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<ul class="summary-list"><li>The CEO of <keyword id="20763638" type="General" weightage="20" keywordseo="Tesla-rival" source="keywords">Tesla rival</keyword> Lucid had a scathing assessment of the EV market in the US.</li><li><keyword id="23975725" type="General" weightage="20" keywordseo="Peter-Rawlinson" source="keywords">Peter Rawlinson</keyword> said most electric cars in the US "frankly suck" and were underwhelming.</li></ul>The boss of one of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest rivals thinks he knows why the US public isn't being won over by EVs. Peter Rawlinson, the <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">CEO of Lucid Motors and a former VP of engineering at Tesla</a>, spoke on the Cars and Culture podcast last week that most of the <keyword id="19895203" type="General" weightage="100" keywordseo="Electric-Vehicles" source="keywords">electric vehicles</keyword> on offer "frankly suck." Asked whether EVs in the US have a perception problem, Rawlinson said the problem was "not perception, but reality." "I think many people have driven EVs that frankly suck. I know because I drive all the competition," he said. "I think that the American public has been ill-served by underwhelming EVs," Rawlinson added. Rawlinson, who previously worked for Elon Musk and helped build Lucid, became CEO of Lucid in 2019. The EV startup is gearing up to launch its new electric SUV, the <a href="https://www.businessinsider.com/luvid-gravity-suv-details-photos-tesla-topping-range-interior-cargo-2023-11" target="_blank">$94,900 Gravit</a>y, with production expected to start by the end of this year. Lucid has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-lucid-which-is-better">touted its industry-leading technology</a> but continues to be stuck in the so-called EV "valley of death." The company reported revenues of $200 million in the most recent quarter and a net loss of $992 million. In August, it secured another $1.5 billion in investment from Saudi Arabia's Public Investment Fund, its majority shareholder. Meanwhile, EV sales growth in the US has slowed this year amid a dearth of affordable electric options. According to Kelley Blue Book, the average price of a new electric vehicle in the US in September was $56,000, compared to $48,397 for combustion-engine vehicles. <h2>China races ahead</h2>US automakers are grappling with the challenge posed by Chinese EV companies like BYD and Xiaomi, who have rolled out affordable electric vehicles packed with advanced technology. While these companies are unable to sell their cars in America due to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-criticizes-biden-plan-to-ban-chinese-tech-in-cars-2024-11">cripplingly high tariffs</a>, they are putting Western companies under pressure in China and attracting plaudits in the US, with Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Jim Farley praising Xiaomi's SU7 EV</a>. Rawlinson previously described China's automakers <a target="_blank" class="" href="https://www.businessinsider.com/lucid-chinese-automakers-years-behind-tesla-electric-vehicles-elon-musk-2024-5">as "years behind" the likes of Tesla</a> in terms of core EV technology. Speaking on the Cars and Culture podcast, he said Chinese companies like BYD were ahead of US rivals in battery chemistry and assisted driving technology — but said they benefit from an "uneven playing field" due to government subsidies. "I think the Chinese do have a fundamental advantage because when the government says go, they all go in the same direction instead of arguing with each other," Rawlinson said. A study from the Centre for Strategic and International Studies think tank, released earlier this year, found that China has <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">provided at least $230 billion in support</a> to electric vehicle makers such as BYD since 2009. "I'd say they're still behind in terms of the core EV powertrain technology, but don't underestimate them," Rawlinson added. Lucid did not respond to a request for comment, sent outside normal working hours. This story has been amended to state that the production of Lucid's Gravity SUV is scheduled to start at the end of 2024.

