The Canadian government announced on May 29 that it will offer funding support of CAD300 million (US$221 million) for a cathode active materials (CAM) facility constructed by the joint venture between General Motors and South Korea-based POSCO Future M.
Tesla CEO Elon Musk visited China on May 30. He is expected to meet with several Chinese officials and check on the company's Shanghai plant. At a meeting with China's foreign minister, Musk said Tesla opposes decoupling from China and will keep expanding in the country.
President Joe Biden's signature climate policy is helping drive a "golden age of mineral exploration" in Australia, as the US rushes to catch up with China on clean energy technologies, the Australian trade minister said.
LG Electronics has reached a milestone in its charging business. Its majority-owned company, HiEV Charger, started producing EV chargers on May 24. Besides serving the domestic market, LG said it has already planned product launches and collaborations outside South Korea.
SK Innovation Co.'s battery unit will raise as much as $944 million from financial investors in a bid to more than double its global production capacity by the middle of the decade.
EV company BYD is looking to expand production capacity in Europe. According to media reports, it is considering several countries in which to build a plant, including France. On the other hand, Shanghai-based SAIC Motor said its first mass-produced EV with solid-state batteries will be ready in 2025.
Ford Motors announced several agreements with lithium companies on May 22, a step forward to support its EV ambitions. The carmaker also aims to achieve a margin of 8% of earnings before interest and taxes (EBIT) for its EV business segment by late 2026.
General Motors Co. is finally pushing into the heart of the electric pickup market with its Chevrolet Silverado work truck starting production this month.
China-based battery company Gotion High-tech introduced its L600 Astroinno battery cell and pack with LMFP materials on May 19. It claimed the product was the first non-NCM battery that can offer a driving range of up to 1,000 kilometers.
South Korea believes the US may reduce the tax credits in President Joe Biden's landmark clean energy law, which encourages automakers to manufacture electric cars in the US, should Republicans come to power.
Premium automaker BMW aims to grow its market share in China with locally-made EVs. The company said on May 18 that it will begin manufacturing the Neue Klasse (New Class) models from 2026 onward in Shenyang in China's northeastern Liaoning Province. It will also build a battery plant in the area to support the production.
Panasonic is laying the foundation for ramping up EV battery production. It announced on May 18 that it will boost capital spending on battery-related operations to JPY381 billion (US$2.75 billion) in the current fiscal year. The company also plans to construct at least two plants to make 4680 battery cells in North America by 2030.
Taiwan's top three lithium battery cell manufacturers right now are Formosa, Foxconn, and Taiwan Cement (TCC). Among them, Formosa Smart Energy Tech (FSET) was formed by integrating the five major corporations of the Formosa Plastics Group, including Formosa Plastics, NPC, FCFC, FPCC, and FBC. It has the largest publicly invested production capacity in Taiwan.
