DIRS.INFO The most relevant business & tech news

The European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles. “Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from E.U. Member States for the adoption of tariffs,” the E.U. first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to electric vehicle producers in Europe. to start investigations of potential tariffs, Germany has advocated against them, raising concerns about consequences for its own struggling carmakers.

Persons: Peter Szijjarto Organizations: Union, E.U, European, China’s Ministry of Commerce, Reuters, European Commission Locations: China, “, States, Europe, Beijing, E.U, France, Germany, Hungarian

☆ Goldman names its top global battery stocks — giving 2 over 50% upside
▼ + stars: | 2024-09-25 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

CATL Goldman is buy-rated on Chinese battery maker Contemporary Amperex Technology Co, or CATL. The company — which has a global market share of 40% — "is the largest and most innovative battery maker globally," the bank's analysts wrote. Goldman has a price target of 307 Chinese yuan ($43.65) on the stock, giving it potential upside of around 55%. Gotion Another Shenzhen-listed Chinese stock Goldman likes is Gotion High Tech . Goldman has a buy rating on Gotion at a price target of 31.40 Chinese yuan, giving it potential upside of around 66.4%.

Persons: Goldman Sachs, — CATL, CATL Goldman, CATL, Goldman, — CNBC's Michael Bloom Organizations: LG Energy, Panasonic, Samsung SDI, Amperex Technology Co, Shenzhen Stock Exchange, Battery Technology, China Clean Technology, High Tech Locations: China, Gotion, Shenzhen

☆ Car giants are being forced to confront some hard truths over the EV transition
▼ + stars: | 2024-09-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The Swedish automaker said it now aims for between 90% and 100% of its car sales to be fully electric or plug-in hybrid models by 2030. "I think a lot of manufacturers are obviously going through this process [of delaying electrification targets] at the moment. The U.K., for instance, introduced a mandate that requires 22% of new car sales this year to be zero-emission vehicles (ZEVs). The mandate, which aims to reduce the number of polluting vehicles on the road, will rise annually until it reaches 100% of new car sales by 2035. A Volkswagen ID4 electric car charges at a charging station in a parking lot at Autostadt Wolfsburg.

Persons: Brandon Bell, Tim Urquhart, CNBC's, we're, Urquhart, carmaker, BEV, —, it's, Rico Luman Organizations: Volvo, Hill, Getty, Wednesday, Volkswagen, Ford, Benz Group, P Global Mobility, Volvo Cars, Autostadt Wolfsburg, Volkswagen AG, BEVs, European, ING Locations: Austin , Texas, China, Swedish, Europe

☆ Tesla is having trouble wooing new EV shoppers
▼ + stars: | 2024-07-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

That's bad news for Tesla, especially as a yearlong slowdown in EV demand is beginning to impact the EV leader's sales. That's off from 55% share a year ago and nearly 80% market share back in 2020, according to Experian data. AdvertisementThat leaves a potential opening for traditional automakers at a time when the EV market is getting tougher. That's already helped the brand chip away at Tesla's market share. And at Ford, EV sales were up 61% in the second quarter, trailing only Tesla in sales so far in 2023.

Persons: —, Tesla, Elon, Power, Frank Hanley, That's, Hanley Organizations: Service, JD Power, Business, Cox Automotive, EV, Chevrolet, Silverado, Ford

☆ An alphabet soup of 'electrified' vehicles awaits new car buyers as EV sales stall
▼ + stars: | 2024-06-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

A car shopper today has their pick of traditional internal combustion engine (ICE) vehicles; mild-hybrid electric vehicles (MHEVs); hybrid electric vehicles (HEVs); plug-in hybrid electric vehicles (PHEVs); fuel cell electric vehicles (FCEVs) and battery-electric vehicles (BEVs), also commonly known as EVs. Here's a breakdown: Internal combustion engine (ICE): A "traditional" vehicle with an engine that's fueled with gasoline or diesel. Hybrid electric vehicle (HEV): Think of the Toyota Prius, a vehicle that has a hybrid powertrain system combined with an engine. Plug-in hybrid electric vehicle (PHEV) : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery. : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery.

