ReportWire

Tag: Electric vehicles

  • Move to Electric Cars Will Save Lives Plus Billions in Health Care Costs

    Move to Electric Cars Will Save Lives Plus Billions in Health Care Costs

    [ad_1]

    By Alan Mozes 

    HealthDay Reporter

    WEDNESDAY, Dec. 14, 2022 (HealthDay News) — As the United States moves towards a world in which electric vehicles (EVs) have fully replaced fossil fuel-driven engines, can Americans look forward to reliably cleaner air and better health?

    Absolutely, a new study predicts.

    By 2050, researchers say, the resulting improvements in air quality will be substantial enough to slash both the risk of premature death and billions off the nation’s related health care costs.

    But there’s a catch.

    When it comes to better air to breathe, increased longevity, and reduced health care expenses, some parts of the country — such as Los Angeles, New York City and Chicago — are likely to gain considerably more from the greening of transportation than others.

    Study author H. Oliver Gao, director of systems engineering at Cornell University in Ithaca, N.Y., said he and his colleagues were not surprised by the broad finding that EVs will be a boon to American health.

    “We were expecting — and I believe most people are expecting — a substantial air quality and health benefit associated with electric transportation,” he noted.

    That’s because what folks drive matters: Vehicles powered by petroleum fuels — mostly gasoline and diesel — account for nearly 30% of greenhouse gas emissions in the United States.

    Fully electric cars, by contrast, have zero tailpipe emissions. While Gao noted that “the technology has actually been there for quite a few decades,” the move to an EV world is finally taking off.

    He said two major federal initiatives — the Infrastructure Investment and Jobs Act of 2021 and the Inflation Reduction Act of 2022 — include climate-friendly components. The Infrastructure Act, for example, invests $7.5 billion to build out a nationwide network of 500,000 EV chargers. The Inflation Reduction Act, meanwhile, includes tax credits for commercial vehicles that use clean energy.

    Even earlier, the number of electric cars sold globally rose from less than 1% in 2016 to 2.2% by 2018, and then 4.1% by 2020. By 2021, more than 8% of cars sold worldwide were EVs.

    In the United States alone, EV sales more than doubled between 2020 and 2021, from 0.3 million to 0.7 million vehicles, the study authors noted.

    “But it’s the cities where the real action is going to happen, because that’s where local officials — and citizens — are going to make the critical decisions that can really drive local adoption of electric vehicles,” Gao said.

    And at that level — in some places — the numbers are already far more impressive than those nationwide.

    In 2021, EVs accounted for 22% of sales in San Francisco alone; nearly 12% in Los Angeles and Seattle; and 3.4% in New York City.

    Still, the researchers “were surprised by the variability” of benefit across the cities and regions, Gao said.

    That variability became evident after his team reviewed several factors, including emissions data from the U.S. Environmental Protection Agency.

    The investigators also analyzed differing EV policies, regulations and incentives in place across the United States.

    They also did regional infrastructure assessments, looking at what’s already in place or planned, including how all the electricity that will be needed is produced from state to state.

    That led to public health projections for 30 metropolitan areas.

    The biggest winner: Los Angeles.

    By 2050, the improvement in air quality due to large-scale adoption of EVs would save nearly 1,200 lives a year, the study authors noted. It would also lower health care costs by an estimated $12.6 billion.

    The study also estimated that New York City would have nearly 600 fewer annual deaths projected and $6.24 billion in health care savings.

    Chicago, California’s San Joaquin Valley and Dallas would be the next-largest beneficiaries, with 276, 260 and 186 fewer deaths each year, respectively, and health savings ranging from $2 billion to $3 billion a year.

    Gao said the research team’s goal is to show cities and regions how policies already in place are likely to play out, while helping to support innovation and improved transportation plans in all American cities.

    That kind of advance planning is critical, according to Noelle Selin, an associate director at the Institute for Data, Systems and Society at the Massachusetts Institute of Technology in Cambridge, Mass., who reviewed the findings.

    “Given that transportation is a major source of air pollution, it’s not surprising that electrifying transportation is likely to improve air quality,” Selin said. “A large body of work has shown that moving away from fossil fuels can substantially benefit air quality as well as help mitigate climate change.”

    And for that reason, she said, “policies and incentives to promote electric cars are … important for both promoting public health and mitigating climate change.”

    The findings were recently published online in the journal Renewable and Sustainable Energy Reviews.

    More information

    The U.S. Environmental Protection Agency helps separate EV fact from fiction.

     

    SOURCES: H. Oliver Gao, MS, PhD, director, systems engineering, and associate director, Cornell Program in Infrastructure Policy, Cornell University, Ithaca, N.Y.; Noelle Selin, PhD, professor and director, technology and policy program, Institute for Data, Systems and Society, Massachusetts Institute of Technology, Cambridge, Mass.; Renewable and Sustainable Energy Reviews, Nov. 28, 2022, online

    [ad_2]

    Source link

  • Elon Musk Is Unfazed By Tesla’s Decline

    Elon Musk Is Unfazed By Tesla’s Decline

    [ad_1]

    Tesla is completely lost on Wall Street. 

    The electric vehicle manufacturer is having a dark year in the stock market. And those difficulties worsened on Dec. 13 with another sharp drop in the stock price of almost 4%. 

    In all, the Tesla stock lost has lost 54.2% of its value in 2022, translating into a drop in market capitalization of nearly $600 billion. Tesla  (TSLA) – Get Free Report is down 60%, compared to its all-time high reached in November 2021. 

    [ad_2]

    Source link

  • Biden announces $2.5 billion loan to help GM and LG make EV batteries | CNN Politics

    Biden announces $2.5 billion loan to help GM and LG make EV batteries | CNN Politics

    [ad_1]



    CNN
     — 

    The US Department of Energy’s Loan Programs Office will announce Monday that it is issuing a $2.5 billion loan to help start three lithium battery manufacturing hubs in Ohio, Tennessee and Michigan.

    The DOE loan programs office will loan the money to Ultium Cells LLC, a joint venture of General Motors and South Korean battery manufacturer LG Energy Solutions making batteries to power electric vehicles. General Motors has pledged to go all-electric by 2035, phasing out conventional gas and diesel-powered engines.

    In a statement, US Energy Secretary Jennifer Granholm said the DOE loan would “jumpstart the domestic battery cell production needed to reduce our reliance on other countries to meet increased demand.”

    “DOE is flooring the accelerator to build the electric vehicle supply chain here at home – and that starts with domestic battery manufacturing led by American workers and the unions that support them,” Granholm said.

    Granholm is traveling to Michigan on Monday, where she’ll appear with Gov. Gretchen Whitmer and prominent lawmakers including Sens. Gary Peters and Debbie Stabenow.

    In President Joe Biden’s first year in office, he set a target to have EVs make up half of all new vehicles sales in the US by 2030.

    After the climate law Congress passed this summer, it’s yet another sign that auto companies are racing to start onshoring electric vehicle production. In order to take advantage of a federal EV tax subsidy in the Inflation Reduction Act, electric vehicles and much of their battery components be sourced, processed and assembled in North America.

    LG Energy Solutions is also set to partner with Japanese automaker Honda on a $3.5 billion joint venture battery factory in southern Ohio.

    In October, Biden introduced the American Battery Materials Initiative, which the White House has called “a new effort to mobilize the entire government and securing a reliable and sustainable supply of critical minerals used for power, electricity and electric vehicles.” At the same time, the Administration pledged $2.8 billion from the bipartisan infrastructure law passed last year to 20 manufacturing and processing companies for projects in 12 states.

    DOE estimates the three Ultium Cells facilities would create over 11,000 jobs. The Warren, Ohio, Ultium facility will be represented by the United Auto Workers, after the plant voted to unionize on Friday.

    [ad_2]

    Source link

  • Elon Musk Sounds a Dire Warning About the Economy

    Elon Musk Sounds a Dire Warning About the Economy

    [ad_1]

    Elon Musk is worried about the economy. 

    For several months now, the richest man in the world has continued to sound the alarm, warning that the economy risks a deep recession if the central bank’s monetary policy stays on course. 

    While the Federal Reserve is holding its last monetary meeting of the year in the coming days, the serial entrepreneur has just made a new prediction. And like his past predictions, this one is very alarming.

    [ad_2]

    Source link

  • Chevy Accidently Leaked Photos of the 2024 Corvette Hybrid

    Chevy Accidently Leaked Photos of the 2024 Corvette Hybrid

    [ad_1]

    Some sleuthing Corvette fans were off to the races night when they noticed a visualizer for the new 2024 Corvette E-Ray hybrid inadvertently went live on the Chevy website.

