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☆ Tesla just stopped selling the cheapest version of the Model 3 in the US. An analyst called it 'a smart strategic move.'
▼ + stars: | 2024-10-03 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Tesla just quietly removed its most affordable Model 3 from the US lineup on its website. Analyst Dan Ives called the shift strategic, as Tesla's focus in the US remains on the Model Y. AdvertisementTesla just silently killed its most affordable version of the Model 3 sedan in the US — a good move, one bullish analyst told Business Insider. Now, the cheapest Tesla car is the Model 3 Long Range Rear-Wheel Drive, priced at $42,490. Dan Ives, an analyst at Wedbush and a longtime Tesla bull, told Business Insider that the discontinuation is "a smart strategic move" signaling a greater focus on the Long Range Model 3.

Persons: Tesla, Dan Ives, —, Elon, Ives, Nio Organizations: Service, Reuters, EV, Vehicles, China Cold Tech, US, HSBC, country's, BI Locations: China, US

☆ How Ford can challenge a powerful Chinese EV maker's potential entrance in the U.S.
▼ + stars: | 2024-02-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +10 min

Forget Tesla , the real competition in electric vehicles is low-cost Chinese automakers. Farley wants to be prepared even if the U.S. government were to step in to curtail Chinese automakers' access. Outlook Ford investors shouldn't be concerned in the short term since Chinese EV competitors won't enter the market overnight. To that end, a group of lawmakers has urged the White House to boost tariffs on Chinese vehicles and figure out a way to be "prepared to address the coming wave" of Chinese vehicles by way of U.S. other trading partners. The cost of production will become more efficient, resulting in a more competitive and hopefully profitable Ford EV product.

Persons: Forget Tesla, Jim Farley, BYD, Ford, Farley, —, Warren, Berkshire Hathaway, Morgan Stanley, I've, Tom Narayan, Stellantis, Narayan, Tesla, Jim Cramer, Jim, It's, RBC's Narayan, Ford's Farley, Wolfe, Jeff Windau, Edward Jones, shouldn't, Biden, Windau, doesn't bode, Jim Cramer's, Charly Triballeau Organizations: Nikkei, Wolfe Research, Ford, RBC Capital Markets, U.S, EV, Detroit, General Motors, Chrysler, Ford Blue, Ford Pro, Ford Model, CNBC, ICE, Ferrari, North, Outlook, Bloomberg, Ford EV, American EV, AFP, Getty Locations: U.S, Mexico, China, Europe, Indonesia, Hungary, Thailand, Inwood , New York

☆ China's property market is failing. These are the 3 new growth areas Beijing is focusing on to pull itself out of a tailspin.
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's real-estate sector has been mired in a debt crisis for over two years with no signs of a strong recovery. Electric vehiclesThanks to government subsidies, China is already the world's largest market and producer of electric vehicles. Related storiesThe Chinese EV market is expected to continue growing 25% this year, although the growth is slower than the 36% the industry posted in 2023 as Beijing winds down its subsidies. In the last quarter of 2023, Chinese EV maker BYD overtook Tesla to become the world's largest seller of electric vehicles . Other Chinese EV brands with international expansion plans include Nio, Geely, and Zeekr.

Persons: Xi, Tesla, Ilaria, Bernstein, Wood Mackenzie Organizations: Service, Business, Eurasia Group, Center for Strategic, International Studies, South, Financial Times Locations: China, Beijing, Europe, Washington ,

☆ Stellantis, CATL sign preliminary deal for LFP battery supply in Europe, consider JV
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Stellantis logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsMILAN, Nov 21 (Reuters) - Carmaker Stellantis (STLAM.MI) and Chinese EV battery giant CATL (300750.SZ) said on Tuesday they signed a preliminary agreement for the supply of battery cells and modules for the automaker's electric vehicle (EV) production in Europe. The two companies said in a joint statement they were also considering a possible investment to set up a 50-50 joint venture to support the automakers' electrification strategy. Stellantis and CATL said the memorandum of understanding (MoU) announced on Tuesday outlined a long-term collaboration between the two groups, including "identifying opportunities to further strengthen the battery value chain". For its EV battery needs in Europe Stellantis is building three gigafactories, in France, Germany and Italy through its ACC joint venture with Mercedes (MBGn.DE) and TotalEnergies (TTEF.PA), while others might follow in the region.

