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The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. "We looked at 70 different sites at the beginning of this process," Cerruti said. The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy. "This size of investment and project can not happen if you don't have an anchor customer," he said.

Persons: Northvolt, Paolo Cerruti, Cerruti, Supantha Mukherjee, Divya Rajagopal, Kirsten Donovan Organizations: Reuters, Northvolt, Canada, Ontario, BMW, RIC, Volvo, Thomson Locations: STOCKHOLM, TORONTO, Swedish, Quebec, Canadian, Montreal, Northvolt North America, United States, Canada, Scania, North America, Stockholm, Toronto

☆ 6 yet-to-be-released electric cars we can't wait to drive
▼ + stars: | 2023-09-26 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Polestar 3The Polestar 3 electric SUV. Chevrolet Silverado EVThe Chevrolet Silverado EV. The Chevrolet Silverado EV. Chevrolet Equinox EVThe Chevrolet Equinox EV. The 2023 Chevrolet Equinox EV.

Persons: we'll, —, Kia EV9, Tim Levin, there's, Tesla, Samantha Delouya Tesla, Elon Musk, BMW Tesla Organizations: BMW, Chevrolet, Kia, Service, Tesla, Kia Buyers, Volvo, Petersen Automotive, Chevrolet Silverado EV, EV, Silverado, BMW i5, i5, GM Locations: Texas

☆ Dominic Chopping — Senior Reporter at The Wall Street Journal
▼ + stars: | 2023-09-25 | by ( Dominic Chopping | ) www.wsj.com time to read: 1 min

Dominic ChoppingDominic Chopping is a senior reporter for The Wall Street Journal and Dow Jones Newswires in Stockholm, where he manages Nordic and Baltic real-time news, covering companies, economies, forex, macroeconomics and general news in the region. He publishes news flashes and writes breaking news stories and analytical pieces. In addition to his regular coverage of regional corporate heavyweights such as Ericsson, Nokia, H&M and Volvo, he frequently reports on Scandinavian monetary policy and has recently expanded his coverage to include start-ups in the green technology space. Before moving to Sweden, Dominic worked on the U.K. corporate real-time desk in London, covering stocks from FTSE100 majors to small AIM-listed growth businesses. He joined Dow Jones in 1999 after starting his career in the industry as a U.K. data editor at Financial Times Information.

Persons: Dominic, Dow Jones Organizations: Wall Street Journal, Dow, Nordic, Ericsson, Nokia, Volvo, AIM, Financial Times Information Locations: Stockholm, Baltic, Sweden, London

☆ Nissan says all new models coming to Europe will be fully electric
▼ + stars: | 2023-09-25 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Nissan Motor Co (7201.T) said on Monday that as of now all new models it launches in Europe will be fully electric and it plans to sell only electric vehicles on the continent by 2030. The Japanese carmaker said that one of two new EV models it has already confirmed for Europe will be manufactured at its Sunderland plant in northern England. Earlier this year, Nissan raised its targets for EV models as it plays catch up in a segment dominated by newcomers like Tesla (TSLA.O) - saying it would launch 19 new EV models by 2030. The new goal of going fully electric in Europe by 2030 brings Nissan in line with alliance partner Renault (RENA.PA), which plans to make the Renault brand all electric by then. Ford and Stellantis also plan to be fully electric in Europe by 2030.

Persons: Issei Kato, Makoto Uchida, Ford, Stellantis, Nick Carey, Kirsten Donovan Organizations: Nissan Motor Corp, Nissan, REUTERS, Sunderland, Renault, Volvo, Thomson Locations: Yokohama, Tokyo, Japan, Europe, England

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

☆ Tim Scott and Nikki Haley attack unions as UAW strike threatens to escalate ahead of GOP debate
▼ + stars: | 2023-09-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Several Republican presidential candidates have gone on the attack against unions in response to the United Auto Workers' strike, despite strong support for organized labor among the American public. Sen. Tim Scott on Monday said striking workers should be fired, saying he would emulate President Ronald Reagan who terminated more than 11,000 striking air traffic controllers in 1981. Haley said President Joe Biden had "emboldened" the UAW by proclaiming he is the "most pro-union president in American history." The UAW strike also enjoys solid support with 54% of U.S. adults approving the work stoppage, according to a Morning Consult poll. The autoworkers strike could escalate ahead of the Republican primary debate next week at the Ronald Reagan Presidential Library in Simi Valley, California.

