Ford says it has received 200,000 preorders for F-150 Lightning and Tesla CEO Elon Musk says more information about the Cybertruck will be revealed soon. Yahoo Finance's Pras Subramanian breaks down the latest news in the electric vehicle market.
(Bloomberg) -- Volkswagen AG will invest 89 billion euros ($101 billion) in new technology over the next five years to narrow the gap to Tesla Inc. and keep incumbent rivals like Toyota Motor Corp. or Stellantis NV at bay.Most Read from BloombergThe World’s Relentless Demand for Chips Turns Deadly in MalaysiaSand and Soldiers Mix as Troops Move In to Protect Cancun TouristsAnatomy of a Bad RoadThe 15 Best Beers We Drank This YearFormer Oil Trader Is Now Betting on Lumber for SkyscrapersSpending
Doing its best to make up for lost time, Toyota Motor (NYSE: TM) on Dec. 6 announced its intention to construct an electric vehicle (EV) battery factory in North Carolina. The explosion of EV popularity has caught Toyota flat-footed in recent years, and now the Japanese company is working to catch up with a new facility it says will be able to make around 800,000 EV batteries annually, with future expansion to manufacture around 1.2 million batteries already planned. Toyota's action would have been considered a strong move three years ago.