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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. ET, Dow e-minis were down 152 points, or 0.45%, S&P 500 e-minis were down 24.25 points, or 0.56%, and Nasdaq 100 e-minis were down 109.5 points, or 0.72%. Traditional safe-haven assets including gold and the U.S. dollar gained, while growing uncertainty pushed crude prices higher. The Nasdaq (.IXIC) and the S&P 500 (.SPX) posted weekly gains on Friday as mixed jobs reports kept investors on edge around the Federal Reserve's interest rate outlook. Tesla (TSLA.O) shed 1.7% as data showed the company's China-made EV sales volume for September decreased 10.9% from a year ago.

Persons: Brendan McDermid, Tesla, Lloyd Austin, Stuart Cole, Northrop, Lockheed Martin, Philip Jefferson, Michael Barr, Nelson Peltz's, Shashwat Chauhan, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Nvidia, Big Tech, U.S, Israel, Dow, Nasdaq, Hamas, . Defense, Dow e, U.S ., Equiti, Energy, Chevron, Exxon Mobil, Occidental Petroleum, United Airlines, Delta Air Lines, American Airlines, Barrick Gold, Northrop Grumman, General Dynamics, Lockheed, Columbus Day, Apple, Intel, Qualcomm, Devices, JPMorgan Chase, Citigroup, BlackRock, Management, Thomson Locations: New York City, U.S, China, Israel, Palestinian, Gaza, United States, Tel Aviv, Wells Fargo, Bengaluru

☆ Swedish startup Luvly is making flat-pack electric microcars
▼ + stars: | 2023-10-09 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +8 min

In addition to the novel flat-pack delivery, Luvly is hoping that the electric car’s other features – including its super-light frame and swappable batteries – will make sustainable transport more affordable, says Håkan Lutz, Luvly CEO and co-founder. LuvlyA “Luvly” solutionLuvly O is a “light urban vehicle,” also known as a microcar. Luvly plans to license its patented light vehicle flat-pack framework to other car manufacturers to build their own branded versions. Resource-light and requiring less energy to manufacture than electric passenger cars, light electric vehicles (LEVs) such as microcars could make a serious dent in transport carbon emissions, says Brost. This is where Luvly hopes to add value: inspiring more car manufacturers to develop light urban vehicles with its patented framework.

Persons: it’s, Håkan Lutz, Lutz, Luvly, ”, —, “, Luvly isn’t, Citroën, Ami, Mascha Brost, Brost, ” Brost, It’s Organizations: CNN, IKEA, BMW, Formula, Opel, Fiat, Micro, German Aerospace Center, German Aerospace, Institute for Highway, US, Peachtree Locations: Swedish, Stockholm, €, Italian, Swiss, Germany, Peachtree City, Georgia

☆ Tesla stock dips after China EV sales fall 11%
▼ + stars: | 2023-10-09 | by ( Jake Piazza | In Jakepiazza | ) www.cnbc.com time to read: +1 min

The new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023. Tesla stock dipped about 2% Monday after its sales of China-made electric vehicles decreased 10.9% year over year for the month of September, according to a report from the China Passenger Car Association published Sunday. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. The company slashed prices for some of its Model 3 and Model Y vehicles in the U.S. on Oct. 6. Tesla will report third-quarter earnings on Oct. 18.

Persons: Tesla Organizations: Tesla, China Passenger Car Association, U.S . Locations: Hangzhou, Zhejiang province, China, U.S

☆ Tesla's China-made EV sales volume falls 10.9% year-on-year in September
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Tesla sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Sales of China-made Model 3 and Model Y cars were down 12.0% from a month earlier. The U.S. automaker, which ships more China-made cars for exports at the beginning of each quarter while focusing on domestic deliveries at the end, almost doubled its China EV share from July to August. Tesla, the largest exporter of China-made EVs, is also facing a probe by the European Commission into subsidies for battery-powered cars from China, along with Renault and other Chinese automakers. Tesla's deliveries of China-made vehicles hit a record 247,217 in the second quarter.

Persons: Aly, Tesla, BYD, Xpeng, Zhang Yan, Qiaoyi Li, Roxanne Liu, Brenda Goh, Toby Chopra Organizations: Artificial Intelligence, REUTERS, Rights, U.S, China Passenger Car Association, of, China EV, HK, European, Renault, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, of China

☆ GM is shaping up to be the hardest hit by the UAW strike
▼ + stars: | 2023-10-08 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

GM has the most workers on strike of all the Detroit 3. AdvertisementAdvertisementThe ongoing United Auto Workers strike is taking a multi-million dollar toll on all three Detroit-based automakers, but General Motors might be hit the hardest so far. GM narrowly avoided a fourth strike Friday with an offer that delayed Fain's weekly update for members. This is also the second time in four years that GM has experienced a strike . AdvertisementAdvertisementAnd of the three automakers, GM also has the most striking workers and has temporarily laid off the most workers due to the strike.