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid 

Luxury car maker <keyword id="19980471" type="General" weightage="20" keywordseo="Mercedes-Benz" source="keywords" meta.keywordsubtype="org" meta.entityname="Mercedes-Benz" meta.hostid="261" meta.entityid="Mercedes-Benz">Mercedes-Benz</keyword> India on Monday expanded its <keyword id="20763359" type="General" weightage="20" keywordseo="Battery-Electric-Vehicle" source="keywords">Battery Electric Vehicle</keyword> (BEV) range in the country with the launch of the locally produced <keyword id="23188212" type="General" weightage="20" keywordseo="EQS-580-4MATIC" source="keywords">EQS 580 4MATIC</keyword>. India is the first country outside the US to start the <keyword id="20805504" type="General" weightage="20" keywordseo="local-production" source="keywords">local production</keyword> of the seven-seater electric SUV. EQS SUV 580 4MATIC is the second model, after the EQS sedan, to be locally produced at company's Pune-based manufacturing plant. "This will be our sixth EV in India, and the second car to be locally produced in India. We are also proud that India becomes the first market out of the US to locally manufacture the EQS," Mercedes-Benz India Managing Director and CEO Santosh Iyer told PTI in an interaction. The move to manufacture the product locally outlines the company's commitment to electrification and increasing product portfolio offering choices to customers, he added. "EQS SUV's localisation underpins our deep commitment to grow the Indian <keyword id="23188213" type="General" weightage="20" keywordseo="luxury-electric-car" source="keywords">luxury electric car</keyword> market and reinforce our commitment for a greener and sustainable future," Iyer said. The move also supports the government's vision of Make-in-India, he said. Iyer said local production has led to a significant advantage in terms of pricing the electric SUV. The introductory price of EQS SUV 580 4MATIC starts at Rs 1.41 crore which should also make a lot of customers shift to EVs much faster in terms of transition, he said. When asked about the demand for green vehicles, Iyer said the sales of EVs were growing in the country with even high-end products finding acceptance. "The EQA sedan which was introduced in India around 18 months back, we have sold more than 500 cars. It's a car costing more than Rs 1.6 crore. Our total penetration of EVs is 5 per cent today, it's growing. For sure, customer acceptance is there," he stated. Iyer noted that the company remains committed to offer top-end luxury EV products offering higher range in the market. He noted that there may be more opportunities in the entry EV segment but the focus of the company firmly remains on bringing luxury products in the market. "To bring products at lower price points, that is not our current strategy," Iyer said. The company aims to offer products with higher driving range, a factor that leads to bigger battery and escalation in price, he added. The EQS SUV 580 4MATIC is India's longest range electric SUV with ARAI certified range of 809 kms. Iyer said the company remains committed to the Indian market and has announced an additional investment of Rs 200 crore earlier towards manufacturing operations, new product start-ups and digitisation of manufacturing processes. The company till date has invested over Rs 3,000 crore in India, he added. In the January-September period this year, Mercedes-Benz India has launched three new BEVs ' EQA, EQS SUV 580 and Mercedes-Maybach EQS 680 SUV. With the EQS SUV 580 4MATIC, the company now offers the EQA, EQB, EQE SUV, EQS SUV, EQS sedan and Maybach EQS SUV 680 in the market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/arkade-developers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113384216.cms">Arkade Developers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-neo-with-dimensity-7300-50mp-camera-launched-in-india/articleshow/113386868.cms">Motorola Edge 50 Neo with Dimensity 7300, 50MP camera launched in India</a>

Mercedes expands BEV range; rolls out second locally produced model in India

Electric two-wheeler maker <keyword id="19938729" type="General" weightage="100" keywordseo="Ather-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="Ather Energy" meta.hostid="261" meta.entityid="Ather Energy">Ather Energy</keyword> on Wednesday said it has collaborated with <keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> to give real-time availability information on two-wheeler <keyword id="22949804" type="General" weightage="20" keywordseo="fast-charging-stations" source="keywords">fast charging stations</keyword> to <keyword id="21361710" type="General" weightage="20" keywordseo="EV-users" source="keywords">EV users</keyword>. The collaboration will allow EV users with the Light Electric Combined Charging System - <keyword id="22949805" type="General" weightage="20" keywordseo="LECCS" source="keywords">LECCS</keyword>, the official Indian EV charging connector standard, on their two-wheelers to find '<keyword id="22949806" type="General" weightage="20" keywordseo="Ather-Grid" source="keywords">Ather Grid</keyword>' fast chargers on Google with complete live status updates of the chargers, the company said in a statement. Chargers with LECCS will appear when searching for 'EV charger near me' or '<keyword id="20593483" type="General" weightage="20" keywordseo="charging-stations" source="keywords">charging stations</keyword>" on <keyword id="19895625" type="General" weightage="20" keywordseo="google-maps" source="keywords">Google Maps</keyword> and whenever a new charger is installed, it will also be listed on Google Maps, it added. Ather Grid's fast-charging network for electric two-wheelers is based on the indigenously developed LECCS, which is approved for nation-wide adoption by the Bureau of Indian Standards, Ather Energy said. The new standard was launched last year in a significant move towards building a universal standard through interoperability, thus paving the way for wider adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> in the country. As of March 30, 2024, 1,973 fast chargers are already available to the public, Ather Energy said.

