Burning Ship Bound for Mexico Carried Several Chinese Car Brands
A cargo ship that was abandoned in the middle of the Pacific Ocean after catching fire Tuesday was carrying cars from several Chinese automakers, according to people familiar with the matter.
The Morning Midas was shipping around 3,000 cars from a range of manufacturers including Chery Automobile Co. and Great Wall Motor Co. to Mexico. It's unclear at this stage which brand's electric vehicle caught fire, the people said, who asked not to be identified discussing preliminary findings.
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Tesla's China-Made EV Sales Drop Y/Y in May: Is Price War a Suspect?
Tesla's TSLA sales of China-made EVs continued to decline for the eighth consecutive month in May due to intensifying price wars in the world's largest auto market. Per the China Passenger Car Association data, combined domestic and export deliveries to Europe and other markets of the Model 3 and Model Y dropped 15% year over year in May to 61,662 units, following a drop of 6% in April. Tesla's EV sales slump persisted across much of Europe last month, primarily due to its aging lineup and the negative impact of CEO Elon Musk's political involvement on consumer boost demand in China, its largest market in the first quarter, Tesla allowed smart-assisted driving features to be transferred to new vehicles in China starting in late May and continuing through the end of June. Additionally, the Model 3 and Model Y were included in a government initiative promoting EV adoption in rural areas for the first time this year. TSLA carries a Zacks Rank #5 (Strong Sell) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks which triggered a price war in 2023 that now involves more than 40 brands and shows no signs of easing, is under pressure from new, competitively priced EVs offering strong performance. China has called for an end to aggressive price wars, especially after BYD Company Limited BYDDY introduced new incentives on more than 20 models in late May, leading Geely Automobile Holdings Limited GELYY and Chery to adopt similar measures. BYD, Tesla's key contender, slashed the price of its cheapest model, the pure battery-powered Seagull EV, to 55,800 yuan. BYD's global passenger car sales rose 14.1% year over year in May, but the growth slowed from April's 19.4%.Geely Auto, an auto manufacturer based in Hangzhou, China, also reduced prices, offering discounts between 9,000 yuan and 16,000 yuan on selected models, such as the Xingyuan EV and entry-level Galaxy E8 sedan. Through these limited-time promotions, which ended June 1, Geely Auto aimed to stimulate sales, reduce inventory and benefit from government incentives intended to support EV transitions. Tesla has underperformed the Zacks Automotive-Domestic industry year to date. TSLA shares have lost 17.8% compared with the industry's decline of 14.8%. Image Source: Zacks Investment Research From a valuation perspective, Tesla appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 10.23, higher than its industry's 2.75. Image Source: Zacks Investment Research The Zacks Consensus Estimate for 2025 and 2026 EPS has moved down 13 cents and 16 cents, respectively, in the past 30 days. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report Geely Automobile Holdings Ltd. (GELYY) : Free Stock Analysis Report Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Inicia sesión para acceder a tu portafolio
Associated Press
an hour ago
- Associated Press
Electric Metals Announces Termination of Agreement With Terrella Capital
TORONTO, ON / ACCESS Newswire / June 6, 2025 / Electric Metals (USA) Limited ('EML' or the 'Company') (TSXV:EML)(OTCQB:EMUSF) announces that the Company and Terrella Capital Ltd. ('Terrella') have mutually agreed to terminate their business consulting services agreement, originally announced on April 15, 2025. The agreement was formally terminated effective May 27, 2025. In connection with the termination, the 250,000 stock options previously contemplated for grant to Terrella under the agreement have been cancelled and will not be issued. About Electric Metals (USA) Limited Electric Metals (USA) Limited (TSXV: EML) (OTCQB: EMUSF) is a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. The Company's principal asset is the Emily Manganese Project in Minnesota, the highest-grade manganese deposit in North America, which has been the subject of considerable technical studies, including National Instrument 43-101 Technical Reports - Resource Estimates. The Company's mission in Minnesota is to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, the State of Minnesota and for the Company's shareholders. For further information, please contact: Electric Metals (USA) Limited Brian Savage CEO & Director (303) 656-9197 or Valerie Kimball Director Investor Relations 720-933-1150 [email protected] Forward-Looking Information This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes,' 'may,' 'plans,' 'will,' 'anticipates,' 'intends,' 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Such statements in this news release include, without limitation: the ability of the Company to complete the Offering; the size, terms and timing of the Offering; participation in the Offering by insiders of the Company; the timing and receipt of TSXV and other approvals required in connection with the Offering; the intended use of proceeds of the Offering; the Company's mission to become a domestic US producer of high-value, high-purity manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets; that manganese will continue to play a critical and prominent role in lithium-ion battery formulations; that with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, Minnesota and for the Company's shareholders; and planned or potential developments in ongoing work by Electric Metals. These statements address future events and conditions and so involve inherent risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, the failure to obtain all necessary stock exchange and regulatory approvals; investor interest in participating in the Offering; and risks related to the exploration and other plans of the Company. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, updated conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Electric Metals (USA) Limited press release
