Technology Newsroom

The Latest Technology News

Electric Vehicles

S&P 500 reaches record high, traders eye Biden’s infrastructure proposal

Stocks jumped to record levels on Wednesday as technology stocks recovered losses from Tuesday’s session. Traders digested the contours of President Joe Biden’s infrastructure proposal, which would include trillions of dollars in government spending as well as new changes to tax policy. 

The S&P 500 rose by more than 0.8% to reach a fresh record intraday high. The Nasdaq outperformed, gaining just over 2% at session highs as technology stocks outperformed. The Dow hovered near the flat line. A day earlier, the Dow dropped for the first time in four sessions, and each of the S&P 500 and Nasdaq also declined. Shares of big bank stocks recovered some declines from earlier this week, though shares of Nomura and Credit Suisse added to losses as the lenders assessed the losses they would incur after the hedge fund Archegos Capital defaulted on significant margin calls last week.  

Traders will be eyeing President Joe Biden’s latest public address on Wednesday, which is expected to include details around his infrastructure plan for the country. The White House released a statement about the plan ahead of the address, noting that it would involve more than $2 trillion in total spending over eight years to help rehabilitate and build out the country’s infrastructure, address the crisis around climate change and curb economic inequality. To pay for the proposal, Biden will propose raising the corporate tax rate to 28% from 21% for 15 years, and implementing other policies to disincentivize offshoring. 

Wednesday also marks the final session of both March and the first quarter. For the year-to-date, small cap stocks as well as the cyclical energy, financials and industrials sectors – or the biggest under-performers of 2020 – have outperformed strongly, while last year’s leading technology companies have lagged. This rotation has coincided with a faster-than-anticipated vaccination program in the U.S., as well as an influx of estimates-topping economic data. Wednesday morning, ADP reported that private payrolls grew by 517,000 in the U.S. in March, marking the best gain since September. 

Still, however, investors have been nervously looking for signs that the stimulus-aided post-pandemic recovery is bringing with it an unwanted rapid rise in inflation. The latest march higher in Treasury yields, with the benchmark 10-year yield rising to more than 1.75% this week, has reinforced these apprehensions. But with these concerns now well-known, some of the next market catalysts will likely be around whether fears around fast-rising prices ultimately come to fruition, some analysts said. 

“We’ve been on this ride probably for two quarters now where interest rates are really driving everything … We’re likely to still see interest rates continue to rise, which is healthy and normal and you’d expect to see that in a recovery,” Tim Courtney, Exencial Wealth Advisors chief investment officer, told Yahoo Finance.

“But I think there’s going to be something else that’s going to start to take over here within the next month or so, and that is, the market is going to start to pivot from a recovery, say, interest rate story, to [wanting] to see the proof,” he added. “So I think that interest rates dictating the market behavior will still be a main factor, but earnings coming up for the first quarter and economic data are going to be top of the list items that investors are going to want to see.”

—

12:42 p.m. ET: Stocks extend gains, Nasdaq adds nearly 2% 

The three major indexes held higher in afternoon trading, with the S&P 500 trading at an all-time high. The information technology, consumer discretionary and communication services sectors outperformed, while materials, financials and energy stocks lagged.

Here were the main moves in markets during the afternoon session: 

  • S&P 500 (^GSPC): +31.85 points (+0.8%) to 3,990.40

  • Dow (^DJI): +30.75 points (+0.09%) to 33,097.71

  • Nasdaq (^IXIC): +252.11 points (+1.94%) to 13,297.99

  • Crude (CL=F): +$0.36 (+0.59%) to $60.91 a barrel

  • Gold (GC=F): +$24.50 (+1.45%) to $1,710.50 per ounce

  • 10-year Treasury (^TNX): -1.2 bps to yield 1.714%

—

10:10 a.m. ET: Nomura, Credit Suisse shares extend losses in wake of Archegos Capital implosion

Shares of Nomura and Credit Suisse added to steep losses on Wednesday as the companies prepared to incur major losses after Archegos Capital defaulted on significant margin calls last week. Credit Suisse’s about 4% share price drop on Wednesday brought the stock’s decline for the week to about 20%, while Nomura fell another 3%. 

