VinFast's North Carolina plant is breaking ground on July 28th.
The state granted the Vietnamese automaker a $1.2B incentive package to build the vehicle plant and an ecosystem of connected suppliers.
The 1,800-acre factory plans to ramp up production output to 150K vehicles annually.
Despite a jump in revenue, GM Q2 profits dropped from Q1 on the back of higher per-vehicle transaction prices.
The company says it will roll back investments in new products and cut operating costs by an additional $1B through the end of next year.
Despite it all, the company increased its full-2023 profit forecast.
The EU passed a law requiring subscription-free chargers 37 miles apart on its Trans-European Transport Network (TEN-T) highways before 2026.
The move should diffuse some range anxiety, but a more recent report finds the main barrier to EV adoption has shifted to high prices.
Maybe they will put discounts every 37 miles next?
Toyota is laying off workers in its China-based joint venture with Guangzhou Automobile Group.
Despite price cuts and new model releases, Toyota's share in the Chinese EV market remains low.
The shift towards EVs has also hit other Japanese carmakers, with Mitsubishi suspending operations after significant sales drops.
A California resident has reportedly purchased a new Tesla Model 3 for under $14K by leveraging the $7500 federal tax credit, a $7500 Clean Vehicle Rebate Project credit, and other regional programs.
Claiming all of these incentives requires the rare combination of a sizable federal tax burden and a low enough income.