    Catching the mistake, Chevrolet quickly removed the photos. But screenshots of the car are still available for everyone to see online, thanks to some quick-acting members of CorvetteBlogger.com.

    Last April, Chevrolet released a teaser video of a new Hybrid Covervette, saying it “will be available as early as next year and a fully electric version to follow.” But very little information has been released about the vehicle.

    The leaked photos didn’t reveal too much but what to expect, but according to the website Jalopnick:

    “It uses the same wider bodywork as the C8 Z06, with a more aggressive front end and larger side intakes. But instead of centrally mounted exhaust tips like on the Z06, the E-Ray has a pair of chrome pipes at each end of the rear bumper like on a normal C8.”

    The E-Ray will be a hybrid but still use the regular C8, Corvette’s LT2 V8 engine.

    Related: The 5 Most Luxurious Electric Cars on the Market That Will Make You Want To Skip On Gas

    The leaked photos reveal that Corvette will come in three new colors, available carbon-fiber wheels, and a ZER Performance Package.

    Jalopnik estimates the E-Ray will go for about $150,000.

    This is a lot more than Chevrolet wanted people to know at this time, but they took the leak in stride.

    In a statement, a spokesperson for the company said, “the holidays came early.”

    [ad_2]

    Jonathan Small

    Source link

  • Vietnamese EV maker VinFast files to go public in the U.S.

    Vietnamese EV maker VinFast files to go public in the U.S.

    [ad_1]

    The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUV’s, is on display at their showroom in Santa Monica, California, on July 18, 2022.

    Frederic J. Brown | AFP | Getty Images

    Vietnamese EV maker VinFast is going public in the U.S.

    VinFast on Tuesday said it has filed a registration statement with the U.S. Securities and Exchange Commission, the first formal step toward a public offering next year. The company in March announced plans for a $2 billion factory in North Carolina and hopes to deliver its first vehicles to American customers by year-end.

    Citigroup Global Markets, Morgan Stanley, Credit Suisse and J.P. Morgan Securities are the lead bankers on the offering. VinFast will trade on the Nasdaq under the symbol “VFS” once its offering is completed. The company didn’t say how much money it’s hoping to raise.

    VinFast became Vietnam’s first domestic automaker when it began manufacturing internal combustion vehicles in 2019. It’s now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. The company is currently taking reservations for two electric SUVs, the midsize VF8 and larger VF9.

    The VF8 and VF9 start at $57,000 and $76,000, respectively – but both can be ordered without batteries, lowering the up-front cost significantly, if the buyer opts for a monthly battery subscription. Without batteries, the VF8 and VF9 start at just over $42,000 and $57,500; the battery subscriptions are priced at $169 per month for the VF8 and $219 per month for the larger VF9.

    As of the end of September, VinFast had about 58,000 worldwide reservations for the two models. For now, all VinFasts are made at the company’s factory in Haiphong; it hopes to have its U.S. factory, with a capacity of 150,000 vehicles per year, up and running by July 2024.

    While VinFast is new to the United States, it’s not a typical startup. Founded in 2017, VinFast is a unit of Vingroup, Vietnam’s largest conglomerate, which has interests in real estate development and education as well as a number of technology businesses.

    But while Vingroup is well established in its home country, VinFast itself isn’t yet profitable: It lost about $1.3 billion in 2021, and an additional $1.4 billion through the first three quarters of 2022.  

    [ad_2]

    Source link

  • UFODRIVE, the Disruptive All Digital, All-Electric Car Rental Pioneer is Now Available in Seven Major U.S. Cities Nationwide

    UFODRIVE, the Disruptive All Digital, All-Electric Car Rental Pioneer is Now Available in Seven Major U.S. Cities Nationwide

    [ad_1]

    Following sold-old launches in San Francisco and Austin, UFODRIVE brings the world’s highest-rated car rental experience to Boston, New York, Las Vegas, Chicago, and Miami

    Press Release


    Dec 5, 2022 08:00 EST

    UFODRIVE, the world’s first all-digital, all-electric car rental service controlled from an app, continues to disrupt the car rental industry since launching its first U.S. operation in San Francisco this August. Customers in seven major U.S. cities can now rent Teslas and other premium electric vehicles (EVs) in two minutes, with no lines, no paperwork, upselling, or keys. UFODRIVE is consistently the highest rated car rental experience in the world.

    “After three months of immense effort, electric, hassle-free rental is now available from West Coast to East Coast in the US,” said Edmund Read, UFODRIVE‘s Chief Commercial Officer. “There is nothing like our combination of proprietary EV management tech and 24/7 in-rental service. Discover why we have the highest customer satisfaction scores in the industry. Book-register-drive in two minutes. Never lose a key again. Let us worry about your charge-level, we’ll help book you into the right charger and pay for it. Forgot where you parked? We’ll honk the horn and flash the lights for you. We can even switch the AC on for you or pop the trunk if needed. Nobody else in the industry can do what we do for our customers every day.”

    UFODRIVE now operates its unique rental hubs (UFOBAYs) in 29 cities and ten countries worldwide. With a mix of airport and prime downtown locations, on-demand EV rental is more accessible than ever. Working with some of the most innovative EV charging, financing and parking partners, UFODRIVE is part of the massive shift towards electric vehicle use across two continents.

    “Europe has traditionally been ahead with EV infrastructure, but it’s clear that the United States will take the lead in 2023,” said Aidan McClean, CEO and co-founder of UFODRIVE. “The U.S. will easily become our largest market in the new year. We’re hoping our success will encourage the major rental players to go digital and go green faster than they are today. With over 20 million electric miles driven in ten countries to date, we’ve proven that it’s the way forward, both environmentally and financially. Our unique technology enables us to have the highest operating margins and makes us the most efficient rental operation in the industry.” 

    UFODRIVE‘s platform is the first EV-native rental system. It has been built from the ground up to eliminate the traditional rental experience pain points and bring to life the advanced features of today’s EVs that Internal Combustion Engine (ICE) platforms will never match. 

    “This year has been so exciting in the States,” said Renaud Marquet, CTO and co-founder of UFODRIVE. “We’ve added our first U.S. specific features, including streamlined ID verification and market leading charger aggregation. Following successful rollouts in Europe, our new subscription and delivery services will go live in the U.S. in January. Behind the scenes, our white label EV fleet management SaaS product has been chosen as the pilot platform for the largest electric fleet transition programs in the U.S.”

     UFODRIVE‘s expertise has been validated by thousands of customers, multiple awards and, in February 2022, a Series A investment round led by Hertz and Certares, two of the biggest names in rental and travel. Both recognize the importance of shifting the industry to electric and the unique position of UFODRIVE as the pioneering platform. 

    To learn more and try it for yourself, visit UFODRIVE.com

    About UFODRIVE

    UFODRIVE is pioneering the electric revolution with its own all-electric car rental service powered by its unique end-to-end eMobility platform. It offers a 100% electric, 100% digital experience in ten countries and 29 locations globally – delivering a radically better experience which combines state-of-the-art technology with superior electric cars. With zero local emissions, every journey with UFODRIVE helps avoid further pollution on roads and in the atmosphere. Customers can access and drive their car on their schedule, open 24/7, 365, and with optimised charging and routing using the advanced AI eMobility platform, resulting in the highest customer satisfaction scores in the industry.

    UFODRIVE’s contactless electric fleet platform has also been developed to manage third party rental, shared, commercial, and private fleets – maximising cost efficiency and minimising downtime. For more information about UFODRIVE, visit www.ufodrive.com.

    UFODRIVE was co-founded by COO Renaud Marquet and CEO Aidan McClean who has gone on to become the best-selling author of “ELECTRIC REVOLUTION” and writes a regular green tech blog at www.aidanmcclean.com.

    Source: UFODRIVE

    [ad_2]

    Source link

  • Brexit Britain trapped in the middle as US and EU go to war on trade

    Brexit Britain trapped in the middle as US and EU go to war on trade

    [ad_1]

    Press play to listen to this article

    Voiced by artificial intelligence.

    LONDON — Three years after leaving the EU to chart its own course, Britain finds itself caught between two economic behemoths in a brewing transatlantic trade war.

    In one corner sits the United States, whose Congress in August passed the Biden administration’s much-vaunted $369 billion program of green subsidies, part of the Inflation Reduction Act (IRA).

    In the opposing corner is the European Union, which fears Washington’s subsidy splurge will pull investment — particularly in electric vehicles — away from Europe, hitting carmakers hard.

    The EU is preparing its own retaliatory package of subsidies; Washington shows little sign of changing course. Fears of a trade war are growing fast.

    Now sitting squarely outside the ring, the U.K. can only look on with horror, and quietly ask Washington to soften the blow. But there are few signs the softly-softly approach is bearing fruit. Britain now risks being clobbered by both sides.

