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☆ Ford battery plant is back on track but scaled down
▼ + stars: | 2023-11-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Ford has restarted work on an electric vehicle battery plant in Michigan, but the plant will be smaller than was originally planned. Last month, Ford had laid off some workers building the F-150 Lightning electric pickup truck. By producing batteries in the United States, the plant should help Ford to take advantage of EV tax credits tied, in part, to domestic battery manufacturing. Ford is also building two battery plants in Kentucky and Tennessee. Ford has said it plans to be able to produce two million electric vehicles globally by late 2026.

Persons: CNN — Ford, Ford, ” Ford, General Motors, CATL Organizations: CNN, United Auto Workers, General, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, United States, Kentucky, Tennessee, South Korea

☆ Workers are missing cog in US manufacturing gears
▼ + stars: | 2023-11-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, Nov 7 (Reuters Breakingviews) - There’s a spanner in the freshly restarted U.S. manufacturing machine. Based in part on the planned construction spending, Goldman Sachs analysts estimate that Biden’s initiatives could lead to as many as 250,000 new manufacturing jobs over the next two years. Pay growth is also cooling faster for production and manufacturing jobs, at 4.2% year-over-year in August, down from an 11% annual peak in December 2021 and compared to the national average of 4.5%, according to jobs website Indeed. By 2030, technological and cognitive skills in the manufacturing sector will be in far higher demand as the share of physical and manual tasks drops by more than a quarter from 2016, McKinsey says. The U.S. manufacturing engine may be humming along now, but employment-related complications threaten to throw sand in the gears.

Persons: Joe Biden’s, Biden, Goldman Sachs, There’s, it’s, Sam, Francesco Guererra, Sharon Lam Organizations: Reuters, Deal, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Bosch, Linde, Public, Ford, SK Innovation, Reuters Graphics Reuters, Department, Bureau of Labor Statistics, McKinsey, University of Massachusetts, Economy Research, of Labor Statistics, Thomson Locations: Arizona, U.S, United States, China, Europe, Asia, it’s, Germany, Amherst

Some of their sharpest exchanges during the televised debate, however, came when asked to lay out their stands on abortion. Their remarks, which took place about three weeks before the Nov. 7 election, came against the backdrop of Kentucky's current abortion law, which bans the procedure except when carried out to save a pregnant woman’s life or to prevent a disabling injury. Cameron went on the attack by pointing to Beshear’s opposition to abortion restrictions passed by the state’s GOP-dominated legislature. Beshear also made another pitch for his plan for state-funded pre-K for every 4-year-old in Kentucky. Beshear criticized Cameron for supporting a Republican-backed measure to award tax credits for donations supporting private school tuition.

Persons: Andy Beshear, Daniel Cameron, Beshear, Roe, Wade, —, Cameron, Andy Beshear’s, ” Beshear, ” Cameron, he's, Cameron’s, Ford, ” Ford, Joe Biden's, “ Organizations: Republican, Northern Kentucky University, autoworkers, Plant, U.S, Supreme, GOP, Kentucky Supreme, United Auto Workers, Detroit, UAW, Ford, SK Innovation, Democratic, Washington , D.C Locations: Kentucky, Highland Heights , Kentucky, Louisville, Kentucky's, South Korea, Glendale, Beshear, Washington ,

“For every new EV battery gigafactory that is built, we will need to build a new battery recycling facility to process manufacturing scrap and end-of-life batteries.”The recycling facility will disassemble and shred about 24,000 metric tons of used EV batteries and gigafactory scrap per year — or approximately 56,000 EV batteries yearly, the company said. Ascend Elements also has a battery recycling facility in Covington, Georgia, and a battery laboratory in Novi, Michigan. The recycling facility in Hopkinsville will deepen Kentucky's connections to the emerging EV sector. “We've become the EV battery capital of the United States of America and the jobs keep pouring in,” Kentucky Gov. In the U.S., electric vehicle sales continued to rise during the first half of the year to more than 557,000 vehicles, or 7.2% of all new vehicle sales.

