DIRS.INFO The most relevant business & tech news

☆ Britain upgrades to also-ran in EV battery race
▼ + stars: | 2023-07-19 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Prime Minister Rishi Sunak is joining the global arms race to secure future industries, but he has a long way to go. Europe may have 25 so-called gigafactories, vast plants that turn raw materials such as lithium into battery packs, by 2025. While both Theresa May and Boris Johnson tried, they failed to win over big global players like Tesla (TSLA.O), Samsung or Northvolt, which preferred European sites. The UK leader can at least now claim he can attract global players. But Tata’s 40 GWh of new capacity brings Britain’s total to just over 50 GWh by 2026, after factoring in the plant operated by China’s Envision in Sunderland.

Persons: Rishi Sunak, Joe Biden’s, Theresa May, Boris Johnson, Britishvolt, China’s, Sunak, George Hay, Pranav Kiran, Oliver Taslic Organizations: Reuters, Tata Group, Honda, Samsung, Tata, Rover, Toyota, The Society of Motor Manufacturers, Traders, Faraday, India’s Tata Group, Thomson Locations: Indian, Somerset, Japanese, Europe, United States, Britain, Sunderland

Tesla's earnings on Wednesday are expected to show its gross profit margin declined to 18.9% in the second quarter, according to 19 analysts polled by Visible Alpha. "Tesla's market share for the EV segment is likely to decline over time," said Morningstar analyst Seth Goldstein said. "However, I think the more appropriate metric to look at is Tesla's total auto market share, which continues to grow as they continue to grow deliveries." Reuters GraphicsCHARGING AHEADAs EV sales slow, Tesla has been moving aggressively to capture a larger share of the U.S charging market in a bid to diversify its revenue. Piper Sandler estimates Tesla's revenue from its charging network to hit $9.65 billion in 2032, with more than half the sales coming from EVs made by other carmakers using its network.

Persons: Elon, Tesla, Vitaly Golomb, Seth Goldstein, Piper Sandler, EVs, Akash Sriram, Aditya Soni, Vinay Dwivedi Organizations: stoke, Ford, Visible Alpha, Reuters, Reuters Graphics, General Motors, Thomson Locations: BYD, China, U.S, Bengaluru

☆ Germany’s China policy caps pain for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. The People’s Republic is also Volkswagen's largest market, accounting for around 40% of Volkswagen's global unit sales in 2022. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Reuters Graphics Reuters GraphicsFollow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

Persons: Martin, Thomas Schäfer, Brudermüller, “, Li Qiang, George Hay, Streisand Neto Organizations: Reuters, BASF, Volkswagen, Greens, Reuters Breakingviews, BASF ”, ifo, Reuters Graphics Reuters, Union, VW, European Union, Thomson Locations: China, Berlin, People’s Republic, Brussels, Washington, Taiwan, Republic, Germany, Beijing

☆ Germany’s China policy makes life easier for its companies
▼ + stars: | 2023-07-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Back then one idea was to aggressively push for companies to disclose details of their China business, and even to stress-test their exposure, according to a draft seen by Reuters. The compromise likely stems from the realisation that China is simply too strategic to quit quickly without inflicting significant pain. A survey conducted by the ifo Institute showed that half of German firms in the manufacturing sector currently depend on important intermediate inputs from China. Even so, executives will be relieved they can for the most part undertake China de-risking at their own pace. Follow @ywchen1 on TwitterCONTEXT NEWSGermany’s first China strategy, published on July 13, outlined possible responses to an "increasingly assertive" Beijing, such as adjusting export controls and outbound investment restrictions.

☆ Renault and China’s Geely will invest up to $7.7 billion to build hybrid and gas engines
▼ + stars: | 2023-07-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total. Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed to produce up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions a year. Renault and Geely expect the new company to supply engines and other components to several global auto brands, including Volvo, Nissan and Mitsubishi, as well as for their own cars. Vehicles sold included those powered by batteries, plug-in hybrid engines and fuel cell engines. Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, data from the CPCA showed.