Persons: Sen, Tim Scott, Monday, Ronald Reagan, Scott, Nikki Haley, Mercedes, Haley, Joe Biden Organizations: Republican, United Auto Workers, GOP, Palmetto State, Mercedes Benz, Volvo, Fox News, UAW, Ronald Reagan Presidential Locations: South Carolina, Fort Dodge , Iowa, U.S, Simi Valley , California

☆ Deep-sea mining could help solve the global critical minerals shortage, but it's a lightning rod for controversy
▼ + stars: | 2023-09-20 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

But extracting these metals via deep-sea mining has become a lightning rod for global controversy, as many fear the potential ecological disruptions it could cause in a part of our planet that remains largely unexplored. The Metals Company has announced that it's planning to submit its application next summer and begin exploitation in 2025, leaving many concerned about the potential implications. "What I am absolutely convinced of is that we can slow down or maybe even stop the growth in rainforest nickel," Barron said. Deep-sea mining avoids the emissions associated with blasting, as well as sulfidic tailings, a waste material that can contaminate groundwater. Great unknownsA few years ago, the World Wildlife Fund released a business statement calling for a moratorium on deep-sea mining.

Persons: Jessica Battle, Gerard Barron, we're, Barron, Andrew Miller Organizations: Clarion, United Nations, International, Authority, ISA, Metals Company, Mining, The Metals Company, Benchmark Mineral Intelligence, Metals, World Wildlife, Google, Samsung, BMW, Volkswagen, Volvo, Renault, WWF, CCZ, National Oceanic, Atmospheric Administration Locations: Indonesia, Congolese, U.S, Texas

☆ Auto jobs are booming in the union-hostile South
▼ + stars: | 2023-09-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

New York CNN —Looming over the United Auto Workers strike: Automakers’ continued migration to the anti-union South. Jobs at nonunion EV battery facilities pay less than the roughly $32 an hour that veteran UAW workers make. Since 1990, the South’s share of auto jobs has doubled from around 15% to 30% today, according to S&P Global Market Intelligence. Mostly nonunion EV jobs and manufacturing investments are surging in Southern states led by Republicans. The South has picked up 66% of planned EV jobs, while projects in Midwestern states such as Michigan, Indiana, Kansas and Ohio have combined for 26% of planned jobs, according to S&P Global.

Persons: ’, Ford, nonunion autoworkers, ”, Stephen Silvia, Southern, Mason, Honda, Deni McIntyre, unionize, “ It’s, Nelson Lichtenstein, Jeffrey Greenberg, Lichtenstein, Bill Lee, Nikki Haley, Houston Cofield, Biden, Biden’s, Shawn Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Volvo, Benz, BMW, Toyota, Hyundai, American University, Southern Gamble, Workers, Foreign, Ford, GM, Dixon, Midwest, UAW, EV, P Global Market Intelligence, Nissan, Mercedes, Volkswagen, Kia, CNN, University of California, Clinton Presidency, Universal, Southern Republican, South . Tennessee Gov, Former South Carolina Gov, Republicans, North Carolina –, Environmental Defense Fund, P Global, Ford Motor Co, SK Innovation Co, Bloomberg, Getty, Big Three Locations: New York, Detroit, Smyrna , Tennessee, Spartanburg , South Carolina, Vance , Alabama, Lincoln , Alabama, Germany, Santa Barbara, Clinton, Korean, United States, Tennessee, Kentucky, Alabama, South, Chattanooga, Southern, – Georgia, South Carolina , Kentucky, North Carolina, Midwest . Georgia, Michigan, Indiana , Kansas, Ohio, Stanton , Tennessee, BlueOval

☆ Volvo to end diesel car production by early 2024
▼ + stars: | 2023-09-19 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo Acquire Licensing RightsLONDON, Sept 19 (Reuters) - Volvo Cars (VOLCARb.ST) said on Tuesday that it will end production of any remaining diesel models by early 2024 as it heads towards becoming an all-electric carmaker. "In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step," the Swedish company said in a statement. Sales of diesel models have declined rapidly in Europe since Volkswagen's (VOWG_p.DE) emission-cheating scandal and carmakers have been gradually reducing the number of diesel models available in their model lineups. Diesel vehicles comprised more than 50% of Europe's new car sales in 2015, but accounted for just over 14% of sales in July.

