Top Stories
Three electric vehicle startups, Lucid, Rivian, and VinFast, posted their fourth-quarter results this week amidst a backdrop of souring forecasts on the battery-powered car segment, fueled by lower-than-expected sales and stagnating consumer interest. Lucid reported quarterly revenues of $157.15 million on Wednesday, down roughly $100 million from 2022. Read More
The United Auto Workers (UAW) union is now committed to spending $40 million on its labor organization campaign, which is currently underway at non-union automaker facilities across the U.S. The UAW said the funds would be distributed over the next two years and would allow it to include electric vehicle battery manufacturers in its list of targeted companies. Read More
Mercedes-Benz has recently admitted that the demand for battery-powered vehicles is not as strong as initially expected. Despite this, the company has assured investors that it will continue to enhance its combustion engine models and has delayed its electrification objectives by five years. According to the new projection, sales of electrified vehicles, including hybrids, may account for up to 50% of the total by 2030, five years later than its previous target of achieving the 50% milestone with mostly all-electric cars by 2025. Read More
Since introducing electric vehicles (EVs) to the automotive sector, several consumers have lingered around the prevalent issue of range anxiety. Range anxiety refers to the fear that an electric car will run out of battery before reaching its destination. It is a common mental hurdle for prospective EV owners and a persistent issue for current EV owners. Read More
For Dealers
Weekly roundup: Ford averts UAW strike, Fisker expands dealer network, Cruise leadership shakeup
Ford narrowly averted a UAW strike at its Kentucky Truck Plant by reaching a tentative agreement. A ratification vote is pending for the facility’s 9,000 employees. Meanwhile, wholesale used vehicle prices fell in early February. This was despite a rise in demand. It happened as new vehicle supplies began to recover, easing pressure on the pre-owned market. Read More
Elon Musk’s Neuralink achieves a major medical milestone
Welcome back to the latest episode of The Future of Automotive on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry. Neuralink, the company Musk founded that’s developing implantable chips that can read brain waves, raised an additional $43 million in venture capital in late 2023, and the company’s value is reportedly greater than $5 billion. Read More
