Toronto, Ontario — Magna discloses a seven percent stake in Fisker; General Motors ups its EV and autonomous vehicle spending and Tesla encounters service problems in China in this edition of Collision Repair’s Tuesday Ticker.
Funds in Fisker
Magna International reported last week that it holds 12,969,986 shares in Fisker, giving Magna a 7.4 percent stake in the company.
The Aurora, Ont.-based auto parts manufacturer is now one of Fisker’s biggest stakeholders.
The two companies also finalized a long-term manufacturing agreement last week, which will see Magna produce Fisker’s upcoming electric SUV—dubbed the Ocean—beginning November 2022 at Magna’s manufacturing facility in Graz, Austria.
Boosts for battery-electric
General Motors is planning to increase electric vehicle and autonomous technology spending to US$35 billion through 2025, according to Reuters.
Such an increase would mark a 30 percent uptick in the OEM’s EV and autonomous spending, according to its most recent financial forecast.
As part of the spending, GM will build two additional battery plants in the U.S. and move up some of its EV investments, said Reuters.
Tesla’s recent troubles
Tesla is dealing with a bevy of problems in China after nearly every car the EV giant has sold in the nation must be fixed to remedy a safety issue.
The State Administration for Market Regulation said in a statement on Saturday that the action involves more than 285,000 vehicles: 211,256 locally produced Model 3 vehicles and 35,665 imported ones, as well as 38,599 China-made Model Ys.
The California-based carmaker only began deliveries of the Model Y sports-utility vehicle in January, so the recall will affect nearly every driver that purchased one.
The Chinese agency also said the vehicles’ autopilot systems can be activated automatically, potentially leading to crashes from sudden acceleration.
Tesla apologized via its official customer support account on Weibo, a popular Chinese social media site, saying it will “continue to improve safety in strict accordance with national requirements.”
