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Tag: Electric vehicles

  • Bentley to finish manufacturing of ultra-performance 12-cylinder engine because it transitions to EVs

    A workforce member assessments a Bentayga SUV at the Bentley manufacturing line at their manufacturing facility in Crewe, Britain, December 7, 2022. 

    Phil Noble | Reuters

    Bentley Motors plans to finish manufacturing of its 12-cylinder engine subsequent April because the famed luxurious carmaker transitions to electrical cars.

    The British automaker of ultra-luxury functionality automobiles stated the milestone can be celebrated with probably the most robust model of the W12 engine ever created, with 740 horsepower and 737 pound-feet of torque.

    Bentley stated the upgraded engine will simplest be utilized in 18 Bentley Baturs — hand made two-seat functionality automobiles that get started at about $2 million. The cars are already offered, the celebrated automaker stated.

    “The time has come to retire this now-iconic powertrain as we take strides towards electrification,” Bentley Chairman and CEO Adrian Hallmark stated in a unlock.  

    The top of the W12 is the most recent instance of automakers pivoting to all-electric cars. Bentley ultimate yr stated it will spend 2.5 billion kilos (about $3 billion) over the following decade to change into a completely electrical luxurious logo via 2030.

    The corporate, which is owned via Volkswagen, stated a restricted selection of W12 engines with 649 horsepower are to be had for variations of the Continental GT, Bentayga and Flying Spur.

    Manufacturing of the W12 engine will probably be changed with expanded meeting of V8 and V6 hybrid engines, consistent with the corporate. Bentley says it has produced greater than 100,000 of the W12 engines because the meeting started in 2003.

    The corporate stated it plans to transition the 30 staff who manufacture the engine at its famed Crewe, England, plant to different operations.

    Bentley’s all-electric imaginative and prescient is consistent with different automakers, nevertheless it differs very much from its famed rival, Ferrari. The Italian sports activities automobile producer, which these days produces V6, V8 and V12 engines, has stated it’ll proceed to take action so long as there may be enough call for for them.

  • Elon Musk promised so much with the Tesla Semi. This is the way it stacks up now that it is after all right here

    First introduced through Elon Musk in 2017, the Tesla Semi has been probably the most longest-delayed merchandise within the corporate’s historical past. However the brand new electrical truck is after all right here, with PepsiCo being the primary buyer to obtain one of the vital 100 automobiles it pre-ordered.

    “PepsiCo owns probably the most greatest non-public fleets in North The us, and that’s the reason probably the most causes now we have partnered with Tesla,” stated Mike O’Connell, vp of provide chain for Pepsi. “We’ve got the 15 in Modesto that we are launching … after which now we have 21 in Sacramento.” 

    To begin, Pepsi is the use of the vans to ship Frito-Lay merchandise from its Modesto, California, facility as much as 425 miles on a unmarried rate. It’s also handing over Pepsi out of its Sacramento warehouse on 100-mile day-to-day routes, going without delay to shops, and making 300- to 400-mile runs to different warehouses. Pepsi declined to mention whether or not it had pressed the vans to check if they have got the total 500-mile vary Musk promised.

    CNBC visited Frito-Lay Modesto the place PepsiCo has been remodeling the power in partnership with the California Air Assets Board to display the sustainability advantages of 0 and near-zero emissions applied sciences. The Tesla Semis there are the most recent additions to the corporate’s fleet of greater than 80,000 automobiles.

    “This challenge has delivered a 91% relief in greenhouse fuel, and we are the use of this as a show off to then cascade to our different operations,” O’Connell stated.

    Watch the video to be told extra about PepsiCo’s Tesla Semis and whether or not they are living as much as the hype.

  • Chinese language Tesla rival Xpeng launches flagship EVs in Europe in world push

    Xpeng is pushing aggressively into world markets. The Chinese language electrical automotive start-up introduced its P7 sedan and G9 SUV in Denmark, Norway, the Netherlands and Sweden.

    Zhang Peng | LightRocket | Getty Photographs

    Xpeng, a Chinese language electrical car startup, on Friday introduced two of its flagship vehicles throughout a lot of Eu international locations, because it continues its competitive world push.