Persons: —, Stellantis, Shawn Fain, Fain, Dan Ives, Mary Barra's, Tesla, Jim Cain, Cain, Ford, Ford's, Sam Fiorani, Fiorani, there's, It's, Cox, GM wasn't, Edmunds, Jessica Caldwell Organizations: GM, Detroit, Service, United Auto Workers, UAW, Ford, UAW nabbed, Detroit automakers, Wedbush Securities, Cox, AutoForecast Solutions, Jeep, Chrysler, Dodge, Buick, GMC, Chevrolet, Cadillac, Deutsche Bank Locations: Detroit, Arlington , Texas, Lincoln

☆ Black UAW workers won progress in America's auto industry. They are on strike for its future
▼ + stars: | 2023-10-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

The percentage of Black workers in the auto industry today is more than double their share of the workforce overall. But the decline in US auto jobs and the erosion of unions have hit Black workers hardest. Black workers are likelier to belong to unions, in any industry, compared to White and Hispanic workers. Black union workers earn on average 16.4% higher wages than non-union Black workers, and they are likelier to have health care and retirement benefits, studies show. Hard-won gains disappearSoon after Black auto workers broke into better paying jobs, the US auto industry began its long decline, decimating Black communities in particular.

Persons: Lynda Jackson’s, Jackson, ” Jackson, ” Lynda Jackson, Lynda S, Emily Elconin, ”, Tiffanie Simmons, Simmons, Steven Pitts, Luke Sharrett, Tesla, “, ” Pitts, Jim Crow, Henry Ford, Nelson Lichtenstein, “ Walter Reuther, Ford, Irving Haberman, Kevin Boyle, Boyle, Philip Randolph, Randolph, Franklin Roosevelt, Walter Reuther, —, James Meredith, Martin Luther King, Jr, Roy Wilkins, Phillip Randolph, Walther Reuther, Martin Luther King Jr, Reuther, ” Boyle, Spencer Platt, Josh Bivens, Biden, Erica Smiley, ” Smiley Organizations: New, New York CNN, Chrysler, Ford, General Motors, United Auto Workers, UAW, Detroit’s, Processing, Bloomberg, Getty, Ford Motor, Economic Policy Institute, UC Berkeley Labor Center ., Tesla, Ku Klux Klan, University of California, America, Northwestern University, Jobs, Walther Reuther . Express, Hulton, Southern Christian Leadership Conference, The League, Revolutionary Black Workers, Black, Economic, Institute, P Global Market Intelligence, Justice Locations: New York, Alabama, Detroit, America, Ypsilanti , Michigan, Wayne , Michigan, Detroit , Michigan, White, Fremont , California, . Mississippi, sharecropping, Chicago , New York, Pittsburgh, Cleveland, AFP, Santa Barbara, Ford's, Rouge, Dearborn , Michigan, Washington, Birmingham, Selma, Black, Flint, Midwest, autoworkers

☆ Installing solar isn't the only big financial decision to make about controlling home power
▼ + stars: | 2023-10-07 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

That means it may be a good time to consider a home backup power storage system. Fossil fuel vs. battery power If you're not opposed to fossil fuel-powered options, there are several categories to consider based on your power needs. EVs as a backup power option for the home Some electrical vehicles can be used to back up essential items, or, in some cases, a whole home. "If you're contemplating spending $10,000 on a whole home gas generator system, why not think about an EV with this capability instead?" Some states provide additional solar battery incentives.

Persons: Ian Thomas Jansen, Lonnquist, Benjamin R, Dierker, Vikram Aggarwal, EnergySage, it's, Aggarwal, EVs, Ford's, Jim Farley, Stephen Pantano, Pantano, Sarah Delisle, Ted Tiffany, Tiffany Organizations: Motors Inc, Bloomberg, Getty, Alliance for Innovation, National Centers for Environmental, Consumers, GM, Ford, Swell Energy, Decarbonization Coalition, of Energy, Homeowners, Energy Department Locations: United States, California , Texas, Louisiana, California, California , Vermont , Massachusetts, New York, America

"Our strike is working, but we’re not there yet," UAW President Shawn Fain said in a livestreamed update on negotiations with the three automakers. Threatening to strike against GM's Arlington, Texas, plant that makes cash-cow SUVs like the Cadillac Escalade spurred GM to agree that EV battery factories would become union plants with UAW contracts, Fain said. GM is building three Ultium joint-venture battery plants with South Korea's LG Energy Solution (373220.KS). GM is building a fourth U.S. battery plant with Samsung SDI (006400.KS) in Indiana. Fain also said on Friday that the UAW could still strike against highly profitable pickup truck plants if progress stalls.

