DIRS.INFO The most relevant business & tech news

☆ U.S. awards $2.8 billion for EV battery, grid projects
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON (Reuters) - The Biden administration will announce on Wednesday it is awarding $2.8 billion in grants for projects to boost U.S. manufacturing of electric vehicle batteries and domestic mineral production, a White House official told Reuters. REUTERS/Kevin LamarqueThe White House is also launching an effort, dubbed the American Battery Material Initiative, to strengthen critical mineral supply chains as automakers race to expand U.S. electric vehicle and battery production. The projects include “retrofitted, and expanded commercial-scale domestic facilities to produce battery materials, processing, cell components, and battery recycling and demonstrations,” the White House official said. Legislation Biden signed in August sets new strict battery component and sourcing requirements for $7,500 consumer EV tax credits. The White House said in a fact sheet the United States and allies do not produce enough of the critical minerals and materials used in EV batteries.

☆ Biden awards $2.8 billion for projects to boost electric vehicle battery manufacturing
▼ + stars: | 2022-10-19 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden delivers remarks to highlight electric vehicle manufacturing in America, during a visit to the Detroit Auto Show, September 14, 2022. The Biden administration on Wednesday said it will award $2.8 billion in grants for projects to expand U.S. manufacturing of batteries for electric vehicles and domestic mineral production. The announcement is part of the administration's broader push to transition the U.S. away from gas-powered cars to electric vehicles. "Producing advanced batteries and components here at home will accelerate the transition away from fossil fuels to meet the strong demand for electric vehicles, creating more good-paying jobs across the country," Energy Secretary Jennifer Granholm said in a statement. The projects will support developing enough lithium to supply about 2 million EVs per year, developing enough graphite to supply about 1.2 million EVs per year and producing enough nickel to supply about 400,000 EVs per year, according to the Energy Department.

☆ BYD flags huge quarterly profit jump as China sales surge past Tesla
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Shares in BYD jumped. By comparison, Tesla sold just over 318,000 electric vehicles in China during the first nine months of the year. The China Association of Automobile Manufacturers has estimated that EV sales in China will increase by about 56% this year to 5.5 million units - a market far greater than most countries' entire auto sales. EVs are also expected to account for 20% of overall China vehicle sales this year, up from 13.6% in 2021, the industry association said. Some subsidies for electric vehicles are set to expire this year although the government has extended an exemption of the purchase tax for EVs to the end of 2023.

☆ Chinese EV giant BYD flags huge jump in quarterly profit, shares surge
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. REUTERS/Stephane Mahe/File PhotoOct 18 (Reuters) - BYD Co (002594.SZ), China's biggest electric car maker, said third-quarter net profit likely more than quadrupled due to robust sales and a better product mix, sending its shares surging. It estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier. BYD's Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%. Government incentives have helped sales of electric vehicles surge in the world's biggest auto market.

☆ As carmakers unveil new EVs, France ups subsidies for poorer buyers
▼ + stars: | 2022-10-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

PARIS, Oct 17 (Reuters) - Renault (RENA.PA) and Stellantis (STLA.MI) unveiled new French-made electric vehicles (EVs) at the Paris Motor Show on Monday, as President Emmanuel Macron announced bigger subsidies for poorer families to buy EVs and pushed for more local production. Register now for FREE unlimited access to Reuters.com RegisterMost EVs are currently more expensive than fossil-fuel equivalents and are unaffordable for many. "We have an industrial strategy in place for people to buy more and more French (cars)," Macron told Les Echos. The electric versions of Stellantis' Peugeot 308 sedan and larger Peugeot 408 unveiled on Monday will be assembled in Mulhouse in eastern France. The Renault 4 will join the new electric Kangoo, produced in Maubeuge, and new Mégane manufactured in Douai, also in northern France.

☆ As Renault unveils new EV, France hikes subsidies for poorer buyers
▼ + stars: | 2022-10-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

A woman holds a cable to charge up a Renault Kangoo ZE electric utility vehicle at a Renault automobile dealership in Cagnes-Sur-Mer, France, October 22, 2020. REUTERS/Eric Gaillard/File PhotoPARIS, Oct 17 (Reuters) - Renault (RENA.PA) unveiled its new French-made electric Renault 4 at the Paris Motor Show on Monday, as President Emmanuel Macron announced bigger subsidies for poorer families to buy electric vehicles (EV) and pushed for more local production. He added a "social leasing" scheme helping low-income families access an EV for 100 euros per month would start in early 2024. "We have an industrial strategy in place for people to buy more and more French (cars)," Macron told Les Echos. Asked about boosting subsidies for European-made EVs, as the United States has done with its recently-passed Inflation Reduction Act, Macron told Les Echoes he had favoured this approach for years.