—

10:05 a.m. ET: Pending home sales plunged by the most since April 2020 in February

Pending home sales slumped last month as inclement weather and tight inventory weighed further on the housing market at the start of the year. 

The National Association of Realtors reported Wednesday morning that pending home sales fell by 10.6% in February from a month earlier, marking a second straight monthly decline. Consensus economists were looking for pending home sales to fall by just 3%, according to Bloomberg data. Over last year, pending home sales fell 2.7%, not accounting for seasonal adjustments.

—

9:30 a.m. ET: Stocks open higher 

Here’s where markets were trading shortly after the opening bell Wednesday morning: 

  • S&P 500 (^GSPC): +13.34 points (+0.34%) to 3,971.89

  • Dow (^DJI): +88.09 points (+0.27%) to 33,155.05

  • Nasdaq (^IXIC): +89.25 points (+0.66%) to 13,131.18

  • Crude (CL=F): -$0.41 (-0.68%) to $60.14 a barrel

  • Gold (GC=F): +$2.10 (+0.12%) to $1,688.10 per ounce

  • 10-year Treasury (^TNX): -0.5 bps to yield 1.721%

—

8:30 a.m. ET: Private payrolls rose by 517,000 in March: ADP

U.S. private employers added back more than half a million jobs in March for the best gain since September, according to a report from ADP on Wednesday. However, job growth still slightly missed expectations, even as February’s inclement weather abated and the domestic vaccination program picked up steam.

Private payrolls grew by 517,000 in March, ADP said. This followed a revised gain of 176,000 in February, up from the 117,000 previously reported. Consensus economists were looking for domestic private employers to bring back 550,000 jobs during the month, according to Bloomberg data.

The services sector again handily led the way in recovering jobs, with service-providing payrolls climbing by 437,000 in March. Leisure and hospitality industries made the largest advances, with payrolls rising by 169,000. Trade, transportation and utilities jobs also rose by 92,000, and professional and business services jobs rose by 83,000.

The goods-producing sector also posted net private payroll gains in March, with these increasing by 80,000. Construction and manufacturing jobs rose by 32,000 and 49,000, respectively, though mining positions edged lower by 1,000.

—

7:20 a.m. ET: Pfizer shares rise after company says its COVID-19 vaccine is safe and effective in children as young as 12 

Pfizer (PFE) announced on Wednesday that data from its latest study showed that the COVID-19 vaccine it developed with BioNTech (BNTX) was safe and effective in preventing COVID-19 in children as young as 12.

The late-stage trial comprised 2,260 U.S. volunteers between the ages of 12 and 15. There were no cases of COVID-19 among those who received full vaccination, versus those who were given placebos, Pfizer said. The study has yet to be peer reviewed for publication. 

—

7:15 a.m. ET Wednesday: Stock futures trade mixed, with technology shares outperforming 

Here’s where markets were trading heading into the regular trading day on Wednesday: 

  • S&P 500 futures (ES=F): 3,951.75, +4 point, or 0.1%

  • Dow futures (YM=F): 32,899.00, -26 points or 0.08%

  • Nasdaq futures (NQ=F): 12,951.25, +73 points or 0.57%

  • Crude (CL=F): -$0.06 (-0.1%) to $60.49 a barrel

  • Gold (GC=F): +$1.50 (+0.09%) to $1,687.50 per ounce

  • 10-year Treasury (^TNX): -0.7 bps to yield 1.719%

—

6:00 p.m. ET Tuesday: Stock futures tick up as overnight session begins 

Here’s where markets were trading Tuesday evening: 

  • S&P 500 futures (ES=F): 3,948.75, +1 point, or 0.03% 

  • Dow futures (YM=F): 33,939.00, +14 points or 0.04% 

  • Nasdaq futures (NQ=F): 12888.00, +9.75 points or 0.08% 

NEW YORK, USA - MARCH 25: People are seen by the Wall Street Station during COVID-19 pandemic in New York City, United States on March 25, 2021. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)

NEW YORK, USA – MARCH 25: People are seen by the Wall Street Station during COVID-19 pandemic in New York City, United States on March 25, 2021. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

Read more from Emily:

More charging stations could boost EV sales in auto industry

President Joe Biden is expected to outline a massive new proposal for infrastructure spending at an address in Pittsburgh, Pennsylvania, today. The plan is reported to go beyond the usual roads and bridges to focus on measures to combat climate change, like dramatically expanding the nation’s network of electric vehicle charging stations.

