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☆ A Porsche-backed startup is building a massive battery recycling plant to boost Europe's EV industry
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.nbcnews.com time to read: +3 min

A massive battery recycling plant is being built in Germany by Cylib, a startup looking to reduce waste from EV batteries that have reached the end of their life. Cylib says its facility will be the largest end-to-end lithium-ion battery recycling facility in Europe. Cylib said the new plant would primarily serve automotive, battery manufacturing and chemicals clients. “Cylib reaching industrial scale production will be a key driver in building a robust European battery infrastructure,” Schwich said in a press statement. “Battery recycling is pioneering the circular economy, proving that economic success is compatible with reduced environmental impact,” she added.

Persons: Cylib, Lilian Schwich, Gideon Schwich, Paul Sabarny, “, ” Schwich Organizations: Cylib, EV, Porsche, Bosch, Hydro, CNBC, European Union, World Fund, Porsche Ventures, Climate Fonds Locations: Germany, Dormagen, North Rhine, Westphalia, Europe, Norway, Hydrovolt, Chempark

☆ Hyundai, Kia see strong demand for EVs, despite rivals' concerns
▼ + stars: | 2023-11-17 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLOS ANGELES, Nov 17 (Reuters) - Hyundai Motor (005380.KS) and Kia (000270.KS) see strong U.S. demand for electric vehicles (EVs), senior executives at the South Korean automakers told Reuters ahead of the Los Angeles Auto Show. The comments run against industry fears that inflation and higher interest rates will undermine the boom in EV sales. Inflation and high interest rates have raised the costs of buying a car. The cuts helped drive EV sales in the third quarter up 50% from a year earlier to a record of more than 300,000 vehicles. Reporting by Abhirup Roy in Los Angeles; Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Jose Munoz, Hyundai's, Munoz, Steven Center, we'll, Elon Musk, Spencer Imel, Langston, Subaru's, Atsushi Osaki, Abhirup Roy, Peter Henderson, Matthew Lewis Organizations: Hyundai Kona, New York, REUTERS, Hyundai, Kia, South Korean, Los Angeles Auto, Tesla, Ford Motor, EV, Kia America, Cox Automotive, General Motors, Ford, Langston Co, Reuters, Thomson Locations: Manhattan , New York City, U.S, KS, Los Angeles, Savannah ( Georgia, United States, Swedish

☆ Swedish EV maker Polestar trims delivery forecast, halves margin target
▼ + stars: | 2023-11-09 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

Nov 8 (Reuters) - Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty. Polestar, which operates in 27 markets globally, said it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier. The U.S.-listed company, founded by China's Geely and Volvo Cars (VOLCARb.ST), also said it would achieve a gross margin of 2% in 2023, down from its prior 4% forecast. The company said it sees gross margin in the high teens with a total annual volume of about 155,000 to 165,000 vehicles in 2025.

Persons: China's Geely, Johan Malmqvist, Thomas Ingenlath, Tesla's, Elon Musk, Polestar, Abhirup Roy, Rod Nickel, Jamie Freed Organizations: Volvo, Reuters, General Motors, Ford, Revenue, Thomson Locations: Swedish, U.S, San Francisco

☆ Polestar the first EV maker to incorporate StoreDot's fast-charging batteries
▼ + stars: | 2023-11-09 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Under the terms of the deal the two companies will collaborate on incorporating the fast-charging technology into Polestar vehicles. A prototype will be demonstrated next year, and StoreDot said it hopes Polestar cars using its extreme fast-charging batteries will be on the road by 2027. Polestar CEO Thomas Ingenlath said the collaboration with StoreDot would give EV owners "the ability to recharge in minutes". "What used to be range anxiety in electric vehicles is now transforming to charging anxiety," StoreDot CEO Doron Myersdorf said. Polestar last month said deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier but fell 12% from the second quarter.

Persons: Thomas Peter, StoreDot, Thomas Ingenlath, Doron Myersdorf, Myersdorf, Polestar, Steven Scheer, Jan Harvey Organizations: Beijing International Automotive, Auto, REUTERS, Rights, Volvo, BP, Daimler, StoreDot, EV, Reuters, Thomson Locations: Auto China, Beijing, China, Swedish

☆ Swedish EV maker Polestar's deliveries rise 50% in Q3
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Victoria Klesty/File Photo Acquire Licensing RightsCompanies Polestar Automotive Holding Uk Plc FollowOct 5 (Reuters) - Polestar Automotive Holding's deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier, sending its shares up about 3% in premarket trading. The Swedish EV maker, however, reported a quarterly decline of 12% in deliveries to 13,900 units, compared with the second quarter, as high borrowing costs dent global demand for new vehicles. Globally, EV sales grew 49% to 6.2 million units in the first half of the year, a report by data analytics firm Canalys Research showed. Polestar Automotive, which is scheduled to announce its third-quarter results on Nov. 8, reiterated its tempered delivery forecast of 60,000-70,000 vehicles for the full year. The company expects to start deliveries of the Polestar 4 compact luxury crossover in China in the current quarter.

