🗓️ EV Digest Weekly Roundup 🗓️

Good morning, and happy Friday! Before you head into the long weekend, here's a quick roundup of some of the big news items this week

🗓️ Weekly Roundup 🗓️

Polestar ($PSNY) revenue surges but operating loss widens. The EV maker posted revenues of $1.04 billion for the first six months, up 95%. But operating losses more than doubled. Polestar delivered 21,185 EVs in the first half of the year (up from 9,510 in the year-earlier period) and expects to deliver 50,000 vehicles for the full year.

Faraday Future ($FFIE) employees in revolt. Around 140 employees signed and sent a letter to the board and important shareholders requesting the removal of executive chair Sue Swenson, alleging she is attempting to "push the company into bankruptcy and restructuring." In a business updated dated August 29, Faraday Future said it was pushing start of production to Q4 this year (from Q3) and was continuing fundraising efforts.

Canoo ($GOEV) loses its manufacturing chief. The departure of John Mocny, a longtime GM exec who joined Canoo in early 2022 from Harley-Davidson, comes as Canoo plans to outsource the production of its LDV EVs for Walmart. Mocny joins a wave of executive departures, including the former CHRO and former Tesla executive Rich Schmidt.

Ford ($F) and Rivian ($RIVN) push for faster critical mineral permitting process. A Ford executive told the U.S. Department of Interior that the process should take no longer than three years. Permitting for critical mineral production can currently take up to 10 years. The move follows IRA content requirements for EV tax credit eligibility that are scheduled to kick in January 1, 2024.

Toyota plans big spending in the U.S. following the IRA. The company laid out plans to spend $5.6 billion on EV battery capacity. $2.5 billion would be spent in the U.S. at its North Carolina plant to scale production. The rest would be spent in Japan as well as on its joint venture with Panasonic. In the April-to-June quarter, Toyota shipped just 4,000 EVs.

Lucid ($LCID) makes a dash for cash. The EV maker announced an $8 billion mixed shelf to build more working capital as it expands its Arizona facility and constructs its $3.4 billion Saudi Arabia factory. And Lucid isn’t alone – a day after the announcement, Nikola ($NKLA) said it will sell up to $400m in an ATM offering.

Buffett’s Berkshire trims stake in BYD ($BYDDY). Berkshire Hathaway reduced its shares from 20.04% to 19.92%. The news sent BYD shares down more than 12%, making it the worst performer in the Hang Seng Index on Wednesday.

General Motors’ ($GM) China JV launches tiny EV. The Cabrio, a two-seater EV convertible, will be made by SAIC-GM-Wuling Automobile Co. The price hasn’t been disclosed but is expected to start at around $14,500.

That's all for this week! We'll be back on Tuesday after the long weekend. Reach us at [email protected] for any tips, questions or advertising inquiries.