Persons: Claudia Greco, China's Geely, Nick Carey, Louise Heavens Organizations: Volvo, REUTERS, HK, Diesel, Thomson Locations: Milan, Italy, Swedish, Europe

☆ EV charging needs big improvements soon if the auto industry's transition is going to work
▼ + stars: | 2023-09-19 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +11 min

Simply put, America's patchwork of CCS chargers offers spotty coverage, hard-to-use devices, and, too often, chargers that are broken. Not to mention, there are fewer than 12,000 CCS fast chargers across the U.S. today. Opening up the Tesla charging network to our customers, that's about them and it scales very quickly for them. watch nowThe broad uptake of Tesla's charging tech is generally good news. What's more, Tesla's chargers all work the same way, whereas CCS chargers from rival companies may have very different procedures.

Persons: Mark Blinch, Reuters There's, General Motors, it's, Joe Biden, Tesla, Justin Sullivan, JD Power, Brent Gruber, Ford, John Lawler, Lawler, We're, Elon Musk, EVgo Organizations: Benz, Canadian, Reuters, Ford Motor, General, Volkswagen, Cox Automotive, Consumer, Energy, Institute, University of Chicago, Associated Press, NORC, for Public Affairs Research, United Auto Workers, EV, Public, U.S . Department of Energy, —, Detroit, CCS, University of California, JD, Ford EV, Ford, GM, Volvo, Mercedes, SAE International, ABB Locations: Toronto , Ontario, Canada, U.S, San Rafael , California, Berkeley, Bay, Swiss

☆ Buying a car? What the UAW strike means – and doesn’t mean – for auto sales
▼ + stars: | 2023-09-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

New York CNN —Now that the United Auto Workers union has started a strike, the US auto market is about to be thrown into turmoil all over again. Auto sales hadn’t entirely recovered from the pandemic, but car shopping in the United States could change once more. The auto manufacturing crises of recent years have left auto dealers better prepared to deal with disruptions, said Scott Kunes, chief operating officer of Kunes Auto and RV Group, which owns more than 40 dealerships in the Midwest. It pays to be flexibleBefore the strikes started, auto dealerships had reasonably healthy inventories of new vehicles, according to Michelle Krebs, an analyst with AutoTrader. That means they’ll still have vehicles to sell for a few weeks, but, as the strike wears on, the choices available will start to dwindle.

Persons: They’re, Jonathan Smoke, Scott Kunes, ” Kunes, “, Kunes, Tyson Jominy, JD Power, Thomas Goldsby, Jominy, Michelle Krebs Organizations: New, New York CNN, United Auto Workers, Auto, Ford, GM, Cox Automotive, Kunes, RV Group, Toyota, BMW, Hyundai, Nissan, Volvo, Subaru, South Korean, JD, University of Tennessee, Trailblazer, Dodge, AutoTrader Locations: New York, United States, Michigan, Canada, Mexico, South Korea

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Volvo to start production of electric trucks at Ghent factory
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

Exploration & Production category · September 13, 2023Guyana on Wednesday received bids for eight of 14 offshore oil and gas exploration blocks offered in its first auction, including from groups formed by Exxon Mobil and TotalEnergies , according to the government and documents seen by Reuters.

Organizations: Wednesday, Exxon Mobil, TotalEnergies, Reuters Locations: Guyana

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

☆ EU to investigate 'flood' of Chinese electric cars, weighing tariffs
▼ + stars: | 2023-09-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

"Global markets are now flooded with cheaper electric cars. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint. GRINDING GEARSThe influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. At the same time Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives. The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.

Persons: Ursula von der Leyen, BYD, EVs, Nio, Mercedes Benz, Stellantis, France's, Tesla, VDA, Von der Leyen, Simone Tagliapietra, Kingsmill Bond, Foo Yun Chee, Philip Blenkinsop, Kim Miyoung, Brenda Goh, Anne Marie Roantree, Nick Carey, Kate Abnett, Gabriela Baczynska, Louise Heavens Organizations: EU, Investigation, European EV, European Commission, European Union, Renault, BMW, HK, China Passenger Car Association, Dynamics, Volvo, EV, VW, France's Renault, Japan, Rocky Mountain Institute, Thomson Locations: BRUSSELS, Brussels, China, Moscow, Ukraine, Germany, France, Europe, U.S

☆ Car insurance rates just had their biggest annual jump in 47 years. This is why
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

While that insurance is for a 2022 Porsche Taycan, even friends of his who drive lower-end models are paying more for car insurance, he told CNN. Yet he's seen his car insurance rates increase from $140 a month in 2020 to his current rate of $278 a month. Car insurance rates are increasing for a variety of reasonsTwo months ago, Nationwide notified Darnell Coates-Clark, 55, an EMT based in Baltimore, that he would be hit with a 33% increase in his car insurance. He acknowledged he doesn’t have “stellar credit,” which is known to impact car insurance rates. Darnell Coates-Clark saw his monthly car insurance rates double over the past two years.

