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Chinese EV Startup Xpeng Secures $2 Billion Credit Line to Expand its Operations as it Takes on Tesla

Chinese EV Startup Xpeng Secures $2 Billion Credit Line to Expand its Operations as it Takes on Tesla

Chinese electric vehicles startup Xpeng Inc. announced on Tuesday that it secured a $2 billion (12.8 billion yuan) line of credit from five state-owned Chinese banks. The startup electric automaker will use the funds to expand its operations as it looks to take on Tesla in its home country.

FutureCar Staff 2021-01-12 10:50 PT

Chinese EV Startup Xpeng Secures $2 Billion Credit Line to Expand its Operations as it Takes on Tesla

Chinese EV Startup Xpeng Secures $2 Billion Credit Line to Expand its Operations as it Takes on Tesla

Chinese electric vehicles startup Xpeng Inc. announced on Tuesday that it secured a $2 billion (12.8 billion yuan) line of credit from five state-owned Chinese banks. The startup electric automaker will use the funds to expand its operations as it looks to take on Tesla in its home country.

FutureCar Staff 2021-01-12 10:50 PT

Quick EV Comparison: Ford's Mach-E vs. the Tesla Model Y

Quick EV Comparison: Ford's Mach-E vs. the Tesla Model Y

Tesla’s newest vehicle the Model Y crossover is one of the most popular vehicles in the company’s portfolio thanks to the growing popularity of the crossover/SUV segment, especially in the U.S. Therefore it’s not surprising that U.S. automaker Ford Motor Co has positioned its first electrified offering the Mustang Mach-E SUV as a direct rival to Tesla’s battery-powered Model Y. So et’s take a quick look at how the two electric vehicles fare against each other.

Manish Kharinta2021-01-11 11:05 PT

Alphabet Division Waymo Will No Longer Use the Term ‘Self-Driving’ to Describe its Technology

Alphabet Division Waymo Will No Longer Use the Term ‘Self-Driving’ to Describe its Technology

To date, no major automaker or self-driving startup, has actually developed a vehicle capable of safe self-driving without human intervention. So Waymo, which spun out of Google’s self-driving car project over a decade ago, wants to help educate the public about the true capabilities of its autonomous driving technology. The company announced this week that going forward its will no longer refer to its technology as "self-driving."

FutureCar Staff 2021-01-06 12:55 PT

Electric Vehicles Made Up 54% of All New Car Sales in Norway in 2020

Electric Vehicles Made Up 54% of All New Car Sales in Norway in 2020

​Norway became the first country in the world where the sale of electric cars has overtaken those powered by fossil fuels. In 2020, battery electric vehicles (BEVs) made up 54.3% of all new car sales in the Nordic country, which is a global record. The figure is up from 42.4% in 2019, according to the Norwegian Road Federation.

Eric Walz2021-01-05 12:35 PT

China’s Tesla Challenger Xpeng Inc. Reports Record Q4 Sales and Monthly Deliveries for December

China’s Tesla Challenger Xpeng Inc. Reports Record Q4 Sales and Monthly Deliveries for December

Chinese electric vehicle startup and Tesla challenger Xpeng Inc. (Xpeng) reported record sales for the month of December and record fourth quarter sales to close out 2020. Xpeng said it achieved a record monthly delivery of 5,700 vehicles in December, including 3,691 units of the company’s new flagship P7 Smart Sedan. The record sales represent a 326% increase year-over-year and a 35% increase from November.

Eric Walz2021-01-04 10:15 PT

General Motors Once Again Teases its Upcoming Bolt 'Electric Utility Vehicle' Ahead of its 2021 Production Start

General Motors Once Again Teases its Upcoming Bolt 'Electric Utility Vehicle' Ahead of its 2021 Production Start

General Motors has once again teased its upcoming 2022 Bolt Electric Utility Vehicle (EUV), which will share most of its architecture with the Bolt EV hatchback. Production is set to begin in Summer 2021.

