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GM wanted too much from EV start-up Rivian, opening door for Ford’s $500 million investment

Adam Jeffery | CNBC
Rivian EV Pickup Truck.

Ford's $500 million investment in electric truck maker Rivian became a possibility shortly after the start-up's talks with Detroit rival General Motors broke down about eight weeks ago, according to a senior executive at Rivian.

It was widely speculated, and reported, that GM was looking at Rivian. In the end, GM wanted too much — exclusive rights to the start-up's technology, said the executive, who declined to be identified because the talks were private.

Ford is investing $500 million in electric truck maker Rivian
2 Hours Ago | 01:29

Ford's opening came after GM, which didn't respond to a request for comment, refused to budge. Rivian CEO RJ Scaringe already had a personal friendship with one of Ford's board members, a classmate from the Massachusetts Institute of Technology. And Ford made him a deal that allows Rivian to move ahead with plans to develop its own brand and dealer network and potentially sign up other automotive partners. No such deals are currently planned, Scaringe told reporters on a conference call Wednesday.

The investment in Rivian is “consistent” with Ford's own electrification program, the 116-year-old automaker's CEO Jim Hackett said on the call. Ford last year announced it would invest $11 billion to develop battery-based vehicles, including hybrids, plug-ins and pure battery-electric models. The Rivian investment will come on top of that previous figure.

“I think Ford sees multiple areas of potential benefit,” said Stephanie Brinley, principle automotive analyst with IHS Markit.

At the Los Angeles International Auto Show in November, Rivian unveiled two battery-electric vehicles, or BEVs, the R1T pickup and the R1S sport-utility vehicle. Both ride on a flexible, skateboard-like platform in which batteries, motors and other key components are mounted below the floorboard.

The layout has a number of advantages. Not only does it lower a vehicle's center of gravity — enhancing handling — but it frees up space normally devoted to an engine compartment for adding passenger and cargo space. Both the R1T and R1S, for example, have “frunks,” or front-mounted trunks.

Adam Jeffery | CNBC
Rivian EV SUV.

The first-generation of Ford's electrified vehicles, which includes full battery power and hybrids, sacrificed passenger and cargo space to make room for batteries and other components. That is a problem that the automaker aims to address as it gets ready to roll out a second-generation of products that also will deliver more than 200 miles in range, or at least double what products like the current Ford Focus EV can manage between charges.

“Ford is going to use Rivian's flexible skateboard platform to develop an all-new, next-generation battery-electric vehicle,” Hackett told reporters.

But neither he nor other Ford and Rivian officials would discuss specifically what sort of vehicle they are working on. They noted that Ford is already well along in the development of a high-performance electric SUV that is set to debut next year, as well as an all-electric version of the popular Ford F-150 pickup.

The Rivian platform will be used for a different product line, said Joe Hinrichs, Ford's president of automotive operations. Industry analysts say the Rivian platform could eventually be used for other electric vehicles at Ford to help maximize economies of scale. But there is at least one obstacle that could limit future applications, said Brinley, of IHS Markit, the potential capacity of Rivian's assembly plant.

The start-up last year acquired the old Mitsubishi assembly plant in Normal, Illinois. The facility that has a production capacity of about 250,000 vehicles — or platforms — annually, according to Scaringe. Rivian itself is hoping to sell between 70,000 and 80,000 of its R1T and R1S models annually, and it is working up additional products that could eat up even more of that capacity.

Rivian is also developing vehicles for Amazon. It announced a separate, $700 million investment deal in February with a consortium led by the online retailer. Specific plans have not been revealed, but the electric car maker is believed to be working on some sort of delivery truck for Amazon, said Sam Abuelsamid, an analyst with Navigant Research. And they could use autonomous driving technology developed by two self-driving start-ups Amazon has also invested in.

Rivian will use its Normal plant to produce the platforms Ford plans to use. They will then be shipped to a Ford assembly plant for the rest of the assembly process — though the Detroit automaker did not offer further details. But the number of skateboard vehicle frames available to Ford could be limited unless Rivian expands capacity or lets Ford produce them elsewhere, analysts said.

Rivian

Even if Ford only can produce a limited number of vehicles using the Rivian technology, the deal could prove to be a sound investment, Brinley said. Both companies plan to share intellectual property, and Rivian could help Ford learn how to speed up its own EV developments. In turn, Ford could teach its new partner a lot about mass production.

