“What is at stake here is not how much financiers think a company is worth but the chance to revolutionize the auto industry, turn it electric and at the same time make a huge contribution to protecting the climate,” Thomas Ingenlath says.

At full capacity, the Braunschweig, Germany, plant will be able to assemble up to 500,000 EV batteries a year for models based on VW’s modular electric drive (MEB) architecture.

The battery-electric sedan is due to go on sale in North America in 2022 as a direct rival to the Tesla Model S.

The Tesla Model Y-rivaling electric CUV is planned for U.S. sale in 2022.

The German automaker’s third ID. badged model, which is slightly smaller than the U.S.-produced VW Atlas, will be produced and sold exclusively in China.

Part of GM’s $7 billion investment this year in zero-emission vehicle technology, the Tennessee plant will supply battery cells to Spring Hill Assembly, which GM said in October will build the Cadillac Lyriq EV.

The Tesla Model 3 rival launches with new, lidar-equipped autonomous driving functionality and Qualcomm computing platform.

The Korean Times says the iPhone maker is eyeing a deal with a new joint venture, LG Magna e-Powertrain, to produce its first electric vehicle.

The individually styled SUV and Sportback models, closely related to the Volkswagen ID.4 sedan, will challenge the Tesla Model Y in the U.S.

Based on the CX-30 platform and engineered by Mazda, the front-wheel-drive MX-30’s drivetrain uses an electric motor and a 35.5-kWh lithium-ion battery capable of delivering 144 hp and maximum torque of 200 lb.-ft. (271 Nm).