Persons: London CNN — Carmakers, ” Renault, Jim Saker, — Organizations: London CNN, London CNN — Carmakers Renault, Geely, Renault, Volvo, Nissan, Mitsubishi, Reuters, NurPhoto, Getty, Hong, Saudi Aramco, Centre for Automotive Management, Loughborough University, EV, ”, China Passenger Car Association . Vehicles Locations: Hong Kong, Saudi, United Kingdom, China, Shanghai

☆ In China, the Era of Western Carmakers Is Over
▼ + stars: | 2023-07-10 | by ( Yoko Kubota | Selina Cheng | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/rise-of-chinas-ev-makers-puts-end-to-wests-local-dominance-775d0811

Persons: Dow Jones Organizations: wests

☆ China car price truce skids off road at first bend
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 10 (Reuters Breakingviews) - So much for an end to big discounts on new vehicles in China. On Saturday the China Association of Auto Manufacturers (CAAM) reversed out of the pledge it had brokered just two days earlier with Tesla (TSLA.O) and 15 domestic carmakers to curb a debilitating price war in which some models were being sold for 20% or more below their sticker price. But it quickly dawned on – or was made clear to – the CAAM that such wording might violate the spirit of China’s anti-monopoly law. It would have been a hard agreement to stick to anyway, with Volkswagen (VOWG_p.DE) and others refusing to sign it. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tesla, Antony Currie, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, China Association of Auto Manufacturers, Ministry of Industry, Information Technology, Volkswagen, Twitter, Thomson Locations: China

REUTERS/Benoit Tessier/File PhotoSummaryCompanies Talks involve potential prepayment accord with carmakersMiner in talks with state-owned companies in Chile over lithiumAIX-EN-PROVENCE, France, July 9 (Reuters) - French mining group Eramet (ERMT.PA) is in talks with several European carmakers over commercial agreements that would help the company finance its lithium production project in Argentina, Chief Executive Officer Christel Bories said. "We're positioning ourselves (in Chile), we have discussions with state-owned companies," Bories said, with the aim to gain potential lithium concessions "in the coming months." Demand for electric vehicles (EVs) has increased as climate-conscious consumers snap up cars with electric powertrains, amid soaring fuel prices. Bories confirmed commodities group Glencore (GLEN.L) was among parties to have expressed interest in helping finance Eramet's lithium production in Argentina. She declined to elaborate further or give the names of the European carmakers involved in the talks.

Persons: Benoit Tessier, carmakers Miner, Christel Bories, Bories, We're, Mathieu Rosemain, Elaine Hardcastle Organizations: REUTERS, carmakers, Manufacturers, Reuters, Thomson Locations: Paris, France, Chile, PROVENCE, Argentina, United States, China, Aix, Provence, South America

☆ Tesla is offering cash rebates to buyers in China despite promising to end 'abnormal pricing' in the world's biggest EV market
▼ + stars: | 2023-07-07 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Tesla is offering rebates worth nearly $500 to Chinese buyers of a Model 3 or Y, Reuters reported. The move comes just a day after Elon Musk's carmaker pledged to help end price wars in China. Just a day after Tesla pledged to end a lengthy price war in China, Elon Musk's EV maker hatched a new plan to sell more cars. Tesla began cutting prices of its Model Y and Model 3 in China in October last year amid an economic downturn hit sales. According to data from the China Passenger Car Association, Tesla delivered a record 93,000 vehicles in China in the three months to June 30.

Persons: Tesla, Elon Musk's carmaker Organizations: Reuters, Morning, Elon Musk's, EV, Bloomberg, China Passenger Car Association Locations: China

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

☆ Tesla Joins Chinese Carmakers in Pledge to End EV Price War
▼ + stars: | 2023-07-06 | by ( Raffaele Huang | Yoko Kubota | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tesla-joins-chinese-carmakers-in-pledge-to-end-ev-price-war-47223bd9

Persons: Dow Jones

☆ America’s Green Skills Gap Raises Concerns About Energy Transition
▼ + stars: | 2023-07-06 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

But recent data shows strong growth in demand for green skills exacerbating an already tight market where demand outstrips supply. The online professional network defines green skills as those that make economic activities more environmentally sustainable, such as carbon accounting, hydrogen engineering and battery manufacturing. It considers green jobs to be ones which include climate action objectives such as removing pollution and preserving natural resources. Likewise, more than 114,000 U.S. clean energy jobs were created in 2022, according to last week’s annual employment report from the U.S. Department of Energy. As of 2023, nearly 11% of U.S. transport workers, such as employees of carmakers, have green skills, according to LinkedIn.