    “It’s not in the U.K.’s interest for the U.S. and EU to go down this route,” said Sam Lowe, a partner at Flint Global and expert in U.K. and EU trade policy. “Given the U.K.’s current economic position, it can’t really afford to engage in a subsidy war with both.” The British government has just unleashed a round of fiscal belt-tightening after a market rout, following months of political turmoil.

    For iconic British motor brands, the row over the Biden administration’s IRA comes with real costs.

    The U.S. is the second-largest destination for British-made vehicles after the EU, and the automotive sector is one of Britain’s top goods exporters.

    Manufacturers like Jaguar Land Rover have warned publicly about the “very serious challenges” posed by the new U.S. law and its plan for electric vehicle tax credits aimed at boosting American industry.

    Kemi on the case

    U.K. Trade Secretary Kemi Badenoch has for months been privately urging top U.S. officials to soften the impact of the electric vehicle subsidies on Britain by carving out exemptions, U.K. officials said.

    When Commerce Secretary Gina Raimondo visited London in early October, Badenoch pushed her to rethink the strategy. The U.K. trade chief brought that same message to Washington in a series of private meetings earlier this month, including at a sit-down with Deputy Treasury Secretary Wally Adeyemo.

    Badenoch has “raised this issue on many levels,” an official from the U.K.’s Department for International Trade said, citing conversations with U.S. Ambassador to Britain Jane Hartley, with Secretary Raimondo, “and with members of the Biden administration and senior representatives of both parties.”

    The Cabinet minister has also spoken out in public, telling the pro-free market Cato Institute in Washington earlier this month that “the substantial new tax credits for electric cars not only bar vehicles made in the U.K. from the U.S. market, but also affect vehicles made in the U.S. by U.K. manufacturers.”

    U.S. Secretary of Commerce Gina Raimondo | Mandel Ngan/AFP via Getty Images

    Badenoch’s comments echo concerns raised by both British automotive lobby group the Society of Motor Manufacturers and Traders (SMMT), and by Jaguar Land Rover, in comments filed with the U.S. Treasury Department.

    The SMMT warned that Biden’s green vehicle package has several “elements of concern that risk creating an uneven competitive environment, with U.K.-based manufacturers and suppliers potentially penalised.” The lobby group is taking aim at the credit scheme’s requirement for green vehicles to be built in North America, with significant subsidies available only if critical minerals are sourced from the U.S. or a U.S. ally.

    In response to Washington’s plans, the EU is preparing what could amount to billions in subsidies for its own industries hit by the U.S. law, which also offers tax breaks to boost American green businesses such as solar panel manufacturers. Britain faces being squeezed in both markets, while lacking any say in whatever response Brussels decides.

    Protectionism that impacts like-minded allies “isn’t the answer to the geopolitical challenges we face,” the British trade department official warned, adding “there is a serious risk” the law disrupts “vital” global supply chains of batteries and electric vehicles.

    The conversations Badenoch had this month in Washington were “reassuring,” the official added. “But it’s for them to address and find solutions.”

    ‘Ton of work to do’

    Yet others believe Badenoch will have a hard time getting her colleagues in the U.S. — now cooling on a much-touted bilateral trade deal — to take action. “The U.S. is minimally focused on how any of their policies are going to impact the U.K.,” admitted a U.S.-based representative of a major business group.

    While Britain and the U.S. are “very close allies”, they added, those in Washington “just don’t really view the U.K. as an interesting trade partner and market right now.” The U.S. is more focused, they noted, on pushing back against China, meaning Badenoch has “a ton of work to do” getting the administration to soften the IRA.

    Nevertheless the U.S. is still working out how its law will actually be implemented, the business figure said, and is assembling a working group on how the IRA impacts trade allies. This has the potential, they added, to “alleviate a lot of the concerns coming out of the U.K.”

    Late Tuesday evening, the SMMT called on the British government to provide greater domestic support for the sector as it prepares to ramp up its own electric vehicle production. The group wants an extension past April on domestic support for firms’ energy costs; a boost to government investment in green energy sources; and a speedier national rollout of charging infrastructure and staff training.

    In the meantime, Britain’s options appear limited.

    Newly manufactured Land Rover and Range Rover vehicles parked and waiting to be loaded for export | Paul Ellis/AFP via Getty Images

    The U.K. “could consider legal action” and haul the U.S. before the World Trade Organization or challenge the EU through provisions in the post-Brexit Trade and Cooperation Agreement, said Lowe of consultancy Flint. “But — to be blunt — neither of them care what we have to say.”

    Anna Jerzewska, a trade advisor and associate fellow at the UK Trade Policy Observatory, suggested pressing ahead “with your own domestic policy and efforts to support strategic industries is perhaps more important” than complaining about foreign subsidy schemes. But she noted that after a “chaotic” political period, Britain is “likely to take longer to respond to external changes and challenges.”

    And in truth, Britain “can’t afford to out-subsidize the U.S. and EU,” said David Henig, a trade expert with the European Centre For International Political Economy think tank.

    Outside the EU, Britain could work to rally allies such as Japan and South Korea who are also unhappy with the Biden administration’s protectionist measures, he noted. “But I don’t think we’re in that position,” Henig said, as it would take a concerted diplomatic effort, and the U.K.’s automotive sector would “have to be well positioned” in the first place, not struggling as it is. He predicted London’s lobbying in Washington and Brussels is “not going to get anywhere.”

    [ad_2]

    Graham Lanktree

    Source link

  • Bitter friends: Inside the summit aiming to heal EU-US trade rift

    Bitter friends: Inside the summit aiming to heal EU-US trade rift

    [ad_1]

    Press play to listen to this article

    Voiced by artificial intelligence.

    The transatlantic reset between Brussels and Washington is on life support.

    After four years of discord and disruption under Donald Trump, hopes were high that Joe Biden’s presidency would usher in a new era of cooperation between Europe and the U.S. after he declared: “America is back.”

    But when senior officials from both sides meet in Washington on Monday for a twice-yearly summit on technology and trade, the mood will be gloomier than at any time since Trump left office.

    The European Union is up in arms over Biden’s plans for hefty subsidies for made-in-America electric cars, claiming these payments, which partly kick in from January 1, are nothing more than outright trade protectionism. 

    At the same time, the U.S. is increasingly frustrated the 27-country bloc won’t be more aggressive in pushing back against China, accusing some European governments of caving in to Beijing’s economic might. 

    Those frictions are expected to overshadow the so-called EU-U.S. Trade and Technology Council (TTC) summit this week. At a time when the Western alliance is seeking to maintain a show of unity and strength in the face of Russian aggression and Chinese authoritarianism, the geopolitical stakes are high. 

    Biden may have helped matters last Thursday, during a joint press conference with French President Emmanuel Macron, by saying he believed the two sides can still resolve some of the concerns the EU has raised. 

    “We’re going to continue to create manufacturing jobs in America but not at the expense of Europe,” Biden said. “We can work out some of the differences that exist, I’m confident.”

    But, as ever, the details will be crucial.

    It is unclear what Biden can do to stop his Buy American subsidies from hurting European car-markers, for example, many of which come from powerful member countries like France and Germany. The TTC summit offers a crucial early opportunity for the two sides to begin to rebuild trust and start to deliver on Biden’s warm rhetoric.

    Judging by the TTC’s record so far, those attending, who will include U.S. Secretary of State Antony Blinken, will have their work cut out.

    More than 20 officials, policymakers and industry and society groups involved in the summit told POLITICO that the lofty expectations for the TTC have yet to deliver concrete results. Almost all of the individuals spoke on the condition of anonymity to discuss sensitive internal deliberations.

    U.S. Secretary of State Antony Blinken will be attending the TTC | Sean Gallup/Getty Images

    Some officials privately accused their counterparts of broken promises, particularly on trade. Others are frustrated at a lack of progress in 10 working groups on topics like helping small businesses to digitize and tackling climate change. 

    “With these kinds of allies, who needs enemies?” said one EU trade diplomat when asked about tensions around upcoming U.S. electric car subsidies. A senior U.S. official working on the summit hit back: “We need the Europeans to play ball on China. So far, we haven’t had much luck.”

    Much of the EU-U.S. friction is down to three letters: IRA.

    Biden’s Inflation Reduction Act, which provides subsidies to “Buy American” when it comes to purchasing electric vehicles, has infuriated officials in Brussels who see it as undermining the multilateral trading system and a direct threat to the bloc’s rival car industry. 

    “The expectation the TTC was established to provide a forum for precisely these advanced exchanges with a view to preventing trade frictions before they arise appears to have been severely frustrated,” said David Kleimann, a trade expert at the Bruegel think tank in Brussels. 

