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☆ EXCLUSIVE Tesla mulls exporting China-made EVs to United States-sources
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +5 min

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 California plant, Tesla's first, produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. At the same time, the price gap between Tesla cars sold in China and the United States has been widening, reflecting both higher U.S. prices and new discounts in China. Tesla sells the Model Y for the equivalent of $49,344 in China, compared to the U.S. price of $65,990. loadingTesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States.

☆ GM's plan to build 400,000 EVs in North America has been delayed by up to 6 months because it hasn't been able to make batteries fast enough
▼ + stars: | 2022-10-26 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

GM has delayed a plan to build 400,000 EVs in North America. CEO Mary Barra said Tuesday the launch of battery production had been slower than expected. Barra told investors in February that GM planned to make 400,000 EVs in North America through 2023, per Automotive News. Barra wants GM to build one million electric vehicles in North America by 2025. GM plans to open a second next year, and another in 2024.

☆ South Korea, U.S. in 'intense conversation' over EV tax credits, trade ambassador says
▼ + stars: | 2022-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to the county's trade ambassador Tuesday. "We are in very intense conversation at the moment," Cho said Tuesday following the groundbreaking of a $5.5 billion electric vehicle plant by Hyundai Motor Group near Savannah, Georgia. Under the IRA, plug-in electric vehicles much be produced in North America to qualify for the tax incentives. U.S. Deputy Secretary of Commerce Don Graves during the event on Tuesday called South Korea a strong trade partner, but did not comment on the Inflation Reduction Act. Last week, U.S. Trade Representative Katherine Tai spoke with Korea's Minister for Trade Ahn Dukgeun about the IRA.

☆ Hyundai to launch $5.5 bln U.S. EV plant, as new law dims sales outlook
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SAVANNAH, Georgia, Oct 25 (Reuters) - Hyundai Motor Co (005380.KS) will break ground on a $5.54 billion electric vehicle (EV) and battery plant in the United States on Tuesday, as South Korea's biggest automaker grapples with an uncertain outlook for its EV sales in its top market. Register now for FREE unlimited access to Reuters.com RegisterThe groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. Hyundai and its affiliate Kia Corp (000270.KS) as well as major European automakers were excluded from the EV subsidies as they do not yet make the vehicles there. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed a willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign EV makers, South Korea said earlier this month.

☆ Ark Invest's Cathie Wood scoops up $13.7 million in Tesla shares after sell-off
▼ + stars: | 2022-10-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Cathie Wood's Ark Invest bought the dip in Tesla shares on Thursday after her beloved EV player sold off on a quarterly revenue miss . The innovation-focused investor added 66,190 shares of Elon Musk's company for her flagship Ark Innovation ETF (ARKK) fund, according to Ark's daily trading data. Shares of Tesla slid about 6.7% Thursday as the company's revenue fell short of expectations. Shares of Tesla are down 41% this year as the company deals with transportation bottlenecks that created a gap between production and deliveries. 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.

☆ UAW wants U.S. to bar loans, subsidies for Hyundai over workplace issues
▼ + stars: | 2022-10-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Oct 21 (Reuters) - The United Auto Workers (UAW) union on Friday called on the Biden administration not to award any subsidies, loans or other taxpayer support until Hyundai Motor (005380.KS) agrees to address workplace issues. A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. The union called on Hyundai to instead "improve working conditions for the U.S. workers who make Hyundai vehicles." Hyundai is lobbying the Biden administration to revise a law approved in August that immediately barred electric vehicles outside North America from receiving $7,500 consumer tax credits. The UAW has previously sparred with Hyundai and unsuccessfully sought to organize workers at its Alabama plant and at other foreign-owned auto plants.

