Latest news with #TeslaInc
Time of India
15 hours ago
- Automotive
- Time of India
Charged up: Tesla inks $4.3B battery supply pact with LG energy
Tesla Inc agreed to buy $4.3 billion worth of US-built batteries from LG Energy Solution Ltd., a person familiar with the matter said, in a deal that should eventually boost the carmaker's slowing energy storage business . LG Energy announced in a regulatory filing Wednesday that it had secured a 5.9 trillion won contract to supply lithium iron phosphate, or LFP, batteries overseas over three years starting August 2027. Tesla is the customer in the deal, the person said Wednesday, speaking on condition of anonymity as the information isn't yet public. LG Energy declined to comment beyond the filing, citing a confidentiality agreement. Tesla didn't immediately respond to a request for comment. Tesla's energy business was steadily growing prior to President Donald Trump raising tariffs on US battery imports earlier this year. The manufacturer is particularly reliant on LFP cells from China for products including Megapack storage units designed for utilities and large-scale commercial projects. Last week, Tesla reported its first year-over-year decline in energy storage revenue in more than three years. LG Energy's stock rose 0.3% in Seoul, while shares in Tesla's leading battery supplier, Contemporary Amperex Technology Co. Ltd., slumped 7.7% in Hong Kong. That's the steepest one-day drop since CATL's secondary listing in May. Tesla shares traded up 0.4% as of 7:30 a.m. in New York, before the start of regular trading. Tesla warned in April that tariffs would have an outsize impact on the energy business, citing its reliance on LFP cells sourced from China. Chief Financial Officer Vaibhav Taneja said during the company's first-quarter earnings call that while the company was looking to manufacture LFP batteries locally in the US, the equipment it was commissioning can only service a fraction of the total installed capacity at its Megapack factory in Lathrop, California. 'We've also been working on securing additional supply chain from non-China-based suppliers,' Taneja said. 'But it will take time.' LG Energy said in the filing that its contact included options to extend the supply period by up to seven years and boost volumes based on consultations with the customer. Reuters was first to report earlier Wednesday that the pact was with Tesla. South Korean battery makers have been racing to produce more LFP batteries to better compete with low-cost Chinese rivals. LG Energy started LFP production at its Michigan factory in May and is planning to add more output at its joint plant with General Motors Co. in Tennessee. The deal is the second in a matter of days between Tesla and a major South Korean manufacturer, following a $16.5 billion pact with Samsung Electronics Co. for artificial intelligence semiconductors announced earlier this week. The 22.8 trillion won chipmaking agreement will run through the end of 2033. The plan is for Samsung's upcoming plant in Taylor, Texas, to produce Tesla's next-generation AI6 chip, Chief Executive Officer Elon Musk said on X, confirming a Bloomberg News report.
Bloomberg
2 days ago
- Automotive
- Bloomberg
Tesla Supplier Panasonic Pares Back EV Battery Expansion Plans
Tesla Inc. supplier Panasonic Holdings Corp. removed the target date for a capacity ramp up at its lithium-ion battery factory in Kansas, putting the brakes on a core pillar of its business. In an earnings presentation Wednesday, Panasonic said it now targets reaching approximately 32 gigawatt hours at an unspecified future date. The Osaka-based company had previously projected reaching around 30 gigawatt hours by March 2027.
Yahoo
2 days ago
- Automotive
- Yahoo
Elon Musk Said He Would 'Walk The Line Personally' Following $16.5 Billion Samsung Deal, Is this A Return To 'Wartime CEO' Mode?