Persons: Rebecca Cook, General Motors, we’re, Shawn Fain, GM's, Fain, Sam Fiorani, Ultium, Harley Shaiken, Jim Farley, Ford, Stellantis, Mark Stewart, Tesla, Elon, we've, walkouts, Joe White, David Shepardson, Abhirup Roy, Dan Burns, Ben Klayman, Abhijith, David Gaffen, Peter Henderson, Nick Zieminski, Matthew Lewis Organizations: United Auto Workers, General Motors Lansing Delta, Michigan U.S, REUTERS, Detroit Three, UAW GM, UAW, GM, Ford, Detroit, General, Ford Motor, Chrysler, EV, AutoForecast Solutions, Korea's LG Energy, Democratic U.S, Samsung SDI, University of California, LG, Samsung, American, Reuters Graphics Reuters, Thomson Locations: Delta Township, Michigan, DETROIT, GM's Arlington , Texas, U.S, Ohio, Indiana, Berkeley, Milan, Detroit, Washington

☆ Auto workers worry it takes less labor to build electric cars. Maybe not, some researchers say
▼ + stars: | 2023-10-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

It’s not that simple, though, and some researchers argue that the labor savings of electric vehicles have been greatly overstated. These were among several research reports that found little total difference in the labor hour requirements of EV manufacturing compared to gas-powered cars. Boston Consulting estimates that making battery cells takes up about 8% of the total labor to produce an entire automobile. That’s slightly higher than the percentage of labor needed to produce a gasoline engine, he said. Ford also expects to train 5,000 people to work at a joint-venture battery manufacturing facility currently under construction in Kentucky.

Persons: That’s, Turner Cotterman, Cotterman, ”, Erica Fuchs, Nathan Niese, Gerald Johnson, “, Fuchs, “ You’ve, ” Ford, Ford, that’s, Niese, They’ve Organizations: CNN, United Auto Workers, Carnegie Mellon University, McKinsey, Company, Carnegie Mellon, Boston Consulting, EV, General Motors, Battery, Toyota, BMW, Hyundai, UAW Locations: United States, Marshall , Michigan, Kentucky, Ohio, Boston

☆ Gas prices are less of a factor behind consumers switching to EVs, Barclays says
▼ + stars: | 2023-10-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The Barclays study focuses on consumers purchasing Tesla EVs rather than other makes. "[I]n previous years, consumers who bought EVs were spending more on gas prior to their purchase than consumers in recent years," Zhu said. "This suggests that new EV buyers are willing to buy an EV even at lower levels of gas expenditure, and that EV demand will stay higher than before even if gas prices decline." "Our U.S. Barclays credit card data show consumers with lower gas expenditures are now more willing to buy EVs than previously," Zhu said. "In recent years, EV buyers were already spending less on gas prior to their EV purchase than EV buyers in previous years."

Persons: Joy Zhu, Tesla, Zhu, — CNBC's Michael Bloom Organizations: Barclays, U.S, EV, Volkswagen, Volvo Locations: Germany

☆ UAW says it scored a major concession from GM and will not expand its Big Three strike Friday
▼ + stars: | 2023-10-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

GM agreed to have the workers at its future EV battery plants be covered by the national labor agreement governing other UAW members at GM, Fain said, after the UAW threated an expansion of the strike to a GM plant in Arlington, Texas, that assembles the company’s full-sized SUVs. GM has in the past insisted that workers in battery facilities are not GM employees, since the plants are run by joint ventures it has with Asian battery companies. Then on September 29 the UAW declined to expand the strike against Stellantis, once again citing progress in talks, but added a strike against one assembly plant each at GM and Ford. The union has said all along it stood ready to expand the strike to increase pressure on the companies. Fain described the Arlington plant “GM’s biggest money maker.”“It was that threat that brought GM to the table,” he said.