☆ Jeep just revealed its first all-electric SUV, one of 4 battery powered SUVs that it's promised will arrive by 2025
▼ + stars: | 2022-10-17 | by ( Stephen Jones | Tim Levin | ) www.businessinsider.com time to read: +2 min

Jeep officially unveiled its first all-electric SUV at the Paris Motor Show, on Monday. The Jeep Avenger will enter the European market in 2023. It's one of four electric SUVs Jeep is set to launch by 2025. "The Jeep Avenger is the first zero emission SUV for the Jeep brand," said Antonella Bruno, head of Jeep Europe at Stellantis, said in a release to accompany the unveiling at the Paris Auto show. The Jeep Avenger is the first of four battery-powered SUVs Jeep plans to launch by 2025.Insider's Tim Levin previously reported that the first two electric Jeep SUVs to enter the North American market under the plan will be the Wagoneer S and Recon.

☆ Volkswagen to invest up to 2 bln euros in JV with China's Horizon Robotics - reports
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File PhotoBERLIN, Oct 12 (Reuters) - Volkswagen (VOWG_p.DE) plans to to invest up to 2 billion euros ($1.94 billion) in a joint venture with China's Horizon Robotics, Handelsblatt and Manager Magazin reported on Wednesday. Reuters reported earlier that VW planned a significant investment in a joint venture in the country for software production. It operates numerous joint ventures in China, holding a 75% stake in its venture with JAC (600418.SS), a 50% stake with SAIC (600104.SS) and 40% with FAW (SASACJ.UL). ($1 = 1.0304 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirsti Knolle, Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ GM takes on Tesla in home and commercial energy storage, management
▼ + stars: | 2022-10-11 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

REUTERS/Kevin Lamarque/File PhotoDETROIT, Oct 11 (Reuters) - General Motors Co (GM.N) is expanding beyond car making, with plans to offer energy storage and management services to residential and commercial customers through its new GM Energy unit in a move that puts it in even greater competition with Tesla Inc (TSLA.O). "We're getting into the entire ecosystem of energy management," GM executive Travis Hester said in an interview. Hester said GM sees a total addressable market of $120 billion to $150 billion in energy storage and management. He declined to provide a revenue projection for GM Energy. GM's commercial service will offer similar capability to businesses, through larger stationary storage units as well as microgrids connected to hydrogen fuel cells developed by the automaker.

☆ Here's why UBS's downgrade of Ford is misguided — and late
▼ + stars: | 2022-10-10 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

As a result, UBS analysts lowered their rating on Ford to sell from neutral, while cutting their price target to $10 a share from $13 a share. The market took note, as Ford quickly found itself one of the biggest losers in the S & P 500 on Monday. Ford shares were down roughly 7.7%, at $11.26 a share, in midday trading. As long-term Ford believers, we're paying attention to both — especially the fact that Ford shares entered Monday's session down roughly 41% year-to-date. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ How GM plans to convince consumers to make the switch to electric vehicles
▼ + stars: | 2022-10-08 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

Scott Mlyn | CNBCWhen people think of electric vehicles, their minds typically jump to Tesla. GM plans to sell up to 175,000 electric vehicles to Hertz Global by 2027 – rentals are a key method to introduce more people to EVs without having to commit to a purchase. Over the years, GM has created other virtual showrooms like Chevy MyWay and Cadillac Live, but GM EV Live is the first EV-only showroom being offered by GM. Focus on all the in-car technology, not just EV technology GM is focused on advancing technology to create better and safer driving experiences along with sleeker models for EVs. Maintain core principles through EVs Wahl said one thing that has not changed is the underlying principles of marketing.

☆ Toyota to start selling small electric sedan in China by year-end - sources
▼ + stars: | 2022-09-28 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +2 min

The first bZ car - the bZ4X sport-utility vehicle - was to hit the market in China earlier this year, but a global recall of the car forced Toyota to suspend production of the model globally. The car is roughly the same size as Toyota's Corolla model but with a bigger back-seat section, the sources said. There are no plans for Toyota's other joint venture with GAC Motor to produce the bZ3, the three sources said. Toyota has long advocated a small car that does not compromise on comfort as the best way to popularise BEVs, but it has struggled to produce one. The bZ3's smaller sedan configuration has become feasible chiefly because of BYD's thinner lithium-iron-phosphate (LFP) Blade battery technology.