    Biden’s room for flexibility is limited. The context for the subsidies and tax breaks is his desire to make good on his promise to create more manufacturing jobs ahead of an expected re-election run in 2024. The U.S. itself is hovering on the edge of a possible recession. 

    In addition, the U.S. trade deficit with the EU hit a record $218 billion in 2021, second only to the U.S. trade deficit with China. The U.S. also ran an auto trade deficit of about $22 billion with European countries, with Germany accounting for the largest share of that. 

    Washington has few, if any, meaningful policy levers at its disposal to calm European anger. During a recent visit to the EU, Katherine Tai, the U.S. trade representative, urged European countries to pass their own subsidies to jumpstart Europe’s electric car production, according to three officials with knowledge of those discussions. 

    “It risks being the elephant in the room,” said Emily Benson, a senior fellow at the Center for Strategic and International Studies, a Washington-based think tank, when asked about the electric car dispute. 

    After a push from Brussels, there were increasing signs on Friday that the TTC could still play a role. In the latest version of the TTC’s draft declaration, obtained by POLITICO, both sides commit to addressing the European concerns over Biden’s subsidies, including via the Trade and Tech Council. Again, though, there was no detail on how Washington could resolve the issue.

    Politicians across Europe are already drawing up plans to fight back against Biden’s subsidies. That may include taking the matter to the World Trade Organization, hitting the U.S. with retaliatory tariffs or passing a “Buy European Act” that would nudge EU consumers and businesses to buy locally made goods and components.

    Officials and business leaders pose for a photo during the TTC in September 2021 | Pool photo by Rebecca Droke/AFP via Getty Images

    Privately, Washington has not been in the mood to give ground. Speaking to POLITICO before Biden met Macron, five U.S. policymakers said the IRA was not aimed at alienating allies, stressing that the green subsidies fit the very climate change goals that Europe has long called on America to adopt. 

    “There’s just a huge amount to be done and more frankly to be done than the market would provide for on its own,” said a senior White House official, who was not authorized to speak on the record. “We think the Inflation Reduction Act is reflective of that type of step, but we also think there is a space here for Europe and others, frankly, to take similar steps.”

    China tensions

    Senior politicians attending the summit are expected to play down tensions this week when they announce a series of joint EU-U.S. projects.

    These include funds for two telecommunications projects in Jamaica and Kenya and the announcement of new rules for how the emerging technology of so-called trustworthy artificial intelligence can develop. There’s also expected to be a plan for more coordination to highlight potential blockages in semiconductor supply chains, according to the draft summit statement obtained by POLITICO. 

    Yet even on an issue like microchips — where both Washington and Brussels have earmarked tens of billions of euros to subsidize local production — geopolitics intervenes.

    For months, U.S. officials have pushed hard for their European counterparts to agree to export controls to stop high-end semiconductor manufacturing equipment being sent to China, according to four officials with knowledge of those discussions. 

    Washington already passed legislation to stop Chinese companies from using such American-made hardware. The White House had been eager for the European Commission to back similar export controls, particularly as the Dutch firm ASML produced equipment crucial for high-end chipmaking worldwide. 

    Yet EU officials preparing for the TTC meeting said such requests had never been made formally to Brussels. The draft summit communiqué makes just a passing reference to China and threats from so-called non-market economies.

    Unlike the U.S., the EU remains divided on how to approach Beijing as some countries like Germany have long-standing economic ties with Chinese businesses that they are reluctant to give up. Without a consensus among EU governments, Brussels has little to offer Washington to help its anti-China push.

    “In theory, the TTC is not about China, but in practice, every discussion with the U.S. is,” said one senior EU official, speaking on the condition of anonymity. “If we talk with Katherine Tai about Burger King, it has an anti-China effect.”

    Gavin Bade, Clea Caulcutt, Samuel Stolton and Camille Gijs contributed reporting.

    [ad_2]

    Mark Scott, Barbara Moens and Doug Palmer

    Source link

  • Tesla is still dominant, but its U.S. market share is eroding as cheaper EVs arrive

    Tesla is still dominant, but its U.S. market share is eroding as cheaper EVs arrive

    [ad_1]

    A Tesla Model 3 vehicle is on display at the Tesla auto store on September 22, 2022 in Santa Monica, California. Tesla is recalling over 1 million vehicles in the U.S. because the windows can pinch a person’s fingers while being rolled up.

    Allison Dinner | Getty Images

    Tesla is still the top-selling electric vehicle brand in the U.S., but its dominance is eroding as rivals offer a growing number of more affordable models, according to a report Tuesday by S&P Global Mobility.

    The data firm found that Tesla’s market share of new registered electric vehicles in the U.S. stood at 65% through the third quarter, down from 71% last year and 79% in 2020. S&P forecasts Tesla’s EV market share will decline to less than 20% by 2025, with the number of EV models expected to grow from 48 today to 159 by then.

    A drop in Tesla’s U.S. market share was expected, but the rate of the decline could be concerning for investors in Elon Musk’s autos and energy company. As Musk focuses attention on fixing his recently acquired social media company, Twitter, Tesla shares closed down by about a point to $180 on Tuesday. Tesla’s stock has declined by almost half year to date.

    S&P reported that Tesla is slowly losing its stranglehold on the U.S. EV market to fully electric models that are now available in price ranges below $50,000, where “Tesla does not yet truly compete.” Tesla’s entry-level Model 3 starts at about $48,200 with shipping fees, but the vehicles typically retail for higher prices with options.

    “Tesla’s position is changing as new, more affordable options arrive, offering equal or better technology and production build,” S&P said in the report. “Given that consumer choice and consumer interest in EVs are growing, Tesla’s ability to retain a dominant market share will be challenged going forward.”

    Read more about electric vehicles from CNBC Pro

    The new data follows a Reuters report Monday that Tesla is developing a revamped version of its entry-level Model 3 aimed at cutting production costs and reducing the components and complexity in the interior.

    During the company’s third-quarter earnings call in October, Musk said Tesla was finally working on a new, more affordable model that he first teased in 2020.

    “We don’t want to talk exact dates, but this is the primary focus of our new vehicle development team, obviously,” he said, adding that Tesla had completed “the engineering for Cybertruck and for Semi.”

    He described the future vehicle as something “smaller,” that will “exceed the production of all our other vehicles combined.”

    Stephanie Brinley, associate director of AutoIntelligence for S&P Global Mobility, noted that Tesla’s unit sales are expected to increase in coming years despite the decline in its market share.

    Tesla’s current leadership in EVs is over a relatively insignificant market. Despite the amount of attention surrounding EVs, sales of all-electric and plug-in hybrid electric vehicles — which include electric motors as well as an internal combustion engine — remain miniscule.

    Of the 10.22 million vehicles registered in the U.S. through the third quarter, roughly 525,000, or 5.1%, were all-electric models. That’s up from 334,000, or 2.8%, through the third quarter of 2021, according to S&P.

    The majority of the EVs registered through September — or nearly 340,000 — were Teslas, according to S&P. The remaining vehicles were divided, very unevenly, among 46 other nameplates.

    But Tesla’s success in the market as well as government incentives have all but forced traditional automakers to make an effort in the growing EV segment.

    The Ford Mustang Mach-E, ranked third in EV registrations, is the only non-Tesla vehicle in the top five rankings, S&P said. Those EVs were followed by the Chevrolet Bolt and Bolt EUV, Hyundai Ioniq 5, Kia EV6, Volkswagen ID.4 and Nissan Leaf.

    S&P noted that the growth in EVs is largely coming from current owners of Toyota and Honda vehicles. Both of the automakers are well-known for fuel-efficient vehicles but have been slow to transition to all-electric models.

    To help curb carbon and other emissions from traditional gas-powered vehicles, several states and the federal government are encouraging the transition to fully electric vehicles with incentives such as tax breaks.

    Transportation is responsible for 25% of carbon emissions from human activity globally, according to estimates by the nonprofit International Council on Clean Transportation.

    [ad_2]

    Source link

  • Chinese Tesla rival Nio and giant Tencent partner to work on self-driving tech

    Chinese Tesla rival Nio and giant Tencent partner to work on self-driving tech

    [ad_1]

    Nio is trying to stand out from a wave of Chinese electric vehicle competitors through its technology. The company is hoping its partnership with Tencent can help it boost its tech prowess in areas from mapping to autonomous driving.

    Anadolu Agency | Getty Images

    Chinese electric vehicle maker Nio and tech giant Tencent agreed to work together on areas including autonomous driving and high-definition mapping.

    Tencent — a gaming, social media and cloud computing titan — has signed a cooperation agreement with Nio, one of Tesla’s rivals in China, as the firms look to cash in on Beijing’s focus on so-called new energy cars.

