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☆ GM ditching 'Ultium' name for batteries and tech amid EV changes
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.nbcnews.com time to read: +4 min

Aside from EVs, GM touted its lowering capital costs and the company’s flexibility to produce both traditional vehicles with internal combustion engines and EVs. Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event. The change to Ultium comes after GM spent billions of dollars to develop in-house “Ultium” batteries and technologies that the automaker previously touted as “revolutionary” and the ultimate technologies to be able to build a profitable EV business. The company said the batteries and the technologies will remain, but the name “Ultium” will not, other than production operations such as its “Ultium Cells” joint venture plants with LG Energy Solution. GM has been rethinking its EV battery strategy amid changing market conditions and an influx of new, outside executives, including Tesla veterans JP Clausen, who now leads GM manufacturing, and Kurt Kelty, GM’s vice president of battery.

Persons: GM, EVs, Ultium, ”, JP Clausen, Kurt Kelty, Mary Barra, ” Kelty, Rory Harvey, “, Orion Organizations: DETROIT, Detroit automaker, GM, LG Energy, Tesla, LG, South Korea’s Samsung SDI, CNBC, Orion Locations: North America, Orion Township , Michigan, U.S, Detroit

☆ Here's what investors need to know after GM's capital markets day
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

GM's investor day showcased many of the company's current achievements, but did not provide much insight on strategy," Bernstein analyst Daniel Roeska wrote Wednesday in an investor note. "GM's Investor Day yesterday didn't provide much in the way of sharp shifts in strategy. Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4 billion in adjusted automotive free cash flow. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion. GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.

Persons: Rebecca Cook, Mary Barra, Mark Reuss, Stellantis, Bernstein, Daniel Roeska, Dan Levy, John Murphy, Levy, Paul Jacobson, Jacobson, GM's, we're, Barra, Ultium, Kurt Kelty, " Jacobson, Reuss, that's, you'll, Tesla's Organizations: General Motors, Reuters DETROIT —, GM, Ford Motor, Ford, Barclays, BofA Securities, Wall Street, EV tailwinds, North America, LG Energy, ICE, GMC, China Locations: Detroit, Spring Hill , Tennessee, North, Cruise, China

☆ GM ditching 'Ultium' name for batteries, tech amid EV changes
▼ + stars: | 2024-10-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

General Motors revealed its all-new modular platform and battery system, Ultium, on March 4, 2020 at its Tech Center campus in Warren, Michigan. DETROIT — General Motors will drop the name "Ultium" for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations. The Detroit automaker confirmed the switch Tuesday ahead of an investor event in which GM is expected to discuss the change. The change comes after GM spent billions of dollars to develop in-house "Ultium" batteries and technologies that the automaker previously touted as "revolutionary" and the ultimate technologies to be able to build a profitable EV business. The company said the batteries and the technologies will remain, but the name "Ultium" will not other than production operations such as its "Ultium Cells" joint venture plants with LG Energy Solution.

Persons: EVs, JP Clausen, Kurt Kelty Organizations: Motors, Tech Center, DETROIT —, Detroit automaker, GM, LG Energy, Tesla Locations: Warren , Michigan, DETROIT, North America

☆ 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

☆ GM slows its EV plans again even as sales grow
▼ + stars: | 2024-07-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Barra's comments come a week after she raised concerns about GM hitting its North American EV production capacity target. The entire Buick brand has targeted being fully electric by 2030, as part of GM's plans to exclusively offer consumer EVs by 2035. GM previously announced plans for four of the multibillion-dollar plants in the U.S. by 2026. Barra on Tuesday said the company would grow cell production in a "meaningful cadence." GM CFO Paul Jacobson declined to discuss potential plans to delay or cancel the automaker's future EV battery cell plants, aside from the two facilities making cells in Ohio and Tennessee.