Ather Energy, Google collaborate to give real-time information on 2-wheeler fast charging stations

<ul class="summary-list"><li>European battery firm Northvolt said on Monday it would lay off 1,600 workers.</li><li>The startup, founded by two former Tesla execs, builds batteries for electric vehicles.</li></ul>A European battery startup founded by two former <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla </a>executives is cutting a fifth of its workforce amid a darkening outlook for electric vehicles.Swedish battery maker Northvolt announced on Monday it would lay off 1,600 employees and scale back on expansion plans, citing efforts to prioritize its existing customers.<a target="_blank" class="" href="https://northvolt.com/articles/northvolt-rescopes-operations/">Peter Carlsson</a>, CEO and cofounder, said in a press release that the company needed to make "tough" decisions to respond to "headwinds in the automotive market, and wider industrial climate. We now need to focus all energy and investments into our core business." The company was founded in 2016 by Carlsson and Paolo Cerutti and has been backed by investors including Goldman Sachs, Baillie Gifford, and Spotify cofounder Daniel Ek. It <a target="_blank" class="" href="https://www.businessinsider.com/northvolt-trying-fix-electric-vehicle-supply-chain-battery-recycling-2023-4">aimed to revolutionize battery manufacturing</a> but has struggled in recent months.BMW pulled out of a $2.1 billion order for battery cells for its EVs in June, outlets including Reuters reported.Northvolt has also faced <a target="_blank" class="" href="https://sifted.eu/articles/northvolt-trouble-cancelled">a series of deaths</a> among workers at one of its factories near the Arctic Circle in northern Sweden.In late 2023 the company asked investment banks to pitch for roles in a listing as soon as this year that could have valued Northvolt at about $20 billion. It's unclear when, or even if, the company will go public.EV companies have slashed jobs over the past year as demand for electric vehicles has slowed. Tesla laid off more than 10% of its global workforce in April, and rivals <a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-one-brand-wont-win-ev-industry-tesla-2024-9">Rivian</a> and <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">Lucid</a> have also cut workers.Northvolt did not immediately respond to a request for comment from Business Insider.

Another blow for electric vehicle drive as battery startup Northvolt lays off 1,600 workers 

<ul class="summary-list"><li>EV stocks fell on Wednesday after a report said President-elect Trump plans to cut EV tax credits.</li><li>The $7,500 tax credit was part of Biden's Inflation Reduction Act, put into place in 2022.</li></ul>Electric vehicle stocks dropped on Wednesday after a report said President-elect Donald Trump's transition team is looking at doing away with the EV tax credit. According to a report from <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/trumps-transition-team-aims-kill-biden-ev-tax-credit-2024-11-14/">Reuters</a>, Trump's transition team has drawn up plans to end the $7,500 consumer tax credit for electric vehicle sales as part of broader tax reform legislation.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock dropped 5% to $312.20 a share following the report. Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian</a> plunged 12% to $10.57, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lcid-stock">Lucid</a> dropped 3% to $2.11 a share.Ending the tax credit—a key measure included in Biden's 2022 <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">Inflation Reduction Act</a>—would likely hurt EV sales, but sources told Reuters that Tesla representatives supported ending the subsidy. Tesla CEO Elon Musk has become a strong ally of Trump in recent months, supporting his campaign with sizable donations and spending time with him at his Mar-a-Lago residence.Musk has said previously that while ending federal tax incentives for EV purchases would hurt Tesla sales, the move would be more damaging to Tesla's US EV competitors, including General Motors and Ford. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> stock jumped about 1% on Wednesday, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> shares were about flat.Reuters noted that the tax credit is likely an easy target. Other pieces of the Inflation Reduction Act could be hard to roll back, as the money for many programs has already been distributed. Eliminating the tax credit would likely garner wide support from Republicans and help offset the costs of future tax cuts.

