pricey lease charges. We calculated we may come out a few hundred dollars ahead, but the real value was that we got the credit right away. That was a risky move though. Harto told me there could be a lot of gotchas. “I would definitely not do it without very closely scrutinizing all of the paperwork,” he said. California’s Clean Vehicle Rebate Project is confusing, too. First, the program, which offers rebates of $2,000 or more if you buy an all-electric vehicle, is funded and there is no wait list, despite outdated messages on its website. But the income cap recently changed: If you make more than $135,000 (or $200,000 filing jointly) you do not qualify — something your dealer may not know or tell you. And the cap on the manufacturer’s suggested retail price changed, too, to no more than $45,000 for sedans and $60,000 for SUVs and trucks. That means newly purchased Teslas are not eligible. And those figures could change again. There are other breaks out there, including a $750 credit that California dealers apply at checkout and incentives from electric companies. Forget buying used. We looked. There are exceedingly few used electrics unless you want to buy older models with lower ranges. The Hyundai Kona we test drove was the cheapest late-model used electric we found — and was listed at more than $40,000, thousands over its original suggested retail price. And used cars aren’t eligible for the federal tax credit. Be realistic about your savings. Gas isn’t cheap, but neither is electricity. At about 18 cents per kilowatt-hour, it will cost about $11.50 to fully charge our car’s 64 kWh battery. That’s a lot better than the $70 it costs to fill our Subaru Forester to get about the same distance. But factoring in the cost of the car, particularly with the markup, we may not really be saving much money over a conventional vehicle. That isn’t the only reason to buy electric, which we were reminded of during a particularly smoggy day last week. And we expect to save on maintenance: no oil changes or spark plugs. Compare the price per mile when using gas and electricity. The Department of Energy also has a good calculator that shows you the lifetime cost of various cars. An alternative: Hybrids are in a lot less demand than full electrics. They’re also a lot cheaper; you can save as much as $10,000 to $15,000 at the dealer. Depending on your driving habits, you may still save a lot on gas. In the end, we were happy we had been able to make it all happen in just one day. And as we drove the new car into our neighborhood, we were vindicated further: The price of gas on the corner had ticked up another 10 cents.

Want to buy an electric car? Read this first

The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.

The preliminary evaluation covers 2021-2022 Tesla Model 3 and Model Y vehicles in the United States after the agency received 354 complaints about the issue over the past nine months.

NHTSA said the vehicles under review have an advanced driver assistance system that Tesla calls Autopilot that allows them to brake and steer automatically within its lanes.

NHTSA said: "Complainants report that the rapid deceleration can occur without warning, at random, and often repeatedly in a single drive cycle."

Also read |&nbsp;<a href="https://www.wionews.com/world/south-korea-weighs-penalty-against-tesla-for-exaggerating-mileage-453748">South Korea weighs penalty against Tesla for exaggerating mileage</a>

Owners say they have raised concerns with Tesla, which has dismissed the complaints saying the braking is normal, and some have called it "phantom braking".

The owner of a 2021 Tesla Model Y told NHTSA in October that while driving on a highway at 80 miles per hour "the car braked hard and decelerated from 80 mph to 69 mph in less than a second.

The braking was so violent, my head snapped forward and I almost lost control of the car."

NHTSA in August opened a formal safety probe into Tesla`s Autopilot system in 765,000 U.S. vehicles after a series of crashes involving Tesla models and emergency vehicles.

Earlier this month, NHTSA confirmed it was reviewing consumer complaints that Tesla vehicles were activating the brakes unnecessarily.

A preliminary evaluation is the first phase before NHTSA could issue a formal recall demand.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-donated-tesla-shares-worth-57-billion-to-charity-last-year-453478">Elon Musk donated Tesla shares worth $5.7 billion to charity last year</a>

In May, Tesla chief executive Elon Musk said dropping a radar sensor from its partially automated driving system would address "phantom braking," which some Tesla drivers have long complained about. Tesla, which disbanded its media relations department, did not respond to a request for comment.

Tesla has come under increasing scrutiny from NHTSA, which is investigating several issues and the electric vehicle manufacturer has issued 10 recalls since October, including many for software issues and some under pressure from the agency.

Jonathan Adkins, executive director of the Governors Highway Safety Association, the group that represents state highway safety agencies, said on Twitter "another day, another issue with Tesla.

Good to see NHTSA being more active in reigning this company in."

In November, Tesla recalled nearly 12,000 US&nbsp;vehicles sold since 2017 because a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes.

Watch |&nbsp;South Korea investigates Tesla on mileage

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/south-korea-investigates-tesla-on-mileage-453381/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The recall was prompted after a software update on Oct. 23 to vehicles in its limited early access version 10.3 Full-Self Driving (FSD) (Beta) population.

FSD is an advanced driver assistance system that handles some driving tasks but Tesla and NHTSA say it does not make vehicles autonomous.

The recall came after NHTSA in October asked Tesla why it had not issued a recall to address software updates made to its Autopilot driver-assistance system to improve the vehicles` ability to detect emergency vehicles.

Last week, Tesla recalled 578,607 U.S. vehicles because pedestrians may not be able to hear a required warning sound of an approaching car due to loud music or other sounds played by its "Boombox" feature.

Musk said last week on Twitter "the fun police made us do it (sigh)."

The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.

The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot. The preliminary evaluation covers 2021-2022 Tesla Model 3 and Model Y vehicles in the United States after the agency received 354 complaints about the issue over the past nine months. NHTSA said the vehicles under review have an advanced driver assistance system that Tesla calls Autopilot that allows them to brake and steer automatically within its lanes. NHTSA said: "Complainants report that the rapid deceleration can occur without warning, at random, and often repeatedly in a single drive cycle." Also read | South Korea weighs penalty against Tesla for exaggerating mileage Owners say they have raised concerns with Tesla, which has dismissed the complaints saying the braking is normal, and some have called it "phantom braking". The owner of a 2021 Tesla Model Y told NHTSA in October that while driving on a highway at 80 miles per hour "the car braked hard and decelerated from 80 mph to 69 mph in less than a second. The braking was so violent, my head snapped forward and I almost lost control of the car." NHTSA in August opened a formal safety probe into Tesla`s Autopilot system in 765,000 U.S. vehicles after a series of crashes involving Tesla models and emergency vehicles. Earlier this month, NHTSA confirmed it was reviewing consumer complaints that Tesla vehicles were activating the brakes unnecessarily. A preliminary evaluation is the first phase before NHTSA could issue a formal recall demand. Also read | Elon Musk donated Tesla shares worth $5.7 billion to charity last year In May, Tesla chief executive Elon Musk said dropping a radar sensor from its partially automated driving system would address "phantom braking," which some Tesla drivers have long complained about. Tesla, which disbanded its media relations department, did not respond to a request for comment. Tesla has come under increasing scrutiny from NHTSA, which is investigating several issues and the electric vehicle manufacturer has issued 10 recalls since October, including many for software issues and some under pressure from the agency. Jonathan Adkins, executive director of the Governors Highway Safety Association, the group that represents state highway safety agencies, said on Twitter "another day, another issue with Tesla. Good to see NHTSA being more active in reigning this company in." In November, Tesla recalled nearly 12,000 US vehicles sold since 2017 because a communication error may cause a false forward-collision warning or unexpected activation of the emergency brakes. Watch | South Korea investigates Tesla on mileage The recall was prompted after a software update on Oct. 23 to vehicles in its limited early access version 10.3 Full-Self Driving (FSD) (Beta) population. FSD is an advanced driver assistance system that handles some driving tasks but Tesla and NHTSA say it does not make vehicles autonomous. The recall came after NHTSA in October asked Tesla why it had not issued a recall to address software updates made to its Autopilot driver-assistance system to improve the vehicles` ability to detect emergency vehicles. Last week, Tesla recalled 578,607 U.S. vehicles because pedestrians may not be able to hear a required warning sound of an approaching car due to loud music or other sounds played by its "Boombox" feature. Musk said last week on Twitter "the fun police made us do it (sigh)."

US investigates 416,000 Tesla vehicles over unexpected braking reports

South&nbsp;Korea's antitrust regulator is considering imposing penalties against U.S. electric car maker Tesla Inc over its findings the company exaggerated the specifications of its batteries, an official said on Wednesday.

The&nbsp;Korea&nbsp;Fair Trade Commission (KFTC) had sent a report to the electric vehicle (EV) maker stating that it had exaggerated the mileage of some of its models, including Model 3, in violation of the Act on Fair Labeling and Advertising, the official said.

"We plan to hold a general meeting to review and determine the extent to which the automaker has violated the law and decide the level of sanctions," an official at the KFTC told Reuters, asking not to be named due to the sensitivity of the matter.

