GM, Stellantis Get Billions In Federal Grants For New EV Projects
...Source: https://insideevs.com/news/726238/gm-... Transcript: Per InsideEVs, General Motors and Stellantis are set to receive $1.1 billion in federal funding. This is part of a $1.7 billion grant from the U.S. Department of Energy under the Inflation Reduction Act. General Motors will get $500 million for its Lansing Grand River Assembly plant. Stellantis will receive $334.8 million for its Belvidere plant and $250 million for its Indiana transmission plant. These projects are expected to create 2,900 jobs and retain 15,000 workers.
In other news, automakers are struggling with in-car subscription revenues. Despite projections of $200 billion, actual income is just $6 billion. Only 2% of Tesla owners who trialed the Full Self-Driving package purchased it. Automakers face competition from other subscription services like Netflix and Spotify.
Lastly, a study by AlixPartners reveals that only 19 of China's 137 EV brands will be profitable by 2030. The ongoing price war has driven down costs, but only 14% of brands will survive. Chinese EVs are expected to hold 33% of the global auto market and 45% of new-energy vehicle sales by 2030.