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☆ Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street
▼ + stars: | 2024-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article NKLARIVNLCID Follow your favorite stocks CREATE FREE ACCOUNTR1T trucks on the assembly line at the Rivian electric vehicle plant in Normal on April 11, 2022. Stock Chart Icon Stock chart icon Performance of Rivian, Lucid and Nikola stocks over the past year. Rivian reported $7.86 billion in cash, cash equivalents, and short-term investments to end March, with more than $9 billion in total liquidity. Lucid, for its part, ended the first quarter with approximately $4.6 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.03 billion. Unlike Rivian and Lucid, Nikola is exclusively focused on commercial vehicles rather than ones to retail customers.

Persons: Brian Cassella, Tesla, Itay Michaeli, Rivian, Rivian's, Peter Rawlinson, he's, Rawlinson, " Rawlinson, LSEG, Nikola, Thomas Okray, Okray, Derek Jenkins, David Swanson Organizations: Tribune, Service, Rivian, Lucid Group, Nikola Corp, Wall Street, Citi, Saudi, Public Investment Fund, Wall, Lucid, Los Angeles Auto Locations: Normal, Illinois, Georgia, Normal , Illinois, Los Angeles , California, U.S

☆ Ford cuts prices of electric Mustang Mach-E by up to $8,100
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: +2 min

People visit Ford's all-electric SUV Mustang Mach-E at the 2019 Los Angeles Auto Show in Los Angeles, the United States, Nov. 22, 2019. Ford Motor Co on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January. The Dearborn, Michigan-based automaker said U.S. sales of the Mach-E fell by 51% in January to 1,295. Ford and other legacy automakers have slowed their EV push to instead focus on higher-margin hybrid and gas-powered models. Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.

Persons: Ford, Elon Organizations: Angeles Auto, Ford Motor Co, . Treasury Department, Treasury, Reuters, Internal Revenue Service, Ford, Michigan Rouge Electric Vehicle Center Locations: Ford's, Los Angeles, United States, Dearborn , Michigan, China

☆ 2023 was the auto industry's year of EV investment, but consumers still prefer hybrids
▼ + stars: | 2023-11-28 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

Hybrid vehicle market share has picked up pace in 2023 despite all the investment pouring into EVs. From October 2022 to October of this year, total vehicle market share for hybrids grew from 6.5% to 11.4%, according to data from Edmunds. Over the same time period, EV market share growth was more sluggish, expanding from 6% to 7.5%. Toyota 's 2024 Prius, often called the "gold standard" in hybrid vehicles, was named MotorTrend's car of the year. The uptick in hybrid sales won't likely spell doom and gloom for the EV market over the long-term.

Persons: Stephanie Valdez Streaty, Valdez Streaty, Edmunds, Goldman Sachs, Tesla, Mark Delaney, David Christ, Honda, Michelle Krebs, Sienna, Krebbs, Ford, Dan Levy, Levy, EVs, headwinds, BEV, Tom Narayan Organizations: Cox Automotive, Ford, General Motors, Wall, Toyota, ICE, EV, Toyota Motor's, Wall Street, Los Angeles Auto, FactSet, Tesla, Barclays, GM, Biden, U.S, BMO Capital Locations: Edmunds, U.S

☆ Nikola CFO Anastasiya Pasterick to resign
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Nikola is seen on a truck, during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. The company expects to wrap up its search for a new CFO soon and Pasterick will assist with a transition through Dec. 1, it said. Key financial leaders will report to CEO Stephen Girsky in the interim. The news comes just months after Nikola named its fourth CEO in four years, with Girsky immediately taking over from Michael Lohscheller.

Persons: Nikola, David Swanson, NKLA.O, Anastasiya Pasterick, Pasterick, Kim Brady, Stephen Girsky, Girsky, Michael Lohscheller, Seher, Devika Organizations: Los Angeles Auto, REUTERS, Ford, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Nikola CFO to resign less than a year after joining
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

The logo of Nikola is seen on a truck, during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson Acquire Licensing RightsNov 17 (Reuters) - Electric-truck maker Nikola (NKLA.O) said on Friday Chief Financial Officer Anastasiya Pasterick would resign to "pursue other opportunities" less than a year after joining the loss-making company. Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. The company expects to wrap up its search for a new CFO soon and Pasterick will assist with a transition through Dec. 1, it said. The news comes just months after Nikola named its fourth CEO in four years, with Girsky immediately taking over from Michael Lohscheller.

