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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

☆ 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

“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

☆ 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

☆ Auto workers worry it takes less labor to build electric cars. Maybe not, some researchers say
▼ + stars: | 2023-10-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

It’s not that simple, though, and some researchers argue that the labor savings of electric vehicles have been greatly overstated. These were among several research reports that found little total difference in the labor hour requirements of EV manufacturing compared to gas-powered cars. Boston Consulting estimates that making battery cells takes up about 8% of the total labor to produce an entire automobile. That’s slightly higher than the percentage of labor needed to produce a gasoline engine, he said. Ford also expects to train 5,000 people to work at a joint-venture battery manufacturing facility currently under construction in Kentucky.

Persons: That’s, Turner Cotterman, Cotterman, ”, Erica Fuchs, Nathan Niese, Gerald Johnson, “, Fuchs, “ You’ve, ” Ford, Ford, that’s, Niese, They’ve Organizations: CNN, United Auto Workers, Carnegie Mellon University, McKinsey, Company, Carnegie Mellon, Boston Consulting, EV, General Motors, Battery, Toyota, BMW, Hyundai, UAW Locations: United States, Marshall , Michigan, Kentucky, Ohio, Boston

☆ An Ohio Town Struggles Between Biden’s Clean Energy Agenda and Union Support
▼ + stars: | 2023-09-23 | by ( Jonathan Weisman | More About Jonathan Weisman | ) www.nytimes.com time to read: +1 min

In the shadow of a shuttered General Motors plant in Lordstown, Ohio, far from the United Automobile Workers’ picket lines, the U.A.W. and the management of an electric vehicle battery plant are locked in a wholly different conflict. officials take pains to say the talks in Lordstown between the autoworkers union and Ultium Cells, a joint venture between G.M. and LG Energy Solution in South Korea that is building the fuel cells to power G.M.’s electric vehicles, are not directly linked to the strikes. Vance, Republican of Ohio, specifically pointed to the struggles of Ultium workers laboring near the old G.M.

Persons: Biden, Donald J, Trump, —, Biden’s, J.D, Vance Organizations: General Motors, United Automobile Workers, Ultium, LG Energy, Democrats, Republican Locations: Lordstown , Ohio, Ohio, Lordstown, G.M, South Korea, Michigan

☆ Two neighboring Ohio factories - one new, one closed - could tell the future of US auto industry
▼ + stars: | 2023-09-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Lordstown plant opened in 1966; GM closed it just months before its contract with the UAW expired in 2019. The former GM plant in Lordstown, Ohio. The Ultium plant, just over a third of the size of the closed Lordstown plant, started building batteries last August. Justin Brown’s father worked at the Lordstown plant for nearly nearly 50 years; Brown, for 10 years. Some Ultium workers said they took the lower-paying job with the expectation that they would someday make GM-level pay.

Persons: Lordstown, ”, David Green, Foxconn, Fisker, Chris Isidore, isn’t, Eric Manaro, “, EVs, Ultium, autoworkers, “ It’s, Justin Brown’s, Brown, “ I’m, George Goranitis, it’s Organizations: Ohio CNN, Lordstown Assembly, Pentagon, Motors, United Auto Workers, GM, UAW, EV, Lordstown Motors, CNN, Ohio Turnpike, ”, LG, Ultium, Ford, “, General Motors, Big Locations: Lordstown, Ohio, It’d, Indiana, Lordstown , Ohio, Missouri, Spring Hill , Tennessee, Spring, Ultium

☆ UAW workers ratify Ultium Cells wage agreement in Ohio
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

Aug 27 (Reuters) - The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. The interim wage increase will be retroactive to December 2022 and some workers will receive between $3,000 to $7,000, based on hours worked. The companies had said workers must still ratify the interim wage increase that takes effect Aug. 28. The UAW also said negotiations for a complete first contract will continue between the union’s elected bargaining committee and Ultium Cells. On Friday UAW workers voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if an agreement is not reached before the current four-year contract expires on Sept. 14.

Persons: Shawn Fain, autoworkers, Gursimran Kaur, Chris Reese Organizations: United Auto Workers, UAW, Ultium, General Motors, LG Energy, Sunday, Ultium Cells, GM, Ford, Friday UAW, Detroit Three, Thomson Locations: Lordstown , Ohio, Ohio, Ultium, Bengaluru

☆ UAW wins 25% raises for workers at Ohio EV battery plant
▼ + stars: | 2023-08-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The United Auto Workers union reached a tentative deal Thursday to raise wages 25% at Ultium Cells, a company that makes batteries for General Motors’ electric vehicles. The agreement announced Thursday is significant since the Ultium plant is the first US EV battery plant to be represented by a union. The joint statement from the company and the union did not say what the workers are currently paid. Even with the raise, Ultium Cells’ workers will still earn far less than UAW members at unionized auto plants currently making up to $32.32 an hour. Union members at the plant are expected to decide whether or not to ratify the deal on Sunday.

