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☆ America's best-selling car will soon be hybrid-only
▼ + stars: | 2023-11-16 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Toyota has said that the 2025 Camry will be available exclusively as a hybrid. The family sedan has been the best-selling car in the US for the past two decades. It has been available in gasoline or hybrid versions since 2007, but from 2024 will be hybrid-only. AdvertisementThe $26,000 Camry has been the best-selling car that is not a pickup truck or an SUV in the US for the past two decades. The decision to make the upcoming version exclusively hybrid is a bold one from Toyota, which has so far chosen to prioritize hybrid cars over fully electric vehicles.

Persons: —, Akio Toyoda, Tesla Organizations: Toyota, Service, Toyota Camry, Camry, Business

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

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. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ Millions of old Toyota Prius hybrids will be recycled for new EV batteries, thanks to a startup run by Tesla cofounder JB Straubel
▼ + stars: | 2023-11-16 | by ( Alistair Barr | ) www.businessinsider.com time to read: +2 min

The agreement will mean Redwood can recycle batteries from millions of old Prius hybrids. Redwood Materials, a battery recycling startup run by Tesla cofounder JB Straubel, unveiled a big new agreement with Toyota. The companies expanded an existing pact so Redwood can recycle batteries from older Toyota vehicles. Redwood Materials wouldn't say how much this Toyota deal is worth. AdvertisementDespite this, Thursday's agreement with Redwood Materials suggests that Toyota is actually pretty committed to EVs.

Persons: —, JB Straubel Organizations: Redwood Materials, Toyota, Service, EV, Materials, Redwood, Panasonic Locations: Redwood, North Carolina, California, Nevada

☆ GM's labor deal with UAW union on verge of ratification
▼ + stars: | 2023-11-15 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 15 (Reuters) - General Motors' (GM.N) tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Currently, about 66% of Ford workers who have voted are in favor of the UAW deal, and about 72% of Stellantis workers have so far voted in favor, according to UAW figures.

Persons: Rebecca Cook, Stellantis, Tesla, David Shepardson, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, United Auto Workers, UAW, Detroit, Detroit Three, Ford, GM's, GM, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Arlington, Fort Wayne , Indiana, , Missouri, GM's Lansing Grand, Lansing Delta, Detroit, Fairfax , Kansas, Orion , Michigan, Lockport , New York, Michigan, Washington

☆ EV maker Canoo slashes spending for second half of 2023, forecasts smaller loss
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A view shows the Canoo logo on a Canoo LV (Lifestyle Vehicle) electric vehicle outside a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. The EV maker expects capital expenditure of $30 million to $40 million in the second half of 2023, compared with its prior forecast range of $70 million to $100 million. Canoo projects core loss to be between $85 million and $105 million for the second half, versus its previous range of $120 million to $140 million. Adjusted loss per share was 6 cents, compared with LSEG estimates of a 12-cent loss. Its cash and cash equivalents were $8.3 million as of Sept. 30, compared with $5 million in the preceding three months.

Persons: Rebecca Cook, Canoo, Tony Aquila, EVs, Aquila, Samrhitha, Shilpi Majumdar Organizations: REUTERS, Ford, General Motors, U.S . Defense Department, Walmart, NASA, Thomson Locations: Livonia , Michigan, U.S, Oklahoma, Bengaluru

☆ GM workers at big Texas plant approve UAW deal, boosting chances of passage
▼ + stars: | 2023-11-15 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW's GM vote tracking site currently shows approval of the contract leading by a 52% to 48% margin with about 22,150 workers having cast votes out of about 46,000 UAW-represented GM workers. That total does not include Arlington, which has about 5,000 UAW members, the most of any GM plant. Workers at other GM plants have voted against the deal, including 60% of workers at its Fort Wayne, Indiana truck plant, 53% at its Wentzville, Missouri plant, and 58% of workers at GM's Lansing Grand River plant. Currently, about 66% of Ford workers that have voted are in favor of the UAW deal; about 79% of Stellantis workers have so far voted in favor, according to UAW figures.