    The Guangzhou, south China-headquartered corporate stated a made over model of its P7 sedan and its G9 sports activities software car (SUV) are to be had to reserve in Denmark, Norway, the Netherlands and Sweden.

    Brian Gu, president of Xpeng, stated in a press unencumber that the release “represents an important milestone” as the corporate builds up its Eu presence.

    Xpeng has sought to problem Tesla in China despite the fact that nonetheless stays considerably in the back of Elon Musk’s carmaker on the subject of deliveries. It’s now having a look to extend into world markets after a hard 12 months in China which was once hit through a requirement stoop.

    That might put Xpeng on a collision path with Tesla in those new markets.

    At the entire, Xpeng has priced its P7 sedan beneath Tesla’s in Demark, Norway, the Netherlands and Sweden, even at a time when the U.S. EV maker has been chopping costs globally to stoke gross sales.

    Xpeng claims its P7 sedan can shuttle 576 kilometers on a unmarried fee with a beginning worth within the Netherlands of 49,990 euros ($54,917). Tesla’s Fashion 3 Lengthy Vary, which claims 602 kilometers on a unmarried fee, prices 52,990 within the Netherlands.

    Then again, Xpeng’s G9 SUV is priced upper than Tesla’s Fashion Y, its closest competitor. Xpeng claims its G9 can shuttle as much as 570 kilometers on a unmarried fee. Tesla’s Fashion Y Lengthy Vary can shuttle as much as 533 kilometers on a unmarried fee. Xpeng has priced its G9 at 57,990 euros within the Netherlands as opposed to 53,990 euros for Tesla’s Fashion Y Lengthy Vary, for instance of a worth comparability.

    Xpeng will face intense pageant in Europe, now not simplest from Tesla however different Chinese language carmakers and Eu auto giants like Volkswagen, which has staked its long run on electrical automobiles.

    Nio, a Chinese language rival to Xpeng, started handing over some vehicles to Norway on the finish of 2021.

    Xpeng has sped up its world push prior to now 12 months after opening bodily retail outlets in Europe final 12 months and launching its mass-market P5 sedan.

  • Lawmaker Who Known as For Phasing Out Electrical Automobiles Says He Has ‘No Downside’ With Them

    A Republican Wyoming state senator who co-sponsored regulation pointing out that the well-liked use of electrical automobiles can have “deleterious affects” at the state now says he has no downside with the ones sorts of automobiles.

    State Sen. Jim Anderson instructed The Washington Publish Monday that he presented a joint answer calling for “phasing out the sale of latest electrical automobiles in Wyoming through 2035,” in line with a plan introduced through California right through the summer season to outlaw the sale of latest fossil fuel-powered automobiles through the similar yr.

    Different states are set to practice California’s instance.

    Anderson mentioned he in reality doesn’t thoughts electrical automobiles and added other folks will have to be loose to make their very own alternatives.

    “I don’t have an issue with electrical automobiles in any respect,” Anderson instructed the Publish.

    He persisted: “I’ve an issue with any person pronouncing, ‘Don’t purchase any further petroleum automobiles.’”

    But, the answer he presented in conjunction with GOP state Sens. Brian Boner, Ed Cooper and Dan Dockstader, and state Reps. Donald Burkhart and Invoice Henderson, explicitly calls at the state’s industries and voters “to restrict the sale and buy of latest electrical automobiles in Wyoming with a objective of phasing out the sale of latest electrical automobiles” through 2035.

    Anderson instructed the Publish that whilst their invoice is “only a answer” expressing their distaste for California’s invoice, the Golden State will force other folks to shop for electrical automobiles. California’s legislation won’t ban the sale of used automobiles or vintage automobiles that run on gas.

    Within the joint answer, the six Republican lawmakers indexed a number of problems with electric-powered automobiles, together with that Wyoming’s lengthy highways and loss of charging stations, make the usage of such automobiles “impracticable.”

    The state is about to obtain about $24 million over 5 years to put in charging infrastructure alongside Interstates 80, 25 and 90, in step with a plan introduced through the Wyoming Transportation Division in June.

    The joint answer additionally said that the vital minerals contained within the batteries of the ones automobiles are onerous to recycle and their home provide is vulnerable to disruption.