Persons: Paul Waatti, Heather Seymour, Seymour, Stellantis, Waatti, Michael Wayland, Antonio Filosa, Russell Wager, Jérémie Papin, BEV Organizations: DETROIT —, Pacifica, Toyota, CNBC, Motors, Chevrolet, Kia America, EV, Kia, GM, Detroit, GM Energy, Ford Motor, Auto, Nissan, ICE, Toyota Prius Locations: U.S, Stellantis, St, Johns , Florida, Detroit, Japan, South Korea, Germany

☆ Tesla loses its EV quality edge as repair problems continue to plague the market
▼ + stars: | 2024-06-27 | by ( Justine Fisher | ) www.cnbc.com time to read: +3 min

A dog looks out the window from a Tesla electric vehicle charging at a Tesla Supercharger location in Santa Monica, California on May 15, 2024. Last year, the U.S. EV leader received a rank of 257 problems per 100 vehicles, compared with 265 problems per 100 vehicles on average for EVs from traditional automakers. Across the broader industry, not just BEVs, Tesla has consistently ranked toward the bottom in initial quality since J.D. BEVs averaged 266 problems per 100 vehicles, 86 points higher than gas- and diesel-powered vehicles, which averaged 180 problems per 100 vehicles, according to the study. "It is not surprising that the introduction of new technology has challenged manufacturers to maintain vehicle quality," Hanley said.

Persons: Tesla, Power, Power Frank Hanley, Hanley, — CNBC's Michael Wayland Organizations: J.D, Tesla, Auto, Apple, Android Locations: Santa Monica , California, J.D ., U.S

☆ Kia says hybrids aren't a threat to EVs but are the perfect gateway to electrification
▼ + stars: | 2024-06-11 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +5 min

While EV sales fell in the first quarter of 2024 by more than 15% compared to the previous three months — their first drop since 2020 — hybrid sales are booming. But Kia sees hybrids as an opportunity to get potential BEV buyers in the door. AdvertisementBut if you look at the largest and arguably most important segment these days, compact SUVs, hybrids account for nearly one-fifth of sales, Kosowski said. AdvertisementFor Kia, building hybrids instead of EVs affects its bottom line beyond the revenue it generates. EVs cost substantially more to build than ICE and hybrid vehicles.

Persons: —, Steve Kosowski, Kia, Kosowski, Kia Niro, ROBIN TRAJANO, BEV, ZEV Organizations: Service, Business, Long, Kia Motors America, EV, Kia, ICE Locations: PWC

☆ China drives EV boom this year amid strong demand for hybrid vehicles
▼ + stars: | 2024-05-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Nurphoto | Nurphoto | Getty ImagesElectric vehicle sales have risen sharply this year, led by growth in China and a strong demand for hybrid vehicles in particular, according to a report from Counterpoint Research. Sales of hybrid vehicles, which have both electric motors and combustion engines, vastly outpaced those of full battery-powered alternatives, rising 46% year over year. China extends leadChinese companies have been a huge beneficiary of the rise in demand for electric vehicles, especially firms that sell both BEVs as well as hybrids. According to Counterpoint, EV sales in China jumped 28% in the first quarter of 2023, amid an ongoing price war that has pushed down costs for consumers. But, while overall EV sales in the U.S. rose 2%, those of battery electric vehicles declined by 3% in the quarter.

Persons: BEV, Abhik Mukherjee, Tesla Organizations: Nurphoto, Getty, Counterpoint Research, EV, Geely Holdings, Li Auto, Volkswagen Locations: Lianyungang Port, Jiangsu Province, China, United States, Europe, U.S

☆ Despite reasons for Ford's latest EV sales surge, there's a lot going right at the automaker
▼ + stars: | 2024-05-11 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Lower pricing due to softening demand helped April electric vehicle sales at Ford more than double, even as the automaker was shifting resources away from the money-losing unit. Despite the volume increases, Ford Model e saw losses widen in Q1 to $1.32 billion on just $100 million in quarterly sales. Ford's hybrid sales in April rose almost 60% to 17,997 units. We believe a buyback would be a catalyst for Ford stock just like it has been for General Motors , which announced its repurchase plan back in November. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Michael Ward, Ford's, BEV, Ford, Ward, Jim Farley, Jim Cramer, That's, We're, Jim Cramer's, Jim, Danielle DeVries Organizations: Ford, Freedom Capital, Ford Model, ICE, Ford Blue, Ford Pro, General Motors, CNBC, New York Locations: EBIT

☆ Chinese EV maker Zeekr prices IPO at $21, at the top end of range, reports say
▼ + stars: | 2024-05-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.

Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands

☆ Tesla has a big competitor. And it is China’s BYD
▼ + stars: | 2024-04-03 | by ( Rosa Deacostanoya | Rosa De Acosta | ) edition.cnn.com time to read: +4 min

In 2023, Tesla sold around 230,000 more cars than BYD. That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Both Tesla and BYD are expanding beyond their home markets and investing in factories abroad. BYD sold about 3 million electric cars, including hybrids, in 2023 globally. By comparison, Tesla, which does not sell hybrids, delivered a total of 1.8 million vehicles worldwide last year, which was about 19% of the global market for BEVs.

Persons: Hong Kong CNN —, Wang Chuanfu, It’s, Murthy Grandhi, BYD, Tesla Organizations: Hong Kong CNN, Tesla, Toyota, French PSA Group, Fiat Chrysler Automobiles, Chrysler, Maserati, Peugeot, BMW, Ford, Benz, Ferrari, Yuan, Rho, BEVs Locations: China, Hong Kong, Shenzhen, London, United States, American, Shanghai, California, Canada, European

☆ Toyota could introduce electric, plug-in Tacoma and Tundra pickups
▼ + stars: | 2024-03-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Toyota has previously discussed a broad lineup of battery-electric vehicles , or BEVs, including a midsize pickup model like the segment-leading Tacoma. The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs. Whether it be Tundra, Tacoma or something else in addition to the lineup," Hollis told CNBC on Tuesday during the New York Auto Forum conference. NEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups. There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis' Ram brand is expected to release an "extended-range" plug-in vehicle with an electric generator powering an engine later this year.

Persons: BEV, Hollis, Jack Hollis, Stellantis, Biden, Muñoz Organizations: Toyota, U.S, Reuters, CNBC, New York Auto Forum, Toyota Motor North, Tacoma, Hyundai, Wednesday Locations: Kentucky, Thailand, Tacoma, Toyota Motor North America, U.S, Georgia

☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
▼ + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com time to read: +2 min

Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.

Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China

☆ Bentley delays all-EV plan amid changing market conditions, vehicle development challenges
▼ + stars: | 2024-03-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Bentley Motors is pushing back its plans to exclusively offer all-electric vehicles by the end of this decade due to changing market conditions and a delay in its first EV. CEO Adrian Hallmark said the famed British luxury carmaker remains committed to carbon neutrality and exclusively offering EVs, but it now plans to do so a couple of years later. Bentley will continue offering plug-in hybrids alongside BEVs, or battery electric vehicles, past its previous target of 2030, Hallmark said. Bentley is among a growing number of automakers to change, delay or cancel ambitious EV plans as global adoption grows slower than many expected. The company now expects its first EV to be released in 2026, pushing back the release of the subsequent vehicles as well.

Persons: Adrian Hallmark, Bentley Organizations: Bentley, Hallmark

☆ For century-old Mack Trucks, the 18-wheeled, bulldog-big rig future is still going to be EV
▼ + stars: | 2024-03-03 | by ( Bob Woods | ) www.cnbc.com time to read: +6 min

Mack Trucks, founded in Brooklyn, New York, in 1900, is renowned for its 18-wheelers, diesel-powered big rigs with a trademark bulldog mounted on the hood. Purchase-making decisions are distinct for consumer and commercial markets, a difference reflected in last year's EV sales results within both sectors and outlooks for future growth. EV sales increased year over year by 40% in the fourth quarter, yet were down from 49% in the third quarter. Cox expects this year's EV sales to reach 1.5 million, about 36% higher than last year. Eighty EV truck deployments were cataloged in 2020, and those deployments jumped to 1,948 in 2022.