Persons: Rebecca Cook, Shawn Fain, Tesla, David Shepardson Organizations: General Motors, REUTERS, United Auto Workers, Detroit automakers, UAW, GM, Ford, Detroit, GM's, Capitol, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Arlington, Fort Wayne , Indiana, , Missouri, GM's Lansing Grand, Lockport , New York, Michigan

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. The group set out financial targets for the unit, including revenue of 25 billion euros in 2031, break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day in Paris. Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time," finance chief Thierry Pieton said. ($1 = 0.9195 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Thierry Pieton, Gilles Guillaume, Silvia Aloisi, Kirsten Donovan Organizations: Renault, Viva Technology, Porte de, REUTERS, Ampere, Reuters, Twingo, Thomson Locations: Porte, Paris, France, PARIS, Europe

☆ Renault sets out targets for EV unit, says won't sell it cheap
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Nov 15 (Reuters) - French car maker Renault said on Wednesday its electric vehicles unit Ampere, which it plans to list on the market next year, forecast 10 billion euros ($10.8 billion) in revenues in 2025, more than doubling to 25 billion euros in 2031. Finance chief Thierry Pieton told reporters ahead of the presentation Renault would not sell off Ampere cheap and had ample cash flow to keep financing it should it not get the valuation it wanted for an IPO. Asked if Renault could decide to distribute Ampere shares to existing Renault shareholders instead of proceeding with an IPO, he said: "Renault is always open to other options for Ampere, but the IPO is the preferred option." Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time."

Persons: Gonzalo Fuentes, Luca de Meo's, Thierry Pieton, Ampere, Pieton, Renault, Gilles Guillaume, Silvia Aloisi Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, Finance, Thomson Locations: Porte, Paris, France, Europe

The Energy Department is making a push to strengthen the U.S. battery supply chain, announcing up to $3.5 billion for companies that produce batteries and the critical minerals that go into them. Some officials, industry experts and others concerned about climate change uneasy supply of battery materials will not keep pace with demand. The Bipartisan Infrastructure Law assigned $6 billion in total funding for battery material processing and manufacturing. An initial round went to 15 projects including companies that mine critical minerals like graphite and nickel, used in lithium batteries. Tom Moerenhout, a professor at Columbia University's Center on Global Energy Policy, said it will be a big challenge to ramp up the global supply of critical minerals for the projected battery demand in 2030.

Persons: Harris, Jodie Lutkenhaus, “ I’m, ”, ” Lutkenhaus, Matthew McDowell, Tom Moerenhout, “, Moerenhout Organizations: Energy Department, DOE, Biden, Texas, M University, Infrastructure Law, Georgia Institute of Technology, Columbia University's Center, Global Energy, Companies, ____, AP Locations: Asia, Albemarle, Kings Mountain , North Carolina, U.S

☆ Renault seeks to charge up investors for EV unit IPO
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe

☆ The promise and risks of deep-sea mining
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +13 min

The promise and risks of deep-sea mining A vast treasure of critical minerals lies on the ocean floor. All of these factors make deep-sea mining more appealing, supporters say. Environmentalists, however, say it’s a false dichotomy, as land mining will continue whether or not deep-sea mining is allowed. Any country can allow deep-sea mining in its territorial waters, and Norway, Japan and the Cook Islands are close to allowing it. For now, the ISA's members are hotly debating the best standards for deep-sea mining.

Persons: Gerard Barron, Margo Deiye, “ We’re, ”, Barron, “, Beth Orcutt, Jason Gillham, Joe Carr, Pradeep Singh, Kira Mizell, Julia Wolfe, Katy Daigle, Claudia Parsons Organizations: International Energy Agency, P Global, Authority, United Nations, ISA, Metals Co, Russia's JSC, Blue Minerals, Exploration, Metals, Clarion, Companies, U.S . Geological Survey, Benchmark Mineral Intelligence, The Metals Co, Northwest, Maine's Bigelow Laboratory, Ocean Sciences, Impossible Metals, NOAA, Research, Aquarium Research, Bigelow Laboratory, Research Institute, Sustainability, . Geological Survey Locations: Brazil, Norway, Japan, Cook, Vancouver, Blue, Blue Minerals Jamaica, China, Hawaii, Mexico, Nauru, U.S, Russia, France, India, Poland, Tokyo, Monterey

☆ Exclusive: GM snatches key Tesla gigacasting supplier
▼ + stars: | 2023-11-15 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +7 min

Tesla and TEI President Oliver Johnson did not respond to requests for comment. The specialists use sand casting in a process called rapid prototyping to help validate Tesla's designs and engineering specifications for its giant molds quickly and cheaply. According to all four sources, TEI began helping Tesla around 2017 to develop the Model Y and is considered in the industry to be one of the world's top sand casting specialists. "TEI will remain its own business entity with GM as its parent company," GM said. Reuters was unable to determine whether Tesla was one of the several companies that bid for TEI.

