Electric Cars News

The additional investment, which adds to an existing A$72 million commitment and will be spent by the end of June 2025, will also aid purchases of electric cars and buses for government and business fleets.

China Evergrande New Energy Vehicle Group Ltd will issue about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd, after striking a similar deal with it last week.

The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).

The company said trial runs would start in the coming weeks, where big rigs equipped with its fifth-generation Waymo Driver technology will deliver for UPS' North American Air Freight unit between facilities in Dallas-Fort Worth and Houston, Texas.

The motor, known as an axial-flux motor and designed by the British startup YASA which Daimler acquired earlier this year, weighs a fraction of its diesel equivalent and can boost the range of an EV by up to 7%.

Piech Automotive is due to release its 200,000 euro Piech GT model in 2024, with a production target of 10,000 cars a year.

Germany aims to have at least 15 million electric cars on the roads by 2030 in its shift towards climate neutrality, up from a previous goal of 14 million.

The three governments want to take advantage of a new trade deal known as the United States-Mexico-Canada Agreement (USMCA) to deepen supply chains, but that push has been clouded by months of wrangling over disputes in the auto industry.