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Tesla-Supplier Panasonic Energy Targets Reduced Reliance On China For US Battery Supplies, Says It Is &#39;No.1 Objective&#39;

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Panasonic Holdings Corp has completed preparations for the mass production of its high-capacity electric vehicle batteries.

Tesla Supplier Panasonic Completes Preparations For Mass Production Of High-Capacity EV Batteries At Wakayama Plant, Set To Produce 4680 Cells

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Oracle Corporation (NYSE: ORCL) solidified its leadership in artificial intelligence with a strategic shift to cloud computing, propelling its market capitalization nearly to $400 billion. Oracle&#39;s cloud infrastructure, pivotal for AI projects like OpenAI&#39;s expansive models, has dramatically enhanced its market valuation.

Oracle&#39;s Strategic Pivot To AI And Cloud Computing Yields Market Cap Surge: Report

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Panasonic Energy, a key supplier for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), is aiming to cut its reliance on China for electric vehicle battery supplies in the U.S. Allan Swan, President of Panasonic Energy of North America, emphasized that this transition is the company&#8217;s &#8220;No.1 objective.&#8221;
What Happened: The strategic move comes in response to incoming President Donald Trump&#8217;s promise to increase tariffs on Chinese imports, prompting global companies to reevaluate their manufacturing strategies. Swan stated that the primary task is to avoid a supply chain heavily reliant on China, Reuters reported on Tuesday.
Panasonic Energy, a division of the Japanese electronics conglomerate Panasonic Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFF#OTC">PCRFF</a>), supplies batteries not only to Tesla but also to other automakers. The company currently operates a battery plant in Nevada and has plans to inaugurate another U.S. facility in Kansas within the year. This initiative aligns with the broader industry trend of diversifying supply chains amid geopolitical tensions.
See Also: <a href="https://www.benzinga.com/news/25/01/42808507/chinese-exchanges-reportedly-urge-fund-managers-to-limit-stock-sales-as-market-braces-for-trumps-return">Chinese Exchanges Reportedly Urge Fund Managers To Limit Stock Sales As Market Braces For Trump&#8217;s Return</a>
Why It Matters: The decision by Panasonic Energy to reduce its dependency on China for battery supplies is significant in the context of the ongoing <a href="https://www.benzinga.com/25/01/42761825/ev-price-war-heats-up-as-chinese-automakers-extend-subsidies">EV price war</a> and the competitive landscape in the electric vehicle market. Chinese automakers, including Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), have been extending financial incentives to attract buyers, intensifying competition. This move is part of a broader strategy by companies to mitigate risks associated with geopolitical tensions and trade policies.
Moreover, the shift comes at a time when BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has overtaken Tesla as the <a href="https://www.benzinga.com/25/01/42780142/chinese-player-byd-overtakes-tesla-yet-again-as-worlds-biggest-ev-seller-in-q4">world&#8217;s largest battery</a> electric vehicle seller in the fourth quarter of 2024. Despite this, Tesla continues to maintain its position as the top-selling pure EV brand for the year.
Additionally, Tesla has achieved record sales in China with approximately <a href="https://www.benzinga.com/25/01/42782683/tesla-hits-record-ev-sales-in-china-despite-global-dip">83,000 units sold</a> in December alone. This underscores the importance of the Chinese market for Tesla, even as Panasonic seeks to diversify its supply chain away from China.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/12/42637260/elon-musk-accused-of-bullying-republicans-to-scrap-us-china-investment-safeguards-to-protect-teslas-interests?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Accused Of Bullying Republicans To Scrap US-China Investment Safeguards To Protect Tesla's Interests</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image via Shutterstock

Tesla-Supplier Panasonic Energy Targets Reduced Reliance On China For US Battery Supplies, Says It Is 'No.1 Objective'