☆ Amazon and Walmart are creating huge demand for electric trucks and vans. 8 execs at up-and-coming EV outfits reveal how their strategies for winning the commercial market.
▼ + stars: | 2022-09-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

8 execs revealed how they're making the commercial EV space their priority. Which is why entrepreneurs and startups are focused on solving some of the great roadblocks to electrifying the commercial EV space. It's the first EV charging manufacturer to be run by a Black woman, CEO Natalie King. King sees opportunity in home and public charging applications, but considers development of commercial EV charging a way to further adoption in the space. "The commercial space is so important because the adoption of EV technology really needs help in its expansion," King said.

☆ Analysis: Gaffe or insight? Deciphering Biden's unguarded answers
▼ + stars: | 2022-09-27 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

U.S. President Joe Biden speaks to reporters as he departs for Boston from Joint Base Andrews in Maryland, U.S., September 12, 2022. U.S. President Joe Biden's tendency to ad-lib in impromptu press situations is often referred to in Washington as his "gaffe" problem. After Biden spoke on defending Taiwan in a CBS News "60 Minutes" interview this month, officials quickly said that U.S. policy towards Taiwan is unchanged. His apparent willingness to commit U.S. forces to a battle in Taiwan clears up a long-standing disconnect in U.S. policy towards Taiwan. While Biden's off-the-cuff remarks sometimes reveal deeper truths about his policy or opinions, other times they are simply misleading.

☆ GM delays return-to-office mandate after employee backlash
▼ + stars: | 2022-09-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – General Motors is conducting damage control around its return-to-office plans after a Friday afternoon message to employees spurred backlash and confusion. On Tuesday, a second message walked back that timing and clarified the company won't be mandating specific in-office days, instead leaving that decision to individual teams. The follow-up message says no workers will be required to return to offices sooner than the first quarter of next year. She said the timing of the return-to-office has shifted, but "the overall plan has not really changed." GM described it as a flexible, evolving policy that will differ depending on the employee, week and project.

☆ Fiona Hits Canada With Heavy Wind And Rain, Knocking Out Power to Thousands
▼ + stars: | 2022-09-25 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Ford Reveals New Mustang With Gas Engine to Attract Muscle-Car Fans Ford showed its seventh-generation Mustang sports car at the Detroit auto show on Wednesday. The company said the new model will stick with a gas engine, a strategy that contrasts with some of its rivals that are going electric. Photo: Rebecca Cook/Reuters

☆ Michigan GOP gubernatorial nominee Tudor Dixon mocks 2020 kidnapping plot against Democratic Gov. Gretchen Whitmer
▼ + stars: | 2022-09-24 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Michigan GOP gubernatorial nominee Tudor Dixon mocked the kidnapping plot against Gov. "Gretchen Whitmer sure is good at taking business hostage and holding it for ransom," Dixon said. Two men were convicted in the plot, in which they sought to kidnap Whitmer from her vacation home. Insider contacted Dixon's campaign office for comment, but didn't immediately receive a reply Saturday. "Tudor Dixon's comments are dangerous, an insult to law enforcement who keep us safe, and utterly disqualifying for the role of Michigan governor," he said.

☆ Fisker to sell electric SUV in India with view to local production
▼ + stars: | 2022-09-23 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

Fisker CEO Henrik Fisker unveils the Fisker Ocean during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Sales of electric cars in India will gather pace by 2025-26, Henrik Fisker said in an interview in New Delhi, adding that the company wants to secure a first-mover advantage. Fisker rival Tesla Inc (TSLA.O) put its India entry plans on hold after failing to secure a lower import tariff for its cars. The company's next EV - the smaller, five-seater PEAR - is being considered for production in India but not before 2026, he said. To set up a plant in India would require volume of at least 30,000 to 40,000 cars a year, Fisker said.

☆ Meet 11 top cars from the reimagined Detroit Auto Show — where electric rides rule the day
▼ + stars: | 2022-09-23 | by ( Alexa St. John | ) www.businessinsider.com time to read: +1 min

Automakers showed off their EVs in Detroit at the North American International Auto Show this week. This article is part of the Ride Along series, a collection of stories recapping some of the biggest auto shows around the country. It's about time Detroit has another one of its iconic auto shows. Typically, the annual North American International Auto Show takes over the city each winter. This week, the Detroit Auto Show is actually back.