Persons: ”, Sue Duke, Kenneth Gillingham, ” Gillingham, Tim Gruber, Gillingham, Sara Smiley Smith, Steven Cohen, Cohen, Todd Anderson, Rochelle Toplensky, Dieter Holger Organizations: U.S, LinkedIn, Wall Street, U.S . Department of Energy, Political Economy Research, University of Massachusetts Amherst, American Clean Power Association, Sustainable Business, Yale School of, Workers, Nobles, Environment, Yale, Columbia, Science, Sustainability Management, The Wall, dieter.holger Locations: U.S, Reading, Minn, Woodbine , Georgia

☆ Chinese automakers are winning in a key area that will make it even harder for American competitors to catch up
▼ + stars: | 2023-07-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Chinese automakers have a better handle on what their customers want than other car companies. Chinese automakers know what their customers want better than others — and that's why they're likely to beat out rival car companies, especially those from the US. Chinese auto players are already growing rapidly: They're expected to outsell foreign brands in China for the first time this year. "This freshness is a really critical buying factor for Chinese brands," Dyer said. "They will become bigger and stronger competitors and players — potentially, a source of disruption for some of the mature market automakers," Dyer added.

Persons: AlixPartners, That's, Stephen Dyer, Dyer, Li Organizations: US, Asia Automotive, Ford, GM, Volkswagen Locations: China, AlixPartners, Japan, Germany, Korea

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

An Audi spokesman in Germany said no specific announcement was planned in Mexico. It was unclear how much Audi plans to invest. Both Audi and Volkswagen have outlined broad goals for boosting their EV production worldwide. Volkswagen last year said it would invest more than $7 billion in the next five years in North America, including for EV production. In Mexico, Volkswagen last year announced a $763 million investment to upgrade the Puebla plant, including a new paint division running on electric energy.

Persons: San Jose Chiapa, Andres Manuel Lopez Obrador, Mexico's, Marcelo Ebrard, Audi, Dave Graham, Beth Solomon, David Gregorio Our Organizations: MEXICO CITY, Audi, Volkswagen, EV, Thomson Locations: MEXICO, Mexico, Germany, Mexican, Puebla, San Jose, North America

☆ SBI Holdings to help Taiwan's Powerchip build a plant in Japan
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 5 (Reuters) - Financial firm SBI Holdings (8473.T) said on Wednesday it would help Taiwan's Powerchip Semiconductor Manufacturing Corp (6770.TW) establish a factory in Japan as the country looks to revive its chip industry. "This is the best possible time to enter chip manufacturing," Kitao said at a joint press conference with the Taiwanese company's chairman, Frank Huang. Powerchip is currently looking at three or four potential sites and manufacturing could begin two years after construction starts, Kitao added. Japan is also funding a homegrown venture, Rapidus, which says it plans to produce advanced logic chips from the middle of the decade with help from IBM Corp (IBM.N). Powerchip provides contract manufacturing services for logic and memory chips for power management to customers including MediaTek Inc (2454.TW), Taiwan's largest designer of mobile phone chips.

