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Bear with me, as this one is a bit complicated and jargon-heavy. Lotus Technology Inc. announced that Geely, the majority owner of its vehicle manufacturing business Lotus UK, exercised its put option earlier this week to sell its 51% stake in the latter company back to the former company. In Lamen’s terms, Geely is out, so Lotus Tech has to buy the 51% of Lotus UK back, putting all those respective businesses back under one umbrella. Still with me? More below.

The Lotus brand was founded in the UK over 70 years ago and has made a name for itself in delivering sporty yet luxurious hypercars. Unlike many of its competitors, Lotus was a relatively early adopter of EV technologies and has previously vowed to become an all-electric brand.

That promise was part of a strategy bolstered by Geely Hong Kong Ltd. (Geely), which acquired 51% of Lotus Advanced Technologies (Lotus UK or Lotus Cars) in 2017. As a result, Geely gained majority control of Lotus’ manufacturing division in the UK and its consultancy division, Lotus Engineering.

Lotus Technology Inc. – The R&D and design business of Lotus Group has been operating as a separate entity since then. In late January 2023, Geely and Lotus Tech signed a Put Option on Geely’s 51% stake in Lotus UK’s equity interests. As of April 14, 2025, Geely has decided to exercise said Put Option, requiring Lotus Tech to purchase that majority stake back, which it intends to do this year.

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Lotus 2026
Source: Lotus

Lotus Tech ($LOT) to buy business back from Geely

Lotus Technology Inc. ($LOT) issued a press release today outlining details of Geely’s Put Option announcement. The company explained its intention to purchase 51% of Lotus Cars and reorganize R&D, engineering, and manufacturing under one brand.

The equity interest purchase of Lotus Cars will be a non-cash transaction based on a pre-agreed pricing method between Lotus Tech and Geely, i.e., the 2023 Put Option. Lotus Tech CEO Qingfeng Feng addressed the news:

This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand, which will strengthen brand equity and enhance our operational flexibility and internal synergies. We are confident that the transaction will create substantial long-term value for our shareholders.

Mr. Feng may be painting a rosier picture than what is actually going on. It will be beneficial to regain control over Lotus UK and Lotus Engineering to consolidate financials and streamline business operations. Still, an exercised Put Option is hardly ever encouraging news.

Geely remains a massively successful global auto conglomerate and a key piece behind many leading EV technologies across its marques, especially in China. The fact that such a savant in engineering and EV development has left Lotus’ corner is concerning when imagining the future of the veteran UK brand, at least in terms of BEV development.

Lotus Tech… or Lotus Cars? Okay, let’s just call the company Lotus now. Whatever the name, Lotus will continue without Geely but still has support from consumer-focused investment firm L Catterton following a SPAC merger completed last year.

The reintegration of all Lotus businesses is expected to be completed this year. According to a representative for the company, it is now in a blackout period, so they could not comment any further until Lotus releases its Q4/ EOY 2024 earnings on April 22. That report will offer more insight into where the automaker currently stands financially and what plans it has going forward without Geely. Hopefully those plans still include more sexy BEVs!

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Tesla engineer accuses Elon Musk of betraying Tesla’s mission in exit letter

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Tesla engineer accuses Elon Musk of betraying Tesla’s mission in exit letter

A long-time Tesla engineer announced his departure from the company, citing Elon Musk as the primary reason for quitting. In his public exit letter, he decided to expose the CEO’s betrayal of Tesla’s mission.

Giorgio Balestrieri spent the last 8 years at Tesla.

He spent most of his time as a data analyst in the energy storage division and then as an algorithm engineer working on Autobidder, Tesla’s real-time trading and control platform for energy assets.

During his tenure, Balestrieri helped accelerate the deployment of energy storage from its infancy to its current status as a significant piece of the energy transition puzzle.

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Today, he announced his departure from Tesla.

In an exit letter made public on LinkedIn, Balestrieri thanked his colleagues and congratulated them on all the progress they accomplished together over the years.

In the letter, the engineer was not shy about stating “the main reason” why he was leaving: Elon Musk.

