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☆ Electric vehicles accounted for 10% of global auto sales last year — this could quadruple by 2030
▼ + stars: | 2023-01-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Electric vehicles accounted for 10% of global auto sales in 2022, preliminary research shows. In the near term, however, there are some signs of slowing demand for electric vehicles in the US. The uptick helped electric vehicles achieve a roughly 10% global market share in the automotive industry for the first time, WSJ reported. CBInsights Auto and Mobility Trends estimated that its global market share could reach 22% by 2030. The Biden Administration, which included a $7,500 tax credit for purchasing an electric vehicle in last year's Inflation Reduction Act, is aiming for half of US vehicle sales to be electric by 2030.

☆ China’s EV Sales Broke Record in 2022 as Overall Auto Market Stalled
▼ + stars: | 2023-01-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

BYD, which is backed by Warren Buffett, jumped to the top of China’s retail-sales chart in 2022. HONG KONG—Sales of new-energy vehicles almost doubled in China last year, even as overall car sales remained sluggish with auto makers weathering severe production disruptions and economic challenges under strict anti-Covid-19 curbs. China sold 5.67 million electric vehicles and plug-in hybrids in 2022, the China Passenger Car Association said Tuesday, as state subsidies and high oil prices led buyers to switch from gas-guzzling models.

☆ First woman and LGBTQ person elected Massachusetts governor sworn in
▼ + stars: | 2023-01-06 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Maura Healey, the first woman and first open member of the LGBTQ community to be elected governor of Massachusetts, was sworn into office at the Statehouse Thursday, pledging to lead “with empathy and with equity.”Healey’s elevation to governor signals a political shift in the state’s top elected office from GOP to Democratic hands. Kim Driscoll, who served as mayor of Salem, was elected lieutenant governor with Healey and was also sworn in on Thursday. She acknowledged the soaring cost of housing in Massachusetts and vowed in her first 100 days to create a new secretary of housing. She’s only the second Democrat in the past three decades to be elected governor in Massachusetts. Nancy Lane / The Boston Herald via APThe new governor is also part of a record number of women occupying top state elected offices in Massachusetts.

☆ Cathie Wood buys more Tesla to start 2023 even as relentless sell-off drags down her flagship fund
▼ + stars: | 2023-01-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood kept buying shares of Tesla on the first trading day of 2023 even as the brutal rout in her electric vehicle darling has put massive pressure on her flagship fund. Wood's flagship ARK Innovation ETF added 144,776 shares of Tesla on Tuesday, while snapping up 31,336 shares for ARK Autonomous Technology & Robotics ETF , according to Ark's daily trading data. Musk sold tens of billions of dollars of his Tesla shares last year, in part, to finance the buyout. Her conviction centered around the shift to electric vehicles. She previously said there will be almost 8 million electric vehicles sold around the world this year and that number will rise to 60 million in five years.

☆ The $360 billion electric car battery market will determine the fate of electric vehicles
▼ + stars: | 2023-01-03 | by ( Alexa St. John | ) www.businessinsider.com time to read: +14 min

There's also money to be made: The EV battery market could hit $360 billion by 2030, according to McKinsey. At Insider, we've looked at white-hot EV battery technologies that give automakers the EV performance they need at the price their customers want. We've investigated how automakers are securing enough battery supply, especially amid the call for domestic sourcing brought on by requirements in President Joe Biden's climate bill. It just led a $400 million investment into the little-known EV battery startup that could make it work. The soon-to-be $339 billion battery industry is on a hiring tear to power the shift to electric cars.