Persons: ”, Josh Ayers, “, Kareem Maine Organizations: New, New York CNN, United Auto Workers, General Motors, GM, LG, EV, UAW, Ultium, Ford, Jeep, Dodge, Chrysler Locations: New York, Warren , Ohio, Warren

☆ GM's Ultium agrees to increase EV battery worker pay by 25% on average
▼ + stars: | 2023-08-24 | 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' Ultium Cells has agreed to increase worker pay at its battery plant in Ohio by an average of 25%, the company and United Auto Workers union said Thursday. The deal is a major win for the union, as it's the first major organized battery plant in the country. The union previously argued the battery workers should make the same wages as their traditional counterparts assembling engines and cars. Ultium workers currently make between roughly $20 and $25 an hour for production workers and $25 to $34.60 an hour for maintenance employees.

Persons: Josh Ayers Organizations: Motors, Tech Center, DETROIT —, United Auto Workers, LG Energy, UAW, Detroit automakers, GM, Ford Motor Locations: Warren , Michigan, DETROIT, Ohio

☆ GM JV battery firm rejects including Ohio workers under national agreement
▼ + stars: | 2023-08-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Ultium Cells LLC said on Wednesday it "does not see a viable legal or practical path to place Ultium Cells-Ohio into the General Motors National Agreement." Last week, a group of 28 senators including Senate Majority Leader Chuck Schumer urged GM, Chrysler-parent Stellantis (STLAM.MI) and Ford Motor (F.N) to recognize joint venture battery workers under national labor agreements before the current contracts expire on Sept. 14. If battery workers were covered under the national agreement, they would likely be eligible for better pay and benefits. Ultium said on Wednesday it "has provided a proposal for a fully comprehensive collective bargaining agreement, including substantial wages and benefits." In December, workers at the Ultium Cells Ohio plant overwhelmingly voted to join the UAW.

Persons: Rebecca Cook, Chuck Schumer, Ultium, Sherrod Brown, Mark Stewart, Shawn Fain, Fain, Mary Barra, David Shepardson, Chris Reese, Sonali Paul Organizations: General Motors, REUTERS, LG Energy, Democratic U.S, Ultium Cells, United Auto Workers, UAW, GM, Chrysler, Ford, Ohio, Reuters, Ultium Ohio, Thomson Locations: Detroit , Michigan, U.S, KS, Ohio, Ultium Cells Ohio, Ultium

☆ EV battery plants emerge as wild card issue in UAW contract talks
▼ + stars: | 2023-07-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Multibillion-dollar EV battery plants — and their thousands of expected workers — are crucial to the automotive industry's future and uniquely positioned to have wide-ranging implications for the UAW, automakers and President Joe Biden's push toward domestic manufacturing. But UAW leadership has made it a priority to ensure a "just transition" to EVs for auto workers, including the battery plants. Michael Wayland / CNBCEither side could use the battery plants as indirect leverage in the negotiations, according to current and past negotiators from both sides of the table. At GM's Ultium battery plant in Ohio, workers make between $16 and $22 an hour with full benefits, incentives and tuition assistance. Setting a standardThe UAW last week released a white paper detailing some reported safety issues and concerns at the Ultium plant.

Persons: Motors, Steve Fecht, Joe Biden's, they're, Shawn Fain, Jerome Buckley, Michael Wayland, Mary Barra, Nic Antaya, Fain, Biden, Joe Biden, Kinethia Black, Bolt Organizations: Tech Center, General Motors DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, CNBC, EV, GM, Detroit, General Motors Factory, Getty, Ford, General Motors Orion Assembly, Chevrolet Locations: Warren , Michigan, Detroit, Ohio, Detroit , Michigan, Michigan, Orion Township , Michigan

☆ Auto industry braces for contentious contract talks as UAW formally kicks off bargaining
▼ + stars: | 2023-07-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Rebecca Cook | ReutersDETROIT — United Auto Workers President Shawn Fain promised union members he'd do things differently during contract talks with the Detroit automakers this year. Playing hard ball"We're in the process of changing the culture of this union from a reactionary, defensive union, to an aggressive and offensive-minded union," Fain said last month during a Facebook livestream. The deals cover roughly 150,000 UAW members who work for the automakers. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019. "The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers," Fain said earlier this year.