Panasonic Holdings Corp&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFF#OTC">PCRFF</a>)&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFY#OTC">PCRFY</a>) has completed preparations for the mass production of its high-capacity electric vehicle batteries.
What Happened: The company&#8217;s energy unit has renovated its plant in Wakayama, Japan, to produce the 4680 cells, which the Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) supplier has five times the capacity of its smaller 2170 cylindrical batteries. Samples have been sent to automakers for approval before production begins, reported Reuters on Monday.
Panasonic Energy plans to start production at an annual capacity of several gigawatt hours, CEO Kazuo Tadanobu stated. The Wakayama plant will employ around 400 staff by March 2025 and will serve as a testing site for processes to be used in other factories globally.
The company held a ceremony to mark the completion of preparations and showcased an inspection line with trays of silver-colored cells. Panasonic Energy also produces 2170 and 1860 cylindrical EV batteries at its Suminoe and Kaizuka plants in Japan.
Additionally, Panasonic and Subaru Corp announced plans to establish a plant in Gunma prefecture, north of Tokyo, for automotive battery supply starting in the 2028 business year.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40747427/tesla-won-some-brownie-point-by-not-doing-anything-wrong-like-gm-volkswagen-says-industry-watche?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Won Some Brownie Points By Not Doing Anything Wrong Like GM, Volkswagen, Says Industry Watcher, Calls FSD Elon Musk&#8217;s &#8216;Passion Project&#8217;</a>
Why It Matters: The move by Panasonic to mass-produce high-capacity EV batteries comes at a crucial time for the electric vehicle market. The demand for more efficient and longer-lasting batteries is increasing as automakers look to enhance the range and performance of their electric vehicles.
In a recent earnings call, Elon Musk, CEO of Tesla, highlighted the competitive threat posed by Chinese automakers. Musk warned that Chinese companies could &#8220;demolish&#8221; their global counterparts if not for existing trade barriers. This underscores the importance of advancements in battery technology to stay <a href="https://www.benzinga.com/news/earnings/24/01/36771916/amid-competition-from-rival-byd-elon-musk-warns-of-chinese-automakers-potential-to-demolish-rivals">competitive in the global market</a>.
In March, the U.S. and Japan reportedly reached a deal on <a href="https://www.benzinga.com/news/23/03/31523047/us-japan-announce-ev-battery-minerals-deal-in-bid-to-reduce-reliance-on-china">trading in minerals key to&nbsp;electric vehicle&nbsp;batteries</a>. The trade deal with Japan was an attempt to solve supply chain issues impacting EV manufacturers. Currently, China solely dominates the sector.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40756333/gov-newsom-proposes-emergency-rules-to-severely-restrict-hemp-products-this-will-destroy-our-bus?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">iPhone 16 To Feature Arm&#8217;s Next-Gen AI Chip Technology, What You Should Know About Apple&#8217;s Move</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) has emerged as an unexpected victor in the artificial intelligence revolution, marking a significant week for the tech giant.
The notable advancement for Oracle in AI technology was underscored by a surge in market capitalization to nearly $400 billion, driven by its successful pivot to cloud computing.
Oracle&#8217;s cloud services have been crucial for AI innovators like OpenAI, utilizing Oracle&#8217;s infrastructure to support expansive language models, reported <a target="_blank" href="https://www.ft.com/content/d0928820-d51d-46b2-8287-9369bcf76467" rel="noreferrer noopener">Financial Times</a>.
Oracle&#8217;s shift in strategy has proved fruitful, with shares soaring by 13% on Wednesday alone, adding $45 billion in market value.
This increase is attributed to Oracle&#8217;s &#8220;remaining performance obligations&#8221; (RPO), which reflect future revenue potential from customer commitments, the report noted.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39296998/oracle-rides-strong-on-the-ai-wave-despite-q4-revenue-miss-8-analysts-insights" rel="noreferrer noopener">Oracle Rides Strong On The AI Wave, Despite Q4 Revenue Miss: 8 Analysts&#8217; Insights</a>
The RPO surged by 44% from the previous year, signaling strong customer trust and financial health.
Larry Ellison, Oracle's co-founder, pinpointed 2020 as the pivotal year for Oracle's transformation.
The company said it signed over 30 AI sales contracts in the fourth quarter totaling more than&nbsp;$12.5&nbsp;billion, including one contract with <a target="_blank" href="https://www.benzinga.com/news/earnings/24/06/39290117/oracle-stock-is-moving-higher-wednesday-whats-going-on" rel="noreferrer noopener">Open AI to train ChatGPT in the Oracle Cloud</a>.
While Oracle has excelled, its peer Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) has experienced a more turbulent financial journey, with its market cap currently standing at $230 billion.
Oracle's strategic bets and infrastructure have positioned it favorably as the tech world rapidly shifts towards AI integration, distinguishing it from other software-as-a-service providers grappling with the AI transition.
In another development, Panasonic Information Systems, the IT subsidiary of Panasonic Holdings Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFF#OTC">PCRFF</a>), has selected&nbsp;Oracle Exadata Database Service on&nbsp;Oracle Cloud Infrastructure (OCI) as the cloud database platform to support the internal systems used by all companies within the&nbsp;Group. This entails migrating more than 2,000 database environments from hundreds of internal systems to <a target="_blank" href="https://www.benzinga.com//node/39314795" rel="noreferrer noopener">Oracle Exadata Database Service on OCI.&nbsp;</a>
Price Action: ORCL shares are trading higher by 0.26% at $140.01 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Michael Vi/Shutterstock