Persons: Motors, Mary Barra, Barra, Paul Jacobson, " Jacobson, EVs, Jacobson Organizations: DETROIT –, Buick, GM, American, Detroit, LG Energy, EV Locations: Detroit, DETROIT, U.S, Michigan, North America, Ohio, Tennessee

☆ U.S. tariff hikes on China EVs will benefit these global stocks, Bernstein says
▼ + stars: | 2024-05-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

On top of that, the Inflation Reduction Act (IRA) subsidies to reshore the battery supply chain to the U.S. are also "having the desired impact," it added. It named companies such as LG Energy Solution and Samsung SDI which have more than 65% of U.S. battery manufacturing capacity. LG Energy Solution has the additional benefit of being the most exposed to growth and IRA benefits, they added. But Bernstein said it prefers Samsung SDI to LG Energy Solution for now, as the former offers "growth at a reasonable price." Bernstein gave Samsung SDI and LG Chem an outperform rating and LG Energy Solution a market perform rating.

Persons: Bernstein, Freyr, — CNBC's Michael Bloom Organizations: U.S, LG Energy, Samsung SDI, LG Chem, Umicore, Basf, LG, Panasonic, Tesla, SolidEnergy Systems Locations: U.S, North America, decouple, China, South Korea, Europe

☆ Honda to build $11 billion electric vehicle hub in Canada
▼ + stars: | 2024-04-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

A Brand new Honda Pilot is displayed on the sales lot at Honda Marin on February 06, 2024 in San Rafael, California. DEROIT – Honda Motor and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a "comprehensive EV value chain," the Japanese automaker announced Thursday. Honda said vehicle production will begin in 2028, with annual vehicle capacity of 240,000 units once it's fully operational. Prime Minister of Canada Justin Trudeau said during a livestreamed press conference Thursday that Honda's investment, $15 billion Canadian, is the largest ever for the country's automotive industry. The investment is a major win for Canada and comes after Honda last year confirmed a $4.4 billion investment for a new U.S. battery plant in Ohio.

Persons: Honda Marin, DEROIT, Honda, Canada Justin Trudeau, Toshihiro Mibe Organizations: Honda, North, Canada, LG Energy Locations: San Rafael , California, Ontario, Canada, Alliston , Ontario, North America, U.S, Ohio

☆ Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant
▼ + stars: | 2024-03-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

NEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday. José Muñoz, Hyundai president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles. The reassessment comes amid slower-than-excepted adoption of EVs, as well as the Biden administration revising emissions rules to better take into account hybrid and plug-in hybrid electric vehicles rather than a focus on all-electric vehicles. Muñoz said Hyundai remains committed to EVs but also knows hybrids and plug-in hybrid vehicles may be better for some consumers. Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas engine, hybrid and plug-in hybrid electric vehicle.

Persons: José Muñoz, Muñoz, Biden, We've Organizations: Hyundai, CNBC, New York, Hyundai Motor, South, LG Energy, SK Locations: Georgia, Bryan County, South Korea, Tucson

☆ Shares of Tesla suppliers in Asia take a beating after automaker misses targets
▼ + stars: | 2024-01-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A Tesla Inc. Model 3 long range electric vehicle charges at the Tesla Supercharger station in Kettleman City, California, U.S., on Wednesday, July 31, 2019. Shares of electric vehicle makers and Tesla 's Asia suppliers tumbled on Thursday after the EV maker missed fourth quarter revenue and profit targets on Thursday and warned of slower sales this year. South Korean display manufacturer LG Display, known to supply the car displays for Tesla's Model 3, fell more than 4%. Battery suppliers to Tesla also saw declines. LG Energy Solution fell 3.8%, while Samsung SDI and Panasonic Holdings both declined about 2%.

Persons: Tesla Organizations: Tesla Inc, Tesla, LG, Battery, LG Energy, Samsung SDI, Panasonic Holdings Locations: Kettleman City , California, U.S, Asia, Texas, South

☆ Goldman Sachs loves these 4 global battery stocks — giving one more than 120% upside
▼ + stars: | 2024-01-24 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

As electric vehicle automakers like Tesla and BYD continue to make headlines, Goldman Sachs is watching the battery sector closely. Stocks with buy ratings Goldman's buy-rated stocks in the sector include South Korean companies LG Chem, Samsung SDI and LG Energy. It has a target price of 710,000 Korean Won ($530) on LG Chem and 800,000 Korean Won on Samsung SDI, representing potential upside of 81.6% and 123.2%, respectively. Meanwhile, It expects the price of LG Energy to hit 550,000 Korean Won in the next 12 months, representing 47.3% upside. The investment bank has a buy rating on the stock at 20.47 yuan ($2.84), giving it around 6.2% upside.