☆ Jim Cramer's top 10 things to watch in the market Tuesday: Wages too high, China reopening
▼ + stars: | 2023-01-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Barclays raises price target on Club holding Eli Lily (LLY) by $5-per-share to $400. UBS downgrades PG & E (PCG) to neutral from buy, with a $17-per-share price target; just above where the stock closed Friday. Barclays raises Exxon Mobil (XOM) price target to $129 per share from $111; keeps overweight (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ TSX futures edge higher as investors eye China reopening
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Futures for Canada's main stock index edged up on Wednesday as investors returned from a long holiday weekend to global optimism over China moving towards reopening its economy. Futures on the S&P/TSX index were up 0.2% at 6:53 a.m. On the flip side, concerns remained that rising COVID cases could disrupt its economic recovery, pushing down prices of oil , . Copper prices hit two-week peak, while gold eased from the six-month high hit in the previous session as the dollar regained strength. Canadian equity markets will resume trading for the first time this week, following Christmas and Boxing Day holidays.

☆ Battery swapping spurs Kenya's electric motorbike drive
▼ + stars: | 2022-12-26 | by ( Ayenat Mersie | ) www.reuters.com time to read: +3 min

[1/5] Workers at ARC Ride assemble an electric motorcycle at the company's warehouse in Industrial Area, Nairobi, Kenya November 2, 2022. REUTERS/Monicah MwangiSummary Electric motorbike startups making inroads in KenyaSay battery swapping saves drivers time, moneyPlanning to expand model to Tanzania, UgandaNAIROBI, Dec 26 (Reuters) - Over recent months, sets of sturdy, brightly-branded battery swapping stations have cropped up around Kenya's capital Nairobi, allowing electric motorcyclists to exchange their low battery for a fully-charged one. "It doesn't make a lot of economic and business sense for them to acquire a battery...which would almost double the cost of the bike," said Steve Juma, the co-founder of electric bike company Ecobodaa. EXPANSION PLANSEcobodaa is just one of several Nairobi-based electric motorcycle startups working to prove themselves in Kenya before eventually expanding in East Africa. "We're putting over 200 swapping stations in Nairobi and expanding to Dar es Salaam and Kampala," said Hurst-Croft.

☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
▼ + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.

☆ Ark Invest's Cathie Wood buys $11.7 million worth of beaten-down Tesla shares
▼ + stars: | 2022-12-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Cathie Wood's Ark Invest bought the dip in Tesla shares on Wednesday as her EV darling continued to sell off. The innovation-focused investor added 61,537 shares of Elon Musk's company for her flagship Ark Innovation ETF (ARKK) fund, according to Ark's daily trading data. She also bought 10,066 Tesla shares for Ark Autonomous Technology and Robotics ETF and 3,259 shares for Ark Next Generation Internet ETF Wednesday. Musk sold billions of dollars' worth of his Tesla holdings to finance the Twitter takeover and has been embroiled in controversy ever since. Musk sold about 22 million more shares, worth around $3.6 billion, according to a financial filing out Wednesday night.

☆ Redwood Materials joins electric vehicle, battery trek to South Carolina
▼ + stars: | 2022-12-14 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - Redwood Materials is the latest company to set up shop in South Carolina's growing community of electric vehicle and battery manufacturers, the Carson City, Nevada-based firm said on Wednesday. Redwood said it will build a $3.5 billion battery materials campus in Ridgefield, about 30 miles (48.28 km) northwest of Charleston, that will recycle, refine and remanufacture cathode and anode materials such as nickel, cobalt, lithium and copper. The Ridgefield facility is expected to supply battery materials to Ford Motor (F.N) and SK On in Kentucky, Toyota Motor (7203.T) in North Carolina and Volvo and Envision AESC in South Carolina. Volvo is building a battery plant next to its assembly facility in Ridgeville and BMW is partnering with Envision AESC on a $700 million battery plant in Woodruff. A second North American “battery belt” is springing up in Canada, in Becancour, Quebec, on the St. Lawrence River.

☆ EU Delays Labeling Lithium Toxic as Concerns From EV Industry Mount
▼ + stars: | 2022-12-12 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Last week, the European Commission was set to give a final ruling on whether lithium, a crucial battery input, should be classified as a toxic substance. Europe’s nascent battery companies are warning that investors may be drawn away from the continent to the U.S. where the IRA has created strong incentives to establish supply chains in the country. So far, within the European battery industry, Sweden’s Northvolt AB has been one of the few victories for the EU. She said the EU should “simplify and adapt” its rules that limit state funding to make it easier for public investments. For those looking to establish European battery production, the EU’s position on electric vehicles remains confusing.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe race to electrify America's school bus fleetThe electric vehicle revolution is making its way to a new segment, school buses. In the U.S., 26 million children take 480,000 buses to and from school every day. Converting that fleet to zero emission vehicles could have a big impact. Driving the change are companies ranging from traditional school bus manufacturers, Blue Bird and Thomas Built, to electric vehicle manufacturers, Lion Electric and GreenPower Motor Company.

