Author: CNBC Online news

Inside Redwood Materials, former Tesla CTO’s effort to recycle batteries for rare components

Lithium-ion batteries are everywhere — in phones, laptops, tablets, cameras and increasingly cars. Demand for lithium-ion batteries has risen sharply in the past five years and is expected to grow from a $44.2 billion market in 2020 to a $94.4 billion market by 2025, mostly due to the boom in electric cars, according to MarketsandMarkets.… Continue reading Inside Redwood Materials, former Tesla CTO’s effort to recycle batteries for rare components

GM unveils electric Hummer SUV topping $110,000

The 2024 GMC Hummer EV SUV and 2022 GMC Hummer EV sport utility truck, or SUT. GM DETROIT – General Motors unveiled an all-electric Hummer SUV Saturday that will top $110,000 when it goes on sale in 2023. The vehicle will be the stablemate to an upcoming Hummer pickup that’s scheduled to go on sale… Continue reading GM unveils electric Hummer SUV topping $110,000

Auto supplier BorgWarner expects EVs to account for almost 50% of revenue by 2030

The CEO of auto supplier BorgWarner told CNBC on Friday the company hopes to have nearly 50% of its revenues be tied to electric vehicles within the next decade. Currently, less than 3% of the Michigan-based firm’s sales are related to EVs. “Our assumption is that 30% of the vehicle will be battery electric in… Continue reading Auto supplier BorgWarner expects EVs to account for almost 50% of revenue by 2030

Jeep, Dodge maker Stellantis temporarily closing five North American plants due to chip shortage

A United Auto Worker member leaves the Fiat Chrysler Automobiles Warren Truck Plant after the first work shift on May 18, 2020 in Warren, Michigan. Gregory Shamus | Getty Images A global shortage of semiconductor chips is forcing Stellantis to temporally close five North American plants starting next week, the company confirmed Friday afternoon. The… Continue reading Jeep, Dodge maker Stellantis temporarily closing five North American plants due to chip shortage

Chinese electric car start-up Nio shuts factory for 5 days due to global chip shortage

Employees make checks at an inspection line during a media tour of the Nio Inc. production facility in Hefei, Anhui province, China, on Friday, Dec. 4, 2020. Qilai Shen | Bloomberg | Getty Images BEIJING — Chinese electric car start-up Nio said Friday it is shutting a factory for five days due to the global… Continue reading Chinese electric car start-up Nio shuts factory for 5 days due to global chip shortage

VW expects half of U.S. sales to be electric vehicles by 2030

Volkswagen’s ID Buzz vehicle. Aeva Volkswagen is accelerating its plans for all-electric vehicles in a bid to become “the world’s most desirable brand for sustainable mobility,” a title arguably already owned by Tesla. The German automaker Friday morning said more than 70% of its Volkswagen brand’s European sales will be EVs by 2030, up from… Continue reading VW expects half of U.S. sales to be electric vehicles by 2030

Online car seller Vroom promises torture-free car buying in first Super Bowl ad

Used car retailer Vroom purchases and sells vehicles online without requiring consumers to go into a physical dealership. Screenshot Online used car retailer Vroom is buying its first Super Bowl airtime Sunday to introduce the company to the roughly 100 million fans that watch the game every year — and to make fun of its… Continue reading Online car seller Vroom promises torture-free car buying in first Super Bowl ad