Persons: Goldman Sachs, Nikhil Bhandari, Goldman, — CNBC's Michael Bloom Organizations: EV, LG Chem, Samsung SDI, LG Energy, Won, U.S, Gotion High Tech, Mast, Recycling, Gotion, Tech Locations: EU, 2025E, South, Korean, United States, Switzerland

☆ One country dominated clean energy growth this year, and it isn't the US, UK, or Germany. It's China, by a landslide.
▼ + stars: | 2023-12-27 | by ( Associated Press | ) www.businessinsider.com time to read: +11 min

In the United States, California continues to have the most solar energy, followed by Texas, Florida, North Carolina, and Arizona. China was one of the few growing markets this year for wind, the Global Wind Energy Council said. Faster permitting and other improvements in key markets such as Germany and India also helped add more wind energy. The top three markets this year are still China, the United States, and Germany for wind energy produced on land, and China, the United Kingdom, and Germany for offshore. The analysts are predicting that the global industry will rebound next year and make nearly 12% more wind energy available worldwide.

Persons: Mohammed bin Rashid Al Maktoum, Joshua A, Bickel, it's, Michael Taylor, IRENA, Karim Shahi, Rafiq Maqbool, Daniel Bresette, Bresette, Abigail Ross Hopper, Wood, Wood Mackenzie, Julia Nikhinson Construction, John Hensley, Seth Wenig, Hau Dinh, Evan Hartley, Paul Braun, John Eichberger, Daan Walter Organizations: Service, International Energy Agency, Business, IEA, United Arab Emirates, Climate, AP, International Renewable Energy Agency, Arizona . Workers, Energy Limited's, Energy, Environmental, Energy Study Institute, Solar Energy Industries Association, Global Energy Monitor, Wind Energy, Clean Power, Workers, Atlas Public, Benchmark Mineral Intelligence, Benchmark, University of Illinois, Panasonic, Toyota, Health, General Motors Co, LG Energy, Transportation Energy Institute, Rocky Mountain Institute Locations: Germany, Spain, Mohammed, Dubai, United, Bickel China, Europe, United States , California, Texas , Florida, North Carolina, Arizona, Karim, Khavda, Bhuj, India, Pakistan, Gujarat, China, Wood Mackenzie, Montauk Point , New York, Asia, United States, State, New London, Conn, United Kingdom, Hai Phong, Vietnam, Kansas, Ohio

☆ 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

[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe's biggest electric vehicle (EV) battery cell facilities near Turkey's capital Ankara. "Considering the current pace of electric vehicle adoption, the timing is not appropriate for a battery cell investment," Koc Holding said in a statement to the Public Disclosure Platform (KAP). "Ford and Koc Holding will remain committed to support electric vehicle production at Ford Otosan's (FROTO.IS) Kocaeli Plant and will evaluate potential battery cell investments in the future in line with the dynamics of the electric vehicle market," it said. "LG Energy Solution and Ford are working together on a plan to support battery cell production for this EV from LG Energy Solution’s existing operations, extending the companies’ long-standing business relationship," LGES said in a statement.

Persons: Kim Hong, Koc, Ford, LGES, Ebru Tuncay, Heekyong Yang, Huseyin Hayatsever, Chizu Nomiyama, Diane Craft Organizations: LG Energy, REUTERS, Rights, Turkey's Koc, Ford, Koc Holding, General Motors, LG, EV, EVs, Thomson Locations: Seoul, South Korea, Rights ANKARA, SEOUL, Korean, Turkey's, Ankara, China, Europe, United States, Poland, Indonesia, Canada

☆ The UAW strike is over after 46 days. Here are the details of their contract that will leave some workers making up to $42 an hour.
▼ + stars: | 2023-10-31 | by ( Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +6 min

The historic United Auto Workers strike is over. The UAW announced Monday evening it had reached a tentative agreement with GM, the last of the Detroit car companies to complete negotiations. The 25% pay increases by April 2028 agreed to in the new contracts raise top pay to about $42 an hour, according to the union. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. Ford was the first to notch a tentative agreement with the union on Oct. 25 after employees spent 41 days on strike.

