A wave of layoffs hits EV battery companies
It’s been a tough few weeks for workers at next-gen and traditional EV battery companies, with hundreds of employees in the US and Europe losing their jobs. Call it new industry growing pains: Companies are struggling to bridge the gap between early-stage products and the high-volume production that will be needed down the line, reports The Information. Battery makers also are looking to save cash as costs surge and investors move their funding to less risky prospects.
Earlier this week, we covered Michigan-based EV battery startup ONE, Our Next Energy, cutting its workforce by 25% as part of a “revised business plan,” according to the company. The company, headquartered in Novi, a suburb of Detroit, announced that it has cut 128 salaried and hourly workers from its staff of roughly 500 people. The company kept the reasoning succinct, noting that the decision was “in response to market conditions.”
South Korea’s LG Energy Solution, which supplies batteries to Tesla and GM, laid off 170 workers last week at its Michigan plant, up to 10% of its staff. Ford supplier SK On has also laid off more than 100 workers at its plant in Georgia in September, as has Ford, which last month laid off 700 workers while scaling back production of the F-150 Lightening pickup. SK On also plans to delay the launch of its second plant in Kentucky, which is a joint venture with Ford and expected to be up and running by 2026.
Another next-gen player, Freye Battery also laid off 78 staff members from plants in Norway and Georgia, and Enovix slashed 185 workers in Fremont, California, from its payroll, moving those operations to Malaysia. Freyr saw the loss of its COO, Jan Arve Haugan, who resigned last week.
Companies are struggling to “bridge a gap between current early-stage products and high-volume production later this decade,” The Information says. Large battery makers are dependent on actual EV sales to increase production, while next-gen battery makers are often still in pilot mode or have yet to ramp up any of their early-phase products, and won’t be doing so for years to come.
ONE, for example, is one of many such companies in the US working on manufacturing LFP battery cells and developing a domestic battery supply chain to benefit from President Biden’s Inflation Reduction Act. Led by former Apple executive Mujeeb Ijaz, ONE is now delivering prototype versions of lithium iron phosphate battery packs to several companies for testing, with the aim of producing battery cells next year at a new $1.6 billion factory in Van Buren Township, Michigan. But it needs a lot of cash to make this happen.
Even Tesla has hinted at delaying plans for its Giga Mexico, with CEO Elon Musk saying in its Q3 earnings call that he wanted “to just get a sense for the global economy is like before we go full tilt on the Mexico factory. I am worried about the high-interest rate environment that we’re in.”
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Environment
Gotrax S3 Fat Tire e-bike $464, WORX 1,800 PSI pressure washer $108, Anker Everfrost 2 up to $350 off, more
As we continue to make our way through a new week, more deals have emerged. Today’s headliners range from an already-affordable e-bike that now costs less, a pressure washer to help tidy up your home’s exterior, and a nice selection of portable refrigerators. More specifically, we’re talking about Gotrax’s foldable S3 Fat Tire electric bike down at $464, this WORX 1,800 PSI electric pressure washer for $108, and finally, a variety of models and combo offers on Anker’s EverFrost 2 electric coolers.
Head below for more and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.
Gotrax’s compact and foldable S3 Fat Tire electric bike drops to $464 at Amazon (Reg. $529)
Now is great time to be enjoying the outdoors and Amazon is here to help with the Gotrax S3 Fat Tire Electric Bike in gray down at $464 shipped. For comparison, this model tends to clock in at $529, so you’re looking at a $65 markdown. Today’s offer is $41 above the all-time low, which hasn’t occured since an off-season discount back in January. Considering the fact that we’re right in the middle of summer now, $65 off what is one of the more affordable e-bikes out there is certainly worth considering. Learn more about what this model is capable of in the details down below.
Outfitted with a peak 750W motor, this compact e-bike can reach up to 20 MPH speeds. You can use it in a pedal-assisted mode to travel “up to 25 miles” or enjoy a pure electric ride for as many as “15.5 miles.” Once the battery is depleted, plug it in and you’ll be ready to go again in roughly 5 hours. I really like the compact nature of this e-bike, and this really rings true given its foldable design, making it easy to pack up and take to a local bike path.
Make your home and patio look as good as new with WORX 1,800 PSI electric pressure washer at $108 (Save 29%)
Over at Amazon you can currently find the WORX 1,800 PSI Electric Pressure Washer for $107.78 shipped. Lately, this unit has been going for around $152 there, but directly from WORX it fetches the full retail price of $180. Today’s offer is the best we’ve tracked at Amazon throughout 2025, with the all-time low of $93 having last landed roughly a year ago. For details about what you can expect from this pressure washer, head down below.
Now that summer is here, this is an ideal time to clear off debris that has been building up on your home, patio, driveway, and more. I own a unit with a similar amount of power that you’ll find in this 1,800 PSI model and it’s offered more than enough power to tidy things up at my home. This unit operates using 1.2 gallons per minute, has a 20-foot hose, as well as a few types of nozzles. Other notable perks include a metal frame and onboard soap tank. Since this unit runs off electricity, you won’t have to worry about stocking up on gas or the mess that it can make.
Anker 58L EverFrost 2 Electric Cooler with 288Wh LFP Battery now $350 off for today only, more
Alongside Anker’s SOLIX early Prime Day sale, we are now tracking hundreds in savings on the brand’s SOLIX EverFrost 2 electric coolers. One standout here comes as part of the Best Buy Deals of the Day with the Anker SOLIX EverFrost 2 58L Electric Cooler that includes one 288Wh LFP battery down at $749.99 shipped. Regularly $1,100, this is up to $350 off the going rate and the lowest price we can find.
