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    How the Inflation Reduction Act of 2022 impacts the US EV ecosystem
    On 7 August 2022, Democrats in the US Senate passed the Inflation Reduction Act of 2022, which aims to not only take control of rising inflation by reducing the fiscal deficit but also invest in domestic manufacturing of renewable energy and electric vehicles (EVs), secure the necessary supply chain, and cut down the carbon footprint by roughly 40% by 2030. The proposal made within the purview of the Inflation Reduction Act of 2022 (IRA) expects to raise about USD739 billion and invest about ...
    Software complexity starting to cost CEOs their job
    Complexity in the software has increased to a level where it has become not just difficult to debug and maintain, but it has compounded an OEM’s already difficult situation to comprehend the overall system interactions between various electronic control units (ECUs) and to properly test all the various combinations of features in a car. Most of the software in vehicles is written by suppliers that also use third-party software and work with externals, so the OEM’s control on the result is ve...
    BYD begins supplying Blade batteries to Tesla at Giga Berlin, Germany
    Chinese EV maker BYD has started delivering its Blade batteries to the US electric vehicle (EV) maker Tesla’s factory in Berlin, Germany, making the facility the first to use BYD-made batteries, according to a news report published by CnEVPost on 10 August 2022. The news report cited another publication called Sina Tech, which first learnt about the development. The report stated that the first batch of Tesla vehicles equipped with BYD blade batteries are expected to roll off the assem...
    Chinese EV battery maker Gotion High-Tech gets officially listed on the Swiss Stock Exchange
    China-headquartered battery maker Gotion High -Tech Company Ltd. said on 28 July 2022 that the company is now officially listed on the Swiss Stock Exchange by issued global depositary receipts (GDR). It added that the said listing makes it the first group of Chinese companies that came to the Swiss Stock Exchange. The company said that the Swiss Stock Exchange, the Shenzhen Stock Exchange and Shanghai Stock Exchange had organized a simultaneous ceremony of China-Swiss Stock Connect Celebratio...
    Gridserve raises over USD243 million to further expand EV charging network in UK
    UK-based EV charging services provider Gridserve has secured an initial GBP200 million (USD243 million) investment from Infracapital, the infrastructure equity investment arm of M&G Plc, to further expand its operations that focus on decarbonizing transport through a well-distributed EV infrastructure, the company said on 8 August 2022. The company said that newly raised funds will accelerate Gridserve’s plan of further expanding energy generation through hybrid solar farms and distribu...
    Siemens, MAHLE to collaborate on wireless charging of electric vehicles
    Siemens and MAHLE have signed a letter of intent (LoI) to collaborate on inductive charging of electric vehicles (EVs), according to a media release issued by Siemens on 9 August 2022. Among the many areas where the two companies plan to collaborate, one of the aspects includes coordinated standardization efforts in the relevant prestandardization and standardization bodies. “The goal is to close gaps to ensure full interoperability between vehicles and the charging infrastructure,” Sieme...
    Autonomous technology startup MAXIEYE closes C1 funding round
    MAXIEYE has completed its C1 round of strategic funding, it said in a press release on 8 August. Inno Chip, Cedarlake Capital, and Axera were among the investors participating in the round. The funds raised will be used for research and development (R&D) of high-level intelligent driving technologies and supply chain reserve for mass production of Level 2 or above passenger vehicles. “MAXIEYE , as a core technology service provider for intelligent driving, has realized a full-stack...
    Garmin unveils new in-vehicle navigators
    Garmin has unveiled Garmin DriveCam 76 and RVcam 795 all-in-one navigators with a built-in, high-definition dash cam, it said in a press release on 10 August. Both models feature a 7-inch display, 1080p HD video recording and wide 140-degree field of view. “We’re excited about this series of all-in-one navigators, which combines our best-in-class car and RV navigation features with a sharp, built-in dash cam, giving you confidence that you’ll have video proof of unexpected incidents. Wh...
    Bridgestone reports 24.9% y/y rise in HY2022 revenue to USD13.97 billion
    Bridgestone has reported a 24.9% year-on-year (y/y) rise in sales for half year 2022, it said in a press release on 10 August. Sales came in at JPY1.89 trillion (USD13.97 billion) compared to JPY1.51 trillion last year. Net profit was JPY117.60 billion for the same period, compared to JPY131.34 billion a year earlier. The company’s operating profit fell to JPY173.99 billion from JPY176.55 billion during the first half of last year. Significance: Goodyear said its global tire sales was signi...
    European Lithium signs lithium hydroxide offtake agreement with BMW
    News agency Reuters reported on 5 August that Australian mining company European Lithium Limited had signed a non-binding battery-grade lithium hydroxide offtake agreement with German automaker BMW. According to the report, BMW is expected to eventually make an upfront pre-payment of USD15 million to European Lithium to help start the construction phase of its Wolfsberg Project in Vienna, Austria. Significance: European Lithium is currently planning to set up a integrated lithium project i...
