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☆ Tesla raises 2023 spending forecast as it races to ramp up output
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - Tesla Inc (TSLA.O) raised its capital expenditure forecast for 2023 on Monday as the automaker ramps up output at its factories to take advantage of the rising interest in electric vehicles. The company, led by Elon Musk, said in a filing that it expects to spend between $7 billion and $9 billion this year, higher than its previous outlook of $6 billion to $8 billion. It maintained the spending outlook for the next two years at $7 billion to $9 billion. Achieving that goal will make Tesla twice the size of any automaker in history, accounting for roughly 20% of the global vehicle market. The company is also ramping up output at its factories in Berlin and Austin, and plans to open a gigafactory in Mexico as the EV behemoth pushes to expand its global output.

[1/9] View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowStellantis NV FollowBERLIN, April 21 (Reuters) - Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain. Europe's largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs. "This secures the future of St. Thomas," the city's mayor, Joe Preston, told Reuters earlier this week.

☆ GM overtakes Ford as second best-seller of EVs in U.S. but still trails Tesla by a wide margin
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors pulled ahead of Ford Motor to become the country's second best-seller of all-electric vehicles during the first quarter, trailing only industry leader Tesla . 2 last year, reported EV sales Tuesday of 10,866 over the same time frame. GM still significantly trails Tesla in EV sales. Motor Intelligence estimates Tesla, which does not report sales by region, sold 161,630 EVs in the U.S. during the first quarter. Both GM and Ford have said they plan to overtake Tesla in EV sales in the years ahead, however Elon Musk's company is targeting significant expansion of its own EV production.

☆ Jeep's CEO doesn't think there are enough raw materials on earth to meet electric-car demand
▼ + stars: | 2023-03-29 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Automakers are already racing to secure limited raw materials. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStellantis' CEO doesn't think there are enough raw materials readily available to meet electric vehicle needs. "The affordability is not there, because the raw materials are scarce and very expensive, and I would add very volatile," Tavares said. Tesla CEO Elon Musk has emphasized just how much of a challenge getting these materials will be for EV-makers. Even mining executives have expressed concern that demand for these materials continues to outstrip the current available supply.

☆ Here's how EV batteries can be given a second life
▼ + stars: | 2023-03-29 | by ( Sydney Boyo | ) www.cnbc.com time to read: +6 min

China also accounts for over 70% of global EV battery production capacity, meaning the U.S. is heavily dependent on imports of batteries and battery minerals. It estimates that the lifetime of an EV battery is around 12 to 15 years in moderate climates. The company now has over 400 employees and offers what it calls a "one-stop solution" for used and faulty EV batteries. The company wouldn't disclose the number of battery packs it's capable of storing but said it handles on average 15 thousand battery packs and modules per month. "When I think about the future of EV battery recycling specifically, I see it as an increasingly competitive space," Malloy said.

☆ Ford’s path to electric glory requires rocket fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, March 23 (Reuters Breakingviews) - Ford Motor (F.N) has set itself a destination: to be a leader in electric vehicles. The U.S. auto manufacturer disclosed the losses generated by its EV business, now called Ford Model e. Investors can now better see how ambitious this journey is. Model e generated an operating loss of $2.1 billion in 2022, steeper than 2021’s hit of roughly $900 million. The automaker reiterated guidance that its electric car business, known as Ford Model e, will generate 8% operating profit margins by late 2026, from a margin of negative 41% in 2022. The company expects to reach run-rate production of 2 million electric vehicles by the end of 2026, from 96,000 last year.

☆ General Motors selects Adobe Experience Cloud to deliver real-time customer engagement and personalized EV journeys
▼ + stars: | 2023-03-22 | by ( Sponsor Post | Created Adobe With Insider Studios | ) www.businessinsider.com time to read: +6 min

To support this goal, GM has selected Adobe Experience Cloud to deliver one-to-one personalized interactions at scale for millions of its customers. For instance, if an individual has just purchased an EV, GM can immediately deliver communications on charging stations, routine maintenance, and helpful mobile app features. For instance, if an individual has just purchased an EV, GM can immediately deliver communications on charging stations, routine maintenance, and helpful mobile app features. Adobe Customer Journey Analytics provides cross-channel insights, empowering GM teams to optimize marketing efforts and customer experiences over time. A single source of truth about GM customers can be leveraged by any team that touches the customer experience.