Persons: —, Ford, Jim Farley, Mary Barra, Fain, Stellantis Organizations: United Auto Workers, GM, Detroit, Service, Big Three Detroit, UAW, Local UAW, Ford, Workers, Ultium, LG Energy, Big Locations: Detroit, U.S, Michigan, Korea

☆ Tesla's enduring power is even clearer after the EV competition in Detroit falls flat
▼ + stars: | 2023-10-31 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementThe traditional auto industry has had more than a decade to build viable electric vehicle businesses. Again, maybe the traditional auto companies get a pass. WeWork-level lossesFord's EV business lost $1.3 billion, before interest and taxes, in the third quarter of 2023 – on just $1.8 billion of revenue. Detroit has responded with EV price cuts to try to compete with Tesla. Its auto business had a gross profit margin of more than 16% in Q3.

Persons: Tesla, —, Ford, Elon, haven't, China's BYD, Goldman Sachs, Kelley, Mercedes, Price Organizations: Ford, GM, Service, General Motors, Toyota, Honda, Wall Street, EV, Detroit, Mercedes, Benz, Tesla, LG Energy, Auto Locations: Detroit

☆ Panasonic cuts battery unit's profit outlook, warns on high-end EV sales
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (TSLA.O) and other automakers to 115 billion yen ($769 million) from 135 billion yen. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers. Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits. South Korean battery firm LG Energy Solution (373220.KS) last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales. General Motors (GM.N) is also slowing the launch of several EV models to cut their costs, and pulling back on EV product spending.

Persons: Steve Marcus, Tesla, Elon Musk, Daniel Leussink, Kim Coghill, Miral Organizations: Panasonic, REUTERS, Rights, Panasonic Holdings, Korean, LG Energy, EV, General Motors, Thomson Locations: Las Vegas , Nevada, U.S, Japan, China, Europe, North America, KS

“We won things no one thought possible," UAW President Shawn Fain said when he announced the tentative agreement last week. More recently, Ford, GM and Stellantis were all offering 23% total pay increases. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. SHORTER WORK WEEKThe UAW asked for a shorter work week — 40 hours of pay for 32 hours of work. RIGHT TO STRIKEThe union said it won the right to strike against any of the three companies over plant closures.

Persons: “, Shawn Fain, Ford's, Fain, Ford, ” Organizations: United Auto Workers, Ford, General Motors, GM, UAW, Ultium, LG Energy Locations: U.S, Michigan, Korea

A year has passed since Hyundai Motor Group broke ground on the $7.6 billion vehicle and battery plant, the South Korean automaker's first U.S. factory dedicated to producing EVs. The plant is being built parallel to Interstate 16 on a site that covers more than 2,900 acres (1,170 hectares). Tollison said suppliers opening shop in nine Georgia counties near the Hyundai plant will create another 6,000 jobs. It’s the largest economic development project in Georgia’s history. Pat Wilson, Georgia’s economic development commissioner, has said Hyundai is projected to have a direct payroll of $4.7 billion over the next 10 years.

Persons: ”, Oscar Kwon, Jose Munoz, ” Munoz, Tollison, Pat Wilson Organizations: Hyundai Motor Group, Korean, Hyundai, Metaplant, Economic Development Authority, LG Energy Locations: Georgia, U.S, Savannah

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

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

☆ Albemarle pushed into corner, dumps $4.2 billion lithium play for Liontown
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsMELBOURNE, Oct 16 (Reuters) - U.S.-based miner Albemarle (ALB.N) said it had dumped a A$6.6 billion ($4.16 billion) buyout bid for Australian lithium developer Liontown Resources (LTR.AX), in part because of "growing complexities" around the transaction. Liontown went into trading halt just after making the announcement to the market, pending a finalisation of funding for its flagship Kathleen Valley lithium project in Western Australia, which is due to start producing lithium next year. Liontown had last week granted the world's biggest lithium chemical maker an extra week to examine its books and allow Albemarle to put forward a binding offer. "Our engagement with the Liontown team has been meaningful and productive. Hancock has not yet approached Liontown which until now has been under an exclusivity deal with Albemarle, the source added.

