Arrival, a developer of electric vans and buses, says it has come up with a cheaper way to build vehicles in small factories. But can it deliver on that promise?
“At the end of the day, it was a bit of fun with the name and the brand,” a Volkswagen spokesman said.
Federal regulators are investigating 23 recent accidents in which drivers were, or may have been, using the automatic steering and braking system.
The electric carmaker has struggled with quality issues as it has scaled from making tens of thousand cars a year to 500,000 in 2020.
The move, one of the most ambitious in the auto industry, is a piece of a broader plan by the company to become carbon neutral by 2040.
The company benefited from a jump in sales of electric cars in China and Europe, but its fourth quarter earnings fell short of Wall Street’s expectations.
Tesla’s transformation from a company that lost large sums of money every year has been made possible in large part by rising sales in China and Europe.
The pandemic dampened sales for all automakers in the spring and summer, and Tesla’s plant in Fremont, Calif., was idled from late March until the middle of May.
Rivian, which has raised another $2.65 billion, plans to sell a pickup truck and S.U.V. it has worked on for more than a decade.
Traditional automakers have struggled to sell electric cars. That could change as Ford, Volkswagen and others introduce new models.
Carmakers say new models should also help lift the industry in 2021, after a 15 percent decline in its slowest year since it recovered from the Great Recession.
The milestone seemed unreachable just three years ago and comes as Tesla has seen a string of profitable quarters and a buoyant stock.
Investors are betting that small companies like Workhorse will help popularize electric commercial vehicles. And Tesla aims to extend its reach.
Mr. Musk said on Tuesday that he had moved to be near a new factory Tesla is building outside Austin.
A new agreement, supplying hydrogen fuel cell technology from General Motors, is less sweeping than the strategic partnership outlined in September.
General Motors says it will increase its investment and model offerings over the next five years “to expedite the transition to E.V.s.”