The deal could also pay off handsomely if Rivian becomes a success, Ford standing to share in some of its future profits. Then, said Brinley, Ford also could wind up making a handsome return on its investment sometime down the road if Rivian were to go public. Both Daimler AG and Toyota generated significant profits on their early investments in Tesla, she noted. And General Motors stands to be well rewarded if it eventually sells off its stake in ride-sharing service Lyft, which staged its own IPO in March.

Rivian CEO Scaringe also said he could be interested in acquiring some of the self-driving vehicle technology being developed by Ford's artificial intelligence subsidiary Argo AI at some later date.

The deal does have a potential downside, however. Rivian has yet to actually sell any vehicles using its technology. And the market for plug-based vehicles remains small. BEVs, in particular, accounted for barely 1% of the U.S. market in 2018. But demand doubled in the U.S. and is growing even faster in China, now the world's largest market for zero-emissions vehicles.

The back-to-back Ford and Amazon investments, collectively totaling $1.2 billion, offer “a fair amount of validation” that Rivian is on the right path, said the start-up's senior executive, asking not to be identified by name.

As for CEO Hackett, he said he is confident that Ford's investment in Rivian is the right step to take “as we move toward a sustainable future.”

Paul Eisenstein/CNBC
Rivian CEO RJ Scaringe with R1T electric pickup at the 2019 LA Auto Show.

US expands probe into airbag failures to 12.3 million vehicles

Shiho Fukada | Bloomberg | Getty Images
A Toyota Motor worker at the production line in the company's Motomachi plant in Toyota City, Aichi, Japan, on July 26, 2018.

U.S. auto safety regulators have expanded an investigation into malfunctioning airbag controls to include 12.3 million vehicles because the bags may not inflate in a crash. The problem could be responsible for as many as eight deaths.

Vehicles made by Toyota, Honda, Kia, Hyundai, Mitsubishi and Fiat Chrysler from the 2010 through 2019 model years are included in the probe, which was revealed Tuesday in documents posted by the National Highway Traffic Safety Administration. It involves airbag control units made by ZF-TRW that were installed in the vehicles.

The control units can fail in a crash, possibly because of unwanted electrical signals produced by the crash itself that can disable an airbag control circuit housed in the passenger compartment, according to NHTSA documents. The electrical signals can damage the control circuit, the documents say.

ZF, a German auto parts maker which acquired TRW Automotive in 2015, said in a statement that it's committed to safety and is cooperating with NHTSA and automakers in the investigation.

The case is another in a long list of problems with auto industry airbags, including faulty and potentially deadly Takata airbag inflators. At least 24 people have been killed worldwide and more than 200 injured by the inflators, which can explode with too much force and hurl dangerous shrapnel into the passenger cabin. The inflators touched off the largest series of automotive recalls in U.S. history involving with as many as 70 million inflators to be recalled by the end of next year. About 100 million inflators are to be recalled worldwide.

On April 19, NHTSA upgraded the ZF-TRW probe from a preliminary evaluation to an engineering analysis, which is a step closer toward seeking recalls. So far, only Hyundai and Kia and Fiat Chrysler have issued recalls in the case. Four deaths that may have been caused by the problem were reported in Hyundai-Kia vehicles and three in Fiat Chrysler automobiles. NHTSA opened an investigation in March of 2017 involving the TRW parts in Hyundais and Kias.

The upgrade came after investigators found two recent serious crashes involving 2018 and 2019 Toyota Corollas in which the airbags did not inflate. One person was killed.

Jason Levine, executive director of the Center for Auto Safety, a nonprofit consumer group, said the ZF-TRW case shows the auto industry thus far has learned very little from Takata.

“A single supplier of an important safety component provided what appears to be a defective part across multiple manufacturers and 12 million cars,” Levine said. “While the first fatality reports emerged three years ago, it has taken a higher body count for more significant action to be taken by NHTSA and most impacted manufacturers remain silent. The industry needs to do better.”

A message was left Tuesday seeking comment from NHTSA.

In the ZF-TRW investigation documents, NHTSA said that it didn't find any other cases of electrical interference in Hyundai, Kia or Fiat Chrysler vehicles that used the ZF-TRW system but were not recalled. Also, the agency has not identified any other cases of electrical interference in other Toyotas including Corollas, since the company started using the ZF-TRW parts in the 2011 model year. In addition, no electrical interference cases have been identified in Honda or Mitsubishi vehicles with the same parts, the agency said.