Persons: Mike O’Kronley, ” O’Kronley, We've, Andy Beshear Organizations: South, SK ecoplant, TES, EV, Apex, U.S . Department of Energy, ”, Ford, SK Innovation, Industry Locations: Kentucky, Hopkinsville, South Korea, Louisville , Kentucky, United States, Massachusetts, Covington , Georgia, Novi , Michigan, America, ” Kentucky, Glendale, U.S

☆ Ford pausing work on $3.5 billion Michigan electric vehicle battery plant
▼ + stars: | 2023-09-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis. No final decision has been made on whether the plant will, ultimately, become operational, said Ford spokesman T.R. If completed, the plant will be located on a 950-acre site in southern Michigan near the town of Marshall. The battery plant was planned to operate in addition to plants in Kentucky and Tennessee that Ford announced in 2021. Ford has said it plans to be able to produce 2 million electric vehicles globally by late 2026.

Persons: CNN — Ford, T.R, Reid, Ford’s, Ford, “, ”, ” Ford, Shawn Fain Organizations: CNN, United Auto Workers, Ford, GM, Marshall, General Motors, UAW, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, Marshall, United States, Kentucky, Tennessee, South Korea

☆ Auto jobs are booming in the union-hostile South
▼ + stars: | 2023-09-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

New York CNN —Looming over the United Auto Workers strike: Automakers’ continued migration to the anti-union South. Jobs at nonunion EV battery facilities pay less than the roughly $32 an hour that veteran UAW workers make. Since 1990, the South’s share of auto jobs has doubled from around 15% to 30% today, according to S&P Global Market Intelligence. Mostly nonunion EV jobs and manufacturing investments are surging in Southern states led by Republicans. The South has picked up 66% of planned EV jobs, while projects in Midwestern states such as Michigan, Indiana, Kansas and Ohio have combined for 26% of planned jobs, according to S&P Global.

Persons: ’, Ford, nonunion autoworkers, ”, Stephen Silvia, Southern, Mason, Honda, Deni McIntyre, unionize, “ It’s, Nelson Lichtenstein, Jeffrey Greenberg, Lichtenstein, Bill Lee, Nikki Haley, Houston Cofield, Biden, Biden’s, Shawn Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Volvo, Benz, BMW, Toyota, Hyundai, American University, Southern Gamble, Workers, Foreign, Ford, GM, Dixon, Midwest, UAW, EV, P Global Market Intelligence, Nissan, Mercedes, Volkswagen, Kia, CNN, University of California, Clinton Presidency, Universal, Southern Republican, South . Tennessee Gov, Former South Carolina Gov, Republicans, North Carolina –, Environmental Defense Fund, P Global, Ford Motor Co, SK Innovation Co, Bloomberg, Getty, Big Three Locations: New York, Detroit, Smyrna , Tennessee, Spartanburg , South Carolina, Vance , Alabama, Lincoln , Alabama, Germany, Santa Barbara, Clinton, Korean, United States, Tennessee, Kentucky, Alabama, South, Chattanooga, Southern, – Georgia, South Carolina , Kentucky, North Carolina, Midwest . Georgia, Michigan, Indiana , Kansas, Ohio, Stanton , Tennessee, BlueOval

☆ Hyundai, LG to spend $2 billion more on Georgia battery plant
▼ + stars: | 2023-08-31 | by ( ) edition.cnn.com time to read: +2 min

Hyundai Motor Group and LG Energy Solution will boost their joint investment in a Georgia battery manufacturing plant by $2 billion and add 400 additional jobs, the companies and the state said Thursday. The auto manufacturing plant is scheduled to begin producing vehicles in January 2025 and will build 300,000 vehicles annually. Auto parts maker Hyundai Mobis will assemble battery packs using cells from the plant, then supply them to Hyundai Motor manufacturing facilities in the United States for production of Hyundai, Kia, and Genesis electric vehicles. Last year, Hyundai global chief operating officer Jose Munoz said the Georgia plant could eventually produce 500,000 vehicles annually, if demand warrants. Hyundai Motor in April said it had finalized a separate $5 billion electric vehicle battery joint venture in the US with partner SK On, a battery unit of SK Innovation Co.

