Faraday Future's chairman, Brian Krolicki, is stepping down after an internal investigation found its pre-order claims for the FF 91 model were "potentially misleading." Prior to its SPAC merger with RMG Acquisition, the EV company claimed to have more than 14,000 reservations. More: - The investigation also noted that investors were misled about the involvement of former CEO Jia Yueting in the day-to-day management. Yuetling, who is now chief product officer, will take a 25% pay reduction.
- Krolicki will be replaced with Susan Swenson, former COO of T-Mobile and CEO of Cricket Wireless. Faraday CEO Carsten Breitfield will also take a 25% pay cut and report directly to Swenson.
- Jiawei Wang, the company's VP of capital markets, will be suspended without pay.
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Over 907,000 plug-in passenger cars were sold in December globally, up by 187,000 from the previous record in November. Sales of electric and plug-in vehicles were 59% higher than in Dec. 2020. More: - Globally, battery-electric cars comprised an 11% market share for December, while plug-in hybrids had 4%.
- In 2021, there were 4.6 million BEVs sold, up 69% YoY, and 1.9 million PHEVs, a 31% increase from 2020.
- The top-selling BEV/PHEV vehicles included the Tesla Model 3 with 500,713 units, Wuling Hong Guang Mini EV with 424,138, and the Tesla Model Y with 410,517.
- In 2021, Plug-in hybrids outsold diesel vehicles for the first time in Europe, by 48 units, for a total of 1,901,239.
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 A message from AXONIUS The software as a service (SaaS) model was a major paradigm shift in the history of IT — and has since become a go-to for many organizations. After all, SaaS models offer unquestionable benefits, like increased flexibility, accessibility, and cost savings. But as SaaS adoption continues to skyrocket, it's creating more complexity for IT and security teams. Tasks like gaining visibility into SaaS apps, monitoring spending, managing configuration, and licensing can feel complicated. Impossible, even. In this new white paper, Axonius explains why a modern, comprehensive approach to SaaS management — one that challenges what we think we know about the process — can help. Download "Navigating the Complexity of SaaS Management" and learn: - The top SaaS challenges — including shadow SaaS and SaaS spend — and how it impacts IT and security teams
- Current approaches to SaaS management — and their limitations
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On Tuesday, General Motors reported a net income of $10B in 2021, with a margin of 7.9%. The automaker generated $1.7B in net income during the fourth quarter, with a margin of 5.2%. More: - GM expects its 2022 net income to reach between $9.4B and $10.8B. The company expects to expand margins to a range between 12% and 14% by 2030.
- The automaker had $2.5B in adjusted free cash flow for 2021, down $46M YoY, and $9.6B in automotive operating cash flow up, up by $2.17B from 2020.
- The company generated $33.6B in net revenue in Q4, down from $37.5B YoY.
- GM had a 12.6% market share in North America, 11% in China, and 12.7% in South America for Q4.
- The automaker delivered 511,000 vehicles in North America in Q4, 848,000 in Asia and Africa, and 118,000 in South America.
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 Ferrari reported $4.8B in net revenue for 2021, constituting an increase of 23.4% YoY. The automaker claims its production was not impacted by the shortages in semi-conductors and raw materials. More: - Ferrari reported an adjusted EBITDA margin of 35.9% and expects it to be in the 34.5% to 35.5% range for 2022.
- The company expects to generate approximately $5.4B in net revenue in 2022.
- Ferrari had an estimated $1.5B in cash and cash equivalents as of the end of 2021.
- The company delivered 11,155 units, up 22.3% YoY.
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 A message from MALWAREBYTES Secure success for 2022 with AI-powered cyberprotection. Did you know that ransomware attacks are surging? Remote workforces have amplified security concerns for businesses. Remote workforces make easy targets for cybercriminals. - 1 out of 5 businesses experienced a remote-worker related security breach
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 Canada-based mining company Rock Tech Lithium and Germany-based civil engineering firm Bilfinger have signed an agreement to build Europe's first lithium refinery for batteries. The plant will have a processing capacity of 24,000 metric tons of lithium hydroxide, the equivalent needed for 500 million electric vehicles. More: - The site is expected to be near Tesla's planned site in Gruenheide, Germany. The reported cost for building the refinery is $545M.
- Rock Tech, which is backed by venture capitalist Peter Thiel and hedge fund billionaire Alan Howard, is reported to be preparing its Nasdaq listing after having already gone public in Toronto and Frankfurt.
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Sales by Volvo Car Group fell 20.2% in January as the company claims the impact of component shortages continues to play a factor. Volvo delivered 47,561 cars in January, of which 7,110 were in the U.S., representing a decrease of 12.8% from the previous month. More: - The XC60 was Volvo's best-selling vehicle, with 14,516 units (down from 17,053 YoY), followed by the XC40, with 12,286 cars (down from 17,770 YoY).
- In January, Volvo sold 18,691 units in Europe, a 24.8% YoY volume decrease, while in China, it sold 14,629, dropping by 23.8% YoY.
- The automaker sold 15,071 BEV and PHEV units in January, of which 3,127 were fully electric.
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Quick Hits: - Experience the Adobe Commerce technology suite in an interactive simulation and learn how Adobe has set the standard for hybrid eCommerce.*
- Tesla released Full Self Driving Beta version 10.10, which addresses rolling stop cases.
- Jaguar Land Rover added Amazon Alexa integration across its vehicles.
- A group of 48 telecom companies, including NTT and Nokia, are seeking patent fees from Toyota in relation to connected cars.
- Montreal-based RenoRun, which focuses on last-mile delivery for construction materials, raised $142M and announced expansion to Washington, D.C.
- More than 3,000 U.S. flights were canceled on Wednesday and Thursday due to winter weather events.
- Transatlantic flights will return to New York Steward after three years.
- We all know stocks are a great way to grow your money. But they're not the only way. That's why we've been reading the Alts newsletter.*
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 |  | Written and curated by Nicolas Saravia, an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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