Sales of electric, plug-in hybrid and hydrogen-powered vehicles in China, the world's biggest auto market, are forecast to rise to 20% of overall new car sales by 2025 from just 5% now, the State Council said on Monday. Sales of so-called new energy vehicles (NEV), which include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles will rise as China's NEV industry has improved their technology and competitiveness, the State Council, China's cabinet, said in a policy paper as part of
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General Motors Co and Nikola Corp have not finalized their deal to jointly build electric pickup trucks and hydrogen fuel cell tractor-trailers, one day ahead of the date targeted, and are continuing discussions, GM said on Tuesday. "Our transaction with Nikola has not closed," GM spokeswoman Juli Huston-Rough said in a statement. "We are continuing our discussions with Nikola and will provide further updates when appropriate or required."
China, the world's biggest automobile market, rolled out fresh policies to support hydrogen fuel cell vehicles to improve the industry's supply chain and technologies, the finance ministry said on Monday. China is also the world's largest market for new energy vehicles (NEVs), which include battery electric vehicles as well as plug-in hybrid and hydrogen fuel cell vehicles. While previous policies to support NEV makers had offered subsidies on sales, the fresh rollout will require local govern
Shares in electric and hydrogen-powered truck startup Nikola plunged on Monday after the company's founder resigned amid allegations of fraud - just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects. Milton said in a message to Nikola employees that he
A board member for Nikola Corp who helped the company go public earlier this year said on Thursday his firm was comfortable with the due diligence performed on the startup that has been called a "fraud" by a short seller. "We were comfortable with the diligence we did," Steve Girsky said during an appearance at a Financial Times conference. Nikola has come under attack from short-seller Hindenburg Research, which has alleged the company misled investors and large automakers over its t
Chinese automakers have announced plans to increase sales of hydrogen fuel cell vehicles, a niche segment in the world's biggest auto market, and the government is expected to announce supportive new policies, possibly as early as this month . SAIC Motor , China's biggest automaker which has partnerships with Volkswagen AG and General Motors Co , said on Sunday it plans to sell over 10,000 hydrogen fuel cell vehicles by 2025. Commercial vehicle maker Beiqi Foton M