Persons: Brian Kemp, Jose Munoz Organizations: Hyundai Motor Group, LG Energy, Hyundai, Hyundai Motor, Kia, Georgia Gov, SK, SK Innovation Co Locations: Georgia, Bryan County , Georgia, United States

☆ UAW wins Democratic senators' support for joint venture battery workers
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, July 28 (Reuters) - More than half of the Senate's Democrats are backing the United Auto Workers' push for higher wages and benefits for workers at Detroit Three automakers' joint venture battery plants, they said in a letter released on Friday. UAW leaders have sought to secure support from Washington as negotiations opened earlier this month, with UAW President Shawn Fain meeting with lawmakers and President Joe Biden last week. In their letter to the CEOs of the Detroit Three and battery joint ventures, Senate Majority Leader Chuck Schumer joined Senators Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin and others in urging the automakers to embrace the joint venture battery workers before the current contract expires. Stellantis said it respects the UAW's right to organize future hourly employees at its joint venture battery facilities, adding: " The joint venture intends to offer very competitive wages and benefits." Last month, the union chief criticized $9.2 billion federal loan to a Ford/South Korea's SK On joint venture.

Persons: Shawn Fain, Joe Biden, Chuck Schumer, Sherrod Brown, Ron Wyden, Bernie Sanders, Richard Durbin, Ford, Stellantis, Jim Farley, Bill Ford, Biden, Biden's, Fain, David Shepardson, Susan Heavey Organizations: United Auto Workers, Detroit, automakers, General Motors, Ford Motor, Chrysler, UAW, Workers, EVs, SK On, South Korea's SK Innovation, Reuters, Ford, Korea's SK, LG Energy, Thomson Locations: United States, Washington, South, KS, Ohio

SEOUL, July 28 (Reuters) - SK Innovation Co Ltd (096770.KS), owner of South Korea's top refiner SK Energy, said on Friday it expects refining margins to gradually improve in the second half thanks to favourable market conditions backed by solid travel season demand. Analysts said SK Innovation's refining business had been hit by declines in refining margins and oil prices, while its battery business had continued generating losses due to costs related to its newly set up U.S. battery plants. SK Innovation's battery unit SK On, which was split off last year, accounted for about 20% of the company's revenue in the second quarter. SK Innovation said it expects its battery unit's profitability to improve in the second half thanks to the U.S. tax subsidies from the Inflation Reduction Act. Shares of SK Innovation were trading down 0.9%, versus benchmark KOSPI's (.KS11) 0.5% fall at 0210 GMT.

Persons: Refinitiv SmartEstimate, Kim Kyunghoon, 1,282.8300, Heekyong Yang, Joyce Lee, Jamie Freed, Kim Coghill Organizations: SK Innovation Co, refiner SK Energy, Analysts, SK Innovation's, SK, SK Innovation, Ford Motor, Hyundai Motor, Chief, SK On's, LG Energy, Thomson Locations: SEOUL, North America, Europe

☆ Kia to invest $200 million in US plant, build EV9 SUV in 2024
▼ + stars: | 2023-07-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

July 12 (Reuters) - Kia (000270.KS) said on Wednesday it will invest more than $200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year. The Korean automaker said the company will add about 200 jobs to build the three-row SUV alongside four other models at the West Point, Georgia, plant. It will be the first Kia electric vehicle assembled in North America and comes as automakers are shifting away from gas-powered vehicles. A rising amount of electric vehicle (EV) and battery investments have been made in Georgia. Hyundai separately broke ground in October on a $5.54 billion EV and battery plant in Georgia's Bryan County.

Persons: Brian Kemp, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: Kia, Hyundai Motor Group, SK, Korean, U.S, Hyundai, SK Innovation, Ford, Georgia, Thomson Locations: KS, U.S ., Georgia, Korean, Point , Georgia, North America, Georgia's Bartow County, Georgia's Bryan County, Commerce , Georgia, Washington

☆ UAW rips Biden administration on US loan to Ford joint venture battery plant
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The $9.2 billion low-cost government loan for the BlueOval SK joint venture is the biggest ever from the government auto lending program that will help finance construction of three plants in Kentucky and Tennessee. The joint venture is building battery plants in Kentucky and Tennessee. The UAW and Senator Bernie Sanders in April criticized a General Motors (GM.N)/LG Energy Solution (373220.KS) joint venture battery plant for paying workers much less than GM assembly plant employees even though it benefits from hefty U.S. government tax credits. Union workers at a nearby Ohio GM assembly plant that closed in 2019 made at least $32 an hour. The Energy Department last year awarded $2.5 billion to help finance construction of Ultium's new lithium-ion battery plants, including Warren, from the same program used for the Ford loan.