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk recently announced he will be closely involved with Samsung Electronics (OTC:SSNLF) manufacturing the EV giant's next-gen AI6 chip following a $16.5 billion deal. What Happened: Taking to social media platform X, Musk announced the deal with Samsung on Monday. "Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip," Musk said before adding that the deal had significant strategic 7,000+ investors have joined Timeplast's mission to eliminate microplastics—now it's your turn to However, what was interesting was the billionaire's comments after. Replying to the original post, Musk said that the deal was a critical point. "I will walk the line personally to accelerate the pace of progress," he said. This could signal Musk's renewed focus on his companies after a stint in politics and activism with the Trump administration and the Department of Government Efficiency (DOGE). Could this be a 'Wartime CEO' moment for Musk? Well, this isn't the first time Musk has expressed full commitment to his had earlier said in a post that he would "spend seven days a week" and would sleep at the office if his kids were away. That too wasn't an isolated case, as Musk had also shared that he would be "Back to spending 24/7 at work and sleeping in conference/server/factory rooms," following outages experienced by social media platform added that he would 'be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out."Why It Matters: Musk's renewed commitment to his businesses could be a confidence booster for investors following a disappointing Q2 earnings call for Tesla that saw the EV giant post a 12% revenue decline as well as dwindling sales figures across multiple regions. Despite this, Musk has remained optimistic and promised to release a new affordable Model Y, a decision that has been slammed by critics as it could lead to cannibalization within the company's lineup. Musk has also laid out ambitious targets of producing over 100,000 units of the Optimus robot annually in 5 years and serving about half of the population of the U.S. with robotaxis by the end of the year. Elsewhere, Musk's SpaceX also aims to conduct a test launch of its Starship rocket next month and the billionaire has said that the next major milestone for the company is to achieve orbital propellant refilling. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends Photo courtesy: Shutterstock/Alessia Pierdomenico UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Elon Musk Said He Would 'Walk The Line Personally' Following $16.5 Billion Samsung Deal, Is this A Return To 'Wartime CEO' Mode? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
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Business Standard
4 days ago
- Automotive
- Business Standard
BYD runs India remotely as tensions with China shut out top brass
China's BYD Co. is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter. Ketsu Zhang, BYD's managing director for India, has been unable to obtain a work permit since he left the EV maker's local base in Chennai, despite government efforts to facilitate his travel, said the people, who asked not to be identified because they're not authorised to speak publicly. Zhang worked from the carmaker's headquarters in Shenzhen in 2021 before moving to Tokyo this year, they said. From Japan, he oversees Asian markets including India, the people said. An on-the-ground presence is particularly important for manufacturers, given the need for quick decision making, addressing productivity issues and establishing community ties. Cold Shoulder The cold shoulder is mutual. As recently as March, travel restrictions were still being wielded in the political spat. That month, an Indian contingent wanting to visit a major meeting of BYD car dealers in Shenzhen had to be scaled down after the majority of participants, including the company's employees based in India, were unable to obtain visas, a person familiar with the matter said. A representative for BYD in India declined to comment. Despite the operational difficulties, BYD has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024. Indian officials have been clear they won't welcome investment from the carmaker — Commerce Minister Piyush Goyal said earlier this year that it's a 'no' to BYD due to caution around the nation's strategic interests. India has already rejected BYD's $1 billion plan to build a plant in partnership with a local company. This leaves the Chinese firm unable to qualify for reduced tariffs on imported EVs in exchange for establishing a substantial manufacturing presence in India. The freeze contrasts with the experience of Tesla Inc. Its Chief Executive Officer Elon Musk met with India's Prime Minister Narendra Modi in the US earlier this year. The US carmaker opened its first showrooms in India this month, with deliveries set to begin as early as August. Tesla doesn't have plans to establish local manufacturing, meaning it faces import taxes of as much as 110 per cent for fully-assembled vehicles. Expanding overseas is critical for BYD, which risks missing its target to sell 5.5 million cars this year as demand in China stagnates and it draws the ire of Beijing following rounds of heavy price discounting. But without the ability to invest in manufacturing in India, BYD relies on its assembly plant in the southern city of Chennai, which has annual capacity of 10,000 to 15,000 units, to meet Indian demand. The company also imports most cars it sells in India, but hefty duties — aimed at shielding domestic firms — effectively double the cost of a vehicle and India restricts volumes unless a model has received a local roadworthiness certificate. While tensions between China and India are thawing, it's unclear whether curbs on professional visas will be lifted or if BYD will ever be welcomed with open arms. Still, there are tentative signs of progress. Earlier this month, India allowed Chinese nationals to apply for tourist visas again.
Bloomberg
4 days ago
- Automotive
- Bloomberg
Toyota's Internal Inertia Stifles Digital Transformation Effort
Inside Toyota Motor Corp., a group of employees are worried about the company's future in an era when a car's software matters just as much as its sheet metal. The world's biggest automaker is known for churning out reliable cars like clockwork, but it's been struggling to keep up with Elon Musk's Tesla Inc., China's BYD Co. and other frontrunners in the industry's shift toward electric vehicles with sophisticated software.