EV makers slide on report Trump wants to scrap EV tax credit

Leading EV ride-hailing and charging provider <keyword id="9621652" type="General" weightage="20" keywordseo="BluSmart-Mobility" source="Orion">BluSmart Mobility</keyword> on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country. The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi-NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24. "The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale," said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility. BluSmart's monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next 1 year. BluSmart recently secured the largest EV asset financing of Rs 633 crore in India, backed by the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart's growing fully-electric ride-hailing fleet. "We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change." said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility. BluSmart has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hiring-in-it-companies-like-tcs-wipro-infosys-hcl-tech-plunges-by-66-in-fy23/articleshow/99960690.cms">Hiring in the IT sector plunges by 66% in FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/titan-q4-net-profit-rises-50-to-734-crore-as-wedding-segment-makes-a-comeback/articleshow/99964029.cms">Titan Q4 net profit rises 50% to ₹734 crore as wedding segment makes a comeback</a>

BluSmart Mobility raises $42 mn to boost its EV operations in India

<ul class="summary-list"><li>Chinese EV startup Xpeng is relishing the prospect of testing its tech against Tesla.</li><li>Like other Chinese EV companies, Xpeng is blocked from entering the US market by tariffs.</li></ul>One of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest Chinese rivals is welcoming the prospect of a tech battle with the automaker after being blocked from the US by <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">punishing tariffs</a>.Speaking at a roundtable at the Paris Motor Show on Monday, Xpeng co-president Brian Gu said the Guangzhou-based EV startup, <a target="_blank" class="" href="https://www.businessinsider.com/wildest-evs-unveiled-at-chinas-biggest-auto-show-2024-4">one of many competing with Tesla in China</a>, was keen to see how its autonomous driving technology shapes up to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a>."It is good news for us. You need competition to expand the field ... We obviously cannot go to the US at the moment to compete or compare there," the Xpeng executive said."But if they are in China, we can compete side by side and learn from them, and they can learn from us and help the market. It's a bigger pie for all of us to enjoy," he added.Tesla is reportedly close to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">getting the green light to sell its </a><a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">Full-Self-Driving technologies in China.</a> The company says it plans to launch the feature in the region in Q1 2025 pending regulatory approval.It will <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">face brutal competition in China</a>, with many EV makers marketing their own autonomous driving systems.Xpeng's City Navigation Guided Pilot (NGP) system is available <a target="_blank" rel=" nofollow" href="https://electrek.co/2024/02/29/xpeng-tesla-fsd-xngp-self-driving-adas-now-available-throughout-china/">throughout China</a>, for example. Like Tesla's full self-driving, <a target="_blank" class="" href="https://www.xpeng.com/intelligent/xpilot">NGP can overtake</a>, recognize traffic signals, and conduct lane changes.<h2 id="efbf73c5-f874-4c8b-aa91-5e8d18ea3e8b">Tariff troubles</h2>Along with China's EV giants, Xpeng has been effectively blocked from selling its electric vehicles in the US by tariffs.President Joe Biden announced a <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">100% levy on China-made EVs in May</a>, in an attempt to protect the US auto industry from a wave of cheap Chinese electric cars.Xpeng and its rivals are facing tariffs in the EU, which voted to impose <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">additional levies of up to 35.3% on Chinese automakers</a> earlier this month."I think that the tariff will put a lot of pressure on our business model. It's a direct hit on our margin, which is already not very high," said Gu.He added that the levies may impact Xpeng's product strategy and pricing in the region, and said the company was considering whether to to set up manufacturing operations in Europe."As a global company, we need to learn how to deal with it. The bottom line is that we view Europe as a long-term opportunity and commitment," Gu added.Xpeng has enjoyed booming sales in China's red-hot EV market in recent months, posting <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">record monthly deliveries in September</a>.The automaker, known for its side ventures into <a target="_blank" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">flying cars</a> and humanoid robots, has also unveiled a series of aggressively priced smart cars in recent months that directly target Tesla's lineup.That includes <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">the Mona M03</a>, an EV priced at around half the cost of Tesla's Model 3 in China, and the P7+, an electric sedan with AI and autonomous driving features.Speaking at the Paris Motor Show, Xpeng CEO He Xiaopeng announced that the P7+, which goes on sale in China in November, will start at 209,800 ($29,600).That also undercuts the price of the Model 3, with Tesla's cheapest vehicle in China <a target="_blank" class="" href="https://www.tesla.cn/model3/design?redirect=no&amp;cfg=#overview">starting at 231,900 yuan ($32,700)</a>.