Persons: David, Dee, Delgado, Alfa Romeo, Stellantis, CATL, Robin Zeng, Carlos Tavares, Giulio Piovaccari, Chizu Organizations: New York, REUTERS, EV, Franco, Jeep, Peugeot, Fiat, Alfa, ACC, Mercedes, Fiat Chrysler, PSA, Thomson Locations: Manhattan , New York City, U.S, Europe, Italian, France, Germany, Italy

Ford said it would restart construction of the factory near Marshall, Michigan, after being paused two months ago. Ford is pushing for the U.S. Treasury Department to approve lithium-iron, or LFP, batteries made at the Michigan factory to qualify for Inflation Reduction Act EV subsidies. Ford now plans to cut the Michigan battery plant's capacity to 20 gigawatt hours and reduce hiring to 1,700 jobs. Ford said in October that it would cut future electric vehicle investments overall by $12 billion compared to previous plans. The company has previously postponed construction of a battery factory in Kentucky and another in Turkey.

Persons: Ford, CATL, Mark Truby, Truby, Joe White, Anil D'Silva Organizations: DETROIT, CATL, United Auto Workers, U.S . Treasury Department, Ford, Blue, Battery Park Michigan, Michigan, Thomson Locations: Michigan, U.S, Marshall , Michigan, Kentucky, Turkey

☆ Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise
▼ + stars: | 2023-11-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – Ford Motor is scaling back plans for a $3.5 billion battery plant in Michigan as consumers move to electric vehicles more slowly than expected, labor costs rise and the company moves to cut costs. Ford executives including CEO Jim Farley and Chair Bill Ford initially announced the facility in February. Reductions at the Marshall, Michigan plant are part of Ford's plans announced last month to cut or delay about $12 billion in previously announced EV investments. The company will also postpone construction of another electric vehicle battery plant in Kentucky.

Persons: Jim Farley, Bill Ford, Ford, Mark Truby Organizations: Ford Motor Company, Technology, Ford, Amperex Technology, U.S, Marshall Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT, Michigan, EVs, Kentucky

DETROIT (AP) — Ford Motor Co. is resuming construction on a Michigan electric vehicle battery plant that the company postponed two months ago during a strike by the United Auto Workers union. But the automaker says that due to slowing electric vehicle sales growth, it will scale back the factory size, cutting the number of planned jobs by about one third from 2,500 to 1,700. Ford put the plant, originally to cost $3.5b, on hold in late September as the union went on strike at targeted assembly plants run by Ford, General Motors and Jeep maker Stellantis. Unlike the company's other battery plants that are joint ventures, the Marshall factory will be a fully owned Ford subsidiary staffed by Ford workers. But China’s Contemporary Amperex Technology Co. Ltd., or CATL, which is known for its lithium-iron-phosphate expertise, would supply technology, some equipment and workers.

Persons: —, Ford, Mark Truby, ”, Marshall Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Ford, General Motors, EV, Amperex Technology, . Ltd Locations: Michigan, Marshall, Detroit

☆ The global EV market is set to hit a milestone in 2024. These battery stocks will stand out, HSBC says
▼ + stars: | 2023-11-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Its global penetration rate could hit the "important 20% threshold" next year — "heralding entry to the mass market" for the first time, it said. "This has major implications for battery makers," the bank wrote in a Nov. 1 note. But, it said, "We think leading battery makers can handle this challenge and believe concerns about oversupply are overdone." The bank said it prefers pure battery market leaders, given their cost-competitiveness and strong customer base. "[It] should all help to lock in its cost leadership, a critical factor needed to survive the mass market.