    The partnership could allow Tencent to do this, while also giving Nio the technology backing of one of China’s biggest firms. Tencent is already a major investor in Nio, which is striving to differentiate itself from a sea of electric car start-ups.

    It comes after e-commerce firm Alibaba and Nio rival Xpeng in August opened a computing center to train software for driverless cars.

    Nio and Tencent said on Monday they will work together on high-precision mapping systems for drivers. Nio will also be using Tencent’s cloud computing infrastructure for data storage and training for autonomous driving. Driverless cars require huge amounts of real-time data to be processed in order to train algorithms.

    Tencent’s partnership with Nio gives the company another opportunity to push into new business areas as its core video gaming business, which has been battered by strict domestic regulation, continues to face headwinds.

    Nio meanwhile is facing its own challenges, including widening losses and pressure on margins from higher material costs and supply chain issues.

    Still, the company delivered 31,607 vehicles in the third quarter, marking a quarterly delivery record for the start-up.

    However, China’s once high-flying EV start-ups have seen their share prices hammered this year as investors turned away from growth stocks and China’s economy faced a slew of problems.

    [ad_2]

    Source link

  • Biden keeps ignoring Europe. It’s time EU leaders got the message

    Biden keeps ignoring Europe. It’s time EU leaders got the message

    [ad_1]

    Former United States President Donald Trump was a useful bogeyman for Europe. His successor, Joe Biden, is proving much trickier — a friend who says all the right things but leaves you in the lurch when it counts.

    From Washington’s surprise withdrawal from Afghanistan to the transatlantic blowup over submarine sales to Australia (AUKUS) and, now, a growing spat over the Inflation Reduction Act (IRA), which offers tax incentives and subsidies to green U.S. businesses, the Biden administration has, time and again, caught Europe off guard.

    At each new perceived slight, the Europeans express shock, frustration and dismay: How could Washington fail to consult its allies, or at the very least inform them of its plans? Meanwhile, the American response is always some variant of: Terribly sorry, we didn’t even think of that.

    The underlying dynamic is one of polite indifference. Despite Washington’s renewed commitment to NATO and massive outlay of arms and funds to help Ukraine defend itself against Russia, the U.S. remains steadfastly focused on what most perceive to be its main existential challenge: China.

    In that equation, Europe is often an afterthought. It’s just that many on this side of the Atlantic have failed to get the message — or draw conclusions of what it means for the bloc’s future — instead preferring to act out a script of outrage and remonstrance.

    A current example is the blooming transatlantic argument over Biden’s IRA.

    Months in the making, painstakingly hashed out on Capitol Hill, the legislation represents Washington’s best bipartisan effort thus far to decarbonize its economy and prepare for decoupling from China. The bill flags $369 billion for energy and climate programs, including billions in taxpayer-funded subsidies for the production of electric vehicles inside the U.S.

    It just so happens that it’s a potential disaster for Europe.

    Bruised and confused

    Amid an energy crisis that has large parts of the European Union economy staring into an abyss, French President Emmanuel Macron has led the charge against Biden’s IRA, accusing Washington of maintaining a “double standard” on energy and trade. He’s called for Europe to respond in kind by rolling out its own subsidy plan, prompting a visit from U.S. Trade Representative Katherine Tai to an EU trade ministers’ meeting in Prague on October 31.

    But rather than try to cajole them with concessions, Tai invited them to get on board the China train by rolling out their own subsidies — which isn’t what the Europeans wanted to hear.

    According to an EU diplomat who spoke to POLITICO ahead of a trade ministers’ meeting on Friday, members of the bloc still hope that Biden will send the IRA back to Congress for resizing, a prospect U.S. officials say is about as likely as canceling Thanksgiving.

    The result is that Europe is now back in familiar territory: Bruised, confused and scrambling for a response while failing to formulate its own cohesive strategy to contend with China. And instead of receiving solidarity from Washington in a time of war, they feel the U.S. has maneuvered itself into a perfect position to suck investment out of Europe.

    The outlines of an EU response to the IRA did start to take shape earlier this week, when Paris and Berlin — only recently back on speaking terms after a falling out — jointly called for an EU plan to subsidize domestic industries.

    But that plan is likely weeks, even months, away from becoming a reality. And even if all 27 EU countries manage to strike a deal, their leaders will be hard-pressed to inject anywhere near as much money into it as Washington has earmarked, as most EU countries are still howling in pain over the high price of gas — much of which they now import from liquid natural gas terminals in Texas.

    Again, Biden’s America is looking after its interests while the EU’s left to groan about missed signals, hurt feelings and unfair practices.

    The tragedy for Europe is that this is happening at a time when transatlantic relations are meant to be at an all-time high. Biden’s election, followed by the war in Ukraine and Washington’s massive investment in shoring up NATO’s eastern flank, was meant to signal the U.S.’s decisive return to the European sphere.

    But what the Europeans are discovering is that the Ukraine war is just one facet of the U.S.’s larger strategic duel with China, which will always take precedence over EU interests.

    That was true under Trump, and it remains true under his successor. It’s just that the message is delivered in a different style.

    In the long run, Biden’s polite indifference may prove more deadly.

    [ad_2]

    Nicholas Vinocur

    Source link

  • EU plans subsidy war chest as industry faces ‘existential’ threat from US

    EU plans subsidy war chest as industry faces ‘existential’ threat from US

    [ad_1]

    Press play to listen to this article

    Voiced by artificial intelligence.

    The EU is in emergency mode and is readying a big subsidy push to prevent European industry from being wiped out by American rivals, two senior EU officials told POLITICO.

    Europe is facing a double hammer blow from the U.S. If it weren’t enough that energy prices look set to remain permanently far higher than those in the U.S. thanks to Russia’s war in Ukraine, U.S. President Joe Biden is also currently rolling out a $369 billion industrial subsidy scheme to support green industries under the Inflation Reduction Act.

    EU officials fear that businesses will now face almost irresistible pressure to shift new investments to the U.S. rather than Europe. EU industry chief Thierry Breton is warning that Biden’s new subsidy package poses an “existential challenge” to Europe’s economy.

    The European Commission and countries including France and Germany have realized they need to act quickly if they want to prevent the Continent from turning into an industrial wasteland. According to the two senior officials, the EU is now working on an emergency scheme to funnel money into key high-tech industries.

    The tentative solution now being prepared in Brussels is to counter the U.S. subsidies with an EU fund of its own, the two senior officials said. This would be a “European Sovereignty Fund,” which was already mentioned in the State of the Union address by Commission President Ursula von der Leyen in September, to help businesses invest in Europe and meet ambitious green standards.

    Senior officials said the EU had to act extremely quickly as companies are already making decisions on where to build their future factories for everything from batteries and electric cars to wind turbines and microchips.

    Another reason for Brussels to respond rapidly is to avoid individual EU countries going it alone in splashing out emergency cash, the officials warned. The chaotic response to the gas price crisis, where EU countries reacted with all sorts of national support measures that threatened to undermine the single market, is still a sore point in Brussels.

    European Commissioner Breton especially has led the pack in sounding alarm bells. At a meeting with EU industry leaders Monday, Breton issued his warning on the “existential challenge” to Europe from the Inflation Reduction Act, according to people in the room. Breton said it was now a matter of utmost urgency to “revert the deindustrialization process taking place.”

    Breton was echoing calls from business leaders all over Europe warning about a perfect storm brewing for manufacturers. “It’s a bit like drowning. It’s happening quietly,” BusinessEurope President Fredrik Persson said.

    The Inflation Reduction Act is a particular bugbear to EU carmaking nations — such as France and Germany — as it encourages consumers to “Buy American” when it comes to electric vehicles. Brussels and EU capitals see this as undermining global free trade, and Brussels wants to cut a deal in which its companies can enjoy the same American benefits.

    With a diplomatic solution seeming unlikely and Brussels wanting to avoid an all-out trade war, a subsidy race now looks increasingly likely as a contentious Plan B.

    To do that, it will be vital to secure support from Germany and from the more economically liberal commissioners such as trade chief Valdis Dombrovskis and competition chief Margrethe Vestager.

    At a meeting of EU trade ministers on Friday, Brussels hopes to get more clarity from Berlin on whether they are willing to break their subsidy taboo.

    France has long been calling for a counterstrike against Washington by funneling state funds into European industry to help industrial champions on the Continent. That idea is now also gaining traction in Berlin, which has traditionally been economically more liberal.

    On Tuesday, German Economy Minister Robert Habeck and his French counterpart Bruno Le Maire issued a joint statement to call for an “EU industrial policy that enables our companies to thrive in the global competition especially through technological leadership,” adding that “we want to coordinate closely a European approach to challenges such as the United States Inflation Reduction Act.”