    In the meantime, the oil and gasoline trade has helped open up “numerous jobs” for other folks within the state, they mentioned, whilst caution in regards to the risks related to extra well-liked use of electrical automobiles.

    “The proliferation of electrical automobiles on the expense of gas-powered automobiles can have deleterious affects on Wyoming’s communities and can be unfavourable to Wyoming’s financial system and the power for the rustic to successfully interact in trade,” the invoice says.

    The Environmental Coverage Company says transportation is “one of the vital biggest individuals to anthropogenic U.S. greenhouse gasoline (GHG) emissions.”

  • EV maker Lucid closes $1.5 billion elevate from the Saudi public wealth fund and different buyers

    Lucid Motors CEO Peter Rawlinson claps after ringing the hole bell on the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) starts buying and selling at the Nasdaq inventory change after finishing its trade mixture with Churchill Capital Corp IV in New York Town, July 26, 2021.

    Andrew Kelly | Reuters

    Electrical automobile maker Lucid Workforce mentioned Monday that it has finished a deliberate $1.5 billion fairness providing. The corporate first introduced the providing in November, when it reported its third-quarter effects.

    Lucid raised nearly all of that money, about $915 million, by the use of a non-public sale of just about 86 million stocks to an associate of its biggest investor, Saudi Arabia’s Public Funding Fund. The remainder $600 million used to be raised by the use of a conventional secondary inventory providing, during which Lucid offered an extra 56 million stocks.

    The investment spherical used to be structured to stay the Saudi public wealth fund’s stake in Lucid at its earlier stage, about 62%.

    Lucid plans to make use of the proceeds to “additional improve its stability sheet and liquidity place,” the corporate mentioned in a commentary.

    Lucid had about $3.85 billion in money as of September 30, its most up-to-date file.

  • Rivian pauses plans to make electrical trucks in Europe with Mercedes-Benz

    An Amazon Rivian electrical supply van on the corporate’s production facility in Commonplace, Illinois, US., on Monday, April 11, 2022.

    Jamie Kelter Davis | Bloomberg | Getty Pictures

    Rivian mentioned Monday it was once pausing plans to fabricate electrical business trucks in Europe and would “now not pursue” the settlement it made with Mercedes-Benz simply 3 months in the past.

    “We have now determined to pause discussions with Mercedes-Benz Trucks in regards to the Memorandum of Working out we signed previous this yr for joint manufacturing of electrical trucks in Europe,” Rivian CEO RJ Scaringe mentioned, noting the corporate was once pursuing “the most efficient risk-adjusted returns” on its capital investments.

    “At this day and age, we imagine that specialize in our client trade, in addition to our present business trade, constitute essentially the most horny near-term alternatives to maximise price for Rivian,” he added.

    The U.S.-based electrical car producer mentioned it stays open to exploring long term paintings with Mercedes-Benz “at a extra suitable time for Rivian.” The corporations signed their unique memorandum of working out in September.

    Learn extra about electrical cars from CNBC Professional

    Mercedes-Benz mentioned Rivian’s determination would no longer have an effect on the timeline of its electrification technique or the deliberate ramp-up of its new electrical car production web site in Jawor, Poland.

    “Exploring strategic alternatives with the staff at Rivian one day stays an possibility,” Mathias Geisen, the top of Mercedes-Benz Trucks, mentioned.

    Monday’s information comes at a time when the Eu Union has raised issues about the USA’ Inflation Aid Act, which was once signed into regulation by way of President Joe Biden in August.

    In keeping with the Division of Power, the IRA “represents a historical, $369 billion funding within the modernization of the American power machine.”

    Amongst different issues, the IRA comprises a tax credit score for electrical cars whose ultimate meeting takes position in North The united states, which might constitute a large problem to Eu carmakers within the years forward.

    A significant political and financial bloc consisting of 27 international locations, the EU is making plans to segment out the sale of latest diesel and gas vehicles and trucks.

    —CNBC’s Silvia Amaro contributed to this document

  • How electrical air taxis may just shake up the airline business within the subsequent decade

    A VoloCity air taxi via Volocopter is pictured at Pontoise airfield in Cormeilles-en-Vexin, close to Paris, France, November 10, 2022. 