Persons: BEV, CATL Organizations: HSBC, Battery, Stock, LG Energy, Korean, CATL, EV, Samsung SDI, SDI, BMW, Audi

☆ Marseille v Lyon rescheduled game returns to Marseille, no disciplinary action
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The disciplinary commission said it would not take any action following the incident. The ruling has annoyed Lyon, who said they would appeal the decision. On Nov. 2, the LFP announced the date for the rescheduled game, but no venue was named, with Lyon's director of football, Vincent Ponsot, calling for the game to be played at a neutral venue. The LFP has instead rescheduled the game for Marseille. Lyon are bottom of Ligue 1 with four points after 10 matches.

Persons: Lyon, Fabio Grosso, Vincent Ponsot, Trevor Stynes, Pritha Sarkar Organizations: Olympique de Marseille, Olympique Lyonnais, Lyon, Marseille's Stade Velodrome, French League, Stade Velodrome, LFP, Marseille, Ligue, Thomson Locations: Prefecture, Bouches, Marseille, Lyon

☆ French football again left reeling by rioting fans as Olympics loom
▼ + stars: | 2023-10-30 | by ( Julien Pretot | ) www.reuters.com time to read: +4 min

Grosso, a World Cup winner with Italy in 2006, sustained facial injuries during the incident, leaving league officials to deal with another episode of rioting fans. Some preliminary round Olympic matches will be played in Marseille, where violence erupted at the 1998 World Cup between England fans and French police. Marseille condemned the behaviour of their fans in a statement on Monday. Lyon condemned their fans' behaviour after some were seen making Nazi salutes at the Velodrome. "OL firmly condemns the unacceptable racist behaviour of individuals in the stands on Sunday," the club said in a statement.

Persons: Lyon, Fabio Grosso, Gerald Darmanin, Pablo Longoria, Marseille, Amelie Oudea, Castera, St Etienne, Julien Pretot, Sudip Kar, Tassilo Hummel, Michael Perry Organizations: Olympique de Marseille's Ligue, Olympique Lyonnais, Italy, Marseille's Stade Velodrome, French League, England, French, Olympique de Marseille, Stade Orange Velodrome, France, Stade Velodrome, Marseille, RC Lens, Lille, St, Thomson Locations: Grosso, Marseille's, Marseille, Nice, Montpellier, Angers

☆ Fabio Grosso: Lyon coach left with ‘glass stuck in his head’ after Marseille fans throw projectiles at team bus
▼ + stars: | 2023-10-30 | by ( George Ramsay | Joseph Ataman | ) edition.cnn.com time to read: +3 min

CNN —Lyon head coach Fabio Grosso was left “seriously injured” and with pieces of glass stuck in his head after projectiles were thrown at the soccer team’s bus ahead of a Ligue 1 game against Marseille on Sunday. “Coach Fabio Grosso and his assistant Raffaele Longo were directly hit and seriously injured in the face during this attack,” the club statement said. “We had a coach who’s got blood coming out of his head, he’s got pieces of glass stuck in his head, and he must have taken some contact to his head,” Lyon president John Textor told Prime Video Sport France about Grosso’s condition. Darmanin also said that, as well as throwing projectiles at the Lyon team’s bus, Marseille fans had also attacked opposing supporters. Fans wait to see if the match between Marseille and Lyon will go ahead.

Persons: CNN —, Fabio Grosso, “, ”, Grosso, Raffaele Longo, Longo, Christophe Simon, Lyon, who’s, he’s, ” Lyon, John Textor, I’ve, Gérald Darmanin, Darmanin, Amélie, Castéra Organizations: CNN, CNN — Lyon, Ligue, Marseille, Marseille’s Stade Velodrome, Olympique Lyonnais, Lyon, Stade Velodrome, Getty, French, Sport France, BFMTV, Nazi Locations: Lyon, AFP, Marseille

☆ 'An iPhone moment': Bernstein names global stocks to play the 'rapid growth' in battery tech
▼ + stars: | 2023-10-27 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

They said that over 200TWh of batteries will be required for the energy transition both in electric vehicles and energy storage. That breakthrough could arrive by 2027 with the commercialization of SSB batteries, Bernstein said. The firm added that they are set to have higher energy density, fast-charging capabilities and be "much safer" than liquid batteries. Batteries with higher energy density are required to reduce battery costs and increase the range of electric vehicles, Bernstein said. The asset management firm said established battery makers are likely to be the winners.

