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Electric vehicles are the future, and industry players are working overtime to increase the penetration of these environmentally friendly vehicles. Increasing the use of electric vehicles is seen as one of the main ways to meet climate goals and make the earth a friendlier place to live.
Here are the main developments that have taken place in the EV space this week:
Biden meets with auto companies: US President Joe Biden on Thursday announced measures to increase the penetration of electric vehicles in the United States. in the United States, stimulating national manufacturing and union jobs in the sector, financing the manufacturing supply chain and fueling innovation in clean technology.
Musk excluded from White House guests: Even as the “big three” automakers were invited to the White House event to discuss the future of electric vehicles in the United States, Tesla, Inc. (NASDAQ: TSLA) was removed from the guest list. The electric vehicle maker is currently the world’s leading manufacturer of zero-emission vehicles, and so the decision not to invite company officials raised eyebrows.
The rationale given by White House staff was that the guest companies are the three biggest key players in the United Auto Workers, although they have suggested that the Biden administration applaud the efforts of all US companies engaged in manufacturing. of electric vehicles.
Flamboyant Tesla CEO Elon Musk responded to the snub by suggesting in a tweet that it sounded odd.
Biography of Musk in preparation: Musk confirmed through a tweet that Walter Isaacson, who recounted the events in the lives of people like Apple Inc. (NASDAQ: AAPL), founder Steve Jobs and Benjamin Franklin, is working on his biography.
While there have been a few writers who have written about Musk in the past, Isaacson will be the first high profile biographer to attempt to chronicle Musk’s life and times.
BYD reportedly supplied Blade batteries to Tesla: Supported by Warren Buffett BYD Company Limited (OTC: BYDDF) is supposed to supply Tesla with blade batteries. It is believed that Tesla could use this new battery, which reduces the risk of fire, in its $ 25,000 EV.
Nio lacks peers: Nio, Inc. (NYSE: NIO) announced its July delivery figures earlier this week. Although the premium electric vehicle maker has more than doubled its sales from a year ago, the monthly comparison showed a decline. For the first time, Nio’s numbers fell short of domestic rivals such as XPeng, Inc. (NYSE: XPEV) and Li Auto, Inc. (NASDAQ: LI).
Meanwhile, several rumors are quickly circulating regarding Nio’s product lines. A mass-market vehicle under a different brand is in sight as early as next year, according to reports.
Related Link: Elon Musk Highest Paid CEO For Third Year In A Row: Here Are The Top 10
Li Auto’s initial public offering in Hong Kong: Following in XPeng’s footsteps, Li Auto has filed a dual main listing in Hong Kong. The company raised $ 1.5 billion by offering 100 million shares.
Connect the power supply, Fisker Q2 Hydrogen fuel cell power company Connect Power, Inc. (NASDAQ: PLUG) delivered strong second quarter revenue, although bottom line was affected by pressure on margins, resulting from certain transient factors.
Fisker, Inc. (NYSE: FSR) said its second-quarter losses narrowed sequentially and confirmed its Ocean SUV production schedule from November 2022.
Performance of EV shares for the week:
Related Link: EV Stock 2021 Halftime Scoreboard: Tesla Bogged Down by China Concerns, Nio Underperforms, and More
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