The Chicago Automobile Trade Association (CATA) announced the dates for the third annual Chicago Drives Electric event, an outdoor consumer test drive and EV education experience. The event will take place from October 3-6, 2024 at the CATA’s headquarters in Oakbrook Terrace, Illinois, offering attendees the chance to test drive a wide variety of electric vehicles and learn about EV technology, charging infrastructure, and environmental benefits.
British sports car maker Ariel has unveiled an electric version of its Nomad 2 off-roader. The E-Nomad, currently in the concept stage, boasts a powerful electric motor, a quick-charging battery pack, and a distinctive design that sets it apart from traditional EVs. While range is limited, the E-Nomad is designed for short, fun drives and has the potential to become a production model.
Li Auto, the Chinese electric vehicle (EV) maker, reported a decline in adjusted earnings per ADS in the second quarter of 2024, impacted by rising costs, price reductions due to competition, and falling EV demand. Despite this, the company saw growth in revenue and vehicle deliveries, driven by strong sales of its new Li L6 model. Li Auto expects to see improvements in margins and cash flow in the second half of the year as production stabilizes and cost-cutting measures take effect.
Polestar Automotive Holding (PSNY) shares are on the rise after the company reported a significant increase in second-quarter deliveries, signaling a positive trajectory for the electric vehicle manufacturer. The company is optimistic about an even stronger second half of the year, driven by the launch of its new premium SUVs.
EV startup Canoo Inc. is relocating its headquarters from California to Texas, mirroring Tesla’s move in 2021. The company is also implementing an employee reorganization plan, reducing its workforce in Torrance, California, and offering relocation to facilities in Oklahoma or Texas.
Mullen Automotive, Inc. (MULN) stock surged after the company secured a significant purchase agreement with UAE’s Volt Mobility. The deal involves the delivery of 3,000 Class 1 and Class 3 electric cargo vans and trucks over the next 16 months, generating an estimated $210 million in revenue for Mullen. Volt plans to lease these vehicles to businesses across the Middle East, signifying Mullen’s expansion into a new market.
Ford Motor Company’s stock is facing a challenging period marked by a ‘Death Cross’ technical signal and delays in its electric vehicle plans. The stock’s decline and the bearish indicators suggest potential further price drops, prompting investors to exercise caution.
BofA Securities analyst John Murphy has maintained a Buy rating on Ford Motor Co, setting a $20 price target based on the company’s revised product strategy. Murphy believes that Ford’s shift towards focusing on core strengths like commercial vans, large pickup trucks, and long-range SUVs, alongside investments in lowering EV costs, will drive profitability and earnings growth.
Ford Motor Co. announced a revised electrification strategy, including plans for new electric trucks and a van, as well as a shift to hybrid technology for its next three-row SUVs. The move aims to accelerate customer adoption of EVs while optimizing production and costs.
Xiaomi, the Chinese tech giant, has reported strong initial sales for its first electric vehicle, the SU7 sedan. The company delivered over 27,000 units in the second quarter, exceeding expectations and falling just short of rival XPeng. Xiaomi’s EV business is already generating significant revenue and achieving a healthy gross profit margin.