NHTSA will evaluate how susceptible the airbag control units are to electrical signals as well as other factors that could stop airbags from inflating. The agency also “will evaluate whether an unreasonable risk exists that requires further field action.”

Last year, Hyundai and Kia recalled nearly 1.1 million vehicles because of the problem, about a year after NHTSA opened its investigation.

Kia vehicles covered included 2010 through 2013 Forte compact cars and 2011 through 2013 Optima midsize cars in the U.S. Also covered are Optima Hybrid and Sedona minivans from 2011 and 2012. Recalled Hyundai vehicles included 2011 through 2013 Sonata midsize cars and the 2011 and 2012 Sonata Hybrid.

In 2016, Fiat Chrysler recalled about 1.9 million vehicles worldwide including the 2010 Chrysler Sebring, the 2011 through 2014 Chrysler 200, the 2010 through 2012 Dodge Caliber, the 2010 through 2014 Dodge Avenger, the 2010 through 2014 Jeep Patriot and Compass and the 2012 and 2013 Lancia Flavia.

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China’s sliding auto sales may be obscuring a change in buyers’ tastes

Sebastian Rothe | EyeEm | Getty Images

China's auto industry has hit a soft patch, but there may be a bright spot.

Auto sales have fallen in China for nine straight months, including a 5.2 percent decline in March.

But electric-powered cars were on display from start-ups and foreign auto giants alike at this week's Shanghai Auto Show. For some in the industry, they say it will be the smartphone-like interface of the new vehicles that will really attract buyers. Those consumers are increasingly using internet-connected services such as food delivery for daily life, especially in China.

So-called new energy vehicles are booming, with sales jumping 62 percent last year. And not just because of the way they're powered.

“The key point is not new energy. The key is smart,” Fu Qiang, president and co-founder of electric vehicle start-up Aiways, said Wednesday in a Mandarin-language interview translated by CNBC.

China battery-electric vehicle unit sales forecast (in millions)

Source: Morgan Stanley Research

“The entire decline in the auto industry, much more, in my personal view — of course has some small connection to the economy — but I think the greater reason is that customers right now are not satisfied with the product mix,” said Fu, formerly president and CEO of Volvo Cars China.

Thenine-month slide in automobile sales in the world's largest vehicle market has many worried about a significant slowdown in the Chinese economy, and the wallets of a population of more than 1 billion. Last year, uncertainty about the fallout from the U.S.-China trade war and Beijing's efforts to reduce reliance on debt for growth put a chill on spending, especially on big-ticket items such as cars.

Much of the decline in auto sales in the last two years was the result of a tough comparison with rapid growth in 2016, Alan Kang, Shanghai-based senior market analyst at LMC Automotive, said on Tuesday. He noted a major drop came from decreased demand from China's smallest cities for domestic auto brands, while premium foreign brands had less of an impact.

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“This year will be overall a year of recovery,” Kang said in a Mandarin-language interview translated by CNBC. And despite subsidy cuts, he said he expects sales volume in “new energy” vehicles to increase to 1.5 million from 1 million last year.

The category — which includes both pure battery-powered vehicles and hybrids — has been a bright spot in China, helped by favorable government policies. Sales grew 62 percent last year, while overall auto sales fell for the first time in more than 15 years, according to data from the China Association of Automobile Manufacturers accessed through the Wind Information database.

“The electrification, internet connectivity and smartness of automobiles has become the industry's future trend,” Victor Ai, head of China Everbright's new economy fund, said in a written response translated from Chinese by CNBC.

Young people's positive views on technology will “thoroughly revolutionize the traditional auto industry,” Ai said. He cited third-party statistics implying that, by 2027, those born after 1990 will account for the largest segment of China's buyers of new cars, at 41.8 percent.

Chinese electric car makers are ahead of their peers: Jato
2:42 AM ET Tue, 16 April 2019 | 02:38

Tastes can change quickly in China. Wen Shuang, a Chinese social media influencer in the auto industry since 2012, said SUVs were in favor at the turn of the century, but now there's more interest in having multiple cars of different kinds. Wen has 750,000 followers on Weibo, China's version of Twitter, and says she was born in 1990.

She also noted in a Mandarin-language interview translated by CNBC that enthusiasm for the future of Chinese car consumption has been generally waning, and this week's Shanghai Auto Show was not as hectic and exciting as it had been the last two years. However, she added that Chinese brands have become more attractive relative to foreign brands, except for those from Germany and Japan. She said she expects more of the industry's emphasis will be put on services.

