The EV market keeps expanding with new players joining the race and bringing many innovations such as the Canadian-based tonneau cover manufacturer and recently trading on the Nasdaq Worksport Ltd (NASDAQ: WKSP). Worksport has a new product development in store after already bringing solar power to the EV table with its soon-to-be-launched TerraVis. Today the company announced its new wholly-owned subsidiary TerraVis Energy Inc. The new Energy subsidiary will focus on harnessing and advancing renewable and green energy-based technologies.
Rivian Files For IPO
The Irvine, California-based company whose upcoming electric pickup R1T pickup as challenger to Tesla Inc‘s (NASDAQ: TSLA) cyber truck has raised more than $10 billion since 2019, according to data from PitchBook. The EV startup is backed by no other than Amazon.com Inc (NASDAQ: AMZN) announced on Friday it has filed confidentially for an initial public offering. According to the Financial Times, it is reportedly seeking a valuation of more than $70 billion but besides the information that Goldman Sachs (NYSE: GS) is leading the offering, no other information has been revealed.
The company has an order of 100,000 custom electric delivery vans for Amazon with at least 10,000 due on the roads by the end of next year. Besides the electric pickup, it is producing a sport utility vehicle. Both will be manufactured at the company’s plant in Normal, Illinois but the company confirmed in July that it is seeking to build a second US manufacturing facility and is reportedly also considering having a plant in Europe. The”cascading impacts of the pandemic” forced the company to postpone deliveries of the vehicles from July to September.
Patent Filed For “Extremely Fast-Charging” EV Battery
Israeli company StoreDot has filed a patent that makes its innovation closer to EV makers Dubbed “XFC, its new approach to battery chemistry is marketed as a stepping stone between traditional lithium-ion chemistries and solid-state chemistry that can halve current charging times. It already proved its point earlier this year when it charged a drone in five minutes.
CEO Dr Doron Myersdorf explained that the making its XFC batteries could even cheaper than traditional lithium-ion batteries because in some cases silicon can be cheaper than graphite.
However, there is an issue of scale in both processing the silicon nanoparticles and managing the silicon supply chain.
Dodge To Resurrect ‘Fratzog’ Logo For Its EVs
The Fratzog is a made-up word by a designer that was initially used by Dodge from 1962 until 1976. The resurrected logo was first shown last month on a Dodge concept vehicle that was previewed by its parent company Stellantis N.V. (NYSE: STLA) during an “EV Day” for investors.
The company wishes the new concept to be seen as something that Doc Brown from Back to the future would have done, something futuristic and electrified which is the core of the company’s identity. Stellantis was formed to signify a new era for the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, with plans to invest at least $35.5 billion in EV development and its upporting technologies through 2025.
Dodge is expected to detail its electrification plans in the fourth quarter ahead of launching a plug-in hybrid model in 2022 and an all-electric muscle car in 2024, whereas the concept around Fratzog logo should be revealed unveiled early next year.
XPeng Shipped Its P7 Sedan
The Chinese EV maker Xpeng (NYSE: XPEV) just shipped its flagship P7 sedan to Norway on August 24th. This move underscores the Chinese electric carmaker’s ambitions to expand internationally as even its rival Nio Inc (NYSE: NIO) plans to begin delivering cars to Norway this year. Norway is Xpeng’s first international market and considering 54% of all new cars sold in Norway were electric in 2020, it chose wisely. This month, Xpeng revealed it will double its production capacity at one of its key plants and earlier this year, it launched the P5 which is another sedan that comes with a cheaper price tag than Tesla’s Model 3.
By the looks of it, the EV era is a story that is yet is to be written, with many new exciting chapters ahead.
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