Independent electric transport news covering aviation, maritime, buses, trucks, rail and working machinery.
Toyota plans to invest around $1.3 billion at its Buenos Aires site to produce a new electric vehicle. The company says the project would be the largest investment in Argentina’s automotive industry to date.
Renault says it plans to invest more than €10 billion in France over the next five years, with most of the money going to electric vehicles and more affordable models. The company says the plan depends on political and social framework conditions.
CBAK Energy has signed an investment agreement for a project in Nanjing that would add 12 GWh of annual cell production capacity. The project covers the research, development and manufacture of large cylindrical sodium-ion cells and integrated battery systems.
Geely has acquired a 30% stake in Nio’s battery swap unit. The deal could help increase utilisation of the swap network by bringing in more vehicles.
Automotive World’s source summary says Volkswagen’s goal of US$1000/kWh hinges on standardising its battery technology across all joint venture partners.
Elroy Air said its previously announced private investment in public equity commitments have increased to $175 million. The update matters because it raises the amount of funding committed to the company.
NIO said it signed definitive agreements giving a Geely Holding subsidiary a 30% stake in NIO Power, the unit that operates its swap stations and chargers. The deal values NIO Power at about RMB16 billion ($2.4 billion) and includes an asset contribution plus RMB640 million in cash.
OBE Power has received a new equity investment from North Sky Capital. The capital is intended to support expansion of its North American EV charging network, adding resources alongside an existing credit facility.
Renault says it will invest €600 million by 2030 to modernize its Valladolid and Palencia plants in Spain. The plan includes production of five new models, among them two EVs, and a battery assembly line in Valladolid.