Oracle's Strategic Pivot To AI And Cloud Computing Yields Market Cap Surge: Report

<div>LAS VEGAS — The Advanced Clean Truck Expo is a come-all event. Until this year, Tesla has passed on attending.</div>

The ACT Expo has outgrown the art deco charm of Long Beach and the "Disney-fied" atmosphere of Anaheim, California. This year, it moved to convention mecca with exhibitors filling the North Hall of the sprawling Las Vegas Convention Center. It returns to Anaheim in 2025, occupying both halls of the convention center in 2025.

Dozens of battery electric, fuel-cell electric and alternative fuel vehicles attracted long lines for short rides. For the first time, the pacesetter in electric vehicle technology — Tesla (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) — was among them.

<img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/05/24/052424-TT119-Tesla-Semi-in-LV-1200x743.jpg" />

The Tesla Semi was available for short rides at the Advanced Clean Transportation Expo in Las Vegas. (Photo - Alan Adler/FreightWaves)

Perhaps because Tesla has some early points on the board with its Semi electric truck, Elon Musk dispatched his top Semi executive with a message for legacy truck makers: "Get with it." <script type="text/javascript">
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<h2 id="h-semi-s-top-executive-comes-to-town">Semi's top executive comes to town</h2>

Dan Priestley is not exactly a household name. But given that he works for a company whose CEO is the focal — and only — regular point of communications, that's not a surprise. Public relations is not an afterthought at Tesla. It doesn't really exist.

So, having Priestley participate in a fireside chat at the ACT Expo highlighted four days that also featured a first-ever gathering of five legacy trucking leaders on the same stage with a moderator asking tough questions that allowed little self-promotion to seep through.

But back to Priestley. His best line about the Semi, now in early production with fewer than 100 trucks in customer use, smacked of the kind of self-deprecating humor that wins over an audience.

"Tesla has a specialty. And that is turning the impossible into merely late" Priestley said. The reference, of course, was to the September 2017 reveal of the Semi being followed by multiple delays that pushed its arrival five years beyond its original 2019 planned production date.

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<h2 id="h-semi-is-the-only-purpose-built-electric-truck">Semi is the only purpose-built electric truck</h2>

Only Tesla is manufacturing a purpose-built electric truck. As such, it is lighter and capable of handling a much higher electric charge than entries from Daimler Truck, Volvo Group North America, Paccar, Navistar and a host of startups. All started by replacing a diesel-power internal-combustion engine with an electric powertrain, carrying over designs never intended for powering by batteries.

Today's first- and second-generation Class 8 zero tailpipe-emissions electric trucks top out at a single-charge driving range of 200 to 300 miles, often less. They work for regional and short-haul routes but are impractical for over-the-road driving because they need hours to recharge. 

The Tesla Semi is different. Its first customer, PepsiCo, ran more than 1,000 miles with one of its three Tesla Semis in a 24-hour period during the North American Council for Freight Efficiency Run on Less Electric Depot demonstration last year. 

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The first Semi production model probably weighs in at 26,000 to 27,000 pounds. Tesla aspires to empty-vehicle weights for the standard 300-mile-range model of 20,000 pounds and 23,000 pounds for the 500-mile-range model. Those depend on energy density improvements in its homemade-battery cells. Today's Nikola Tre BEV, for example, weighs about 29,000 pounds. 

Every pound of the 82,000-pound gross tractor-trailer BEV weight used for batteries is 1 less pound for freight.

<h2 id="h-tesla-s-message-to-the-truck-industry">Tesla's message to the truck industry</h2>

Priestley told the industry what it knows but probably didn't want to hear. 

"I encourage everybody to challenge the historic model. If you're an OEM, develop a fully purposed EV" he said.

<img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/05/24/052424-TT119-Teslas-Dan-Priestley-1200x903.jpg" />

Dan Priestley, head of Tesla Semi, talked to a full house at the Advanced Clean Transportation Expo and participated in a fireside chat. It was Tesla's first appearance at the event. (Photo: Alan Adler/FreightWaves)

Though it flies in the face of total cost-of-ownership calculations, fleets must abandon the deliberate approach of testing a single electric truck or two for a year followed by evaluating a few more trucks for another year.

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"You're going to be half a decade behind" he said. "Look at how you can get to electric [trucks] at scale quickly. Going in with both feet is really the key to unlocking [the value]."

