Posts belonging to Category automobile



Hyundai, Kia deny Apple car talks

Shares are tumbling

South Korean automaker Hyundai and its affiliate Kia on Monday denied news reports they were in talks with Apple for a joint project to make autonomous vehicles, sending their shares tumbling. The announcement came about a month after the country’s cable broadcaster Korea Economic TV said the iPhone maker had approached Hyundai to discuss a potential partnership to develop electric vehicles and batteries for them, sending the car maker’s shares soaring. Reports last week suggested they could produce cars in the US state of Georgia.

But on Monday Hyundai and Kia said in regulatory filings they were “not discussing autonomous electric car development with Apple”. Both automakers added that they had talked with multiple firms about such projects, but no decision had been made. Hyundai said those talks were in their “early stages”. Kia shares slumped 14.98 percent at the close in Seoul on Monday, while Hyundai fell 6.21 percent.

https://www.rfi.fr/

Bitcoin surges above $46,000 to record

Elon Musk’s Tesla buys $1.5 billion worth

Bitcoin’s price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products.

The world’s largest cryptocurrency popped 20.33% to $46,081.64, for its best day since March, according to Coin Metrics. Following Tesla’s announcement, at one point it hit a record high of $47,458. Bitcoin just finished a banner year with its price more than quadrupling in 2020.

In a filing with the Securities and Exchange Commission, Tesla announced Monday that it bought $1.5 billion worth of bitcoin for “more flexibility to further diversify and maximize returns on our cash.” It also said it may invest a future portion of its assets in digital assets and that it will accept bitcoin as payment for products “subject to applicable laws and initially on a limited basis.” The move makes Tesla the first major automaker to accept bitcoin as payment.

https://www.cnbc.com/

Hyundai Motor says it’s in early talks with Apple to develop a car

Shares soaring 19%

Shares of Hyundai Motor surged 19% after the South Korean automaker said it was in early-stage talks with Apple over potentially working together to develop an electric car. “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a representative from Hyundai Motor told CNBC’s Chery Kang.

The statement followed a local report from the Korea Economic Daily that said Apple suggested the tie-up and Hyundai Motor was reviewing the terms. The report said both electric vehicle production as well as battery development were included in the proposal, and that the car could potentially be released in 2027.

https://www.cnbc.com/

Elon Musk is now the richest man on the planet

Tesla CEO Elon Musk’s fortune rose to $188.5 billion on Thursday, $1.5 billion more than Bezos

Amazon founder Jeff Bezos is no longer the richest man in the world, after Tesla CEO Elon Musk’s fortune on Thursday rose to $188.5 billion, $1.5 billion more than Bezos. Shares in electric carmaker Tesla rose by more than 6 percent on Thursday to push South African-born Musk into the top spot, dethroning Bezos from the place he has occupied for more than three years, according to the Bloomberg Billionaires Index. 

Tesla’s market capitalization, a measurement of the company’s stock price multiplied by its number of shares, has been on a tear since the beginning of last year, rising from about $80 billion in January 2020 to just over $760 billion today. Musk’s personal fortune, which is tied to Tesla’s share price, rose by more than $150 billion last year. The new valuation is more than eight times the combined values of the traditional “Big Three” U.S. automakers, GM, Ford and Fiat Chrysler.

https://www.nbcnews.com/

Elon Musk wants to move humanity away from fossil fuels

How society could transition all its energy usage toward sustainable sources

The plan, outlined at the company’s Battery Day on September 22, involves massively increasing battery production. More batteries mean more places to store electricity. That also means more ways to use electricity from intermittent sources like solar and wind. When a solar panel generates electricity during sunshine, or a wind turbine on a gusty day, a battery can help provide that clean energy 24 hours a day. It can then be used in homes and businesses – or even transferred to other batteries, like in electric cars.

“To accelerate the transition to sustainable energy, we need to produce more [electric vehicles], they need to be affordable,” Musk said during the on-stage presentation at the Tesla Design Studio. “And a lot more energy storage, while building factories faster and with far less investment.”