Persons: Bernstein, Neil Beveridge, CATL, — CNBC's Michael Bloom Organizations: South, LG Chem, Samsung SDI, CATL, Korean Locations: Korean

An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. LGES, which supplies Tesla (TSLA.O), General Motors (GM.N) and other automakers, said revenue growth in 2024 would not be as high as the mid-30% rate forecast for this year. LGES shares dropped as much as 6.69% to the lowest level in more than 12 months, versus the benchmark KOSPI's (.KS11) 0.6% fall. The company also said it would produce cheaper lithium iron phosphate (LFP) batteries from 2026 to better respond to demand for lower-priced EVs. But it was down 6% from the June quarter due to the demand slowdown in Europe, production adjustments by automakers and lower metal prices.

Persons: Kim Hong, Lee Chang, sil, Kim Gyunghoon, Kim, Kang Dong, LGES, 1,345.0800, Heekyong Yang, Joyce Lee, Miyoung Kim, Jamie Freed Organizations: LG Energy, REUTERS, GM JV, Korean, EV, General Motors, GM, Hyundai Motor Securities, Thomson Locations: Seoul, South Korea, SEOUL, China, Europe, Poland, U.S, Ohio, ARIZONA, Arizona

☆ Why GM is reviving the Bolt, the best-selling EV it almost discontinued
▼ + stars: | 2023-10-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Production of the current Bolt is set to end in December, but GM has said a revamped version is on the way. General Motors surprised investors – and EV fans – when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed off entirely at the end of 2023 as originally planned. Launched in late 2016 and originally aimed at the ride-sharing market, the Bolt had never sold as well as GM had originally hoped. That sales surge is a big part of why GM decided to keep the Bolt around.

Persons: Mary Barra, Bolt, Barra, – Organizations: Chevrolet Bolt, GM, General Motors, UAW, Bolts Locations: Las Vegas, –

☆ Why the world needs Morocco's desert rock
▼ + stars: | 2023-10-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Chakib Jenane from the World Bank said: "Fertilizers are responsible for about 50% of our global production of food." CNBC visited a mine in Ben Guerir, Morocco owned by OCP – the largest producer of phosphates in the world. Ilias El Fali, the chief operating officer at OCP, said that the African continent holds the key to global food security. The average the yields in Africa are a quarter of the global average. Watch the video to learn more about phosphates and their significance to the food on our tables, and the energy transition.

Persons: Jenane, Ilias El Fali Organizations: World Bank, CNBC, OCP – Locations: Ben Guerir, Morocco, Africa

☆ China's led the EV race – but it may be running out of charge
▼ + stars: | 2023-10-22 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementThere's been a clear winner in the global EV race so far: China. Ford CEO Jim Farley announcing its Michigan EV battery plant in February. Bill Pugliano/Getty ImagesConcern about using Chinese battery technology reflects wider global concern about China's domination of the EV battery market, with governments starting to block Chinese investment into mines and factories. AdvertisementAdvertisementAustralia is the world's biggest producer of lithium, a key material for EV batteries, and a major producer of other rare earths. AdvertisementAdvertisementChina may have led the world in the EV race – but those days could well be numbered.

