electricvehicleev
China wants the European Union to scrap its preliminary tariffs on Chinese EVs by July 4, China’s state-controlled Global Times said citing observers, as both countries agreed to launch consultations on the anti-subsidy investigation. “Observers said the best outcome the Chinese side wants is that the EC, the executive body of the EU, scrap its tariff decision before July 4 and abide by WTO rules,” Global Times said. Earlier this month, the EU announced that it would impose tariffs of up to 38% on electric cars produced in China, effective from July 4, if ongoing talks with Chinese authorities...
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Nio (NYSE: NIO) stock price has come under intense pressure this month even after the company published encouraging financial results and May delivery numbers. It sunk to a low of $4.30, its lowest point since April 26th. A bargain or a value trap?Nio, like other Chinese EV companies, has struggled hard in the past few years as concerns about the industry remained. Its stock has tumbled by more than 93% from its all-time high while its market cap has crashed from over $84 billion to the current $8.9 billion. Nio is facing numerous internal and external factors. Internally, there are signs that...
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Ola Electric, India’s largest two-wheeler electric vehicle maker has received the approval from India securities’ market regulator- Securities Exchange Board of India (Sebi) to go public. The Bhavish Agarwal-led company will raise Rs 5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares, and is likely to list its shares later this year. The Bengaluru-headquartered startup is reportedly eyeing a $6 billion valuation and will be the first EV startup in the country to list itself on the bourses. According to the draft IPO papers, a part of the proc...
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Prime Minister Justin Trudeau’s government is preparing potential new tariffs on Chinese-made electric vehicles (EVs) to align Canada with actions taken by the United States and the European Union, according to sources. While no final decision has been made, it is expected that public consultations on the proposed tariffs will be announced soon. These measures aim to counter the influx of Chinese EVs into Canada and support the domestic auto industry. Rising pressure to match international tariffsTrudeau has been under increasing pressure to follow the lead of US President Joe Biden, whose adm...
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Polestar (PSNY), Canoo (GOEV), and Faraday Future (FFIE) stock prices have tumbled this year amid the rising concerns about the electric vehicle (EV) industry. Polestar’s stock has crashed by more than 69% this year while Canoo and Faraday Future have tumbled by 70% and 42%, respectively. Polestar vs Canoo vs Faraday Future stocks These companies have collapsed because of their slow growth and strained balance sheets. Data shows that Faraday Future ended the last quarter with less than $5 million in cash even as its net loss came in at over $400 million. Canoo had about $9.6 million in cash, d...
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Nikola Corporation stock experienced a significant drop, plummeting nearly 21% during premarket trading on Thursday. This decline followed the company’s announcement of an upcoming 1-for-30 reverse stock split, a move approved by its board of directors. The reverse stock split will result in Nikola’s shares being traded on a split-adjusted basis starting from June 25. Nikola Corporation reverse stock split detailsNikola Corporation, known for its efforts in producing hydrogen-powered and electric vehicles, has faced various challenges over the past few years. The stock has been trading at low ...
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Mullen Automotive (NASDAQ: MULN) stock price has remained in a deep sell-off and is nearing its all-time low despite making some important announcements. It has crashed by over 82%, making it one of the worst-performing electric vehicle companies in Wall Street, bringing its market cap to over $43 million. Mullen Automotive’s progressMullen Automotive, a Tesla wannabe, has made a lot of progress in the past few months. On June 13th, the company said that it had received a $13.2 million sales order for its Bollinger Motors business. These orders came from Momentum Groups,a company that offers f...
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Chrysler, the Stellantis-owned brand, is recalling 1,033,433 vehicles in the United States over a rearview camera image issue, according to the US National Highway Traffic Safety Administration (NHTSA). The recall was announced on Wednesday after NHTSA documents indicated that the rearview camera in these vehicles fails to display properly, decreasing driver visibility and increasing the risk of crashes. Vehicles affected by the recallThe recall affects a range of models from the 2021-2023 production years. Specifically, the vehicles included in the recall are: 2021-2022 Dodge Durango2021-2023...
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U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday, seeking to sell its assets and restructure its debt after facing rapid cash burn while attempting to deliver its “Ocean” SUVs in the United States and Europe. The company, founded by automotive designer Henrik Fisker, joins a growing list of EV startups, such as Proterra, Lordstown, and Electric Last Mile Solutions, that have gone bankrupt in the past two years due to depleting cash reserves, fundraising difficulties, and production challenges exacerbated by global supply chain issues. Challenges faced by F...
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Workhorse Group (NASDAQ: WKHS) is in focus this morning after it started trading on a split-adjusted basis. Workhorse stock is losing after the stock splitLast week, the electric vehicles company announced a reverse stock split (1-for-20) to regain compliance with requirements to remain listed on Nasdaq. $WKHS must trade at a price of over $1.0 per share for ten consecutive days to satisfy the minimum bid rule. It has until September 16th to establish compliance with the aforementioned requirement. The stock split does not guarantee that Workhorse stock will remain listed on Nasdaq considering...
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