☆ Hyundai, SK to build new battery plant in Georgia
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the state of Georgia to supply the Korean automaker's U.S. assembly plants. Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said. The companies aim to begin operations in 2025 and said "stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment" in Georgia's Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia's Bryan County. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Honda to begin selling mini-commercial electric vans in spring 2024
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Dec 7 (Reuters) - Honda Motor Co (7267.T) said on Wednesday it would begin selling micro-sized commercial electric vans in spring 2024, as part of its effort to electrify its vehicle lineups. Japanese automakers are turning to small commercial trucks as one way to make battery electric vehicles (BEVs) popular in the country, tapping into car size unique to the country amid pressure to slash its carbon footprint. Honda's electric van has a target cruising range of 200km (125 miles) and is seeking to set the price at around 1 million yen ($7,270). Commercial vehicle coalition CJPT, led by Toyota Motor Corp (7203.T), said in July it would develop small electric commercial vans with minivehicle specialists Daihatsu and Suzuki Motor Corp (7269.T). Honda in April laid out goals of producing some 2 million electric vehicles a year and 30 electric vehicle models globally by 2030.

☆ Hyundai Motor, LGES consider building two JV battery plants in U.S. -report
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A security guard is seen at the main entrance of a plant of Hyundai Motor Co on the outskirts of Beijing, China January 25, 2019. REUTERS/Jason Lee/File PhotoSEOUL, Nov 28 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday. Hyundai Motor was not immediately available for comment when contacted by Reuters. The report added that the new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia and would help the company meet U.S. EV subsidy rules. Last year, Hyundai Motor Group and LG Energy Solution said they would set up a $1.1 billion EV battery joint venture in Indonesia.

☆ I drove a $2 million electric car and a $200,000 one. See the biggest differences — and similarities — between the two.
▼ + stars: | 2022-11-27 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

The Battista is made almost entirely out of carbon fiber, which is super light and rigid but also unforgiving over bumps and cracks. You can hear pebbles bouncing off of the supercar's floor as you drive. The Pininfarina Battista. Tim Levin/Insider

☆ Review: I drove the $2.1 million Rimac Nevera electric supercar. It felt like piloting an ultra-luxury rocket.
▼ + stars: | 2022-11-23 | by ( Alanis King | ) www.businessinsider.com time to read: +9 min

The $2.1 million electric supercar Rimac Nevera has 1,914 horsepower and 1,741 pound-feet of torque. But the Rimac Nevera taught me there's still a lot of that to be done on Earth. Alanis KingThe Nevera is a $2.1 million electric supercar from Rimac, a Croatian carmaker founded in 2009 by the now 34-year-old Mate Rimac. Rimac AutomobiliThe Nevera has four electric motors — one for each wheel — that, combined, make 1,914 horsepower and 1,741 pound-feet of torque. "The car will step out a little," they said, referring to the slide a car's wheels do when they begin to lose traction.

☆ Hyundai's best years in the U.S. are set to be tested by the Inflation Reduction Act
▼ + stars: | 2022-11-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

"I think what Hyundai, Kia and Genesis have done is they've really compressed that time frame. Sales of Hyundai and Kia vehicles have risen roughly 61% since 2010 to more than 1.4 million vehicles in the U.S. last year. LMC forecasts Hyundai's sales of all-electric vehicles are expected to represent 9.2% of the U.S. EV market this year. While sales are expected to grow that percentage is seen as the company's peak until at least 2024 or 2025, when the new Georgia plant is set to come online. Munoz said the new Georgia plant is expected to produce 300,000 vehicles annually, with the potential to reach 500,000 in the future.

