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☆ I grew up always wanting to drive my own car. But I'm from the world's most expensive city to live in, and now I know I never will.
▼ + stars: | 2024-01-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

AdvertisementFor car buyers, the COE is an extra cost that can easily eclipse the actual price of a car. These BMW family cars cost around $103,000 in 2017. COE prices went up to $67,000 that year for lower-end cars, despite more than 13,000 certificates being made available. On Thursday, COE prices for lower-end cars fell to about $48,000, a steep drop that shocked the market. Meanwhile, while unpopular, Singapore's COE prices are working for now.

Persons: —, Mikel Bilbao, Edgar Su, Reuters They've, EDGAR SU, Walter Theseira, Theseira, Singapore's, We've, ROSLAN RAHMAN, we've, Aditya Irawan, it's, they're, Benjamin Loo Organizations: Service, Volvo, Volkswagen, Hyundai, VW, Getty, COE, BMW, Reuters, Toyota Corolla, Singapore University of Social Sciences, ROSLAN RAHMAN Singapore, Yokohama JR Line, The New York Times, Uber, Temasek Holdings, CarTimes, Straits Times Locations: Singapore, European, New York City, Tokyo, Yokohama, New York, Asia, Jakarta, Bangkok, Kuala Lumpur

☆ Polestar Finance Chief Malmqvist Exits EV Startup
▼ + stars: | 2024-01-13 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Polestar has been grappling with soft sales of its electric vehicles. Photo: Justin Sullivan/Getty ImagesPolestar Chief Financial Officer Johan Malmqvist has departed the Swedish electric-vehicle startup, which recently received new financing from Volvo, its main backer. Malmqvist has served as financial chief since 2021. He previously served as finance chief of Dole, the food company.

Persons: Polestar, Justin Sullivan, Johan Malmqvist, Malmqvist, Dole Organizations: Volvo Locations: Swedish

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Volvo Group aiming for 100% fossil-free solutions by 2040, CTO says
▼ + stars: | 2023-12-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolvo Group aiming for 100% fossil-free solutions by 2040, CTO saysLars Stenqvist, chief technology officer at Volvo Group, says that the transport system should be free of fossil fuels.

Persons: Lars Stenqvist Organizations: Volvo, Volvo Group

☆ Volvo Cars deputy CEO: We're doubling down on our climate action
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolvo Cars deputy CEO: We're doubling down on our climate actionJavier Varela, deputy CEO of Volvo Cars, speaks to CNBC's Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Javier Varela, Steve Sedgwick Organizations: Volvo, United Locations: COP28, United Arab Emirates

☆ CNBC Daily Open: The COP28 heat is on
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 ticked down 0.09% to end at 4,550.58, and the Nasdaq Composite slipped by 0.16% to 14,258.49. The force is risingSalesforce shares rose 7% in extended trading on Wednesday after the cloud software vendor's third-quarter earnings topped analysts' estimates. [PRO] Beware crowded tradesThe S&P 500 is up more than 8% in November, putting it on track for its biggest monthly gain since July 2022.

Persons: Dow Jones, Jensen, Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Morgan Stanley, Russell Organizations: Expo, CNBC, Dow Jones, Dow, Nasdaq, Commerce Department, Gross, Federal Reserve, United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, General Motors, Nvidia Locations: Dubai, United Arab Emirates, U.S, China

☆ CNBC Daily Open: The heat is truly on COP28
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's Nikkei 225 closed 0.5% higher, clocking monthly gains of more than 8%, while South Korea's KOSPI finished the day up 0.6%, advancing more than 11% this month. [PRO] Golden crossesThree stocks are on the verge of taking off, according to a chart pattern closely watched by technical analysts. The phenomenon, known as a "golden cross," occurs when a stock's 50-day moving average share price rises above the longer-term 200-day moving average.

Persons: KOSPI, China's, Rebooting, Sam Altman, Altman Organizations: Expo, CNBC, Nikkei, Dow Jones, National Bureau of Statistics, Microsoft, Auto, United Auto Workers, Volvo, BMW, Mercedes, Benz, Hyundai, Honda, Toyota, Detroit, General Motors Locations: Dubai, United Arab Emirates, Asia, Pacific, South, Hong Kong, China, OpenAI, U.S

☆ UAW launches union campaigns at Tesla, 12 other automakers in the U.S.
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The United Auto Workers union is launching an unprecedented campaign to organize 13 non-union automakers in the U.S. after securing record contracts with the Detroit automakers. As part of the campaign workers are signing electronic cards in support of union efforts to potentially organize U.S. plants from those automakers. It is not guaranteed that the union would push to organize every plant or automaker that participates in the campaign. UAW President Shawn Fain has said the union's next mission after ratifying record contracts with General Motors, Ford Motor and Stellantis was to expand its ranks. Still, the UAW has a poor track record with trying to organize non-Detroit automakers.