Persons: —, Bill Russo, Chrysler's, CATL, Ariel Cohen, there's, Shawn Fain, Ford, Jim Farley, Bill Pugliano, Jim Chalmers, Cohen, Morgan Stanley, Mazzocco, Bernstein, he's, Biden, it's, Ursula von der, Donald Trump Organizations: EV, European Union, Service, Economic, Financial, Ford, Council's Eurasia Center, of Foreign Relations, UAW, Reuters, Michigan EV, Minerals, Publishing, Center for Strategic, International Studies, South, Japan's Panasonic, European, Benz, Bloomberg, White Locations: China, America, Europe, South Korea, Michigan, Australia, India, Nanjing, Washington ,, Hungary

☆ Citroen targets low-cost Chinese EVs with electric C3 for 23,300 euros
▼ + stars: | 2023-10-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

[1/5] The new electric Citroen e-C3 SUV is unveiled during a presentation to the media in Meudon near Paris, France, October 17, 2023. It is the same size as the current C3 city car, but less rounded and slightly taller. "This is the most important launch for the Citroen brand in at least 10 years," Citroen General Manager Thierry Koskas told reporters. A European electric car at 23,000 euros? The brand plans a cheaper electric C3 at the beginning of 2025 – starting at 20,000 euros – with a reduced range of 200 km, Koskas said.

Persons: Abdul Saboor, Thierry Koskas, Citroen's Koskas, ”, Koskas, Citroen's, Gilles Guillaume, Nick Carey Organizations: Citroen, REUTERS, Thomson Locations: Meudon, Paris, France, Europe, MEUDON, Slovakia, India, China

☆ Kia Corp unveils three smaller-medium-sized EVs to speed its electrification ambitions
▼ + stars: | 2023-10-12 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, Oct 12 (Reuters) - Kia Corp (000270.KS) on Thursday unveiled three new small-to-medium sized electric vehicles (EV) to attract a wider range of customers in an effort to expedite its electrification strategies. The production of the EV5 will take place in both China and South Korea, Kia said, adding that the EV5 in China and South Korea would have different battery types. Kia did not disclose the detailed driving range of the EV5 for South Korea, adding that it will be tailored to meet market demands. Analysts said Kia's push to launch more affordable EVs is timely as an increasing number of car buyers are looking to purchase price friendly EVs. "While those early adopters have preferred more expensive premium electric vehicles, as EVs have become more popular among more general public, consumer needs for more affordable EVs have significantly grown," said Lee Jae-il, an analyst at Eugene Investment & Securities.

Persons: Kia, Song Ho Sung, ”, Spencer Cho, Lee Jae, Heekyong Yang, Sharon Singleton Organizations: Kia Corp, South, Kia, Global, Analysts, Eugene Investment, Securities, Thomson Locations: SEOUL, South Korea, China

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

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

☆ Prices tumble for cobalt used for electric vehicle batteries
▼ + stars: | 2023-09-25 | by ( Pratima Desai | ) www.reuters.com time to read: +2 min

REUTERS/Vincent West Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Prices of the cobalt hydroxide used to make chemicals for electric vehicle batteries have plummeted due to an upsurge of supplies from top producer Democratic Republic of Congo. Cobalt hydroxide is produced in Congo, where it is a byproduct of copper. According to Benchmark Mineral Intelligence (BMI), payables in August dropped to 46% of the cobalt metal price compared with around 90% in late 2021 and early 2022 when cobalt metal traded around $60,000 a metric ton. "These developments pose long-term challenges to cobalt demand," analysts at Morgan Stanley said in a note. "We see cobalt prices remaining under pressure as supply growth and CMOC destocking come through."

Persons: Vincent West, Roman Aubry, Tenke, Morgan Stanley, destocking, Pratima Desai, Bernadette Baum Organizations: REUTERS, Democratic, Benchmark Mineral Intelligence, BMI, China's CMOC, Thomson Locations: Bilbao, Spain, Democratic Republic of Congo, Congo, payables, Indonesia, DRC

DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.