    Apart from the trade ministers’ meeting on Friday, the idea will also informally be discussed among competition ministers next week. One official said European leaders will also discuss it on the margins of the Western Balkan summit on December 6 and at the European Council mid-December.

    Hans von der Burchard, Giorgio Leali and Paola Tamma contributed reporting.

    [ad_2]

    Jakob Hanke Vela and Barbara Moens

    Source link

  • China ‘played a great game’ on lithium and we’ve been slow to react, CEO says

    China ‘played a great game’ on lithium and we’ve been slow to react, CEO says

    [ad_1]

    This image, from March 2021, shows a worker with car batteries at a facility in China.

    STR | AFP | Getty Images

    China is leading the way when it comes to lithium — and the rest of the world has not been quick enough to respond to its dominance, according to the CEO of American Lithium.

    Speaking to CNBC’s “Squawk Box Europe” Monday, Simon Clarke discussed how China had secured its position of strength within the industry.

    “I just think the Chinese have — I mean you have to take your hat off, they’ve played a great game,” he said.

    “For decades, they’ve been locking up some of the best assets across the world and quietly going about their business and developing knowledge on building lithium-ion technology, soup to nuts,” he added. “And we’ve been very slow to react to that.”

    He added that the U.S.’ Inflation Reduction Act, and a number of other measures, meant people were “starting to wake up to it.”

    Alongside its use in cell phones, computers, tablets and a host of other gadgets synonymous with modern life, lithium — which some have dubbed “white gold” — is crucial to the batteries that power electric vehicles.

    Read more about China from CNBC Pro

    China is certainly a dominant force within the sector.

    In its World Energy Outlook 2022 report, the International Energy Agency said the country accounted for roughly 60% of the world’s lithium chemical supply. China also produces three-quarters of all lithium-ion batteries, according to the IEA.

    With demand for lithium rising, major economies are attempting to shore up their own supplies and reduce dependency on other parts of the world, including China.  

    The stakes are high. In a translation of her State of the Union speech, delivered in September, European Commission President Ursula von der Leyen said “lithium and rare earths will soon be more important than oil and gas.”

    As well as addressing security of supply, von der Leyen also stressed the importance of processing.

    “Today, China controls the global processing industry,” she said. “Almost 90% … of rare earth[s] and 60% of lithium are processed in China.”

    Read more about electric vehicles from CNBC Pro

    With the above in mind, a number of companies in Europe are looking to develop projects centered around securing supply.

    Paris-headquartered minerals giant Imerys, for example, plans to develop a lithium extraction project in the center of France, while a facility described as the U.K.’s first large-scale lithium refinery is set to be located in the north of England.

    Looking ahead, American Lithium’s Clarke forecast continued geopolitical competition within the sector.

    “There’s a real initiative to wrest back some of the supply chain from … China,” he said.

    “I think China is in such a dominant position, it’s going to be very hard to do that. But … I think you’re starting to see that approach happening.”

    [ad_2]

    Source link

  • BluWave-ai Launches EV Fleet Orchestrator SaaS Product to Holistically Optimize Fleet Operations and Electricity Utilization

    BluWave-ai Launches EV Fleet Orchestrator SaaS Product to Holistically Optimize Fleet Operations and Electricity Utilization

    [ad_1]

    Product Leverages USPTO Filed and Granted Patents, Supported by $1.7M Co-Investment from FedDev Ontario

    Press Release


    Nov 17, 2022

    BluWave-ai announced that version 2.0 of the BluWave-ai EV Fleet Orchestrator™ launched today with the support of $1.7M co-funding from FedDev Ontario. Available now, this software-as-a-service (SaaS) product supports vehicle fleet operators as they electrify their operations. These operators include municipal mass transit, last-mile delivery, airport ground support, corporate vehicle fleets and for revenue electric vehicle (EV) fleet operations such as taxis.

    Built on BluWave-ai’s established AI energy optimization platform and leveraging its technology IP portfolio, the EV Fleet Orchestrator™ reduces the overall cost of operations and carbon footprint for fleet operations with mixed battery electric and fossil-fueled vehicles running out of buildings, depots or regional networks of depot/hubs. The product manages the live operation of EV transport systems, including operating vehicles and managing buildings/depots’ electricity utilization, including real-time market price management and peak shaving targets.

    The product also provides simulation of fleet operations to assist in planning and right-sizing capital assets such as number/types of chargers, numbers of EVs and depot energy storage and local renewable generation.

    To effectively manage the operation and charging of EV fleets in real time is a highly complex task, requiring the intelligent coordination of separate, but interrelated systems. This includes building energy management, local generation and storage, energy purchases, as well as meeting service levels and turnaround time requirements.

    BluWave-ai’s EV Fleet Orchestrator™ optimizes energy costs in real time by consolidating the many parameters of energy and fleet operations, providing a holistic view and coordinated energy dispatch/control of charging, scheduling and static energy assets. This optimization includes managing peak loads at depots to minimize the grid demand and capital infrastructure requirements. It integrates data from weather feeds, building electrical systems, electricity market pricing, chargers, traffic, vehicle telematics and information, including vehicle state of charge, position, speed, and range to empty. These data sets are acquired live and from historical operations integrating with BluWave-ai Atlas to enable them AI-ready for EV Fleet Orchestration.

    “For the past five years, BluWave-ai has been building here in Ottawa one of the world’s premier companies at the intersection of renewable energy, transport electrification, decarbonization, data and artificial intelligence. We are leveraging the talent of Canadian AI researchers, building off our successful patent-protected electricity grid optimization software product, to solve the hardest and most pressing challenges related to climate change with our global customer base,” said Devashish Paul, CEO and founder of BluWave-ai. “We see all the CAPEX on EV fleets, but then fleet operators are leaving electric vehicles parked. They are sending diesel miles to the road because they don’t fully understand when to charge and when to drive, with this $1.7M grant from Fed Dev Ontario, we will be able to augment capabilities of our EV Fleet Orchestrator™ AI product with fleet operators in Canadian, U.S., European, and Indian markets.”

    To date, BluWave-ai has completed analysis and simulation for Dubai Taxi’s fleet operations which showed an initial 13% reduction in emissions and energy costs as an example of the benefits for revenue fleet operators. In addition to building the SaaS product, BluWave-ai has tested the technology at its OCPP-controlled charger live lab, “The Flight Test Center,” integrated with multiple chargers where features are tested and stabilized prior to live fleet operations.

    FedDev Ontario is providing a $1.7M interest-free repayable loan as part of a larger $6M project. This support cross-subsidizes testing, bringing the BluWave-ai EV Fleet Orchestrator top reproduction-ready stage for multiple worldwide markets. This will also create 50 additional jobs with a private investor and corporate investor financing as part of BluWave-ai’s current Series A round.

    “Businesses are the heart of our communities across the country. That is why FedDev Ontario is investing in tech firms like BluWave-ai that are creating the tools needed by our businesses to adapt to a new digital and energy-efficient future,” said The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Helping companies innovate so that they can increase their competitiveness and create high-quality jobs will continue to be a priority for our Government. Investments like these ensure that tech hubs like Ottawa continue to attract new investments and contribute to a growing economy.”

    “The Ottawa Tech industry has been on the forefront of transformation of a variety of industries from telecom, to networking, to AI and Cloud-based software solutions,” said Michael Tremblay, President and CEO of Invest Ottawa. “With BluWave-ai, we are excited to lead the global energy transition combining all of those skills that Ottawa is renowned for and using them to affect Climate Impact with renewable energy and Electric Vehicles. While the rest of the world is planning at COP27, BluWave-ai has already put together several of the key product building blocks to drive the energy transition globally leveraging key local engineering talent based in our city.”

    BluWave-ai is offering five days of free data scientist and optimization services for qualified fleet operators wishing to analyze infrastructure, capital and operational planning for EV onboarding on a first come, first served basis. Contact info@bluwave-ai.com to apply for this offering.

    Source: BluWave-ai

    [ad_2]

    Source link

  • Germany mulls breaking subsidy taboo to avoid trade war with Biden

    Germany mulls breaking subsidy taboo to avoid trade war with Biden

    [ad_1]

    Press play to listen to this article

    Voiced by artificial intelligence.

    BERLIN — With only six weeks to avoid a transatlantic trade showdown over green industries, the Germans are frustrated that Washington isn’t offering a peace deal and are increasingly considering a taboo-breaking response: European subsidies.

    Europe’s fears hinge on America’s $369 billion package of subsidies and tax breaks to bolster U.S. green businesses, which comes into force on January 1. The bugbear for the Europeans is that Washington’s scheme will encourage companies to shift investments from Europe and incentivize customers to “Buy American” when it comes to purchasing an electric vehicle — something that infuriates the big EU carmaking nations like France and Germany.