This model is currently on sale for $799 directly from the Anker SOLIX site and $800 over at Amazon, both now $50 above the one-day only offer coming from Best Buy. Today’s deal on the dual-zone electric cool is $100 under our Memorial Day mention and lands on par with the exclusive deal we brought you last month (that deal did include the Road Trip accessory kit though).
Either way you’re looking at some of the best prices we have tracked to date on the model above and a few other models in the lineup down below. Running on rechargeable LFP batteries, these coolers are really more like portable fridge and freezer systems to support your summer adventures, off-grid setups year round, and camping trips, some of which coming complete with solar inputs for additional charging options, onboard USB ports for tapping into the battery, and a fold-down tray.
Offers 4 convenient charging methods, ensuring endless power for all your cooling needs. Solar(100W max solar input), wall outlet, car socket, and 60W USB-C. With 3 cooling modes, choose the one that best fits your situation. Cool fast, optimize performance, or conserve power. Max Mode: fastest cooling; Smart Mode: balanced for performance; Eco Mode: most energy-efficient.
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The Chevy Equinox EV, or “America’s most affordable 315+ range EV,” as GM calls it, is red-hot. Thanks to the electric Equinox, Chevy is solidifying its position as the fastest-growing EV brand in the US. The Chevy Equinox EV helped GM’s electric vehicle sales more than double in Q2, but there’s more to the story.
The Chevy Equinox EV is charging up GM’s sales
GM surpassed Ford and Hyundai Motor last year to become the second-best EV seller in the US. This year, it’s closing the gap with Tesla.
Led by the Equinox EV, GM’s EV sales more than doubled in Q2, and Chevy solidified its position as the number two electric vehicle brand.
Chevy’s electric vehicle sales surged 134% in the first half. In Q2, Chevy sold 17,420 Equinox, 6,549 Blazer, and 3,056 Silverado EVs. Through June, GM has now sold 27,749 Equinox, 12,736 Blazer, and 5,439 electric Silverado models. The Chevy Equinox EV is expected to be one of the top three best-selling EVs in the US.
Although Chevy’s new EVs are a hit, they are not the only growth driver behind GM’s success. The American automaker sold a total of 46,280 electric vehicles in Q2, representing a 111% increase from the same period in 2024.
GM’s share of the EV market in Q2 was approximately 16%, with growth across the Chevy, Cadillac, and GMC brands.
Cadillac notched its 12th consecutive quarter of retail sales growth, achieving its highest market share since 2014.
With a full lineup of electric SUVs, including the entry-level (Optiq), midsize (Lyriq), and full-size (Vestiq and Escalade IQ), nearly one in four Cadillac models sold were EVs. GM sold 3,224 Cadillac Optiqs, its new entry-level EV, 5,017 Lyriqs, 1,744 Vistiqs, and 1,810 Escalade IQs in the second quarter.
After launching the new 2026 Sierra EV with an over $27,000 price cut from the 2025 model year, GMC sold over 1,500 electric Sierra models. Even the GMC Hummer EV is seeing more demand, with 4,508 units sold in Q2, up 54% from last year.
Starting at under $35,000 with up to 319 miles of range, it’s no wonder the Equinox EV is selling like hotcakes. With leases starting at just $289 per month, it’s a great deal right now. Who knew an affordable EV with over 300 miles of range would sell?
Looking to test one out for yourself? We can help you get started. You can use our links below to find Chevy, Cadillac, and GMC EVs in your area.
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Environment
Clean energy stocks jump after tax on solar and wind projects is removed from Trump’s big bill
Clean energy stocks rose on Tuesday after a tax on solar and wind projects was removed from the Senate version of the One Big Beautiful Bill Act.
Shares of NextEra Energy, the largest renewables developer in the U.S., rose nearly 3% after the Senate narrowly passed President Donald Trump’s bill on Tuesday. AES, a leading renewable provider, rose almost 2%. The megabill will now go to the House of Representatives, where lawmakers will consider the Senate’s changes.
The clean energy industry was surprised and outraged to find over the weekend that a tax on wind and solar projects had been inserted into a version of the Senate legislation. The tax applied to projects that use components from foreign entities of concern above a certain threshold. Foreign entities of concern is widely understood to basically refer to China.
The American Clean Power Association and Solar Energy Industries Association told CNBC that the tax was struck from the Senate legislation. ACP had described the tax as punitive and warned that it would add up to $7 billion to the solar and wind industry’s tax burden.
The Invesco Solar ETF (TAN) over the past three months.
The benchmark Invesco Solar ETF (TAN) was up about 4%, while the iShares Global Clean Energy ETF (ICLN) was trading more than 1% higher after the legislation passed.
Shares of First Solar, the largest solar panel manufacturer in the U.S., slipped less than 1%. Sun tracker manufacturers Array Technologies and Nextracker jumped more than 11% and about 5%, respectively.
Residential solar installer Sunrun rose 9% while inverter manufacturers SolarEdge and Enphase were up about 8% and 4%, respectively.
But the Solar Energy Industries Association cautioned that the improvements in the Senate bill are “limited” and the legislation overall is still harmful to renewable energy.
“This legislation undermines the very foundation of America’s manufacturing comeback and global energy leadership,” CEO Abigail Ross Hopper said in a statement. “If this bill becomes law, families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker.”
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