Karma Automotive has officially launched its Troy, Michigan Technical Center with a Grand Opening. The company, which recently debuted its 2017 Revero plug-in hybrid, invited government officials and parts suppliers to the event. "Our Detroit Technical Center is growing fast," says the facility's director Scott Sabin. "Today, we have 36 employees and we look to grow to 150 over the next three years. Detroit is the center of engineering expertise for the automotive industry, so it makes sense for us to have an office here." The Karma Revero will sell for $130,000. Read more in the press release from Karma.

Electric vehicles pose a serious threat to oil companies, according to analysts. While the oil industry has downplayed the potential for disruption by EVs, Fitch Ratings says they pose a "resoundingly negative" threat to oil companies, suggesting preparation for "radical change." With EVs becoming more competitive with their traditionally powered counterparts, and with the potential for rapid uptake in emerging markets like China, demand for petroleum fuels could be severely affected. Loss of revenue could also lead to shareholders to sell off their stakes in oil companies, creating a potential "investor death spiral." Read more at Green Car Reports.

Patent applications reveal some details about Tesla battery swapping. Newly released technical drawings from a 2014 patent filing show what goes on underneath the car during the swap process. It details the "battery pack lift system," and the process of removing, moving, and replacing the battery. While Tesla has been testing its battery swap technology in a pilot program with a small number of owners, there's perhaps more potential for it in commercial applications. Read more at Electrek.

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