Also read |&nbsp;<a href="https://www.wionews.com/world/skorea-reports-record-high-of-90443-new-covid-cases-453676">South Korea reports record high of 90,443 new Covid cases</a>

Tesla, on its website, says its Model 3 can travel 528 km (328 miles) on a single charge. The KFTC says however that the range may fall short of that should the temperature drop below freezing.

Analysts said most electric vehicles could generally experience some loss of driving range in cold weather.

Separately, the KFTC is also weighing whether to impose penalties against Tesla for not refunding deposits to customers who cancelled online purchases before their vehicle orders were put in place for release.

Also read |&nbsp;<a href="https://www.wionews.com/photos/from-missiles-to-scandals-issues-at-stake-in-south-koreas-presidential-election-453520">From missiles to scandals: Issues at stake in South Korea's presidential electio</a><a href="https://www.wionews.com/photos/from-missiles-to-scandals-issues-at-stake-in-south-koreas-presidential-election-453520">n</a>

In&nbsp;South&nbsp;Korea, Tesla requires customers to pay a deposit of 100,000 won ($84) when purchasing Tesla cars online, but deposits were not refunded upon customers' order cancellations, according to Yonhap news agency.

Tesla was not immediately available for comment when contacted by Reuters.

South Korea's antitrust regulator is considering imposing penalties against U.S. electric car maker Tesla Inc over its findings the company exaggerated the specifications of its batteries, an official said on Wednesday.

South Korea's antitrust regulator is considering imposing penalties against U.S. electric car maker Tesla Inc over its findings the company exaggerated the specifications of its batteries, an official said on Wednesday. The Korea Fair Trade Commission (KFTC) had sent a report to the electric vehicle (EV) maker stating that it had exaggerated the mileage of some of its models, including Model 3, in violation of the Act on Fair Labeling and Advertising, the official said. "We plan to hold a general meeting to review and determine the extent to which the automaker has violated the law and decide the level of sanctions," an official at the KFTC told Reuters, asking not to be named due to the sensitivity of the matter. Also read | South Korea reports record high of 90,443 new Covid cases Tesla, on its website, says its Model 3 can travel 528 km (328 miles) on a single charge. The KFTC says however that the range may fall short of that should the temperature drop below freezing. Analysts said most electric vehicles could generally experience some loss of driving range in cold weather. Separately, the KFTC is also weighing whether to impose penalties against Tesla for not refunding deposits to customers who cancelled online purchases before their vehicle orders were put in place for release. Also read | From missiles to scandals: Issues at stake in South Korea's presidential election In South Korea, Tesla requires customers to pay a deposit of 100,000 won ($84) when purchasing Tesla cars online, but deposits were not refunded upon customers' order cancellations, according to Yonhap news agency. Tesla was not immediately available for comment when contacted by Reuters.

South Korea weighs penalty against Tesla for exaggerating mileage

Tesla Inc has urged Prime Minister Narendra Modi’s office to slash import taxes on electric vehicles before it enters the Indian market. Car makar, who wants to begin selling imported cars in India this year, says taxes in the country are among the highest in the world.

Tesla urges India to cut import taxes on electric vehicles

Rolls-Royce on Wednesday announced its first fully electric car, the "Spectre", will be available in late 2023, the luxury BMW group brand adding that all its vehicles will be electric by 2030.

"This is not a prototype. It’s the real thing, it will be tested in plain sight and our clients will take first deliveries of the car in the fourth quarter of 2023," said CEO Torsten Mueller-Otvoes.

"I am proud to announce that Rolls-Royce is to begin the on-road testing programme for an extraordinary new product that will elevate the global all-electric car revolution and create the first -– and finest -– super-luxury product of its type," he added.

Also Read | <a href="https://www.wionews.com/business-economy/lucid-to-start-deliveries-of-electric-cars-with-range-exceeding-teslas-in-october-416769">Lucid to start deliveries of electric cars with range exceeding Tesla's in October</a>

Mueller-Otvoes noted that Charles Rolls (co-founder with Henry Royce) had "truly prophesied an electrified future for automobiles. In April 1900 he experienced an early electric motor car named the Columbia and declared its electric drive to be ideal".

With the increasing switch over to electric, "now is the time to change the course of the future of luxury," he added, with Rolls Royce seeing electric propulsion as perfectly adapted to the brand's ambitions.

The group had already presented two electric-powered prototype models.

In a video Rolls showed off the Spectre coupe, complete with the marque's trademark "Spirit of Ecstasy" bonnet sculpture. The Spectre is based on the aluminium chassis of its 2017 Phantom limousine launched in 2017.

Rolls-Royce on Wednesday announced its first fully electric car, the "Spectre", will be available in late 2023, the luxury BMW group brand adding that all its vehicles will be electric by 2030.

Rolls-Royce on Wednesday announced its first fully electric car, the "Spectre", will be available in late 2023, the luxury BMW group brand adding that all its vehicles will be electric by 2030. "This is not a prototype. It’s the real thing, it will be tested in plain sight and our clients will take first deliveries of the car in the fourth quarter of 2023," said CEO Torsten Mueller-Otvoes. "I am proud to announce that Rolls-Royce is to begin the on-road testing programme for an extraordinary new product that will elevate the global all-electric car revolution and create the first -– and finest -– super-luxury product of its type," he added. Also Read | Lucid to start deliveries of electric cars with range exceeding Tesla's in October Mueller-Otvoes noted that Charles Rolls (co-founder with Henry Royce) had "truly prophesied an electrified future for automobiles. In April 1900 he experienced an early electric motor car named the Columbia and declared its electric drive to be ideal". With the increasing switch over to electric, "now is the time to change the course of the future of luxury," he added, with Rolls Royce seeing electric propulsion as perfectly adapted to the brand's ambitions. The group had already presented two electric-powered prototype models. In a video Rolls showed off the Spectre coupe, complete with the marque's trademark "Spirit of Ecstasy" bonnet sculpture. The Spectre is based on the aluminium chassis of its 2017 Phantom limousine launched in 2017.

Rolls Royce announces fully electric car for late 2023

The luxury car maker Rolls-Royce has announced it's releasing its first fully electric car in the autumn of 2023 and says all its vehicles will be electric by 2030. It's given a heavily disguised peek at what the first electric vehicle looks like.

Rolls Royce begins tests on its first fully electric car 

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years.

The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles.

A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month.

Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S.

"We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down."

He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year.

EXECUTION CHALLENGE

The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July.

"(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said.

Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production.

"I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive."

Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good" https://www.reuters.com/business/autos-transportation/tesla-launch-high-end-model-s-plaid-fend-off-mercedes-porsche-2021-06-10.

Musk reiterated this month that "production is hard".

"Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins.

Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models.

"The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest."

Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time.

Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co. 
&nbsp;

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated. The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years. The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles. A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month. Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S. "We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down." He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year. EXECUTION CHALLENGE The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July. "(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said. Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production. "I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive." Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good" https://www.reuters.com/business/autos-transportation/tesla-launch-high-end-model-s-plaid-fend-off-mercedes-porsche-2021-06-10. Musk reiterated this month that "production is hard". "Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins. Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models. "The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest." Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time. Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co.

DO NOT PUBLISH ucid to start deliveries of electric cars with range exceeding Tesla's

Hyundai's Genesis is the latest carmaker that it would phase out all gas-powered cars by the end of the decade. The company announced that its luxury vehicles debuting 2025 onwards will run on fuel cells and batteries.

World Business Watch: Hyundai's luxury brand Genesis to be all-electric by 2030

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.S. automaker as it seeks to ramp up EV sales.

The Detroit company also said it would indefinitely halt sales of the EVs due to the issue and will seek reimbursement from battery supplier LG. The latest recall covers 73,000 vehicles from model years 2019 through 2022.

“The reserves and ratio of cost to the recall will be decided depending on the result of the joint investigation looking into the root cause, currently being held by GM, LG Electronics and LG Energy Solution,” LG said in a statement, referring to its subsidiaries.

LG added that it is actively working with its client and partners to ensure that the recall measures are carried out smoothly.

GM shares were down 2.2% in after-hours trade after dipping 0.6% during Friday’s regular session.

Earlier this month, South Korea’s LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls.

LG Electronics has supplied GM with battery modules made with cells produced by LG Chem’s wholly owned battery subsidiary LG Energy Solution (LGES).

Earlier this year, Hyundai Motor Co said it would spend $900 million to replace LG batteries in some 82,000 EVs due to fire risks.

On Friday, GM said the recall covers all remaining Bolt vehicles not previously recalled in July. GM said it will replace defective battery modules in Bolt EVs and EUVs with new modules. The $1 billion price tag for the latest recall comes on top of $800 million GM said previous Bolt recalls had cost.

GM and LGES have a joint venture, Ultium Cells LLC, that is building battery cell plants in Ohio and Tennessee, with plans to add two more after that. GM has said it will use a different-generation battery when it launches electric Hummer and Cadillac vehicles over the next year.