    The timing of this protectionist measure could hardly be worse as Germany is in open panic that several of its top companies — partly spurred by energy cost spikes after Russia’s invasion of Ukraine — are shuttering domestic operations to invest elsewhere. The last thing Berlin needs is even more encouragement for businesses to quit Europe, and the EU wants the U.S. to cut a deal in which its companies can enjoy the American perks.

    A truce seems unlikely, however. If this spat now spirals out of control, it will lead to a trade war, something that terrifies the beleaguered Europeans. While the first step would be a largely symbolic protest at the World Trade Organization (WTO), the clash could easily slide precipitously back toward the tit-for-tat tariff battles of the era of former U.S. President Donald Trump.

    This means that momentum is growing in Berlin for a radical Plan B. Instead of open tariff war with America, the increasingly discussed option is to rip up the classic free-trade rulebook and to play Washington at its own game by funneling state funds into European industry to rear homegrown green champions in sectors such as solar panels, batteries and hydrogen.

    France has long been the leading advocate of strengthening European industry with state largesse but, up until now, the more economically liberal Germans have not wanted to launch a subsidy race against America. The sands are now shifting, however. Senior officials in Berlin say they are increasingly leaning toward the French thinking, should the talks with the U.S. not lead to an unexpected last-minute solution.

    Berlin is the 27-nation bloc’s economic powerhouse, so it will be a decisive moment if Berlin ultimately decides to throw its might behind the state-led subsidy approach to an industrial race with the U.S.

    Running out of time

    The clock is ticking for a truce with Biden that looks increasingly unlikely.

    Recent attempts by a special EU-U.S. task force to address EU concerns have met little enthusiasm on the American side to amend the controversial legislation, the European Commission told EU countries this week.

    “There are only a few weeks left,” warned Bernd Lange, the chair of the European Parliament’s trade committee, adding that “once the act is implemented, it will be too late for us to achieve any changes.”

    Lange said that the failure to reach a deal would likely trigger a WTO lawsuit by the EU against the U.S., and Brussels could also strike back against what it sees as the discriminatory U.S. subsidies by imposing punitive tariffs. Warnings of a trade war are already overshadowing the runup to a high-level EU-U.S. meeting in Washington on December 5.

    MEP Bernd Lange Lange said that the failure to reach a deal would likely trigger a WTO lawsuit by the EU against the U.S. | Philippe Buissin/European Union

    It’s precisely the kind of spat that the German government wants to avoid, as Chancellor Olaf Scholz hopes to forge unity among like-minded democracies amid Russia’s war and the the increasing challenges posed by China. Earlier this month, Scholz’s government made an overture to Washington by suggesting that a new EU-U.S. trade deal could be negotiated to resolve differences, but that proposal was quickly rejected.

    There are sympathizers for the subsidies approach in Brussels, with officials at the EU’s executive saying powerful Internal Market Commissioner Thierry Breton is a leading proponent. Breton is already advocating for a “European Solidarity Fund” to help “mobilizing the necessary funding” to strengthen European autonomy in key sectors like batteries, semiconductors or hydrogen. Support from Germany could help Breton win the upper hand in internal EU strategy discussions over the more cautious Trade Commissioner Valdis Dombrovskis.

    Breton will travel to Berlin on November 29 to discuss the consequences of the Inflation Reduction Act as well as industrial policy and energy measures with Scholz’s government.

    The German considerations even echo calls from top officials of the Biden administration, including U.S. Trade Representative Katherine Tai, who are urging the EU to not engage in a transatlantic trade dispute and instead roll out their own industrial subsidies; a strategy that Washington also sees as way to reduce dependence on China.

    Plan B

    Scholz first indicated late last month that the EU might have to respond to the U.S. law with its own tax cuts and state support if the negotiations with Washington fail to reach a solution, lending support to similar plans articulated by French President Emmanuel Macron, who will meet Biden on December 1 in Washington.

    Although Scholz does not endorse Macron’s framing of the initiative as a “Buy European Act” (which sounds too protectionist for the Germans), the chancellor agrees that the EU cannot stand by idly if it faces unfair competition or lost investments, people familiar with his thinking said late last month.

    Negative economic news, such as carmaker Tesla putting plans for a new battery factory in Germany on hold and instead investing in the U.S., or steelmaker ArcelorMittal partly closing operations in Germany, have increased calls in Berlin to consider more state support to counter a negative trend caused by both the U.S. scheme and high energy prices.

    Although the official government line remains that Berlin is still holding out hope for a negotiated solution with Washington, officials in Berlin say that it could be possible to increase incentives for industries to locate the production of green technologies in Europe.

    A spokesperson for the German Economy Ministry said that faced with the challenges stemming from the Inflation Reduction Act, “we will have to come up with our own European response that puts our strengths first … The aim is to competitively relocate green value creation in Europe and strengthen our own production capacities.”

    The spokesperson warned, however, that both the U.S. and EU “must be careful that there is no subsidy race that prevents the best ideas from prevailing in the market,” and added: “Green technologies in particular thrive best in fair competition; protectionism cripples innovation.”

    One important condition that could help Germany and the EU to safeguard said fair competition and to avoid the global free trade system descending into protectionist tendencies would be to ensure that any EU state subsidies remain in line with WTO rules. That means, in contrast to the U.S. law, that those subsidies would not discriminate between local and foreign producers.

    German Chancellor Olaf Scholz first indicated late last month that the EU might have to respond to the U.S. law with its own tax cuts and state support | Sean Gallup/Getty Images

    Crucially, support is also coming from German industry.

    “In the area of industrial policy and subsidies, we could look at measures that are compatible with WTO rules — as the EU is already doing in the chip sector,” said Volker Treier, the head of foreign trade at the German Chamber of Commerce.

    Treier also stressed that “there must be no discrimination” against foreign investors, but added: “This explicitly does not rule out the possibility of settlement bonuses, which in turn should be available to investors from all countries who would be interested in such investment commitments in Europe.”

    In Brussels, the Commission’s competition department has also made clear that it’s looking with an open mind at upcoming proposals.

    “There are no instruments excluded a priori” when it comes to the EU’s response to the U.S. subsidies, the department’s state aid Deputy Director General Ben Smulders said Thursday.

    Barbara Moens, Suzanne Lynch and Pietro Lombardi in Brussels and Laura Kayali and Clea Caulcutt in Paris contributed reporting.

    [ad_2]

    Hans von der Burchard

    Source link

  • The new Toyota Prius has a huge power boost and even better fuel efficiency | CNN Business

    The new Toyota Prius has a huge power boost and even better fuel efficiency | CNN Business

    [ad_1]



    CNN
     — 

    Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. It’s lower, longer and sleeker looking, with just less than a 10% improvement in the model’s vaunted fuel efficiency. Bigger gains come in terms of power and performance.

    The hybrid Prius, which produces electricity to recharge its own batteries while it drives, will produce up to 196 horsepower, 62% more than the current model’s 121 peak horsepower. It will also manage to get about 57 miles per gallon of gasoline, according to Toyota’s estimates, compared to 56 mpg in the 2022 model year Prius Eco L.

    As with the current Prius, the new version will be available with all-wheel-drive with a separate electric motor powering the back wheels.

    Toyota also revealed a new version of the plug-in hybrid Prius Prime. The Prime uses more powerful batteries that, in addition to being charged by the car itself, can also be charged through a plug. With its batteries fully charged, the new Prius Prime will go at least 50% farther without burning any gasoline as today’s Prius Prime does, according to Toyota. That means it should be capable of 37.5 miles or more of electric-only driving – compared 25 in today’s Prius Prime model – after which it will operate as a standard hybrid switching between gas and electric power. It will be able to produce up to 220 horsepower, 100 horsepower more than today’s Prius Prime.

    The roofline is two inches lower than the current model and the car is also an inch wider. More expensive Prius XLE models get bigger 19-inch wheels for a flashier look. Inside, the new Prius has a gauge screen in front of the driver, as in most cars, rather than in the middle of the dashboard as in past Prius models. There is a large center touchscreen, as well.

    The added power comes from new lithium-ion batteries as well as a slightly larger gas engine. The new battery pack is smaller and lighter than the ones used before but still more powerful, according to Toyota.

    When it first came to the United States as a 2001 model, the Prius – the name is Latin for “go before” – helped introduce America to the idea of fuel-efficient hybrid driving. The basic idea is that the car can be driven by electric motors sometimes, especially at lower speeds or when high power isn’t needed, allowing the gas engine to be used as efficiently as possible.