    Benoit Tessier | Reuters

    An international with flying automobiles, just like the Nineteen Sixties sitcom The Jetsons, could be nearer than you suppose.

    Corporations around the U.S., together with a number of startups, are creating electrical air taxis that purpose to take automobiles off the street and put other people within the sky.

    Business airways, in particular, are making an investment in this kind of generation to make journeys to and from the airport shorter and sooner for customers.

    In October, Delta Air Strains joined the checklist of airways backing EV generation startups, with a $60 million funding in Joby Aviation, an organization creating electrical vertical takeoff and touchdown airplane (eVTOLs), meant to perform as an air taxi carrier.

    In 2021, when Joby introduced its plan to release its Uber-like air taxis via 2024, it generated grievance from business analysts at the talent to release via that date. However Delta’s funding in Joby is a five-year partnership to perform eVTOLs completely in Delta’s community.

    United Airways may be partnering with a Swedish-based startup, Middle Aerospace, to have electrical airplane flying regional routes via 2030, including to 2 different eVTOL investments from the airline. One is for $15 million with Eve Air Mobility for 200 airplane, and any other for $10 million with Archer Aviation for 100 eVTOLs.

    American Airways invested $25 million in Vertical Aerospace, a U.Okay.-based corporate, with an order for fifty airplane.

    Air taxis may just hit markets within the 2030s

    Whilst primary airways input agreements with international startups, it is vital to bear in mind those are conditional. It is dependent upon the certification of those airplane and how briskly firms can manufacture them, stated Savanthi Syth, managing director of fairness analysis, overlaying international airways and mobility at Raymond James.

    As soon as those airplane get qualified and get started ramping up manufacturing, Syth stated the possible marketplace dimension in large part is dependent upon how shut firms can get eVTOLs to the place customers are.

    “First of all, eVTOLs are meant to substitute your individual automobile,” Syth stated. “However it is going to be other for other people, according to the place eVTOLs are going to be.”

    Corporations envision eVTOLs the use of present infrastructure to perform, similar to developing “vertistops,” the place airplane land on best of constructions in city spaces to rate between brief distances, or “vertiports,” which make the most of regional airports to rate between longer distances, kind of over 100 miles.

    If firms can put vertistops and vertiports on the subject of customers in residential spaces, then the marketplace dimension might be huge, Syth stated.

    “We predict that you can see small quantities of [eVTOL] operations beginning within the 2025 time frame, with certifications optimistically taking place in 2024,” Syth stated. “However so that you can see numerous airplane flying overhead, it is most probably going to be much more likely into the 2030s.”

    Airways get pleasure from eVTOL investments

    Whilst airways face price and availability demanding situations in changing into extra sustainable, investments in eVTOLs is one effort the place airways can attempt to offset carbon emissions, stated Beau Roy, senior managing director at FTI Consulting, who focuses on the aviation business.

    “Airways wouldn’t have numerous [sustainable] possible choices. The most important possibility is sustainable aviation gasoline, however, final yr, perhaps one out of each 1,000 gallons of jet gasoline might be discovered as SAF,” Roy stated. “Airways are getting competitive with the place else they are able to make investments.”

    Whilst eVTOLs first of all be offering airways an addition to their ESG portfolio, in addition they supply them the power to capitalize on changing lengthy automobile drives with a flight possibility for customers.

    “A fascinating use-case [of eVTOLs] is considering getting other people out of automobiles for the 100-, 200-, or 300-mile journeys that we take,” Roy stated. “As regards to 200 million journeys in keeping with yr are in automobiles for 100- to 500-mile distances.”

    Roy stated airways aren’t simplest taking automobiles off the street for the advantage of the surroundings, however they are opening the door for customers to pay for a sooner and extra environment friendly choice to automobiles.

    “Airways are having a look at, ‘How can we get the fee and straightforwardness of use extra broadly to be had to other people?’” Roy stated. “If it is affordable sufficient and the time financial savings is important sufficient, other people will exchange their conduct and get out of automobiles.”

    Flying out of regional airports from smaller cities isn’t in large part noticed around the nation anymore, Roy stated. Maximum site visitors happens on the primary airports, so airways can make the most of rising tech like eVTOLs and present regional airports for business expansion.