☆ Jim Cramer's top 10 things to watch in the stock market Wednesday: Powell Day 2, strong jobs
▼ + stars: | 2023-03-08 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Barclays raises price target on Zillow (Z) to $30 per share from $24 but keeps underweight (sell) rating. Industrial gas and engineering giant Linde (LIN) gets another price target boost: UBS goes to $410 per share from $375. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Tesla stock 'gets boring' as the market drills into the EV's company metrics and treats it more like a traditional automaker, investment research firm says
▼ + stars: | 2023-03-02 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Tesla stock "gets boring," Bespoke Investment Group said after the EV maker's update. Wall Street's expectations for Tesla look more like those for a traditional carmaker and less like a disruptor, it said. Bespoke spotted the highest correlation between Tesla stock and other automakers since 2016. Despite the latest sell-off, Tesla stock is still up more than 50% so far this year, while GM is up 16% and Ford is up 6%. About Tesla's update: "Some key takeaways, in general, are that [Tesla is] still in the rapid growth phase, in our opinion," Mahoney said.

☆ Here's what every major analyst thought of Tesla's investor day
▼ + stars: | 2023-03-02 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Analysts aren't budging on Tesla coming off an investor day that they see as offering little detail on the electric vehicle maker's future plans. Bernstein analyst Toni Sacconaghi, a noted bear on the stock, called the meeting "somewhat disjointed and fairly technical." The investor day came as investors grow increasingly cautious following Musk's chaotic purchase of Twitter and recent price cuts to some Tesla models . Wells Fargo Analyst: Colin Langan Price target: $190, a downside of 6.3% from Wednesday's close Rating: Staying equal weight "It's unclear how long the recent Model3/Y price cuts will sustain demand. There was also no comment on a Model 3/Y refresh or any major update on Tesla Bot or FSD.

☆ Elon Musk presents Tesla 'Master Plan 3' with emphasis on sustainable energy
▼ + stars: | 2023-03-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Electric vehicle maker Tesla laid out its long-term vision at a 2023 Investor Day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his "Master Plan 3," and to discuss how Tesla plans to scale up in the face of increasing competition. Musk said, "Earth can and will move to a sustainable energy economy, and will do so in your lifetime." To start, Musk was joined on stage by Senior Vice President of Powertrain and Energy Engineering at Tesla, Drew Baglino. Tesla shares have rebounded from declines during 2022, and are up more than 60% for the year so far.

☆ The road to Tesla's first Mexico factory
▼ + stars: | 2023-02-28 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +2 min

2022June 13: News outlet Electrek reports that Tesla Chief Executive Elon Musk told workers the company is considering sites in Canada and Mexico for a new factory. Feb. 8: Lopez Obrador says Nuevo Leon and Hidalgo states could be home to a new Tesla plant. Feb. 17: Ebrard says Tesla will soon confirm it has chosen Mexico as a location for a new plant. Feb. 24 and 27: Musk and Lopez Obrador speak in calls as Mexico and Tesla near investment deal. Reporting by Mexico City Newsroom; Writing by Brendan O'Boyle; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ China’s Li Auto drives a fine profit line
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 28 (Reuters Breakingviews) - The $25 billion electric-car maker Li Auto (2015.HK) is in charging mode. On Monday it reported a net profit of 265 million yuan ($38 million) for the quarter ending December as sales of its family-friendly sport-utility vehicles zoomed 66% from a year earlier. What’s more, unlike other battery-powered groups, Li offers “extended range electric cars” that combine a motor with a smaller battery. Li sees the direction of travel and will soon launch 100% battery-powered products. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The government is aiming to reach 2 million sales of electric motorbike in 2025 as the Indonesia attracts billion of dollars of investment in processing its rich nickel reserves into battery materials. Indonesia sold less than 40,000 electric motorbikes between 2019 and 2022, while its total motorbike sales in 2022 alone were 5.22 million units, industry data showed. Now their (annual) electric motorbike sales have reached more than 30 million," he said. Indonesia's government is targeting as much as 300,000 units of electric motorbike sales for 2023. The plant would have 10 Gigawatt hour capacity which would be enough to power 200,000 electric cars or up to 2.5 million electric scooters.

