News: A Roundup of the Top Automotive News From 2021
Electric vehicles were a force in automotive news in 2021. Here’s a roundup of the biggest EV news of the year.
Contributing Writer at Tally
January 17, 2022
There may have been a massive chip shortage impacting new-car inventory for all of 2021, but there was no shortage of automotive news — from electric car manufacturers ruling the stock market to EV pickups becoming the latest fad to Ford teaming up with a chip manufacturer.
Here’s what happened in the past year in the automotive sector.
Ford partners with chip manufacturer
On November 18, 2021, in the heart of a global chip shortage causing automakers to struggle to keep cars on dealership lots, Ford struck a strategic partnership with leading semiconductor manufacturer GlobalFoundries (GF).
This non-binding agreement puts GF on the front line of manufacturing chips for new Ford vehicles, potentially alleviating Ford’s supply issues. It also includes GF performing research and development on new chips to help power new technology customers will demand, such as driver-assist features, automated driving or battery management.
This partnership could expand beyond just Ford, as the two companies are also discussing broadening production to help support the entire auto industry.
“This agreement is just the beginning and a key part of our plan to vertically integrate key technologies and capabilities that will differentiate Ford far into the future,” said Ford’s president and CEO, Jim Farley.
Electric vehicles dominate the stock market
With fuel prices soaring, electric vehicles became a focal point again, and the stock market showed it.
Tesla saw monster growth in 2021, as its stock rose an unexpected 50% throughout 2021 and saw a 36% upshoot in the last three months of 2021 alone. What’s more, this is all despite Elon Musk selling off approximately 10% of his company ownership.
Lucid kicked off 2021 with share prices of just $10.03. Despite lacking real profits or revenue, the stock soared to $52.94 per share in February. It then tumbled to a low of $17.94 in May, only to rocket to $55.21 per share in November. It closed 2021 at $38.05 per share.
Rivian’s hot initial public offering (IPO)
On November 10, 2021, Rivian went public with its IPO. Stock prices began at $78 per share but soared to $106.75 when it opened on Nasdaq. Rivian stock topped out at $172.01 on November 16.
Recently, investors cooled on this hot EV manufacturer, and the stock tumbled to $123.38 just two days later and continued falling throughout the year, closing at $103.69 on December 31.
But with MotorTrend naming the Rivian R1T pickup its 2022 truck of the year, this young automaker could see its stock surge again.
Trucks were all the EV rage for 2021
While electric cars are nothing new, electric trucks were a path less traveled before 2021, especially from mainstream automakers. In 2021, trucks began entering the EV mainstream, starting with GMC’s release of the Hummer EV and continued with the reveal of the all-electric Ford F-150 Lightning.
Chevrolet got in on the EV truck trend with the announcement it would develop a Silverado EV for a 2022 release.
Toyota came close to an electric truck with the 2021 release of its all-new Tundra Hybrid, but there are reports this is just the predecessor to a full-electric Tundra or Tacoma soon.
And we haven’t even mentioned the upcoming Tesla Cybertruck, which has been in development for several years now. Tesla expected to have the Cybertruck ready for deliveries by the end of 2021, but it’s since been delayed indefinitely.
Unstable fuel prices and potential tax credits may lead to EV boom
With fuel prices showing no real signs of returning to earth, despite the recent release of reserve oil, we could be on the verge of an EV boom. If Congress can agree on the latest EV tax credit proposals, EV demand could be even higher.