☆ Hyundai, Kia see strong demand for EVs, despite rivals' concerns
▼ + stars: | 2023-11-17 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLOS ANGELES, Nov 17 (Reuters) - Hyundai Motor (005380.KS) and Kia (000270.KS) see strong U.S. demand for electric vehicles (EVs), senior executives at the South Korean automakers told Reuters ahead of the Los Angeles Auto Show. The comments run against industry fears that inflation and higher interest rates will undermine the boom in EV sales. Inflation and high interest rates have raised the costs of buying a car. The cuts helped drive EV sales in the third quarter up 50% from a year earlier to a record of more than 300,000 vehicles. Reporting by Abhirup Roy in Los Angeles; Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Jose Munoz, Hyundai's, Munoz, Steven Center, we'll, Elon Musk, Spencer Imel, Langston, Subaru's, Atsushi Osaki, Abhirup Roy, Peter Henderson, Matthew Lewis Organizations: Hyundai Kona, New York, REUTERS, Hyundai, Kia, South Korean, Los Angeles Auto, Tesla, Ford Motor, EV, Kia America, Cox Automotive, General Motors, Ford, Langston Co, Reuters, Thomson Locations: Manhattan , New York City, U.S, KS, Los Angeles, Savannah ( Georgia, United States, Swedish

☆ Amazon to sell Hyundai vehicles online starting in 2024
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

A Hyundai Elantra N is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsLOS ANGELES, Nov 16 (Reuters) - Amazon (AMZN.O) will begin selling Hyundai (005380.KS) vehicles online in the U.S. starting next year, the two companies said on Thursday. Customers will be able to shop for, equip and buy a car at Amazon.com and schedule delivery through a local Hyundai dealer, the companies said. Hyundai set up its first digital showroom on Amazon in 2018. The new agreement also will enable buyers of new Hyundai vehicles in 2025 to access Amazon's Alexa voice assistant from their cars.

Persons: Aly, ”, Jay Chang, Paul Lienert, Bill Berkrot Organizations: Hyundai, Auto, REUTERS, Amazon.com, Los Angeles Auto, Thomson Locations: Auto Shanghai, Shanghai, China, KS, U.S, Detroit

☆ Hyundai to Be First Automaker to Sell New Cars on Amazon
▼ + stars: | 2023-11-16 | by ( Ryan Felton | Sean Mclain | ) www.wsj.com time to read: 1 min

Giant touch screens. WSJ’s Joanna Stern took three of the leading cars on a road trip and then leased the best one. Photo illustration: Annie Zhao/The Wall Street JournalHyundai customers who want to skip going to a dealership will have a new option next year: shopping on Amazon.com . The South Korean automaker announced the move Thursday with Amazon at the Los Angeles Auto Show. Starting in 2024, U.S. auto dealers will be able to sell new vehicles on the tech company’s platform, making Hyundai the first automotive brand to offer such an option for customers.

Persons: Joanna Stern, Annie Zhao Organizations: Street, South Korean, Amazon, Los Angeles Auto, Hyundai

☆ Hyundai to be First Automaker to Sell New Cars on Amazon
▼ + stars: | 2023-11-16 | by ( Ryan Felton | Sean Mclain | ) www.wsj.com time to read: 1 min

Prospective buyers will be able to search on Amazon’s website for available vehicles in their area by model, color and features. Photo: Nancy Kaszerman/Zuma PressHyundai Motor customers who want to skip the dealership will have a new option next year: shopping on Amazon .com. The Korean automaker announced the move Thursday with Amazon at the Los Angeles Auto Show. Starting in 2024, U.S. auto dealers will be able to sell vehicles on the tech company’s platform, making Hyundai the first automotive brand to offer such an option for customers.

