GM invests in Niron Magnetics for EV motor magnets
General Motors (GM) has entered a strategic partnership and investment in Niron Magnetics, a company that has developed a sustainable magnet material free of rare earth minerals for use in electric vehicle (EV) motors. The technology aims to reduce the…
Toyota’s US$8 Billion EV Push to Ignite Electrification and Job Growth
Japanese automotive giant Toyota has recently unveiled its latest investment plan, totaling almost US$8 billion, to expand its new manufacturing plant Toyota Battery Manufacturing North Carolina (TBMNC). This move will create approximately 3,000 new jobs, increasing the total investment in…
U.S. To Expand Domestic Battery Processing Facilities With $3.5 Billion Investment
The Inflation Reduction Act and the Bipartisan Infrastructure Law have collectively infused billions of dollars into the electric vehicle industry in the United States.The IRA has enabled consumer incentives such as the $7,500 tax credit, while provisions in both policies…
Toyota to Invest Another $8B into North Carolina EV Battery Factory
Toyota said Tuesday it will invest another $8 billion into its first EV battery factory in North America, as the Japanese automaker tries to ramp up its electrification program and introduce 30 battery electric models globally by the end of…
Hyundai, LG Energy Solution To Invest US$7.6 Billion In New US Factory
The total investment scale for the electric vehicle-specific factory and battery cell joint venture factory that Hyundai Motor Group and LG Energy Solution are building in the state of Georgia in the U.S. has been confirmed at US$7.59 billion. This…
Jeep Owner Stellantis Invests $100 Mn In US Lithium
US-European auto giant Stellantis, whose brands include Jeep, Fiat and Peugeot, said Thursday that it was investing more than $100 million to buy US lithium, essential for producing electric vehicle batteries. Under the deal, US-based Controlled Thermal Resources will supply…
France’s Le Maire Presses China On Market Access And Lobbies For Electric Car Investment
The French finance minister said Sunday he pressed Chinese leaders to open their markets wider to foreign companies and lobbied for investment in France’s electric car industry, as the European Union’s second-largest economy followed Washington in reviving post-COVID economic talks amid…
Ford Set To Lose $4.5 Billion On Electric Vehicles This Year
Ford Motor Company announced it is projected to lose a whopping $4.5 billion from electric vehicles (EVs) this year, up from the previous projected loss of $3 billion. The company released its second-quarter financial results on Thursday. The U.S.-based automaker’s EV division, called “Ford Model…
WEX Venture Capital Seeks To Invest Up To $100M To Help Advance EV Fleet Transition
WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced that its Board of Directors has authorized a new investment arm of WEX, WEX Venture Capital, to invest up to $100 million through the…
Magna To Invest More Than US$790-Million To Build Three New Facilities For Electric Parts
Magna International Inc. MG-T +0.06%increase will spend more than US$790-million in Tennessee to build three factories that will make components for Ford Motor Co.’s F-N -0.50%decrease electric vehicles, in an industry that is seeing governments offer billions in subsidies to build factories. Magna, based in…