☆ LG Chem to invest over $3 billion to build U.S. battery cathode plant
▼ + stars: | 2022-11-22 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Nov 22 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Tuesday it will invest more than $3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components. Mass production is set to start in the second half of 2025 and the plant will create more than 850 jobs, LG Chem said in a statement. LG Chem is expected to supply cathode materials to Ultium Cells, a battery joint venture between General Motors (GM.N) and LG Chem's subsidiary LG Energy Solution Ltd (LGES) (373220.KS). GM has said it will use NCMA battery cathodes from LG Chem for a range of EVs using Ultium-branded batteries. At this month's G20 summit, South Korean President Yoon Suk-yeol asked U.S. President Joe Biden to prevent discriminatory measures against South Korean companies, his office said.

☆ Panasonic and Redwood Materials strike multibillion-dollar battery component deal for U.S. production
▼ + stars: | 2022-11-15 | by ( Phil Lebeau | ) www.cnbc.com time to read: +2 min

Panasonic Energy of North America , the largest supplier of battery cells for electric vehicles in the U.S., has struck a deal with Nevada-based battery recycling company Redwood Materials to buy a key material for the production of batteries. Right now, Panasonic imports almost all of the cathode material used in the production of battery cells at its plant in Sparks, Nevada. The new Panasonic facility will use high-nickel cathode supplied by Redwood materials when production starts in 2025. For Straubel, the agreement with Panasonic Energy is further validation of his vision for Redwood Materials. By 2030, the company expects to produce anode and cathode materials annually to power five million electric vehicles.

☆ Amazon's job cut plans show that tech isn't out of the woods just yet
▼ + stars: | 2022-11-15 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +6 min

Indeed, as Insider reported last week, Mark Zuckerberg isn't ruling out the possibility of more layoffs at Meta. Amazon CEO Andy Jassy Dan DeLong/GeekWire1. Meta CEO Mark Zuckerberg Photo by Liu Jie/Xinhua via Getty2. The tech titans are known for paying the big bucks, but that's not the only way to make it in tech. Tech leaders like Ancestry CEO Deb Liu and Scale AI CEO Lucy Guo will appear on stage.

☆ Indonesia to set up $2 bln EV fund with China's CATL, CMB International
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 14 (Reuters) - The Indonesia Investment Authority, the country's sovereign wealth fund, is to set up a green electric vehicle (EV) fund of at least $2 billion with China's battery maker CATL and CMB International, the fund's CEO said on Monday. INA CEO Ridha Wirakusumah then signed an agreement for the partnership with company executives from CATL and CMB International. "With CATL and CMB International as the main partners, we are looking for limited partners to invest in the green EV fund, to seize this EV value chain opportunity primarily in Indonesia," Ridha said. Indonesia is keen to develop its own EV and battery industries at home, after banning exports of nickel ore to ensure supply for investors since 2020. Earlier this year, CATL announced a $6 billion power battery project in Indonesia, in partnership with Indonesian companies.

☆ Exclusive: Tesla has considered exporting EVs from Shanghai to U.S., Canada
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +5 min

Tesla's evaluation has included consideration of whether parts made by Tesla's China-based suppliers would be compliant with regulations in the United States and Canada, they said. Tesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States. Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The Shanghai plant makes Model 3 sedans and Model Y crossovers to sell in China and for export to markets including Europe, Australia and Southeast Asia. That means Tesla vehicles could potentially be exported to North America at a competitive price.

☆ I drove a $2 million electric car with 1,900 horsepower and saw the unimaginably fast future of supercars
▼ + stars: | 2022-11-12 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

I drove the Pininfarina Battista, a new electric supercar that costs $2.2 million and up. The Pininfarina Battista. Tim Levin/InsiderThe $2.2 million, 1,900-horsepower electric supercar is mind-bendingly, frighteningly quick, promising to hit 62 mph from a standstill in less than two seconds. The Pininfarina Battista. The Pininfarina Battista.

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