Persons: Joe Biden, Jonathan Ernst, Tesla, TEI, Oliver Johnson, Ford F.N, Elon Musk, TEI's Johnson, James Womack, Womack, David Clarke Organizations: Motors, REUTERS, Equipment, General Motors, GM, Ford, Hyundai, Toyota, Chief, Tesla's, Celestiq, American Foundry Society, GM's Global Manufacturing, Reuters, SEAT, Tesla, Massachusetts Institute of Technology, Thomson Locations: Detroit , Michigan, U.S, , Texas, Britain, Germany, Japan, TEI, Livonia, Detroit

☆ New Toyota Camry will be hybrid-only
▼ + stars: | 2023-11-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —The Toyota Camry, the best-selling car in America, is going hybrid-only. The Camry is available in a hybrid version now, but the redesigned 2025 Camry will be offered only as a hybrid car combining a gasoline engine with electric motors. Making the Camry hybrid-only is a big step. The Toyota Crown Signia is a new hybrid-only SUV. Besides unveiling the new Camry Tuesday night, Toyota also revealed another new hybrid-only SUV model, the Crown Signia.

Persons: there’s, We’ve, ” Mike Tripp, Tyson Jominy, “ It’s, ”, “, Jominy, Tripp Organizations: CNN, Toyota Camry, Toyota, Camry, J.D, They’re, Corolla, Lexus Locations: America, Sienna, United States

☆ Tesla's backtracked $50,000 resale fee could be a sign the Cybertruck isn't destined for the mainstream yet
▼ + stars: | 2023-11-15 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +4 min

The fee could be a sign the Cybertruck might be a smaller release than expected, experts said. AdvertisementTesla's rescinded $50,000 resale fee is the latest sign the Cybertruck won't hit the market in large numbers anytime soon. These restrictions are rare, but they're most commonly used on limited-production vehicles, Stephen Beck, founder and managing partner of consultancy cg42, told Business Insider. "It's really hard to say how many people on the reservation list will actually buy it," Moody told Business Insider. "There will be just as many people who want to work the system to make money as people who want to own this vehicle," Moody said.

Persons: Tesla, —, Elon Musk, Stephen Beck, cg42, Elon, Beck, Musk, Brian Moody, Moody, Ivan Drury, Edmunds, Drury, Ford, John Cena Organizations: Service, Ford GT, scalpers

☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ BlackRock-backed Jolt launches on-street EV chargers in UK
▼ + stars: | 2023-11-14 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

REUTERS/Nacho Doce/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Australian charging company Jolt, which has received backing from U.S. fund manager BlackRock (BLK.N), said on Tuesday it is rolling out on-street EV chargers in London as parts of plans to install 5,000 chargers in Britain over the next three to five years. Jolt is rolling out chargers in the London borough of Barnet and CEO Doug McNamee said the company was in talks to do the same in other boroughs. Barnet has received a 2.1 million pound ($2.6 million) government grant for EV charging infrastructure. Its chargers feature advertising, which pays for 7 kilowatt hours of free charging for consumers, or around 30 miles (48.3 km) of EV range. The company currently has around 100 chargers in service, but has a "global pipeline of around 7,500 chargers," McNamee said.

Persons: Nacho, Doug McNamee, McNamee, Jolt, We've, Nick Carey, Bernadette Baum Organizations: REUTERS, BlackRock, Barnet, EV, Canadian, Telus, Thomson Locations: Sao Paulo, Brazil, U.S, London, Britain, Barnet, Australia, New Zealand, Canada, BlackRock

[1/4] A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Market leader Tesla (TSLA.O) garnered headlines earlier this year saying it would cut rare earths from its next-generation EVs. China dominates the mining and processing of a group of 17 metals known as rare earths, though companies elsewhere are trying to loosen China's grip. 'WAITING IN THE WINGS'The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Tesla's announcement on dropping rare earths "opened up buyers' eyes to the fact that you don't really need rare earths to make EV magnets," Niron CEO Jonathan Rowntree said.