☆ Toyota will start electric SUV production in US as early as 2025 -Nikkei
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

Companies Toyota Motor Corp FollowTOKYO, Feb 21 (Reuters) - Toyota Motor Corp (7203.T) will begin producing mid- to large-sized electric sports utility vehicles (SUVs) at its Kentucky plant as early as in summer 2025, aiming for monthly output of more than 10,000 by the year's end, the Nikkei business daily reported on Tuesday. The company aims to sell about 1 million electric vehicles globally by 2026, according to the report. Toyota spokesperson said the reported details were not something the company had announced, and that there was no decision yet on when EV production would start in the United States. Reporting by Tokyo Newsroom Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk wants Tesla to be the biggest car company ever by 2030. Experts say there's no way.
▼ + stars: | 2023-02-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Elon Musk wants Tesla to sell 20 million electric cars in 2030. Another lofty goal that the billionaire entrepreneur has kicked around: Sell at least 20 million Teslas in 2030, effectively transforming the young firm into the largest car manufacturer the world has ever seen. Last year, Tesla delivered a record 1.3 million cars, making it the leader in electric-vehicle sales. Indeed, if you ask Musk, Tesla isn't merely a carmaker, but rather a tech company that could soon be worth trillions more than Apple. Even if it managed to crank out 20 million cars, Musk's firm would still need to find buyers for them, which isn't a given.

☆ Factbox: Chipmakers' plans for factories in Europe
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

Under the European Chips Act, the European Commission earmarked early last year a total of 15 billion euros ($16 billion) for public and private semiconductor projects by 2030. Below are some of the chipmakers' plans for factories in Europe, in alphabetical order:Infineon (IFXGn.DE):The maker of chips used in cars and data won approval to begin work on a 5 billion euro semiconductor plant in the German city of Dresden, it said on Feb. 16. Intel (INTC.O):In March 2022, Intel picked the German city of Magdeburg as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe. STMicroelectronics (STM.BN):The Franco-Italian company said in October it plans to build a 730 million euro silicon carbide wafer plant in Italy. It also announced plans in July to build a semiconductor factory in France in partnership with GlobalFoundries (GFS.O).

☆ Premarket stocks: Why traders are so infatuated with inflation
▼ + stars: | 2023-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

What’s happening: Investors will get some market direction clarity on Tuesday morning with the release of key inflation data. It’s not all about the Fed: Traders are infatuated with CPI, but it’s likely going to affect markets more than it will future Fed policy. “CPI is the big inflation report that affects markets more than any other,” he said. Even beyond housing, the services sector has seen year-over-year inflation higher than 3.9% every month since March 2021, said Chaudhuri. And as Powell noted in Washington last week, the stickiness of core services inflation is his greatest concern.

☆ The White House reportedly asked Elon Musk for help expanding electric-vehicle usage even after the billionaire's past taunts of Biden on the issue
▼ + stars: | 2023-02-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The White House asked Elon Musk for help expanding electric vehicle charging stations, the Washington Post reported. Musk's Tesla sells the highest number of electric vehicles in the country. The billionaire has taunted Biden in the past over electric vehicles, and the Post said Tesla officials made no firm commitments. Sources told the Post that Tesla officials were open to the idea of expanding its charging stations but did not make any commitments. Biden's Energy Department also granted a battery recycling company $2 billion on Thursday, which would allow it to pave the way for production of over 1 million electric vehicles each year.