Persons: Kyle Barone, Barone, didn’t, USAA, He’s, “, ”, hasn't, he's, haven’t, Darnell Coates, Clark, Coates, ’ ” Coates, hasn’t, Ryan Ankrom, Clark USAA, Andrew Femath, Stephen Crewdson, Hurricane Ian, Robert Passmore, Crewdson, ” Crewdson, Betsy Stella, Insurify, what’s, “ I’ve, “ I’m, I’ve Organizations: New, New York CNN, Volvo, CNN, Porsche Taycan, Norwegian Cruise Line, Kyle Barone Drivers, Sunshine State, Nationwide, P Global Market Intelligence, Casualty Insurance Association, National, Traffic Safety Administration Locations: New York, United States, Florida, Jacksonville , Florida, Tampa, Norwegian, Sunshine, Southwest Florida, Baltimore, Maryland, Hurricane

“Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. “As we do not accept this distortion from the inside in our market, we do not accept this from the outside,” von der Leyen said. “So, I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”China’s leaders have helped make the country the biggest market for electric vehicles by investing billions of dollars in subsidies to get an early lead in what is seen as a promising industry. We must defend ourselves against unfair practices,” von der Leyen said.

Persons: Ursula von der Leyen, ” von der Leyen, ”, Geely Organizations: “, Global, BYD, Volvo Locations: BRUSSELS, China, Strasbourg, France, Japan, Europe, “ Europe

☆ Volvo's Russian assets transferred to Russian investor - industry ministry
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 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 RightsMOSCOW, Sept 8 (Reuters) - Swedish truck maker Volvo AB's Russian assets (VOLVb.ST) have been transferred to an undisclosed Russian investor, the Ministry of Industry and Trade said in a statement. Volvo suspended all sales, service and production in Russia in February 2022, and said last October that further write-downs might be necessary. In 2021, Russia accounted for about 3% of its net group sales of about 372 billion Swedish crowns ($33.4 billion). The invasion triggered a host of Western economic sanctions, and threats by Russia to seize Western businesses based there.

Persons: Andrew Kelly, Igor Kim, Alexei Sannikov, Kim, Kevin Liffey, David Evans Organizations: Volvo, REUTERS, Rights, Ministry of Industry, Trade, carmakers Volkswagen, Mercedes, Benz, Nissan, Toyota, Renault, BMW, Kia, Hyundai, Reuters, Thomson Locations: Linden , New Jersey, U.S, Swedish, Russia, Kaluga, Ukraine

☆ Lotus launches electric GT model as mass expansion plan rolls on
▼ + stars: | 2023-09-07 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/4] British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car." Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion. Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O). Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.

Persons: Caitlin Ochs, Mike Johnstone, Johnstone, Emeya, Geely, Nick Carey, Susan Fenton Organizations: Lotus, REUTERS, HK, Automotive, Reuters, Geely, Lotus Technology, Asia, Corp, Volvo, London Electric Vehicle Company, Thomson Locations: British, New York City, U.S, New York, Wuhan, China, Tesla

☆ Volvo Cars August sales up 18%, lifted by US, Europe
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

An employee at a Volvo car dealer, wearing a protective mask is seen in the showroom, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. REUTERS/Yves Herman/File Photo Acquire Licensing RightsHELSINKI, Sept 4 (Reuters) - Sweden's Volvo Cars (VOLCARb.ST) on Monday reported an 18% rise in monthly car sales for August compared to last year, propelled by European and U.S. demand. The carmaker sold 51,636 cars in August, out of which 33% were fully electric or plug-in hybrid, Volvo Cars added. European sales rose 46% from the same month last year to 16,051 cars, while U.S sales rose 31% to 10,644 cars, Volvo said in a statement. Volvo Cars is majority owned by China's Geely (0175.HK).