<h2 id="h-scaling-the-semi-in-2026">Scaling the Semi in 2026</h2>

Tesla takes some hits for its slow ramp-up, but that will change in 2026 if it follows through on plans to make 50,000 Semis a year at a plant under construction in Nevada. Pepsi is getting 50 more Semi trucks in coming months. A few more are trickling out as demos to other customers. Freight miles traveled to date exceed 3.5 million.

Priestley said that lessons from Tesla light-duty vehicle production carried over to the Semi.

"Sometimes it's literal [computer] code. We can work on the same code based on the software side" he said. "Sometimes it's the same part."

Tesla's SuperCharger network using the North American Charging Standard has been adopted by almost all automakers using an adapter. Priestley urged truckmakers to abandon the Combined Charging Standard, known as CCS1.

"Please stop putting CCS1 into the ground. Please stop" he said. "Everything has to plug into everything. That's the only way this works."

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<hr />

 

<h2 id="h-trucking-leaders-push-for-infrastructure-help">Trucking leaders push for infrastructure help</h2>

The slowdown in electric-truck adoption has several reasons: Higher upfront costs is one. A soft freight market and fewer fleet profits to invest is another. But the biggest obstacle is availability of electric charging.

And that is where leaders from Daimler Truck North America, Volvo Truck North America, Peterbilt, Navistar Inc. and Mack Trucks focused much of their comments during a rare gathering of the group on a single stage. 

<img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/05/24/052424-TT119-CEO-panel-1200x739.jpg" />

Daimler Truck North America CEO John O'Leary, Navistar CEO Mathias Carlbaum, Peterbilt General Manager Jason Skoog, Volvo Truck North America President Peter Voorhoeve and Mack Trucks North American President Jonathan Randall (not pictured) appeared on the same stage at the Advanced Clean Transportation Expo. (Photo: Alan Adler/FreightWaves)

Daimler, Volvo and Navistar leaders held a smaller such gathering in January to launch a new industry group called Powering America's Commercial Transportation. Its goal is educating and lobbying for more support for truck charging –— more money and revamped utility rules and regulations. So far, it has about two dozen members.

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<h2 id="h-a-bigger-mission">‘A bigger mission'</h2>

"This is a bigger mission" said Jonathan Randall, Mack North America president. "We've got to put aside some of the rivalries."

Randall punctuated the slowdown when he said that Mack's truck-as-a-service offering called ElectriFi launched last year has yet to sign a customer for its medium-duty Class 6-7 MD Electric and Class 8 LR Electric refuse hauler. Both trucks are selling in modest numbers.

"We were pretty excited" Randall said of introducing the LR Electric in 2019. "The customers weren't. Four years in, and it hasn't changed."

Even Jason Skoog, Peterbilt general manager whose parent Paccar Inc. offers a range of electric models but is not actively pursuing infrastructure as some rivals are, beat the drum for infrastructure.

Skoog and John O'Leary, CEO of DTNA, both said that diesel models will dominate trucking for years, if not decades.

"The diesel business is paying for all this" O'Leary said, mentioning that one large customer has put 575 of 600 electric truck orders on hold. He did not name the customer. DTNA signed a letter of intent for up to 800 eCascadias from food distributor Sysco Corp. in 2022.

<div><iframe height="281" src="https://www.youtube.com/embed/-FA3LETK3ik?feature=oembed" width="500"></iframe></div>

Nils Jaeger, president of Volvo Autonomous Solutions, presented the truck maker's first fully autonomous truck at the Advanced Clean Transportation Expo in Las Vegas. Based on the new Class 8 VNL flagship, it will begin operating with safety drivers as it hauls freight using the Aurora Driver from Aurora Innovation.

<hr />

<h2 id="h-a-vegas-pick-em">A Vegas Pick'em</h2>

<ul><li>The 2024 ACT Expo was newsier than many of its predecessors. Check out this absolutely incomplete list of happenings:</li>
	<li>The Hyundai Xcient fuel-cell electric truck will be the first to offer Level 4 high autonomy, testing the SuperDrive system from Plus. After focusing on Level 2 partial autonomy, Plus is beginning to assert itself in Level 4, recently cutting a deal with Navistar, which broke off a 2½-year partnership with TuSimple (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsph#OTC">TSPH</a>) in December 2022. In both cases, the trucks will operate with safety drivers on board. Neither Plus nor Hyundai would discuss timing.</li>
</ul>

<ul><li>Facing a vote on a reverse split of its shares next month that could be followed by authorizing new shares for raising capital, Nikola (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nkla#NASDAQ">NKLA</a>) reported an order of 100 fuel-cell electric trucks from Ai Logistics for delivery in 2025. It is the kind of national fleet order that financially struggling Nikola is pursuing and needs to generate revenue. The startup has delivered 75 FCEVs to date.</li>
</ul>

Separately, CEO Steve Girsky recently purchased 1 million shares of the company he helped bring public in 2020, paying about 54 cents a share.

