Volvo Cars decided it will be stepping back from EV-maker Polestar and handing the reins over to Geely Holding, its primary shareholder.
😥 In the struggling EV market, Polestar has become a bit of a financial and resource burden on Volvo.
📉 Notably after Tesla's price cuts, Polestar has seen its shares plummet by over 83% since it went public in June 2022.
🦅 The announcement sent Volvo's stocks soaring, with a 30% surge at market open.
Breakups are tough. We hope they can all still be friends.
Remember when we told you about Fisker shifting gears and embracing dealerships to help boost their EV sales?
🥂 Well, they’ve officially signed their first US Dealer partner — Mills Auto Group.
✍️ Fisker partnered up with the well-known East Coast auto group during the company’s first Open House hosted at their Manhattan Beach headquarters on Tuesday.
🤝 “I’m absolutely excited for this partnership, and we want to thank Fisker for its confidence in our group,” CEO Damian Mills said. “We will instill Fisker’s vision and mission into our stores on day one.”
Congratulations to our buddy, Damian! We love a good partnership and this is definitely one to celebrate!
Volkswagen isn’t leaving companies like OpenAI and DeepMind to have all the fun — they’re launching an artificial intelligence lab of their very own.
🤖 Their new AI lab hopes to be a "globally networked competence center and incubator” focused on automotive AI innovations.
🧠 VW joins the ranks of tech giants aiming to make vehicles even smarter and more connected. The press release suggests the lab will explore AI applications in charging, predictive maintenance, and in-car voice recognition, among others.
🧑🔬 That being said, their AI Lab doesn’t actually intend to manufacture anything, but will rather serve more as R&D testing for generative tech, bringing strategic partners in for prototypes only as needed.
Nothing screams “trust us with technology” like a company known for gaming emission tests. #burn