DETROIT, June 22 (Reuters) – As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice.
The popularity of the chemical compound known as LFP is due partly to environmental and geopolitical concerns. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt.
WASHINGTON, June 22 (Reuters) – The U.S. Energy Department on Thursday said it intends to loan a joint venture of Ford Motor (F.N) and South Korean battery maker SK On up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.
The conditional commitment for the low-cost government loan for the Blue Oval SK joint venture comes from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program. SK On is a unit of South Korea’s SK Innovation (096770.KS). 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.
June 22 (Reuters) – Interest and investment in lithium iron phosphate (LFP) battery cells and materials, used to power electric vehicles, continue to climb in the United States. LFP is a lower-cost competitor to nickel cobalt manganese cells.
Seven companies have committed more than $14 billion in future LFP manufacturing facilities in the U.S., with others, including Tesla (TSLA.O) and Rivian (RIVN.O), reportedly considering similar investments.
June 22 (Reuters) – Europe is seeking to lure electric vehicle (EV) battery makers to build factories in the region as the bloc – home to carmakers such as Volkswagen and Stellantis – tries to cut its dependency on Asia and win a green subsidy race with the United States.
Below is an overview of factories in Europe, including annual capacity and production timelines where available.
Continue reading “Factbox: Companies invest in EV battery factories in Europe”
June 21 (Reuters) – Tesla Inc (TSLA.O) has returned to the S&P 500 ESG index, the sustainable investing-focused market index, after the electric car maker added environmental disclosures.
Tesla was cut from the index last year because of issues including claims of racial discrimination and crashes linked to its autopilot vehicles. The removal prompted Chief Executive Elon Musk to responds with tweets such as “ESG is a scam”.
Continue reading “Tesla returns to S&P 500 ESG index with more environmental disclosures”
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.
Continue reading “Rivian acquires route planning app maker Iternio – CEO”
PTI – Punjab’s transport minister Laljit Singh Bhullar has said the state government will provide incentives worth around INR 300 crore in the next three years to promote the adoption of electric vehicles (EVs) and reduce pollution. These incentives will be provided on electric two- wheelers, e-cycles, e-rickshaws, e-autos and electric light commercial vehicles.
He directed the officials of the transport department to write a letter to the finance department for creating a dedicated EV fund to facilitate initiatives for the adoption of the EVs in the state.
Continue reading “Punjab announces INR 300-crore incentive to promote use of electric vehicles”
Digitally Immersive Studio to bring the best of tech and automotive together
Chennai, June 21, 2023 – MG Motor India, a British automobile brand with a 99-year-old legacy, today inaugurated MG StudioZ, a uniquely immersive experience which leverages the interactive advantages of VR/AR to bring the MG brand closer to all car enthusiasts. MG StudioZ has features such as a digital running façade, video wall configurator, and a mega visualizer with VR/AR zone. MG StudioZ will also feature an array of MG merchandise, allowing customers to express their love for the brand and take home a piece of the MG experience.
Continue reading “MG Motor Launches StudioZ an AR/VR Experience Centre in Chennai”
LONDON, June 21 (Reuters) – Automakers, including Tesla and Mercedes, are rushing to lock in graphite supply from outside dominant producer China, as demand for electric vehicle (EV) batteries outpaces other uses for the mineral for the first time due to soaring EV sales.
BEIJING/SHANGHAI, June 21 (Reuters) – China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth.
Continue reading “China unveils $72 billion tax break for EVs, other green cars to spur demand”
BERLIN, June 21 (Reuters) – Germany’s top carmakers have been accused by a Berlin-based human rights group of not showing they have carried out due diligence to prevent the risk of forced labour being used by their suppliers in Xinjiang, China, a potential violation of Germany’s new supply chain law.
The group, the European Center for Constitutional and Human Rights (ECCHR), has filed a complaint against Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE) with Germany’s export control office, it said on Wednesday.
Continue reading “German carmakers challenged over Xinjiang due diligence in rights group complaint”
SAN FRANCISCO/NEW DELHI, June 20 (Reuters) – Tesla (TSLA.O) chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon.
Continue reading “Tesla’s Musk eyes significant India investments after meeting Modi”
TOKYO, June 21 (Reuters) – Japanese automaker Mazda Motor (7261.T) and the energy unit of Panasonic Holdings (6752.T) will start talks to set up a battery supply partnership for electric vehicles (EVs), the companies said on Wednesday.
