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Volvo and Polestar owner Geely announced it had raised its stake in the iconic British luxury automaker Aston Martin to 17% as part of a new relationship agreement.

Zhejiang Geely Holding Group Co. Ltd., or simply Geely to most, is China’s largest privately owned auto tech group with an emerging EV presence.

After buying out Volvo Cars in 2010 from Ford, Geely gained access to the established Swedish automaker’s technology and expert knowledge in safety, minimalist design, and engineering.

Geely also acquired Volvo’s racing partner, Polestar, in 2015 and British sports carmaker Lotus in 2017. By sharing technology and platforms, Geely has grown into a leading EV maker in China, with its hand in nearly every segment.

The Geely umbrella has continued to expand over the years by introducing new dedicated EV brands, including ZEEKR, its premium EV line, and Geometry, its mass-market electric car company.

With a larger stake in Aston Martin, can Geely do the same with the famed luxury British automaker?

Polestar-Porsche-electric-sports
Polestar 6 roadster concept (Source: Polestar)

Geely raises stake in Aston Martin ahead of first EV launch

Geely revealed it had increased its stake to 17% in Aston Martin, more than doubling its previously announced 7.6% ownership in September and becoming its third largest shareholder.

The decision to increase its ownership comes as Geely’s chairman and founder, Eric Li, expressed “confidence in the company’s growth prospects, its technologies, and its management team.”

Li added since acquiring its first stake in Aston Martin, the company has worked with executive chairman Lawrence Stroll and now looks forward to “exploring joint technology synergies and new growth opportunities.”

Stroll added:

Geely can offer us a deep understanding of the key strategic growth market of China as well as the opportunity to access their range of technologies.

Interestingly, Aston Martin rejected Geely’s £1.3 billion ($1.61 billion) investment proposal last year that would have allowed the Chinese automaker to take control of the business.

Aston Martin has struggled to raise funds over the past several years as it burns through cash. The British sports carmaker later raised £575.8 million ($660 million ) from the Saudi Arabia Public Investment Fund.

Although Aston Martin has yet to release its first fully electric vehicle, the company plans to launch one by 2025.

Electrek’s Take

Geely has the technology and partnerships to evolve the Aston Martin brand, reviving it in the new electric era.

Geely’s other brands are thriving. Volvo’s EV sales grew 157% in the first three months of 2023, with new models coming to drive momentum further, including the EX90 SUV and its smallest and cheapest SUV, the EX30, due out this summer.

Meanwhile, Polestar achieved another record first quarter, delivering 12,076 models, up 26% YOY, with its first electric SUV, the Polestar 3, due out next year.

ZEEKR built its 100,000th electric vehicle in April after only 18 months and believes it can be a top three premium EV maker by the end of the decade. Sales of Lotus’s first electric SUV, the Electre, began in 2022 after unveiling the $2 million all-electric Eviija hypercar in 2019.

For Aston Martin to turn things around, it will take a brand revamp. And what would be better than all-electric Aston Martins?

Not only do EVs offer more power and instant torque, but they are also loaded with the latest software and tech features to make the driver experience that much more enjoyable.

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BP celebrates the opening of its first TA DC fast charging hub in Florida

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BP celebrates the opening of its first TA DC fast charging hub in Florida

Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.

Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.

“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”

The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.

As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”

Electrek’s Take

TA/BP charging center concept for HDEVs; via BP.

As I type this, BP has more than 37,000 EV charging ports operational globally, and plans to have more than 100,000 in service by 2030. The company made headlines in 2022 when it announced that its EV chargers were “on the cusp” of being more profitable than its gas pumps. Three years on, it seems like that’s a done deal.

As ever, money talks.

SOURCE | IMAGES: BP.

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.

Despite the second Trump administration’s loosening grip on emissions regulations, the fact remains that a growing number of municipalities in both red and blue regions of the US are continuing to clamp down on noise regulations, which means that construction crews with quiet running electric equipment will be able to get jobs that crews stubbornly holding on to diesel and gas won’t. Toro absolutely gets it, which is why its e2500-THL and TS Ultra Buggy line will be welcomed by smart crews with open arms.

For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.

And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.

Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.

Electrek’s Take

Electric equipment makes job sites cleaner, quieter, and safer than they are under diesel or gas power – and as more municipal and private sector RFPs begin to enforce ZEV requirements and quiet hours, more and more viable electric alternatives to ICE power will start to show up on more and more job sites (regardless of who is in the White House).

SOURCE | IMAGES: Toro, via Construction Equipment.

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GM is using California wildfires to pilot mobile DC fast chargers

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GM is using California wildfires to pilot mobile DC fast chargers

GM has deployed three of its HYDROTEC hydrogen gensets to the Los Angeles area as a way to help generate power for EV drivers and emergency vehicles recovering from the devastating effects of the recent wildfires.

GM is providing a number of mobile charging solutions to Californians recovering from the recent wildfires – including a trio of Yoshi Mobility propane chargers capable of DC fast charging two EVs at once, a single biofuel powered mobile charging station from InCharge capable of DC fast charging five EVs, and three more of its in-house HYDROTEC hydrogen powered gensets.

“GM is extending targeted local support to our customers and employees who have been impacted by the California wildfires,” said Duncan Aldred, vice president global commercial growth strategies and operations. “We’re finding ways to help get people back on the road and using our resources to make a difference in the recovery in the weeks and months to come.”

The mobile charging station rollout is part of a broader response to the fires from GM that includes “planned” philanthropic contributions to nonprofits serving affected communities, employee giving campaigns to benefit the American Red Cross Los Angeles region and the California Fire Foundation, and a complimentary subscription to Crisis Assist Services, which enables customers with OnStar-equipped vehicles to get information about the fires, receive routing guidance, and access immediate emergency assistance from an OnStar advisor.

GM also says it’s providing customers with damaged or destroyed GM vehicles assistance toward the purchase or lease of a new GM vehicle, subject to certain terms and conditions, which may include certain qualifications and restrictions. The company will also help cover collision repair deductible costs for damage to GM vehicles incurred from the wildfires – again, subject to certain qualifications and restrictions.

Electrek’s Take

GM Readies Test Fleet Of Heavy Pickups Powered By Green Hydrogen
Medium-duty hydrogen utility truck; via GM.

While it’s certainly commendable for GM to take steps in an effort to support wildfire victims, it feels like a company that made more than $19 billion in gross profits in 2023 (and over $20 billion in 2022; 2024 numbers aren’t out yet – but the company did well enough to spend more than $6 billion buying back its own stock) could have done better than announcing “planned” donations and asking its employees to pony up. By my math, GM shareholders could have given each of the 163,000 global employees the company had in 2023 a $36,000 one-time bonus in lieu of those stock buybacks.

That said, how many companies are doing nothing at all? Good on GM for trying, then – here’s hoping others step up, too.

SOURCE | IMAGES: General Motors.

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