This Chinese EV maker is up for a battle with Elon Musk in China

<ul class="summary-list"><li><keyword id="21167474" type="General" weightage="100" keywordseo="Canoo" source="keywords" meta.keywordsubtype="org" meta.entityname="Canoo" meta.hostid="261" meta.entityid="Canoo">Canoo</keyword> spent $1.7 million on CEO <keyword id="21231749" type="General" weightage="20" keywordseo="Tony-Aquila" source="keywords">Tony Aquila</keyword>'s private jet bills, twice its 2023 revenue.</li><li>The EV maker lost $302 million last year, struggling in an industry facing slowing demand.</li></ul><keyword id="20499278" type="General" weightage="20" keywordseo="electric-vehicle-company" source="keywords">Electric vehicle company</keyword> Canoo spent twice as much on its CEO's private jet trips as it brought in last year. Canoo, which has never turned a profit as a public company, paid $1.7 million in "<keyword id="21231751" type="General" weightage="20" keywordseo="aircraft-reimbursements" source="Orion">aircraft reimbursements</keyword>" for its CEO last year. The company had $886,000 in revenue, <a target="_blank" href="https://ir.stockpr.com/canoo/sec-filings-email/content/0001628280-24-014075/goev-20231231.htm#i5cf4fcff5f5a4438b15ae9a52ca671ee_112">according to its full-year earnings report,</a> filed on Monday. The CEO was "reimbursed for business expenses, including air travel expenses for either, at our option, first-class airfare or the business use of his private jet," the company said in the filing. CEO Tony Aquila, who is also Canoo's chairman, owns about 14% of the company, per Monday's filing. Canoo spent $1.3 million on Aquila's air travel in 2022. Canoo, which launched in 2017, manufactures passenger vehicles, delivery vans for Walmart, and crew transport vehicles for NASA. The Texas-based company reported an annual loss of $302 million as it bleeds cash while trying to ramp up production. Canoo doesn't have enough cash to get through the next year without raising more money, and a <a target="_blank" href="https://fortune.com/2022/09/20/canoo-senior-employee-departures/">wave of executives quit</a> in 2022. After it reported earnings on Monday, its stock fell 26% on Tuesday. The company did not respond to Business Insider's request for comment sent outside regular business hours. Investors often scrutinize companies' spending on private jets, particularly when the business is troubled. When office provider WeWork tried to go public in 2019, it came under fire for, among other governance issues, <a target="_blank" href="https://www.businessinsider.com/wework-is-putting-neumanns-60-million-jet-up-for-sale-2019-9">buying a luxury jet</a> that was used almost exclusively by Adam Neumann and his family. After Neumann's exit, the company sold the plane. Former General Electric CEO <keyword id="21231750" type="General" weightage="20" keywordseo="jeff-immelt" source="keywords">Jeff Immelt</keyword> had a <a target="_blank" href="https://www.businessinsider.com/jeff-immelt-plane-ge-board-did-not-know-ceo-extra-jet-wsj-2017-10">second plane follow his private jet</a> for 16 years of overseas trips, which GE's board only learned about in 2017. Correction: April 8, 2024 — An earlier version of this story misstated the former General Electric CEO's first name. He is Jeff Immelt.