Such an effort on lithium-ion batteries is likely to carry Mazda a step closer to ramping up production of EVs, in a 1.5-trillion-yen ($10.6-billion) spending plan it unveiled in November to drive electrification of vehicles.
Continue reading “Mazda eyes EV battery supply partnership with Panasonic Energy”
une 20 (Reuters) – Tesla (TSLA.O) scored a series of victories for its charging technology on Tuesday, capped by Texas saying it would require electric vehicle charging companies to include both Tesla’s standard as well as the nationally recognized CCS if they want to be part of a state program to electrify highways using federal dollars.
Earlier in the day, Reuters was first to report both that electric pickup truck maker Rivian was backing Tesla and that charger maker BTC Power would support the standard. Those announcements follow decisions by GM (GM.N) and Ford (F.N) to add Tesla charging technology, shunning efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States.
SAN FRANCISCO, June 20 (Reuters) – Electric vehicle maker Rivian (RIVN.O) said on Tuesday it will adopt Tesla’s (TSLA.O) charging standard, giving Rivian customers access to the biggest U.S. charging network and adding momentum to Tesla’s bid to set the industry standard.
Rivian said its customers will be able to access 12,000 Tesla Superchargers with adapters in the United States and Canada as early as spring 2024. The company, which has its own small network of fast chargers, will also make a Tesla-style charging port standard on its vehicles starting in 2025.
Continue reading “Rivian to adopt Tesla’s charging standard in EVs and chargers”
WASHINGTON, June 20 (Reuters) – Tesla (TSLA.O) urged the Biden administration to finalize significantly stricter heavy-duty emissions limits than proposed in April, arguing larger vehicles were being electrified much faster than envisioned and would lead to bigger pollution cuts.
The electric vehicle (EV) manufacturer said in comments made public on Tuesday that the Environmental Protection Agency’s (EPA) proposal did not go far enough, should be as stringent as California’s truck emissions regulations and eliminate credits that make it easier to comply.
Continue reading “Tesla urges EPA to finalize tougher US heavy-duty emissions cuts”
PTI – The government on Tuesday proposed new base premium rates for third- party motor insurance for different categories of vehicles, including two- wheelers, passenger cars and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry of Road Transport and Highways (MoRTH), the base premium rates for Motor Third Party Insurance Cover have been proposed at INR 2,094 for private cars below 1,000 cc, INR 3,416 for cars (between 1000-1500 cc) and INR 7,897 for cars exceeding 1500 cc.
The draft Motor Third Party Premium and Liability Rules for the Financial Year (FY) 2023-24 has been prepared in consultation with Insurance Regulatory and Development Authority of India (IRDAI), the ministry said.
Continue reading “Govt issues draft Motor Third Party Premium and Liability Rules for FY24”
WASHINGTON, June 19 (Reuters) – A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor (F.N) and General Motors (GM.N) to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday.
Four lawmakers who are part of the House of Representatives China Select Committee will travel to Detroit Tuesday to meet with Ford’s Jim Farley and GM’s Mary Barra, the sources said.
Continue reading “US lawmakers to urge automakers to cut reliance on China”
TOKYO, June 20 (Reuters) – Japanese automaker Suzuki Motor Corp (7269.T) said on Tuesday it had reached an agreement with SkyDrive Inc to make “flying cars”.
The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement.
Continue reading “Japan’s Suzuki to make ‘flying cars’ with SkyDrive”
MILAN, June 20 (Reuters) – Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317.TW) have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026.
The joint venture, called SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, Foxconn and other customers, the two companies said in a statement.
Continue reading “Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry”
SEOUL, June 20 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said on Tuesday it plans to invest about 109.4 trillion won ($85.4 billion) in the period through to 2032, allocating around a third to meet a “seismic change” in the industry toward electric vehicles (EVs).
Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world’s 10 biggest automakers by sales, also said in a statement that it aims to lift the production of EVs in the United States, its biggest market. EVs will account for 75% of its U.S. production by 2030 from 0.7% now.