In July, GM issued a recall for nearly 69,000 Chevrolet Bolts for fire risks after reports of two fires and said it would replace defective battery modules as needed. Friday’s action expands the population of vehicles for the same issue.

New consumer warning

GM, which said Bolt sales would cease until it was satisfied with the fix, said it is “working aggressively with LG to increase (battery module) production as soon as possible.” GM added it will notify customers when replacement parts are ready.

Some Bolt EVs recalled in July were previously recalled last November to update software to address fire risks, but at least one fire occurred after the software update. GM said on Friday there had been a total of 10 Bolt fires.

The July recall came after GM and the National Highway Traffic Safety Administration (NHTSA) urged Bolt owners to park their vehicles outside and away from homes after charging. GM on Friday reiterated that owners of the newly recalled vehicles should park them outside after charging and not leave them charging indoors overnight.

On Friday, NHTSA issued a new consumer warning to Bolt owners about the issue and said it is still investigating.

The automaker said in rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and folded separator – present in the same battery cell, which increases the risk of fire.

After the 10th fire in Chandler, Arizona, GM said it “discovered manufacturing defects in certain battery cells produced at LG manufacturing facilities beyond the Ochang, Korea, plant.”

The new recall includes 9,335 Bolt EVs from model year 2019 that were not included in the previous recall and 63,683 2020–2022 model year Chevrolet Bolt EVs and EUVs.

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.

General Motors Co said on Friday it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack - a blow for the largest U.S. automaker as it seeks to ramp up EV sales. The Detroit company also said it would indefinitely halt sales of the EVs due to the issue and will seek reimbursement from battery supplier LG. The latest recall covers 73,000 vehicles from model years 2019 through 2022. “The reserves and ratio of cost to the recall will be decided depending on the result of the joint investigation looking into the root cause, currently being held by GM, LG Electronics and LG Energy Solution,” LG said in a statement, referring to its subsidiaries. LG added that it is actively working with its client and partners to ensure that the recall measures are carried out smoothly. GM shares were down 2.2% in after-hours trade after dipping 0.6% during Friday’s regular session. Earlier this month, South Korea’s LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls. LG Electronics has supplied GM with battery modules made with cells produced by LG Chem’s wholly owned battery subsidiary LG Energy Solution (LGES). Earlier this year, Hyundai Motor Co said it would spend $900 million to replace LG batteries in some 82,000 EVs due to fire risks. On Friday, GM said the recall covers all remaining Bolt vehicles not previously recalled in July. GM said it will replace defective battery modules in Bolt EVs and EUVs with new modules. The $1 billion price tag for the latest recall comes on top of $800 million GM said previous Bolt recalls had cost. GM and LGES have a joint venture, Ultium Cells LLC, that is building battery cell plants in Ohio and Tennessee, with plans to add two more after that. GM has said it will use a different-generation battery when it launches electric Hummer and Cadillac vehicles over the next year. In July, GM issued a recall for nearly 69,000 Chevrolet Bolts for fire risks after reports of two fires and said it would replace defective battery modules as needed. Friday’s action expands the population of vehicles for the same issue. New consumer warning GM, which said Bolt sales would cease until it was satisfied with the fix, said it is “working aggressively with LG to increase (battery module) production as soon as possible.” GM added it will notify customers when replacement parts are ready. Some Bolt EVs recalled in July were previously recalled last November to update software to address fire risks, but at least one fire occurred after the software update. GM said on Friday there had been a total of 10 Bolt fires. The July recall came after GM and the National Highway Traffic Safety Administration (NHTSA) urged Bolt owners to park their vehicles outside and away from homes after charging. GM on Friday reiterated that owners of the newly recalled vehicles should park them outside after charging and not leave them charging indoors overnight. On Friday, NHTSA issued a new consumer warning to Bolt owners about the issue and said it is still investigating. The automaker said in rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and folded separator – present in the same battery cell, which increases the risk of fire. After the 10th fire in Chandler, Arizona, GM said it “discovered manufacturing defects in certain battery cells produced at LG manufacturing facilities beyond the Ochang, Korea, plant.” The new recall includes 9,335 Bolt EVs from model year 2019 that were not included in the previous recall and 63,683 2020–2022 model year Chevrolet Bolt EVs and EUVs.

GM expands Chevy Bolt EV recall for fire risk, will take $1 billion hit

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

"Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release.

By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285.

"We are noticing that we have to change our approach," Diess said.

"We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there. "Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release. By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285. "We are noticing that we have to change our approach," Diess said. "We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

We need to change e-car approach in China: Volkswagen CEO

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes.

Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record.

But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators.

Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.”

A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe.

Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year.

The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers.

”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.”

Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory.

”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said.

The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures.

”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.”

Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support.

Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session.

CHINA MARKET SHARE SLIPS

In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier.

China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States.

In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs.

GLOBAL CHIP SHORTAGE

Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials.

Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said.

He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there. Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes. Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record. But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators. Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.” A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe. Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year. The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers. ”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.” Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory. ”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said. The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures. ”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.” Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support. Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session. CHINA MARKET SHARE SLIPS In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier. China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States. In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs. GLOBAL CHIP SHORTAGE Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials. Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said. He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla hikes electric car prices in the US; holds a line in China

Electric&nbsp;cars, the key to reducing emissions and meeting climate change goals, have boosted their market share in Europe, data showed Friday, as the region prepares to abandon petrol and diesel.

Battery&nbsp;electric&nbsp;vehicles more than doubled their share of new car sales in Europe in the second quarter, according to the European Automobile Manufacturers' Association (ACEA) which groups together major car firms.

Also read |&nbsp;<a href="https://www.wionews.com/world/electric-cars-will-cost-less-than-gasoline-automobiles-by-2027-384051">Electric cars will cost less than gasoline automobiles by 2027</a>

All-electric&nbsp;vehicles accounted for 7.5 per cent of new car sales in Europe in the three months from April through June, against 3.5 per cent during that period last year.

In absolute terms, sales of battery&nbsp;electric&nbsp;vehicles more than tripled across Europe to reach 210,298&nbsp;cars.

The ACEA said there were substantial gains in the region's top four markets, led by sales more than quadrupling in Spain and Germany.

The publication of the data comes a week after the European Commission unveiled plans for what amounts to an effective ban on sales of new petrol and diesel vehicles from 2035.

Also read |&nbsp;<a href="https://www.wionews.com/technology/renault-seals-electric-car-battery-deals-with-envision-verkor-394434">Renault seals electric car battery deals with Envision, Verkor</a>

It believes such a move is necessary for Europe to meet its goal of becoming carbon neutral by mid-century and&nbsp;meet its goals under the 2015 Paris accord that aims to limit the global rise in temperatures.

The ACEA also found sales jumped of different types of hybrid vehicles, which are seen by some as a transitional technology as they can reduce emissions from standard petrol or diesel vehicles.&nbsp;

"Plug-in hybrid&nbsp;electric&nbsp;vehicles (PHEVs) had an even more impressive second quarter of 2021, with registrations jumping by 255.8 percent to 235,730 units," said the ACEA. That took their market share to 8.4 per cent.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-tesla-plans-to-open-its-charging-network-to-other-evs-399369/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The slump in petrol&nbsp;cars&nbsp;

Sales of hybrids that cannot be recharged from power mains also&nbsp;more than tripled to 541,162 vehicles, remaining the largest category of alternatively-powered&nbsp;cars&nbsp;with a 19.3 per cent market share.&nbsp;

Meanwhile, registrations of new petrol and diesel vehicles increased given the low number of vehicles sold in the second quarter last year, when many European countries had severe restrictions on businesses due to the pandemic.

But in terms of market share, which shows the relative weight of the current choices being made by consumers, both petrol and diesel saw huge drops.

Diesel saw its market share plunge to 20.4 per cent from 29.4 per cent.&nbsp;

Petrol, which still claimed a majority of sales in the second quarter of last year with a 51.9 per cent of market share, saw a bigger slump to 41.8 per cent.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-mercedes-benz-aims-to-go-all-electric-in-2030-399961/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The data also comes as a growing number of automakers are unveiling their plans to shift to all-electric&nbsp;vehicles as policymakers indicate the days of internal combustion engines are numbered.

Daimler was the latest, announcing Thursday that from 2025 it would introduce only&nbsp;electric&nbsp;new car platforms as it prepares to be ready to make a complete shift by 2030.

Electric cars, the key to reducing emissions and meeting climate change goals, have boosted their market share in Europe, data showed Friday, as the region prepares to abandon petrol and diesel.

