All articles tagged with #ev factory
Foxconn sold its former GM EV factory for $88 million to an anonymous buyer after failing to establish large-scale EV production, marking a setback in its U.S. manufacturing ambitions. The company plans to remain involved in manufacturing at the site, possibly shifting focus to AI servers, following the bankruptcy of several EV startups it partnered with.
Lucid has opened the first electric vehicle factory in Saudi Arabia, a result of its strategic partnership with the Kingdom. The factory is expected to produce 5,000 units annually initially, with plans to eventually build 155,000 cars per year. Saudi Arabia has already committed to adding 100,000 Lucid EVs to its government fleet, and the factory could bring Lucid an increase in value of approximately $3.4 billion over the next 15 years.
Hyundai is accelerating the construction of its $7.6 billion electric vehicle (EV) and battery production facility in Georgia due to the EV tax incentives provided by the Inflation Reduction Act (IRA). The IRA rewards domestic EV and battery production, prompting Hyundai to establish roots in North America. The company aims to assemble 300,000 EVs annually at the Georgia plant and has partnered with LG Energy Solution to produce cells, qualifying for more tax incentives. Hyundai's decision to expedite production is driven by the desire to comply with the IRA and secure a larger share of the EV market in the United States.
Saudi Arabia is reportedly in early talks with Tesla to establish a manufacturing facility in the kingdom, as the country seeks to diversify its economy away from oil. The discussions come after Turkish President Tayyip Erdogan asked Elon Musk to build a vehicle factory in Turkey. Saudi Arabia has been enticing Tesla with the opportunity to purchase metals and minerals needed for its electric vehicles from countries like the Democratic Republic of Congo. The kingdom's sovereign wealth fund is also a major investor in Lucid Group, a Tesla competitor. Tesla aims to select a location for a new factory by the end of 2023 and has a goal to sell 20 million vehicles per year by 2030.
Saudi Arabia is reportedly in early talks with Tesla to establish a manufacturing facility in the kingdom, as part of its efforts to secure metals for electric vehicles and diversify its economy away from oil. The discussions highlight Saudi Arabia's push to attract foreign investment and expand its presence in the EV industry.