Driving.ca’s Post

Boosting the production of electric vehicles and jobs in the USA The Biden administration plans to award General Motors and Chrysler-parent Stellantis nearly $1.1 billion in grants to convert existing plants to build electric vehicles and components. The U.S. Department of Energy (DOE) announced $1.7 billion in planned grants to help fund the conversion of 11 "at risk" plants in eight states to enable the production of 1 million EVs annually, retain 15,000 existing jobs, and create 3,000 new positions. President Joe Biden has pushed U.S. automakers to assemble more EVs, introduced new tax incentives, and funded EV charging stations. Regulators have issued stricter emissions rules that will boost EV sales. General Motors will receive $500 million to convert its Lansing Grand River Assembly Plant in Michigan to EVs. Stellantis will receive $584.8 million to convert its plants to build EVs and components. Other companies, such as Hyundai MOBIS, Harley-Davidson Motor Company, Blue Bird Corporation, Cummins Inc., Volvo Group, and ZF North America Capital Inc., will also receive grants for EV-related initiatives. The DOE must still complete negotiations with companies on milestones and requirements before the awards are finalized. #ev #funding #usa #carmanufacturer #assemblyplant #automaker #automotiveindustry #transportation #co2emission #cleanmobility https://lnkd.in/eMvPYjA8

It’s no secret that the demand for EV batteries will only increase, with US electric vehicle sales projected to reach 2.5M units in 2028 and demand for lithium batteries in the US expected to grow more than 6X by the end of the decade, translating to a potential $55 billion market. But how do you efficiently meet this demand if 70% of the world’s battery production is overseas? You create a closed loop, circular supply chain. That is exactly what Redwood Materials was founded to do, by Tesla co-founder JB Straubel. The company recycles old lithium-ion battery materials into new EV batteries, recovering 95% of materials, and is projected to produce enough batteries for 1M EVs by 2025. Partnered with Ford, Panasonic, Toyota, and Volvo, and named to Fast Company’s 2024 “Most Innovative Companies” list, Redwood Materials is rapidly positioning itself to become a major player in the US EV supply chain. Invest early on Linqto’s platform.

Ford Motor Company EV business has reported that #losses soared in its first quarter to $1.32 billion, or $65,272 for every #electric #vehicle sold in the first three months of this year, according to analysis by industry commentator Robert Bryce. Read more: https://bit.ly/FORDEVSALES #sales #EV #electricvehicle #finance

via Investopedia Automakers General Motors and Stellantis are getting almost $1.1 billion in grants from the White House to convert “at-risk” plants into electric vehicle related production facilities, the U.S. Department of Energy said Thursday. The funding is part of $1.7 billion in total allocated for the conversion of 11 such plants across eight states, which the DOE expects to lead to the retention of 15,000 existing union jobs and the creation of nearly 3,000 new ones. Read more: https://loom.ly/tfReySo #LRS #LatinResource #Lithium #EVs #ASX

The Biden administration plans to award General Motors and Chrysler-parent Stellantis nearly $1.1 billion in grants to convert existing plants to build electric vehicles and components. The Department of Energy (DOE) announced $1.7 billion in planned grants to help fund the conversion of 11 "at risk" plants in eight states. This will enable the production of 1 million EVs annually, help retain 15,000 existing jobs, and create 3,000 new positions. https://lnkd.in/g2vREtD6 #ev #electricvehicles

A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. government for up to a $7.54 billion loan to help build two electric vehicle battery plants in Kokomo, Indiana. The project being built by StarPlus Energy LLC is expected to create at least 2,800 jobs at the plants and hundreds more at a nearby park for parts supply companies, the Energy Department said Monday in a statement. The loan still must be finalized, but the government said the commitment shows its intent to finance the project. To get the loan, StarPlus must develop a plan to engage with community and labor leaders to create good paying jobs. It also has to meet technical, legal, environmental and financial conditions before the government will fund the loan.   Stellantis #EV StarPlus Energy United States Federal Government   https://lnkd.in/g5AaQXEr       Automotive Analysis and Commentary – November 2024 - https://lnkd.in/gcSZ4pB8    

A lot of transaction cost economics' empirical papers used the automotive industry as their context for a reason: The relationship between OEMs and suppliers (tiered or not) screams 'asset specificity.' If GM is pushing its suppliers to undertake investments in unproven tech, it is essentially telling its suppliers that they'll be left to their own devices when the tech proves to be ineffective. Yes, GM is making its own investments and not just urging their suppliers to do so. If anything, GM wants all of them to be 'in it' together. However, it is the ability to recover from such costly "Oopsies" that differ greatly between an OEM and suppliers. Whereas GM is likely to survive, many suppliers are not. Suppliers are indeed between a rock and a hard place: They don't want to upset their buyer, GM, and they don't want to make any highly risky investments. #automotiveindustry #evtransition #buyersupplierrelationship #arockandahardplace