<ul><li>Hino Motors (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hinof#OTC">HINOF</a>) and Norway's Hexagon Purus (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hpurf#OTC">HPURF</a>) revealed the Tern, a new zero-emission truck brand built on Hino's XL Series 4X2 chassis. The RC8 battery-electric Class 8 tractor integrates Hexagon Purus' zero-emission technology with a Dana Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dan#NYSE">DAN</a>) Zero-8 electronic axle and Panasonic Energy (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) battery cells, initially from Japan with U.S. production beginning in 2026. </li>
</ul>

Following a May 2023 memorandum of understanding, Daimler Truck-owned Mitsubishi Fuso and Toyota-owned Hino are progressing on a plan to merge Fuso and Hino into a single Japanese commercial-vehicle manufacturer. It was expected to be completed this year. But regulatory hurdles and emission certification issues at Hino have pushed out a definitive agreement.

<img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/05/24/052424-TT119-Teem-1200x758.jpg" />

Hino Motors and Hexagon Purus revealed the Teem RC8, a Class 8 electric-truck chassis based on Hino's XL Series. (Photo - Alan Adler/FreightWaves)

Even as sales of electric trucks slow, Daimler Truck North America is thinking about what to do with the batteries in existing electric trucks when they are no longer useful for powering transportation.

As part of reducing the company's overall carbon footprint, Daimler will repair, remanufacture, repurpose or recycle lithium-ion-battery materials used in its electric trucks, step vans and school buses.

<ul><li>Proterra (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ptraq#OTC">PTRAQ</a>) has begun life after bankruptcy as part of the Volvo Group. Customers privately say that they are paying more than they used to for batteries from the startup. Proterra's battery assets were sold through a bankruptcy auction for $210 million in November. </li>
</ul>

Daimler Truck North America (DTNA), Nikola and other customers all have re-upped with Proterra, whose issues resulted from uncontrolled spending, taking on too much debt, and expanding too quickly rather than any technological issues. DTNA said it is using Proterra batteries for new versions of its electric school buses and Freightliner Custom Chassis electric step vans. It did not mention the new owner of its battery supplier.

<h2 id="h-truck-tech-episode-no-67-highlights-from-the-act-expo-exhibit-floor-an-d-a-conversation-with-daimler-truck-north-america-ceo-john-o-leary">Truck Tech episode No. 67: Highlights from the ACT Expo exhibit floor. And a conversation with Daimler Truck North America CEO John O'Leary </h2>

<div><iframe height="281" src="https://www.youtube.com/embed/U0EM83I2nHE?list=PLVi2PdlRdiSpjv3WSrEwb-j4qH7ezOEEs" width="500"></iframe></div>

John O'Leary, the CEO of Daimler Truck North America, was the first guest on the Truck Tech podcast. He returns to discuss the state of electric trucks and DTNA's recent labor settlement with the United Auto Workers. 

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That's it for this week. Thanks for reading and watching.

The post <a href="https://www.freightwaves.com/news/tesla-to-trucking-industry-step-up-your-electric-game">Tesla to trucking industry: Step up your electric game</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

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Tesla to Trucking Industry: Step Up Your Electric Game