Balestrieri explained that he believes the CEO has failed Tesla’s mission:

All this being said, I do need to address the elephant in the room: the main reason I’m leaving is that I think Elon has dealt huge damage to Tesla’s mission (and to the health of democratic institutions in several countries). Beyond that, Elon’s leadership and decision making seem seriously compromised. Given his huge (and growing, inexplicably) stake in Tesla, I can’t convince myself anymore that this is the right place to be. This is not just about politics: it’s about lying to the public, manipulating public discourse, targeting minorities and supporting climate change deniers and political forces aligned with the oil and gas industry. I think it’s fairly indisputable that the current US administration is slowing down the energy transition. Unfortunately, speed is critical if we are to avert the worst consequences of climate change.

You can read the full letter here.

Electrek’s Take

Good for him. I share the sentiment.

I don’t blame anyone working at Tesla. Like Balestrieri, you can have a meaningful job at Tesla that still contributes to the mission to accelerate the world’s transition to a sustainable economy.

However, it can be frustrating when the CEO takes clear actions against the mission on a large scale, such as funding climate change-denying politicians who are implementing policies that are now slowing the deployment of renewable energy and the electric transport transition.

For many people who joined Tesla for the mission, seemingly like Balestrieri, it can feel counterproductive.

I think it’s clear that it is contributing to the significant talent exodus we have been seeing at Tesla over the last two years.

Musk’s leadership is not what it used to be.

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Global EV market surges with 1.7M sales in August, up 25% YTD

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Global EV market surges with 1.7M sales in August, up 25% YTD

Global EV sales climbed again in August 2025, with 1.7 million electric vehicles hitting the road worldwide. That’s a 5% jump compared to July and 15% higher than August 2024, according to new data from Rho Motion.

Battery electric vehicles (BEVs) made up the bulk of sales at 1.16 million units, while plug-in hybrids (PHEVs) accounted for 570,000. In total, 12.5 million EVs have been sold in the first eight months of this year.

Charles Lester, data manager at Rho Motion, explained what’s driving the numbers:

The North American market has reached a record monthly high as consumers in the US accelerate purchases to take advantage of the tax credit before it expires at the end of September. Momentum remains in Europe, underpinned by the emissions legislation, with major automotive countries, Germany and the UK, growing by 45% and 31% YTD, respectively.

Year-over-year growth in the Chinese market slowed in July-August 2025; however, this is compared to a period where subsidies for the auto trade-in scheme increased last year, which spurred EV demand in the country.

Here’s how year-to-date sales stack up against the same period in 2024:

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  • Global: 12.5 million, up 25%
  • China: 7.6 million, up 25%
  • Europe: 2.6 million, up 31%
  • North America: 1.3 million, up 6%
  • Rest of world: 1.0 million, up 44%

Europe is seeing some of the fastest growth. Sales are up 31% year to date, split nearly evenly between BEVs and PHEVs. Germany leads the charge with a 45% jump, while the UK is up 31%. Spain has doubled its EV sales this year, and Italy is up 41%. France is the outlier, with sales down 9% so far in 2025. August sales in the UK dipped 32% compared to July, but that’s a normal seasonal slowdown before a big surge in September tied to new license plate numbers.

On the model front, Ford’s Puma Gen-E and E-Tourneo Courier both qualified for the maximum UK discount of £3,750 ($5,100). Chinese automaker BYD continues its push in Europe, with the Seal U becoming one of the region’s bestselling PHEVs. In September, BYD added another model, the Seal 6 PHEV.

In North America, sales are up 6% so far this year, but August set a new monthly record as US buyers rushed to lock in the federal tax credit before it ends September 30. Analysts expect strong September numbers, followed by a steep drop in Q4. Automakers are already preparing for a pullback: VW will pause ID.4 production in October, and GM is expected to cut EV output once the credit disappears. Canada is struggling, with EV sales down by a third this year after the iZEV rebate was paused. That slump, paired with tough economic conditions, could derail the country’s 2026 EV sales mandate, which Prime Minister Mark Carney has paused while the government deals with US tariff impacts.

