Volvo Car Group acquired an additional stake in Polestar, increasing its stake in the electric vehicle manufacturer controlled by Volvo’s parent company Geely to 49.5%.
This investment follows Polestar’s first round of external funding in April. Then they managed to get $ 550 million, having interested Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo.
Polestar leverages Volvo Cars’ manufacturing capabilities. Based on Volvo Car Group’s next-generation architecture, the Polestar 3 electric car, recently announced, will be built at Volvo Cars’ Ridgeville, South Carolina plant. Future Polestar models are expected to be produced in Europe by mid-decade.
Volvo Cars created Polestar as a new brand focused on electric vehicles and owned about half of Polestar until a private placement earlier this year diluted Volvo Cars’ stake in the company. This deal will bring Volvo Cars’ share back to its previous level.
Volvo Cars has acquired an additional stake from PSD Investment, a private equity firm of Eric Lee, chairman of Volvo Cars and its parent company, Zhejiang Geely Holding Group. After the deal, PSD Investment will remain Polestar’s second largest shareholder.
Volvo Cars has no plans to further increase its stake or consolidate Polestar.
Tesla Semi with a range of 800 km will be released this year, Cybertruck with the same range – next
Tesla CEO Elon Musk announced today that the company will begin deliveries of its Semi electric truck with a range of about 800 km this year, with a Cybertruck with the same range coming in 2023.
At the time of the announcement of the Tesla Semi in 2017, the automaker said that production versions of the 36-ton electric truck would have a range of about 480 and 800 km at a price of $150,000 and $180,000, respectively. The truck can accelerate from 0 to 60 mph (97 km/h) in 20 seconds, even with a huge load. Pre-orders began to be accepted in May of this year with a deposit of $20,000.
As for the Cybertruck, Musk recently acknowledged that the company would not be able to sell a vehicle with the features and price it announced in 2019, when the pickup truck was introduced.
Tesla 500 mile range Semi Truck starts shipping this year, Cybertruck next year
— Elon Musk (@elonmusk) August 10, 2022
At the time of the announcement, the single-motor Cybertruck was offered for pre-order for $39,900, the dual-motor version started at $49,900, and the triple-motor version started at $69,900.
Honda and Sony team up to take on Tesla
Honda and Sony have decided to compete with the American company Tesla in the electric car market, as stated in an interview with the Nikkei newspaper by the president of the automaker, Toshihiro Mibe.
When asked by the Nikkei about whether Honda and Sony are ready to beat the American company in the electric car market, he answered as follows:
We will not play catch-up with Tesla, instead we will bring new, original value to our products. Nevertheless, we intend to make Tesla a worthy competitor.
Honda and Sony plan to create a venture company Sony Honda Mobility during 2022, which will develop and manufacture electric vehicles. Primary production will take place at existing Honda plants. In doing so, Sony will offer digital services for the upcoming mobile platform.
We are very pleased to have signed a joint venture agreement with Sony, which has strengths in advanced digital technology. and shares our desire to take on new challenges.
The news follows Sony’s announcement of its intention to become an electric vehicle brand. The company introduced the Vision S 02 concept car at the Consumer Electronics Show in Las Vegas earlier this year.
Sales of new cars will begin in 2025.
Iln Musk sells Tesla stock for $7 billion
According to The Wall Street Journal, citing US regulators, Tesla CEO and largest shareholder Elon Musk has sold nearly $7 billion worth of Tesla shares.
This comes amid uncertainty over the fate of his $44 billion Twitter deal. He sold the shares in case the court ordered him to buy Twitter, so as not to rush to sell the assets at a reduced cost, the publication believes. The shares were sold between Friday and Tuesday, leaving him with about 15% of the company’s shares.
At the end of April, Elon Musk sold $4 billion worth of Tesla shares amid an agreement with Twitter management to buy the company. In July, the entrepreneur refused to buy a social network due to the fact that Twitter, according to him, hides the real information about the number of fake accounts on the social network.
Twitter sued the billionaire for refusing to complete the deal. On August 6, the businessman said he was ready to make a deal if Twitter provided full information about the number of bots on the social network.
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