Associated Press
an hour ago
- Associated Press
Battery X Metals Successfully Validates Next-Generation Battery Rebalancing Machine on Light-Duty Electric Vehicle Model that Exhibited Significant Real-World Cell-Imbalance-Related Capacity Degradation, Achieving 100% Imbalance Recovery and 38% of Rated Capacity Restored in Preliminary Trial
News Release Highlights: X Rebalancing Technologies successfully validates its next-generation battery rebalancing machine on a commercial electric truck battery that had experienced significant real-world imbalance, expanding functionality to include a Class 3 light-duty EV model. 2.0 achieved 100% recovery of imbalance-related capacity loss and a 37.7% increase of the rated capacity, underscoring the machine's effectiveness on a significantly imbalanced battery pack. trial conducted on a significantly imbalanced battery pack provided by an authorized Canadian distributor of the electric truck, highlighting market interest and broader demand for cost-effective solutions to restore electric vehicle battery capacity and avoid costly full-pack replacements. VANCOUVER, BC / ACCESS Newswire / June 6, 2025 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:5YW, WKN:A40X9W)('Battery X Metals' or the 'Company') an energy transition resource exploration and technology company, announces that further to its news releases dated May 9, 2025, May 23, 2025, and May 30, 2025, its wholly-owned subsidiary, Battery X Rebalancing Technologies Inc. ('Battery X Rebalancing Technologies'), has expanded the functionality of its next-generation lithium-ion battery rebalancing hardware and software platform to include a fully electric, Class 3 commercial electric vehicle, or light-duty electric vehicle (the 'Electric Truck'), and has achieved successful preliminary trial results (the 'Trial') on an 144-battery cell Electric Truck battery pack which had exhibited significant natural imbalance caused by real-world conditions, demonstrating 100% recovery of a naturally occurring imbalance-related capacity loss, and a 37.7% increase of the Rated Capacity (as defined herein) of the Electric Truck's battery pack, composed of lithium nickel manganese cobalt oxide (NMC) materials (the 'Electric Truck Battery Pack'). The Trial results (the 'Results') were performed using Battery X Rebalancing Technologies' second-generation, patent-pending battery rebalancing machine ('Prototype 2.0") on the Electric Truck Battery Pack. The Electric Truck Battery Pack has been assessed to have a rated full capacity of 176 ampere-hours (Ah) (the 'Rated Capacity'), as specified on the nameplate affixed to the Electric Truck Battery Pack. Initially, the Electric Truck Battery Pack was fully charged using a J1772 (Type 1) AC charging port, delivering 40 amperes (A) of current. This Level 2 AC charging step, consistent with North American EV standards¹, was managed by the vehicle's onboard systems. Once the dashboard displayed a 100 percent state of charge and the charger application indicated the vehicle was no longer requesting current, Prototype 2.0 initiated its patent-pending battery rebalancing process. A rebalancing current between 0 and 3 amperes was then individually applied to each of the battery cells, charging them simultaneously to a target voltage of 4.20 volts (the 'Voltage Target'). The Voltage Target falls within the standard operating range for NMC lithium-ion cells (3.0V to 4.20V), with 4.20V commonly recognized as full capacity in the industry². The Results show that 66.3 Ah of capacity, previously lost due to battery-cell imbalance, was successfully restored on the Electric Truck Battery Pack. This represents approximately 37.7 percent of the Rated Capacity of the unbalanced Electric Truck Battery Pack. The restored capacity corresponds to the full theoretical rebalancing potential based on achieving the Voltage Target across all cells and reflects complete recovery of the significant imbalance identified. These results were validated using Prototype 2.0's integrated software feature, which measures ampere-hour capacity restored through rebalancing on a per-cell basis. The software also identified the maximum individual cell discrepancy to be 66.3 Ah, relative to the Rated Capacity. Battery X Rebalancing Technologies interprets these Results as confirmation of Prototype 2.0's ability to recover significant imbalance-induced battery-cell capacity loss through precise voltage alignment and active cell-level rebalancing. The expanded functionality development for the Electric Truck builds on a series of prior advancements by Battery X Rebalancing Technologies, as disclosed in the Company's news release dated May 9, 2025, which announced that Battery X Rebalancing Technologies had entered into a non-commercial, collaborative scope of services agreement (the 'Factor E Agreement') with Factor E Motors Ltd., a Vancouver-based automotive service centre specializing in out-of-warranty Tesla vehicles. The Factor E Agreement is intended to support the continued development of Prototype 