Persons: Yves Herman, China's Geely, Essi Lehto, Terje Solsvik Organizations: Volvo, REUTERS, Rights, European, HK, Thomson Locations: Brussels, Belgium, U.S, China

☆ Exclusive: China's Gotion buys 25% stake in Slovak EV battery startup Inobat
▼ + stars: | 2023-09-01 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - Chinese battery maker Gotion High Tech (002074.SZ) is buying a 25% stake in Slovak battery maker Inobat and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on Thursday. Inobat said the investment will provide it access to Gotion's research and development, as well as to the Chinese battery maker's raw materials including lithium, and to cell production and recycling capabilities. Gotion said last year that it plans to locate one third of its production capacity outside China by 2025 to meet growing demand from EV makers and energy storage clients. The Chinese battery maker is building a $2.36 billion plant in Michigan and is looking at setting up an EV battery plant in Morocco with a potential investment of up to $6.3 billion. Inobat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, though those agreements are not final.

Persons: Inobat, Li Zhen, Northvolt, Gotion, Nick Carey, Simon Cameron, Moore Organizations: Gotion High Tech, Gotion, Volkswagen, Volvo, Reuters, BlackRock, EV, Thomson Locations: Europe, North America, China, Michigan, Morocco, Spain, Serbia

☆ Swedish EV maker Polestar's loss narrows as supply chain snags ease
▼ + stars: | 2023-08-31 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

STOCKHOLM, Aug 31 (Reuters) - Swedish electric vehicle (EV) maker Polestar's operating loss narrowed in the second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks. Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for the company. While some have cut prices to boost demand from consumers grappling with higher living costs, Polestar has maintained its premium pricing. The company posted a net loss per share of $0.14 in the quarter, compared with $0.12 a year ago. Cash and cash equivalents at the end of the quarter were $1.06 billion, compared with $884.3 million in the preceding three-month period.

Persons: China's Geely, Polestar, Thomas Peter Acquire, Thomas Ingenlath, Marie, Arsheeya, Alexander Smith, Mark Potter Organizations: Volvo, Beijing International Automotive, Auto, REUTERS, Reuters, U.S, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Auto China, Beijing, China, Stockholm, Bangalore

☆ Polestar second-quarter loss widens as it ramps up EV deliveries
▼ + stars: | 2023-08-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

The Polestar 3 SUV, originally expected late this year, has been pushed into early 2024 because of delays with its Volvo-developed software. Revenue for the second quarter jumped to $685.2 million from $589.1 million during the same quarter last year. Polestar delivered 15,765 vehicles in the second quarter, up 36% from a year earlier, and a total of 27,841 vehicles in the first half of 2023. Polestar had $1.06 billion in cash and equivalents as of the end of the second quarter, versus $884.3 million as of Mar. "We achieved record volume growth during the second quarter," CEO Thomas Ingenlath said in a statement.

Persons: Polestar, Thomas Ingenlath Organizations: Volvo, Revenue Locations: Swedish, Polestar's, Mar, Wednesday's, China

☆ Qualcomm banks on AI to get a bigger share of the automotive chip market
▼ + stars: | 2023-08-31 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Qualcomm is best known for the chips and modems inside Android phones. But in recent years, it's also started selling a package of hardware chips, sensors and software called Snapdragon Digital Chassis to automakers like GM , Hyundai and Volvo. It reported $1.32 billion in sales in its fiscal 2022, or about 3% of the company’s overall sales. Qualcomm makes between $200 and $3,000 per car that use its chips and software, officials said last fall at an investor event. Qualcomm faces stiff competition from other chipmakers in the car chip business.

Persons: it's Organizations: Qualcomm, GM, Hyundai, Volvo, Apple, Android, Computer, Intel, Nvidia, NXP Semiconductors, Bosch

☆ Q&A With Volvo Group’s Karin Svensson
▼ + stars: | 2023-08-29 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

Karin Svensson, chief sustainability officer of Volvo Group. We were setting the new strategy for the Volvo group. The numbers of electric trucks we sell are still quite small, but it’s a huge increase. It’s really really important that we really decrease our emissions by 2030, so we have set interim targets for all our business areas. We are now [testing] fuel-cell electric trucks and expect to have an offer ready toward the second half of this decade.

Persons: Karin Svensson, can’t, Bo Hakansson, Svensson, ’, It’s, Rochelle Toplensky Organizations: Volvo, Volvo Group, Employees, Rochelle Locations: Swedish, Paris, Sweden, “

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