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Automotive Shake-Up: Fisker’s Bankruptcy, Volvo’s Hybrid Phase-Out, and Kia’s Mexican EV Ambitions Unveiled



Fisker Folds, Volvo S60 Recharge Axed, Kia EV3 Updates: Latest Auto Updates

Volvo discontinues its most fuel-efficient hybrid model. Kia considers Mexico for production of its new budget-friendly electric vehicle. Fisker has collapsed financially with its Ocean model. Additionally, why aren't Americans utilizing their electric vehicles more frequently? All this and more, on Green Car Reports.

The U.S. electric vehicle startup Fisker declared bankruptcy on Monday, unable to secure the necessary funding to restart production of its Ocean electric crossover. The company, which employs a minimal asset strategy focusing on contract manufacturing, might have liabilities that approach or equal its total assets. Notably, this marks the second bankruptcy for a company under the Fisker name.

The Volvo S60 Recharge holds the record for the most efficient plug-in hybrid in terms of electric range and fuel economy within Volvo’s range. However, it will be discontinued after the 2025 model year. Volvo had previously announced that it would cease production of gasoline-powered models at its South Carolina facility, and on Monday, the company clarified that it would not be importing the S60. The future of the V60 wagon models remains uncertain at this time.

A report based on internal sources indicates that Kia is contemplating assembling its new Kia EV3 electric SUV in Mexico. This move could potentially bring the compact electric vehicle to the U.S. market at a starting price of around $30,000, potentially qualifying it for EV tax credits. However, the decision has not been finalized.

In the United States, electric vehicles (EVs) are used less frequently and cover fewer miles each year compared to their gasoline-powered counterparts, including hybrid vehicles. This trend does not hold globally as EV drivers in other countries generally travel greater distances. What makes the U.S. different in this regard?

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The E-Tron GT continues to match the Porsche Taycan in performance and aims to enhance its reputation as Audi's most potent vehicle by excelling in highway driving.

The reasons behind the United States diverging from trends common in several electric vehicle markets remain ambiguous, though low gasoline prices and concerns over the availability of charging stations could play significant roles.

Fisker's holdings are set to be auctioned following the firm's bankruptcy declaration earlier this week.

The affordability and potential for EV tax credits might be steering Kia towards Mexico as the favored production site for its EV3 compact electric crossover.

Volvo has confirmed that production of the U.S. variants of the S60 sedan, including the high-efficiency, long-range S60 Recharge plug-in hybrid, will cease in South Carolina and the cars will no longer be imported to the United States.

Last week's gathering of Tesla stakeholders was abuzz with updates on products and batteries. Concurrently, while detractors of electric vehicles continue to point to high prices as their main deterrent, the market tells a different story as new electric vehicle prices stabilize and the cost of pre-owned models takes a dive. Stay tuned for more updates here at Green Car Reports.

Even though the prices of new electric vehicles (EVs) have been steadily decreasing for several months, 60% of Americans still consider their cost to be a major obstacle to purchasing one.

An analysis of listed asking prices indicates that the typical cost of a recent-model used Tesla Model 3 is lower than that of a BMW 3-Series.

What strategies are BMW and VW implementing with AI technology in their electric vehicles? What are the reasons behind legislators' concerns regarding the inclusion of electric vehicles in vehicular fleet efficiency norms? We're reflecting on these topics and more in our weekly recap at Green Car Reports. Join us as we cover the major stories from the past week, ending on June 15, 2024. This week, we at Green Car Reports have your first look…

Tesla's 4680 batteries, introduced during the 2020 Battery Day, have not achieved their goal of reducing battery costs by 50% or transforming Tesla into a battery provider.

At the company's yearly shareholder gathering, CEO Musk highlighted the importance of keeping products affordable.

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