Persons: Shawn Fain, Ford, Fain, ”, GM, ” Fain, “, we’re, “ It’s, “ We’ve, it’s, Cadillac Escalade Organizations: New, New York CNN — United Auto Workers, General Motors, GM, EVs, UAW, “, Workers, EV, Ford, Stellantis, Chevrolet, GMC Yukon, Cadillac Locations: New York, Arlington , Texas, Suburban, Arlington

"The backlash, like a boomerang, can be bigger than what one imagined," he said, referring to potential retaliation by China on European carmakers. While 90% of BMW cars sold in China are produced locally, some materials are shipped from Europe to China, Mertl said. China has condemned the EU investigation, which formally began on Thursday, as out of line with World Trade Organization rules and detrimental to the global growth of EV sales. Asked whether the premium carmaker was seeing dampened demand for EVs reported by Volkswagen (VOWG_p.DE) in recent weeks, Mertl said EV sales were rising and the company was on track to hit its goal of 15% fully-electric sales for the year. Some supply chain problems in logistics and transport persisted and could carry on for the next six months, he added.

Persons: Angelika Warmuth, Walter Mertl, Mertl, Victoria Waldersee, Christina Amann, Friederike Heine, Mark Potter Organizations: BMW, REUTERS, Rights, World Trade Organization, Volkswagen Locations: Munich, Germany, China, Europe, Beijing, European

☆ U.S. Treasury details EV tax credit rebate rules
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

The U.S. Treasury Department on Friday issued new guidance on how a $7,500 electric vehicle tax credit can be used as a point-of-sale rebate starting in January. Currently, consumers can only take advantage of the $7,500 new EV credit or $4,000 used EV credit when they file their tax returns the following year. Congress approved a sweeping reform of the EV tax credits in August 2022 as part of the $430 billion Inflation Reduction Act (IRA). Beginning in January, dealers can submit vehicle sales to the IRS and receive payment for tax credits within 72 hours. The Environmental Protection Agency has proposed rules it forecasts will result in 67% of new vehicles being EVs by 2032.

Persons: Biden, EVs Organizations: The U.S . Treasury Department, Treasury, Dealers, IRS, Environmental Protection Agency Locations: Moscow , Idaho, The U.S, North America

☆ Car buyers can get their EV tax credits up front at the dealership starting in January
▼ + stars: | 2023-10-06 | by ( Ella Nilsen | ) edition.cnn.com time to read: +2 min

CNN —People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns. The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1. More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future. The Biden administration is currently contacting dealers with information on how they register with a new federal website to eventually offer consumers up-front tax credits. Car dealers will then be reimbursed by the government within 72 hours of selling the car, according to a Treasury news release.

Persons: Biden, ”, Laurel Blatchford, Ford Organizations: CNN, Treasury, “, IRS, General Motors, Volkswagen, George Washington University

DETROIT (AP) — Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase. Under the Inflation Reduction Act, which included the credits, buyers can transfer the credits to dealers, which can apply them at the point of sale starting Jan. 1. To be eligible, electric vehicles or plug-ins have to be manufactured in North America. There also are income limits for buyers set up to stop wealthier people from getting the credits. There also are requirements for battery and component manufacturing that could disqualify some vehicles or make them eligible for only part of the tax credits.

Persons: they'll Organizations: DETROIT, Treasury Department, Internal Revenue Service, Treasury Locations: North America, U.S

☆ Hyundai Motor to adopt Tesla EV-charging standard from 2024 in US
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - Hyundai Motor Co (005380.KS) said on Thursday it has decided to adopt Tesla Inc's (TSLA.O) electric vehicle (EV) charging technology in the United States and Canada. That will give Hyundai EVs with NACS ports access to more than 12,000 Tesla Superchargers across the United States, Canada, and Mexico, the company said. Owners of existing and future Hyundai EVs with the current CCS will have access to the Tesla Supercharging Network starting in the first quarter of 2025. In June, Hyundai Motor said it would consider making its vehicles more readily compatible with the NACS charging system. Tesla's NACS is widely available, with the U.S. Department of Energy saying they make up about 60% of the fast chargers in the United States.

