Latest news with #US-built
Time of India
18 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.
Toronto Sun
2 days ago
- Automotive
- Toronto Sun
Tesla signs $4.3 billion battery supply pact with LG Energy
Published Jul 30, 2025 • 2 minute read Tesla Powerpacks Photographer: Patrick T. Fallon/Bloomberg Photo by Patrick T. Fallon / Bloomberg (Bloomberg) — 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. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 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. This advertisement has not loaded yet, but your article continues below. '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. Toronto & GTA MLB Sunshine Girls Columnists Sunshine Girls
NDTV
7 days ago
- Business
- NDTV
'Put America First': Trump's Big Warning To Tech Firms Against Hiring Indians
US President Donald Trump has criticised American technology companies like Google, Microsoft and Apple for hiring workers from India and outsourcing manufacturing to China. Speaking at the AI Summit in Washington, he urged them to focus on creating jobs for Americans. At an AI Summit in Washington, on Wednesday, Trump warned the companies that "those days are over", and said, "Many of our largest tech companies have reaped the blessings of American freedom while building their factories in China, hiring workers in India and slashing profits in Ireland, you know that." He added, "All the while dismissing and even censoring their fellow citizens right here at home. Under President Trump, those days are over." Trump encouraged the tech companies to adopt a more patriotic approach, "We need US technology companies to be all in for America. We want you to put America first. You have to do that. That's all we ask," per PTI. This comes in the backdrop of the US President signing three executive orders for boosting America's artificial intelligence sector. The first order, called "Winning the Race", aims to fast track AI infrastructure development in the country by easing regulations on data centres and digital facilities. The second order seeks that AI systems developed with federal funding must remain ideologically neutral. He said, "We are getting rid of woke," Trump said. "AI must be accurate and not influenced by ideology." He added that the administration will not support "woke" technology, and said earlier policies slowed down innovation by focussing on diversity and inclusion. The third order focuses on the export of US-built AI products and plans to reduce dependency on foreign platforms and supply chains. Trump said, "America is the country that started the AI race, and as president of the United States, I'm here today to declare that America is going to win it." He added, "Winning this competition will be a test of our capacities unlike anything since the dawn of the space age." Although there has been no official announcement, this adds to the growing uncertainty for Indian professionals working in areas such as software development, data science, and artificial intelligence.
India Today
7 days ago
- Business
- India Today
Why Donald Trump doesn't want Google, Microsoft to hire Indians
US President Donald Trump has told major tech companies like Google, Microsoft and Apple to stop hiring foreign workers, including from India, and focus instead on creating jobs in the United at an AI Summit in Washington on Wednesday, Trump said American companies must now put national interest first, especially in the fast-growing field of artificial said that top US technology firms have made huge profits while setting up operations in countries like China and hiring large numbers of employees in argued that this has come at the cost of American workers. 'Many of our largest tech companies have reaped the blessings of American freedom while building their factories in China, hiring workers in India and stashing profits in Ireland,' Trump said during the event. 'Under President Trump, those days are over.'He said the mindset of these firms had become too global and called for a new 'spirit of patriotism and national loyalty' in Silicon Valley and across the American tech industry. 'We want you to put America first. That's all we ask,' he also used the event to announce three new executive orders aimed at boosting the US's AI industry. One of the orders lays out a national plan to fast-track AI development by easing regulations and encouraging companies to build data centres and other key infrastructure inside the US. The strategy is called 'Winning the Race' and is focused on helping the US lead in AI second order puts new rules on companies that receive federal funds to build AI tools. These companies must now ensure that the tools they develop are politically neutral. Trump said his administration would not support what he called 'woke' AI systems and blamed previous policies that focused on diversity and inclusion for slowing down progress in technology.'We are getting rid of woke,' he said. 'AI must be accurate and not influenced by ideology.' The new rules will also apply to government agencies that use AI tools, and these systems must not be biased or driven by political also questioned the use of the term 'artificial intelligence,' saying he prefers a term that better reflects its power. 'It's not artificial, it's genius,' he third executive order focuses on helping US-built AI products compete globally. It includes steps to support exports and ensure full development of AI technology within the Trump's comments have sparked concern among tech workers in countries like India, no official steps have been announced yet to limit hiring from abroad. However, industry watchers say such remarks from the President could affect the hiring plans of major tech firms, especially those that rely heavily on skilled engineers from India and Indian tech professionals, many of whom are employed in roles related to software development, data science, and AI in the US, Trump's message may create recent years, several US companies have increased their hiring in India to cut costs and tap into the country's large pool of skilled engineers. The latest statement from Trump could put pressure on firms to re-evaluate their hiring strategies, especially if new rules or limitations are the global race for AI dominance continues, the push for more national control and local jobs in the US could have effects on tech ecosystems in countries like India, which play a key role in supporting American firms through outsourcing, engineering services, and back-end operations.- Ends advertisement
Sky News AU
23-07-2025
- Business
- Sky News AU
High-level Chinese diplomat probes Newcastle City Lord Mayor for AUKUS submarine location in private meeting
A high-level Chinese diplomat based in Australia has pressed Newcastle City Mayor Ross Kerridge for information on AUKUS nuclear submarines during a private meeting between the pair. Australia's ability to secure nuclear submarines is a main pillar of the trilateral AUKUS security agreement and the country has already committed $3 billion to assist United States defence manufacturing in exchange for being able to purchase Virginia class vessels. However, questions have been raised over the availability of US-built of submarines following the Trump administration's announcement it was reviewing the deal, which Australia sees as a critical defence investment of deterrence in the region. The Daily Telegraph has now revealed an encounter on July 17 where the future docking location of AUKUS submarines was discussed, prompted by the Consul General of China in Syndey, Wang Yu. According to minutes of the meeting obtained by masthead, notes taken show that the diplomat asked if submarines secured under AUKUS would be based at Newcastle. '(Consul General) explained that China is concerned that Chinese interests in Australia will be affected by strategic defence decisions,' the meeting document read, according to the masthead. 'For example, is Newcastle Port a potential base for AUKUS submarines? '(The Lord Mayor) explained that we are a nuclear free city, but we will not have the means to stop a decision of this nature taken by the state and/or federal governments. 'China expects that Australia and Newcastle will have good relations with other countries and is also looking to build good relations, but would not like us… to use our good relations with other countries to adversely affect China.' The Daily Telegraph also reported the New South Wales city's Taiwanese and Tibetan communities were talked about during the meeting. It comes just days after The Australian revealed Shanghai Xinyang Chamber of Commerce president Wang Yongxin's family ties to the purchase of commercial port properties at Newcastle and Kembla. Wang family members have reportedly denied they have links to the Chinese Communist Party's United Front. Meanwhile, there have been suggestions Australia may need to increase its financial commitments to ensure Virginia class submarines are provided in line with the terms of the original AUKUS agreement. Last month, Defence Minister Richard Marles said he was not prepared to "speculate" on the Trump administration's review of the pact and insisted the government's focus was directed at "pursuing the optimal pathway" that would see Virginia class submarines being available to Australia from 2032.