Electric cars, the key to reducing emissions and meeting climate change goals, have boosted their market share in Europe, data showed Friday, as the region prepares to abandon petrol and diesel. Battery electric vehicles more than doubled their share of new car sales in Europe in the second quarter, according to the European Automobile Manufacturers' Association (ACEA) which groups together major car firms. Also read | Electric cars will cost less than gasoline automobiles by 2027 All-electric vehicles accounted for 7.5 per cent of new car sales in Europe in the three months from April through June, against 3.5 per cent during that period last year. In absolute terms, sales of battery electric vehicles more than tripled across Europe to reach 210,298 cars. The ACEA said there were substantial gains in the region's top four markets, led by sales more than quadrupling in Spain and Germany. The publication of the data comes a week after the European Commission unveiled plans for what amounts to an effective ban on sales of new petrol and diesel vehicles from 2035. Also read | Renault seals electric car battery deals with Envision, Verkor It believes such a move is necessary for Europe to meet its goal of becoming carbon neutral by mid-century and meet its goals under the 2015 Paris accord that aims to limit the global rise in temperatures. The ACEA also found sales jumped of different types of hybrid vehicles, which are seen by some as a transitional technology as they can reduce emissions from standard petrol or diesel vehicles. "Plug-in hybrid electric vehicles (PHEVs) had an even more impressive second quarter of 2021, with registrations jumping by 255.8 percent to 235,730 units," said the ACEA. That took their market share to 8.4 per cent. The slump in petrol cars Sales of hybrids that cannot be recharged from power mains also more than tripled to 541,162 vehicles, remaining the largest category of alternatively-powered cars with a 19.3 per cent market share. Meanwhile, registrations of new petrol and diesel vehicles increased given the low number of vehicles sold in the second quarter last year, when many European countries had severe restrictions on businesses due to the pandemic. But in terms of market share, which shows the relative weight of the current choices being made by consumers, both petrol and diesel saw huge drops. Diesel saw its market share plunge to 20.4 per cent from 29.4 per cent. Petrol, which still claimed a majority of sales in the second quarter of last year with a 51.9 per cent of market share, saw a bigger slump to 41.8 per cent. The data also comes as a growing number of automakers are unveiling their plans to shift to all-electric vehicles as policymakers indicate the days of internal combustion engines are numbered. Daimler was the latest, announcing Thursday that from 2025 it would introduce only electric new car platforms as it prepares to be ready to make a complete shift by 2030.

Sales of electric cars charge ahead in Europe

Elon Musk said that electric-car maker Tesla will most likely restart accepting Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.

World Business Watch: Elon Musk says Tesla 'most likely' to restart accepting Bitcoin

US Electric car maker Tesla revised its application for a planned gigafactory in Europe to include details for plans to produce battery cells on-site and an expansion of other production lines.

World Business Watch: Tesla revises plans for German gigafactory with more details on product lines

First look at 'Arrival Car', Uber's futuristic ride-hailing vehicle

A&nbsp;Lebanon-made&nbsp;electric&nbsp;car&nbsp;made its debut Saturday, the first time the Mediterranean country has manufactured an automobile, despite struggling amid a dire economic crisis with frequent power cuts.

The red sports&nbsp;car, named "Quds Rise", using the Arabic name of Jerusalem -- is the project of Lebanese-born Palestinian businessman Jihad Mohammad.&nbsp;It's the "first automobile to be made locally," Mohammad told reporters, at the unveiling in a parking lot south of Beirut.&nbsp;It was built in&nbsp;Lebanon&nbsp;"from start to finish", he said of the prototype, emblazoned at the front with a golden logo of the Dome of the Rock, the shrine in Jerusalem's al-Aqsa mosque compound, Islam's third holiest site.&nbsp;The&nbsp;car&nbsp;is to cost $30,000.

Production of up to 10,000 vehicles is hoped to start later this year in&nbsp;Lebanon, with cars to hit the market in a year's time, said Mohammad, the director of&nbsp;Lebanon-based firm EV Electra.

Mohammad, 50, said he set up the company four years ago after years abroad, employing Lebanese and Palestinian engineers among 300 members of staff.&nbsp;He says his long-term goal is to compete on the international market for hybrid and&nbsp;electric&nbsp;cars, as well as to make sales in&nbsp;Lebanon.

But the unveiling comes as&nbsp;Lebanon&nbsp;struggles amid its worst economic crisis in decades, and imported&nbsp;car&nbsp;sales are at a record low, in part due to capital controls and drastic devaluation on the black market.

'Step in the right direction'?

Dealers sold just 62 new cars in the first two months of 2021, almost 97 per cent less than the same period a year before, figures released by the Association of Automobile Importers in&nbsp;Lebanon&nbsp;showed.

The economic crunch since late 2019 has plunged more than half the population into poverty.&nbsp;But Mohammad said potential Lebanese buyers would be offered the opportunity to pay for half the new&nbsp;electric&nbsp;car&nbsp;in dollars, with the rest paid in Lebanese pounds at an exchange rate better than the black market one, to be paid over five years without interest.

Lebanon&nbsp;also relies on fossil fuels for power generation, already insufficient for a population of around six million who suffer daily power cuts.&nbsp;To power its new&nbsp;electric&nbsp;cars, the firm plans to set up around 100 recharging stations across the country connected to generators.&nbsp;These could then be fuelled by solar and wind power generation, Mohammad said.

Independent energy analyst Jessica Obeid welcomed the innovation, but said the vehicles would only be environmentally friendly if the power sector underwent serious reform.&nbsp;"The energy sector is the biggest contributor to&nbsp;Lebanon's greenhouse gas emissions," and already under pressure due a shortage in dollars to import fuel, she told AFP.

But, she added, "if the&nbsp;electric&nbsp;vehicles have solar charging stations, then this would be a step in the right direction."

A Lebanon-made electric car made its debut Saturday, the first time the Mediterranean country has manufactured an automobile, despite struggling amid a dire economic crisis with frequent power cuts.

A Lebanon-made electric car made its debut Saturday, the first time the Mediterranean country has manufactured an automobile, despite struggling amid a dire economic crisis with frequent power cuts. The red sports car, named "Quds Rise", using the Arabic name of Jerusalem -- is the project of Lebanese-born Palestinian businessman Jihad Mohammad. It's the "first automobile to be made locally," Mohammad told reporters, at the unveiling in a parking lot south of Beirut. It was built in Lebanon "from start to finish", he said of the prototype, emblazoned at the front with a golden logo of the Dome of the Rock, the shrine in Jerusalem's al-Aqsa mosque compound, Islam's third holiest site. The car is to cost $30,000. Production of up to 10,000 vehicles is hoped to start later this year in Lebanon, with cars to hit the market in a year's time, said Mohammad, the director of Lebanon-based firm EV Electra. Mohammad, 50, said he set up the company four years ago after years abroad, employing Lebanese and Palestinian engineers among 300 members of staff. He says his long-term goal is to compete on the international market for hybrid and electric cars, as well as to make sales in Lebanon. But the unveiling comes as Lebanon struggles amid its worst economic crisis in decades, and imported car sales are at a record low, in part due to capital controls and drastic devaluation on the black market. 'Step in the right direction'? Dealers sold just 62 new cars in the first two months of 2021, almost 97 per cent less than the same period a year before, figures released by the Association of Automobile Importers in Lebanon showed. The economic crunch since late 2019 has plunged more than half the population into poverty. But Mohammad said potential Lebanese buyers would be offered the opportunity to pay for half the new electric car in dollars, with the rest paid in Lebanese pounds at an exchange rate better than the black market one, to be paid over five years without interest. Lebanon also relies on fossil fuels for power generation, already insufficient for a population of around six million who suffer daily power cuts. To power its new electric cars, the firm plans to set up around 100 recharging stations across the country connected to generators. These could then be fuelled by solar and wind power generation, Mohammad said. Independent energy analyst Jessica Obeid welcomed the innovation, but said the vehicles would only be environmentally friendly if the power sector underwent serious reform. "The energy sector is the biggest contributor to Lebanon's greenhouse gas emissions," and already under pressure due a shortage in dollars to import fuel, she told AFP. But, she added, "if the electric vehicles have solar charging stations, then this would be a step in the right direction."

Lebanon launches first electric car despite crisis

Japanese car giant Honda said Friday it would aim to have electric and fuel cell vehicles account for 100 percent of all sales by 2040 to promote climate goals.

The automaker's newly appointed CEO Toshihiro Mibe described the target as "challenging" but said the firm wanted to "set high goals".

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/tokyo-motor-show-cancelled-because-of-coronavirus-pandemic-379443" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/tokyo-motor-show-cancelled-because-of-coronavirus-pandemic-379443&amp;sa=U&amp;ved=2ahUKEwjRt52RwJTwAhXYyDgGHT4HA44QFjAAegQIAhAC&amp;usg=AOvVaw37L_SZ3rMMwo3wX3djzVAq" dir="ltr" href="https://www.wionews.com/world/tokyo-motor-show-cancelled-because-of-coronavirus-pandemic-379443" target="_blank">Tokyo Motor Show cancelled because of coronavirus pandemic</a>

Honda has said it wants the ratio of electric vehicles and fuel cell electric vehicles sold in major markets to hit 40 percent by 2030 and 80 percent by 2035, before hitting 100 percent globally by 2040.

