Tag: green tech

By on August 27, 2020

Chinese electric vehicle manufacturer Xpeng announced Thursday a decision to increase the size of its U.S initial public offering (IPO) by more than a third after realizing Wall Street can swallow anything so long as it promises a greener tomorrow.

Co-founded in 2014 by two former executives from China’s GAC Group, the EV startup has already managed to produce around 20,000 vehicles for the Asian market. It also became engaged in an intellectual property dispute with Tesla (which claimed Xpeng stole its Autopilot source code) in 2019 and ran afoul with California’s Department of Motor Vehicles after failing to submit disengagement reports on its self-driving test vehicles in 2018.

Such hurdles don’t seem to have slowed the company’s rise to prominence, however. Xpeng is adept at fundraising, amassing well over a billion dollars through strategic partnerships in just the last two years. Meanwhile, the adjusted IPO filed on the New York Stock Exchange this August now targets a cool $1.5 billion USD. (Read More…)

By on May 21, 2020

The European Commission is reportedly preparing an economic stimulus package aimed at helping the EU bounce back from economic hardships caused by the coronavirus lockdown — saving some room for incentivized electric vehicle sales.

As you may have noticed in your home country, stimulus package proposals often involve lawmakers attempting to slip something in to aid their favorite causes. While not every nation in the EU feels similarly on all matters, environmentalism has been a reoccurring theme within the union — and has encouraged it to make aggressive decisions when it comes to promoting vehicles.

For decades, the European Union spent billions in subsidies and tax breaks to make diesel fuel cheaper than gasoline. Diesel engines produced less carbon dioxide and opened the door to biofuels, so the presumption was they were better for air pollution. That turned out not to be true, so the continent then pushed hard into subsidizing EVs, with diesel sales crumbling as a result.

Now seen as the only way to save the world from heavy, gas guzzling crossovers that people actually buy in great numbers, battery electric cars are getting their moment in the sun. And it may get a little brighter. The next EU stimulus package is set to include €20 billion ($22 billion USD) for those deciding to purchase an environmentally friendly passenger car.  (Read More…)

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