Hyundai Motor Group says it's developed the in-house technology to thrive in the emerging market for electric vehicles as they prepare to unveil a suite of new models over the next several years.
Driving the news: The company yesterday took the wraps off "E-GMP," the Korean automakers' first dedicated EV platform.
General Motors will pull out of any legal efforts that seek to strip California of its right to set its own clean-air standards, GM CEO Mary Barra said in a letter Monday to environmental groups, per AP.
Driving the news: Barra said the company, which is developing a new battery chemistry that will reduce the costs of electric-vehicle, agrees with President-elect Joe Biden’s plan to expand the use of electric vehicles, AP reported.
Tesla is soaring past General Motors in market capitalization — even as electric vehicles remain still a tiny slice of vehicle sales and FM's overall sales far outstrip Tesla's.
Why it matters: Tesla's enormous market value helps to show how investors see vehicles with a plug as the future, even though internal combustion vehicles will dominate for a long time to come.
President-elect Biden's win could juice electric vehicle sales in the U.S. by a lot, per an analysis from the Center for Strategic and International Studies.
The big picture: Biden, who talks a lot about electric vehicles, is expected to try to scuttle Trump administration regulations that weakened the Obama-era auto mileage and emissions rule. And go even further.
General Motors announced Thursday that it is increasing its investment in electric vehicles and autonomous tech to $27 billion through 2025 — $7 billion more than prior plans — as it seeks a top global position.
Why it matters: It's the clearest sign yet that GM is hoping to challenge Tesla, which dominates U.S. electric vehicle sales. It was already on, but now the competition for the electric vehicle market of the future is really on.
The VC firm Brown Venture Group has agreed to invest seed funding in Ecolution kWh, a startup looking to commercialize tech that stores and dispatches kinetic energy from vehicle motion, the companies said Wednesday.
Driving the news: The amount of Brown Venture Group's financing was not disclosed, but the firm will be the lead investor in a seed round that's targeting at least $3 million, according to Ecolution.
Growing amounts of cash are pouring into electric vehicle development that is underway via startups and legacy players.
What's new: A report out this morning indicates GM will be announcing an expanded strategy to take on Tesla, plus the U.K. electric van and bus company Arrival announced it is going public.
A new coalition is launching — with Tesla, Uber, power giants like Southern Company, and others — that will push for electric models to account for 100% of new U.S. vehicle sales by 2030.
Why it matters: While electric vehicles are a growing technology, new corporate lobbying efforts — especially by powerful companies — could help spur faster growth in what remains a largely niche market.
British Prime Minister Boris Johnson is slated to announce this week that sales of new internal combustion vehicles will be banned by 2030, the Financial Times reports.
Why it matters: It would be among the world's most aggressive policies to bolster deployment of electric vehicles and curb transportation emissions.
The latest step in Ford's foray into electric vehicles is a cargo van arriving late next year with a starting price under $45,000.
Why it matters: Ford wants to defend its hold on the commercial vehicle market where there's growing demand for electric delivery and utility vans by companies looking to make good on carbon-cutting pledges or comply with new rules.