Struggling electric vehicle company Canoo spent twice as much on its CEO's private jet as it pulled in last year

<ul class="summary-list"><li>Morocco has spent the last two decades transforming into Africa's auto-manufacturing hub.</li><li>The country produced 535,825 vehicles in 2023, per data company CEIC.</li></ul>In the labyrinthine streets of <a target="_blank" href="https://www.businessinsider.com/what-to-do-in-marrakech-2018-3">Marrakech's</a> bustling medina, it is hard to imagine that you are standing in one of the world's biggest car-producing countries.The sun-baked Kingdom of <a target="_blank" href="https://www.businessinsider.com/cheap-first-class-train-ride-review-morocco-marrakech-cassablanca-2024-2">Morocco</a> is renowned as a tourist destination, with its vibrant souks, iconic Moorish architecture, and surreal Saharan desert dunes.But the country is now also making a name for itself in the automotive industry, having spent roughly the last two decades transforming into Africa's <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/category/auto-industry">auto-manufacturing</a> hub.According to <a target="_blank" href="https://www.ceicdata.com/en/indicator/morocco/motor-vehicle-production">data company CEIC</a>, Morocco produced 535,825 motor vehicles in 2023, up from 464,864 in 2022, and it has the capacity to see that number jump to 700,000, the <a target="_blank" href="https://apnews.com/article/morocco-automobile-industry-electric-vehicles-2981a049578c411b95b525752d243f93">Associated Press</a> reported.The country has even overtaken China, India, and Japan, as the main automotive supplier to the European Union (EU), according to the Spanish outlet <a target="_blank" href="https://www.atalayar.com/en/articulo/economy-and-business/morocco-becomes-the-european-unions-leading-automotive-supplier/20240505111614199599.html">Atalayar</a>.Morocco is now looking to consolidate its position as a major player in the industry and stay ahead of major regulatory changes — such as the EU's plan to phase out petrol and diesel cars by 2035 — by preparing to transition to <a target="_blank" href="https://www.businessinsider.com/category/electric-vehicles">electric vehicles</a>.Morocco's minister of industry and trade, Ryad Mezzour, told Reuters that by 2030, the Moroccan government hopes that up to 60% of its exported cars will be domestically produced EVs.And the kingdom seems to be in a good position to make the transition, according to Rafiq Raji, a non-resident senior associate with the Africa Program at the Center for Strategic and International Studies in Washington, DC."Quite literally in Europe's backyard, Morocco's tariff-free trade access to the United States and European Union, relatively better infrastructure, battery minerals endowment, a relatively robust automotive industrial base, as well as currently being the only African country eligible under America's Inflation Reduction Act, has made it quite attractive for EV-related investment, especially from China," Raji told Business Insider.Morocco has also spent on infrastructure and training skilled workers, which means it could be in a favorable position to attract investment from car makers looking to expand their electric vehicle supply chains, Abdelmonim Amachraa, a Moroccan supply chain expert, told AP.And it appears the kingdom is already making moves in the EV space.This week, Moroccan officials revealed that Chinese auto battery manufacturers Hailiang and Shinzoom would build two separate battery plants in the country's Tanger Tech industrial zone.Another Chinese battery maker, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/morocco-expects-more-ev-battery-investments-minister-says-2024-04-04/">BTR New Material Group</a>, will also build a factory near Tangier — a coastal city with strong links to a host of American writers — to produce key component cathodes, it was announced in April.CNGR Advanced Material is also expected to set up a cathode plant in the country."BTR and CNGR or other plants will be able to supply gigafactories in Morocco and abroad," Mezzour told Reuters.

An African kingdom famed for its bustling souks and immense desert dunes is revving up to build electric vehicles       