It has unveiled 5 trillion yen ($46 billion) in investments in its R&amp;D to reach the goals.

The announcement comes a day after Prime Minister Yoshihide Suga said Japan would aim to cut emissions 46 percent by 2030, significantly more than previously pledged.

The new target revised a previous goal of cutting emissions 26 percent from 2013 levels by 2030.

The pledge came with international focus on climate change as US President Joe Biden hosts a summit to encourage stronger action on warming and faster moves towards carbon neutrality.

Japanese car giant Honda said Friday it would aim to have electric and fuel cell vehicles account for 100 percent of all sales by 2040 to promote climate goals. The automaker's newly appointed CEO Toshihiro Mibe described the target as "challenging" but said the firm wanted to "set high goals".

Japanese car giant Honda said Friday it would aim to have electric and fuel cell vehicles account for 100 percent of all sales by 2040 to promote climate goals. The automaker's newly appointed CEO Toshihiro Mibe described the target as "challenging" but said the firm wanted to "set high goals". Also read | Tokyo Motor Show cancelled because of coronavirus pandemic Honda has said it wants the ratio of electric vehicles and fuel cell electric vehicles sold in major markets to hit 40 percent by 2030 and 80 percent by 2035, before hitting 100 percent globally by 2040. It has unveiled 5 trillion yen ($46 billion) in investments in its R&D to reach the goals. The announcement comes a day after Prime Minister Yoshihide Suga said Japan would aim to cut emissions 46 percent by 2030, significantly more than previously pledged. The new target revised a previous goal of cutting emissions 26 percent from 2013 levels by 2030. The pledge came with international focus on climate change as US President Joe Biden hosts a summit to encourage stronger action on warming and faster moves towards carbon neutrality.

Honda aiming for 100% electric vehicles by 2040

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

"Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/electric-cars-rise-to-record-54-market-share-in-norway-in-2020-355032/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them.&nbsp;

Also read | <a href="https://www.wionews.com/technology/privacy-for-sale-as-apple-and-facebook-fight-for-consumers-354932">Privacy for sale as Apple and Facebook fight for consumers</a>

South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage".&nbsp;

Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology.&nbsp;

Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects.

Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022.

Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.&nbsp; 
&nbsp;

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries. "Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said. Watch | Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them. Also read | Privacy for sale as Apple and Facebook fight for consumers South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage". Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology. Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects. Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022. Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.

Hyundai in talks with Apple for developing electric cars

Dutch students build a bright yellow, sporty, 2 seater electric car from recycled material including plastic & household garbage. They have named it Luca, WION brings you a report.

Dutch students made electric car from recycled material

&nbsp;In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker <a href="https://www.wionews.com/business-economy/future-is-electric-porsche-sets-out-plans-to-battle-tesla-in-us-263254">Volkswagen</a> with electric vehicle batteries in the United States.

With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion&nbsp;factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.

LG Chem (LGC) had other ideas.

Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets.

Fast forward seven months and the two firms have hit each other with US&nbsp;lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers.

US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro.

At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts.

"Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI.

Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers.

"We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters.

GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle.

Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment.

Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly.

According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent&nbsp;a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then.

In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets.

SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said.

If the US&nbsp;International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings.

In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022.

The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating.

LGC said a final ruling on the case would be made on October&nbsp;5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly.

According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence."

Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding.

The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)."

SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation.

The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well.

LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business.

SKI and LGC said there had been no supply disruptions yet.

LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including <a href="https://www.wionews.com/business-economy/musk-suggests-tesla-has-200000-orders-for-cybertruck-264354">Tesla</a>.

But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100.

The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies.

Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall".

Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors.

"No one wants them to fight till the end," he said.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States.

In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion-dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States. LG Chem (LGC) had other ideas. Stung by missing out on the VW deal to the new kid on the block and the departure of 77 employees for its rival across the Han River in Seoul, LGC took SKI to court in the United States in April accusing it of misappropriating trade secrets. Fast forward seven months and the two firms have hit each other with US lawsuits for battery patent infringements in a bitter row that threatens to disrupt the launches of electric vehicles (EVs) by some of the world's biggest carmakers. US court filings reviewed by Reuters show the feuding firms are trying to stop each other from importing and selling EV batteries destined for the SUVs VW will build in Tennessee as well as GM's Bolt, Ford pickups, Jaguar's I-Pace, Audi's e-Tron, and Kia Motor's Niro. At stake is the Korean firms' ability to supply automakers in the United States with batteries just as the car producers are scrambling to lock in supplies with lucrative contracts ahead of an expected surge in demand, according to court filings by the two companies and several industry experts. "Whoever loses the fight would suffer a fatal blow, unless the two reach a settlement. This will also be a setback for automakers," said Cho Jae-Phil, a professor at Ulsan National Institute of Science and Technology who worked previously at another Korean rival, Samsung SDI. Ford spokeswoman Jennifer Flake said it was encouraging LGC and SKI to resolve their conflict without litigation and that it believed there was sufficient demand for multiple suppliers. "We are aware of the issue. As a normal course of action, we have business continuity plans in place to protect our interests," Flake said in an emailed statement to Reuters. GM spokesman Patrick Morrissey said the company was aware of the dispute and at this point, it did not expect any impact on the production of its Chevy Bolt electric vehicle. Kia, Jaguar Land Rover, and Volkswagen, which also owns Audi, declined to comment. Volkswagen has said it is worried there won't be enough batteries for all the EVs it plans to launch in the next five years, partly because producers such as LGC and China's CATL don't have enough skilled workers for new plants in Europe to ramp up output quickly. According to Korea's battery industry tracker SNE Research, the market for EV batteries - the most expensive and important component in the vehicles - is set to grow 23 per cent a year to reach $167 billion by 2025, making it bigger than the global memory chip market which is expected to be worth $150 billion by then. In one court filing, LGC said its rival poached employees working on its own project to supply batteries for VW's MEB electric vehicle architecture - and that SKI only won the VW contract because it had misappropriated trade secrets. SKI has denied stealing trade secrets, saying its staff signed agreements not to use information from former workplaces. "We value intellectual property," a spokesman for SKI said. If the US International Trade Commission (ITC) rules in favor of LGC on June 5, when it is due to make a preliminary ruling, that could jeopardize SKI's plans to supply VW in the United States with batteries from Georgia or a new factory in Hungary, according to court filings. In April, LGC asked the ITC to block SKI from bringing batteries and components into the United States, as well as manufacturing systems needed for US production which is scheduled to start in 2022. The SKI spokesman said there had been no change to its schedule for the factory, which will have the capacity to make batteries for more than 200,000 EVs a year. He said SKI had received inquiries about the lawsuits from customers, including if they would have an impact on supplies, without elaborating. LGC said a final ruling on the case would be made on October 5 next year but it asked the ITC earlier this month to make a so-called default judgment against SKI quickly. According to a memo obtained by Reuters on Wednesday, the Commission's investigative staff recommended a motion in favor of LGC as it is "the most appropriate sanction for Respondents' (SKI's) widespread spoliation of evidence." Evidence spoliation is the destruction or alteration of evidence that may be used in a legal proceeding. The staff also said a two-day hearing may be held "because of the severity of the allegations of misconduct and the extraordinary nature of the relief requested by (LGC)." SKI denied the allegation of evidence spoliation in a statement on Wednesday, saying it is "sincerely responding to any investigation by the ITC" and its statement of position filed with the panel will clear the "groundless" accusation. The patent infringement lawsuits lodged by the companies in the United States, meanwhile, mean that if one, or both, lose they probably won't be able to market products using the patents in question in the country, the companies said in court filings. The two have taken their feud to South Korean courts as well. LGC said in a statement it would impossible to design around its patents while SKI said losing the patents case could create "substantial setbacks" to its battery business. SKI and LGC said there had been no supply disruptions yet. LGC was an early industry force to be reckoned with, winning a deal in 2008 to supply batteries for GM's Volt, the world's first mass-market, plug-in hybrid car, and it has since worked with almost every EV maker including Tesla. But LGC has been grappling with an exodus of workers: 1,258 staff jumped ship from 2016 to 2018, according to its sustainability reports. The company told Reuters the total number of staff who have joined SKI since 2016 has risen since it filed its complaint in April to about 100. The bitterness of the fight is worrying Korean government officials on the grounds it could damage the firms' reputations and let rivals win market share from South Korean companies. Lawmakers have called on the government to intervene and Industry Minister Sung Yoon-mo said in October it was watching the dispute closely to see how and when it could play a role to bring about a "positive outcome for the country overall". Beejay Kim, a battery consultant, said Volkswagen may have to broker a truce as the dispute could disrupt not only battery suppliers but also reduce competition between its vendors. "No one wants them to fight till the end," he said.