Persons: Shawn Fain, Fain, —, Stellantis Organizations: United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, UAW, General Motors, Ford Motor, Detroit, Ford, GM, Lexus, " Workers Locations: U.S, Fremont, California, Georgetown , Kentucky

☆ China's Nio teams up with Geely on auto battery swapping
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

The deal makes Geely (GEELY.UL), whose brands range from Volvo to Zeekr, the second automaker to sign a battery swapping partnership with Chinese electric vehicle maker Nio. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. They will look to establish an efficient battery asset management mechanism, build a unified battery swap operation and develop battery swappable vehicles compatible with each other's battery swap systems, the companies added. Battery swapping could ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. In 2021, Geely said it aimed to set up 5,000 battery swapping stations for EVs globally by 2025.

Persons: Annegret, Nio, Geely, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: REUTERS, Rights, HK, Zhejiang Geely Holding, Volvo, Changan Automobile, Nio, Beijing, Thomson Locations: Berlin, Germany, Rights BEIJING, Zhejiang, China

☆ UAW aims to organize 13 nonunion automakers
▼ + stars: | 2023-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union said there are about 150,000 employees at 36 nonunion auto plants operated by the companies it is targeting in this campaign. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. But if a union organizing campaign is successful, the union will be made up of workers from the company. The union has filed complaints accusing many of the automakers of unfair labor practices during those earlier organizing efforts.

Persons: Jeff Allen, “ We’ve, ”, Allen, we’ve, “, Shawn Fain, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volkswagen, Volvo, Toyota Camry, Lexus, UAW, Workers, Tesla Locations: New York, Georgetown , Kentucky, America, Volkswagen’s, Chattanooga , Tennessee, Canton , Mississippi, Smyrna , Tennessee

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

DETROIT (AP) — Less than two weeks after ratifying new contracts with Detroit automakers, the United Auto Workers union announced plans Wednesday to try to simultaneously organize workers at more than a dozen nonunion auto factories. The UAW says the drive will cover nearly 150,000 workers at factories largely in the South, where the union has had little success in recruiting new members. Also on the union's list are U.S. factories run by electric vehicle sales leader Tesla, as well as EV startups Rivian and Lucid. “You don’t have to live paycheck to paycheck,” union President Shawn Fain said in a statement appealing to nonunion workers. At the end of the contract top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: Tesla, Shawn Fain Organizations: DETROIT, Detroit automakers, United Auto Workers, UAW, Toyota, Honda, Hyundai, Nissan, Subaru, Mazda, Volkswagen, Mercedes, BMW, Volvo, Ford, General Motors Locations: Georgetown , Kentucky

☆ U.A.W. Announces Drive to Organize Nonunion Plants
▼ + stars: | 2023-11-29 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

The United Automobile Workers union announced Wednesday that it was undertaking an ambitious drive to organize plants owned by more than a dozen nonunion automakers, including Tesla and several foreign companies — a goal that has long eluded it. The move comes weeks after the U.A.W. In addition to Tesla, the targets of the drive are two other electric vehicle start-ups, Lucid and Rivian, and 10 foreign-owned automakers: Toyota, Honda, Hyundai, Nissan, BMW, Mercedes-Benz, Subaru, Volkswagen, Mazda and Volvo. If the U.A.W. secures a foothold among those companies, it could signal a big shift in the American auto industry, where nonunion manufacturers have long had a significant cost advantage over the Detroit automakers.

Persons: Tesla Organizations: United Automobile Workers, General Motors, Ford Motor, Toyota, Honda, Hyundai, Nissan, BMW, Mercedes, Benz, Subaru, Volkswagen, Mazda, Volvo, Detroit

☆ Finnish startup Varjo launches new $3,990 mixed-reality headset to take on Apple, Microsoft
▼ + stars: | 2023-11-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Finnish mixed-reality startup Varjo on Monday launched its latest headset, the XR-4, a product it hopes to sell to large enterprise firms. The headset, which starts at a price of $3,990, is similar to those from Meta , Microsoft and Apple . Unlike consumer offerings from companies such as Meta, Varjo's headset is intended for enterprise use cases. For example, a pilot working for a major defense contractor could use it to train in a virtual reality simulation. The XR-4 headset has two 4K displays and a 50% wider field of view compared with previous-generation devices.

