Biden's grants boost EV manufacturing, Lucid and Tesla face issues, investors disappointed by Tesla's delay

From Nasdaq: 2024-07-16 10:57:00

Last week, the Biden administration awarded nearly $2 billion in grants to boost electric vehicle manufacturing across key battleground states like Michigan, Pennsylvania, and Georgia. General Motors, Fiat Chrysler, Harley-Davidson, and Volvo Group are among the recipients, supporting the growth of the U.S. EV industry.

Lucid issued a recall for over 5,000 Air luxury sedans due to a software issue causing power loss. Tesla introduced a new rear-wheel drive Model 3 priced at $42,490, qualifying for a $7,500 federal EV tax credit. Tesla’s Robotaxi event has been postponed, leading to an 8% stock drop and disappointment among investors.

BYD acquired a 20% stake in Rever Automotive to strengthen its presence in the Southeast Asia auto market. Toyota invested in IONNA to enhance EV infrastructure and sustainable transportation. BYD and Rever plan to broaden their collaboration in commercial vehicles, while Toyota joins seven other major auto companies in supporting IONNA’s goal to install 30,000 charging ports across North America by 2030.



Read more at Nasdaq: EV Roundup: BYDDY’s Acquisition of Rever & LCID’s Recalls Draw Attention