In a recent earnings call, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said that Chinese automakers could &#8220;demolish&#8221; their global counterparts if not for existing trade barriers.
What Happened: Musk praised the competitiveness of Chinese car companies during a Tesla earnings call. He indicated that their success outside China would hinge on the establishment of tariff or trade barriers, <a href="https://asia.nikkei.com/Business/Automobiles/Elon-Musk-China-automakers-would-demolish-rivals-without-trade-barriers">reported</a> Nikkei Asia. 
&#8220;Our observation is generally that the Chinese car companies are the most competitive car companies in the world,&#8221; Musk said. However, he noted that Tesla doesn&#8217;t see an &#8220;obvious opportunity to partner&#8221; with these companies, except on sharing supercharging networks.
Despite this competition, Musk acknowledged BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) as an important battery supplier along with Panasonic (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFF#OTC">PCRFF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCRFY#OTC">PCRFY</a>), CATL, and LG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LGEIY#OTC">LGEIY</a>). He announced plans to increase orders from these suppliers in 2024.
Tesla&#8217;s presence in China, the world&#8217;s largest EV market, is also being challenged due to data security concerns, leading to restrictions for Tesla drivers at government-affiliated venues.
Tesla on Wednesday reported<a href="https://www.benzinga.com/news/earnings/24/01/36768363/tesla-q4-earnings-highlights-revenue-miss-eps-miss-model-y-a-global-bestseller-next-gen-vehicle-upd"> fourth-quarter revenue of $25.17 billion</a>, which was up 3% year-over-year. The revenue missed a Street consensus estimate of $25.62 billion.
See Also: <a href="https://www.benzinga.com/news/24/01/36710420/paul-krugman-blames-ron-desantiss-anti-vax-crusade-for-thousands-of-deaths-musk-reacts-you-give-econ?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Paul Krugman Blames Ron Desantis&#8217;s Anti-Vax Crusade For Thousands Of Deaths, Musk Reacts: &#8216;You Give Econo</a>
Why It Matters: Musk&#8217;s acknowledgment of the strength of Chinese automakers comes at a time when these companies are making significant strides in the global electric vehicle (EV) market.
Amid rising competition from Chinese automakers like BYD, Tesla has been reducing prices in China and Europe. During the October-December quarter, BYD achieved a milestone by selling a record-breaking 944,779 new energy vehicles, encompassing 526,409 pure electric cars, surpassing Tesla and securing its <a href="https://www.benzinga.com/markets/asia/24/01/36491157/shifting-gears-in-the-ev-race-chinas-byd-surpasses-tesla-in-the-final-quarter-of-2023">position as the largest electric vehicle</a> maker for the first time.
Earlier this week, a senior <a href="https://www.benzinga.com/news/earnings/earnings-misses/24/01/36752358/warren-buffett-backed-byds-sales-executive-warns-tesla-ahead-of-earnings-youll-face">executive at BYD issued a warning</a> to Musk about potential hurdles in the field of intelligent driving systems. The executive, without specifically naming Tesla or Musk, seemed to be responding to a post by Musk on his X platform in early January.
BYD has also been making significant strides in the luxury EV market, a segment traditionally dominated by Tesla. The company <a href="https://www.benzinga.com/news/24/01/36732237/warren-buffett-backed-byd-takes-on-tesla-with-lamborghini-style-supercar-and-suv-with-360-degree-rot">has expanded its EV lineup</a> to over 20 models, targeting both the international and high-end markets.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36713267/doge-to-hit-10-cents-crypto-analyst-predicts-dogecoin-rally-on-musks-x-app-payment-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">DOGE To Hit 10 Cents? Crypto Analyst Predicts Dogecoin Rally On Musk&#8217;s X App Payment Buzz, Says &#8216;Coins Like FLOKI Will Follow&#8217;</a>
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Amid Competition From BYD, Elon Musk Warns Of Chinese Automakers Potential To 'Demolish' Rivals

Panasonic Holdings Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) and&nbsp;Amazon.Com Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/amzn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMZN</a>) have teamed up to create smart televisions, integrating Amazon&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/24/01/36560548/amazon-challenges-apple-and-google-with-new-cross-platform-video-streaming-feature" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fire TV streaming</a>&nbsp;technology.&nbsp;
The companies revealed the venture at the CES 2024 event in Las Vegas, featuring an OLED model set to launch in Japan and Europe this spring.&nbsp;
Panasonic Entertainment &amp; Communication, a subsidiary specializing in TVs and cameras, is collaborating with Amazon to develop the software for these TVs, the Nikkei Asia&nbsp;<a class="editor-rtfLink" href="https://asia.nikkei.com/Business/Electronics/Panasonic-and-Amazon-team-up-on-smart-TVs-that-suggest-content" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.
The Smart TVs will recommend content based on individual viewing habits, considering streaming services, broadcast TV, and previously recorded shows.&nbsp;
The companies proposed enhancing the personalized approach by creating separate accounts for each family member, analyzing their specific viewing patterns, and searching keywords.
Initial models will require manual account selection, but Panasonic plans to incorporate voice and fingerprint recognition in future versions for automatic user identification.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/24/01/36573618/intels-automotive-gambit-new-ai-chips-to-power-future-cars-taking-on-nvidia-and-qualcomm" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Intel&#39;s Automotive Gambit: New AI Chips to Power Future Cars, Taking On Nvidia and Qualcomm</a>
The company also aims to synchronize these TVs with in-vehicle displays, allowing the continuation of content from home to car, and with smartphones to analyze app-based video consumption for more precise content recommendations.
In 2022, global shipments of flat-screen TVs saw a 5% decline, dropping to 203 million units, influenced by reduced pandemic demand and a challenging global economy.&nbsp;
According to data from the U.K. research company Omdia, this market shift places South Korean and Chinese manufacturers like&nbsp;Samsung Electronics Co, Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ssnlf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SSNLF</a>) and Hisense at the forefront, collectively holding over 60% of the global market share, Nikkei Asia writes.&nbsp;
Despite this competitive landscape, Panasonic has a modest 1% share in the worldwide TV market.
Also this week, Amazon launched Matter Casting. This new feature competes with&nbsp;Apple Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) AirPlay, enabling&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/money/best-place-to-sell-iphone/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">iPhone</a>&nbsp;and Android users to wirelessly stream videos to Amazon&#39;s TV devices like Fire TV units and Echo Show 15.&nbsp;
This innovation is part of Amazon&#39;s push for interoperable services. Initially, Matter Casting will focus on streaming content from Amazon&#39;s Prime Video app to Echo Show devices.
Price Action:&nbsp;AMZN shares traded higher by 1.32% at $153.37 on the last check Wednesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Amazon's New Streaming Move Could Change How You Watch TV

