plans

Rivian Plans to Spend $5 Billion on a Second EV Plant in Georgia

Rivian Automotive, an electric vehicle company that had an initial public offering last month, said on Thursday that it planned to spend $5 billion to build its second factory, in Georgia.

The announcement, which came on the same day that Rivian said it lost $1.2 billion in the three months ending in September, was the latest investment by an automaker aiming to capture a big chunk of the fast-growing electric vehicle market. Tesla, General Motors, Ford Motor and others are spending billions of dollars on new car and battery factories around the world.

Rivian’s new Georgia plant, east of Atlanta in Morgan and Walton counties, will have the capacity to produce up to 400,000 vehicles a year. The plant is expected to eventually employ 7,500 people. The company also said it would expand its Illinois plant to produce up to 200,000 vehicles a year, up from its capacity of 150,000

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Apple to develop its EV independently, axing plans for collaboration

Apple’s heavily rumored electric car will be developed independently, according to sources in Korea. Apple was in talks with several large automakers as the project became more real this year, but it seems the tech giant is more interested in developing its first EV on its own.

New reports from Korea’s Maeil Economic Daily indicate that Apple is establishing its own “automobile research institute” and has been pushing for the development of its vehicle on its own. Previously, Apple had been in talks with large carmakers like Toyota, BMW, Hyundai, Kia, and Nissan, all companies with a long line of automotive expertise that would assist Apple in manufacturing, research, and development. Apple favored a partnership previously, but now things seem to be delayed due to production bottlenecks across the board, which has Apple in a difficult situation.

As a result, Apple wants to get the project rolling, and it

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Karma goes after fleet market with plans to electrify commercial trucks

Karma Automotive is looking to make the improbable leap from luxury cars to commercial trucks.

The California-based company announced Monday that it will offer engineering and contract-manufacturing services to fleet customers under the “Powered by Karma” banner. The plan is to offer modular electrified powertrains for a variety of applications, including buses, RVs, step vans, and box trucks, a Karma press release said.

Karma will display two such vehicles—a delivery van and a shuttle bus—Advanced Clean Tech (ACT) Expo this week in Long Beach, California, but didn’t discuss any pending orders for the vehicles.

2021 Karma GS-6

2021 Karma GS-6

The powertrain package Karma plans to offer is designed for Class 3-6 commercial vehicles, with maximum output of 268 horsepower and 1,327 pound-feet of torque. This seems like another iteration of Karma’s previous efforts to enter the commercial-vehicle sector.

Karma has been working on a new platform for commercial vehicles—potentially also to

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Hertz Posts Higher Revenue, Plans to Relist Amid Travel Rebound

Car-rental company Hertz Global Holdings Inc. said it plans to relist on a major stock exchange by the end of 2021 as its quarterly revenue surged amid a travel rebound.

For April through June, Hertz posted sales of $1.87 billion, growth of 62% compared with the first three months of the year. Sales remained significantly lower than pre-pandemic levels but marked a substantial recovery compared with last year’s spring quarter, when the pandemic brought much of leisure and business travel to a halt.

As vaccination campaigns helped ease the pandemic in the first half of this year, more people hit the road again. Meanwhile, automotive production challenges have squeezed all corners of the car market, raising prices for used cars and keeping rental fleets tight. For Hertz, demand has been resurgent and slim car-rental inventories industrywide boosted the company’s results, Chief Executive Paul Stone said.

“The rental-car industry was

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