Persons: Nancy Kaszerman Organizations: Zuma Press Hyundai, Amazon, Los Angeles Auto, Hyundai Locations: Korean

☆ Soon you’ll be able to buy a Hyundai on Amazon
▼ + stars: | 2023-11-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

People will be able to shop for Hyundai vehicles on Amazon through an agreement with the South Korean automaker. Laws in most US states protect auto dealerships from automakers who might want to sell directly to consumers. Amazon customers will be able to search dealership inventories through the Amazon website, see pricing for vehicles, and click a button to initiate a purchase. This arrangement was announced as part of a package of deals between Hyundai and Amazon, including that Amazon will provide data storage for Hyundai and that future Hyundai models will include the Alexa voice assistant. Hyundai dealers won’t have to participate in the program, but can opt-in.

Persons: you’ve, Tesla, “ It’s, ”, Jessica Caldwell, Edmunds.com, Caldwell, Jose Muñoz, Mike Sullivan, weren’t, “ I’ve, ” Sullivan Organizations: CNN, Hyundai, South Korean, Hyundai Santa Fe, Edmunds.com, Los Angeles Auto Show, Hyundai Santa Monica Locations: Hyundai Santa

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ Subaru to raise US wages after UAW deals with Detroit Three -CEO
▼ + stars: | 2023-11-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Atsushi Osaki, President and CEO at Subaru, speaks during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson/File Photo Acquire Licensing RightsLOS ANGELES, Nov 16 (Reuters) - Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker's CEO, Atsushi Osaki, told Reuters on Thursday. Non-union automakers that have raised wages for their U.S. plant workers after the UAW deals include Japan's Toyota (7203.T) and Honda (7267.T), and South Korea's Hyundai (005380.KS). UAW President Shawn Fain has said "UAW" stands for "U are welcome" in response to the rising wages at the non-union plants. Reporting by Abhirup Roy in Los Angeles; Writing by Ben Klayman; Editing by Chris Reese, Andrea Ricci and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Atsushi Osaki, David Swanson, Osaki, Joe Biden, Shawn Fain, Abhirup Roy, Ben Klayman, Chris Reese, Andrea Ricci, William Mallard Organizations: Subaru, Los Angeles Auto, REUTERS, Detroit Three, United Auto Workers, UAW, Reuters, General Motors, Ford, Chrysler, Los, Detroit, Toyota, Honda, Hyundai, Thomson Locations: Los Angeles , California, U.S, Lafayette , Indiana, Los Angeles, South

Visitors look at a Toyota Camry car during the Bangkok Auto Salon 2019 in Bangkok, Thailand, July 4, 2019. The 2025 Camry will combine a 2.5-liter gasoline engine with an electric drive system tuned to deliver more power in both front-wheel drive and all-wheel drive versions of the car, Toyota said. The hybrid powertrain and a new electronic all-wheel drive system deliver 232 combined horsepower – nearly 15% more than the outgoing Camry with a mechanical all-wheel drive system, Toyota said. The cheapest Camry hybrid model currently sells for about $2,400 more than the most inexpensive combustion Camry. A current Camry hybrid is rated at 52 miles (84 km) per gallon in combined city and highway driving, compared with a 32-mpg rating for the conventional four-cylinder Camry.

Persons: Athit, David Christ, Christ, Sienna, Joe White, Matthew Lewis Organizations: Toyota Camry, Bangkok Auto, REUTERS, Rights DETROIT, Toyota, Reuters, Los Angeles Auto, Camry, General Motors, Chevrolet Malibu, Honda, Hyundai, Tesla, Car Dealers Association, Thomson Locations: Bangkok, Thailand, U.S, North America, Los Angeles, Detroit, California

☆ Toyota raises its outlook as strong hybrid demand juices profits
▼ + stars: | 2023-11-01 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Toyota Motor on Wednesday said its quarterly profit more than doubled from a year ago on strong global demand for hybrids and favorable exchange-rate moves. On average, during the quarter, $1 was worth 145 yen, up from 138 yen in the same quarter of 2022. It now expects profit of 4.5 trillion yen ($29.8 billion), up from 3 trillion yen in its earlier guidance. It said it expects the weaker yen to account for the majority – about 1.2 trillion yen – of that increase. The company also announced a 100 billion yen ($662 million) share buyback and increased its dividend by 5 yen from a year ago, to 30 yen (20 cents) per share.