Panasonic Holdings Corporation&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) (PTC: PCRFF) is reportedly pursuing its expansion plans in the U.S., aiming to establish a third electric vehicle (EV) battery plant. This development follows the company&#39;s decision last year to reportedly&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36322149/teslas-battery-partner-panasonic-reportedly-scraps-oklahoma-plant-eyeing-bigger-us-investments" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">cancel a tentative project in Oklahoma</a>.
Allan Swan, president of Panasonic Energy of North America, speaking at the CES electronics trade show in Las Vegas, emphasized Panasonic&#39;s goal to boost its annual production capacity significantly, reported&nbsp;<a class="editor-rtfLink" href="https://asia.nikkei.com/Business/CES-2024/Panasonic-says-plans-for-third-U.S.-EV-battery-plant-still-on" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Nikkei Asia</a>.&nbsp;
From the current 50 gigawatt-hours, the company aims to reach 200 gigawatt-hours by 2031. While Oklahoma remains a potential site, the search for the ideal location continues, the report noted.
Panasonic, with an existing facility in Nevada and another under construction in Kansas, is yet to finalize the details of this new venture. According to Swan, major announcements relating to this investment are likely to be made in fiscal year 2024.
The decision to halt the Oklahoma project was not influenced by a slowdown in the EV market, contrary to some speculations.
As per the report, Swan clarified that demand for Panasonic&#39;s products remains strong, with a particular focus on the U.S. market due to favorable incentives. The move away from Oklahoma was part of a strategy to explore other promising customer relationships.
Price Action: PCRFY shares closed higher by 1.62% at $10.02 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.&nbsp;
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Panasonic Energy Sets Sight On Its Third US EV Battery Plant: Report

Panasonic Holdings Corporation&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) has reportedly withdrawn from plans to establish a new&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/04/26629576/panasonic-to-introduce-bigger-ev-battery-to-diversify-business-from-tesla-ft" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">electric vehicle battery plant in Oklahoma in the U.S.</a>
After announcing in April its consideration of constructing a plant in Oklahoma, the battery provider for EV manufacturer&nbsp;Tesla, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) has decided not to proceed with this plan for its third facility, according to a news report by Reuters.
&quot;After careful deliberations, we have made the decision not to move forward with developing the site,&quot; Panasonic Energy said in a statement, which Reuters notes.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/12/36321610/teslas-european-presence-soars-as-new-registrations-more-than-double" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Tesla&#39;s European Presence Soars As New Registrations More Than Double</a>
&quot;This decision will not impact our operations in Nevada or Kansas,&quot; according to the statement.
The company also declared it has made &quot;a long-term commitment to investing in and advancing the EV industry in the U.S.&quot; to deliver the highest-quality batteries, the report added.
The latest development follows a positive development on December 13, when the company&nbsp;<a class="editor-rtfLink" href="https://na.panasonic.com/us/news/panasonic-energy-partners-sila-procurement-next-generation-silicon-anode-material-ev-batteries" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">inked&nbsp;</a>a pact to purchase next-generation nano-composite silicon anode material for EV lithium-ion batteries from Sila Nanotechnologies Inc.&nbsp;
Panasonic Energy will procure the necessary silicon material from Sila&#39;s manufacturing facility in Washington State, U.S.
With a strategic focus on North America, Panasonic Energy is working to strengthen local supply chains in order to expand battery production there.&nbsp;
Read Next:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36320834/starbucks-aims-to-halt-boycott-calls-in-wake-of-unions-pro-palestinian-comments-over-israel-hama" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Starbucks Aims To Halt Boycott Calls In Wake Of Union&#39;s Pro-Palestinian Comments Over Israel-Hamas War: Report</a>
Price Action:&nbsp;PCRFF shares closed lower by 0.93% to $9.56 on Tuesday.
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Tesla's Battery Partner Panasonic Reportedly Scraps Oklahoma Plant - Eyeing Bigger US Investments?