That's the strategy of many Chinese electric car start-ups, which are often selling directly to consumers or trying to create ecosystems that build customer loyalty.

Services can also be a weak point for traditional automakers in China. A customer's poor experience at a Mercedes-Benz dealership in the central city of Xi'an went viral on social media earlier this month, prompting parent company Daimler to suspend the franchise's operations this week, Reuters reported.

The technology-driven change in consumers' habits and a lower barrier to entry in producing electric cars is forcing the auto industry to revamp itself, Aiways' Fu said. In this environment, he said, there should be as many new automakers as there were old ones.

At least 100 new energy vehicle companies now exist in China, Fu estimated.

This is a completely new playing field, he said: “How many old ones can transform themselves is an unknown number. How many new ones can survive, that's (also) an unknown number.”

For a country of rapid change in consumer tastes and the adoption of technology, the auto industry may still be trying to catch up.

Land Rover’s new lineup has some of the world’s fastest SUVs, including the new Range Rover Velar

Adam Jeffery | CNBC
The 2020 Land Rover Range Rover Velar SVAutobiography Dynamic Edition.

Odds are it will take you longer to say “Land Rover Range Rover Velar SVAutobiography Dynamic Edition” than it takes for the new SUV to hit 60.

The folks at the British automaker have a propensity for long-winded model names. Luckily for buyers, the Land Rover lineup also happens to include some of the market's fastest and most powerful SUVs. The Velar SVA Dynamic, as company folks are inclined to call it, is a perfect example with its 550 horsepower supercharged V-8 engine capable of launching to 60 in a mere 4.3 seconds.

Parent Land Rover has been on something of a tear lately, taking advantage of the massive shift from conventional passenger cars to SUVs and crossovers. It has created what U.S. CEO Joe Eberhardt describes as a “three-pillar strategy,” starting with familiar models like the Discovery. A rugged off-road pillar will be anchored by the reborn Defender coming later this year. Then there's the high-luxury pillar filled by various Range Rover models, such as the newly updated Evoque, and niche variants like the Velar SVA Dynamic.

Adam Jeffery | CNBC
The 2020 Land Rover Range Rover Velar SVAutobiography Dynamic Edition.

The Velar itself joined the brand's lineup for the 2018 model-year. Reviewers have called it one of the most handsome SUVs on the road, with cats-eye headlamps framing its bold grille. Velar's fastback silhouette is topped by a steeply raked roofline. And there's plenty of glass, including a panoramic top, from which you can watch the world roll by. Inside, it may not be quite as plush as the flagship Range Rover — and yes, Land Rover names can get confusing – but Velar's cabin is about the most modern among the members of this British SUV family, with plenty of high-line features, including heated and cooled leather seats and a sophisticated infotainment system.

The “base” version of Velar is no slouch, with a 247-horsepower gas engine or 180 diesel option. Buyers can step up to a 380-horsepower supercharged V-6 able to move the utility vehicle from 0 to 60 in a mere 5.3 seconds.

But for those wanting the ultimate level of performance, the Land Rover Range Rover Velar SVAutobiography Dynamic Edition bumps that up to 550 horsepower and 502 pound-feet of torque using the brand's most powerful and sophisticated powertrain. Power is channeled through a performance-tuned all-wheel-drive system that can direct as much as 100% of its power to the back wheels.

Adam Jeffery | CNBC
The 2020 Land Rover Range Rover Velar SVAutobiography Dynamic Edition.

The SVA Dynamic doesn't stop with that big V-8, of course. Land Rover adds a number of other performance, appearance and creature comfort features to complete the package.

Visually, that starts with the bigger air intakes surrounding the lower grille that help the big engine breathe. The back end has been modified to fit a distinctive quad exhaust system. There's also a sleek looking black roof.

There also are striking red brake calipers barely hidden behind 21-inch wheels, with 22-inch alloy wheels available. The brakes are the biggest on the Velar line to readily scrub off the speed the SVA Dynamic is capable of.

Adam Jeffery | CNBC
The 2020 Land Rover Range Rover Velar SVAutobiography Dynamic Edition.

Inside, the Velar SVA Dynamic follows the form of other Range Rover “Autobiography” models, with a push towards the extremes of luxury. That means premium quilted leather throughout the cabin, as well as on the 20-way heated, cooled and massaging seats. Key controls have a knurled finish, with aluminum paddle shifters and a sportier steering wheel. If that isn't exclusive enough, a buyer also can add a carbon trim package.

