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In a groundbreaking move, Volvo Cars is set to introduce the world’s first electric vehicle (EV) battery passport for its flagship EX90 SUV, which is about to enter production. The Swedish automaker, owned by China’s Geely, developed the passport in collaboration with UK startup Circulor, utilizing blockchain technology to map supply chains, reports Reuters. Pioneering…
Increased Competition, Lower Costs, and Tax Credits Drive Down Prices Electric vehicles (EVs) are becoming more accessible to a wider range of consumers as prices fall due to increased competition, lower raw material costs, and more efficient manufacturing. Federal tax credits of up to $7,500 for new EVs, combined with state incentives, are pushing prices…
Tesla is standing by CEO Elon Musk’s $56 billion pay package, arguing it motivated him to create “tremendous value” for shareholders. This comes after top proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders vote against the proposal, calling it “excessive.” ISS Recommendation and Tesla’s Response According to Reuters, ISS raised concerns over Tesla offering…
Tesla’s upcoming annual general meeting (AGM) on June 13 faces potential hurdles as tens of thousands of international retail shareholders, holding around $17 billion in stock, may be unable to vote due to inadequate cross-border voting systems provided by investment platforms, reports the Financial Times. Key Resolutions and Challenges The electric vehicle maker is seeking…
Tesla CEO Elon Musk had inside information about Tesla’s impending miss on production and delivery numbers when he sold more than $7.5 billion in stock in 2022, according to a lawsuit filed by shareholder Michael Perry, reports Bloomberg. Insider Knowledge Allegations Michael Perry, a Tesla investor, filed a lawsuit in Delaware Chancery Court, accusing Musk…
Lucid Motors, the luxury electric vehicle (EV) company, is cutting about 400 jobs as the EV industry faces slow growth. According to a recent SEC filing, this layoff round will affect 6% of Lucid’s staff by the end of October, with most layoffs impacting California employees, according to SFGate. Layoffs to Hit All Levels In…
Feds Hold Hyundai Accountable for Child Labor The U.S. Labor Department has filed a lawsuit against Hyundai for using child labor in its Alabama supply chain, reports The NY Times. This includes allegations that a 13-year-old girl worked up to 60 hours a week making car parts. The suit, filed in Montgomery, Ala., claims Hyundai…
Reuters reports that Tesla has been tracking chronic flaws and failures in its vehicles’ steering and suspension parts for years, according to company documents dated between 2016 and 2022. Despite this knowledge, the electric car maker has sought to blame drivers for these issues, claiming vehicle “abuse” rather than acknowledging defects. Premature Part Failures and…
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