Persons: Patrick Wyatt, Apple's, Varjo Organizations: Monday, Meta, Microsoft, Apple, CNBC, Vision, Volvo Locations: Helsinki, Atomico

☆ Volvo’s shares crash to all-time low as China’s Geely cuts stake
▼ + stars: | 2023-11-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value. The transaction reduced Geely’s stake in Volvo Cars by just over 4%. Once the sale is completed on November 21, that stake is expected to amount to 78.7%, Geely said in the statement. The attempt to boost the value of Volvo Cars’ stock — which has fallen almost 23% year-to-date — seems to have backfired, at least in the immediate term. The firm’s shares traded down 11% on the day by 10.21 a.m.

Persons: Geely, carmaker, Jim Rowan, Daniel Donghui Li, ” Organizations: London CNN —, Volvo, Volvo Cars Locations: Swedish

☆ Volvo Cars shares drop to record low as Geely trims stake
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of 78.7%, the Chinese company said in a statement. Proceeds received by Geely Holding are intended to be used to support business development within the group," it added. It allows a wider base of shareholders to invest in Volvo Cars," the Swedish company's CEO Jim Rowan said in a statement. At 0926 GMT, Volvo Cars shares were down 10.9% at 36.38 crowns, having traded as low as 35.25 crowns. Geely Holding has committed to a lock-up period of 90 days for its remaining shareholding, "subject to customary exceptions and waivers" by the bookrunners.

Persons: Aly, China's Geely, bookrunners, Jim Rowan, Goldman Sachs, SEB, Geely, Terje Solsvik, Louise Rasmussen, Mark Potter Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Swedish, HK, Volvo Cars, Geely, BNP, Marie Mannes, Thomson Locations: Shanghai, China, Rights OSLO, Swedish, Oslo, Stockholm

☆ Volvo shares tumble 14% to record low as Chinese owner Geely sells off stock
▼ + stars: | 2023-11-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volvo Cars shares tumbled as much as 14% on Friday morning after its parent company Zhejiang Geely Holding Group began a sale of around 100 million shares of the Swedish carmaker. Volvo shares are down 25% year to date. Geely said in a statement earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said. Geely previously owned around 82% of Volvo, putting the sold shares at over 3%.

Persons: Geely Organizations: Volvo, Zhejiang Geely Holding, Reuters Locations: Edmonton, Edmonton , Alberta, Canada, Swedish, London

☆ UAW members ratify labor deal with Mack Trucks
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Mack Trucks is seen on a truck in a yard in Mejicanos, El Salvador, August 16, 2018. REUTERS/Jose Cabezas Acquire Licensing RightsNov 16 (Reuters) - The United Auto Workers (UAW) union said on Wednesday that about 3,900 of its members working at Mack Trucks ratified a new five-year contract, ending a month-long strike at the Volvo Group (VOLVb.ST)-owned company. "After 39 days on strike, UAW members at Mack Trucks have voted by 93% to ratify their new contract with significant local improvements," the union said in a post on messaging platform X, previously known as Twitter. Mack Trucks said the new contract covered its employees at facilities in Pennsylvania, Maryland and Florida. Mack Trucks, which was bought by Volvo in 2000, is one of North America's largest makers of medium-duty and heavy-duty trucks.

Persons: Mack Trucks, Jose Cabezas, Maria Ponnezhath, Shubham Kalia, Mrinmay Dey, Gokul Pisharody, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Mack, Volvo Group, Twitter, Detroit's Big, General Motors, Ford, Volvo, Thomson Locations: Mejicanos, El Salvador, Pennsylvania , Maryland, Florida, North, Bengaluru

☆ 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

☆ Toyota, Honda and Hyundai are raising wages in wake of big UAW wins
▼ + stars: | 2023-11-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —The United Automobile Workers’ won big wage and benefit gains in tentative contract agreements with Ford, General Motors and Stellantis. Now, non-union companies are rushing to give their non-unionized workers raises, too. Toyota said it’s raising wages by more than 9%, and Honda announced 11% wage hikes beginning next year. While the auto companies didn’t directly attribute their raises to the UAW, the UAW has said it will be targeting non-union factories in the wake of its big wins. UAW President Shawn Fain already encouraged non-union autoworkers to join the UAW, and Fain has called the non-union wage increases the “UAW bump.” The UAW hopes its new contracts with Detroit automakers will inspire other workers to unionize.

