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Electric cars are still more expensive to purchase than gasoline models, but they're considerably cheaper to maintain.
Lordstown Motors is the quintessential business fiasco. Equal parts hubris, political pandering and regulatory failure.
Why it matters: There's no indication that anyone will learn their lesson, except perhaps for some random retail investors who didn't diversify.
General Motors plans to boost its cumulative investment in electric and autonomous vehicles to $35 billion from 2020-2025, a significant jump from a $27 billion target.
Driving the news: GM said this morning that the initiative will include building two new battery cell manufacturing plants in addition to the two already under construction in Tennessee and Ohio.
Another day, another development in the Lordstown Motors saga.
A new analysis finds the outlook for electric vehicle deployment is "getting much brighter," but it's off pace for meeting aggressive midcentury targets for cutting carbon emissions from transportation.
Why it matters: The research firm BloombergNEF provides closely watched analyses on the evolution of the battery-electric and fuel cell sector — not only passenger cars but also buses, heavy trucks and more.
The White House is pledging a multi-agency push to spur more U.S. battery manufacturing and sustainable mining — both domestically and abroad — of raw materials used in battery tech.
Why it matters: The administration wants to speed U.S. market growth of electric cars and grid storage, but a global scramble for batteries and materials poses hurdles for companies and governments alike.
Lucid Motors CEO Peter Rawlinson is about to start producing a high-performance luxury electric sedan that costs far north of $100,000, yet claims Lucid can help EVs become an affordable mass-market — and wants federal help.
The big picture: "My passion, and the vision and the mission for the company, is to truly mass industrialize the electric car, the electric powertrain in a way that no one has done," Rawlinson said in an interview in Washington, D.C.
Ford announced Wednesday plans to invest $30 billion in vehicle electrification efforts by 2025, and the company said it anticipates that 40% of its global sales by 2030 will be fully electric vehicles, per a news release.
Why it matters: Ford CEO Jim Farley said the new initiative — called "Ford+" — is the company's largest opportunity for growth since "Henry Ford started to scale the Model T," signaling just how lucrative Ford leaders think the electric vehicle market will become.
Ford Motor Co. will take the wraps off the electric version of its popular F-150 pickup truck on Wednesday night.
Why it matters: It's a big moment in the young movement toward pickups with a plug — and for electric vehicles more broadly.
Investing in clean energy technologies is crucial to America's economic vitality and security, Energy Secretary Jennifer Granholm said at Axios virtual event on Thursday.
Why it matters: Clean energy technology is a $23 trillion global market.