☆ U.S. theft claims soar for Hyundai, Kia vehicles, non-profit group says
▼ + stars: | 2022-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Hyundai vehicles are lined up in the company's presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File PhotoWASHINGTON, Sept 21 (Reuters) - U.S. theft claims were nearly twice as common for Hyundai Motor (005380.KS) and Kia Corp (000270.KS) vehicles compared with all other manufacturers among 2015 through 2019 model-year vehicles, a non-profit group said Thursday. Hyundai said engine immobilizers became standard on all vehicles produced after Nov. 1, 2021, while Kia said it added immobilizers in all vehicles during the 2022 model year. The majority of Kia vehicles in the United States are equipped with a key fob and 'push-button-to-start' system, making them more difficult to steal." But they were standard on only 26% of 2015 model year Hyundai and Kia vehicles, it said.

Xpeng showed off its forthcoming G9 SUV at the Chengdu auto show in August 2022. BEIJING — Chinese electric car start-up Xpeng's newest model will likely sell better than its most popular car to date, according to Brian Gu, the company's president and honorary vice chairman. The company formally launched its G9 SUV on Wednesday. The P7 was Xpeng's first sedan, launched in May 2020, which quickly outsold the company's existing G3 SUV that launched in December 2018. Last year, Xpeng began deliveries of another sedan, the P5, which has notched cumulative deliveries of more than 37,000 cars as of the end of August, the data analysis showed.

An assembly worker of Ford Motor works on the 40 millionth Ford Motor F-series pickup truck at the Dearborn Truck Plant in Dearborn, Michigan, U.S., January 26, 2022. REUTERS/Rebecca Cook/File PhotoDETROIT, Sept 21 (Reuters) - Automotive industry suppliers are raising prices to their customers across the board, not just with Ford Motor Co(F.N), which warned this week it was taking a $1 billion inflationary cost hit. Several suppliers said Ford isn't suffering alone, as automakers across the board are being asked to shoulder more of the burden suppliers have faced from spiking energy, labor and raw material costs. Suppliers contacted by Reuters said they have raised prices on parts in the range of 7% to 20%. Many suppliers can't move fast enough, offering trailing contracts that leave them squeezing costs and accepting lower profit margins when prices spike.

☆ Fauci says 400 US deaths a day is 'not an acceptable number' despite President Biden declaring the pandemic 'over'
▼ + stars: | 2022-09-21 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +2 min

Days after President Biden said "the pandemic is over," his chief medical advisor is adding context. "400 deaths per day is not an acceptable number," Fauci told The Atlantic. "400 deaths per day is not an acceptable number as far as I'm concerned, we've gotta get it down much, much lower," Fauci told The Atlantic's Ross Andersen on Wednesday. President Biden told CBS "the pandemic is over" as he walked the floor at the Detroit Auto Show last week. This is not the time to call the game and get a hot dog, Fauci saidDeclaring the pandemic over is now a "double-edged sword," Fauci added.

☆ 5 things to know before the stock market opens Tuesday
▼ + stars: | 2022-09-20 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

U.S. equities markets, coming off a positive Monday, were set to open lower Tuesday morning. Scott Mlyn | CNBCCompanies are still contending with supply chain issues, particularly as costs keep rising. The company said supply problems have resulted in parts shortages that affect about 40,000 to 45,000 vehicles, particularly trucks and SUVs. Regulations require at least 1,500 hours of flight time for commercial pilots, with exceptions made for certain kinds of military experience. Republic, for its part, said the FAA didn't give "its proposal review and engagement it deserves."

☆ Tesla weighs reset for China retail strategy even as sales boom
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +4 min

Tesla's China recruitment website showed more than 300 openings for service jobs as of Thursday. Musk said last week on Twitter, in response to a Tesla owner in Texas who complained that he had been waiting a month to get his vehicle fixed, that he had made "advancing Tesla service to make it awesome" a top priority. That has allowed it more leeway to adjust a retail strategy that had been initially modeled on Apple's stores. More than half of Tesla's showrooms in seven of China's biggest cities, including Shenzhen and Chengdu, are now in downtown areas, according to a Reuters count based on Tesla's China website. Nio, like Tesla, has a network of high profile urban stores in China.

Search resuls for: "Auto Show"

25 mentions found