☆ BMW chief warns against setting gas-powered phase-out date
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

BMW CEO Oliver Zipse seen in a file photo at the BMW plant in Munich, Germany, January 20, 2022. Speaking ahead of the announcement of a $1.7 billion electric vehicle (EV) investment in South Carolina, Zipse said in an interview that BMW has not set a date to end production of gas-powered vehicles and cautioned against banning their sale. Rival automaker General Motors (GM.N) has said it plans to end sales of gas-powered passenger vehicles by 2035. President Joe Biden has called for 50% of all new vehicle sales by 2030 to be EVs or plug-in hybrids but has not endorsed a phase-out date. BMW, which expects at least 50% of its sales by 2030 to be zero-emission, says it will more than double EV sales this year.

The plan envisages a 14-fold increase in the number of charging stations, climbing to 1 million by 2030 from around 70,000 now. It also aims to have 15 million electric vehicles on German roads by 2030 from around 1.5 million now. Other measures in the government's plan include speeding up state approvals to build charging points. The electric vehicle push comes against a backdrop of surging electricity prices, resulting from an energy crisis fuelled by Russia's invasion of Ukraine. The electric vehicle plan drew a mixed reaction from industry associations, which have long complained that the government has not kept pace with the rapid expansion of electric vehicles.

☆ Amazon, Meta, and other big tech firms have entered the 'Great Hesitation.' Here's what that means.
▼ + stars: | 2022-10-17 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

From the "Great Resignation" to "quiet quitting" and even "quiet firing," there's a slew of new words that encapsulate the state of work today. Amazon, Meta, and other big tech firms have entered the "Great Hesitation." With economists and business leaders predicting a looming recession, leaders at large-cap tech companies are in an anxious waiting game — and they're starting to cut hiring and other costs as they prepare for the storm to hit. "I think all of these companies are in this so-called 'Great Hesitation,'" one tech-investment fund leader said. Injecting Amazon DNA into a startup by hiring its alumni is a common tactic, according to one 20-year Amazon veteran.

☆ I drove the quickest car on the planet and it felt like a fighter jet. Take a closer look at the $2 million electric supercar.
▼ + stars: | 2022-10-16 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

It’s the first model from Pininfarina, the legendary Italian firm that’s designed and built cars for other brands like Ferrari — but never came out with its own vehicle. The Pininfarina Battista. Tim Levin/InsiderAutomobili Pininfarina is technically separate from Pininfarina, the design house. Both under the umbrella of the Indian automotive giant Mahindra.

☆ I drove a $2 million electric supercar and it felt like a fighter jet. Take a closer look at the Pininfarina Battista, which can hit 60 mph in under 2 seconds.
▼ + stars: | 2022-10-16 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

☆ Hyundai to break ground on $5.5 billion Georgia plant this month
▼ + stars: | 2022-10-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States. Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.

☆ Inside the only lithium producer in the U.S., which provides critical mineral used in batteries by Tesla, EV makers
▼ + stars: | 2022-10-14 | by ( Pippa Stevens | ) www.cnbc.com time to read: +14 min

The town's mining roots are still on display, but the action has shifted to the country's largest lithium brine operation 45 minutes away. Specialty chemicals company Albemarle acquired the site in 2015 from Foot Mineral Company, and has owned it ever since. Under the International Energy Agency's most ambitious climate scenario, lithium supply will have to grow 40-fold by 2040 from today's levels. The U.S. used to be a leader in lithium production, but it's since ceded that position to foreign nations, including China. Albemarle's Silver Peak lithium plant spans 13,000 acres.

☆ Here's how the $360 billion electric car battery market will impact the future of EVs — and how affordable they are for car-buyers.
▼ + stars: | 2022-10-11 | 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. It just led a $400 million investment into the little-known EV battery startup that could make it work. Giants like Tesla, GM, and Ford are going to be desperate for EV materials in the next decade. The soon-to-be $339 billion battery industry is on a hiring tear to power the shift to electric cars.

