President-elect Donald Trump made a multitude of “day one” promises throughout the campaign to begin work on an array of issues, setting himself up for an extremely busy first day back in office.
Read More
Volkswagen (VW) said Wednesday that it needs to cut costs amid slackening consumer demand for electric vehicles (EVs) and weaker car sales in China.
VW’s profits fell 64% in the third quarter of 2024, driving the company’s share price to its lowest level since October 2010. Now, the world’s largest automaker by sales is looking to lower its expenses, with VW’s top labor leader announcing earlier this week that the company was aiming to shut at least three of its German factories, slash wages 10% and lay off thousands of employees.
Read More
In September, thousands pagers and walkie-talkies held by members of Hezbollah exploded. The incident appears to have been the result of explosives hidden within the batteries of the devices by Israel’s intelligence service, Mossad, and the Israeli military, then triggered remotely.
Read More
Automakers have continued to backpedal on electric vehicle (EV) targets over the last year as a slackening of consumer demand has hampered growth despite the billions in subsidies lavished on the industry by the Biden-Harris administration.
A wide array of auto manufacturers have abandoned key EV goals since February, with Volvo, Ford and Mercedes-Benz all dialing back electric quotas or dropping previously planned product lines. The shifts in corporate strategy suggest the EV transition — once touted by auto executives like Ford CEO Jim Farley as the industry’s future — may not be as feasible as once thought due to consumer aversion to lower mileage ranges, a lack of charging infrastructure and higher prices, experts told the Daily Caller News Foundation.
Read More
Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.
In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”
Read More
The Senate Committee on Energy and Natural Resources has been scrutinizing the intersection of electric vehicle mandates and supply chains to meet them, and how EV subsidies could empower China, which controls a lot of those supply chains.
Sen. Joe Manchin, D-W.Va., chair of the committee, said he doesn’t have any problem with electric vehicles.
Read More
Democrats are supporting the United Auto Workers (UAW) labor union’s efforts to unionize more auto plants as electric vehicles are projected to result in job loss across the industry within the next 10 years.
Democrats in Congress passed the Inflation Reduction Act of 2022, which included tax incentives for the purchase of certain electric vehicles as well as funding to expand the EV charging network in the U.S.
Read More
In a story that seems to be becoming increasingly common as time goes on, The Western Journal reported this week about a Canadian EV owner experiencing some massive sticker shock over the cost of replacing the damaged battery in his electric vehicle.
Read More