    Wealth Minerals, Thyssenkrupp Mining to develop lithium brine project in Chile
    Canadian mineral resource exploration company Wealth Minerals announced via press release on 9 August that it had entered into a strategic partnership with German mining company Thyssenkrupp Mining Technologies to develop its Ollagüe Salar Lithium exploration project in northern Chile. According to the press release, the two companies plan to: Select a suitable lithium extraction and purification processing technology for the site Develop the project, progressing from exploration to ...
    Semiconductor company Newsight Imaging joins NVIDIA Inception
    Newsight Imaging Ltd, a semiconductor company that develops 3D machine vision sensors and spectral vision chips, has joined NVIDIA Inception, a program designed to nurture startups revolutionizing industries with technology advancements, according to a press release by Newsight Imaging on 10 August. Membership in Inception will enable Newsight to expand its approach to the automotive depth-vision ecosystem, which includes makers of lidars, advanced driver-assistance systems, autonomous vehicl...
    Enel X Way, HiON partner to expand EV charging network in the US
    Enel X Way and HiON Distribution have announced a strategic partnership agreement to supply electric vehicle (EV) charging stations and accessories to the rapidly growing US market, according to a press release published by PRNewswire on 10 August. Enel X Way chargers are durable, versatile, compact, and weatherproof, and they are eligible for federal, state, and utility-sponsored rebates and incentives, press release added. Chris Baker, Head of Enel X Way North America, said, "Building ou...
    Rheinmetall subsidiary MIRA to support teleoperated driving
    MIRA GmbH, a newly established Rheinmetall subsidiary, has announced that it is combining the expertise of several group companies to provide a modular, scalable system of certified hardware and software for teleoperated driving, the remote control of vehicles on public roads, it said in a press release on 8 August. According to MIRA, in many "edge cases," the current state of the art in autonomous driving necessitates human interaction. Dealing with such situations will continue to necessita...
    XPeng Motors reveals interior details of G9 SUV
    China-based automaker Xpeng Motors has unveiled in-vehicle details of the G9 SUV model, Pandaily reported on 10 August. The new SUV features a completely new interior design, three screens, and an integrated 8155 chip for seamless vehicle functions. Significance: G9 model offers three screens that are interconnected for elevated occupant experience. The all-liquid crystal display dashboard has an embedded design, as do the 14.96” central control screen and 14.96” co-pilot screen. It suppo...
    Ferrari recalls vehicles in the US over faulty brakes
    Ferrari North America is recalling 23,555 vehicles citing brake issue that could lead to failure and crashes, CNET Roadshow reported on 5 August. A total of 19 vehicles dating back to 2005 are part of the recall. This also covers series production models like the FF, F8 Tributo, and Portofino, along with LaFerrari. Significance: According to Ferrari, the problem arises when the brake fluid reservoir cap malfunctions, which causes a vacuum to create inside the reservoir. This could then lead t...
    Sirius XM’s Q2 FY2022 revenue grows 4.4% y/y to USD2.25 billion
    SiriusXM has reported a 4.4% year-on-year (y/y) rise in revenue for the second quarter of fiscal 2022, according to its press release on 28 July. Net income for the period dropped to USD292 million compared to USD433 million last year. Operating income for the quarter decreased to USD496 million compared to USD658 million for the previous corresponding quarter. “We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we del...
    How the Inflation Reduction Act of 2022 impacts the US EV ecosystem
    On 7 August 2022, Democrats in the US Senate passed the Inflation Reduction Act of 2022, which aims to not only take control of rising inflation by reducing the fiscal deficit but also invest in domestic manufacturing of renewable energy and electric vehicles (EVs), secure the necessary supply chain, and cut down the carbon footprint by roughly 40% by 2030. The proposal made within the purview of the Inflation Reduction Act of 2022 (IRA) expects to raise about USD739 billion and invest about ...
    Decarbonizing the automotive steel supply chain
    While demands for lightweighting and increased requirements for impact resistance have driven a progressive decline in demand for mild steel for body structure manufacturing, an increased availability of new steel alloys with high strength and optimized energy absorption characteristics from major suppliers has renewed interest in the material’s application within the future light vehicle segment. At the same time, net zero targets set by countries bound by the Paris agreement have led regu...
    Covestro sells polymer 3D printing business to Stratasys for USD44 million
    German chemical company Covestro announced via press release on 8 August the divestment of its additive manufacturing business to American-Israeli 3D printing company Stratasys. According to the press release, divestment of the 3D printing business will allow Stratasys to acquire: Covestro’s research and development facilities, production assets and offices in the Netherlands, Germany, the US and China Access to Covestro’s large network of partners globally Products from th...