    The new Prius has a more convential-looking interior with a gauges in front of the driver instead of in the middle of the dashboard.

    The 2001 Prius got a combined 41 miles per gallon using modern EPA rating standards. (It was rated at 48 miles per gallon when it came out but the EPA used a more forgiving rating system at the time.) With its gas engine and electric motor, it managed just 70 horsepower. Both horsepower and efficiency improved over the subsequent four generations of the car. The Honda Insight hybrid was available in America a year before the Prius and got significantly better fuel economy, but the Prius was a more popular and practical car, and it became the standard bearer for hybrids.

    Toyota executives have insisted that hybrids, which are less expensive and easier to own than fully electric cars, provide a better opportunity than EVs to reduce global vehicle emissions. Almost every vehicle in Toyota’s line-up is now available with hybrid power. There are hybrid versions of the Corolla and Camry sedans and Highlander and Rav4 SUVs. Even the huge Tundra pickup and Sequoia SUV are available as hybrids, and the Sienna minivan is sold in the US only as a hybrid.

    While Toyota has introduced more hybrid models, Prius sales have gone from representing 9.5% of Toyota’s US sales ten years ago to just 1.4% now, according to data from Edmunds.com.

    Toyota also unveiled an electric SUV concept.

    Toyota has been seen as a laggard in fully electric cars. The automaker only recently introduced its first mainstream fully electric vehicle long after others like GM, Ford, and Volkswagen Group had been offering them. The Toyota BZ4X electric SUV was developed in cooperation with Subaru which sells an almost identical model. Shortly after it went on sale, though, the BZ4X had to be pulled from the market over safety concerns. It was found that the wheels could loosen and even fall off. That issue is now being fixed following months of investigation to find the root causes. Reuters has reported that Toyota is now rethinking its EV strategy.

    Along with the Prius, Toyota also unveiled the Toyota BZ Compact SUV concept. Toyota has said it plans to one day offer 30 different purely electric vehicle and to be carbon neutral by 2050 with a mix of electric and “alternative fuel” models.

    [ad_2]

    Source link

  • Rivian seeks to cut costs while boosting EV production to meet 2022 targets

    Rivian seeks to cut costs while boosting EV production to meet 2022 targets

    [ad_1]

    Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. 

    Justin Sullivan | Getty Images

    Electric vehicle maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle production target for 2022, but said it plans to spend less to do it as the company reported third-quarter revenue that fell short of Wall Street’s expectations.

    Rivian cut its guidance for 2022 capital expenditures: It now expects its full-year capital expenditures to total about $1.75 billion, down from the $2 billion it guided to after the second quarter, as it shifts some planned spending to next year.

    The company still expects its full-year adjusted loss before income, taxes, depreciation and amortization to come in at $5.4 billion, in line with the guidance it gave in August.

    Shares of the company rose 7% in after-hours trading.

    Here are the key numbers from Rivian’s third-quarter earnings report, compared with average Wall Street analyst expectations as complied by Refinitiv:

    • Revenue: $536 million, versus $551.6 million expected.
    • Adjusted loss per share: $1.57, versus an expected loss of $1.82 per share.

    Rivian’s net loss for the third quarter was about $1.72 billion, a wider loss than the $1.23 billion it reported a year earlier.

    As of September 30, the company had about $13.8 billion in cash remaining, down from $15.5 billion as of June 30. Rivian said while inflation has been a factor in its supply chain, it’s taking steps to reduce costs and slow spending on future product. It reiterated that it’s “confident” its cash hoard will last through 2025.

    As part of its moves to slow spending, the company now expects to launch its upcoming smaller product platform, called R2, in 2026 rather than in 2025 as it had previously said. The R2 will be built in a new factory in Georgia.

    Rivian said it now has “over 114,000” preorders for its R1-series trucks and SUVs, up from about 98,000 preorders as of Aug. 11. Those totals don’t include the 100,000 electric delivery vans ordered by Amazon in 2020.

    Rivian said it’s added a second shift of workers at its Illinois factory, a key step toward boosting production volumes. It noted that the new workers are still coming online — but said that the second shift is already producing vehicles.

    Rivian said on Oct. 3 that it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers during the period. Year to date, through the third quarter, Rivian produced 14,317 vehicles.

    The automaker also said Wednesday that with production volumes increasing, it has moved to shipping its vehicles by rail, rather than by truck. That change has reduced costs, but it also means that new vehicles may take more time to get to customers after being produced. Because of that lag, Rivian said, the gap between its quarterly production and delivery totals may increase going forward.

    This story is developing. Please check back for updates.

    [ad_2]

    Source link

  • Elon Musk sells $3.95 billion worth of Tesla stock

    Elon Musk sells $3.95 billion worth of Tesla stock

    [ad_1]

    Twitter’s new owner and Tesla CEO Elon Musk sold nearly $4 billion worth of Tesla shares, according to regulatory filings.

    Musk, who bought Twitter for $44 billion, sold 19.5 million shares of the electric car company from Nov. 4 to Nov. 8, according to Tuesday’s filings with the Securities and Exchange Commission.

    He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday’s filings, likely to fund his share of the Twitter purchase.

    The takeover of Twitter has not been smooth and the social media platform has seen the exodus of some big advertisers in recent weeks in including United Airlines, General Motors, REI, General Mills and Audi.

    Musk acknowledged “a massive drop in revenue” at Twitter, which heavily relies on advertising to make money.

    Musk had signaled that he was done selling Tesla shares and the revelation that those sales continue left some industry analysts exasperated.

    “Our fear heading into the final days of the deal was that Musk was going to be forced to sell more Tesla stock to fund the disaster Twitter deal and ultimately those fears came true which speaks to some of the massive selling pressures on the stock of late,” wrote Daniel Ives at Wedbush. “For Musk who multiple times over the past year has said he is ‘done selling Tesla stock’ yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment.”

    Most of Musk’s wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world’s richest person.

    Musk had lined up banks including Morgan Stanley to help finance the Twitter deal. His original share of the deal was about $15.5 billion, Ives estimated . But if equity investors dropped out, Musk would be on the hook to replace them or throw in more of his own money.

    “The Twitter circus show has been an absolute debacle from all angles since Musk bought the platform for all the world to see: from the 50% layoffs and then bringing back some workers, to the head scratching verification roll-out to users which many are pushing back on, to the constant tweeting in this political firestorm backdrop, and now…..selling more TSLA stock,” Ives wrote. “When does it end?”

    Shares of Tesla Inc., which were flat before the opening bell Wednesday, have fallen 8% this week and are down 46% this year, far outpacing broader market declines in what has been a dreadful year for investors.

    [ad_2]

    Source link

  • Elon Musk sells $3.95 billion worth of Tesla stock

    Elon Musk sells $3.95 billion worth of Tesla stock

    [ad_1]

    Twitter’s new owner and Tesla CEO Elon Musk sold nearly $4 billion worth of Tesla shares, according to regulatory filings.

    Musk, who bought Twitter for $44 billion, sold 19.5 million shares of the electric car company from Nov. 4 to Nov. 8, according to Tuesday’s filings with the Securities and Exchange Commission.

    He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday’s filings, likely to fund his share of the Twitter purchase.

    The takeover of Twitter has not been smooth and the social media platform has seen the exodus of some big advertisers in recent weeks in including United Airlines, General Motors, REI, General Mills and Audi.

    Musk acknowledged “a massive drop in revenue” at Twitter, which heavily relies on advertising to make money.

    Musk had signaled that he was done selling Tesla shares and the revelation that those sales continue left some industry analysts exasperated.

    “Our fear heading into the final days of the deal was that Musk was going to be forced to sell more Tesla stock to fund the disaster Twitter deal and ultimately those fears came true which speaks to some of the massive selling pressures on the stock of late,” wrote Daniel Ives at Wedbush. “For Musk who multiple times over the past year has said he is ‘done selling Tesla stock’ yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment.”

    Most of Musk’s wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world’s richest person.

    Musk had lined up banks including Morgan Stanley to help finance the Twitter deal. His original share of the deal was about $15.5 billion, Ives estimated . But if equity investors dropped out, Musk would be on the hook to replace them or throw in more of his own money.

    “The Twitter circus show has been an absolute debacle from all angles since Musk bought the platform for all the world to see: from the 50% layoffs and then bringing back some workers, to the head scratching verification roll-out to users which many are pushing back on, to the constant tweeting in this political firestorm backdrop, and now…..selling more TSLA stock,” Ives wrote. “When does it end?”

    Shares of Tesla Inc., which were flat before the opening bell Wednesday, have fallen 8% this week and are down 46% this year, far outpacing broader market declines in what has been a dreadful year for investors.

    [ad_2]

    Source link