Persons: ” Hyundai, ”, A.J, Jacobs, Shawn Fain, autoworkers, Fain, ” Fain, Tesla, Thomas Kochan Organizations: New, New York CNN, United Automobile Workers ’, Ford, General Motors, Toyota, Honda, Hyundai, UAW, Labor, East Carolina University, Foreign, Detroit, Subaru, Volvo, BMW, Mercedes, MIT Sloan School of Management Locations: New York, Alabama, Georgia, United States, “

☆ UAW workers at GM's Flint plant narrowly vote against new labor deal
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) 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. REUTERS/Rebecca Cook Acquire Licensing RightsNov 10 (Reuters) - United Auto Workers (UAW) union members at General Motors' (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said. In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal. The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers.

Persons: Rebecca Cook, Stellantis, Erik Gordon, Mack Trucks, Nathan Gomes, Shivansh, Sriraj Organizations: General Motors, REUTERS, United Auto Workers, UAW, U.S ., GM, Workers, Chrysler, Ford, Detroit's Big, Silverado, Detroit Three, University of Michigan, Detroit, Honda, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Flint, Michigan, Bengaluru

☆ Truckmaker Volvo to buy Proterra's battery business for $210 mln
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File photo Acquire Licensing RightsSTOCKHOLM, Nov 10 (Reuters) - Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid. The auction was part of the electric vehicle part supplier's ongoing U.S. Chapter 11 bankruptcy protection process. Volvo said in a statement it aimed to finalise the acquisition, which is pending approval by the bankruptcy court, early next year. Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Anna Ringstrom, Terje Solsvik Organizations: Volvo, REUTERS, Rights, Thomson Locations: Linden , New Jersey, U.S, Rights STOCKHOLM, Swedish, United States

☆ Swedish EV maker Polestar trims delivery forecast, halves margin target
▼ + stars: | 2023-11-09 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

Nov 8 (Reuters) - Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty. Polestar, which operates in 27 markets globally, said it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier. The U.S.-listed company, founded by China's Geely and Volvo Cars (VOLCARb.ST), also said it would achieve a gross margin of 2% in 2023, down from its prior 4% forecast. The company said it sees gross margin in the high teens with a total annual volume of about 155,000 to 165,000 vehicles in 2025.

Persons: China's Geely, Johan Malmqvist, Thomas Ingenlath, Tesla's, Elon Musk, Polestar, Abhirup Roy, Rod Nickel, Jamie Freed Organizations: Volvo, Reuters, General Motors, Ford, Revenue, Thomson Locations: Swedish, U.S, San Francisco

☆ Polestar the first EV maker to incorporate StoreDot's fast-charging batteries
▼ + stars: | 2023-11-09 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Under the terms of the deal the two companies will collaborate on incorporating the fast-charging technology into Polestar vehicles. A prototype will be demonstrated next year, and StoreDot said it hopes Polestar cars using its extreme fast-charging batteries will be on the road by 2027. Polestar CEO Thomas Ingenlath said the collaboration with StoreDot would give EV owners "the ability to recharge in minutes". "What used to be range anxiety in electric vehicles is now transforming to charging anxiety," StoreDot CEO Doron Myersdorf said. Polestar last month said deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier but fell 12% from the second quarter.

Persons: Thomas Peter, StoreDot, Thomas Ingenlath, Doron Myersdorf, Myersdorf, Polestar, Steven Scheer, Jan Harvey Organizations: Beijing International Automotive, Auto, REUTERS, Rights, Volvo, BP, Daimler, StoreDot, EV, Reuters, Thomson Locations: Auto China, Beijing, China, Swedish

☆ With big new EV motor investment, GM aims to cut reliance on China
▼ + stars: | 2023-11-08 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

In electric vehicle motors, rapidly shifting magnetic fields spin a rotor made with magnets that contain “rare Earth minerals” such as terbium and dysprosium. China accounts for a large percentage of the world’s rare Earth minerals supply, according to the United States Geological Survey. And among those minerals used for EV motor magnets, China is responsible for about 90%, according to Niron. The technology could also make EV motors less expensive, he said, but declined to say by what percentage. Daniels would not say when GM expects to begin manufacturing EV motors using the new magnet technology.

Persons: Niron, Niron Magnetics, Jonathan Rowntree, GM EVs, ”, Kai Daniels, Stellantis, Rowntree, Daniels Organizations: New, New York CNN —, Motors, United States Geological Survey, GM, GM Ventures, Stellantis Ventures, Volvo Car Tech Fund, Chrysler, Dodge, Fiat, Sioux Community, University of Minnesota Locations: New York, Wisconsin, China, dysprosium, Minnesota, Sioux

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