Continue reading “Hyundai Motor to invest $85 bln by 2032 to accelerate EV plans”
BEIJING, June 20 (Reuters) – Electric-vehicle (EV) startup Fisker (FSR.N) is set to open its first delivery centre in China’s financial hub Shanghai this year, Fisker’s China board member Daniel Foa was quoted as saying by Chinese media outlet Yicai on Tuesday.
Meanwhile, Fisker will start delivering its first mass-produced SUV model, the Fisker Ocean, in the first quarter of 2024, Yicai reported.
Continue reading “Fisker to open first delivery centre in Shanghai this year – Yicai”
PARIS, June 19 (Reuters) – French carmaker Renault (RENA.PA) appointed on Monday its group chief executive Luca de Meo as the future chairman and CEO of Ampere, the electric vehicle division which Renault is aiming to list on the stock market.
Renault added that its board of directors had also set up an ad-hoc committee, chaired by Jean-Dominique Senard, to oversee the envisaged initial public offering (IPO) of Ampere.
Continue reading “Renault names Luca de Meo as new head of Ampere electric vehicle unit”
WASHINGTON, June 19 (Reuters) – U.S. auto safety regulators are investigating nearly 40,000 Hyundai (005380.KS) Ioniq 5 electric vehicles over reports of power loss while driving tied to a battery charging issue.
The National Highway Traffic Safety Administration’s preliminary investigation covers 2022 model-year vehicles after it received 30 consumer complaints alleging a loss of acceleration. The agency said many consumers reported a loud popping noise followed by a warning displayed on their dashboard, and immediately experienced a loss of power that ranged from a reduction in acceleration to a complete loss.
Continue reading “US opens safety probe into Hyundai Ioniq 5 EVs over power loss reports”
PTI – The automotive industry is undergoing a transformative shift with cars evolving into data centres on wheels, says Bhuwan Lodha, chief digital officer, automotive sector, Mahindra Group, stressing on the role of data and digital innovation in shaping the future of the sector. “The fusion of technology and digitisation has transformed the automotive customer experience,” Lodha told PTI, detailing features such as virtual showrooms, online ordering and AI-driven systems to provide tailored recommendations based on customer preferences.
Driven by software, the vehicle of tomorrow will have much lesser moving components and will require totally different experiences towards usage, servicing and repair, Lodha said.
TAIPEI, June 19, 2023 — Delta Electronics, Inc. (later referred to as “Delta”), a global leading provider of power and thermal management solutions, today announced the signing of a definitive agreement to purchase, through its subsidiary Delta International Holding Limited B.V., 100% shareholdings of HY&T Investments Holding B.V. and its subsidiaries, including TB&C Group, a leading provider of automotive high-voltage hybrid components, from Cooperatief H2 Equity Partners Fund IV Holding W.A. and Te Bokkel Beheer B.V. for 142 million euros (approx. NT$ 4,661,860 thousand). TB&C, with its operational headquarters in Germany, develops industry-leading hybrid technologies for mechanical components applied in automotive, industrial, and medical applications. Its customer base includes world-class automotive companies, as well as tier-1 automotive suppliers. The transaction is expected to enhance Delta’s EV battery management system (BMS) capabilities by integrating TB&C’s technologies with Delta’s Component Business Group’s automotive component product lines. It will also generate substantial synergies by leveraging both companies’ R&D and manufacturing resources to accelerate Delta’s overall EV business expansion.
SAO PAULO, June 19 (Reuters) – Electric aircraft maker Eve (EVEX.N) and Blade Air Mobility (BLDE.O) are expanding their partnership to integrate Eve’s upcoming flying car into Blade’s European route network, starting with France, the companies said on Monday.
The deal follows similar agreements between the firms, which are currently participating in the Paris Airshow, to use Eve’s electric vertical take-off and landing vehicles (eVTOLs) in India and the United States.
Continue reading “Eve, Blade to expand ‘flying car’ partnership to Europe”
LONDON, June 19 (Reuters) – JLR said on Monday it has partnered with supply chain mapping and risk analytics firm Everstream Analytics, which will embed artificial intelligence into the British luxury carmaker’s system to help avert future global supply issues.
The new AI technology, JLR said, will allow it to monitor its supply chain in real-time and protect the production of its current models and next generation of electric vehicles (EVs).
Continue reading “JLR taps Everstream Analytics’ AI to dodge supply chain problems”
June 18 (Reuters) – Ford Motor (F.N) Executive Chairman Bill Ford said the United States was not ready yet to compete with China in the production of electric vehicles.