A couple of years ago, Leo Touza was seriously considering buying an electric vehicle. He found some great deals on used ones, but he rents an apartment in Portland, Oregon, and has to park on the street.

“Where do I charge it? If they just had like a few chargers on every block or something, that helps,” Touza said.

But that wasn’t the case, so he bought a gas car instead. Lack of access to chargers is one of the top barriers to electric vehicle ownership, said analyst Sam Abuelsamid at Guidehouse Insights.

“You want a consistent network that’s just widely distributed,” Abuelsamid said.

Auto industry groups have pushed the White House to prioritize charging infrastructure to help boost EV sales. Charging availability has increased in many places, but varies widely, said Ethan Elkind at the University of California, Berkeley.

“Any electric vehicle driver who’s looked on a map to see where the charging stations are, you can pretty readily identify some parts of the U.S. where there’s a real missing infrastructure,” Elkind said.

Auto trade groups say there are around 100,000 public charging outlets across the country.

Daimler to speed up electric shift as 2021 starts strongly

LONDON (Reuters) -Daimler has got off to a good start in 2021 despite a global shortage of semiconductor chips, and plans to accelerate the shift in its model line-up to electric cars, the Mercedes-Benz maker said on Wednesday.

The German company said it expected 2021 to be a significantly better year for revenue, and pretax profits than a pandemic-hit 2020.

Like German rivals BMW and Volkswagen, Daimler benefited from Chinese demand for high-margin luxury vehicles in the second half of 2020, which helped sales to recover from production shutdowns in the spring.

“After a good start with a tailwind from last year, Daimler is confident about the current financial year,” the company said in a statement.

Much of the auto industry has struggled to maintain output due to a chip shortage this year.

Daimler said preparations were underway for the planned listing of its truck making unit, Daimler Truck, and it should be completed by the end of 2021.

The company announced plans to spin off the unit, the world’s largest truck and bus maker, in February, seeking to increase its investor appeal as a focused electric, luxury car business.

Daimler said it planned to speed up the electrification of its product range, but did not provide details.

In 2019, the company said it expected plug-in hybrids or all-electric vehicles to make up more than 50% of its car sales by 2030.

“We want to accelerate the electrification of our product portfolio,” Chief Executive Ola Källenius said. “It’s our goal to reach this target sooner.”

Earlier this month, BMW said it expected at least 50% of its sales to be zero-emission vehicles by 2030.

Carmakers are racing to introduce new electric cars as CO2 emissions targets tighten in Europe and China.

Daimler will next month unveil the EQS, an all-new electric Mercedes-Benz sedan using a dedicated electric vehicle platform. The company said on Wednesday the EQS should have a battery range of up to 770 kilometers (478 miles).

Reporting by Nick Carey. Editing by Emma Thomasson and Mark Potter

Labor policy would give electric vehicles a ‘level playing field’ as fleet cars

Labor’s pledge to remove import tariffs is not expected to do much to reduce car prices, with the majority of vehicles coming from countries already exempted from import duties by free trade agreements – including Japan, South Korea, Thailand and the United States.

Loading

The Morrison government targeted former Labor leader Bill Shorten during the 2019 election campaign for his pledge to lift new electric vehicle sales to 50 per cent market share by 2030, with Prime Minister Scott Morrison claiming the then-opposition leader “wants to end the weekend”.

But since then the government has found itself wedged between the electric vehicle advocates in its ranks, mostly from progressive urban electorates, and some of its conservative members – particularly among many Nationals MPs who oppose support for clean cars.

The Morrison government has promised an electric vehicle strategy since 2019. That initiative was broadened in February when Energy and Emissions Reduction Minister Angus Taylor released a discussion paper on its Future Fuels Strategy, including talking points on electric vehicles.