2.0, with an initial focus on Tesla Model 3 and Model X battery packs currently held by Factor E Motors. This progress was further advanced, as disclosed the Company's news releases dated May 23, 2025, and May 30, 2025, which announced the expansion of Prototype 2.0's development to include Nissan Leaf battery packs and confirmed the successful rebalancing of a naturally imbalanced Nissan Leaf battery pack. This achievement marked a key milestone in validating Prototype 2.0's compatibility with the #2 most common out-of-warranty electric vehicle model in the United States. Together, these initiatives underscore Battery X Rebalancing Technologies' commitment to demonstrating the adaptability of its technology across multiple real-world electric vehicle platforms and highlight the increasing demand for practical, cost-effective battery reconditioning solutions. Results Significance of Results & Market Opportunity for the Electric Truck The Results of the Trial demonstrate that Prototype 2.0 is capable of effectively rebalancing lithium-ion battery packs exhibiting significant, naturally occurring battery cell imbalance. This successful outcome builds upon prior validation of Battery X Rebalancing Technologies' patent-pending rebalancing technology, including independent validation by the National Research Council of Canada (as detailed below), and the Company's previously disclosed news release dated May 30, 2025 announcing successful rebalancing of naturally imbalanced Nissan Leaf battery pack, the #2 most common out-of-warranty electric vehicle model in the United States. Importantly, the Results not only confirm the technical functionality of Prototype 2.0 in a real-world electric vehicle platform, but also highlight its potential to restore substantial lost capacity-an outcome that supports the growing demand for practical, cost-effective battery recovery solutions. The Electric Truck Trial reinforces the relevance of Battery X Rebalancing Technologies' patent-pending Prototype 2.0 in real-world environments and signals a broader opportunity to extend the useful lifespan of aging electric vehicle battery packs. The Electric Truck and Electric Truck Battery Pack were provided at no cost to Battery X Rebalancing Technologies for testing and validation by an authorized Canadian distributor of the Electric Truck (the 'Distributor'), who advised that it owns a fleet of approximately 20 Electric Trucks (the 'Electric TruckFleet'). Several vehicles within this fleet have reportedly experienced significant capacity degradation due to battery cell imbalance. The expanded functionality development and subsequent Trial were initiated in response to the Distributor's interest in identifying a viable alternative to full battery replacement, which it noted could be prohibitively expensive. The objective of the Trial was to assess whether Prototype 2.0 could successfully rebalance a battery pack from the Electric Truck Fleet. The positive Results are expected to inform ongoing discussions with the Distributor regarding the potential deployment of Prototype 2.0 across its broader fleet to restore and extend battery life while mitigating potentially costly battery replacements. Further, the Company has been advised by the Distributor that approximately 700 Electric Trucks are currently deployed across Canada, owned by a combination of the Electric Truck's parent company, authorized dealers, commercial fleet operators, and private fleet owners. According to the Distributor, many of these vehicles have encountered similar battery pack capacity degradation attributed to battery cell imbalance. This highlights a market opportunity for Battery X Rebalancing Technologies to provide a cost-effective rebalancing solution for electric vehicle owners seeking to avoid premature battery replacement. In parallel with these developments, Battery X Rebalancing Technologies is advancing the implementation of standardized operating procedures (SOPs) for rebalancing the Electric Truck Battery Pack, along with user interface and workflow optimizations for Prototype 2.0. Battery X Rebalancing Technologies is also progressing efforts to formalize a commercial manufacturing agreement to support scalable production and deployment capabilities. These initiatives are part of a broader commercialization strategy and are not limited to any single third-party opportunity, with the exception of the Electric Truck-specific SOPs, which are being developed in direct response to the potential opportunity identified through the Trial. There can be no assurance that Battery X Rebalancing Technologies will establish commercial arrangements with any third party at this time. While the Company is encouraged by the progress to date and the evident market need, any future commercial arrangement remains subject to further validation, negotiation, and operational readiness. The Problem: Rising EV Adoption Presents New Battery Lifecycle Challenges In 2024, global EV sales reached approximately 17.1 million units, representing a 25% increase from 20233. With cumulative global EV sales from 2015 to 2023 totaling an estimated over 40 million units4, a significant share of the global EV fleet is expected to exit warranty coverage over the coming years. By 2031, nearly 40 million electric, plug-in hybrid, and hybrid vehicles worldwide are anticipated to fall outside of their original warranty coverage5,6. This projection is based on current EV adoption figures and standard industry warranty terms, and underscores a growing risk for EV owners facing battery degradation, reduced capacity, and costly replacement requirements7. As the global EV fleet continues to expand, the demand