Category Archives: economy

Hemlock Semiconductor to Open New Plant in Michigan

Posted on 21 October 2024 by Ken Zino

Governor Gretchen Whitmer of Michigan today confirmed that the Biden-Harris administration provided the proposed direct funding of $325 million to Michigan-based manufacturer Hemlock Semiconductor (HSC)*

“HSC is one of many Michigan-based companies that is helping us lead the future of advanced manufacturing. Thanks to the Biden-Harris administration’s bipartisan CHIPS and Science Act and the U.S. Department of Commerce, we are ensuring HSC’s global leadership in the powerful domestic supply chain to manufacture semiconductor chips needed for everything from computers and phones to AI applications. Together, we are strengthening national and economic security by ensuring supply chains, good-paying jobs, and cutting-edge investments are where they belong—here at home. Let’s build the future we all want—one where America leads,” said Whitmer. Continue reading →

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September 2024 Global Light Vehicle Sales Down Slightly

Posted on 16 October 2024 by Ken Zino

The Global Light Vehicle (LV) selling rate for September stood at 90 million annually, in line with August’s results, according to an analysis just released by the respected GlobalData consultancy.* Looked at year-over-year (YoY), market volumes are continuing to trend downwards as sales volumes were down ~ 4% versus September 2023. Furthermore, YTD sales are now only up fractionally compared to the same period last year.

“In September, sales were down across most regions. Sales in China fell 5% YoY, as the economy faces headwinds and despite the ongoing scrappage incentive. In the US sales fell YoY for the month, with this September having fewer selling days. Finally, sales in Western Europe remained underwhelming, as a weak economy and high vehicle prices dragged on LV market activity,” said the Global Light Vehicle Sales Forecasting Team. Continue reading →

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DOE Backs Utility-Scale Power Storage In Puerto Rico

Posted on 15 October 2024 by Ken Zino

The U.S. Department of Energy (DOE) through its Loan Programs Office (LPO) today announced the closing of a $861.3 million loan guarantee to finance the construction of two solar photovoltaic (PV) farms equipped with battery storage and two standalone battery energy storage systems (BESS) in Puerto Rico.

“The project is financed under Title 17 Clean Energy Financing Section 1706. Created by President Biden’s Inflation Reduction Act (IRA), EIR can finance projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or greenhouse gas emissions,” LPO said. Continue reading →

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Toyota to Invest in Joby Aviation EV Taxis!

Posted on 15 October 2024 by Ken Zino

In a quiet, overlooked announcement earlier this month, Toyota Motor Corporation (NYSE: TM) and Joby Aviation( NYSE: JOBY), a company developing electric air taxis for commercial passenger service, announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxi.  The investment will be made in two equal tranches, with the first targeted to close later this year and the second during 2025. This is part of a trend of traditional automobile companies transitioning to mobility companies  on land, the seas, air or space.

“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.” Continue reading →

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Porsche Sales Weak Through Q3 2024

Posted on 11 October 2024 by Ken Zino

Porsche AG today posted sales declines for the first nine months of the year. Overall global sales at 226,026 dropped -7%. China sales at 43,280 plunged -29%. “This reflects poor economy in the Chinese market” that is affecting all makers. Worse, there is now an outright trade war over tariffs between the EU and China. North American sales at 61,471 dropped -5%. In Europe (excluding Germany), Porsche delivered 52,465 vehicles in the first nine months, an increase of 1% compared to the same period last year. In the home market of Germany, the number of vehicles delivered rose by 8 % as 26,838 units were delivered to customers.

“Customer demand remains at a robust level and the feedback from our customers on the new models is very good. As product availability increases, we are optimistic about the final spurt for 2024,” claimed Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG. Continue reading →

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DOE Loan Programs Office – $1B to Evgo for Charging Points

Posted on 4 October 2024 by Ken Zino

The Department of Energy’s (DOE) Loan Programs Office (LPO) announced Thursday a conditional commitment to EVgo Swift Borrower LLC (EVgo) for a loan guarantee of up to $1.05 billion to expand the public electric vehicle (EV) charging infrastructure. The loan guarantee, if finalized, will support EVgo’s deployment of ~7500 charging ports at ~1100 charging stations across the United States. The first deployments will include high-power 350kW fast chargers capable of charging two EVs simultaneously. EVgo plans to continue installing power sharing equipment over the 5-year deployment timeline.

“The Biden-Harris administration and DOE are building towards a future where EVs are affordable and accessible in every part of the country,” LPO said in a detailed release. Continue reading →

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Beleaguered Stellantis Cuts 2024 Financial Guidance

Posted on 30 September 2024 by Ken Zino

Stellantis N.V. (NYSE: STLA) today revised its 2024 financial guidance, “reflecting decisions to significantly enlarge remediation actions on North American performance issues, as well as deterioration in global industry dynamics.” Actions include North American shipment declines of more than 200,000 vehicles in the second half of 2024 (up from 100,000 prior guidance), compared to the prior year period, increased incentives on 2024 and older model year vehicles. (Read AutoInformed.com on: Stellantis Tanks in First Half of 2024 – Net Profit -48%)*

“The Company will continue to leverage and expand its competitive differentiators and believes that the recovery actions being put in place will ensure stronger operational and financial performance in 2025 and beyond,” Stellantis said in a terse release. “Deterioration in the global industry backdrop reflects a lower 2024 market forecast than at the beginning of the period, while competitive dynamics have intensified due to both rising industry supply, as well as increased Chinese competition,” Stellantis said. Continue reading →