Organizations: Toyota, Los Angeles Auto, U.S, U.S . Locations: Los Angeles , California, U.S, North Carolina

☆ EV maker VinFast strikes shares deal with Yorkville for up to $1 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Vietnamese electric vehicle (EV) maker VinFast said on Friday it has entered into a share subscription of up to $1 billion with U.S.-based fund Yorkville Advisors as it seeks to fund expansion in overseas markets. VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority. VinFast so far has sold around 22,000 cars, aiming to meet this year's sale target of 40,000 to 50,000 units. Yorkville two years ago bought up to $400 mln worth of share in EV maker Lordstown. In April it said it would receive a fresh round of funding pledges worth $2.5 billion for its future development, of which $1 billion would be from its founder's pocket.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Ford, –, David Mansfield, Vuong, Mark Angelo, VinFast's, Tesla, Phuong Nguyen, Jason Neely, Martin Petty Organizations: Los Angeles Auto, REUTERS, Rights, U.S, Yorkville Advisors, Nasdaq, Yorkville, Lordstown, Thomson Locations: Los Angeles , California, U.S, Rights HANOI, Yorkville, VinFast, Vietnam

DETROIT (AP) — United Auto Workers union President Shawn Fain is expected to update members Friday afternoon on progress in contract talks with Detroit's three automakers as movement was reported with General Motors. The union's strikes at targeted plants at each company began on Sept. 15 and are nearing the start of their sixth week. A person briefed on the talks says the union is exchanging offers with GM and will meet again Friday with the company. The strikes started with one assembly plant from each company after contracts expired at 11:59 p.m. Sept. 14. The union later added the parts warehouses, then one assembly plant each from Ford and GM.

Persons: Shawn Fain, Fain, they’re, Gerald Johnson, ” Johnson, Ford, Stellantis Organizations: DETROIT, United Auto Workers, General Motors, GM, UAW, Ford, Equipment Market Association, Los Angeles Auto Show, CES Locations: America, Louisville , Kentucky, Kentucky

☆ Volkswagen - production back to normal after major IT outage
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Production is back to normal across all Volkswagen (VOWG_p.DE) brands and regions, a company spokesperson said on Friday after an IT outage earlier this week caused most of its German plants to halt production. "Individual systems may still be affected in a transitional phase," the spokesperson said. Reporting by Chris Steitz, Writing by Friederike Heine, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Chris Steitz, Friederike Heine, Rachel More Organizations: Los Angeles Auto, REUTERS, Rights, Volkswagen, Thomson Locations: Los Angeles , California, U.S

☆ Volkswagen: to build Trinity model at Zwickau, no further plant needed
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Volkswagen (VOWG_p.DE) plans to build its Trinity electric vehicles (EV) at its factory in Zwickau, the company said in a statement on Friday. The carmaker added that its iconic Golf model would be "led into the electric future" at its main Wolfsburg plant. The Trinity electric car, which is to be based on the new SSP platform, was supposed to be launched in 2026. Volkswagen had initially planned to build a new factory for the model, but due to delays in developing the brand, the German carmaker was also considering converting its Wolfsburg factory.

Persons: Mike Blake, carmaker, Oliver Blume, Jan Schwartz, Friederike Heine, Miranda Murray Organizations: Los Angeles Auto, REUTERS, Rights, Trinity, Wolfsburg Warmenau, Volkswagen, Thomson Locations: Los Angeles , California, U.S, Zwickau, Wolfsburg

☆ Volkswagen restarts production after suffering major IT outage
▼ + stars: | 2023-09-28 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsFRANKFURT, Sept 28 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said that a major IT outage, which had caused most of its German plants to halt production, was resolved overnight and its global production network was up and running again. "The IT infrastructure problems in the Volkswagen network were resolved during the course of the night and the network is stable again," Volkswagen said, without providing details on the impact or cause of the incident. The global production network is up and running, and production is expected to proceed as planned," it said, adding individual systems may still be affected during a transitional phase. "We need safety systems here that work," Wissing told broadcaster RTL/n-tv.