Persons: Steve Marcus, Tesla, Otmar Scharrer, Scharrer, you've, Ben Chiswick, Uwe Deuke, Gerd Roesel, Jonathan Rowntree, Oki, James Edmondson, Edmondson, Mike Grant, Nick Carey, Christina Amann, Paul Lienert, Ernest Scheyder, Gilles Guillaume, Giulio Piovaccari, Ben Klayman, Sharon Singleton Organizations: REUTERS, Auto, LONDON, General Motors, Rover, Nissan, ZF, U.S, BMW, Renault, GM, EV, Warwick Acoustics, Thomson Locations: Pass , California, U.S, China, BERLIN, German, Detroit, Europe, London, Berlin, Houston, Paris, Milan

☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

☆ UAW workers at GM's Spring Hill plant vote against tentative deal
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

An independent contractor hauls vehicles made at the Spring Hill General Motors (GM) manufacturing plant as Union members picket General Motors (GM) in the midst of a tentative deal being reached with the United Auto Workers (UAW), which expanded its strike over the weekend to the General Motors (GM) engine plant in Spring Hill,... Acquire Licensing Rights Read moreNov 14 (Reuters) - Workers belonging to the United Auto Workers (UAW) union at General Motors' (GM.N) Spring Hill plant in Tennessee have voted against a proposed contract with the automaker, the union's vote tracker showed on Tuesday. The Spring Hill manufacturing plant employs 3,932 workers and makes the company's SUV models such as Cadillac XT5 and XT6. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors (GM.N) and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers. GM in October also pulled its full-year profit forecast due to the strike and postponed a $4 billion electric truck plant in Michigan. Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj Kalluvila and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Stellantis, Tesla, Nathan Gomes, Sriraj Kalluvila Organizations: General Motors, United Auto Workers, UAW, Workers, Chrysler, Ford, Detroit's Big, GM, Thomson Locations: Spring Hill, Tennessee, XT6, Michigan, Bengaluru

☆ Stellantis trimming nonunion staff in wake of labor deal
▼ + stars: | 2023-11-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Stellantis is offering buyouts to half of its salaried US staff in a cost cutting move. That comes to 6,400 of the 12,700 nonunion staff. “As the U.S. automotive industry continues to face challenging market conditions, Stellantis is taking the necessary structural actions to protect our operations and the company,” said the company’s statement. Stellantis has yet to put any pure EV cars for sale in the US market and has more to do to catch up. General Motors and Ford, which also just reached tentative labor deals with the UAW, both announced cuts to their salaried staff, with both layoffs and buyouts, in the months before the strike.

Persons: New York CNN —, ”, Stellantis Organizations: New, New York CNN, Jeep, Dodge, Chrysler, “, Stellantis, United Auto Workers, UAW, Tesla, General Motors, Ford Locations: New York

☆ Senator asks Treasury to bar Chinese battery firms, minerals from US EV tax credits
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Car miniature, "Electric vechicles (EVs)" words, U.S. and Chinese flags are seen in this illustration taken, September 26, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - Democratic Senator Joe Manchin urged the U.S. Treasury on Monday to adopt the "strictest possible standards" to prevent Chinese-produced minerals or Chinese battery companies from winning electric vehicle tax credits. In 2022, Congress passed the Inflation Reduction Act barring $7,500 in future consumer EV tax credits if any battery components are manufactured or assembled by a "foreign entity of concern." The foreign entity of concern rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. A key decision in the guidance is whether Ford Motor Co's (F.N) deal to license the technology of Chinese battery manufacturer CATL (300750.SZ) for use in Ford-owned U.S. battery plants will meet the Treasury's standards to access the tax credits.