Manish Kharinta2020-12-30 09:30 PT

Nissan’s Sound Absorbing ‘Acoustic Meta-Material’ Named One of the 100 Greatest Inventions of 2020 by Popular Science

Nissan’s Sound Absorbing ‘Acoustic Meta-Material’ Named One of the 100 Greatest Inventions of 2020 by Popular Science

Japan’s Nissan Motor Co has invented a new acoustic meta-material that can help keep vehicle interiors quieter. The automaker’s noise-reducing technology was recognized earlier this month by Popular Science as one of the 100 greatest inventions of 2020 in the “Best of What’s New Award” in the automotive category.

Eric Walz2020-12-28 10:35 PT

Chinese EV Startup NIO to Unveil its First Electric Sedan on Jan 9, New Competition for the Tesla Model 3

Chinese EV Startup NIO to Unveil its First Electric Sedan on Jan 9, New Competition for the Tesla Model 3

Chinese electric vehicle startup and Tesla challenger NIO will reveal its first sedan next month. Nio’s new ET7 sedan will make its debut at the upcoming NIO Day event on Jan. 9, 2021, according to Qin Lihong, co-founder and president of Nio. The upcoming sedan is based on a concept vehicle that Nio unveiled at Auto China 2019.

Eric Walz2020-12-24 11:30 PT

Computer Giant Apple Plans to Launch an Electric Car in 2024 with 'Next-Level' Battery Technology, Sources Say

Computer Giant Apple Plans to Launch an Electric Car in 2024 with 'Next-Level' Battery Technology, Sources Say

As one of the biggest tech companies, Apple Inc. makes some of the world’s most popular consumer electronics products, including laptops, iPhones, iPads, smartwatches and headphones. Now it looks as though Apple is planning to add an EV to its portfolio. The iPhone maker is targeting 2024 to build a passenger car that might include its own advanced EV battery technology, people familiar with the matter told Reuters on Monday.

Eric Walz2020-12-21 15:50 PT

Tesla Challenger Lucid Motors to Open its First East Coast Design Studio This Week in Miami

Tesla Challenger Lucid Motors to Open its First East Coast Design Studio This Week in Miami

California luxury electric vehicle startup Lucid Motors announced on Thursday that will open its first East Coast Lucid Studio retail location in Miami, Florida this week. The design Studio will open at the Brickell City Centre, an upscale retail and residential mixed use development on Saturday, Dec 19. The Lucid Studio in Miami is the first of a network of Lucid Studios that will open on the East Coast of the U.S. in 2021, the company said.

Eric Walz2020-12-17 12:45 PT

U.S.-listed Electric Vehicle Startup NIO Inc. to Offer 60 Million American Depositary Shares

U.S.-listed Electric Vehicle Startup NIO Inc. to Offer 60 Million American Depositary Shares

​Chinese electric vehicle startup NIO Inc. plans to issue another 60 million American depositary shares (ADSs). Each ADS represents one Class A ordinary share. The company intends to grant the underwriters in the ADS offering a 30-day option to purchase up to an additional 9 million ADSs. The company's share are listed on the NYSE under the symbol "NIO".

FutureCar Staff 2020-12-11 15:00 PT

Electric Vehicle Startup Xpeng Motors Plans to Sell Another 40 Million American Depositary Shares as Investor Interest Remains High

Electric Vehicle Startup Xpeng Motors Plans to Sell Another 40 Million American Depositary Shares as Investor Interest Remains High

Chinese electric vehicle startup Xpeng Motors plans to sell another 40 million American Depositary Shares (ADS) to the public, which represent 80 million Class A ordinary shares. The offering comes as companies developing electric vehicles and other related technology continue to be hot stocks for investors. Xpeng launched its U.S. IPO in August. The company’s shares are listed on the NYSE under the stock symbol "XPEV”.