Persons: Ernest Scheyder, Albemarle, Hancock, Gina Rinehart, Liontown, Kathleen Valley, Kent Masters, Melanie Burton, Scott Murdoch, Rishav Chatterjee, Lisa Shumaker, Sandra Maler, Jamie Freed Organizations: REUTERS, Rights, Liontown Resources, Ford Motor, LG Energy, Thomson Locations: Silver, , Nevada, U.S, Albemarle, Western Australia, Melbourne, Sydney, Bengaluru

☆ US proposes $270,000 fine for joint venture GM battery plant
▼ + stars: | 2023-10-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/2] The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Oct 12 (Reuters) - U.S. investigators on Thursday proposed $270,000 in fines for a General Motors (GM.N) and LG Energy Solution (373220.KS) joint venture battery plant in Ohio for safety and health violations. "The company’s focus on the future must include an emphasis on workplace safety to ensure the well-being of its employees," OSHA Area Director Howard Eberts in Cleveland said. OSHA said Ultium needs to install required machine guarding, train workers in hazardous energy control and emergency response procedures and make other changes. Since the Warren, Ohio, facility began battery cell production in August 2022, OSHA has cited the plant 11 times, the agency said.

Persons: Rebecca Cook, Howard Eberts, Warren, David Shepardson, Bill Berkrot Organizations: General Motors, REUTERS, Rights, U.S, LG Energy, Occupational Safety, Health Administration, OSHA, Ultium Cells, Thomson Locations: Detroit , Michigan, U.S, Ohio, Cleveland, Warren , Ohio

"Our strike is working, but we’re not there yet," UAW President Shawn Fain said in a livestreamed update on negotiations with the three automakers. Threatening to strike against GM's Arlington, Texas, plant that makes cash-cow SUVs like the Cadillac Escalade spurred GM to agree that EV battery factories would become union plants with UAW contracts, Fain said. GM is building three Ultium joint-venture battery plants with South Korea's LG Energy Solution (373220.KS). GM is building a fourth U.S. battery plant with Samsung SDI (006400.KS) in Indiana. Fain also said on Friday that the UAW could still strike against highly profitable pickup truck plants if progress stalls.

Persons: Rebecca Cook, General Motors, we’re, Shawn Fain, GM's, Fain, Sam Fiorani, Ultium, Harley Shaiken, Jim Farley, Ford, Stellantis, Mark Stewart, Tesla, Elon, we've, walkouts, Joe White, David Shepardson, Abhirup Roy, Dan Burns, Ben Klayman, Abhijith, David Gaffen, Peter Henderson, Nick Zieminski, Matthew Lewis Organizations: United Auto Workers, General Motors Lansing Delta, Michigan U.S, REUTERS, Detroit Three, UAW GM, UAW, GM, Ford, Detroit, General, Ford Motor, Chrysler, EV, AutoForecast Solutions, Korea's LG Energy, Democratic U.S, Samsung SDI, University of California, LG, Samsung, American, Reuters Graphics Reuters, Thomson Locations: Delta Township, Michigan, DETROIT, GM's Arlington , Texas, U.S, Ohio, Indiana, Berkeley, Milan, Detroit, Washington

This is the first week since targeted strikes by the UAW started on Sept. 15 that the union will not expand the work stoppages at GM, Ford Motor or Chrysler-parent Stellantis . GM, with its battery plant in Ohio, is the only Detroit automaker with a joint venture battery plant in operation and unionized in the U.S. watch nowElectric vehicle battery plants have been a major point of contention in this year's talks between the union and the three Detroit automakers. Officially, because they're owned by joint ventures, the battery plants aren't covered by the automakers' agreements with the union. Ford CEO Jim Farley said last week that the UAW is "holding the deal hostage over battery plants."

Persons: Shawn Fain, Fain, We've, Jim Farley, Ford, Mark Stewart, who's, Stewart, Rebecca Cook Organizations: GM, Detroit automakers, DETROIT, United Auto Workers, Detroit, General Motors, UAW, Ford Motor, Chrysler, Arlington Assembly, U.S, LG Energy, Samsung SDI, Ford, North, General Motors Lansing Delta Plant Locations: Arlington, Ohio, United States, U.S, North America, Delta Township , Michigan

☆ LG Energy Solution to release cheaper batteries to combat Chinese competition: CEO
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLG Energy Solution to release cheaper batteries to combat Chinese competition: CEOYoungsoo Kwon of LG Energy Solution says the world's number one EV battery maker ex-China is trying to become more cost-competitive, as it faces short term price pressure from a supply glut.

Persons: Youngsoo Kwon Organizations: LG, LG Energy Locations: China

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