Rivian raises another $2.5B as EV output nears

Spartan Energy Acquisition, which is backed by private equity firm Apollo Global Management, is leading a bidding war among special purpose investors for Fisker, and could clinch a deal as early as next week, Reuters reported.

Tesla’s new Shanghai assembly plant has churned out popular Model 3 sedans for the past six months, catapulting the company atop the electric-vehicle sales chart and piling the pressure on cash-strapped local rivals.

The model is a key element in the automaker's turnaround plan, which has also included changes in management and ownership structure over the last few months.

The verdict by the European Union's top court raises the possibility that the automaker could be sued by consumers across the 27-member bloc.

The new rules are aimed at protecting drivers from harmful contaminants such as formaldehyde and benzene but could increase costs for automakers and suppliers, Reuters reported.

The electric carmaker's CEO says he is confident that Tesla will achieve "basic functionality" for complete autonomy this year.

The EV startup also will have an online buying option that will launch along with the virtual reveal of its first production vehicle Sept. 9.

U.S. District Judge Paul Borman ruled that GM's legal theory, in which it alleged that FCA engaged in a pay-to-harm scheme by bribing UAW officials, "has some appeal, but it fails on closer look." GM said it will "pursue our legal remedies."

Every luxury brand that has reported results sustained double-digit percentage sales declines in the U.S. for the second quarter as demand evaporated and showrooms shuttered for weeks.

Chevy will sell the 2021 Corvette at a base price of less than $60,000, the same as the introductory model. The freshened model includes a few new safety, tech and design options.