All this doesn't come cheap. While the base Velar starts around $50,000, the 2020 Range Rover Velar SVAutobiography Dynamic Edition is expected to go for around $110,000 when it starts rolling into showrooms later this spring.

Disclosure: Paul Eisenstein is a freelancer for CNBC. His travel and lodging for the New York auto show was paid by Ford.

Tesla investigating apparent explosion of parked car in Shanghai

Wang Zhao | AFP | Getty Images
People visit a Tesla showroom in Beijing.

Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time.

There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China's version of Twitter. Tesla also said it is in active communication and cooperation with relevant departments about the situation.

It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire.

In January, Chicago law firm Corboy & Demetrio said that there have been at least a dozen cases worldwide in the last five years of Model S batteries exploding in collisions and parked vehicles. The statement was part of a lawsuit filed against Tesla that alleged a 2014 Model S had a defective battery pack, causing an 18-year-old passenger to die in an accident last year, Reuters reported.

—Reuters contributed to this report.

Nissan is said to cut global production by 15 percent

Johnny Milano | Bloomberg | Getty Images
An employee passes in front of vehicles on display for sale at a Nissan Motor Co. car dealership in Patchogue, New York, U.S., on Friday, April 27, 2018.

Nissan Motor will cut global production by about 15 percent for the current fiscal year ending March 2020, as it shifts away from the aggressive expansion campaign promoted by former Chairman Carlos Ghosn, the Nikkei newspaper reported on Friday.

That would be the steepest production cut in more than a decade by the Japanese automaker, as it battles weak sales in overseas markets including the United States where it plans to scale back sales operations, the Nikkei reported.

Nissan aims to produce about 4.6 million units in fiscal 2019, the Nikkei said, citing plans being communicated to the automaker's suppliers. The move is likely to impact earnings and could cast a pall over Nissan's alliance with French automaker Renault SA, the Nikkei reported, without elaborating.

Earlier this year, Nissan, which has been battling falling sales, lowered its operating profit forecast for the current fiscal year to 450 billion yen ($4 billion), 22 percent lower than a year earlier. It would be Nissan's lowest profit since 2013.

Nissan was not immediately available for comment when contacted by Reuters.

Shares in Nissan, mired in a financial misconduct scandal involving Ghosn and the company itself, were trading down 1.2 percent early on Friday, versus a 0.6 percent rise in the broader market.

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Ford gives relaunched Escape sleek look, refined cabin in bid for car drivers

Adam Jeffery | CNBC
2020 Ford Escape

The market for sport-utility vehicles has grown at an unprecedented rate, especially for car-based crossovers, and few industry analysts expect the surge to level off anytime soon, which is why this year's New York International Auto Show is awash in new “two-box” designs of various sizes and prices.

One of the most important of those debuts will be the next-generation Ford Escape. Ford was a pioneer in the SUV boom with its big Explorer. But in recent years the Escape has become its dominant offering — generating sales second only to the full-size Ford F-Series pickups. And with so many new competitors coming to market for 2020 and beyond, Ford is going to have to nail it with the new crossover utility vehicle, or CUV.

Adam Jeffery | CNBC
2020 Ford Escape

One way it hopes to increase Escape's appeal is by offering the compact crossover with a variety of powertrain options that, for the first time will include not only a gas-electric hybrid but a plug-in hybrid. It is also planning to add a more rugged version that will challenge the off-road credibility of Jeep's Cherokee.

“This all-new Escape brings a sleeker, sportier design with the capability to take you on just about any of your life's adventures,” Kumar Galhotra, Ford's North America president, said ahead of Escape's debut in New York. “With our class-leading hybrid powertrains, customers will spend less time at the gas station and more time on the road.”

Ford was actually a latecomer to the compact utility vehicle segment, following Japanese offerings like the Toyota RAV4 and Honda CR-V. And, in its initial incarnation, it used a more traditional, truck-based body-on-frame design. That meant it was more rugged than the Asian models that were often derided as “soft-roaders,” but it also lacked their on-road manners and fuel economy.

Ford Motor US sales down 1.6% from a year ago
9:43 AM ET Thu, 4 April 2019 | 01:59

When a third-generation Escape was launched in 2013, Ford migrated to a crossover platform, boosting comfort and handling, as well as mileage, and gaining traction with U.S. buyers.

The fourth-generation Escape takes the same approach, but it adopts an even sleeker look, in part to put some distance between it and the reborn Bronco model that Ford will launch in 2020.