Persons: Mike Blake, Volker Wissing, Wissing, Christoph Steitz, Miranda Murray, Kim Coghill, Elaine Hardcastle Organizations: Los Angeles Auto, REUTERS, Rights, VW, Volkswagen, Porsche AG, Audi, Toyota, RTL, Thomson Locations: Los Angeles , California, U.S, Wolfsburg, Emden, Osnabrueck, Hanover, Dresden, Zwickau, Braunschweig, Kassel, Chemnitz, Salzgitter

☆ Vinfast's second-quarter deliveries jump over fivefold sequentially
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

People walk next to a VinFast logo on a screen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 18 (Reuters) - Vietnamese electric-vehicle maker Vinfast said on Monday it delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter. Vinfast's blockbuster debut on Wall Street in August saw its shares more than triple in value, but the company's small amount of publicly available shares has made the stock prone to volatility. Its shares have fallen about 53% since debut and lost 2.17% to $17.15 in premarket trading on Monday. Reporting by Chavi Mehta in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Vinfast, Chavi Mehta, Devika Organizations: Los Angeles Auto, REUTERS, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

☆ EV batteries will have to be 50% lighter in future, Stellantis tech chief says
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsMILAN, Sept 8 (Reuters) - Carmaker Stellantis (STLAM.MI) aims to develop lighter electric vehicle batteries, cutting weights in half to improve sustainability, the group's technology chief said on Friday. Ned Curic said current electric vehicle (EV) batteries were "just too heavy", making vehicles "not compatible" with sustainability purposes. "So what I have in mind and a very hard goal for my team by 2030 is to change the battery weight to at least 50% lighter battery," Curic said during the inauguration of the group's Battery Technology Center in Turin, Italy. "We will have to think about completely new materials, new chemistry, new way of replacing this heavy, heavy, heavy materials to something much lighter," he said. "We are consuming a lot of carbon-based energy in existing systems so moving to electric vehicle systems does allow for a lot more sustainable a future," he added.

Persons: Carlos Barria, Ned Curic, Curic, Stellantis, Giulio Piovaccari, Susan Fenton Organizations: FIAT, Los Angeles Auto Show, REUTERS, group's Battery Technology, Fiat, Peugeot, Battery Technology Center, Thomson Locations: Los Angeles , California, U.S, Turin, Italy, North America, Windsor , Canada

"Hybrid is a great alternative to a pure electric vehicle (and) it's an easier sell to a lot of customers." Interest in hybrids is rebounding as consumer demand for pure electrics has not accelerated as quickly as expected. Sales of pure electrics will claim about 37%, leaving combustion vehicles — including so-called “mild” hybrids — with a nearly 40% share. In addition to new pure electric models coming soon, "we are very bullish on hybrids going forward," a spokesperson said. Hyundai and sister brand Kia offer seven hybrid models, with Ford and Lincoln six.

Persons: Mike Blake, Tim Ghriskey, Ingalls, Snyder, ”, Sam Fiorani, Ford, Jim Farley, ” Farley, “, Stellantis, GlobalData, ” Stellantis, Andrew DiFeo, Augustine, Biden, “ I've, I've, Paul Lienert, Ben Klayman, Nick Zieminski Organizations: Toyota, Los Angeles Auto, REUTERS, Rights, Ford, Reuters, AutoForecast Solutions, P Global, General Motors, Chrysler Pacifica, U.S, Lexus, Hyundai, Kia, Lincoln, Chevrolet Corvette, Thomson Locations: Los Angeles , California, U.S, America, New York, St, Jacksonville , FL, Detroit

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

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