Tesla is offering Elon Musk a $1 trillion pay package if he is able to hit specific targets for the company over the next 5 years.
This is potentially the craziest thing I have ever heard.
For more details on the targets check out techcrunch.
Tag: ev
NIO’s First Mass Market Brand Coming in September and 10% Cheaper than Tesla!
NIO plans to start selling the first model under a mass-market brand as early as September, according to founder and chief executive William Li. The production cost for these new electric vehicle models would be 10% less than that of Tesla’s Model Y. Li told investors on Tuesday that this would give NIO “better flexibility” in pricing its first model, codenamed Alps, which will feature battery-swapping technology. This advantage is due to China’s well-developed EV supply chain and NIO’s extensive research and development efforts over the years.
Li suggested that the luxury EV manufacturer might adopt a more aggressive pricing strategy to compete with rivals in the segment. The new brand will primarily target Chinese families and prioritize volume sales, while NIO’s original brand will continue to focus on gross margin.
In 2023, the net loss of the Shanghai-based company increased to RMB 20.7 billion ($2.9 billion) from RMB 14.4 billion the previous year, while its revenue grew by approximately 12.9%. NIO’s stock ended the day at $5.48, a 2.8% increase.
Farizon has Raised $600 million to Expand its Truck Unit Outside of Mainland China
Farizon Auto, the truck unit of Chinese automaker Geely, has raised $600 million in a Series A funding round led by Geely Holding Group. The funding will be used to support Farizon’s expansion outside of China.
Farizon Auto was founded in 2021 and is headquartered in Hangzhou, China. The company develops, manufactures, and sells commercial vehicles, including trucks, buses, and vans. Farizon’s products are currently sold in China, and the company plans to expand to other countries in Asia, Europe, and South America in the coming years.
The $600 million funding round was led by Geely Holding Group, which is the parent company of Geely Auto. Other investors in the round include CMB International Capital, Hillhouse Capital, and Sequoia Capital China.
Farizon Auto’s CEO, An Conghui, said that the funding will help the company “accelerate its global expansion and become a leading player in the commercial vehicle market.”
The global commercial vehicle market is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2027. This growth is being driven by the increasing demand for commercial vehicles in emerging markets such as China, India, and Southeast Asia.
Li Auto Not Planning to Expand Overseas Before 2025
Li Auto CEO Li Xiang has confirmed that the company has no plans to expand overseas by 2025. In an interview with TechNode, Li said that the company is focused on consolidating its position in the Chinese market before expanding to other countries.
Li Auto is a Chinese electric vehicle maker that was founded in 2015. The company’s first model, the Li One, was launched in 2019. The Li One is a hybrid SUV that combines an electric motor with a gasoline engine. The Li One has been a success in China, with the company selling over 100,000 units in 2022.
Li Xiang said that Li Auto is not currently considering expanding to overseas markets because the company wants to focus on improving its products and services for the Chinese market. He said that the company is also concerned about the challenges of expanding to other countries, such as different regulations and infrastructure.
However, Li Xiang did not rule out the possibility of Li Auto expanding overseas in the future. He said that the company will “continue to monitor the global market” and “make decisions based on the best interests of the company.”
Rivian R1T and R1S Range Numbers Announced
Rivian has confirmed that their new R1T pickup will have 314 miles (approximately 505 kilometers) on a single charge, while the R1S can go 316 miles on a full battery.
This comes off a very busy few weeks for Rivian in which they announced that they would be going public.
Xiaomi EV is Coming Soon and Im Excited
Xiaomi entering the EV market.
I think Xiaomi is one of the most interesting companies in the world. Xiaomi has managed to develop a huge portfolio of products with the aim of selling them with low margins to gain as much market share as possible and then make most of their margins from software based services for these products.
Xiaomi has now announced that they are going to spend $10 billion USD over the next 10 years to manufacturing electric cars, embarking on its biggest-ever overhaul to enter China’s booming EV market.
Xiaomi didn’t specifically state whether they were going to develop the software for these EVs or develop the entire Car (much like Tesla).
I would assume they will go down the Tesla route to market and will develop an amazing EV.