“We want to have really differentiated styling. “The new Escape's silhouette is very sleek, dynamic — more progressive. The off-road [Bronco] will be more upright, boxy,” said Hau Thai-Tang, Ford's executive vice president of product development.

The Escape's cabin will also take on a more refined, car-like look, reflecting the fact that Ford expects it to pick up many of the buyers it might otherwise lose as it abandons such familiar sedan nameplates as the Fiesta, Focus and Fusion over the next several years.

Escape will be loaded with the sort of high-tech features that younger buyers crave, including the latest take on Ford's Sync infotainment system, now able to handle both Apple CarPlay and Android Auto. It also will offer an assortment of advanced driver assistance features, dubbed Co-Pilot 360, including automatic emergency braking and blind-spot detection, as well as the ability to park itself in a tight spot.

Adam Jeffery | CNBC
2020 Ford Escape

As for powertrains, the 2020 Escape will start off with two gas engines, including the premium turbocharged 2.0-liter EcoBoost inline-four making 250 horsepower and 273 pound-feet of torque. The hybrid will pair a 2.5-liter gas engine with an electric motor to boost mileage, though Ford has not yet released final EPA numbers.

The plug-in hybrid, the first in the segment, will add a larger battery pack capable of propelling the 2020 Escape for up to 30 miles in all-electric mode. Using a 240-volt Level 2 charger, the same type many homeowners are adding, charge times for a drained battery will run around 3.5 hours.

As for the more rugged version of the Escape, Ford is only dropping hints for the moment, Thai-Tang said an “off-road version” is in development and should make its debut late this year.

Pricing will be released over the coming weeks, but the base 2020 Ford Escape is expected to top the current entry model, which starts around $24,100.

Disclosure: Paul Eisenstein is a freelancer for CNBC. Ford paid for his transportation and lodging at the New York International Auto Show.

Faster than a fighter jet: The $2.5 million Pininfarina Battista electric hypercar debuts in US

H/O: Automobili Pininfarina
The Pininfarina Battista hypercar

While other automakers packed the Javits Center for the New York International Auto Show, Automobili Pininfarina launched one of the week's most exciting car debuts at an off-site event.

The company's new all-electric Battista hypercar produces a whopping 1,900 horsepower and reaches 60 miles per hour in under two seconds. That makes it the fastest street-legal car ever built by an automaker, even outrunning a Formula One race car to 60 mph.

Pininfarina has previously said that a Battista will hit 180 mph in less time than an F-16 fighter jet. All of that thrust comes from electric motors that are fed by a 120 kWh battery and should be good for around 300 miles of range on a single charge.

The company — which has roots in the storied Italian design house that styled iconic cars like the Fiat 124, Maserati GranTurismo, Ferrari Testarossa and Alfa Romeo Spider — is targeting a 2020 release date for the Battista.

H/O: Automobili Pininfarina
The Pininfarina Battista hypercar

The company enters the all-electric hypercar fray at a competitive time with companies like Rimac and NIO rushing to market ultimate-performance EVs. More established brands are also pushing for performance electrics, as Tesla gears up to build the next Roadster and Porsche puts its Taycan on sale.

Automobili Pininfarina has secured U.S. retail partnerships with distributors in Los Angeles, Miami, New York and San Francisco. With just 50 of the 150 Battistas destined for the North American market and a $2.5 million price tag, the Battista is sure to be a rare sight. According to the company, over half of the cars slated for North America have been reserved.

The Battista was first shown during Monterey Car Week in a private showing. The company plans to return to Monterey this year to launch the “PF1,” which is supposedly Automobili Pininfarina's upcoming electric luxury car.

H/O: Automobili Pininfarina
The Pininfarina Battista hypercar

Chinese electric sports car Qiantu K50 by Mullen coming to US roads next year

Haze Fan | CNBC

An estimated 40 battery-electric vehicles are on display at this week's New York International Auto Show, and contrary to their popular image as slow and stodgy, many of them put an emphasis on performance, including the new Qiantu K50 by Mullen.

With its twin electric motors drawing power from a lithium-ion battery pack, the K50 can punch out 430 horsepower and 560 pound-feet of torque, enough to launch it from 0 to 60 in just 4.3 seconds, with an electronically limited top speed of 112 mph.

Already on sale in China, there is a two-month backlog of orders, said David Michery, founder and CEO of California-based Mullen Technologies, a start-up partnering with Chinese automaker Qiantu Motor to bring the K50 to the U.S. market next year.