Mr Taylor said the government would adopt a “fleets first” approach but the policy is still out for consultation.

The government’s $74.5 million Future Fuels Fund has announced its first funding initiative, with $16.5 million for electric vehicle charging stations in capital cities and key regional centres.

Loading

Mr Taylor said on Wednesday the government’s policies, including their focus on rolling out vehicle charging stations, would enable car buyers to make their own choices.

“We’re not going to tell Australians what kind of car to drive, but we are going to make sure that they are in a position to make those choices and the infrastructure is there to support those choices as they need it,” he said.

“We’re seeing technology being used to drive down the cost of energy and reduce emissions. The same is happening with vehicles. We’ve seen a doubling of the sales of hybrids in Australia in the last 12 months.”

Labor’s policy is estimated to cost $200 million over three years, with the exemptions applying to vehicles prices below the luxury car tax threshold of $77,565.

Loading

Electric Vehicle advocates have warned that Australia could become a dumping ground for car makers’ old run-out models with internal combustion engines, as they send their limited stock into more attractive markets with incentives for clean cars.

There are no electric cars currently available in Australia for less than $40,000 and just five for under $60,000. In Britain there are more than two dozen electric cars available for under $60,000 — including eight that are cheaper than the cheapest electric car in Australia.

According to polling commissioned by the Australia Institute in March, 62 per cent of voters support subsidies and incentives to reduce the cost of electric vehicles – including 65 per cent of Coalition voters and 64 per cent of Labor voters.

Climate Council campaigns director Alix Pearce said about 20 per cent of Australia’s greenhouse gases come from transport but the country lacks “credible policies to reduce emissions from transport”.

“Australia is one of a handful of OECD countries without greenhouse gas emissions standards for vehicles,” Ms Pearce said.

Most Viewed in Politics

Loading

Xiaomi to invest $10 billion into new electric vehicle business

vbox15017-dsc-3207-212346-1-1024x683.jpg

Image: Xiaomi

Xiaomi has announced it will invest $10 billion to develop a new electric vehicle business.

The Chinese company on Tuesday said the investment would entail setting up a new wholly-owned subsidiary that will receive an initial investment of 10 billion yuan.

The remaining amount will then be spent over the next 10 years, Xiaomi said.

Xiaomi founder and CEO Lei Jun said the company decided to make the foray into the electric vehicles market as it believes smart electric vehicles are the “broadest race track in the next decade”.

“It is an inseparable and crucial part that forms the smart ecosystem; it is an inevitable choice to expand the integrated ecosystem of AIoT smart living; it is also the only path for us to fulfil the vision of the company and to bring a better life to everyone through technology,” he said in an open letter.

“The decision was made after numerous rounds of deliberation among all our partners, and this will be the final major entrepreneurial project of my life. I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle.”

Prior to making this decision, Jun claimed that the company conducted 85 meetings with over 200 industry experts, four internal management debates, and two board meetings.

Jun will serve as the CEO of the new electric vehicle subsidiary.

On the same day, Xiaomi, best known for its smartphones, also released its first foldable smartphone, the Mi Mix Fold, and updated its logo.

The Mi Mix Fold sports an 8-inch QHD flexible internal display and a 6.52-inch external display, which Xiaomi claimed is the largest foldable display on any smartphone to date.

Xiaomi added that the launch of its first foldable device comes with the debut of the Surge C1 processor, which is a Xiaomi-developed image processing chip. 

According to Xiaomi, the new chip underwent two years of development and 140 million yuan in R&D investment. The chip will power two cameras: A 108MP pixel main camera and a 13MP ultra-wide angle camera.

Rounding out the foldable device’s specs, the Mi Mix Fold has a Qualcomm Snapdragon 888 processor, quad-speaker setup, a 5,020mAh battery, and 67W fast-charging support.

mi-logo-n3-global-2-1024x512.jpg

Image: Xiaomi

Looking at the new logo, Xiaomi made minor changes, using new typography for “Mi” and adding the company’s name beneath the logo. The corners of the squared logo are also softer and rounder compared to the previous logo.    

It’s been a big week of announcements for Xiaomi, with the company unveiling a slew of smart devices yesterday, including its flagship smartphone, the Mi 11 Ultra.

