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Industry's experts find that Tesla Inc's (NASDAQ:TSLA) upcoming $25,0000 vehicle will force its rivals to make painful sacrifices in order to deliver a product with comparable price and features. Such initiatives will require automakers to pull out the big guns, on top of already costly investments needed to adapt to an all-electric future. Musk failed to impress Tesla's investors last week at Battery Day. This may be the opening competitors need to catch up to the EV leader.
GM is reconsidering its partnership with Nikola
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On Wednesday, General Motors (NYSE:GM) was due to close its 10-year deal with Nikola Corporation (NASDAQ:NKLA) which would be its entry ticket to the electric era. But, GM has pushed back the closing date after allegations of fraud against Nikola's founder. The talks will continue, but the $2 billion deal could be terminated by either side if it's not closed by December 3rd, according to a public filing. It doesn't help that since the deal was announced, Nikola shares plummeted more than 60%, significantly reducing its appeal and prospects and therefore, its negotiating power.
BMW M is entering the EV race
BMW's (OTC:BMWYY) motorsport division has announced its first EV based on the i4. CarAdvice reported that CEO Markus Flasch revealed the first M-branded EV will be unveiled next year during an event for the Australian media. Although it lagged behind its Audi and Mercedes rivals, BMW is quickly catching up as its Munich plant is now ready to begin i4 production following a $237 million investment that was needed by its assembly line.
Honda's new EV attempt
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There are many electric SUVs and pickups with scheduled debuts over the next 12-24 months. Honda Motor's (NYSE:HMC) candidate is an SUV that was just revealed during Beijing's Auto China 2020 trade fair. Not long ago, Honda discontinued the only EV it sold in the U.S. The new concept features a long and squared-off hood, amplified wheels, and delicately thin lights. The concept does not seem to be related to the Honda e, the cute new retro-futuristic electric car, emphasizing Honda's ‘fresh and fun' approach to EVs.
Volkswagen
On Monday, Volkswagen Group (OTC:VWAGY) revealed its plans to invest about $17.44 billion in its electric future with three local joint ventures in China by the end of 2024. The investment will allow VW and FAW Group, SAIC Motor and JAC to build 15 different full-electric or plug-in hybrid models in China by 2025, giving the German giant the capacity of 150 GWh of battery capacity in the biggest EV market in the world.
Outlook
If Tesla delivers the $25,000 electric vehicle within three years, it will be able to cater to a much wider demographic. This achievement would equip the electric pioneer to dominate the automotive industry. But, getting the price of EVs comparable to that of their internal combustion engine counterparts is just a promise. Tesla did not reveal a revolutionary battery during its Battery Day as its competitors feared, reminding the global market that it is pretty challenging to improve battery technology. The EV and battery market is expanding rapidly, but there is a long way to go before EVs entirely replace traditional vehicles.
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The post EV News and Updates appeared first on IAM Newswire.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.