"We share Congresswoman Sewell's view that the use of child labor is unacceptable," Hyundai said. Sewell's comments are the first from a high-ranking Alabama official on child labor problems in Hyundai's supply chain. The new actions by Hyundai and its discussions with regulators and lawmakers come after Reuters documented child labor in various Alabama auto plants making parts for Hyundai or Kia. The child labor reports have put a spotlight on Hyundai's growing operations in the United States. Regulatory fines for child labor, by contrast, can be relatively small.

President Joko Widodo has pulled out all the stops to convince CEO Elon Musk to manufacture electric vehicles or batteries in the sprawling Southeast Asian archipelago. "The Indonesian government is building a whole value chain for servicing electric vehicle factories," said Victor Chin, principal consultant at metal consultancy firm CRU. Musk's goal is to sell 20 million electric vehicles in 2030, more than a 15-fold increase over the 1.3 million vehicles Tesla sold in 2022. Jokowi did not give a timeline for the exports growth but said Indonesia was aiming to establish an integrated supply chain for electric vehicle batteries by 2027. In other moves, Indonesia will also ban exports of copper ore and bauxite in June, both of which are used in electric vehicle production.

☆ ABB won't rush float of $2.9 billion electric vehicle charging business - CEO
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Feb 2 (Reuters) - ABB (ABBN.S) won't be rushed into the flotation of it 2.6 billion Swiss franc ($2.86 billion) E-Mobility electric vehicle charging business, Bjorn Rosengren said on Thursday after the company reported fourth quarter earnings. "At the moment we don't feel pushed to do an IPO very quickly," Rosengren told reporters. ABB announced on Wednesday a four new investors in the business, including a fund linked to former U.S. Vice President Al Gore. "We have $525 million to invest in the company and we will continue to do all the activities to grow that business," Rosengren said. ($1 = 0.9091 Swiss francs)Reporting by John RevillOur Standards: The Thomson Reuters Trust Principles.

"I said to him that if you invest in Indonesia, I will give the concession of nickel," Jokowi said, referring to Indonesia's offer of a mining concession. The president said he was "confident" Indonesia had the edge over other countries Tesla might be considering for investment because it has the largest nickel reserves and a big domestic market. "If they want to start from EV battery, it's OK," he added. In addition to Indonesia, South Korea, Canada and Mexico have been vying for Tesla to invest in manufacturing. POSSIBLE FIRST FOR ASIAIf Tesla were to invest in battery production in Indonesia, it would be its first facility of that kind in Asia.

☆ General Motors doesn’t expect significant U.S. production of EVs until second half of year
▼ + stars: | 2023-01-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Barring any supply chain problems, Betts said electric vehicles should be easier and faster to build than traditional vehicles with internal combustion engines for an experienced automaker. Photo by Steve Fecht for General MotorsBut others such as Hyundai Motor and Ford Motor have been ratcheting up production of EVs. Industry leader Tesla also targets to produce 2 million electric vehicles globally this year. Ford, which ranked second in EV sales in the U.S. last year, expects to increase production of its electric Ford F-150 Lightning. GM expects to ramp-up production of the Bolt models, which use older battery technology, to 70,000 vehicles this year, GM has said.

☆ UK car production is at its weakest since 1956. And the industry is losing the EV race
▼ + stars: | 2023-01-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —UK car manufacturing hit a 66-year low in 2022, as the closure of two plants, a global shortage of semiconductors and the effect of Covid lockdowns in China on auto supply chains crippled output. “The relationship between the UK and the EU, especially as you electrify, is still fundamental to the success of UK car manufacturing,” he said. UK factories made a record 234,066 electric vehicles in 2022, almost a third of all UK car production. Aston Martin and Jaguar Land Rover, owned by India’s Tata Motors (TTM), are also positive about the prospects for electric vehicle manufacturing in the United Kingdom. “Our continued investment in our UK facilities … will herald an exciting new era of electric car production in the UK,” the company said.

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