In the race to find cleaner fuels, the heavy duty transportation sector is woefully behind because batteries don’t have enough juice to power trucks and ships. Enter ammonia. New technology and new companies are working on turning ammonia into hydrogen to power tractors, trucks and even ships. The heavy duty trucking industry alone accounts for… Continue reading Saudi Aramco backs Brooklyn-based startup turning ammonia into fuel
Category: US Motoring Press
Rivian to lay off 6% of its workforce as EV price war concerns grow
Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company’s manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Jamie Kelter Davis | Bloomberg | Getty Images Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve… Continue reading Rivian to lay off 6% of its workforce as EV price war concerns grow
GM lowers bonus performance percentage for salaried employees
General Motors Co. has lowered the percentage in the performance plan payout the automaker uses to determine a salaried employee’s bonus payout this year. The percentage this year is 158%, down from last year’s 200%, The Detroit News has confirmed. The lowered percentage comes as GM reported record pre-tax earnings of $14.5 billion for 2022… Continue reading GM lowers bonus performance percentage for salaried employees
Rivian cuts 6% of workforce, spares blue collar employees
This content is only available to subscribers. Get unlimited digital access. $1 for 3 Months. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The eNewspaper, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading Rivian cuts 6% of workforce, spares blue collar employees
Novi battery maker Our Next Energy raises $300M in Series B funding round
Electric-vehicle battery maker Our Next Energy said Wednesday that it has raised $300 million in its latest fundraising round, bringing the Novi-based startup’s valuation to more than $1 billion. The latest infusion of investment, combined with economic incentives from the state of Michigan, gives the company the capital needed to launch production at its first… Continue reading Novi battery maker Our Next Energy raises $300M in Series B funding round
GM’s record profit sharing to boost Michigan economy as EV push intensifies
This content is only available to subscribers. Get unlimited digital access. $1 for 3 Months. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The eNewspaper, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading GM’s record profit sharing to boost Michigan economy as EV push intensifies
Geely’s Lotus going public via SPAC at $5.4 billion valuation
Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion. L Catterton Asia Acquisition Corp. will combine with the EV making subsidiary of the British carmaking group that Geely acquired back in 2017,… Continue reading Geely’s Lotus going public via SPAC at $5.4 billion valuation
Capex on infrastructure increased by 33 percent to Rs 10 lakh crore for FY23-24 in Budget 2023
Capex on infrastructure increased by 33 percent to Rs 10 lakh crore for FY23-24 in Budget 2023 The Union Budget 2023 has allocated Rs 10 lakh crore for capital investments and Rs 79,000 crore for affordable housing. This increase of 33 percent bodes well for commercial vehicle demand, especially for heavier multi-axle vehicles and tippers, industry… Continue reading Capex on infrastructure increased by 33 percent to Rs 10 lakh crore for FY23-24 in Budget 2023
E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24
E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24 Finance Minister Nirmala Sitharaman’s Budget has brought optimism and relief to the Indian automobile industry’s green players. The Budget has funded numerous programmes for green energy, green farming, green transportation, green equipment and energy efficiency policies across multiple economic sectors. Reduction in… Continue reading E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24
E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24
E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24 Finance Minister Nirmala Sitharaman’s Budget has brought optimism and relief to the Indian automobile industry’s green players. The Budget has funded numerous programmes for green energy, green farming, green transportation, green equipment and energy efficiency policies across multiple economic sectors. Reduction in… Continue reading E-mobility sector largely cheerful with government’s focus on green growth in Budget 2023-24