Chinese battery suppliers have quadrupled their global investments to €14.2bn ($16.7bn) in just a year, fuelled by investments in Europe, led by CATL, which has factories in Hungary, while also generating a significant portion of its income from supplying battery components to Tesla. This influx of Chinese electric vehicle suppliers will likely restrict growth for local European markets and due to concerns over supply chain and labour conditions, the new investments may invite regulatory scrutiny.
Just Stop Oil (JSO) protestors were dragged along roads in London by police for the first time since "slow marches" began before Christmas last year. Four groups from the environmental group blocked routes in an attempt to prevent the award of new oil and gas licences. The activists tried to exploit a legal loophole to cause traffic gridlock while avoiding arrest. However, the Met Police took their toughest stance yet with the "slow marches". Members of the public had previously been told off by the police for dragging JSO protestors from roads.
Confederation of British Industry (CBI) president, Brian McBride, is to step down early as part of a "programme of change" to restore the reputation of the group. The handover will take place early next year and McBride will start the search for his successor. The CBI has recently been rocked by allegations of rape and sexual assault, resulting in the suspension of its day-to-day operations, the resignation of members including BMW and John Lewis, and a pause in engagement from the government. A vote on the group's future is planned for next month.
German electronics company Schmid Group is set to use a special purpose acquisition company (SPAC) to list on the New York Stock Exchange in a deal that would value it at $640m. Led by automotive figure Ralf Speth, the proposed transaction would take place in Q4 2021 and be accomplished via a blanket-check company called Pegasus Digital Mobility Acquisition Corp. The Schmid family would retain majority ownership and management roles. Though popular among backers of small, new startups, SPACs' focus is shifting towards firms that have already proven their profitability.
The BMW M850i xDrive cabriolet and the Lexus LC 500 convertible line up against each other to test which is the best high-end luxury open-top ride. Both cars have easy-to-use soft tops, useful wind deflectors that reduce turbulence and convertible options available at push of a button. However, with a modern-look and larger touch screen, plus a powerful 523-horsepower twin-turbo V8 engine, the BMW M850i xDrive cabriolet proved to be the vehicle with better features and top-of-the-range performance compared to the refined, beautiful cruiser that is the Lexus LC 500 convertible.
Jaguar recalls I-Pace electric vehicles due to fire risk in LG Energy Solution batteries
CBC
23-06-01 15:05
Jaguar is recalling more than 6,000 I-Pace electric SUVs in the U.S. due to the risk of the high-voltage battery overheating and catching fire. The battery, made by LG Energy Solution, is under investigation by the US National Highway Traffic Safety Administration (NHTSA) after five automakers issued recalls due to possible defects that could cause fires or stalling. The NHTSA probe covers more than 138,000 vehicles with the South Korean company's lithium-ion batteries. The investigation follows a series of electric vehicle battery recalls due to the potential for fires.
Two men have been charged with destroying property in company use by fire after allegedly setting a Strathfield restaurant on fire, as investigations lead police to link the incident to a previous assault involving a baseball bat. Emergency services were called to deal with the fire that caused significant damage to the business. Detectives arrested a man at a correctional centre on the mid north coast and another man at a correctional centre in Silverwater.
The Confederation of British Industry (CBI) is set to make job cuts, as the group struggles to cope with allegations of sexual assault and rape against staff members. The group has also lost several members, including John Lewis and BMW, which has impacted revenue. Members of the business group are due to vote on a critical move to reform the CBI. While details of the job cuts weren't confirmed, a statement confirmed the group would henceforth be smaller and refocused.
European Lithium and Saudi industrial firm Obeikan Investment Group are building a $350m-$400m lithium processing plant in Saudi Arabia, as the country seeks to develop an EV battery supply chain. The plant, which will be operational by 2026 and produce lithium hydroxide for BMW, is the latest Saudi move aimed at boosting its role in the EV industry in order to reduce dependence on oil revenues. The country has set a target of producing 500,000 vehicles annually by 2030, including a Lucid Motors EV produced within the country.
Companies in the European Union are increasing their nearshoring efforts in the face of COVID-19-related supply chain disruptions, conflict in Ukraine and geopolitical tensions with China. Poland and other Central and Eastern European countries are benefiting from such efforts, with EU companies relocating their operations closer to target markets, according to Europe Solutions Lead for Supply Chain at Prologis, Gordon Keiser. The friendshoring process, involving the relocation of operations to friendly countries from authoritarian states, is seeing sophisticated business services being moved into Poland's shared services centre and business process outsourcing sector.
A bipartisan group of US politicians have raised concerns over the security risks evoked by the removal of AM radios from US-made electric vehicles (EVs) which are subsidized by US Government. Senators Ted Cruz and Ed Markey and Reps Mike Gallagher and Josh Gottheimer expressed a concern that EV makers who removed AM radios from their vehicles posed a risk to public safety are making public safety and increasing their costs. In May, the coalition introduced the AM for Every Vehicle Act, meant to preserve the National Public Warning System, which will soon undergo a hearing.