    Launching in primary towns, however nonetheless hurdles to transparent

    Delta and Joby are making plans for eVTOLs to hit primary towns, like New York Town and Los Angeles, for its preliminary release.

    Ranjan Goswami, senior vp of shopper enjoy design at Delta, stated the corporate set its points of interest on NYC and LA as a result of the prolific congestion and site visitors in those dense metropolitan spaces, and as a result of how outstanding Delta is in those markets.

    “The large towns are the place you’ve the best-use instances and the the general public to make use of [an eVTOL] carrier,” Goswami stated. “It is usually the place you’ve economies of scale to, in the end, assist deliver the fee reachable to extra other people.”

    Goswami stated attending to and from the airport are probably the most maximum hectic portions of touring, and eVTOLs will alleviate that have.

    “We are not going to speak to the marketplace at the moment about value issues, however we consider it must be an available value level,” Goswami stated. “Not like helicopters, which can be so dear, the purpose is to make [eVTOLs] reachable and reasonably priced to the touring public.”

    Whilst Roy says he is positive about seeing eVTOLs within the subsequent decade, those air taxis won’t release as temporarily as startups and airways would possibly hope.

    Along with getting those airplane produced after which qualified, Roy stated using present infrastructure to house eVTOLs may be a hurdle.

    If eVTOLs land on rooftops, Roy stated, there is numerous development and new infrastructure that is going into changing roofs into vertistops. With eVTOLs running on electrical batteries, those constructions should additionally generate really extensive energy and electrical energy for charging stations.

    “Those airplane are going to paintings, and the FAA [Federal Aviation Administration] will do their task to ensure they paintings,” stated Roy. “It is simply going to take some time to get from the place we’re lately to the place we’re going to wish to be.”

  • GM, LG making an investment $275 million to amplify Tennessee EV battery plant

    Basic Motors printed its all-new modular platform and battery gadget, Ultium, on March 4, 2020 at its Tech Middle campus in Warren, Michigan.

    Picture by way of Steve Fecht for Basic Motors

    Basic Motors and LG Power Resolution will spend an extra $275 million of their three way partnership battery plant in Tennessee to extend manufacturing by way of greater than 40%.

    The three way partnership, referred to as Ultium Cells LLC, mentioned Friday that the brand new funding is along with the $2.3 billion introduced in April 2021 to construct the two.8 million-square-foot facility. Manufacturing on the plant is slated to start out in overdue 2023.

    Home manufacturing of battery cells in North The united states is predicted to be a very powerful for automakers within the years yet to come so as to develop their EV footprints and qualify for federal incentives underneath the Biden management’s Inflation Aid Act.

    The brand new funding by way of GM and LG Power is predicted to extend capability from 35 gigawatt-hours to 50 gigawatt-hours when the plant is totally operational.

    The Ultium Cells Spring Hill web page is predicted to enroll in different three way partnership battery mobile production websites in Ohio and Michigan. A facility in Michigan could also be underneath development and is predicted to start out manufacturing in overdue 2024.

    “Ultium Cells will play a essential function in making GM’s dedication to an all-electric long run a truth,” mentioned Tim Herrick, GM’s vp of EV Release Excellence. “By means of increasing battery mobile output at Ultium Cells Spring Hill, this funding will lend a hand GM be offering shoppers the broadest EV portfolio of any automaker and extra solidifies our trail towards U.S. EV management.”

  • EV maker Fisker faces liquidity questions after quick dealer claims its money is “tied up”

    Henrik Fisker stands with the Fisker Ocean electrical automobile after it used to be unveiled on the Long island Seashore Pier forward of the Los Angeles Auto Display and AutoMobilityLA on November 16, 2021 in Long island Seashore, California.

    Patrick T. Fallon | AFP | Getty Photographs

    Electrical automobile startup Fisker is dealing with new liquidity questions after a brief dealer’s file Thursday claimed the corporate’s price range are “tied up.”

    Fisker says it has quite a few money, about $824 million as of Sept. 30. However undisclosed prison restrictions may just imply the EV startup can not get admission to a lot of that money hoard, forcing it to factor new inventory to lift price range, quick dealer Fuzzy Panda Analysis wrote within the file.