Persons: Dado Ruvic, Joe Manchin, Manchin, Janet Yellen, Ford, David Shepardson, Chris Reese, Jonathan Oatis Organizations: REUTERS, Rights, Democratic, U.S . Treasury, Energy Committee, Treasury, Ford, Thomson Locations: China, Michigan

☆ Renault to launch new Slovenia-made electric city car - sources
▼ + stars: | 2023-11-13 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. REUTERS/Christian Hartmann Acquire Licensing RightsPARIS, Nov 13 (Reuters) - Renault (RENA.PA) will reveal the launch of an additional "affordable" city electric car during this week's capital markets day for its new EV unit Ampere, three sources familiar with the matter told Reuters. Ampere targets 600,000 produced electric vehicles in 2026 and one million in 2031. The company sold just under 50,000 electric Megane and Kangoo vehicles, its current models, last year. It flagged the arrival of electrified Scenic and R5 models for 2024, followed by the R4, in 2025.

Persons: Christian Hartmann, Ampere, Gilles Guillaume, Tassilo Hummel, Silvia Aloisi Organizations: Renault, REUTERS, Rights, Ampere, Reuters, Nissan, Thomson Locations: Boulogne, Billancourt, Paris, French, Mesto, Slovenia

☆ Exxon to start lithium production for EVs in the U.S. by 2027
▼ + stars: | 2023-11-13 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

[1/2] Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Ammann did not disclose how much Exxon intends to invest in the lithium business, or when it might become profitable. Exxon plans to begin production with partner Tetra Technologies, Reuters exclusively reported on Saturday. It will produce the metal onsite and sell it under the brand name Mobil Lithium, the company said on Monday. Exxon is focusing on lithium production to be used not only in EVs but also consumer electronics and energy storage systems that can hold electricity generated from intermittent solar and wind power.

Persons: Dado Ruvic, Dan Ammann, Ammann, Sabrina Valle, Sourasis Bose, Maju Samuel, Bernadette Baum Organizations: Exxon Mobil, REUTERS, Companies, Exxon, Tetra Technologies HOUSTON, Exxon's, Imperial, Tetra Technologies, Reuters, Mobil, BP, Shell, Deloitte, Thomson Locations: China, United States, Europe, Arkansas, U.S, Alberta, Canada, Houston, Bengaluru

☆ Exxon Makes Lithium Play in Long-Term Bet on EV Demand
▼ + stars: | 2023-11-13 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

China is the world leader in processing lithium and it is making major, risky investments to secure raw lithium in Latin America and Africa. Now, the U.S. is trying to develop its own supply to reduce its reliance on China. Photo illustration: Jamie LeventhalExxon Mobil said Monday it is starting to drill for lithium in Arkansas and aims to become a major U.S. supplier for makers of electric-vehicle batteries by 2030. The Texas-based oil company’s entrance into the lithium business, first reported by The Wall Street Journal in May, is an effort to reposition itself long-term for the advent of EVs and electrification in the transportation sector, which it dominated for decades as one of the world’s largest fuel makers. Lithium is a key ingredient in making batteries for EVs, cellphones and laptops.

Persons: Jamie Leventhal Exxon Organizations: Jamie Leventhal Exxon Mobil, Wall Street Journal Locations: China, America, Africa, U.S, Arkansas, The Texas

☆ Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea
▼ + stars: | 2023-11-13 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

ULSAN, South Korea, Nov 13 (Reuters) - Hyundai Motor Co (005380.KS) on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification. Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. Hyundai Motor Group's Executive Chair Euisun Chung, Hyundai Motor's Chief Executive Officer and other officials, including the Ulsan Metropolitan City Mayor, attended the event to witness the ground breaking of the EV factory, the automaker's first new plant in South Korea in 29 years. The groundbreaking comes after Hyundai Motor said it would stick to its EV rollout plans - a contrast to some rivals that have pulled back on EV production due to cooling demand. Last year, Hyundai Motor Group broke ground on a $5.54 billion EV and battery plants in the U.S. state of Georgia.

Persons: Euisun Chung, Jaehoon Chang, Chang, 1,316.5100, Heekyong Yang, Ed Davies Organizations: Hyundai, Hyundai Motor, Kia Corp, Hyundai Motor Group, Kia, Genesis, Hyundai Motor's, Ulsan Metropolitan City Mayor, EV, General Motors Co, Chevrolet Silverado, GMC, Ford Motor, Tesla Inc, GM, Honda, Thomson Locations: ULSAN, South Korea, Ulsan, U.S ., Georgia, United States, Michigan, Mexico

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