All articles tagged with #battery production
Originally Published 27 days ago — by NPR
Ford has ceased production of its electric F-150 Lightning pickup due to unprofitability, shifting focus to hybrid models and smaller, more affordable EVs, while repurposing battery plants for grid storage and industrial use amid changing market and regulatory conditions.
Originally Published 1 year ago — by CNBC
Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the U.S. to restructure its debt and secure new financing, impacting Europe's electric vehicle ambitions. Despite financial challenges, Northvolt aims to continue operations and maintain its flagship gigafactory in Sweden, while reducing its workforce as part of a cost-cutting drive. The restructuring is expected to finalize by early next year, allowing the company to strengthen its capital structure and continue its mission to establish a European base for battery production.
Originally Published 1 year ago — by TESLARATI
Northvolt AB, a Swedish battery manufacturer, has filed for Chapter 11 bankruptcy protection in the U.S. to restructure its $5.8 billion debt and secure a sustainable operational foundation. The company aims to complete its restructuring by early 2024, with $100 million in new financing to support the process. Northvolt plans to focus on meeting commitments to stakeholders and establishing a competitive platform for future growth in the battery production industry.
Originally Published 1 year ago — by Financial Times
Swedish battery start-up Northvolt has filed for Chapter 11 bankruptcy protection in the US after failing to secure a last-minute rescue package. Despite raising over $15 billion from investors like Volkswagen and Goldman Sachs, Northvolt struggled to ramp up production at its Swedish factory, producing less than 1% of its capacity last year. The company plans to continue operations and access $145 million in cash, with an additional $100 million from Scania, while seeking new capital. Northvolt's German and Canadian operations remain unaffected due to separate financing.
Originally Published 1 year ago — by Financial Times
Swedish battery maker Northvolt is on the brink of bankruptcy as it struggles to secure short-term financing or a rescue package after talks collapsed. The company, which aimed to rival Asian battery producers for Europe's electric vehicle market, has faced production issues and lost a major contract with BMW. Despite raising over $15 billion from investors like Volkswagen and Goldman Sachs, Northvolt has cut jobs and projects to focus on its Skellefteå factory. With the Swedish government ruling out a bailout, insolvency seems imminent.
Originally Published 1 year ago — by Engadget
Toyota announces a $1.3 billion investment in its Kentucky facility to focus on EV production, including a new three-row electric SUV for US customers. The investment will also go towards creating a battery pack assembly line, with plans for three battery ranges and the development of solid-state batteries.
Originally Published 2 years ago — by Electrek.co
Swedish battery producer Northvolt secures a landmark $5 billion, adding to its $13 billion in equity and debt, to expand operations globally and build and expand battery plants in Sweden, Poland, Germany, the United States, and Canada. The company's order book includes over $55 billion from automakers, and it recently received European approval for a €902 million subsidy from the German government. Northvolt's expansion is seen as crucial for Europe's energy transition and reducing dependency on China in the battery market.
Originally Published 2 years ago — by TESLARATI
Panasonic expects to release updated 2170 and 4680 battery cells this year, potentially enabling Tesla to offer cheaper electric vehicles. The companies have collaborated at the Gigafactory Nevada facility and are striving to stay ahead in the competitive EV landscape. Panasonic plans to increase battery production capacity by 10% and build new factories in Kansas for 2170 and 4680 cells. The location of the third factory will be announced soon, with thousands of employees expected to be hired.
Originally Published 2 years ago — by Electrek.co
Panasonic plans to produce a new version of the 2170 cells used in Tesla vehicles at its Nevada plant, aiming to quadruple production capacity by 2030 without building new factories. The improved cells with higher energy density could reduce EV prices. The company also announced plans for a new battery manufacturing plant in the US and an agreement to purchase nano-composite silicon anode material, which could enable 500-mile nonstop trips and 10-minute recharges in EVs. The Biden administration's Inflation Reduction subsidies have been beneficial for Panasonic, with the company forecasting a $587 million increase in operation during the fiscal year ending March 2024.
Originally Published 2 years ago — by Electrek
Tesla has confirmed that the Model Y is "likely" to see reductions in its federal tax credits, similar to the Model 3 RWD and Model 3 Long Range, which will lose the full $7,500 tax credit for electric vehicles starting January 1st. The reduction in tax credits is due to increased requirements for electric vehicles to have fewer parts, particularly batteries, from China. Tesla is working to produce more batteries locally in the US to regain access to the full tax credit, but it is unclear when this will happen.
Originally Published 2 years ago — by TESLARATI
The White House has issued new guidance on federal electric vehicle (EV) tax credits in the U.S., providing a temporary exemption for automakers to switch to domestic minerals for battery production. The updated guidance aims to wean the U.S. battery supply chain off of China and other foreign sources. The exemption allows vehicles utilizing critical battery materials from China and other "Foreign Entities of Concern" to remain eligible for incentives until 2024 for completed batteries and until 2025 for trace critical minerals. The new rules are expected to limit the number of eligible EVs for the credit and require instant access to rebates for buyers.
Originally Published 2 years ago — by CNBC
Tesla shares dropped nearly 5% after Panasonic, a key supplier, reduced battery cell production in Japan, raising concerns about softening demand for electric vehicles (EVs). The decline comes after Tesla's Q3 earnings report, where CEO Elon Musk warned about the pressure of interest rates on EV prices and the challenges with the production of the Cybertruck. Since the earnings call, Tesla shares have fallen over 18%, resulting in short sellers making $3 billion. Bernstein expects lower margins and disappointing volumes for Tesla in fiscal 2024, with a price target of $150 on Tesla shares. The bearish sentiment is also affecting other parts of the EV market, with shares of ON Semiconductor, a chip supplier for EVs, down 20% after offering disappointing Q4 guidance.
Originally Published 2 years ago — by Electrek.co
Panasonic is slowing down its battery production in Japan due to weaker demand for electric vehicles, but it suggests that demand from Tesla remains strong. The company's North American operations, particularly its partnership with Tesla at Gigafactory Nevada, continue to see steady production and firm sales. While the global slowdown in EV sales has affected Panasonic's battery division, it remains an investment priority for the company. This indicates that Tesla's Model 3 and Model Y production and battery orders are unlikely to be affected.
Originally Published 2 years ago — by The Register
Automobile manufacturers are urging the EU to postpone a 10% tariff on electric vehicle (EV) exports to the UK, which is set to take effect on January 1. The tariff was included in the EU-UK Trade and Cooperation Agreement, with the expectation that the European car industry would make significant progress in EV manufacturing within three years. However, carmakers are still heavily reliant on components from China and other countries, particularly in battery production. The tariff could cost EU manufacturers €4.3 billion over the next three years and potentially reduce vehicle production by 480,000 units. Industry leaders are calling for an extension of the current phase-in period for battery rules to support the net-zero transition and avoid handing market share to global manufacturers.
Originally Published 2 years ago — by The New York Times
General Motors (G.M.) is struggling to increase production of electric vehicles (EVs) due to slow battery production, hindering its efforts to catch up to Tesla in the rapidly growing EV market. G.M. built just 50,000 EVs in the first half of this year, with fewer than 2,800 using its new Ultium battery packs. The company had previously planned to make 400,000 EVs in North America from 2022 to 2024, and over one million in 2025, mostly utilizing Ultium technology. G.M.'s sluggish EV rollout has not impacted its profits, as it reported a $2.6 billion profit in Q2 2023, driven by strong sales of trucks and SUVs. However, investors are concerned about G.M.'s EV strategy and fear losing customers to competitors in the EV market.