Lancia's Prisma, a saloon model first produced in the 1980s, was aimed at drivers looking for a prestige car. However, the car's reputation was hampered by the association to UK-allocated models that had reliability issues and were affected by rust, according to The Telegraph. Today, one Lancia Prisma owner, who restored his vehicle from scrap, says they are "underrated" because many did not understand them even when they were first made.
The CBI is likely to face a decisive vote following allegations of sexual misconduct by its staff. The lobbying group has been fighting for its survival since several of its members left following rape and sexual assault allegations. Tesco and Sainsbury's suspended their engagements with the CBI and employees have been put on hold. A law firm has investigated the allegations and a “programme of change” has been put to remaining members to vote on, intended to restore trust and involve reshaping the board and staff cuts.
Small, fun and frugal European cars such as Minis and Volkswagens are good choices for the driver looking for a car with a standard transmission, according to experts in this discussion. Japanese automakers could also offer small cars with a stick-shift for the US market, with both Honda and Hyundai offering hatchbacks with manual transmissions. However, petrolheads seeking a small-budget car should be aware that they may need to pay more for models such as the three-door Mini Cooper in order to get their hands on a reliable, zippy car with good fuel economy.
Chinese automaker BYD has overtaken LG Energy Solution to become the world's second-largest electric vehicle battery producer, according to South Korean research firm SNE Research. Domestic rival Contemporary Amperex Technology is the world's largest EV battery producer, with BYD accounting for 16.1% of the market after installing 29.4 GWh of batteries between January and April, a jump of 108.3% from the same period last year. Overall, Chinese firms controlled 62.5% of the global market in the first four months of this year, up from 60.4% in 2022, as EV sales rose by 36% year on year to 1.84 million units.
The Confederation of British Industry (CBI) has won overwhelming support for its broad set of reform proposals following several high-profile allegations of inappropriate behaviour. Over 93% of voting members supported restructuring proposals that will speed up the hunt for a new president, add a new People and Culture subcommittee of the board and establish an external Culture Advisory Committee. The CBI was hit by a wave of allegations, including rape, against senior management in recent months, prompting several members, including BMW, NatWest and Aviva, to leave the organisation.
Actor and comedian Rowan Atkinson’s recent comments on the environmental impact of electric vehicles (EVs) are reiterated in a piece for The Telegraph. The article emphasised the importance of taking a holistic view of where the materials used in EVs come from, as well as how the vehicles are powered. For example, it referenced a Nissan Leaf produced in Sunderland, which used Welsh steel, mostly low-carbon electricity from nuclear and renewables, and batteries from nearby Envision that rely on wind farms. On the other hand, it also referenced a Volvo study claiming its electric C40 car has a carbon footprint 70% greater than its petrol XC40 sibling. However, this study is questioned in the article, which stressed the need to determine the carbon footprint based on specific regions and factors. The piece concludes that EVs are becoming increasingly eco-friendly and will continue to improve.
British Vogue editor Edward Enninful is due to leave his role next year to become an editorial advisor and global creative and cultural advisor. While he thanked Anna Wintour and CEO of Condé Nast, Roger Lynch, for their continued support, insiders claim that Enninful's decision may have been due to a clash of ideas, with Lynch concerned about his progressive politics. The move comes amid a long-brewing war over the direction of Vogue as it tries to strike a balance between selling its product and appealing to more traditional readers in the Middle East, India and China whilst showcasing diversity. Enninful’s activism seemed to have led to “a deeply political manifesto,” said Farrah Storr, former editor of Elle.
Edward Enninful, British Vogue’s editor-in-chief, is leaving his role next year to become an editorial and creative adviser globally. The decision has prompted questions about his relationship with Anna Wintour, chief content officer for Condé Nast, who has been editor-in-chief of American Vogue since 1988. While Wintour’s world-famous publication has lost advertising revenues and print subscribers, Enninful has revitalised British Vogue to become an outlet for controversial stories featuring disabled and transgender models that has attracted hundreds of millions in advertising from companies such as BMW. However, some have claimed that Enninful’s focus on activism has rendered the publication “joyless” and led to reduced sales. Enninful’s successor will report to Wintour as head of editorial content. The development is part of growing tensions at Condé Nast over the consolidation of resources to run different international territories from Manhattan.
Europe's first lithium refinery is being built in Germany by 78-year-old Dr Heinz C. Schimmelbusch, the former director of Metallgesellschaft. The refinery will produce lithium hydroxide, a key component of car batteries, wind turbines and solar facilities, with German firms investing hundreds of millions of euros to obtain a reliable supply chain for a "fossil fuel-free economy". Schimmelbusch's mine in Brazil will initially provide the raw materials for the plant. The executive warned "we have to act now", adding that access to the materials is vital for fighting climate change and cyber warfare, and creating jobs. Critics believe Germany has done too little to secure supplies from China and is a likely victim of a "systematic competition" as critical natural resources such as lithium, cobalt, nickel and graphite, and rare earths like neodymium and praseodymium are controlled by Chinese firms.
