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Poor sales of electric cars in Europe and America have put the fourth largest battery manufacturer in the world in a difficult position.
South Korean electric car battery manufacturer SK On is in crisis due to sluggish sales of electric cars in Europe and the United States, with 10 consecutive quarters of losses and soaring debts. Commentators say that Korean battery makers are "very disappointed" with American auto manufacturers, and General Motors predicts that it will sell 1 million electric cars by 2025, but only sold 21,930 in the second quarter of this year.
Under heavy pressure from the global slowdown in the electric autos market, LG's new energy fund's profits plummeted 58%.
The continuous slowdown in sales of electric cars has had a significant impact on the performance of LG new energy fund, causing its second-quarter profit to fall short of analyst expectations.
Counterpoint: Pure electric car sales will surpass 10 million vehicles in 2024, and the growth of hybrid cars will exceed pure electric cars.
China remains the dominant force in the pure electric auto market, with pure electric auto sales expected to be four times that of North America by 2024.
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FFIE.US soared more than 110% intraday as it caught the wave of public investment interest in Rivian.
Zhī tōng cǎi jīng noted that Faraday Future (FFIE.US) continued to rise, with an intraday increase of more than 110%, and closed up 73.21%. On the news front, founder Jia Yueting's comments on Volkswagen's investment and cooperation with Rivian Automotive (RIVN.US) on the social media website X were published earlier. Volkswagen plans to establish a joint venture with Rivian Automotive and invest up to $5 billion in the electric car manufacturer by 2026. The joint venture aims to jointly create the next generation of electric vehicles.