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EV maker and R&D arm of car group owned by Geely planning to join Nasdaq in deal with Spac backed by Bernard Arnault The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world’s richest man. China’s Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault. Continue reading...

Several bids are understood to have been made for assets of failed electric vehicle battery startup The battery startup Britishvolt owed as much as £120m to creditors when it collapsed last week in a major blow to hopes of sustaining the British car industry, it can be revealed. Creditors are expected to recover a very small proportion of the debts, according to a source with knowledge of the matter, although there are understood to be several bids for the company and its assets. EY, a professional services firm, is handling the administration. Continue reading...

Environmental awareness and government-backed subsidies have contributed to the spike, while Australian purchases remain stuck in the slow lane Increased awareness of the climate crisis, soaring petrol prices and a government rebate scheme bolstered sales of electric vehicles in New Zealand to record highs in December, analysts say – with uptake now far outstripping that of neighbouring Australia. Official figures for light vehicle registrations – covering almost all passenger cars – showed battery-powered EV sales rose to just over 20% last month, from less than 4% in January 2022. Continue reading...

Exclusive: Sales of Chinese-made vehicles increased 61% in 2022 with one industry expert saying companies are ‘innovating faster’ Follow our Australia news live blog for the latest updates Get our morning and afternoon news emails , free app or daily news podcast China is rapidly becoming one of the largest sources of new cars for Australian buyers with Chinese carmakers’ increasing dominance of electric vehicle sales in their home market potentially accelerating the transition off fossil-fuel powered transport. In 2022, sales of Chinese-made vehicles in Australia totalled 122,845 units, a 61.1% increase on the previous year, according to Federal Chamber of Automotive Industries data. In December, imports from China were more than double a year earlier. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading...

EY is understood to be ready to take control after talks about new funding fail The battery startup Britishvolt is expected to collapse into administration on Tuesday after talks about funding from new investors failed. The company’s efforts to build a giant facility near Blyth in Northumberland have stalled in recent months as it has struggled to find a cash injection to pursue the project. Continue reading...

‘I am not minimising the frustration … but this will allow us to do congestion modelling with real-life data to tell us where we should upgrade,’ Evie Networks boss says Follow our Australia news live blog for the latest updates Get our morning and afternoon news emails , free app or daily news podcast Australians are familiar with holiday frustrations: queues at theme parks, traffic jams at the beach, competition for Boxing Day bargains. But this year, some discovered a new source of stress: delays when charging their electric cars. Queues at some charging stations in the week after Christmas saw drivers forced to wait up to 90 minutes to get back on the road. Continue reading...

Talks on rescue deal for battery startup led by DeaLab, which has been involved in fossil fuel transactions The battery startup Britishvolt is in talks with an Indonesia-linked oil and gas investor for a £160m rescue deal that would almost wipe out the value of existing shareholders’ stakes. The investor consortium is led by DeaLab Group, a UK-based private equity investor that has been involved in several fossil fuel and renewable energy transactions in Indonesia, and an associated metals business, Barracuda Group. Continue reading...

Tesla’s Model Y was stand out performer as EVs surpassed sales of diesel cars for first time, while total car sales fell by about 2% from 2021 Sales of electric vehicles have reached record levels in the UK, although supply chain disruption drove total sales of new cars to their lowest level in 30 years. Just more than 1.6m new cars were sold in the UK last year, a 2% fall from 2021, and the lowest level since 1992, according to the annual sales snapshot from the Society of Motor Manufacturers and Traders (SMMT). Continue reading...

Carmaker, which also owns Kia, missed 2022 targets amid shortage of chips and other vital parts The carmaker behind Hyundai and Kia has said it aims to increase global sales by 10% this year, as the company accelerates its transition to electric vehicles. Hyundai Motor Company’s new forecasts come despite it having failed to reach its sales targets for 2022 because of supply chain disruptions that resulted in a shortage of semiconductor chips and other vital car parts. Continue reading...