The Latest EV News

Yesterday, Tesla Inc TSLA abruptly lost its CFO, Zachary Kirkhorn. Lucid Group Inc LCID reported disappointing EV deliveries that led to a lower-than-expected revenue, but its shares still climbed 4.5% in after-hours trading upon the report. Worksport Ltd WKSP just revealed its Power Electronics team that is behind the company’s renewable energy design research and development and therefore, the team who is bringing the solar-powered tonneau cover SOLIS and COR remote battery to life, two products that promise to be big EV game changers.

Lucid Reports Disappointing EV Deliveries

Yesterday, Lucid reported its second quarter revenue amounted to $150 million which is a far cry from $175 million that Wall Street had expected as deliveries of its Air electric luxury sedan fell short of expectations. Lucid made a net loss of $764.2 million, or 40 cents per share, but it extended its cash runway for about a year with a $3 billion capital it raised back in May. Lucid also confirmed it will be launching a new version of the Air later this year, as well as that it will reveal its long-awaited, all-electric luxury SUV named Gravity in November, with production scheduled for the end of 2024. 

Worksport Introduced Its Canadian-based Power Electronics Team 

Speaking of electric SUVs who along with electric pickups are the stars of 2023, Worksport is undoubtedly a player in this market as it specializes in hard and soft folding tonneau covers for pickups.Worksport today revealed the brains behind its intellectual property. The team of experts with advanced degrees and substantial electrical as well as electromechanical industry experience is led by Director of Engineering Dr. Rafael Oliveira, Ph.D in Engineering. This team focuses on high-density power electronics design and implementation, high discharge lithium-ion battery packs, heat management systems, PV solutions for automotive applications and power interfaces that integrate with other systems and sustainable energy sources, therefore, covering Worksport both from an academic and industrial perspective and fueling its ability to create sustainable energy solutions to the automotive market,hence  enhancing the future of transportation. A customized version of Worksport’s eagerly anticipated SOLIS tonneau cover and COR remote battery will be included in the Hyundai Motor Company HYMTF Santa Cruz pickup that is scheduled for release next year. Worksport will start assembling its made-in-the-USA SOLIS cover at its West Seneca, NY facility as soon as COR’s improved version is done with testing. These products hold great promise for the future of transportation as they will bring the ability to reach and power remote locations with nature-friendly technology. 

Tesla Unexpectedly Stays Without One Of Musk’s Closest Lieutenants

In an official filing, Tesla stated that Zachary Kirkhorn will be replaced by accounting chief Vaibhav Taneja. This sudden departure ends a rare period of stability in senior ranks at the house of the EV king. Kirkhorn got behind the CFO wheel four years ago, with Tesla making quite a financial turnaround during his leadership as annual free cash flow rose from roughly break when he took the helm, leading the automaker to more than $7 billion last year. During the latest and recent Tesla quarterly earnings call, there was no indication of Kirkhorn’s departure as he expressed his focus on cost reduction as Tesla enters its new wave of expansion.

One thing is certain, there’s never a dull moment at Tesla as well as at the dynamic EV universe that is picking up speed with every passing day.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.