The Mi 11 Ultra is similar to the already released Mi 11, but it has a different new camera system, which consists of a triple-camera setup and an AMOLED screen housed inside a camera bump.

The 1.1-inch AMOLED display can be used as a selfie viewfinder, an always-on display, or a notification window, Xiaomi said.

MORE XIAOMI

Policies that promote electric vehicle sales and production mean better jobs

Locally, the Miami Valley is rising to meet these changing demands. Efforts led by the Miami Valley Regional Planning Commission would result in eighteen new, publicly accessible EV charging stations in 11 communities across the area. The increase in charging stations sends a strong signal that our region is ready to encourage customers to consider EVs by making their use more convenient. This builds on the region’s long, rich history of technology development, from the airplane to the pop-top.

Unfortunately, we are not seeing the same willingness to embrace the advanced transportation future in our state policy. Currently, up-front and registration fees on hybrid and electric vehicles are among the highest in the nation and are higher than our neighboring states. Ohio charges $200 for all-electric vehicles, $200 for plug-in hybrids, and $100 for internal combustion hybrids. When these fees are more than $100 per vehicle, the adoption of electric vehicles slows by as much as 20 percent over the first few years. This does not indicate to automakers that Ohio is ready to lead the way in a clean transportation future.

Labor unveils first electric vehicle policy since Coalition said party was ‘waging war on the weekend’ | Labor party

Labor will cut the import tariff on electric vehicles worth less than $77,565 and exempt them from fringe benefits tax in an effort to reduce retail prices and create incentives to drive up fleet purchases.

The new policy will be unveiled at the party’s national conference on Wednesday as power brokers continue to wrestle over amendments from the Australian Workers Union and the Construction, Forestry, Mining and Energy Union intended to strengthen Labor’s support for new gas projects.

As officials attempt to land a deal on gas to prevent a show of defiance on the conference floor, the federal leader, Anthony Albanese, and the shadow climate change minister, Chris Bowen, will unveil their first post-election policy commitment to encourage the take-up of electric cars, and a separate $200m program to install 400 community batteries to serve up to 100,000 households.

Community batteries allow people in high rises or rental properties who can’t install their own solar systems to draw from excess energy stored in a battery serving a local neighbourhood.

The new commitments on electric vehicles are the first time Labor has returned to the policy fray since the Morrison government, during the 2019 election, characterised the party’s measures – which included a national electric vehicles target of 50% new car sales by 2030 and pollution regulation on car retailers “in line with” 105g CO2/km for light vehicles – as a “war on the weekend”.

The hyperbolic rhetoric deployed by the prime minister, Scott Morrison, and the energy minister, Angus Taylor, in 2019 was part of the Coalition’s efforts to weaponise climate action.

The tax changes will cost around $200m in lost revenue over three years and apply to vehicles priced below the luxury car tax threshold for fuel-efficient vehicles. It is unclear whether or not Labor will persist with the measures it flagged before the last election, but senior figures say Wednesday’s EV policy is a first instalment rather than the final word.

The Green Recovery: how to put more electric vehicles on Australia's roads – video
The Green Recovery: how to put more electric vehicles on Australia’s roads – video

The first day of the national conference saw delegates agree to recognise Palestinian statehood “as a priority” and also settle the party platform wording for other foreign affairs and trade issues.

Labor’s climate and energy policies will be debated on Wednesday. Gas has become a focal point in an internal fight about whether or not climate ambition has cost Labor election victories – a fight that reached a crescendo with the departure of the New South Wales rightwinger Joel Fitzgibbon from the shadow ministry, and the replacement of Labor’s former climate spokesman, Mark Butler, with Bowen.

Albanese meanwhile used a speech to delegates on Tuesday night to rally the party faithful. The Labor leader said Morrison led “a government that is out of ideas, out of touch, and at the next election they should be out of office”.

“Over the last two weeks, what we used to call once-in-a-century floods have drowned much of our east coast,” Albanese said.

“They come in the wake of an unprecedented fire season that scorched much of our continent. And in the nation’s capital and beyond, women are making a brave stand against a toxic culture that has held them back and endangered them for so long,” he said.