<ul class="summary-list"><li>China's BYD passed <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> as the world's top EV seller last year.</li><li>Just don't count on the carmaker cracking the US market anytime soon.</li></ul>Japanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat.There's no chance the company, which passed Tesla to become <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">the world's top EV seller</a> last year, will "do a Toyota" by expanding Stateside, a top exec said last month."We're not planning on coming to the US," <a target="_blank" href="https://www.businessinsider.com/apple-car-latest-casualty-of-brutal-ev-market-byd-china-2024-2">BYD Americas CEO</a> Stella Li told Yahoo Finance."It's an interesting market, but it's very complicated if you're talking about EVs."According to analysts, even if BYD did want to start selling its cars in the US, a combination of geopolitical challenges and weak demand would leave it facing an uphill battle."It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. "Even if BYD were to try, I'm not sure how much consumer demand there would be — it'd take some time for them to prove themselves." <h2>Doing a Toyota</h2>In the past, Asian automakers have managed to carve out a huge slice of the US market.Toyota established its first office in North America in 1957 — just 12 years after World War II ended. It's been scaling up its US business since then, and passed <a target="_blank" href="https://www.just-auto.com/news/toyota-overtakes-gm-in-2021-us-market/">General Motors</a> as the top-selling carmaker in 2021.Japanese rivals Nissan, Mazda, Lexus, Honda, Suzuki, and Mitsubishi surged in popularity in the US over the second half of the 20th century. South Korea's Hyundai and Kia also made big inroads.It's easy to imagine BYD and other China-based EV brands claiming the North American market in a similar fashion. Just as Toyota and its peers were able to outperform their US rivals thanks to more efficient manufacturing processes, BYD offers something different to its competitors.Ford CEO Jim Farley said last month that smaller, cheaper EVs would be key for driving sales growth. Yet neither Ford nor Tesla appear close to launching a vehicle that could compete price-wise with BYD hatchbacks like the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>.<div type="image" title="The yellow BYD Seagull electric hatchback. The yellow BYD Seagull electric hatchback." height="1668" width="2500" msid="108353712" hostid="261" sizebytes="178374"></div>"Japanese and Korean manufacturers became successful in the US because they brought a product to the market that consumers were crying out for," Will Roberts, automotive research lead at the EV intelligence firm Rho Motion, told BI. "Their cars were more reliable, more fuel efficient, more affordable … there's certainly a comparison to be made here."However, things have now changed he added: "Considering the tensions between the US and China today, Chinese EV makers will likely find entering the US market a lot more difficult."<h2>Geopolitical challenges</h2>Both Goldstein and Roberts flagged the <a target="_blank" href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Inflation Reduction Act of 2022</a> as one factor that could make it much tougher for BYD and other Chinese EV makers to expand in the US.The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern."In November, the Energy and Treasury Departments confirmed that companies from <a target="_blank" href="https://www.reuters.com/markets/commodities/us-looks-shut-china-out-its-battery-supply-chain-2023-12-05/">China, Russia, Iran, and North Korea</a> would all be classed as foreign entities — meaning Chinese EV makers like BYD aren't eligible for the subsidies.<div type="image" title="President Joe Biden signs the Inflation Reduction Act into law at the White House surrounded by members of Congress." height="683" width="1024" msid="108353714" hostid="261" sizebytes="77284"></div>The White House would likely bring in more restrictions if BYD or any other Chinese firm tried to crack the US market, according to Rho Motion's Roberts."If the US government were really worried about this, you'd quickly see legislation come into play that would either make it prohibitively expensive to buy a China-made EV or feed into consumers' negative perception of these sorts of vehicles," he told BI. Biden's decision to order an investigation into <a target="_blank" href="https://www.businessinsider.com/biden-administration-investigating-technology-in-chinese-cars-2024-2">smart cars</a> last month is a sign that lawmakers are determined to discourage the American public from buying Chinese vehicles, Roberts added.<h2>Weak demand</h2>As if those restrictions weren't off-putting enough, Chinese EV makers might also conclude that there isn't much life left in the US market, where EV sales edged up just 1.3% over the final three months of 2023, per data from <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">Cox Automotive</a>.BYD, for example, has vowed to scale up everywhere from Brazil to Thailand, but appears to have little desire to grow its business in the US, where top <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">Republican politicians</a> — and some voters — have turned aggressively anti-EV. The world's largest economy also lags behind China regarding <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">charging infrastructure</a>.Conservative politicians slamming EVs "can bring a lot of confusion to consumers and also to auto manufacturers. They are not eager to invest," BYD Americas CEO Li <a target="_blank" href="https://finance.yahoo.com/video/byd-not-interested-united-states-182445977.html">warned last month</a>."In China, the message is strong. If you are not investing in an electric car, you are out. You will die. You have no future," she added.BYD isn't the only company turning its back on the US EV market. <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> has reportedly abandoned its lengthy effort <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">to build an electric car</a>, while Toyota has maintained focus on <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">hybrids</a> to bring down prices.BYD failing to crack the US wouldn't be a death knell for the company — there's still potential for it to grow by ramping up its business in Asia and South America, according to Roberts.But it won't be able to repeat the success Japanese carmakers had at the end of the 20th century. Given that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-10/us-electric-vehicle-sales-growth-hits-brakes-in-latest-quarter">EV sales growth</a> is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

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