☆ 6 top battery players vying to power the $27.7 billion electric-airplane business
▼ + stars: | 2022-10-10 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

While today's technology doesn't allow for battery-powered long-range airliners, plenty of companies are working on short- and medium-range electric aircraft. The global market for electric aircraft is estimated to have reached $7.9 billion in 2021, according to market research company MarketsandMarkets. It's projected to reach $27.7 billion by 2030, and building the batteries to power those aircraft could be a billion-dollar market by 2030. Electric Power SystemsCEO: Nathan MillecamHQ: North Logan, UtahNASA's X-57 Maxwell, meant to prove the potential of electric flight, uses Epic batteries built by Electric Power Systems. Those lithium-ion cells need to become more efficient, however, for Eviation to reach its goal of flying hundreds of miles on only electric power.

☆ Electric cars won't overload the power grid — and they could even help modernize our aging infrastructure
▼ + stars: | 2022-10-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

Electric cars won't overwhelm the US grid anytime soon, energy and transportation experts say. EVs don't consume a lot of energy now, and it will be decades before electric cars take over fully. On his Fox News show, Carlson bashed electric cars as a "new way to overburden California's already collapsing energy grid." More electric cars plugging in will increase energy demands over time, necessitating a more robust grid and smarter charging habits, they say. Even at 2030 estimates, some 5.6 million electric cars, trucks, and vans would only comprise 4% of peak loads.

☆ Cathie Wood says she's standing by her bullish bets on Tesla, Roku and bitcoin
▼ + stars: | 2022-09-27 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood said she's sticking by her bullish calls on Tesla , Roku and bitcoin . "We stand by all of them," Wood said when asked about her opinion on Tesla, Roku and bitcoin on CNBC's "Squawk Box" Tuesday. I think our last move on Tesla was a buy as you know we trade around it." Tesla is the biggest holding of Ark's flagship fund Innovation ARKK , accounting for more than 10% of the ETF. We think Tesla is in the driver's seat," Wood said.

☆ Volkswagen teams up with Umicore on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

The venture - between Umicore and Volkswagen's battery unit PowerCo - also plan to collaborate on recycling metals from battery materials, the firms said, without giving a timeframe. Under the 3 billion euro ($2.9 billion) joint venture, which the companies flagged in December, Umicore will produce enough battery precursor and cathode material for 160 gigawatt hours (GWh) of battery capacity - enough for 2.2 million vehicles. It will start with material for 40 GWh of capacity by 2026 at Volkswagen's first battery plant in Salzgitter, Germany. There is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". read moreThe companies also agreed that Umicore would refine cathode material for the first 60 GWh of capacity.

☆ Volkswagen's PowerCo and Umicore team up on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) PowerCo and materials technology firm Umicore announced a 3 billion euro ($2.9 billion) joint venture on Monday that will produce battery precursor and cathode material from 2025, likely at Umicore's new plant in Poland. The venture will start with a target of 40 GWh by 2026, with Volkswagen's Salzgitter battery plant the first to receive material. Register now for FREE unlimited access to Reuters.com RegisterThere is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore as it attempts to gain control over the entire battery value chain. read moreShares in the Belgian company plummeted in June after it announced a 5 billion euro plan to bulk up its battery material business, with analysts concerned about the higher debt and external funding required amid rising costs.

☆ Take a look at Tesla's 4 biggest rivals in China's booming, $124 billion electric-vehicle market
▼ + stars: | 2022-07-06 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +1 min

Tesla had the third-largest share in China's EV market from January to May, according to widely cited data compiled by EV Volumes. The US company, run by billionaire Elon Musk, currently holds 6.6% of the market in China, per EV Volumes. Unlike Tesla, China's domestic manufacturers do not exclusively produce EVs — they also produce diesel-run automobiles. The manufacturers are arranged from smallest to biggest market share in China's EV industry. The manufacturers' market shares reflect data from January to May, sourced from EV Volumes.

Automakers are now shifting to electric vehicles, which could make up one-quarter of new sales by 2035 , analysts project. Around the world, governments and automakers are focused on selling newer, cleaner electric vehicles as a key solution to climate change. Some Democrats have proposed reviving that program to accelerate the shift to electric vehicles. In that scenario, the researchers found, the United States could cut emissions just as deeply with around 205 million electric vehicles. “Right now it can be inconvenient to own an electric vehicle if there are no charging stations around.

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