The government of Ontario has pledged to offer more financial assistance to Stellantis, following the car manufacturer's decision to halt construction at its CA$5bn ($3.7bn) EV battery factory in Canada. Stellantis claimed that Canada had not followed through on its promises, endangering the factory's construction. The factory is being built in partnership with LG Energy Solution, a South Korean firm.
Japanese electronics group Panasonic risks ramping up investment too quickly as it seeks to double capital spending to a record ¥700bn ($5.1bn) for the fiscal year to March. Over half the sum will fund expansion of electric vehicle (EV) battery production. Panasonic was once best known for its LCD televisions, leading to large investments in plasma and LCD technology that ended in failure when cheaper Chinese competitors entered the market, causing the company to withdraw from LCD panel and solar cell production. Panasonic has invested heavily in EV batteries and is the world’s fourth-largest producer and one of Tesla’s leading suppliers. However, US tax credits have accounted for much of the company's net profit increase. Shares currently trade at a discount, with a forward earnings ratio of 12 compared to local competitors. Its heavy investment in production capacity ending in failure after competition entered the market caused the company to withdraw from all LCD panels production in 2012 and also withdraw from solar cells and sell its semiconductor business.
UK ministers have offered a package of subsidies and incentives, including higher energy subsidies, as they seek to convince Tata Motors to build a flagship battery factory in the UK for Jaguar Land Rover’s electric cars, according to people close to the discussions. A decision on whether to build the plant in Somerset or in Spain is believed to be imminent. The company has requested £500m ($618m) of financial assistance from the UK government. British ministers have prioritised the establishment of the plant to support the country’s car industry as it struggles to switch to electric vehicle production ahead of Brexit. High UK energy prices compared with European Union rivals have been the main issue for Tata despite its historic links with the UK.
Dyson is targeting users seeking to protect themselves from air pollution with its Zone headphones combining audio with air filtration. Worn like typical over-ear headphones, the Zone's visor extends down around the mouth to deliver fresher air from a HEPA filter. Available in a range of colours, the headphones retail from GBP749 ($1,035), rising to GBP819 at the top of the range. The air filter works with four speeds, and Dyson says that once moving, the device is "as loud as a rubbish implementation of ambient mode". The company has a track record of making household devices that focus on filtration, including fans and medical inventions, as well as vacuum cleaners. However, experts say they will have to address the strange appearance of the visor to make the headphones likely to be adopted across the market.
Battery technology is advancing with silicon anode materials potentially transforming the EV market within a few years. Silicon anodes have been experimented with since the 1970s but lithium-silicon batteries have made huge leaps in the last few years, becoming known for their high performance and energy density. Silicon anodes are known for their high volume expansion when heated during charging but a 3D carbon structure in the battery can contain the expansion. Israel-based company StoreDot is at the pinnacle of silicon anode development and is expected to bring this new silicon battery technology to the premium EV market within the next couple of years.
UK carmakers warn that they are not ready for the "rules of origin" requirements for electric vehicles set out in post-Brexit trade agreements between the UK and the EU. From 2024, EVs traded between the UK and the EU must have 45% of their parts sourced from either region or face 10% tariffs. Carmakers may not be able to meet this requirement due to problems caused by the domestic supply chain and market competition. The UK currently lags behind Europe's 30 planned battery gigafactories and its electric automakers cannot rely on political help from Westminster.
Fewer than one-quarter of surveyed British customers would invest in an electric car (EV) when they go on sale in the UK in 2025, according to data from insurer Aviva and The Daily Telegraph. However, the poll revealed that customers saw lower running costs and environmental benefits as positive factors of owning an EV, though more than 50% still believed the cars were less safe than petrol cars. Respondents also said the cost of EVs and the lack of charging points around the country were hampering adoption. The figures conflict with recent research carried out by the RAC Foundation and the International Council for Clean Transport, which found EV uptake rates could climb to one-third of new car sales by 2025 if the motivation was there for consumers.
Most buyers of electric vehicles should opt to install a Level 2 charge point at home. While earlier EV models were able to charge overnight from a standard 120-volt outlet, newer models with bigger batteries would take several days to fully charge at Level 1. A Level 2 charger allows owners to achieve a full charge from a typical 240-volt outlet in less than eight hours. The cost of Level 2 charge point installation ranges from $500-$1,500 depending on the model and labour costs. Rebates are available for home Level 2 charge points in some Canadian territories and provinces.
As Tesla and BYD step up electric vehicle production, the chief executives of five Japanese automakers have released a unified message encouraging the need for a diverse approach to powertrains and alternative fuels to achieve more environmentally responsible vehicles. Japan's largest passenger car exporter, the Japan Automobile Manufacturers Association (JAMA), exhibited a range of hydrogen and carbon neutral fuel vehicles throughout the recent G7 summit alongside EVs. JAMA's united voice is in contrast to that of the European Automobile Manufacturers' Association, which in 2020 lost several members for failing to agree on the best way to tackle climate change.
Chinese companies that planned to raise funding through London and Zurich listings may abandon their plans after China issued new disclosure laws, banned the use of funds and made issuances liable to national security reviews, according to lawyers and bankers. More than 20 firms, including China Meheco Group and Zhejiang Yongtai Technology, had planned to follow the 18 existing Chinese firms in listing in London or Zurich, but the new rules will likely increase underwriters’ costs and workloads. The regulations have cast doubts on the London Stock Exchange’s plans to attract Chinese listings.