Feuding Korean firms risk disrupting electric car battery supplies

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake <a href="https://www.wionews.com/business-economy/teslas-musk-greenlights-einhorn-taunt-each-other-on-twitter-261007">market leader Tesla</a>.

"The future is electric," Klaus Zellmer told the Los Angeles Auto Show, adding that the brand's commitment to battery-powered vehicles is "huge."

"By 2025 Porsche will have crossed a tipping point, actually building more than 50 per cent of its annual volume ... with either plug-in hybrid technology or fully battery," he said.

However, he added, the "combustion engine of course is not dead," pointing to Porsche's popular 911 sports cars.

Porsche, a subsidiary of the Volkswagen group, unveiled its new battery-powered Taycan at Frankfurt's International Auto Show in September.&nbsp;

The brand's first 100 per cent electric sports car, the Taycan is capable of going from 0 to 60 miles per hour in less than three seconds.

The luxury model is intended to rival Tesla, the California firm that dominates the global electric car market.

Tesla has an especially firm grip on the United States, which is Porsche's second-largest market. The German brand sold 57,000 cars in the US last year.

From 2021 Porsche intends to sell a fully electric version of its SUV, the Macan, which would compete directly against Tesla's Y model.

"The electric Macan will compete in many different segments,&nbsp;it's going to draw&nbsp;many people from different segments" just as Tesla did when it entered the market, Zellmer said.

"It's not a transition that is going to turn the world upside down within five years, it's probably 10 years" away, the North American CEO added.

<a href="https://www.wionews.com/business-economy/tesla-surges-twitter-slumps-amid-united-states-earnings-deluge-258002">Porsche is facing growing competition</a> in China, its biggest single market, from Tesla.

Tesla last month said its new so-called Gigafactory in Shanghai had started production on a trial basis.

Zellmer said the growth of electric cars in China was being impeded by the lack of access to charging facilities in mega-cities where tens of millions live and work in high rise buildings.

"Charging your car for the night is a challenge. Ninety per cent of charging according to our market research actually happens at home or at work," he said.

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake market leader Tesla.

More than half the cars produced by Porsche will be electric by 2025, the German manufacturer's North American chief said Tuesday as he set out plans to overtake market leader Tesla. "The future is electric," Klaus Zellmer told the Los Angeles Auto Show, adding that the brand's commitment to battery-powered vehicles is "huge." "By 2025 Porsche will have crossed a tipping point, actually building more than 50 per cent of its annual volume ... with either plug-in hybrid technology or fully battery," he said. However, he added, the "combustion engine of course is not dead," pointing to Porsche's popular 911 sports cars. Porsche, a subsidiary of the Volkswagen group, unveiled its new battery-powered Taycan at Frankfurt's International Auto Show in September. The brand's first 100 per cent electric sports car, the Taycan is capable of going from 0 to 60 miles per hour in less than three seconds. The luxury model is intended to rival Tesla, the California firm that dominates the global electric car market. Tesla has an especially firm grip on the United States, which is Porsche's second-largest market. The German brand sold 57,000 cars in the US last year. From 2021 Porsche intends to sell a fully electric version of its SUV, the Macan, which would compete directly against Tesla's Y model. "The electric Macan will compete in many different segments, it's going to draw many people from different segments" just as Tesla did when it entered the market, Zellmer said. "It's not a transition that is going to turn the world upside down within five years, it's probably 10 years" away, the North American CEO added. Porsche is facing growing competition in China, its biggest single market, from Tesla. Tesla last month said its new so-called Gigafactory in Shanghai had started production on a trial basis. Zellmer said the growth of electric cars in China was being impeded by the lack of access to charging facilities in mega-cities where tens of millions live and work in high rise buildings. "Charging your car for the night is a challenge. Ninety per cent of charging according to our market research actually happens at home or at work," he said.

'Future is electric': Porsche sets out plans to battle Tesla in US

Can power napping solve an electric car charging challenge?

Norway may be the biggest oil producer in Western Europe, but the Scandinavian nation is still aiming to go green. The government's official target is for all new cars to be zero-emission models as of 2025, hitting the half-way mark in March.

From princes to undertakers, Norway's motorists go electric

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility.

Uber and Ola, both backed by Softbank Group, would need to start converting their fleet as early as next year to achieve 2.5 per cent electrification by 2021, 5 per cent by 2022, 10per cent by 2023 before hiking it to 40 per cent, according to the person and the records that have been reviewed by Reuters.

Some taxi players, like Ola, have previously tried to operate electric cars in the country, but with little success given inadequate infrastructure and high costs.

New Delhi, however, is looking to push the new policy to boost the adoption of electric vehicles (EVs) as it tries to bring down its oil imports and curb pollution so it can meet its commitment as part of the 2015 Paris climate change treaty.

Niti Aayog, chaired by Prime Minister Narendra Modi and which plays a crucial role in policymaking, is working with several ministries on the new policy.

China, home to the world's top auto market, is already leading the world in electrification by setting tough EV sales targets for car makers and offering incentives to taxi operators to increase their fleet of clean-fuel cars.

EV sales in India grew three-fold to 3,600 in the year ended March but still account for about 0.1 per cent of the 3.3 million diesel and gasoline cars sold in the country over the period, industry data showed. China's electric car sales, meanwhile, rose 62 per cent in 2018 to 1.3 million vehicles.

In a meeting in New Delhi on May 28, Niti Aayog officials and the ministries of road transport, power, renewable energy and steel, as well as the departments of heavy industries and trade, were among those recommending taxi operators in India gradually convert to electric.

They also recommended that all new cars sold for commercial use should only be electric from April 2026, a change that would also apply to Uber and Ola, said the person who has direct knowledge of the matter but spoke on condition of anonymity.&nbsp;

Motorcycles and scooters sold for commercial purposes, like food delivery or for use by e-commerce companies, will also need to be electric from April 2023, the person added.

India has seen a boom in food delivery apps like Zomato and Swiggy, which counts Naspers and Tencent as investors. Sales by e-commerce firms like Amazon and Walmart-owned Flipkart are also rising.

Motorbikes too

The EV proposal comes weeks after the inter-ministerial committee recommended electrifying most motorbikes and scooters for private use and all three-wheeled autorickshaws within the next six to eight years.

While there are several electric scooter manufacturers in the country including Ather Energy, Hero Electric and Okinawa, there are only two car makers that build and sell electric cars - Mahindra &amp; Mahindra and Tata Motors.

Some taxi operators have so far had little success operating electric cars in India. Ola launched a pilot project in Nagpur in 2017 but a year later drivers, unhappy with long wait times at charging stations and high operating expenses, wanted to return to gasoline cars.

Ola, however, is not giving up yet.

Its Ola Electric Mobility unit in March that raised 4 billion rupees from investors including venture capital fund Tiger Global and Matrix Partners.

It also raised $300 million from Hyundai Motor and Kia Motors and formed a strategic partnership with the South Korean duo to help build India-specific EVs.

Modi's government in 2017 had set an ambitious target to electrify new cars and utility vehicles by 2030 but resistance from the industry forced it to scale back the plan.

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility.

India plans to order Uber and Ola to convert 40 per cent of their fleet of cars to electric by April 2026, according to a source and records of government meetings to discuss new rules for clean mobility. Uber and Ola, both backed by Softbank Group, would need to start converting their fleet as early as next year to achieve 2.5 per cent electrification by 2021, 5 per cent by 2022, 10per cent by 2023 before hiking it to 40 per cent, according to the person and the records that have been reviewed by Reuters. Some taxi players, like Ola, have previously tried to operate electric cars in the country, but with little success given inadequate infrastructure and high costs. New Delhi, however, is looking to push the new policy to boost the adoption of electric vehicles (EVs) as it tries to bring down its oil imports and curb pollution so it can meet its commitment as part of the 2015 Paris climate change treaty. Niti Aayog, chaired by Prime Minister Narendra Modi and which plays a crucial role in policymaking, is working with several ministries on the new policy. China, home to the world's top auto market, is already leading the world in electrification by setting tough EV sales targets for car makers and offering incentives to taxi operators to increase their fleet of clean-fuel cars. EV sales in India grew three-fold to 3,600 in the year ended March but still account for about 0.1 per cent of the 3.3 million diesel and gasoline cars sold in the country over the period, industry data showed. China's electric car sales, meanwhile, rose 62 per cent in 2018 to 1.3 million vehicles. In a meeting in New Delhi on May 28, Niti Aayog officials and the ministries of road transport, power, renewable energy and steel, as well as the departments of heavy industries and trade, were among those recommending taxi operators in India gradually convert to electric. They also recommended that all new cars sold for commercial use should only be electric from April 2026, a change that would also apply to Uber and Ola, said the person who has direct knowledge of the matter but spoke on condition of anonymity. Motorcycles and scooters sold for commercial purposes, like food delivery or for use by e-commerce companies, will also need to be electric from April 2023, the person added. India has seen a boom in food delivery apps like Zomato and Swiggy, which counts Naspers and Tencent as investors. Sales by e-commerce firms like Amazon and Walmart-owned Flipkart are also rising. Motorbikes too The EV proposal comes weeks after the inter-ministerial committee recommended electrifying most motorbikes and scooters for private use and all three-wheeled autorickshaws within the next six to eight years. While there are several electric scooter manufacturers in the country including Ather Energy, Hero Electric and Okinawa, there are only two car makers that build and sell electric cars - Mahindra & Mahindra and Tata Motors. Some taxi operators have so far had little success operating electric cars in India. Ola launched a pilot project in Nagpur in 2017 but a year later drivers, unhappy with long wait times at charging stations and high operating expenses, wanted to return to gasoline cars. Ola, however, is not giving up yet. Its Ola Electric Mobility unit in March that raised 4 billion rupees from investors including venture capital fund Tiger Global and Matrix Partners. It also raised $300 million from Hyundai Motor and Kia Motors and formed a strategic partnership with the South Korean duo to help build India-specific EVs. Modi's government in 2017 had set an ambitious target to electrify new cars and utility vehicles by 2030 but resistance from the industry forced it to scale back the plan.