Persons: —, Ford, Marshall, TR Reid, ”, Shawn Fain, Sarah Lightner, Ford “, “, ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas

☆ PSG should take action over homophobic chants says French Sports Minister
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

During the 4-0 win over their rivals at the Parc des Princes, PSG supporters in the Boulogne kop were heard celebrating with homophobic chants aimed at Marseille and a lot of the home crowd clapped along. "It is unthinkable to remain deaf to such hateful and homophobic chants in our stands," Oudea Castera said on messaging platform X, formerly known as Twitter. "Yesterday, these chants spoiled the party at the Parc. "I invite PSG to lodge a complaint to identify the perpetrators and bring them to justice so that they can be removed from the stadiums." Oudea Castera added that the matter was now in the hands of French soccer's governing body LFP.

Persons: Sergio Rico, Benoit Tessier, Paris St Germain, Amelie Oudea Castera, Oudea Castera, Julien Pretot, Aadi Nair, Ken Ferris Organizations: Soccer Football, Paris St Germain, Clermont, de Princes, Rights, Ligue, Olympique de Marseille, France's, Parc des Princes, PSG, Thomson Locations: de, Paris, France, Parc des, Boulogne, Marseille

☆ LG Chem partners with Huayou Group to build joint LFP cathode plant in Morocco
▼ + stars: | 2023-09-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSummaryCompanies LG Chem to build joint LFP cathode plant in Morocco with China's YoushanCompany to enter LFP cathode business for the first timeCompany partners with Huayou Group to build 4 facilities in Morocco and IndonesiaSEOUL, Sept 24 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Sunday it has entered into partnership with China's Huayou Group's subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. LG Chem said LFP cathodes produced at the Morocco plant will be supplied to the North American market and receive subsidies from the U.S. Inflation Reduction Act (IRA) as Morocco is a free-trade partner with the United States. LG Chem and Youshan would need to adjust their respective equity share in compliance with the U.S. Treasury Department's guideline of a "foreign entity of concern," a provision aimed at China, LG Chem said in the statement. The size of LG Chem's investments for its four facilities with Huayou Group has not been finalised yet.

Persons: Kim Hong, China's, LG Chem, LFP cathodes, Heekyong Yang, Shri Navaratnam Organizations: LG Chem, REUTERS, China's Youshan Company, Huayou Group, LG Chem Ltd, LG, North, U.S, U.S . Treasury, U.S . Treasury Department, Huayou, Thomson Locations: Seoul, South Korea, Morocco, Indonesia SEOUL, KS, United States, Korea, China, U.S, Indonesia

☆ EV, energy storage battery prices set to fall more - report
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A slide in prices of EV batteries could help the industry cushion profits from a price war started by Tesla (TSLA.O) in January to stoke demand. Prices for battery materials hit record highs during the pandemic as lower borrowing costs buoyed EV demand, but they have been falling since. The average price drop for cells used in EV batteries reached 10%, "highlighting an uninspiring growth pattern in the EV battery market", the research firm said. LFP batteries, widely used for energy storage and inexpensive EVs, were developed in the United States, but China now dominates global production. Prices for batteries used in energy storage have also slid due to weak demand outside of China, forcing battery makers to pare back production to buoy prices.

Persons: TrendForce, EVs, pare, Akash Sriram, Devika Organizations: EV, Tesla, stoke, Consumer, Battery, Thomson Locations: United States, China, EVs, Bengaluru

☆ Cummins, Daimler, PACCAR form joint venture for US battery cell production
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer Acquire Licensing RightsSept 6 (Reuters) - Accelera, a zero-emissions business unit of Cummins (CMI.N), Daimler Trucks & Buses US Holding and PACCAR (PCAR.O) said on Wednesday they formed a joint venture to advance battery cell production in the United States. Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on LFP battery technology family for commercial battery-electric trucks. "This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck. LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with a 10% ownership. LFP battery cells were developed in the United States, but Chinese companies such as BYD (002594.SZ) and CATL (300750.SZ) currently dominate global production.

Persons: Daimler, Fabian Bimmer, Martin Daum, Nathan Gomes, Krishna Chandra Organizations: IAA Transportation, REUTERS, Cummins, Daimler Trucks, Toyota, Ford Motor, Hyundai, Daimler, EVE Energy, Thomson Locations: Hanover, Germany, United States, Bengaluru

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