for technologies that extend battery life, reduce long-term ownership costs, and support a sustainable transition to electric mobility is increasing. The Solution: Pioneering Next-Generation Technologies to Support Lithium-Ion Battery Longevity Battery X Rebalancing Technologies' proprietary software and hardware technology aims to address this challenge by extending the lifespan of EV batteries. This innovation is being developed with the aim to enhance the sustainability of electric transportation and the goal to provide EV owners with a more cost-effective, environmentally friendly ownership experience by reducing the need for costly battery replacements. Battery X Rebalancing Technologies' rebalancing technology, validated by the National Research Council of Canada ('NRC'), focuses on battery cell rebalancing. The NRC validation demonstrated the technology's ability to effectively correct cell imbalances in lithium-ion battery packs, recovering nearly all lost capacity due to cell imbalance. The validation was conducted on battery modules composed of fifteen 72Ah LiFePO₄ cells connected in series. The cells were initially balanced to a uniform state of charge (SOC), with a measured discharge capacity of 71.10Ah. In the validation test, three of the fifteen cells were then artificially imbalanced-one cell was charged to a 20% higher SOC, and two cells were discharged to a 20% lower SOC-resulting in a reduced discharge capacity of 46.24Ah, following rebalancing using Battery X Rebalancing Technologies' rebalancing technology. These advancements establish Battery X Rebalancing Technologies as a participant in lithium-ion and EV battery solutions, aiming to tackle the critical challenges of capacity degradation of battery packs and expensive replacements. By extending the lifecycle of battery materials within the supply chain, Battery X Rebalancing Technologies aims to support the energy transition and promote a more sustainable future. 1 EVESC, 2 Battery University,3 Rho Motion - Global EV Sales 2024, 4 IEA Global EV Outlook 2024, 5 IEA, 6 U.S. News, 7 Recurrent Auto About Battery X Metals Inc. Battery X Metals (CSE:BATX)(OTCQB:BATXF)(FSE:5YW, WKN:A40X9W) is an energy transition resource exploration and technology company committed to advancing domestic and critical battery metal resource exploration and developing next-generation proprietary technologies. Taking a diversified, 360° approach to the battery metals industry, the Company focuses on exploration, lifespan extension, and recycling of lithium-ion batteries and battery materials. For more information, visit On Behalf of the Board of Directors Massimo Bellini Bressi, Director For further information, please contact: Massimo Bellini Bressi Chief Executive Officer Email: [email protected] Tel: (604) 741-0444 Disclaimer for Forward-Looking Information This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements in this release relate to, among other things: the continued development, testing, and optimization of Prototype 2.0; the expansion of its functionality to include additional electric vehicle platforms, including Class 3 light-duty commercial electric trucks; the Company's interpretation of preliminary trial results, including 100% imbalance-related capacity loss recovery and 37.7% increase of the Rated Capacity; the effectiveness of Prototype 2.0 in restoring lost capacity caused by battery cell imbalance; the relevance of the Trial in real-world operating conditions; the possibility of future commercial discussions with the Canadian distributor of the Electric Truck; the potential deployment of Prototype 2.0 across the distributor's Electric Truck Fleet; the estimated number of Electric Trucks deployed across Canada; the broader demand for rebalancing technologies to extend the useful life of electric vehicle battery packs; the scalability of Battery X Rebalancing Technologies' platform to meet market demand; the implementation of standardized operating procedures (SOPs) for Electric Truck rebalancing; user interface and workflow optimizations; and the progress toward formalizing a commercial manufacturing agreement to support scalable production and deployment capacity. These forward-looking statements reflect management's current expectations, estimates, projections, and assumptions as of the date of this news release. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the ability to complete further testing and validation of Prototype 2.0; variability in performance across different battery chemistries or EV platforms; the timing, structure, and outcome of any potential commercial discussions or agreements with distributors or other fleet operators; customer and market adoption; the ability to scale production through third-party manufacturing; successful implementation of SOPs and software enhancements; regulatory developments; operational and logistical challenges; and the ability to execute commercial contracts and generate revenue. There can be no assurance that Prototype 2.0 will achieve full commercialization, that any commercial agreements will be entered into, or that Battery X Metals Inc. or Battery X Rebalancing Technologies will generate revenue from the initiatives described herein. The realization of any commercial opportunity remains subject to further validation, negotiation, third-party readiness, and successful execution of definitive agreements. Battery X Metals Inc. undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by applicable law. Investors are encouraged to consult the Company's continuous disclosure filings available under its profile at for additional risk factors and information. SOURCE: Battery X Metals press release