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Environmental Justice Climate Corps Launches

Posted on 25 September 2024 by Ken Zino

“Our partnership is a first-of-its-kind effort within the federal government to expand pathways into environmental justice careers,” said Michael S. Regan, EPA Administrator. “This program will create opportunities for young people through President Biden’s American Climate Corps that will help folks in overburdened communities access and benefit from historic funding secured under the President’s Investing in America agenda.” Continue reading →

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C’est Fou – Chinese EVs Will Be at 2024 Paris Motor Show

Posted on 25 September 2024 by Ken Zino

Stellantis today announced it will participate in the 90th edition of the Mondial de l’Auto 2024 (Paris Motor Show) from14 – 20  October with its three traditional brands – Citroën, Peugeot, and Alfa Romeo. More controversial will be the Chinese brand, Leapmotor making its debut at the show.

Leapmotor Founder, Chairman and CEO Zhu Jiangming, together with Stellantis CEO Carlos Tavares, will unveil the all-new B10, a C-segment SUV, expanding its product line-up in Europe’s core segment through this distinctive partnership in the automotive industry. Continue reading →

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Stellantis Holds Media Drive for Chinese Leapmotor EVs

Posted on 24 September 2024 by Ken Zino

The first European Media Drive is now taking place in Milan for the C10 and T03 models of the Leapmotor brand, a Chinese company in the technology field which has the highest growth in the New Energy Vehicle (NEV) sector.* The event, held in Milan and Lake Maggiore, marks the official debut of Leapmotor International in Europe. In a controversial move in October of 2023 Stellantis took 51% of a joint venture with Leapmotor that gives it exclusive rights to build, export and sell Leapmotor EVs outside China.**

“Stellantis will invest more than €50 billion during the next 10 years in the field of electrification and will do everything it can to reach the targets set out in its Dare Forward 2030 strategic plan, including the achievement of a 100% sales mix of BEV vehicles in Europe by 2030 and 50% of BEV passenger cars and light commercial vehicles in the United States. To reach these sales goals, the company is ensuring around 400 GWh of battery capacity with the support of six battery factories in North America and Europe. Stellantis aims to become a zero carbon-emissions company across all sectors by 2038, with a percentage offsetting for an amount of the remaining emissions,” the company formed by the merger of FCA and PSA said today. Continue reading →

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Connected Car Wars – Biden Takes on China and Russia

Posted on 23 September 2024 by Ken Zino

“Connected vehicles provide many benefits — from promoting vehicle safety to assisting drivers with navigation — but they also pose new and growing threats. These technologies include computer systems that control vehicle movement and collect sensitive driver and passenger data as well as cameras and sensors that enable automated driving systems and record detailed information about American infrastructure. Now more than ever, vehicles are directly connected into our country’s digital networks,” The White House said. Continue reading →

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California Economy Booms as Greenhouse Gases Decline

Posted on 20 September 2024 by Ken Zino

A report* released today by the California Air Resources Board shows that for 2022 greenhouse gas emissions dropped across most sectors and is the equivalent of removing more than 2.2 million gasoline- or diesel powered cars off California’s roads for one year. Between 2000 to 2022, emissions fell by 20% while California’s gross domestic product increased by 78%. This shows the effectiveness of the state’s climate change and air quality programs, which will be rejected by climate deniers and fossil fuel lobbying funding organizations, political candidates or parties.

“California is proving that climate action goes hand-in-hand with economic growth. We’ve slashed carbon pollution by a whopping 20% since the turn of the century all while building the world’s fifth largest economy. Cleaner air, more good jobs – that’s the California way,” said Governor Gavin Newsom. Continue reading →

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August 2024 EU Car Registrations Plummet

Posted on 19 September 2024 by Ken Zino

During August 2024, new EU car registrations saw a sharp decrease (-18.3%) with negative results across the region’s four major markets: double-digit losses were witnessed in Germany (-27.8% at 197,322), France (-24.3% at 85,977), and Italy (-13.4% at 69,161), with the Spanish market declining by 6.5% at 52,322, the ACEA trade group said today.

With eight months of 2024 elapsed, new car registrations increased by 1.4%, at ~7.2 million units. Spain (+4.5% at 671,551) and Italy (+3.8% at 69,161) showed positive but modest performance. The French and the German markets stagnated (-0.5% at 1,126,900 and -0.3% at 1,907,226 respectively). Continue reading →

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Shawn Fain to Speak to Stellantis UAW Membership Tonight

Posted on 17 September 2024 by Ken Zino

Yesterday, the UAW filed federal unfair labor practice charges at the National Labor Relations Board over what it says is Stellantis’ illegal refusal to provide information about the company’s plans regarding product commitments it made in the UAW’s 2023 collective bargaining agreement. Several UAW locals covering thousands of members have also filed contract grievances over the company’s attempt to move Dodge Durango production out of the United States, in violation of the UAW’s national agreement.

“In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,” said UAW President Shawn Fain. “Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.” Fain will address the UAW membership on Facebook Live tonight. Continue reading →

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U.S. Light Vehicle Sales in August 2024 Disappoint

Posted on 5 September 2024 by Ken Zino

U.S. light vehicle sales totaled 1.42 million in August, the GlobalData* consultancy said today. The annualized selling rate for the month was 15.1 million a year, down from 16.0 million a year in July. The daily selling rate was estimated at 50,600 units per day in August, down from 51,400 in July. Expectations were high coming into the month, given the inclusion of Labor Day in August for the first time since 2019.** Continue reading →

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