Persons: Mack Trucks, Mack, Jonathan Randall, Kelley, Cox, Tesla, EVs, Randall, BEV, Ann Rundle, Rundle Organizations: Mack Trucks North, Sweden's Volvo Group, Volvo Trucks, Volvo, U.S, EV, Ford, GM, EDF, American Truck Dealers Association, ACT Research, ICE Locations: Brooklyn , New York, —, New York City, Miami , Florida, Mack Trucks North America, Greensboro , North Carolina, Paris, U.S, United States

☆ The auto industry owes Toyota an apology on hybrids
▼ + stars: | 2024-02-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Toyota, the originator of the hybrid car craze in the early 2000s, is poised to reclaim its crown as the king of green cars. This, paired with the success of Tesla and overall investor enthusiasm for EV technology, left Toyota looking like a laggard. AdvertisementDespite years of criticism, it appears that Toyota might have had the right idea after all. Shoppers in the market for a hybrid are also much more likely to pony up more cash for these cars. Toyota has spent the last several years releasing more hybrids and plug-in hybrids, while refusing to give up on the nascent hydrogen fuel cell technology that many of its competitors have largely abandoned.

Persons: Elon Musk's Tesla, Jeremy Korst, Korst, Akio Toyoda, Toyoda, Tesla, Toyota's, Mary Barra Organizations: Toyota, Business, EV, Elon, Ford, EV technology, Cox Automotive, Cox, Shoppers, Companies, GM Locations: Detroit, North America

☆ Toyota investing $1.3 billion in Kentucky to build all-electric, three-row SUV
▼ + stars: | 2024-02-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Toyota Motor is investing $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market, the company said Tuesday. The vehicle is expected to go into production between late 2025 and early 2026, according to a company spokeswoman. It is part of previously announced plans by the Japanese automaker to invest $35 billion in battery-electric vehicles, or BEVs, through 2030. The announcement comes as consumer adoption for EVs has been slower than many expected, causing some automakers to delay or cut investment plans for all-electric vehicles. The automaker continues to invest in hybrids, plug-in hybrid vehicles and other technologies such as hydrogen fuel cells.

Persons: Kia EV9, EVs, they're Organizations: Toyota, U.S, – Locations: Kentucky

☆ Car dealers are worried about an EV reckoning. I asked our transportation reporter what's going on.
▼ + stars: | 2023-11-30 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

Car dealers sent a letter urging Biden to "tap the brakes" on an electric vehicle mandate. Two-thirds of new cars must be EVs by 2032 — but dealers say EV sales are slumping, and hurting them. Local car dealers have a lot of political influence; Biden could look to expand tax incentives. AdvertisementCar dealers aren't happy with President Joe Biden's mandate to have two-thirds of all new cars be electric vehicles by 2032. I was surprised to hear about this letter from car dealers, because I thought that electric vehicles were in hot demand.

Persons: Biden, —, Joe Biden's, Axios, Nora Naughton, Biden —, Tesla, There's, Bolt, That's Organizations: Local, Service, EV, Business, Government, National Automotive Dealers Association, Car, Tesla, Ford Locations: Detroit, Washington ,

☆ Car Dealers to Biden: EVs Aren’t Selling
▼ + stars: | 2023-11-29 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Allysia Finley and Dan Henninger. Images: AP/Zuma Press Composite: Mark KellyYou can subsidize a buyer into the auto showroom, but you can’t make him buy. That’s the word from some 3,900 car dealers across the country who on Tuesday wrote President Biden that electric vehicles are piling up unsold on their lots. They want relief from his onerous and unrealistic EV sales mandate. “There are many excellent battery electric vehicles available for consumers to purchase,” the dealers write in their letter to the President.

Persons: Kim Strassel, Allysia Finley, Dan Henninger, Mark Kelly, Biden Organizations: Zuma

☆ GM-UAW agreement expected to include more affordable Bolt EUV
▼ + stars: | 2023-11-06 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

General Motors assembly workers connect a battery pack underneath a partially assembled 2018 Chevrolet Bolt EV vehicle on the assembly line at Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. GM said on Monday it would not comment on the tentative agreement pending ratification by the UAW. The UAW summary did not specify products or timing for GM's Fairfax and Lansing plants. GM currently builds the Chevrolet Malibu and Cadillac XT at Fairfax and the Cadillac CT4 and CT5 and Chevrolet Camaro in Lansing. Chief Executive Officer Mary Barra has said the current Bolt will be phased out of production at the end of this year.