India to order Uber, Ola to go electric by April 2026: Report

China's <a href="https://www.wionews.com/world/donald-trump-slams-huawei-for-hiring-former-obama-cyber-security-official-210479">Huawei Technologies</a> launched on Monday what it said was the world's first <a href="https://www.wionews.com/world/chinas-huawei-to-launch-5g-at-africa-cup-of-nations-212370">5G communications</a> hardware for the automotive industry, in a sign of its growing ambitions to become a key supplier to the sector for self-driving technology.

Huawei said in a statement that the so-called MH5000 module is based on the Balong 5000 5G chip which it launched in January. "Based on this chip, Huawei has developed the world's first 5G car module with high speed and high quality," it said.

It launched the module at the Shanghai Autoshow, which began last week and runs until Thursday.

"As an important communication product for future intelligent car transportation, this 5G car module will promote the automotive industry to move towards the 5G era," Huawei said.

It said the module will aid its plans to start commercialising 5G network technology for the automotive sector in the second half of this year.

Huawei has in recent years been testing technology for intelligent connected cars in Chinese cities such as Shanghai, Shenzhen and Wuxi and has signed cooperation deals with a swathe of car makers including FAW, Dongfeng and Changan.

The company, which is also the world's biggest telecoms equipment maker, is striving to lead the global race for next-generation 5G networks but has come under increasing scrutiny from Washington which alleges that its equipment could be used for espionage. Huawei has repeatedly denied the allegations.

China's Huawei Technologies launched on Monday what it said was the world's first 5G communications hardware for the automotive industry, in a sign of its growing ambitions to become a key supplier to the sector for self-driving technology.

China's Huawei Technologies launched on Monday what it said was the world's first 5G communications hardware for the automotive industry, in a sign of its growing ambitions to become a key supplier to the sector for self-driving technology. Huawei said in a statement that the so-called MH5000 module is based on the Balong 5000 5G chip which it launched in January. "Based on this chip, Huawei has developed the world's first 5G car module with high speed and high quality," it said. It launched the module at the Shanghai Autoshow, which began last week and runs until Thursday. "As an important communication product for future intelligent car transportation, this 5G car module will promote the automotive industry to move towards the 5G era," Huawei said. It said the module will aid its plans to start commercialising 5G network technology for the automotive sector in the second half of this year. Huawei has in recent years been testing technology for intelligent connected cars in Chinese cities such as Shanghai, Shenzhen and Wuxi and has signed cooperation deals with a swathe of car makers including FAW, Dongfeng and Changan. The company, which is also the world's biggest telecoms equipment maker, is striving to lead the global race for next-generation 5G networks but has come under increasing scrutiny from Washington which alleges that its equipment could be used for espionage. Huawei has repeatedly denied the allegations.

Huawei says launches 'world's first' 5G communications hardware for autos

Watch: WION Dispatch, 24th December, 2018

Porsche and Audi, Volkswagen&#39;s main luxury car divisions, plan to develop a joint platform for electric vehicles that will enable them significantly cut down on costs, German newspapers quoted their chief executives as saying.

&quot;By 2025, we&#39;re facing a low single-digit billion euro sum to develop the architecture,&quot; Audi CEO Rupert Stadler told both the Stuttgarter Zeitung and Stuttgarter Nachrichten.

&quot;If both would act on their own, costs would be 30 percent higher,&quot; Porsche CEO Oliver Blume said, adding Audi was hiring 550 developers for the project and Porsche 300.

From 2021 onwards, both businesses want to bring several models to the streets based on the joint platform, with Stadler saying that would build two sedan cars in Neckarsulm and two sports utility models at its Ingolstadt base.

Porsche&#39;s Blume said the sportscar maker could build its first model based on the joint architecture in Leipzig, where it is already assembling its Macan sport-utility model. &quot;I currently see good chances for Leipzig,&quot; Blume said.

'By 2025, we're facing a low single-digit billion euro sum to develop the architecture,' Audi CEO Rupert Stadler told both the Stuttgarter Zeitung and Stuttgarter Nachrichten

Porsche and Audi, Volkswagen's main luxury car divisions, plan to develop a joint platform for electric vehicles that will enable them significantly cut down on costs, German newspapers quoted their chief executives as saying. "By 2025, we're facing a low single-digit billion euro sum to develop the architecture," Audi CEO Rupert Stadler told both the Stuttgarter Zeitung and Stuttgarter Nachrichten. "If both would act on their own, costs would be 30 percent higher," Porsche CEO Oliver Blume said, adding Audi was hiring 550 developers for the project and Porsche 300. From 2021 onwards, both businesses want to bring several models to the streets based on the joint platform, with Stadler saying that would build two sedan cars in Neckarsulm and two sports utility models at its Ingolstadt base. Porsche's Blume said the sportscar maker could build its first model based on the joint architecture in Leipzig, where it is already assembling its Macan sport-utility model. "I currently see good chances for Leipzig," Blume said.

Porsche, Audi to develop joint electric car platform to save costs

Henrik Fisker unveiled his $129,000 electric luxury car Tuesday, in a rebooted effort by the renowned auto designer to take on Tesla and other luxury automakers.&nbsp;

The Fisker EMotion, which made its debut at the Consumer Electronics Show in Las Vegas, is part of a comeback effort for Henrik Fisker, a former BMW and Aston Martin designer whose first venture was halted in 2013 after selling only a few thousand vehicles.&nbsp;

This time, the company Fisker Inc. is pulling out all the stops for the vehicle, designed with butterfly doors and a sleek sportscar look, semi-autonomous driving, and a range of some 400 miles (650 kilometres) on a single charge.&nbsp;

The car, which is still two years from deliveries, &quot;is a new take on the future of a luxury sedan,&quot; Fisker said on the CES show floor.&nbsp;

Fisker said the features such as the extended driving range &quot;will make even people sitting on the fence (about electric cars) look at it.&quot;&nbsp;

The new effort nonetheless faces an uphill battle in an industry where Tesla is showing rapid growth and other rivals from major automakers to start-ups -- including one other making a debut at the tech show -- are producing new electric cars.&nbsp;

Fisker is also working on its own battery technology aimed at improving range and speeding the charging time.&nbsp;

He hopes to have a charging system that can enable an extra 125 miles in nine minutes.&nbsp;

The company is also working on a solid-state battery that Fisker maintained could achieve a full charge in one minute. Like Tesla, Fisker is also working on a more affordable vehicle that would be priced around $40,000 after the Emotion. And it has designed a self-driving shuttle bus called the Orbit that could also launch in the next few years.&nbsp;

Partnering with Fisker is California-based technology firm Quanergy, which is developing the LIDAR used for autonomous driving.&nbsp;

The Emotion uses five LIDAR sensors integrated into the body and &quot;it&#39;s the only LIDAR with no moving parts,&quot; said Quanergy CEO Louay Eldada.&nbsp;

The launch by Fisker&#39;s new company comes after a high-profile bankruptcy by Fisker Automotive.&nbsp;

Before launching his own venture and the Fisker Karma, Fisker designed vehicles including the BMW Z8 and Aston Martin DB89.&nbsp;

Other firms at CES appear to be making a play for Tesla clients with electric vehicles with autonomous capabilities.&nbsp;

China-based start-up Byton announced this week it planned to launch a $45,000 electric car featuring a &quot;digital&quot; lounge with a panoramic display acting as a hub for navigation, entertainment and even monitoring the health of its occupants.&nbsp;

Last year, Chinese-backed Faraday Future unveiled its premium electric vehicle but since then have offered few clues on its availability.&nbsp;

Still, Tesla remains a target for both established automakers and start-ups.&nbsp;