Declaring that “tera is the new giga,” Musk explained how society needs to produce batteries on the order of Terawatt-hours per year. Battery production in 2019, according to Musk, measured 0.1 Terawatt-hours for electric cars and 0.006 Terawatt-hours for other uses. The sources for these figures were electric vehicle database EV-Volumes and analysis firm IHS Markit.

https://www.inverse.com/

Apple wants to build its first car in 2024

Central to Apple’s strategy is a new battery

Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.

The iPhone maker’s automotive efforts, known as Project Titan, have proceeded unevenly since 2014 when it first started to design its own vehicle from scratch. At one point, Apple drew back the effort to focus on software and reassessed its goals. Doug Field, an Apple veteran who had worked at Tesla Inc, returned to oversee the project in 2018 and laid off 190 people from the team in 2019.

Since then, Apple has progressed enough that it now aims to build a vehicle for consumers, two people familiar with the effort said, asking not to be named because Apple’s plans are not public. Apple’s goal of building a personal vehicle for the mass market contrasts with rivals such as Alphabet Inc’s Waymo, which has built robo-taxis to carry passengers for a driverless ride-hailing service. Central to Apple’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range, according to a third person who has seen Apple’s battery design.

https://www.reuters.com/

European Utility Giant ENEL To Invest $190 Billion In Renewable Infrastructure

80-percent reduction in direct carbon dioxide (CO2) emissions

Italy’s Enel plans to invest as much as US$190 billion (160 billion euro) by 2030 in boosting renewable power generation, decarbonization, and grid infrastructure as part of a new plan to become a “Super Major” in renewables, Europe’s largest utility said on Tuesday.  Enel also plans to catalyze investments of US$35.5 billion (30 billion euro) from third parties in its plan to accelerate the energy transition.

Of all planned investments, Enel will invest US$83 billion (70 billion euro) in renewables, expecting its total installed capacity in renewables to reach 120 gigawatts (GW) by 2030. This would be 2.7 times higher than its currently installed renewable capacity of around 45 GW. The utility also targets to reach an 80-percent reduction in direct carbon dioxide (CO2) emissions versus 2017.

https://oilprice.com/

Uber and Lyft drivers to remain independent contractors

California voters approve Prop. 22

Californians sided with the $200-million Proposition 22 campaign led by Uber and Lyft, voting to pass the measure and grant ride-hail and delivery companies an exemption from California employment law to continue treating workers as independent contractors.

The fight was one of the most closely watched ballot measure contests in the country and the costliest in state history. A win for the app-based companies has the potential to create a new campaign paradigm, with companies sidestepping government and spending large sums of money to sway voters with traditional advertisements and more unconventional direct marketing to customers. The measure’s passage also deals a blow to California’s powerful labor unions, underdogs in the race with far fewer financial resources than their foes.

https://www.latimes.com/

 

Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company

There’s still a way to play the EV boom 

Over 3,000 investors with over $110 trillion in assets under management can’t be wrong … That $110 trillion supports “responsible investment”, or ESG investing for a more sustainable future. Some of that $110 trillion dollars is now squarely focused on the electric vehicle (EV) industry. And Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company, with stocks soaring more than 300% this year thanks to record demand, record deliveries and even record-breaking revenues and profits.

Investors in EV delivery and utilities darling Workhouse Group (NASDAQ:WKHS) have seen 700% gainsChinese EV hot shot Nio (NYSE:NIO) is up nearly 950%Plug Power (NASDAQ:PLUG)–an EV tie-in that is producing hydrogen fuel cell systems–has witnessed a gain of over 530% this year alone. These gains have been remarkable. 

https://oilprice.com/

Tesla sets revenue record

Half a million vehicles delivered by the end of this year

Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers. The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.

Shares were up 2.5% at $433.88 in extended trade as the carmaker beat analysts’ estimates. Tesla said it had the capacity installed to produce and deliver 500,000 vehicles this year, but added that achieving its goal has become more difficult.

https://www.reuters.com/

General Motors takes 11% stake in electric truck maker Nikola

Nikola shares pop as much as 53%

Shares of Nikola surged Tuesday after General Motors announced it’s taking an 11% stake in the electric truck maker and will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022. Shortly before the opening bell, Nikola shares were up 30% and GM’s were 6% higher. Nikola shares had surged as much as 53% while GM’s jumped as much as 9.1% in the premarket trading.