FutureCar Staff 2020-12-08 17:30 PT

China’s Rising EV startup NIO Reports a Record Number of November Deliveries

China’s Rising EV startup NIO Reports a Record Number of November Deliveries

On Tuesday, electric vehicle startup NIO reported it delivered 5,291 vehicles during the month of November, its highest number ever. The record deliveries represent a 109.3% year-over-year growth. NIO said it's in the process of accelerating its production capacity this month to accommodate the growing demand for its electric vehicles.

Eric Walz2020-12-01 16:30 PT

Tesla Challenger Lucid Motors Completes Phase 1 Construction of its ‘Future Ready’ EV Factory in Arizona

Tesla Challenger Lucid Motors Completes Phase 1 Construction of its ‘Future Ready’ EV Factory in Arizona

​California electric vehicle startup Lucid Motors has completed the first phase of construction of its advanced factory in Casa Grande, Arizona, the company announced on Tuesday. The company calls the new facility “Lucid AMP-1”, which stands for Advanced Manufacturing Plant. Lucid says its Arizona factory is the first dedicated solely to electric vehicle production in North America.

Eric Walz2020-12-01 11:55 PT

EV Startup Lucid Motors Announces the ‘Air Pure’ the More Affordable Version of its Luxury Air Sedan

EV Startup Lucid Motors Announces the ‘Air Pure’ the More Affordable Version of its Luxury Air Sedan

California luxury electric vehicle startup Lucid Motors today announced the official name of its entry-level Lucid Air model—the Lucid Air Pure. The electric sedan will be the lowest priced model from Lucid Motors starting at $69,900 after the $7,500 federal EV tax credit.

FutureCar Staff 2020-11-24 14:30 PT

General Motors to Boost Investments to $27 Billion for the Development of New Electric Vehicles as the Company Transforms for the Future

General Motors to Boost Investments to $27 Billion for the Development of New Electric Vehicles as the Company Transforms for the Future

U.S. automaker General Motors (GM) is going all in on electrification in a bid to gain some ground on Tesla and other rival automakers with billions in new investments. The automaker’s total investments to develop new electric vehicles now totals $27 billion through 2025, which is more than half of GM's capital spending.

Eric Walz2020-11-19 13:00 PT

Tesla, Lucid Motors & Rivian Join a New Lobbying Group Called 'ZETA' to Promote Electric Vehicle Adoption in the U.S.

Tesla, Lucid Motors & Rivian Join a New Lobbying Group Called 'ZETA' to Promote Electric Vehicle Adoption in the U.S.

Electric vehicle pioneer Tesla and two of its newest rivals Lucid Motors and Rivian have joined a new lobbying group called the “Zero Emission Transportation Association” (ZETA). The organization will focus on advocating for national policies to promote the use of zero-emissions electric vehicles. ZETA aims to bring together those who support meeting the goal of 100% electric vehicle sales in the U.S. by 2030.

FutureCar Staff 2020-11-18 17:15 PT

General Motors Plans to Further Boost its Multi-Billion Dollar Investment in EVs, Sources Say

General Motors Plans to Further Boost its Multi-Billion Dollar Investment in EVs, Sources Say

General Motors CEO Mary Barra plans to announce the company’s revised and accelerated EV strategy on Thursday, which is reported to include billions in new investments. The move is also to convince investors it can be a serious competitor to electric automaker Tesla in the future, which is now the world's most valuable car company.

Eric Walz2020-11-18 10:45 PT

U.S. Regulators Expand Safety Probe to 159,000 Tesla Vehicles Over Touchscreen Display Failures

U.S. Regulators Expand Safety Probe to 159,000 Tesla Vehicles Over Touchscreen Display Failures

​The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday it was expanding its probe into nearly 159,000 Tesla Model S and Model X vehicles over reports of the center touchscreen display failures. The expanding investigation is being upgraded to an “engineering analysis” the administration said, which is required before the NHTSA can make steps to formally recall a vehicle.

Eric Walz2020-11-17 12:35 PT

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