“What these challenges have in common is a government in denial about how quickly our world is changing – in denial about the science of climate change, in denial about women’s truth”.

Albanese said if Labor won the next federal election, he would offer “sound, considered, honest government” and lead a government that “faces up to reality, listens to what people are saying, accepts expert advice, has genuine empathy for people’s concerns [and] backs the aspirations of all Australian families for a better life”.

With the Covid-19 pandemic unleashing a debate in Australia and around the world about sovereign capability, Albanese said a Labor government would back industries of strategic importance, which he nominated as mining and resources; agriculture, forestry and fishing; medical science; renewables and low emission technologies; defence industries; and transportation.

Albanese told delegates the choice voters would face at the next election was “becoming clearer by the day”.

He said the contest would be between “a tired government that been in power for eight long years that’s unravelling before our eyes, led by a man who is an empathy vacuum and an accountability black hole” – and a Labor alternative promoting a strong, inclusive and confident country.

Wrightspeed Bolsters Leadership Team to Meet Demand for Electric Powertrains

ALAMEDA, Calif.–()–Wrightspeed, a leading manufacturer of battery electric powertrains for medium and heavy local transport, today announced the expansion of its leadership team with the appointments of Chris Gross as VP Manufacturing, Ann Lee-Blythe as VP Supply Chain, and Derek Richards as Director of Testing and Validation. The expansion comes as Wrightspeed looks to ramp up production and delivery for its award-winning electric powertrains globally.

“As the transportation industry eyes an electric future, interest and demand for superior electric powertrains have never been higher. As a result, we have brought on Chris, Ann and Derek to accelerate our manufacturing, production and supply chain operations,” said Gilbert Passin, CEO & COO, Wrightspeed. “Their experience is unparalleled and their expertise will be invaluable to Wrightspeed as we lead the industry and the company into a new era of sustainable trucking.”

Building a World-Class Team

Chris Gross, Vice President of Manufacturing – In his role, Chris will design, build and run Wrightspeed factories, including hiring personnel and managing manufacturing operations. Chris has a rich history of experience designing and building manufacturing facilities. Prior to Wrightspeed, he led the launch of the Tesla Models S powertrain organization in 2012. Chris built out and led the teams that qualified and scaled the battery assembly and drive unit manufacturing lines. Later he led vehicle general assembly for Tesla, which included installing the S/X manufacturing line and launching Dual Motor Model S and Model X vehicles. Also in his 20-year career, Chris led the design and build of two heavily automated solar panel manufacturing facilities for two different start-up companies. Chris studied Engineering at UC Berkeley and holds an MBA from Santa Clara University – Leavey School of Business.

“I’m excited to join Wrightspeed and enable the adoption of electric powertrains for the commercial vehicle industry,” said Chris Gross, VP of manufacturing, Wrightspeed. “Not only will it have a high impact in reducing greenhouse emissions, it will improve the overall experience for communities when they interact with these electric commercial vehicles.”

Ann Lee-Blythe – Vice President of Supply Chain – In her role, Ann will institute and oversee all aspects of the supply chain infrastructure to maximize efficiency and productivity. Ann has more than 20 years of strategy and operations experience, and has served in several executive supply chain roles. She previously led vision, strategy and execution for all facets of Hewlett Packard’s worldwide strategic alliances and supply chain operations. There, she effectively managed strategic partnerships with enterprise, SMB and consumer businesses that included Microsoft, Intel Corporation, AMD, Qualcomm, and Alibaba. In her position, she also managed teams with accountability for approximately $10B in annual spend while achieving over $200M in incremental year-to-year cost savings. Ann holds a degree in Business Administration and Management, Economics from Marist College, Poughkeepsie, NY.

“As Wrightspeed enters this new phase of growth, a well-oiled supply chain infrastructure will be critical to the company’s ultimate success,” said Ann Lee-Blythe, VP of supply chain, Wrightspeed. “I look forward to joining the Wrightspeed team and implementing proven strategies that will help them achieve and exceed their business goals.”

