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Vinfast Shares Yorkville: VinFast, which was founded and almost entirely owned by Pham Nhat Vuong, Vietnam's richest man, made a stellar Nasdaq debut in mid-August following a merger with a blank-check company.
Next E.go Vehicle: The company's listing comes a few years after a major wave of SPAC mergers where EV startups raised billions of dollars. Many have struggled to actually make EVs at scale and funding has dried up.
Rivals including Rivian Automotive, Lucid Group and Fisker fell between 3.3% and 4.5%, while legacy automakers such as Ford were down around 0.6%. The comments marked a change in tone from Tesla CEO Musk, who had said last year that his company was "recession-resilient". The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts.
The National Highway Traffic Safety Administration (NHTSA) in July proposed raising Corporate Average Fuel Economy (CAFE) car requirements by 2% and by 4% for trucks and SUVs annually between 2027 and 2032. Tesla wants the agency to finalize rules increasing stringency for cars by 6% annually and 8% for trucks and SUVs, saying it would best "conserve energy and address climate change."
Revolt Motors: RattanIndia Enterprises Business Chairperson Anjali Rattan said the company is expanding to ensure that the electric revolution reaches every corner of the country. "Revolt had only 25 dealerships when we did the acquisition. Right now we are almost at 100... in one year we want to have 500 dealerships in India," she said.