【𝐒𝐌𝐌 𝐍𝐞𝐰 𝐄𝐧𝐞𝐫𝐠𝐲 𝐍𝐞𝐰𝐬】LG Energy Solution 𝐭𝐨 𝐒𝐮𝐩𝐩𝐥𝐲 𝐍𝐞𝐱𝐭-𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝟒𝟔𝟗𝟓 𝐂𝐲𝐥𝐢𝐧𝐝𝐫𝐢𝐜𝐚𝐥 𝐁𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬 𝐭𝐨 Rivian 📃 Under the agreement, 𝐋𝐆 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 will provide Rivian with its advanced 4695 cylindrical batteries for over five years, totaling 67GWh. With a diameter of 46mm and height of 95mm, the next-generation 4695 𝐜𝐲𝐥𝐢𝐧𝐝𝐫𝐢𝐜𝐚𝐥 𝐛𝐚𝐭𝐭𝐞𝐫𝐲 is recognized for offering both a long range and high safety. It features over six times the capacity of the existing 2170 cylindrical batteries. 🌎 Within the first year of production, the batteries will be eventually manufactured at LG Energy Solution's stand alone plant in Arizona, and delivered to Rivian's facility in Normal, Illinois, for use in the R2 model for the North American market. 💡 The supply agreement with Rivian is expected to further strengthen LG Energy Solution's presence in the U.S. market and its plans to actively respond to the IRA by developing and supplying competitive battery cells in a timely manner while expanding into new markets. 🔥 Stay ahead of the curve! Follow us Shanghai Metals Market and CLNB 2025 for the latest news in the new energy industry. ✨ #Battery #EnergyTransition #SupplyChain #NewEnergy #BatteryNews #NewEnergyEvent #Technology #Market #Business #Sustainability #CLNB2025 #CLNB2024

Some exciting Developments in the US EV Battery Sector! 🚀 The US is rapidly expanding its electric vehicle (EV) battery manufacturing capacity with numerous high-profile projects set to transform the industry. Here just some of the biggest initiatives driving this shift: Key Projects and Investments 🔋 Ford Motor Company: Collaborating with SK Innovation, Ford is set to open two new battery plants in Kentucky and Tenessee by 2025 and 2026. General Motors (GM): has four electric vehicle battery plants in various stages of planning, construction and production with two joint-venture partners. Gotion: Gotion has invested $2.4 billion into a 3-million-square-foot lithium ion battery production plant near Big Rapids, Michigan, with an expected production capacity of 100 gigawatt-hours annually. Toyota Motor Corporation: Toyota is building a $13.9 billion battery manufacturing complex in Liberty, N.C., to supply lithium ion batteries for battery-electric, hybrid and plug-in hybrid vehicles in North America for Toyota, Lexus and Subaru. Tesla: Expanding its Gigafactory in Texas, aiming for a capacity of over 100 GWh, making it one of the world’s largest. Stellantis: Stellantis is investing $6.3 billion into two EV battery factories in Indiana. The two projects are a joint venture between Stellantis and Samsung SDI that will produce lithium-ion batteries. The first project, expected to start production in 2025, will have a production capacity of 23 gigawatt-hours. The second project is expected to start production in 2027 with a capacity of 34 gigawatt-hours. #CLMSearch #CLMAmericas #Batteries #EV

“Contemporary Amperex Technology Co. Ltd.’s first-quarter profit rose as its dominance supplying electric-vehicle (EV) batteries offset weakening overall car sales. Net income climbed 7% to 10.51 billion yuan ($1.5 billion) in the period, CATL said Monday. The manufacturer’s gross margin reached the highest since the third quarter of 2021. As supplier to major automakers including Tesla Inc., Volkswagen AG and Toyota Motor Corp., CATL plays a key role in China’s grip on the global EV supply chain. The company has vowed to keep expanding in the face of cooling demand for battery-powered cars. The robust results suggest that CATL, thanks to its leading technology and scale, has ‘better-than-expected cost control,’ said Joanna Chen, an analyst at Bloomberg Intelligence. The first quarter usually is the weakest period for auto sales in China because of the Lunar New Year holiday.” “CATL rose 4.6% ahead of the results on Monday, the biggest gain in almost a month. Its Shenzhen-traded shares are up 21% this year. In an interview last month, CATL founder and Chairman Robin Zeng said the company has no plans to slow down its expansion even as EV demand is cooling in parts of the world. Zeng, worth $27.4 billion thanks to the success of CATL, dismissed overcapacity fears and said he plans to increase output — particularly for the cell-maker’s more cutting-edge batteries offering longer range or better durability in extreme weather conditions. CATL’s 10.5 billion yuan first quarter profit beats our scenario by more than 10%, said Bloomberg Intelligence auto industry analyst Joanna Chen. And its sequential margin expansion during a typically slow season suggests better-than-expected cost control — likely bolstered by its technology edge and peer-beating scale, she said.” “Earnings appear resilient even as the battery industry battles rising competition and price pressure. CATL is faring better than rival LG Energy Solution Ltd. The South Korean battery-maker earlier this month said first-quarter operating profit fell 39%, and if it wasn’t for a tax credit stemming from the U.S. Inflation Reduction Act — President Joe Biden’s signature climate law — it would have lost money. The Chinese manufacturer’s first-quarter revenue slipped 10% to 79.77 billion yuan. Its net profit was broadly in line with analyst estimates. Tumbling raw material prices such as lithium carbonate and nickel have also weighed on battery-makers, factoring into a wider industry discounting war that’s spread across cell- and EV-makers alike. Ningde, Fujian-based CATL’s leadership not only in China but also abroad gives it stronger pricing power to defend against more price-sensitive margins domestically.”