Tag: EV

Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

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Fisker electric vehicle on beach with people playing

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.”

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Senators Raise Questions about EV Mandates and Subsidies Going to China

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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.

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Democrats Support Efforts to Unionize More Auto Plants as EVs Are Projected to Cause Job Losses

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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.

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