China, the world’s largest EV market, grew sales 11% in August compared to July and 6% year over year. Year-to-date sales are still up 25%, but growth has slowed compared to last year, when a boosted auto trade-in subsidy drove demand. BYD, the country’s dominant player, cut its 2025 sales target from 5.5 million units to 4.6 million, with up to a million of those expected to come from overseas markets.

Read more: Global EV sales hit 10.7M in 2025 – Europe surges, US stalls


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Chevy is the fastest-growing EV brand for a reason: These deals are hard to pass up

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Chevy is the fastest-growing EV brand for a reason: These deals are hard to pass up

The Chevy Equinox EV, or America’s most affordable EV with over 315 miles of range, is now even cheaper this month. Chevy is offering more chances to save this month on the electric Equinox, Blazer, and Silverado with new EV deals rolling out.

Chevy launches new EV deals with the tax credit expiring

After back-to-back record sales months in July and August, GM remained the number two seller of EVs in the US, behind Tesla.

The Chevy Equinox EV, or as GM calls it, “America’s most affordable 315+ mile range EV,” has been a smash hit. GM now expects it to be the third top-selling EV in the US this year, behind the Tesla Model Y and Model 3.

After launching the lower-priced LT trim late last year, starting at just $34,995, the Equinox drove Chevy to become the fastest-growing domestic EV brand in the US.

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As one of the few electric vehicles with a starting price under $35,000, it’s no wonder the Equinox EV is flying off the lot.

With new deals this month ahead of the $7,500 deferal EV tax credit deadline, the Chevy Equinox EV is even more affordable. In fact, all of Chevy’s electric vehicles are currently heavily discounted.

Chevy-Equinox-EV-deals
2025 Chevy Equinox EV LT (Source: GM)

Chevy is offering up to $3,000 customer cash bonus on select 2025 Equinox EV models with leases starting at just $249 per month. The deal is for a 24-month lease with $3,049 due at signing and includes the loyalty or conquest bonus.

Alternatively, Chevy is offering the $7,500 federal EV tax credit plus 0% APR financing for 60 months when financing any 2025 electric vehicle, including the Equinox, Blazer, and Silverado. If you’re a Costco member, you can save an extra $1,250.

2025 Chevy Equinox EV trim Starting Price EPA-estimated Range Monthly lease Price
(September 2025)
LT FWD $34,995 319 miles $249
LT AWD $40,295 307 miles $319
RS FWD $45,790 319 miles $324
RS AWD $49,090 307 miles $367
2025 Chevy Equinox EV prices, range, and lease price September 2025 (Including $1,395 destination fee)

The 2025 Chevy Equinox and Blazer EVs also have a $1,250 purchase allowance for eligible trade-ins, while the 2025 Silverado gets a $250 bonus.

The new 2026 Chevrolet Equinox EV is available with a cash bonus of up to $2,000 or 1.9% APR financing for 36 months.

Chevy-EV-deals
Chevy Blazer EV RS (Source: GM)

If you’re looking for something a little bigger and more powerful, the 2025 Chevy Blazer EV is available with up to $3,500 in bonus cash with leases starting as low as $369 per month. That offer is also a 24-month lease, but with $3,149 due at signing.

For pickup fans, the Chevy Silverado EV is even more impressive than it looks, with up to 493 miles of range, a towing capacity of up to 12,500 lbs, and the ability to hit 0 to 60 mph in under 4.5 seconds.

Chevy-Silverado-EV-deals
2026 Chevy Silverado EV (Source: Chevrolet)

The 2025 Chevrolet Silverado is available with up to $4,000 in bonus cash right now. Chevy is listing the 2025 Silverado EV Crew Cab 4WD LT trim for leases as low as $749 for 24 months with $5,209 due at signing.

Chevy’s electric vehicles are not only some of the most affordable to lease, but they are also the cheapest to insure. According to a recent study from Insurify, the Chevy Blazer and Equinox are the most affordable EVs to insure.

Chevy’s deals are set to end on September 30, when the federal EV tax credit is also set to expire. Despite record sales, GM said it expects a slowdown later this year as the “irrational discounts” come to an end.

Are you looking to grab the savings while they are still available? We can help you get started. You can use our links below to find Chevy Equinox, Blazer, and Silverado EV models in your area.

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