Persons: Shawn Fain, Rebecca Cook, he'd, Fain, Gary Jones, Bill Ford, Ford Fain, —, Jim Farley, Chuck Browning, We've, … We're, Joe Biden, John Murphy, Stellantis, Reuters Stellantis, What's, Michael Wayland, BofA's Murphy, Steve Fecht Organizations: Reuters DETROIT — United Auto Workers, Detroit, UAW, Motors, Ford Motor, Ford, Headquarters, Facebook, " Bank of America Securities, General Motors, BofA Securities, GM, Fiat Chrysler, Fiat Chrysler Automobiles, FCA Sterling Heights Assembly, Reuters, United Auto, United Auto Workers, Hamtramck Assembly, CNBC, Center for Automotive Research, Deere, Co, Caterpillar, Ultium Cells, LG Energy, Tech Center Locations: Detroit, Illinois, Stellantis, Sterling Heights , Michigan, Hamtramck, Lordstown , Ohio, Warren , Michigan

☆ UAW rips Biden administration on US loan to Ford joint venture battery plant
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The $9.2 billion low-cost government loan for the BlueOval SK joint venture is the biggest ever from the government auto lending program that will help finance construction of three plants in Kentucky and Tennessee. The joint venture is building battery plants in Kentucky and Tennessee. The UAW and Senator Bernie Sanders in April criticized a General Motors (GM.N)/LG Energy Solution (373220.KS) joint venture battery plant for paying workers much less than GM assembly plant employees even though it benefits from hefty U.S. government tax credits. Union workers at a nearby Ohio GM assembly plant that closed in 2019 made at least $32 an hour. The Energy Department last year awarded $2.5 billion to help finance construction of Ultium's new lithium-ion battery plants, including Warren, from the same program used for the Ford loan.

Persons: Francois Lenoir, Shawn Fain, Fain, Joe Biden’s, Ford, Biden, Bernie Sanders, Warren, David Shepardson, Aurora Ellis, Mark Porter Organizations: Ford, REUTERS, United Auto Workers, UAW, U.S . Energy Department, Ford Motor, Korea's SK, JV, Detroit Three automakers, BlueOval SK, SK, South Korea's SK Innovation, Motors, LG Energy, JV Ultium, Ohio GM, The Energy Department, Thomson Locations: Brussels, Belgium, Francois Lenoir WASHINGTON, Kentucky, Tennessee, South, America, Warren , Ohio, Ohio

☆ Ford-SK venture to get $9.2 billion US loan for battery plants
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. The joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually, the Energy Department said. This is the sixth loan for battery supply chain projects from the ATVM program. Last year, the department awarded a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.

Persons: Jigar Shah, Dave Webb, Robert Rhee, Ford, Jim Farley, Tesla, David Shepardson, Toby Chopra, David Evans, Alexander Smith Organizations: U.S . Energy Department, Ford Motor, Korea's SK, BlueOval SK, Technology Vehicles Manufacturing, SK, South Korea's SK Innovation, Energy Department, Energy, Ford, Lincoln, Republican, Republicans, Biden, General Motors, LG Energy, Ultium Cells, Thomson Locations: Tennessee, Kentucky, South, United States, KS, Ohio , Tennessee, Michigan, Fremont , California

☆ GM, SDI will build $3 billion battery manufacturing plant in Indiana
▼ + stars: | 2023-06-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

June 13 (Reuters) - General Motors (GM.N) and Samsung SDI (006400.KS) will build a more than $3 billion EV battery cell plant in Indiana scheduled to begin operations in 2026, creating 1,700 jobs, the state's governor said Tuesday. The companies said in April they would invest more than $3 billion to build a joint venture EV battery manufacturing plant in the U.S. but did not name a location. Reuters reported in January that GM had opted not to move forward with building a fourth U.S. battery plant with LG Energy Solution (373220.KS) in Indiana, but said GM could still pick Indiana for a battery plant with another partner. The joint GM and Samsung SDI plant near New Carlisle, Indiana aims to have an annual production capacity of 30 gigawatt hours (GWh). The companies are building a $2.6 billion plant in Michigan, set to open in 2024 after opening a plant in Ohio and are building another in Tennessee.

Persons: Yoonho Choi, Shawn Fain, Bernie Sanders, Joe Biden, Biden, David Shepardson, Louise Heavens, David Evans Organizations: General Motors, Samsung SDI, EV, Reuters, GM, LG Energy, Samsung, U.S . Energy Department, LG Energy Ultium Cells, United Auto Workers, GM LG Ohio JV, UAW, Thomson Locations: KS, Indiana, U.S, New Carlisle , Indiana, Michigan, Ohio, Tennessee, North America, South Korea

☆ Analysis: GM's 2025 EV output could be crimped by battery bottleneck
▼ + stars: | 2023-05-18 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

"We have not changed our targets," GM spokesman Jim Cain said. Those targets include cumulative EV production of 400,000 from early 2022 through mid-2024, a revised goal that CEO Mary Barra reiterated earlier this year. "We believe GM’s targets are hittable despite hurdles to get there," Wedbush auto analyst Dan Ives said. GM has not issued specific North American EV production targets for 2024 and 2025. GM’s North American EV production targets beyond 2025 “will continue to push the limits” of its battery plants, according to AFS, including a recently announced fourth factory with new partner Samsung SDI (006400.KS) that isn’t expected to open until 2026.