Persons: Rebecca Cook, GM's Fairfax, Mary Barra, Ford, ”, Bill Rinna, “ BEV, Sam Fiorani, Stellantis, Paul Lienert, Matthew Lewis Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights DETROIT, General Motors, Chevrolet, Cadillac, Reuters, UAW, GM, Chevrolet Malibu, Fairfax, Ford, AutoForecast Solutions, Thomson Locations: Lake Orion , Michigan, U.S, Kansas, Michigan, Lansing, Fairfax , Kansas, Fairfax, Lansing ., Detroit

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | 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

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ Toyota to adopt Tesla EV charging standard from 2025
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: 1 min

A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su/File Photo Acquire Licensing RightsOct 19 (Reuters) - Toyota Motor (7203.T), the world's largest automaker by sales, said on Thursday it had signed an agreement to adopt Tesla's (TSLA.O) North American Charging Standard (NACS) on its battery-electric vehicles (BEVs) beginning 2025. Reporting by Yuvraj Malik in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Yuvraj Malik, Devika Organizations: Toyota, Tokyo, REUTERS, Thomson Locations: Tokyo, Japan, Bengaluru

☆ Ford, Hyundai turn to Italian casting machine maker IDRA
▼ + stars: | 2023-10-11 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

The OL 9000 CS gigapress machine is pictured at the IDRA group plant in Travagliato, Italy, October 10, 2023. REUTERS/Giulio Piovaccari Acquire Licensing RightsTRAVAGLIATO, Italy, Oct 11 (Reuters) - Idra, an Italian aluminium casting machine maker and Tesla supplier (TSLA.O), has added Ford (F.N), Hyundai (005380.KS) and a European company to its customer base as more carmakers explore this manufacturing technique. The source said IDRA was also about to sign a supply contract for two 9,000 presses with a premium automaker in Europe, its first with a European group. Six gigapresses are now emerging as the standard for an annual production of 500,000 vehicles, the source added. IDRA has so far signed orders for 25 presses, with 21 already produced and shipped, including to leading 'Tier 1' parts makers.

Persons: Giulio Piovaccari, Tesla, gigapresses, IDRA Organizations: REUTERS, Hyundai, Ford, Thomson Locations: Travagliato, Italy, European, Travalgiato, Brescia, Europe, Austin, Texas

☆ Toyota, LG Energy Solution sign $3 billion battery supply deal in U.S. EV push
▼ + stars: | 2023-10-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The deal will support Toyota's expanding battery EV line-up, which includes a new model that will be assembled at a manufacturing plant in Kentucky — its largest globally — starting in 2025. LG Energy Solution also supplies other automotive giants such as America's General Motors , South Korea's Hyundai, and Japan's Honda . Less than five months ago, LG Energy Solution said it will build a $4.3 billion EV battery plant in the U.S. with Hyundai, in a bid to leverage tax credits. LG Energy Solution will invest about 4 trillion Korean won ($3 billion) "to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025." Chinese competitionLG Energy Solution is currently the world's third-largest EV battery producer after Chinese EV player BYD, according to data from South Korean energy market research firm SNE Research.

Persons: Youngsoo Kwon, Kwon, Toyota's, Japan's Organizations: Korea's LG Energy, Toyota, LG Energy, CNBC, America's, Motors, Hyundai, Japan's Honda, U.S, Lexus, LG, EV, BYD, SNE Research Locations: U.S, Kentucky, Toyota's Tokyo

☆ UK's car output continues growth streak for six months in July- SMMT
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Britain's car production rose for the sixth consecutive month in July as automakers continued to recover from global chip shortages, an industry body said on Thursday. "Six months of growth shows that British car production is recovering and, with electrified models increasingly driving volumes, the future is more positive," said SMMT Chief Executive Mike Hawes. The total number of cars produced, however, remained 29.4% lower from the pre-pandemic levels seen in July 2019. The UK's car industry, a significant driver of manufacturing and exports, got a boost last month when India's Tata Motors (TAMO.NS) committed to build a major EV battery plant in Britain to supply its Jaguar Land Rover factories. SMMT had said in July it could take five more years for Britain to return to producing 1 million or more cars a year.

Persons: Mike Hawes, India's Tata, Hawes, SMMT, Anchal Rana, Shilpi Majumdar Organizations: Society of Motor Manufacturers, Traders, India's Tata Motors, EV, Rover, Thomson Locations: Britain, Bengaluru

Search resuls for: "BEVS"

25 mentions found