Shares of Rivian Automotive Inc. briefly fell below their IPO price on Thursday in a broader selloff among electric vehicle (EV) makers as the race for market share intensifies with legacy companies ramping up EV production. Rivian shares fell as much as 16.5 percent to $75.13, slipping below the debut price of $78 for the…
Federal Government Stays Mum as Manchin Says ‘No’ to Biden Bill With EV Tax Credits
December 19, 2021
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WASHINGTON—The Prime Minister’s Office isn’t saying anything about a key U.S. senator’s decision to put President Joe Biden’s controversial electric-vehicle incentives on ice. West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided Senate, confirmed today that he’s a “No” on the $1.75-trillion Build Back Better bill. The legislation includes tax credits…
Ottawa Stays Mum as Manchin Says ‘No’ to Biden Bill With EV Tax Credits
December 19, 2021
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WASHINGTON—The Prime Minister’s Office isn’t saying anything about a key U.S. senator’s decision to put President Joe Biden’s controversial electric-vehicle incentives on ice. West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided Senate, confirmed today that he’s a “No” on the $1.75-trillion Build Back Better bill. The legislation includes tax credits…
BMW Hits 1 Million EV Sales, Targets 2 Million Fully Electric Sales by 2025
BERLIN—BMW has sold its one millionth electric vehicle (EV)—including purely electric and hybrid vehicles—and plans to reach two million sales of purely electric vehicles by 2025, the German carmaker said on Tuesday. Around 70 percent of EVs sold so far were hybrids, board member Pieter Nota said in a roundtable with journalists, adding that the…
Most Popular EV in Canada, Tesla Model 3, No Longer Eligible for Federal Rebate
OTTAWA—The Tesla Model 3 will no longer top the list of Canada’s most rebated electric car. Transport Canada says the popular battery-operated vehicle was removed from the eligibility list for the federal zero-emission vehicle rebate in late November. The carmaker just raised the base price for the Model 3 to $59,990, well above the $45,000…
Stellantis CEO Says EV Cost Burden Is ‘Beyond the Limits’ for Automakers
DETROIT—Stellantis NV Chief Executive Carlos Tavares said external pressure on automakers to accelerate the shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle to manage the higher costs of building EVs. Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are “beyond the…
Ford to Retire $5 Billion in High-Interest Debt, Issue Green Bonds
Ford Motor Co. said it plans to retire up to $5 billion in high-interest debt and tap into the fast-growing market for “green” bonds to help it finance new electric vehicles (EVs) and expand credit to customers with lower scores. Ultimately, the automaker aims to regain an investment grade rating for itself and Ford Credit,…
US House Plan Would Give Electric Vehicles Boost but Faces Opposition
WASHINGTON—A $1.75 trillion Democratic spending proposal could give a big boost to electric vehicles especially to Detroit’s Big Three automakers and the U.S. Postal Service, but it faces opposition from Republicans, foreign automakers, Canada and Mexico. The House plan boosts electric vehicle credits to up to $12,500 per vehicle, including $4,500 for union-made vehicles and…
Toyota Eyes Cost Cuts, Scale With First of EV-Only bZ Series
TOKYO—Toyota Motor Corp. disclosed on Friday the driving range and other specifications of its bZ4X sport utility vehicle (SUV), the first in a series of EV-only models it plans to launch globally to catch up in the electric vehicle market. The world’s top-selling carmaker has said it will launch 15 battery electric vehicle (BEV) models…
Amazon Discloses 20 Percent Stake in EV Maker Rivian
October 29, 2021
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Amazon.com Inc., an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday. Ford Motor Co., which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month. At the end of the third quarter, Amazon…
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