Fisker, a well-known American EV startup, recently declared bankruptcy due to a lack of new investments to resume production of its Ocean electric crossover. This is the second time the company has faced bankruptcy, with its liabilities possibly exceeding its total assets. Fisker’s business model involved contract manufacturing, which may have contributed to its financial challenges.
On the other hand, Volvo has announced the discontinuation of its highest-mileage plug-in hybrid, the Volvo S60 Recharge, after the 2025 model year. Although Volvo had previously stated that gasoline models would no longer be produced at its South Carolina plant, the future of the V60 wagon variants remains uncertain. This decision raises questions about Volvo’s future electric vehicle lineup and production strategy.
Kia, another major automaker, is reportedly exploring Mexico as a potential assembly location for its upcoming Kia EV3 electric SUV. This strategic move could enable Kia to offer the compact EV in the U.S. market at a competitive price point of around $30,000, making it eligible for EV tax credits. However, the final decision on the assembly location has not been confirmed yet, leaving room for further developments in Kia’s EV production plans.
Interestingly, a recent report highlighted a significant difference in EV usage between the U.S. and other regions. In the U.S., EVs are driven fewer miles annually compared to gasoline models and hybrids. This trend contrasts with other parts of the world where EV drivers tend to log more miles. The reasons behind this disparity in driving behavior among American EV owners remain unclear and warrant further investigation.
In conclusion, the latest developments in the automotive industry, including Fisker’s bankruptcy, Volvo’s hybrid discontinuation, and Kia’s potential EV production in Mexico, reflect the evolving landscape of electric vehicles. As the market continues to adapt to changing consumer preferences and regulatory requirements, automakers are exploring new strategies to expand their EV offerings and reach a broader audience. Stay updated on the latest green car news by following Green Car Reports on social media and signing up for their newsletter to receive daily updates on environmental and automotive developments.