Persons: Yoshitaka Kitao, Kitao, Frank Huang, Powerchip, Miho Uranaka, Tim Kelly, Christopher Cushing, Jamie Freed, Louise Heavens Organizations: Financial, SBI Holdings, Semiconductor Manufacturing Corp, SBI, Taiwan Semiconductor Manufacturing, Sony Group, Denso Corp, Kioxia Corp, Western Digital Corp, chipmaker Micron Technology, IBM Corp, MediaTek Inc, Thomson Locations: TOKYO, Japan, Kumamoto prefecture, Hiroshima

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

☆ 'It's just a plug': A rival EV CEO isn't sold on Tesla's charging tech
▼ + stars: | 2023-07-03 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

But Peter Rawlinson, the CEO of Tesla rival EV-maker Lucid, isn't convinced the tech is a shoo-in. Rawlinson told Bloomberg in an interview that the hype around the charger is "rather bizarre." While automaker after automaker signs on to use Tesla's well-regarded charging technology, one rival executive isn't completely sold yet. "What we're really comparing is, is it a screw cap or is it a cork on the bottle, not the quality of the wine," Rawlinson told Bloomberg. "Whoever controls this — if it isn't an open, impartial standard, if it's owned by one company — has access to a lot of consumer data," the executive told Bloomberg.

Persons: Tesla, Peter Rawlinson, isn't, Rawlinson, Gabriel Daoud, Cowen, they'll, carmakers, Elon Musk, Lucid's Rawlinson, Musk, NACS, you've, haven't, It's Organizations: Bloomberg, Ford, GM, Volvo, Tesla's

Tesla (TSLA.O) gained 7.4% to hit a nine-month high, a day after its car deliveries topped market estimates on the back of incentives and steeper discounts. The consumer discretionary sector (.SPLRCD) that includes Tesla rose 1.5%, leading gains among the top 11 S&P 500 sectors, while healthcare stocks (.SPXHC) declined. Fidelity National Information Services (FIS.N) added 5.4% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services firm, according to a Financial Times report. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and a 1.53-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 33 new lows.

Persons: Hogan, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Dow, Nasdaq, Riley, General Motors, Ford, EV, Rivian Automotive, Traders, Apple, Microsoft, Dow Jones, Fidelity National Information Services, Financial, NYSE, Thomson Locations: Worldpay, Bengaluru

☆ Tesla Sales Surge as Tax Credits Fuel Demand
▼ + stars: | 2023-07-02 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla sales rose a better-than-expected 10 percent in the second quarter as the company led by Elon Musk benefited from government incentives and price cuts that made its electric cars less expensive than comparable gasoline models. Tesla delivered 466,000 vehicles from April through June, up from 423,000 vehicles in the previous quarter, the company said on Sunday. Compared with a year earlier, sales in the second quarter rose 83 percent as the company expanded production at new factories in Austin, Texas, and near Berlin. Sales of most major car brands probably rose sharply in the last quarter, analysts say. Analysts at Cox Automotive forecast that U.S. new vehicle sales will rise more than 8 percent this year from 2022.

Persons: Elon Musk, Tesla Organizations: Elon, Wall Street, Cox Automotive Locations: Austin , Texas, Berlin

☆ With just 8% of new vehicles costing under $30,000, 'it’s the least affordable car market in modern history,' expert says
▼ + stars: | 2023-07-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Then, car buyers piled on options, such as high-tech touch screens, ambient lighting, 360-degree cameras and heated and cooled seats. Car prices near a record highFor new cars, the average transaction price was $47,892 in May, near an all-time high, according to Edmunds. Now, 10% of all vehicles sold cost more than $70,000, up from 3% five years ago. Just 0.3% of new vehicles sold cost less than $20,000, compared with 8% five years ago, Edmunds found. That's leaving more car shoppers priced out of the new car market, Ryan said.

Persons: Ivan Drury, Edmunds, carmakers, Drury, Ryan Locations: Edmunds

☆ Tesla acted like a normal car company — and it worked out
▼ + stars: | 2023-07-02 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Elon Musk's car company produced almost 480,000 vehicles and delivered more than 466,000. But with production outpacing deliveries, there are still challenges on the horizon for Tesla. It seems like acting like a traditional car company is working out for Elon Musk's Tesla. That shows an upward trajectory from a well-received first quarter, when Tesla reported production of 440,000 vehicles and just under 423,000 deliveries. Production Deliveries Q1 2022 305,407 310,048 Q2 2022 258,580 254,695 Q3 2022 365,923 343,830 Q4 2022 439,701 405,278 Q1 2023 440,808 422,875 Q2 2023 479,700 466,140Source: Tesla