GM is getting a $2 billion stake in Nikola and the right to nominate one board member in exchange for in-kind services. GM will also supply Nikola’s fuel cells globally, except Europe, for its class 7/8 truck. Phoenix-based Nikola specializes in building zero-emission semi trucks using battery or hydrogen fuel cell technology, but it recently introduced its Badger pickup truck for consumers.
https://www.cnbc.com/

Oil Major Total, Carmaker PSA Set Up $6B EV Battery Venture

Ensuring industrial independence in Europe for the conception and manufacture of batteries

Supermajor Total continues to invest in clean energy by creating a joint venture with automaker Groupe PSA to manufacture batteries for electric vehicles in Europe—a project expected to mobilize investment of more than US$5.9 billion (5 billion euro). Total, via its subsidiary SAFT, will contribute to the project with industrialization and research and development (R&D) expertise, while PSA will contribute its automotive production experience, the French oil giant said in a statement.

An R&D center in Bordeaux and a pilot site in Nersac, France, have already launched work to develop new high-performance lithium-ion technologies. The companies plan to launch mass production after the R&D phase ends at two gigafactories in Europe, one in Douvrin, France, and one in Kaiserslautern, Germany. The joint venture plans to “ensure industrial independence in Europe for the conception and manufacture of batteries, with an initial capacity of 8 GWh, reaching a cumulative capacity of 48 GWh on both sites by 2030,” Total said.

https://oilprice.com/

Xpeng, a Chinese Rival to Tesla, Raises $1.5 Billion in U.S. IPO

Shares of electric-car maker jump 41% on the first day of trading in the U.S

Xpeng Inc., one of Tesla Inc.’s Chinese rivals, raised $1.5 billion through an initial public offering in the U.S., more than initially planned, because of high investor demand.

Xpeng sold 99.73 million American depositary shares at an offer price of $15 Thursday. That was more than the 85 million shares that were previously planned, and the offer price was higher than the initial guidance of $11-$13.
Shares  jumped as much as 67% after its U.S. market debut on Thursday, as capital markets continue to reward new listings in what has been one of the best years for IPOs since the dotcom boom.

https://www.reuters.com/

Uber and Lyft must classify drivers as employees in California, judge says

The ruling from San Francisco Superior Court won’t take effect right away

A judge has ordered ride-hailing giants Uber and Lyft to treat their California drivers as employees instead of independent contractors, a shift that would guarantee benefits like overtime, sick leave and expense reimbursement for workers who make up much of the freewheeling gig economy.
But the ruling from San Francisco Superior Court Judge Ethan P. Schulman won’t take effect right away as both Uber and Lyft said this week they will immediately appeal to a higher court, which could put the ruling on hold.

Still, advocates praised the ruling as a milestone in their fight to apply traditional worker protections to a fast-growing segment of the labor force. Uber and Lyft criticized the decision, saying it threatens to shut them down during a pandemic-induced economic downturn where many people who have lost their jobs turn to the ride-hailing companies to earn money.

https://www.cbsnews.com

The pandemic is giving e-bikes a boost

The number of E-bikes worldwide expected to hit 300m by 2023

Vanmoot, a dutch bicycle-maker, is known for sleek designs and clever advertising. In a television spot for its newest model, images of the evils of car culture—accidents, gridlock and pollution—are projected onto the skin of a luxury car, which melts, turning into one of the company’s elegant e-bikes.
Electrically assisted bicycles are not about to replace cars. But they are booming, especially in Europe, where sales rose by 23% in 2019, to 3m units. E-bikes are unlocking even saturated bicycle markets like the Netherlands, where the average person already owns 1.3 pushbikes. Last year Deloitte, a consultancy, estimated the number of e-bikes worldwide at 200m, and expected it to hit 300m by 2023.

https://www.economist.com/