Electrical Vehicle News Roundup – Tesla, Hyundai, Lucid Motors, and More
Tesla maintained its position as the top seller of all-electric cars in Q1 2024, although facing weak growth, which continued as BYD won the all-electric category in Q4 2024 with similarly weak growth, and Volkswagen Group struggled with sales dropping about 3% from the previous year Tesla has also released details about the Performance version of its updated Model 3, promising over 500 horsepower without yet revealing the exact acceleration rate while hinting at around 2.9 seconds Despite shelving its 'Crab Walk' feature from the Cybertruck due to practicality concerns, Tesla is investing up to $3 billion in India to expand its global footprint, even amidst import duty disagreements. Amid fierce competition and market challenges, Tesla CEO Elon Musk apologized for the low severance for laid-off workers and seeks to implement a hefty $56 billion CEO pay package while mitigating a share price drop of 37% Despite layoffs, Tesla's operations in Giga Mexico and investments in Santa Catarina are unaffected Musk has also faced issues of corporate governance, with plans to re-address a voided compensation plan and Tesla's state of incorporation shifting to Texas. A returning highlight for Tesla is the expectation of the Spring update bringing significant enhancements to its vehicle lineup Hyundai Motor Group has partnered with Toray Industries to develop high-performance EV materials aiming to boost the industry's growth On a different spectrum of transportation innovation, NASA has chosen three companies to develop the next-gen lunar vehicles for Artemis V mission.
Meanwhile, Lucid Motors is enhancing its Air Grand Touring configuration with a heat pump and tech updates for improved performance and charging speed SpaceX has partnered with Vast to provide Starlink for their space station, showing the intersection of EV tech and space endeavors Tesla's Cybertruck encountered a malfunction after a car wash, spotlighting the EV's resilience in harsh conditions such as Dubai's heavy rainfall, where Teslas were filmed navigating flooded streets.
Lastly, Stellantis continues with layoffs at its European plant, while facing union and shareholder unrest as the CEO's pay package significantly increases.