Persons: Arsheeya, Shweta Agarwal Organizations: REUTERS, Polestar Automotive, EV, Research, Polestar, Thomson Locations: Oslo, Norway, Victoria, Swedish, China, Bengaluru

☆ Seat massages, smartphones and driverless features: Automakers turn to tech to take on Tesla
▼ + stars: | 2023-09-11 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

The presence of Amazon, Qualcomm, Samsung and other tech giants underscores how traditional automakers are looking to bolster the tech in their cars. Ramping up technology features is also essential to meet buyer expectations in China. Driverless features pushA big part of the focus of Tesla technology has surrounded its Autopilot ADAS. No car can operate autonomously — at least from a legal perspective — but automakers are ramping up the driverless features and capabilities. watch nowMore traditional automakers are looking to catch up in the area of driverless features.

Persons: Arjun Kharpal, You'd, Tesla, Mohit Sharma, That's, Xingji, Lucid Organizations: Amazon, IAA, Qualcomm, Samsung, CNBC, CCS Insight, Benz, Swedish EV, Polestar, BMW, Neue Locations: Munich, China, Swedish, U.S

☆ 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

SAN FRANCISCO, June 21 (Reuters) - Rivian (RIVN.O) has acquired Swedish EV route planning app maker Iternio to add its technology to its electric pickups and sport utility vehicles, as well use its data to better expand its own charging network, its CEO told Reuters on Wednesday. Rivian CEO RJ Scaringe did not disclose the value of the deal but said it was closed in the first quarter. Scaringe said Rivian would invest in improving and growing ABRP as a stand-alone app for users of other EVs and integrate Iternio's technology into its mobile app and in-vehicle navigation system. Iternio was founded in 2018 and operates two lines of business: the ABRP app, which is the consumer-facing side, and a back end where it provides routing data services for other entities. Reporting by Abhirup Roy in San Francisco and Akash Sriram in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: RJ Scaringe, Scaringe, Rivian, Iternio, Tesla, Abhirup Roy, Akash Sriram, Jonathan Oatis Organizations: FRANCISCO, Swedish EV, Reuters, EV, Thomson Locations: Swedish, North America, Europe, San Francisco, Bengaluru

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming
▼ + stars: | 2023-05-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +6 min

After years of eyeing the American market, Chinese brands are poised to arrive. After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market. Chinese EV manufacturers can gain a foothold in the US by coming in at a budget price point, analysts said. "I've driven a number of the Chinese EV brands, and boy oh boy, the Europeans are in trouble." The sheer size of the US car market means new entrants will need to build locally to compete seriously in the long term, he said.

☆ EV big rigs already make sense for half of the $4 trillion freight truck market, says Einride CEO
▼ + stars: | 2023-05-11 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

Swedish EV trucking startup Einride has been able to so far go toe-to-toe with Tesla and its Semi in attracting top corporate clients. "In the $4 trillion freight mobility space, between 40%-50% should be electric driven by the business case today," Falck said on CNBC's "Worldwide Exchange" in an interview on Thursday after his company ranked No. "In the near-term, of course, the business case for diesel becomes slightly better," Falck said in the April interview. In freight, unlike the consumer market, "it's not about range, it's about how to secure the business case," he said. Swedish electric vehicle maker Einride will supply two of its heavy-duty trucks to PepsiCo as part of an expansion into the U.K. Einride

☆ Shares of this Swedish EV maker could nearly double, Cantor Fitzgerald says
▼ + stars: | 2023-04-27 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Investors should consider buying Polestar Automotive as electric vehicle demand ramps up, according to Cantor Fitzgerald. PSNY 1D mountain Polestar Automotive shares 1-day Polestar is based in Sweden and started as a joint venture between the country's Volvo and China's Geely in 2017. Polestar shares dropped 54% in 2022, and are down about 35% this year. Polestar shares are up more than 2% during Thursday trading. "The company reported annual revenue of ~$2.5B in 2022, after delivering 51,491 vehicles (above company guidance of 50,000)," Sheppard wrote.

☆ Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
▼ + stars: | 2022-11-11 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.) "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year.

☆ Polestar unveils a new $84,000 electric SUV it's hoping will help cement its foothold in the U.S.
▼ + stars: | 2022-10-12 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish EV maker Polestar on Wednesday unveiled a new electric SUV that it's counting on to expand its sales and presence in the United States. The new model, called the Polestar 3, is a five-passenger EV that the company describes as a "performance SUV." Priced at about $84,000, the car comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar's part owner, Volvo Cars. Another potential rival, BMW's all-electric iX SUV, starts at about $85,000. Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars since 2010.

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