Electric Cars News

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production

The grants, which are going to projects across at least 12 states, mark the latest push by the Biden administration to help reduce the country's dependence on China and other nations for the building blocks of the green energy revolution.

The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026.

Decades-high inflation, rising energy bills in Europe and signs of a weakening China market have raised doubts among some analysts about whether Tesla can buck an economic slowdown and continue to raise prices without hurting its sales.

As per federal data, Tesla topped registrations of battery-electric vehicles in Germany in the first nine months of this year at nearly 38,500 beating the Volkswagen brand by around 6,000 vehicles.

The automaker has already announced two joint-venture battery plants - one in Indiana and the other in Canada.

VinFast, which began operations in 2019, is a unit of Vietnam's biggest conglomerate Vingroup and has sold 2,208 EVs in total since its launch late last year.

The cost of making electric cars will reach parity with internal combustion cars by around 2025/26, the head of Envision Racing forecast.