&quot;In my opinion Tesla is vulnerable,&quot; said Jack Gold, an analyst who follows the tech sector and who was attending CES.&nbsp;

In addition to the companies presenting at CES, Gold said, there are a number of other Chinese firms which could use the shift in consumer trends to break into new markets.&nbsp;

&quot;I think it`s a big opening for the Chinese. And the Chinese government is subsidizing them.&quot; &nbsp;

The electronics show is often used to debut new automotive technology even though it takes place just days ahead of the big Detroit auto show.&nbsp;

The launch by Fisker's new company comes after a high-profile bankruptcy by Fisker Automotive

Henrik Fisker unveiled his $129,000 electric luxury car Tuesday, in a rebooted effort by the renowned auto designer to take on Tesla and other luxury automakers. The Fisker EMotion, which made its debut at the Consumer Electronics Show in Las Vegas, is part of a comeback effort for Henrik Fisker, a former BMW and Aston Martin designer whose first venture was halted in 2013 after selling only a few thousand vehicles. This time, the company Fisker Inc. is pulling out all the stops for the vehicle, designed with butterfly doors and a sleek sportscar look, semi-autonomous driving, and a range of some 400 miles (650 kilometres) on a single charge. The car, which is still two years from deliveries, "is a new take on the future of a luxury sedan," Fisker said on the CES show floor. Fisker said the features such as the extended driving range "will make even people sitting on the fence (about electric cars) look at it." The new effort nonetheless faces an uphill battle in an industry where Tesla is showing rapid growth and other rivals from major automakers to start-ups -- including one other making a debut at the tech show -- are producing new electric cars. Fisker is also working on its own battery technology aimed at improving range and speeding the charging time. He hopes to have a charging system that can enable an extra 125 miles in nine minutes. The company is also working on a solid-state battery that Fisker maintained could achieve a full charge in one minute. Like Tesla, Fisker is also working on a more affordable vehicle that would be priced around $40,000 after the Emotion. And it has designed a self-driving shuttle bus called the Orbit that could also launch in the next few years. Partnering with Fisker is California-based technology firm Quanergy, which is developing the LIDAR used for autonomous driving. The Emotion uses five LIDAR sensors integrated into the body and "it's the only LIDAR with no moving parts," said Quanergy CEO Louay Eldada. The launch by Fisker's new company comes after a high-profile bankruptcy by Fisker Automotive. Before launching his own venture and the Fisker Karma, Fisker designed vehicles including the BMW Z8 and Aston Martin DB89. Other firms at CES appear to be making a play for Tesla clients with electric vehicles with autonomous capabilities. China-based start-up Byton announced this week it planned to launch a $45,000 electric car featuring a "digital" lounge with a panoramic display acting as a hub for navigation, entertainment and even monitoring the health of its occupants. Last year, Chinese-backed Faraday Future unveiled its premium electric vehicle but since then have offered few clues on its availability. Still, Tesla remains a target for both established automakers and start-ups. "In my opinion Tesla is vulnerable," said Jack Gold, an analyst who follows the tech sector and who was attending CES. In addition to the companies presenting at CES, Gold said, there are a number of other Chinese firms which could use the shift in consumer trends to break into new markets. "I think it`s a big opening for the Chinese. And the Chinese government is subsidizing them." The electronics show is often used to debut new automotive technology even though it takes place just days ahead of the big Detroit auto show.

With pricey electric car 'EMotion', Fisker eyes comeback

<a href="http://www.wionews.com/videos/wion-wallet-renault-nissan-chinas-dongfeng-enter-jv-to-build-electric-vehicles-4564">Nissan</a>&nbsp;revealed its new 2018 <a href="http://www.wionews.com/videos/wion-wallet-know-the-situation-of-electric-car-market-in-india-4657">electric car</a>- Nissan Leaf at a special event on Tuesday&nbsp;at a ceremony in Tokyo.

Nissan Leaf is the upgraded version of the company&#39;s earlier produced best selling Car- 2017 Leaf.

The <a href="http://www.wionews.com/photos/top-cars-toyota-skoda-ford-race-to-capture-india-422">new launch</a> is designed with intelligent driver assistance features, including ProPILOT semi autonomous driving and parking techniques.&nbsp;

The SAE level 2 feature makes car driving easier on single-lane highways.The automatic acceleration and braking maintain a distance between the car and vehicles ahead.

The new EV, with an updated body design, gives an aerodynamic look. The car is designed to make judicious use of its onboard electric battery. &nbsp;

That 40 kWh&nbsp;battery provides 150 miles of range under EPA estimates whereas 400 km or 238 miles under the less conservative Japanese rating agency standards.

The car provides three options to charge the battery. &nbsp;A 3 kW charger can charge the battery in 16 hours while it will take only 8 hours to charge using a high output 6 kW charger. &nbsp;

A quick charge option will allow it to recover 80 per cent of its charge in 40 minutes.&nbsp;

Also in 2018, an additional cost will provide a higher range, higher power performance version of the car.&nbsp;

Nissan is built with a&nbsp;&quot;revolutionary e-Pedal&quot; feature.The regenerative braking that is applied when the pedals are released&nbsp;allows single pedal driving and returns energy to the battery. The car will begin to accelerate when the pedal is kept down.&nbsp;

The car&#39;s interior is adorned with a 7-inch full-colour TFT touchscreen display featuring the new Safety Shield tech. The display shows what is going on around the car.&nbsp;

Nissan Leaf is expected to go on sale on October 2 in Japan. The deliveries are said to begin in January 2018 in the US, Canada, and Europe.&nbsp;

The Japanese company&#39;s up gradation of the existing car with better, stronger battery and longer range is said to be available at a price below the rival electric cars.&nbsp;

The company had introduced the Leaf in 2010 which emerged as the world&#39;s best selling Electric vehicle. However, it lost its fame after the release of new cars from<a href="http://www.wionews.com/science-tech/tesla-seeks-115-billion-to-help-fuel-model-3-launch-13449"> Tesla</a> and Chevy.

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Nissan?revealed its new 2018 electric car- Nissan Leaf at a special event on Tuesday at a ceremony in Tokyo

Nissan revealed its new 2018 electric car- Nissan Leaf at a special event on Tuesday at a ceremony in Tokyo. Nissan Leaf is the upgraded version of the company's earlier produced best selling Car- 2017 Leaf. The new launch is designed with intelligent driver assistance features, including ProPILOT semi autonomous driving and parking techniques. The SAE level 2 feature makes car driving easier on single-lane highways.The automatic acceleration and braking maintain a distance between the car and vehicles ahead. The new EV, with an updated body design, gives an aerodynamic look. The car is designed to make judicious use of its onboard electric battery. That 40 kWh battery provides 150 miles of range under EPA estimates whereas 400 km or 238 miles under the less conservative Japanese rating agency standards. The car provides three options to charge the battery. A 3 kW charger can charge the battery in 16 hours while it will take only 8 hours to charge using a high output 6 kW charger. A quick charge option will allow it to recover 80 per cent of its charge in 40 minutes. Also in 2018, an additional cost will provide a higher range, higher power performance version of the car. Nissan is built with a "revolutionary e-Pedal" feature.The regenerative braking that is applied when the pedals are released allows single pedal driving and returns energy to the battery. The car will begin to accelerate when the pedal is kept down. The car's interior is adorned with a 7-inch full-colour TFT touchscreen display featuring the new Safety Shield tech. The display shows what is going on around the car. Nissan Leaf is expected to go on sale on October 2 in Japan. The deliveries are said to begin in January 2018 in the US, Canada, and Europe. The Japanese company's up gradation of the existing car with better, stronger battery and longer range is said to be available at a price below the rival electric cars. The company had introduced the Leaf in 2010 which emerged as the world's best selling Electric vehicle. However, it lost its fame after the release of new cars from Tesla and Chevy.

First look: Nissan Leaf

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. 
 
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. 
 
It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. 
 
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. 
 
Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. 
 
SolarCity has not publicly revealed its views on Tesla&#39;s offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity&#39;s standalone prospects and a broad range of strategic alternatives. 
 
As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk&#39;s cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. 
 
Elon Musk said on July 20 when he revealed his master plan &quot;part deux&quot; for Tesla that he is looking to create a &quot;smoothly integrated and beautiful solar-roof-with-battery product.&quot; 
 
&quot;We can&#39;t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies,&quot; Musk said. 
 
(Reuters)

The two companies are in the final stages of carrying out due diligence on each other, but failure of negotiations is still a possibility

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity's standalone prospects and a broad range of strategic alternatives. As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk's cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. Elon Musk said on July 20 when he revealed his master plan "part deux" for Tesla that he is looking to create a "smoothly integrated and beautiful solar-roof-with-battery product." "We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies," Musk said. (Reuters)

One-stop clean energy shop: Tesla, SolarCity merger in the offing

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