Persons: Francois Lenoir, Shawn Fain, Fain, Joe Biden’s, Ford, Biden, Bernie Sanders, Warren, David Shepardson, Aurora Ellis, Mark Porter Organizations: Ford, REUTERS, United Auto Workers, UAW, U.S . Energy Department, Ford Motor, Korea's SK, JV, Detroit Three automakers, BlueOval SK, SK, South Korea's SK Innovation, Motors, LG Energy, JV Ultium, Ohio GM, The Energy Department, Thomson Locations: Brussels, Belgium, Francois Lenoir WASHINGTON, Kentucky, Tennessee, South, America, Warren , Ohio, Ohio

☆ Ford, SK joint venture set to receive $9.2 billion US government loan for battery plants
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department on Thursday said it intends to loan a joint venture of Ford Motor (F.N) and South Korean battery maker SK On up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the Blue Oval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. SK On is a unit of South Korea's SK Innovation (096770.KS). The joint venture is building battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 80 gigawatt hours annually. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Toby Chopra Organizations: U.S . Energy Department, Ford Motor, SK, Blue Oval SK, Technology Vehicles Manufacturing, South Korea's SK Innovation, Thomson Locations: Korean, Tennessee, Kentucky, South

☆ Ford-SK venture to get $9.2 billion US loan for battery plants
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. The joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually, the Energy Department said. This is the sixth loan for battery supply chain projects from the ATVM program. Last year, the department awarded a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.

Persons: Jigar Shah, Dave Webb, Robert Rhee, Ford, Jim Farley, Tesla, David Shepardson, Toby Chopra, David Evans, Alexander Smith Organizations: U.S . Energy Department, Ford Motor, Korea's SK, BlueOval SK, Technology Vehicles Manufacturing, SK, South Korea's SK Innovation, Energy Department, Energy, Ford, Lincoln, Republican, Republicans, Biden, General Motors, LG Energy, Ultium Cells, Thomson Locations: Tennessee, Kentucky, South, United States, KS, Ohio , Tennessee, Michigan, Fremont , California

SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.

☆ Hyundai Motor Group, LG Energy to build $4.3 bln EV battery plant in US
▼ + stars: | 2023-05-26 | by ( ) edition.cnn.com time to read: +1 min

South Korea’s Hyundai Motor Group and LG Energy Solution Ltd on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co and sister automaker Kia Corp are currently not eligible. Hyundai Motor Group, the world’s third-largest automaker by vehicle sales, is building EV and battery manufacturing facilities in Bryan County in the state, where its joint factory with LGES will be based. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd, will each own 50% of the joint venture. In April, Hyundai Motor finalized a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd, boosting electrification efforts in its largest market.

Persons: LGES, ”, Youngsoo Kwon Organizations: Hyundai Motor Group, LG Energy, EV, Vehicles, Hyundai Motor Co, Kia Corp, Hyundai, Kia, Hyundai Mobis Co, Tesla, General Motors, Hyundai Motor, SK, SK Innovation Co Locations: United States, Georgia, Bryan County, America

The company did not specify how much it expects its second-quarter refining margin, a key profit metric for refiners, to be. The company posted operating profit of 375 billion won ($281.6 million) for the first quarter ended March, versus 1.6 trillion won a year earlier. In March, Ford Motor, which uses batteries from SK On, recalled 18 electric trucks due to a battery cell manufacturing defect. SK On currently has battery joint ventures with Ford and Hyundai Motor Group in the United States. Shares of SK Innovation were trading up 0.5% in morning trade, versus a 0.3% fall in the broader KOSPI index (.KS11).

[1/4] South Korean President Yoon Suk Yeol delivers remarks to the U.S.-Korea Business Council at the U.S. Chamber of Commerce in Washington, D.C., U.S., April 25, 2023. He said the two countries' economies had been facing new challenges and the economic slowdown was unsettling the investment environment. "Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said. "This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said. Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung. Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States. That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts. Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

☆ Amogy retrofits vehicles ranging from drones to tractors to make them run on sustainable ammonia. It just raised $139 million with this 18-slide pitch deck.
▼ + stars: | 2023-03-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

We got an exclusive look at the 18-slide deck Amogy used to raise the money. A startup betting on ammonia as a next-generation fuel has just secured $139 million in an all-equity Series B extension. New York-based Amogy has created a retrofit energy system to replace engines, which allows ammonia to be used as a fuel. Ammonia is predicted to account for 45% of all shipping fuel in a net zero 2050 scenario modeled by the International Energy Agency. The company is also working with upstream players to help decarbonize the fuel, Woo said.

