EVDigest Weekly Roundup: Sept 30th

Good morning, and happy Friday. Before you head into the weekend, here's a quick roundup of *some* of the big news items this week.But first: enjoying EVDigest? We hope you are. If you haven't already, go ahead and subscribe and join more than 150 industry executives, sell-side analysts, investors and reporters following the most important developments in the EV sector.

🗓️ Weekly Roundup 🗓️

Porsche IPO starts strong, ends flat. Volkswagen at last spun off Porsche on the Frankfurt Stock Exchange yesterday. The IPO was Europe’s largest in a decade. Shares ended flat, still a standout performance amid a broader decline in European and US markets.

Faraday Future might have a future. The EV startup resolved a highly contentious battle between top shareholders and the board. The company’s executive chair and another director will step down and shareholders will end litigation. Faraday also secured up to $100m in funding, but further delayed SOP of the FF91 to Q4.

New York follows California with zero-emissions EV mandate. Just one month after the California Air Resources Board voted to adopt Advanced Clean Cars II, NY Governor Kathy Hochul announced Thursday that all new passenger vehicles, pickups and SUVs sold in New York state must be zero emissions by 2035. Per the 1970 Clean Air Act, other states can adopt California’s policies but can’t implement their own standards.

Toyota Chief says meeting California requirements “difficult”. Meanwhile, in a meeting with U.S. journalists, Chief Akio Toyoda said that the company’s EV transition would take longer than expected and that meeting California's 2035 mandates would be challenging. He promised a wide array of powertrains to propel cars cleanly, including EVs, hybrids, hydrogen and gas-powered models.

Polestar 3 teased ahead of upcoming reveal. The 2023 Polestar 3 will be the company’s third model and first crossover SUV. The debut will be in Copenhagen on October 12 and will be live-streamed. The Polestar 3 will deliver up to 510 horsepower and have a range of 348 miles.

Fisker marches towards November start of production. 95 Ocean pre-production prototypes have rolled off of manufacturing partner Magna Steyr’s production line in Graz, Austria. Fisker says that it is on track for its November 17 start of production date. It will first bring the Ocean to the Paris and Oslo motor shows in October.

NIO warns that energy crisis is slowing European expansion. Founder and CEO William Li visited Europe this week and said that higher energy prices were slowing the rollout of its battery swapping stations. NIO started selling in Norway last year. Its larger Europe debut event is scheduled for October 7.

Ford hires new COO for China. Sam Wu joins from appliance maker Whirlpool, where he served as President of Asia Pacific. Earlier roles included CEO of Osram’s Asia-Pacific business and VP and regional GM for Honeywell Process Solutions, Greater China. The company is making big changes in China with the launch of a new subsidiary, Ford Electric Mach Technologies, and a new direct-to-consumer model.

GM 2023 Cadillac Lyric now shipping in China. Shipments of the new EV began following the official launch in June. The first Lyrics left the SAIC-GM Cadillac plant in Jinqiao on September 28 headed for local dealers. The EV has a starting price of RMB 439,700 ($61,070), and an Ultium battery-powered range of 312 miles.

That's all for this week! We'll be back on Monday with more news making waves in the EV space. Interested in advertising, have questions or tips? Reach us at [email protected]