“They developed very quickly, and they developed them in large scale. And now they’re exporting them,” Ford told CNN’s ‘Fareed Zakaria GPS’ Sunday program. “They’re not here but they’ll come here we think, at some point, we need to be ready, and we’re getting ready,” Ford said.
Continue reading “US can’t yet compete with China on EVs, Ford chairman tells CNN”
PTI – Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, fell 6.7 %to 3.43 million tonne in June 1-15 compared to the year-ago period.
Petrol and diesel sales fell in the first half of June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed.
Continue reading “Petrol, diesel sales fall as monsoon sets in”
June 16 (Reuters) – Nikola (NKLA.O) said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace.
Several firms have narrowed their focus on core markets after the U.S. Federal Reserve’s monetary policy tightening created tough economic conditions and prompted a rethink.
Continue reading “Electric-truck maker Nikola laying off 270 employees”
June 16 (Reuters) – U.S. electric-vehicle startups saw massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O).
The surge in EV stocks has come without any apparent news or catalyst for the companies, leading several analysts and traders to point to a potential squeeze in the highly shorted stocks.
Continue reading “Electric-vehicle startups see weekly gains after blistering rally”
June 16 (Reuters) – A federal court in Louisiana on Friday dismissed Tesla Inc’s (TSLA.O) complaint against a state restriction on direct car sales, according to a ruling.
Last year, Tesla filed a lawsuit to challenge Louisiana’s refusal to allow the company to sell vehicles directly to consumers, calling the U.S. state’s move protectionist and anticompetitive.
Continue reading “Tesla loses bid to overturn Louisiana’s ban on direct car sales”
PARIS, June 16 (Reuters) – Tesla (TSLA.O) is close to achieving fully autonomous vehicles, CEO Elon Musk said during a visit to Paris on Friday, adding autonomy was the “main driver” of the brand’s market value.
The company’s shares rose by as much as 3% to their highest level in more than eight months.
Continue reading “Musk says vehicle autonomy is ‘main driver’ of Tesla value”
BERLIN, June 16 (Reuters) – Volkswagen (VOWG_p.DE) will hold a series of capital markets days to present the results of mock listing exercises at each of its brand groups and its software and battery units, according to two sources familiar with the matter.
At its capital markets day next Wednesday, the company will present an overview of the group’s targets in the next 3-4 years, the sources said on Friday, declining to be named.
BERLIN, June 16 (Reuters) – Volkswagen (VOWG_p.DE) and a technology partner have mastered a battery manufacturing process called dry coating which if scaled up could cut the cost of cell production by hundreds of millions of euros a year, its battery chief said on Friday.
The carmaker, which is working with printing press manufacturer Koenig & Bauer AG on the technology, said the two companies are the first to perfect the procedure for both the positive and negative electrode.
Continue reading “VW masters dry-coating battery process with potential to slash cell costs”
PTI – The bus, hired from a private contractor, had completed a 53 km run since Friday morning on route no 359 and arrived at the depot around 1 pm, the spokesperson said. ” Officials are investigating the cause of the fire,” he added. A civic official said the fire started in the AC unit installed on the roof of the bus.
An electric air-conditioned bus of the civic-run Brihan Mumbai Electric Supply and Transport (BEST) caught fire while parked in a depot in suburban Malvani on Friday afternoon, an official said. Nobody was injured in the incident.
June 15 (Reuters) – New vehicle demand from U.S. retail and commercial customers is outpacing expectations, two top Detroit auto executives said on Thursday.
Their positive comments underscored an upbeat report by the U.S. Commerce Department that showed U.S. retail sales unexpectedly rose in May as consumers bought more motor vehicles and a range of other goods.
Continue reading “Ford, GM see strong US consumer demand for vehicles”
BERLIN, June 15 (Reuters) – Tesla (TSLA.O) will hire fewer temporary workers at its plant outside Berlin than it did in its ramp-up phase and refrain from Saturday shifts, but it is still on track to achieve its production targets, the company said on Thursday.
The comments followed a report by Business Insider earlier on Thursday that Tesla’s goal of producing 6,000 cars a week at the plant, up from the 5,000-milestone reached in March, was on hold.
Continue reading “Tesla: German plant reducing shifts, production targets on track”