Derek Richards, Director of Testing and Validation – In his role, Derek oversees all aspects of vehicle testing including government regulations, safety requirements, durability needs, and overall consumer experience. Derek is a seasoned automotive and electric vehicle veteran with more than three decades of experience. Prior to Wrightspeed, Derek served at General Motors (GM) in a variety of engineering and managerial positions. Most recently he served as the company’s Advanced Vehicle Performance Manager for electric trucks including the HUMMER EV, Chevrolet pickup and Escalade, as well as the Volt/Velite5 passenger car models. In his career, Richards also served as GM’s international Regional Vehicle Chief Engineer – ASEAN & Asia Pacific, and Global Vehicle Performance & Validation manager for Isuzu Joint Venture Japan. Derek holds an M.S. in Mechanical Engineering from Purdue University.

“Wrightspeed’s innovations in electric vehicle powertrains are second-to-none,” said Derek Richards, director of testing and validation, Wrightspeed. “Wrightspeed has established itself as a major player in the electrified future of heavy-duty transport and I’m excited to join the company and further their mission to create the next generation of sustainable commercial fleets.”

Wrightspeed’s efficient electric vehicle powertrains come amidst a global push toward sustainable operations. Built for short-haul operations on urban streets, Wrightspeed technology is powering frequent-stop, heavy-duty vehicles such as garbage, delivery and construction trucks, as well as buses. The award-winning company is partnering with countries and international companies to make a global environmental impact.

For more information on Wrightspeed, visit wrightspeed.com.

About Wrightspeed Inc.

Wrightspeed designs and manufactures the world’s cleanest and most efficient electric vehicle (EV) powertrain for medium and heavy-duty vehicles. The company is revolutionizing the environmental impact and economics of heavy transportation by delivering world class EV technology where it’s needed most. Founded in 2005, Wrightspeed is headquartered and manufactures in Alameda, California. For more information about Wrightspeed, visit wrightspeed.com and follow on Twitter at @GOWrightspeed.

Cautionary Statement Regarding Forward-Looking Statements

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Xiaomi announces smart EV business, to invest $10 billion over ten years

FILE PHOTO: The logo of Xiaomi is seen inside the company’s office in Bengaluru, India, January 18, 2018. REUTERS/Abhishek N. Chinnappa

SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing.

The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years.

Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added.

($1 = 6.5647 Chinese yuan renminbi)

Reporting by Josh Horwitz, editing by Louise Heavens, Kirsten Donovan

Jeep Launches 4xe Electric Vehicle Charging Stations at Trailheads Throughout United States

Jeep EV Charger. (Image source: Jeep)

Jeep EV Charger. (Image source: Jeep)

Jeep 4xe charging stations are scheduled to open this spring at three of the most popular off-road sites and iconic trails for the Jeep brands.

As part of this year’s Easter Jeep® Safari, the Jeep brand is taking electrified propulsion beyond the paved road with the innovative 2021 Jeep Wrangler 4xe plug-in hybrid. Partnering with Electrify America to create the Jeep 4xe Charging Network, Jeep-branded EV charging stations will be installed at or near the trailheads of Jeep Badge of Honor off-road trails over the next year, allowing owners to take full-advantage of their electrified Jeep SUV.

Jeep 4xe charging stations are scheduled to open this spring at three of the most popular off-road sites and iconic trails for the Jeep brand — Moab, Utah; the Rubicon Trail in Pollock Pines, California; and Big Bear, California.

Additional Jeep 4xe Charging Stations are scheduled to be operational around the country by the end of 2021. The charging stations will be located near Jeep Badge of Honor trails, an industry exclusive off-road rewards program to support enthusiasts looking to earn a Badge of Honor for their new Jeep Wrangler 4xe.

Also Watch:

Jeep 4xe Charging Stations will be either directly connected to the power grid or use solar power to generate electricity. “Electrification opens a new chapter in the Jeep brand story, and it brings an entirely new level of excitement and enjoyment to our enthusiastic owners,” said Christian Meunier, Jeep brand CEO — Stellantis. “Key to making Jeep brand the greenest SUV brand is assuring our owners can enjoy the benefits of electric propulsion wherever they go, including the most iconic off-road trails in the country.”