28 Apr Trending Mobility Industry News
Here are some of the trending news topics in the automotive and mobility markets from around the world. We will be curating three interesting pieces of news from the automotive industry and providing insightful summaries to give our readers a better understanding of the latest developments in this field.
By presenting the most significant information in a concise and accessible format, we aim to provide an engaging and informative reading experience.
So, sit back, relax, and enjoy learning about the exciting happenings in the world of automotive technology!
April 22, 2023
1. Canada, Volkswagen to invest more than C$20 billion in EV battery gigafactory
Canada and Volkswagen (VOWG_p.DE) have committed to invest more than C$20 billion ($14.8 billion) in the Battery Giga plant in St. Thomas, Ontario. This is the largest single investment ever made in the country’s electric vehicle supply chain.
The battery plant will be the largest of its kind for Volkswagen and is expected to create up to 3,000 jobs, with groundbreaking scheduled for 2024 and production to begin in 2027.
Prime Minister Justin Trudeau said that when completed, the plant, located about 195 km northeast of Detroit, will be the largest in Canada and will supply most of Volkswagen’s battery capacity needs in North America.
Frank Blome, CEO of PowerCo SE, Volkswagen’s battery division, said, “The plant will have six production blocks with a capacity of up to 90 gigawatt hours … It has the potential to handle one million electric vehicles per year. The scale of the project is so large that the battery plant will cover an area equivalent to 210 soccer fields.” He stated.
April 23, 2023
2. Elon Musk Is Willing to Bet Tesla’s Profits on a Driverless Dream
Elon Musk has stated that he is betting the profits of his company, Tesla, on his vision of fully self-driving cars. In an interview, Mr. Musk stated that he believes fully self-driving car technology will be ready in 2023, and that Tesla will achieve Level 5 autonomy (meaning the ability to drive without a driver in all situations) by the end of 2025.
Musk’s ambitious timeline for fully automated driving has some expressing concerns about the technology’s safety and regulatory challenges, but despite these challenges, Musk believes that the transition to fully automated vehicles is inevitable and that the next few years will see the most significant progress in the automotive industry.
To make this vision a reality, he has invested heavily in the development of AI and computer vision technology, is testing Tesla’s latest software updates, including new features for self-driving systems, and has announced plans to launch a robotic cab service with fully autonomous vehicles in the future.
While there may be obstacles on Tesla’s road to fully autonomous vehicles, Musk’s commitment to this technology and his willingness to bet on the company’s profits demonstrate his confidence that Tesla will lead the development of self-driving cars.
On the other hand, despite the obstacles still in the way of achieving his vision of fully self-driving cars, Mr. Musk is pushing to lower the prices of Tesla vehicles, a move that could trigger an EV price war.
April 25, 2023
3.GM, Samsung SDI to invest more than $3 bln to build joint EV battery plant in US
General Motors Co (GM.N) and Samsung SDI have announced that they will invest more than $3 billion to build a joint venture electric vehicle battery manufacturing plant in the United States.
The news was announced as South Korean President Yoon Suk Yeol met with President Joe Biden in Washington, D.C., on his official visit to the United States in 12 years. Yoon will be accompanied on his visit to the U.S. by more than 100 executives from major Korean companies, including Samsung Electronics Executive Chairman Jay Y. Lee and Hyundai Motor Group Executive Chairman Euisun Chung.
Detroit-based GM, like other automakers, is looking to diversify its battery supply chain and component availability to support its electrification goals as it tries to catch up with Tesla Inc (TSLA.O), and GM executive Doug Parks said, “With several strong battery partners, we can expand our EV business faster than we could alone.”
GM already has a joint venture (JV) in the U.S. with LG Energy Solutions and has been investing with a South Korean battery maker to boost cell production to take advantage of U.S. Inflation Control Act subsidies aimed at stimulating domestic production.
The U.S. Department of Energy finalized a $2.5 billion loan to the GM-LG Energy JV late last year. The two companies are building a $2.6 billion plant in Michigan, which is expected to open in 2024.
They dropped plans for a fourth plant in New Carlisle, Indiana, but Reuters reported in January that GM could choose this location for a battery plant with another partner.