    Stocks of Fisker fell about 5% following the file’s unlock on Thursday.

    Consistent with the file, a lot of Fisker’s money stability is tied up by way of financial institution promises on behalf of Magna Global, the automobile portions large that started construction Fisker’s Ocean SUV underneath contract remaining month. The file additionally alleges the design of the Ocean is in line with that of an electrical SUV that Magna designed with a Chinese language automaker, with no less than 80% of portions carried over. The file cites unidentified former workers of Fisker and Magna as its resources.

    Fisker strongly denied the file’s key allegations.

    “Fisker Inc. does no longer have a financial institution ensure with Magna, and Fisker owns the highbrow assets for the Fisker Ocean platform,” the automaker mentioned in a observation after the U.S. markets closed on Thursday. “The Ocean platform does no longer have 80 % carryover portions from every other platform.”

    Fisker mentioned it has despatched a cease-and-desist letter to Fuzzy Panda, and that it is going to “take instant and competitive motion” to handle the quick dealer’s “false and deceptive claims.”

    Get entry to to money is a very powerful for any automaker. Between manufacturing facility tooling and engineering prices, bringing a brand new style to marketplace can price a thousand million greenbacks or extra — and far of that general needs to be spent sooner than a unmarried new automobile ships. Established automakers typically care for money reserves of $10 billion or extra to be sure that they may be able to proceed to convey new merchandise to marketplace if a recession takes a chew out in their income.

    For a startup like Fisker, a money reserve is important to its good fortune. With a possible downturn looming, that money has supplied some convenience to its traders. But when the corporate can not get admission to it, that convenience might be fleeting.

    Fuzzy Panda estimates no less than $790 million of Fisker’s money is pledged to be sure that Magna is paid for manufacturing facility tooling, production prices and its contractually assured margins, a complete of about €2,700 ($2,840) according to automobile. Fisker mentioned remaining month that it expects to construct 42,400 Oceans by means of the top of 2023.

    On account of the promises, the quick dealer wrote, Fisker has been pressured to make use of “at-the-market” inventory choices to proceed investment its operations as an alternative of tapping its money.

    In an “at-the-market” providing, or ATM, an organization problems new stocks and sells them by way of the open marketplace, on the prevailing value. Fisker filed a registration observation with the Securities and Alternate Fee in Might that permits it to lift a complete of $2 billion from ATMs over the years.

    Fisker mentioned it raised $118 million by way of ATMs within the 3rd quarter, however Fuzzy Panda added the EV maker will want to lift “considerably more money” by way of that facility.

    The file cites a variety of signs that Fisker has been shifting to preserve money since early in 2022, together with a observe that the corporate’s employee-lunch program used to be “downgraded from high-end salads to most commonly pizza.” (Fisker mentioned in a observation it’s “glad that we will be able to proceed to supply our workers lunch at a time when many startups are suffering.”)

    Fuzzy Panda mentioned it has a brief place in Fisker’s stocks. The company up to now revealed identical experiences about Electrical Ultimate Mile Answers, which filed for chapter in June, and Ohio-based electrical van maker Workhorse Workforce.

  • Tesla’s leader fashion designer for the Cybertruck on operating with Elon Musk and the way his favourite design is one he cannot speak about but

    Franz von Holzhausen has been Tesla’s leader fashion designer since 2008. CNBC were given an extraordinary interview with him on the Petersen Automobile Museum in Los Angeles, which not too long ago opened a brand new Tesla show off.

    Von Holzhausen used to be a lead fashion designer at the Tesla Type S, Type 3, Type X and Type Y in addition to the Cybertruck, Tesla Semi truck and the second-generation Roadster. Previous to Tesla, he labored in design at Mazda, Normal Motors and Volkswagen.

    He spoke to CNBC about what it is love to have Elon Musk as a chairman, what came about when the glass shattered at the home windows on the Cybertruck unveil, the Tesla Semi truck and what is subsequent for auto design.

    When requested about his favourite Tesla design and what he used to be maximum pleased with, von Holzhausen stated, “Favourite one is the one who is coming. I feel that I will be able to’t speak about.”

    Watch the video to look the exslusive interview.