Persons: Andrew Kelly, Tesla, Hyundai's, Elon, company's superchargers, Jose Munoz, NACS, Heekyong Yang, Christian Schmollinger Organizations: Hyundai Kona, New York, REUTERS, Rights, Hyundai, Ford, General Motors, Nissan, Hyundai Motor, Hyundai Motor's, Global, CCS, Tesla Supercharging Network, U.S . Department of Energy, Volkswagen, Kia Corp, BMW, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, KS, United States, Canada, Mexico

☆ Vietnamese EV maker VinFast's third-quarter revenue more than doubles
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa Baertlein/File Photo Acquire Licensing RightsOct 5 (Reuters) - Vietnamese electric-vehicle (EV) maker VinFast on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the United States. VinFast, which is backed by Vietnam's largest conglomerate Vingroup (VIC.HM), is gearing up to strengthen its foothold overseas. However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the United States. Revenue was 8.25 trillion Vietnamese dong ($338 million), while net loss widened to 15 trillion Vietnamese dong.

Persons: Lisa Baertlein, VinFast, Phuong Nguyen, Chavi Mehta, Sriraj Organizations: REUTERS, Vietnam's, Revenue, Thomson Locations: Los Angeles , California, U.S, United States, India, Hanoi, Bengaluru

☆ 'It looks like a child's toy': 3 car designers react to Tesla's Cybertruck
▼ + stars: | 2023-10-05 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Tesla's Cybertruck is closer than ever, so we asked three experts on car design what they think about it. AdvertisementAdvertisementTo some, the upcoming Tesla Cybertruck looks like a clumsily designed, doorstop-shaped monstrosity. Instead of mimicking the upright, boxy shape of conventional pickups, Tesla's truck looks more like a triangle. "In car design, you wouldn't believe how much of a difference some small changes make," Licata said. Simplicity and purity are hallmarks of timeless design, Snyder said, and Tesla's wacky truck could fit the bill.

Persons: —, Elon, S0kCyGUBFD — Elon, Paul Snyder, Tesla, Elon Musk, Frederic J . Brown, Snyder, Ford, Matteo Licata, HKBzxFNfzm — Elon, Licata, Geoff Wardle Organizations: Service, Tesla, Detroit's College for Creative Studies, Ford, General Motors, Elon, Honda Odyssey, DeLorean, California's ArtCenter College of Design Locations: Texas, AFP, Detroit

☆ Hyundai and Kia are the latest to switch to Tesla EV charging
▼ + stars: | 2023-10-05 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

In 2025, Hyundai will begin providing adapters to owners of older Hyundai models with the Combined Charging System ports their EVs are currently built with. The three South Korean automakers are all part of Hyundai Motor Group, although Hyundai and Kia operate as separate companies in the United States. A major stepThis marks an especially significant development for the Tesla charging system. Counted together, Hyundai, Kia and Genesis would be the second-best-selling EV manufacturer in the United States after Tesla, according to figures from Kelley Blue Book. Having more automakers and charging companies using its standard has been seen as a win for Tesla.

Persons: Tesla, Kelley, Elon Musk Organizations: New, New York CNN, South, Kia, Hyundai, Ford, General Motors, Mercedes, Benz, Nissan, Honda, Hyundai Motor Group, Kona, Niro, Genesis, GM, EV, CCS, Tesla Locations: New York, United States

☆ Porsche-backed Sensigo deploys AI tools to smooth vehicle repairs
▼ + stars: | 2023-10-05 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

REUTERS/Leonhard Simon/File Photo Acquire Licensing RightsOct 5 (Reuters) - German automaker Porsche (P911_p.DE) and investor UP.Partners have launched Sensigo, a California-based startup using artificial intelligence to enable vehicle service technicians to diagnose, resolve and eventually predict repair issues. Sensigo said its AI-powered service platform and tools can improve the repair process for customers and techs, while boosting service center profitability, reducing repair costs and minimizing warranty risk. The partners’ first startup, Pull Systems, announced in March, manages electric vehicle battery performance. In addition to Porsche, UP’s investment partners include Toyota’s (7203.T) Woven Capital, Alaska Air Group (ALK.N), ARK Invest and others. Portfolio companies include aerial vehicle startups Skydio and Beta Technologies.

Persons: Leonhard Simon, UP.Partners, Sensigo, Paul Lienert, Nick Macfie Organizations: Porsche, REUTERS, Systems, Alaska Air Group, ARK Invest, Beta Technologies, Thomson Locations: German, Munich, Germany, California, Santa Monica, Capital, United States, Detroit

☆ Tesla's new, cheaper Model Y is one of the best deals you can get on an EV right now
▼ + stars: | 2023-10-04 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Tesla launched a new, cheaper version of its popular Model Y SUV. The rear-wheel-drive Model Y costs $43,990. Elon Musk's carmaker quietly launched a new base model of its popular Model Y SUV — and it's instantly one of the best deals on the US electric-vehicle market. A new rear-wheel-drive Model Y appeared on Tesla's website on Monday with a price of $43,990. The next cheapest Model Y costs $50,490.