☆ Ford set to resume F-150 Lightning production next week
▼ + stars: | 2023-03-10 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, March 10 (Reuters) - Ford Motor Co (F.N) said on Friday it was on track to resume production of F-150 Lightning vehicles on Monday after the No. Ford said it had recently established "that 18 vehicles containing cells from that four-week period had made it to dealers and customers." Ford said it will replace the battery packs in the 18 vehicles but said it is not aware of any fires or any injuries related to the recall. The automaker said Friday "the root cause identified was related to battery cell production at the SK On plant in Georgia. Ford said Friday it still has not set a date for resuming deliveries but said production is on track to resume Monday with a "clean stock of battery packs."

☆ LG Chem Buys Stake in North Carolina Lithium Miner
▼ + stars: | 2023-02-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

South Korea’s LG Chem will take a stake in Piedmont Lithium Inc., boosting its North American presence and banking on incentives to scale up its role in U.S. electric-vehicle supply chain. LG Chem will commit $75 million to Piedmont in return for a 5.7% stake in the miner, whose shares are listed on the Nasdaq and Australian Securities Exchange. PREVIEWThe U.S. is our key market and by preemptively securing raw materials this deal allows LG Chem to provide North American customers with products that satisfy IRA standards, said Mr. Hak-Cheol Shin, Vice Chairman and CEO of LG Chem in a statement. LG Chem is planning to build a $3 billion cathode plant in Clarksville, Tenn., slated to open in 2027. Already, Piedmont has an existing contract to supply Tesla with 50,000 tons annually until 2025, in addition to its new LG Chem supply deal.

☆ SK Innovation battery unit SK On aims to raise up to $2.4 bln -sources
▼ + stars: | 2023-02-10 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

SK On in December raised 2.8 trillion won from SK Innovation and 800 billion won from financial investors including Korea Investment Private Equity. A spokeswoman declined to comment on valuation but said SK On expects an additional 500 billion won from private equity funds this year as part of last year's fundraising. SK Innovation was not immediately available for comment. SK Innovation on Tuesday said it would focus spending on growing SK On this year even as the business was taking longer than it expected to turn a profit. SK On will eventually launch an initial public offering, as per an agreement with financial investors, SK Innovation said in November.

☆ SK On confirms termination of non-biding agreement to build battery cell venture in Turkey
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 8 (Reuters) - South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co (F.N) and Koc Holding AS (KCHOL.IS) to build a battery cell venture in Turkey has been terminated by mutual agreement. SK On - whose parent SK Innovation Co Ltd (096770.KS) counts Hyundai Motor Co (005380.KS), Volkswagen AG (VOWG_p.DE) and Ford among its customers - announced the joint venture to make electric vehicle (EV) battery cells in Turkey last year. Reporting by Heekyong Yang; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs picks stocks to ride the EV wave, giving one upside of 120%
▼ + stars: | 2023-02-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Goldman Sachs says the development of electric vehicles — and the companies involved in this — are set to see "considerable growth" through 2030. According to Goldman, this EV ecosystem includes auto manufacturers, battery makers, software developers, and companies involved in charging infrastructure and power semiconductors. "We think these companies should be able to tap [Inflation Reduction Act] opportunities as the battery market becomes more concentrated," Goldman wrote. Upside of 120% Goldman is also buy-rated Chinese EV maker Nio and gives it gives massive potential upside — among the highest of all of its stock picks in the report. "We see risk-reward for the stock as skewed to the upside," Goldman added.

☆ Tesla's set to cash in on a $1 trillion market for delivery robots that's on its way, according to Cathie Wood's Ark
▼ + stars: | 2023-02-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Cathie Wood's Ark predicts the market for delivery robots to grow to $1 trillion by 2030. Tesla is well positioned to expand into the technology, and that should boost the stock toward Ark's 2026 price target of $4,600, the fund said. Ark alluded to Elon Musk's comments at Tesla's earnings that "mind blowing" products were coming. In its weekly Ark Disrupt newsletter, the investment firm stressed the scope for Tesla to expand into the new technology, which the fund predicts will grow to a $trillion market by 2030. Keeney added that this would help Tesla's share price toward Ark's 2026 target of $4,600 per share, a 2,500% increase from current market levels.

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