Persons: Tesla, Elon, Elon Musk's Tesla, –, Musk, Emmanuel Rosner, Rosner Organizations: Elon, Tesla, Bloomberg, Deutsche Bank Locations: China

☆ Lithium Scarcity Pushes Carmakers Into the Mining Business
▼ + stars: | 2023-07-02 | by ( Clifford Krauss | Jack Ewing | ) www.nytimes.com time to read: +1 min

Eager to avoid falling further behind Tesla and Chinese car companies, many Western auto executives are bypassing traditional suppliers and committing billions of dollars on deals with lithium mining companies. Without lithium, U.S. and European carmakers won’t be able to build batteries for the electric pickup trucks, sport utility vehicles and sedans they need to remain competitive. Established mining companies don’t have enough lithium to supply the industry as electric vehicle sales soar. General Motors plans for all its car sales to be electric by 2035. In the first quarter of 2023, sales of battery-powered cars, pickups and sport utility vehicles in the United States rose 45 percent from a year earlier, according to Kelley Blue Book.

Persons: won’t, Kelley Organizations: Western, General Motors Locations: Chile, Argentina, Quebec, Nevada, Michigan , Tennessee, Saxony, Germany, United States

☆ Volkswagen Replaces Audi Chief Amid Pressure to Electrify
▼ + stars: | 2023-06-29 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

The NewsVolkswagen is replacing the chief executive at its luxury brand Audi, naming Gernot Döllner to take over from Markus Duesmann, as the company seeks to accelerate its transition to electric vehicles. Mr. Döllner, who has served as Volkswagen’s leading strategist, will start his new role on Sept. 1, Audi said in a statement on Thursday. Audi, although profitable, is struggling to convert to battery power and compete with the growing threat from Chinese carmakers. Herbert Diess, Volkswagen’s chief executive before Oliver Blume took over in September, brought Mr. Duesmann to Audi from BMW three years ago, with the hope that he could help the brand innovate and strengthen sales of its electric models. Audi is now working on its final generation of combustion engine models and plans to bring 10 new electric models to its lineup, ahead of plans to produce only E.V.s beginning in 2026.

Persons: Markus Duesmann, Döllner, Herbert Diess, Oliver Blume, Duesmann Organizations: Volkswagen, Audi, BMW

☆ Bolivia seals $1.4 billion lithium deals with Russia's Rosatom, China's Guoan
▼ + stars: | 2023-06-29 | by ( Daniel Ramos | ) www.reuters.com time to read: +2 min

LA PAZ, June 29 (Reuters) - Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China's Citic Guoan Group, the South American country's government said on Thursday, as it looks to develop its huge but largely untapped resources of the battery metal. Bolivia's iconic salt flats are home to the world's largest lithium resources at 21 million tons, according to the U.S. Geological Survey, but the country has long struggled to ramp up industrial production or develop commercially viable reserves. Russia's Rosatom, which bid via its Uranium One Group unit, confirmed the news, saying it would invest $600 million in the project, its first large-scale lithium venture overseas, with planned annual capacity of 25,000 tons of lithium carbonate. The deal with Uranium One Group was for feasibility and pre-investment studies, he said, adding multiple tests with Russian technology on the salt flats had shown a lithium recovery rate over 80%, with a purity of around 99.5%. Reporting by Daniel Ramos; Additional reporting by Maxim Rodionov; Writing by Adam Jourdan; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Franklin Molina, Molina, Russia's, Rosatom's, Kirill Komarov, Citic, Daniel Ramos, Maxim Rodionov, Adam Jourdan, Richard Chang Organizations: LA, Guoan, American, Energy, . Geological Survey, Tesla, BMW, Uranium, Thomson Locations: LA PAZ, Bolivia, United States, America, La Paz, Pasto Grande, Uyuni Norte

Search resuls for: "Carmakers"

25 mentions found