Persons: Tesla, —, Elon Musk's carmaker, it's, Kelley, Bolt, Kia Niro, Kia haven't Organizations: Service, Chevrolet Bolt, Nissan, RWD, Kia, Hyundai Kona EV, VW, Hyundai

Companies Reliance Industries Ltd FollowGREATER NOIDA, India, Oct 4 (Reuters) - Indian oil refining giant Reliance Industries showcased its swappable and multipurpose battery storage technology for electric vehicles (EVs) on Wednesday, as it makes a big push on clean energy. Reliance, led by billionaire Mukesh Ambani, displayed removable and swappable batteries for EVs that can also be used to power household appliances through an inverter at a renewable energy exhibition. The batteries can be swapped at Reliance's battery swap stations or re-charged by households using rooftop solar panels, which also it plans to sell, the executives added. Development of battery storage solutions is a part of Reliance's bigger $10 billion green push towards clean energy projects. The factory will be set up by 2026 and will make batteries and containerised energy storage solutions.

Persons: Mukesh Ambani, Arpan Chaturvedi, Aditi Shah, Dhwani Pandya, Kim Coghill Organizations: Reliance Industries, Reliance, Electric, Thomson Locations: NOIDA, India

☆ China rebukes EU, says it is rushing consultations in EV subsidy probe
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Car miniature, "Electric vechicles (EVs)" words, EU and Chinese flags are seen in this illustration taken, September 26, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSINGAPORE, Oct 4 (Reuters) - China said on Wednesday that a demand by the European Union that it partipate in consultations within a "very short" period of time about a probe into electric vehicle subsidies is a severe infringment of China's rights. The Chinese side had not been given adequate consultation materials, the Chinese Commerce ministry said in a statement. The European Commission has said it will investigate whether to impose tariffs to shield European producers from a "flood" of cheaper Chinese electric vehicle (EV) imports it says benefit from state subsidies. China will pay close attention to the commission's investigative procedures and will safeguard the rights and interests of Chinese firms, it added.

Persons: Dado Ruvic, Chen Aizhu, Christian Schmollinger Organizations: REUTERS, Rights, European Union, Commerce, European, World Trade Organization, Thomson Locations: Rights SINGAPORE, China

☆ The founder of Tesla's biggest China rival reportedly drank a glass of battery fluid to impress one of Warren Buffett's lieutenants
▼ + stars: | 2023-10-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Its founder, Wang Chuanfu, once drank battery fluid to impress big-name investors, the Wall Street Journal reported. AdvertisementAdvertisementThe founder of Chinese automaker BYD, Tesla's biggest global EV rival, once drank battery fluid in front of a big-name investor to show just how serious he was about his company, the Wall Street Journal reported Wednesday. David Sokol, a lieutenant of Warren Buffett's Berkshire Hathaway, noticed BYD's momentum and visited the company in Shenzhen as early as 2008, according to the Wall Street Journal. BYD saw some hiccups as other Chinese EV makers entered the market and Tesla shored up its Chinese operations. Aside from BYD's unique business achievements, its two head executives also have a noteworthy and fascinating dynamic, the Wall Street Journal reported.

Persons: Elon Musk, Wang Chuanfu, BYD, —, Stella Li, Tesla, David Sokol, Warren Buffett's Berkshire Hathaway, Sokol, Wang Organizations: Elon, Wall Street Journal, Service, EV, Wall Street, Sony, Wall, Motorola, Nokia, Toyota Corolla Locations: China, Shenzhen, Berkshire, BYD, Europe, Southeast Asia, Munich

☆ Buying a luxury car? Your gas and EV options cost about the same. Otherwise, expect to pay nearly $16,000 more to go electric.
▼ + stars: | 2023-10-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Premium electric vehicles now cost nearly the same as premium gas-powered cars, JD Power says. But mass market EVs are still significantly more expensive than their mass market gas counterparts. A new JD Power report says "relative affordability" is a key part of EV adoption assessments. (JD Power did note that once Ford started passing through the full federal tax credit of $7,500 to Mach-E lessees, leasing costs came down.) Overall, mass-market EVs cost $16,000 more than their gas-market counterparts.

Persons: JD Power, —, Power, Mercedes, Ford, EVs, Kelley Organizations: JD, Service, Mercedes, Benz, Ford, Power, ICE, Chevrolet

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