Financial

Geely-owned LEVC L380 minivan, priced at 379,900 yuan (52,400 USD), has begun deliveries in China. This sleek electric model, boasting impressive specs and up to 8 seats, is set to hit the UK market by 2026. Designed by a Bentley alum, this minivan offers various powertrain options, advanced tech features, and safety elements. Stay tuned for this luxury ride's upcoming debut in the UK.

Toyota is fighting off Chinese EV competition by building a new battery plant on Japan’s “Silicon Island,” aimed at bolstering its EV supply chain and producing batteries for Lexus. The move comes as BYD challenges Toyota in its home market with attractive EV offerings. With a $32 billion investment in EVs by 2030, Toyota aims to sell 3.5 million EVs annually. Stay tuned for more updates on this strategic development!

Discover Kia's electrifying EV3 GT-Line, a compact electric SUV making waves with its sporty design and impressive performance. With a range of up to 311 miles and quick charging capabilities, the EV3 is set to shake up the EV market. Priced starting at just $30,700 in Korea, it's attracting attention with over 10,000 reservations in just 23 days. Keep an eye out for the EV3's global launch and potential US debut, offering affordability and style in one electrifying package.

Think you can lease a Nissan Leaf for $9 a month? Think again. Despite the hype, the deal is more like $110 monthly after taxes. Still a steal for a new EV if you're in Colorado. The base model offers 150-mile range, basic features, and a sweet level 1/2 charger. Not bad for a two-year lease. But watch out for the $19,000 end value and limited availability. Interested? Check it out if you're in Colorado.

Ford's partnership with CATL is paving the way for affordable EVs in the US market, challenging Chinese rivals while addressing the complexity of transitioning to electric vehicles in America. Hyundai Motor Group emerges as a success story with a surge in North American sales, driven by hybrid electric vehicles. Exploring the future of battery tech, the shift towards more durable and faster charging alternatives like LFP batteries signals a promising evolution in the EV industry.

Jaguar is bidding adieu to Magna Steyr to focus on luxury EVs by 2025, parting ways with the production facility after years of collaboration. The move aligns with Jaguar's strategy to ditch "zero profit" models and revamp as an upscale, all-electric brand. Magna Steyr, left in the lurch by previous clients, faces a shakeup as it aims to attract new partnerships post-Jaguar. Amidst shifts in production, Jaguar gears up to introduce three opulent EV models, promising a new era of modern luxury.

Mercedes-Benz partners with Starbucks to roll out high-power EV chargers at 100 West Coast stores, installating 400 kW DC fast chargers along Interstate 5. The initiative supports Mercedes-Benz Group AG's move towards electric vehicles and aims to create a seamless charging experience for all EV owners. This expansion is part of Mercedes-Benz HPC's $1 billion investment in a nationwide public charging network, with plans to cover half of U.S. states in the next 12-18 months.

Gogoro shakes up Singapore with electric scooter sales, unveiling battery-swapping tech with Cycle & Carriage partner. The move follows earlier successful pilot programs, including one with foodpanda. Gogoro's fast battery swapping stations at Shell service points facilitate clean, efficient rides. With nods to safety and sustainability, the company plans a Q4 2024 launch, aiming to revolutionize green mobility in Singapore. Stay tuned for more electrifying updates from Gogoro on Electrek!

Elon Musk might ditch Tesla’s 4680 battery cell if issues persist by year-end. The high hopes for the cell—lower costs, more range, faster charging—haven't met expectations. Ramp-up fell short, with limited use in the Cybertruck and Model Y. Musk set a deadline for fixes, especially with cathode coating challenges. Tesla aims to outperform suppliers on cost/kWh but could pivot if problems persist. Stay tuned for Tesla's battery saga at Electrek.

Genesis, the luxury automaker under Hyundai Motor Group, switches gears from selling only EVs to prioritizing hybrids due to customer demand. The company aims to introduce hybrids across its lineup soon. While staying committed to an all-electric future, Genesis acknowledges the current market preference for hybrids. The brand is working on a new EV platform exclusive to Genesis and possibly powering upcoming hybrids with a mix of V6 engines and electric motors.