☆ GM says it expects some EVs to receive $7,500 US tax credits
▼ + stars: | 2023-03-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 31 (Reuters) - General Motors Co (GM.N) expects some electric vehicles (EVs) will qualify for $7,500 U.S. tax credits after stricter Treasury Department guidance takes effect April 18, the U.S. automaker said on Friday. The EV battery sourcing guidance issued on Friday triggers new requirements for critical minerals and battery components. GM currently also receives $7,500 tax credits for the Chevrolet Bolt and is eligible for $7,500 for the forthcoming 2024 model Chevrolet Silverado. Vehicles not eligible for consumer tax credits can qualify for clean commercial tax credits including in leasing. The government will publish by April 18 a revised list of qualifying models and tax credit amounts.

☆ Ford to recognize UAW 'card check' for new Michigan battery plant
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: 1 min

Feb 13 (Reuters) - Ford Motor Co (F.N) has agreed to recognize the United Auto Workers (UAW) at a new planned Michigan battery plant if a majority of workers sign cards, the automaker and union said. Under the "card check" process, a majority of plant hourly workers could simply sign cards supporting the union, and once certified an election would not be necessary. In December, workers at a General Motors-LG Energy Solution (GM.N), (373220.KS) Ultium Cells battery cell factory in northeast Ohio overwhelmingly voted to join the UAW. Ultium had rejected the UAW's bid to use card check at the plant. Reporting by David Shepardson and Ben Klayman; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Redwood Materials expects to draw down the first loan tranche later this year, Chief Executive JB Straubel said in an interview. The IRA rules are designed to shift the U.S. battery supply chain away from China, which currently produces 70% of batteries for electric vehicles. EXPANSION PLANSRedwood Materials, founded in 2017 by ex-Tesla executive Straubel, is on a path to become one of the world’s largest recyclers and re-manufacturers of battery materials, including copper, lithium, cobalt and nickel. Redwood Materials said it will supply copper foil from Nevada to Panasonic (6752.T) for battery cells produced at the Nevada Gigafactory that Panasonic jointly operates with Tesla. Redwood Materials has supply agreements with a number of manufacturers, including Ford, Toyota Motor (7203.T) and Volkswagen Group (VOWG_p.DE).

☆ Yellen touts battery investments in Tennessee after Biden speech
▼ + stars: | 2023-02-08 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] U.S. Treasury Secretary Janet Yellen gives a speech after she visited the House of Slaves (Maison des Esclaves) at Goree Island off the coast of Dakar, Senegal January 21, 2023. "The Inflation Reduction Act is offering meaningful tax credits to spur clean energy investment and production. Importantly, the law deliberately encourages place-based investments," Yellen said in excerpts of remarks for delivery at the Ultium Cells plant. EUROPEAN COMPLAINTSBut European and Asian allies have complained that the Inflation Reduction Act's tax subsidies will pull green investments away from those regions toward the United States. Le Maire also said that U.S. rules on the tax credits, now being finalized by Yellen's staff, should be made available to a "maximum" of European components.

SPRING HILL, Tenn./WASHINGTON Feb 8 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that while inflation remained elevated, there were encouraging signs that supply-demand mismatches were easing in many sectors of the economy. The Fed's decided last Wednesday to moderate the pace of what had been a historically aggressive rate hike campaign to reduce high inflation. "It is true that interest rates have gone up and slowly, that raises the cost to the country and to the federal budget of interest on debt. Our future projections, have long assumed that interest rates would move back towards more normal levels," Yellen added on Wednesday. Inflation, based on the Fed's preferred measure, is running at more than double the target.

☆ U.S. Treasury secretary to visit GM JV battery plant in Tennessee
▼ + stars: | 2023-02-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 6 (Reuters) - Treasury Secretary Janet Yellen will visit a General Motors (GM.N) LG Energy Solution (373220.KS) joint venture battery cell manufacturing plant in Tennessee on Wednesday to tout rising U.S. electric vehicle and battery production, the department said Monday. The 2.8-million-square-foot, $2.6 billion Ultium Cells plant in Spring Hill, Tennessee, is set to begin production later this year and is the second of three planned JV plants. The plant is expected to eventually employ 1,700 people and will produce cells for the Cadillac Lyriq, which is produced at the adjacent GM assembly plant. Yellen and other Cabinet officials are traveling this week to tout the IRA's boosting of green energy manufacturing and battery production. China currently produces 70% of batteries for electric vehicles, Treasury said.

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