EXCLUSIVE China' s CATL slows battery investment plan for U S Mexico-sources Ef:Busıness-Charged - Mtpıx HEAD TOPICS

EXCLUSIVE China' s CATL slows battery investment plan for U S Mexico-sources

10/21/2022 10:15:00 AM

EXCLUSIVE China' s CATL slows battery investment plan for U S Mexico-sources

Ef Busıness-Charged Mtpıx

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Reuters

EXCLUSIVE China's CATL slows battery investment plan for U.S., Mexico-sources Chinese battery giant CATL has slowed its planning for investment in battery plants in North America on concern that new U.S. rules on sourcing battery materials will drive costs higher, two people with knowledge of the matter said. to meet the required battery sourcing targets to qualify for tax incentives.But the shift by CATL represents the first known example of an automaker or major supplier rethinking an investment because of the new law, known as the Inflation Reduction Act (IRA). Democratic Senator Joe Manchin, who was central to drafting the law, has said it was intended to drive companies to mine and process materials for batteries in North America andbreak the industry's reliance on China.The IRA requires automakers to have 50% of critical minerals used in EV batteries sourced from North America or U.S. allies by 2024, rising to 80% by the end of 2026. Read more:
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Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Read more >> U.S. senator to hold EV battery hearing if GOP takes controlU.S. Republican Senator Lindsey Graham on Wednesday said he will hold a hearing on electric vehicle batteries and sourcing issues if his party takes control after the November midterm elections. 👏hydrogen👏powered👏cars👏 Will he call elonmusk to testify? Look at this pathetic rep. Hate and lies are eating his soul away. You can see it in the dimness of his eyes. Hi light is almost out now... Tesla To Produce Cybertruck Battery Packs At Fremont Factory: ReportSources suggest Tesla's new Fremont battery equipment is a new line that may use battery cells from Kato Rd. to produce Cybertruck battery packs for Giga Texas. ‘Rust’ Makes Early Plans to Restart Production in CaliforniaThe production is currently planning not to return to New Mexico in 2023, sources tell The Hollywood Reporter. Oh Lord, stop! They should put this production to rest. Can't imagine how it's allowed to keep going. Rust Don’t Who the actual fuck wants this to happen? Who would see this? U.S. mulls joint weapons production with Taiwan, Nikkei reportsThe U.S. government is considering a plan to jointly produce weapons with Taiwan, Japan's Nikkei newspaper said on Wednesday, citing three sources. 台湾will be colonised soon by America. y esto que tal ? pablovaldezpy Vlad_Jara ALBERTOPPERALTA 火上浇油 more time to meet the required battery sourcing targets to qualify for tax incentives.$7,500 EV tax credit makes nearly all companies ineligible.4680 battery cells to ensure successful Cybertruck production in large batches.is making early plans to move production from New Mexico to California when filming resumes, multiple sources tell The Hollywood Reporter . But the shift by CATL represents the first known example of an automaker or major supplier rethinking an investment because of the new law, known as the Inflation Reduction Act (IRA). Democratic Senator Joe Manchin, who was central to drafting the law, has said it was intended to drive companies to mine and process materials for batteries in North America and break the industry's reliance on China . It also disallows batteries with any Chinese components after 2023. The IRA requires automakers to have 50% of critical minerals used in EV batteries sourced from North America or U. The sources told Teslarati that the new battery line in Fremont is specifically for Cybertruck battery packs.S. "We're going to have to sit down with the Chinese," Graham said, saying the law needs to be revised. allies by 2024, rising to 80% by the end of 2026. CATL sees North America as a crucial market, the two people with knowledge of its planning said." Graham wants to know if there are other alternatives to EVs. Read These Related Tesla Stories For Background: Tesla Submits Permit To Produce Batteries On New Lines At Fremont Reports suggest that the new battery line is already being built. But the new U.S. He also plans to call power company executives to discuss the impact on electricity usage. rules on sourcing battery materials had become a "banana peel" that have slowed the company's investment plans, one said. With the promise of a mid-2023 launch of the mammoth , Tesla will need all the packs it can stockpile. The rules would hike the costs of manufacturing batteries in the United States to a level higher than shipping them from China even if the U. "If you don't include natural gas, you can't get there. S. government offers subsidies for CATL to build the plants, said a third person, who also asked not to be identified. "The ripple effect of producing electric cars is enormous," Graham said. It was not immediately clear how much of a delay CATL was considering in any North American expansion or whether it could make other adjustments to its approach to narrow the cost gap. China, led by CATL, dominates the EV battery supply chain, producing about 70% of battery cells made globally.com Register Reporting by David Shepardson; Editing by Mark Porter and Josie Kao Our Standards:. It also has a dominant position in refining key materials including cobalt and manganese. On Wednesday, BMW announced a $1.7 billion investment to build EVs and high-voltage batteries in South Carolina. At the event to announce the investment, , saying the "United States should have a regulation that is not entirely unrealistic." Envision AESC, a Chinese renewable energy group that acquired a Nissan Motor Co Ltd (7201.T) battery supplier already operating in the United States, will build a new battery plant in South Carolina to supply BMW, the companies said. "We are not unduly concerned," Envision said in a statement when asked about the company's view of the battery sourcing requirements. Hyundai Motor Co, which is set to break ground next week on a $5.5 billion EV plant in Georgia, also wants U.S. legislators to offer companies investing in the United States some type of waiver or a longer transition period. Signed into law in August by U.S. President Joe Biden, the IRA contains incentives designed to help meet his administration's goals of halving U.S. carbon emissions by 2030 and getting to net-zero emissions by 2050. Under the $430 billion law, rules governing the current $7,500 EV tax credit aimed at persuading consumers to buy the vehicles will be replaced by incentives designed to bring more battery and EV manufacturing into the United States. The U.S. Treasury is currently taking comments on how to implement the rules around the EV tax credits. Register now for FREE unlimited access to Reuters. com Register Reporting by Zhang Yan, Christoph Steitz; Editing by Kevin Krolicki, Stephen Coates, Elaine Hardcastle Our Standards: .