NIO Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) is reportedly strategizing to spin off its battery manufacturing division, aiming to achieve profitability&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36039639/nio-races-ahead-november-deliveries-soar-12-6-to-15-959-evs" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">through cost reduction and enhanced efficiency.</a>
The emerging battery division, which is guided by experienced engineers who worked in&nbsp;Apple Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and&nbsp;Panasonic Holdings Corporation&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>), is planning to attract external investors following its proposed spin-off, potentially occurring by the end of this year, according to a news report by Reuters.
The valuation of this unit will be determined at a later stage, the report added.
The assets earmarked for the spin-off are expected to encompass the proposed factory, select testing equipment, and various intellectual property rights, the Reuters report read.&nbsp;
This planned facility is designed to have an annual production capacity of 40 gigawatt hours (GWh) of batteries, sufficient to supply around 400,000 long-range electric vehicles, it added.
NIO stock hasn&#39;t done too well so far this year. The stock was down more than 40% over the past year.
The decision to spin off its battery unit highlights Nio&#39;s accelerated push towards profitability.&nbsp;
Previously, the company intended to partially produce batteries in-house while outsourcing the rest, similar to&nbsp;Tesla, Inc.&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) approach, the report read, citing an insider.
According to the plan, the top engineers from Nio&#39;s battery unit, many of whom have experience in quality and supplier management from Tesla&#39;s Nevada battery factory, will transition to the new company.&nbsp;
Concurrently, some staff members from the unit will be integrated into different departments within Nio.
Yesterday, the company&#39;s third-quarter numbers smashed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/12/36086222/is-nio-racing-ahead-surprising-q3-results-revealed" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Wall Street expectations</a>.&nbsp;
Nio recorded 55,432 electric vehicle deliveries in the third quarter of 2023, up by 75.4% Y/Y and 135.7% Q/Q.
The company also agreed to acquire manufacturing equipment and assets from Anhui Jianghuai Automobile Group Corp., Ltd., a prominent state-owned automobile manufacturer in China and NIO&#39;s partner in producing all its current vehicle models.
Read Next:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/12/36097206/nio-stock-up-5-5-on-record-q3-delivery-numbers-can-the-earnings-boost-help-break-resistance-at-8-13" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">NIO Stock Up 5.5% On Record Q3 Delivery Numbers: Can The Earnings Boost Help Break Resistance At $8.13?</a>
Price Action:&nbsp;NIO shares are trading higher by 2.15% to $7.59 premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Why EV Giant NIO Stock Is Gaining Today

Panasonic Holdings Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) reported an&nbsp;<a class="editor-rtfLink" href="https://news.panasonic.com/uploads/tmg_block_page_image/file/20039/en231030-2-1.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">H1 FY24 sales&nbsp;</a>growth of 1% Y/Y to &yen;4.12 trillion on higher sales in Automotive, Connect, and automotive batteries and favorable currency translation.
By segments, sales fell 2% Y/Y at &yen;1,683 billion in Lifestyle, while it rose by 20% Y/Y to &yen;708.2 billion in Automotive, 7% Y/Y to &yen;552.1 billion in Connect, fell 14% Y/Y to &yen;510.4 billion in Industry and up 1% Y/Y to &yen;476.8 billion in Energy businesses.
Operating profit rose 29% Y/Y to &yen;192.8 billion, aided by price revisions and rationalization, the effect of exchange rates, and attaining tax credit under the U.S. Inflation Reduction Act.
Net profit attributable surged significantly to &yen;288.4 billion from<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/earnings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;&yen;107.3 billion a year ago</a>.&nbsp;
EPS of &yen;123.51 was considerably higher than &yen;45.97 a year ago.&nbsp;
As of September 30, 2023, operating cash flow stood at &yen;391.8 billion, and cash and cash equivalents came in at &yen;1,165.0 billion.&nbsp;
FY24 Outlook: Panasonic lowered its outlook for FY24 revenue to &yen;8.4 trillion (from &yen;8.5 trillion earlier) and operating&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/premarket" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">profit to &yen;400 billion (from &yen;430 billion)</a>.
The sales guidance cut was due to the impact of the accounting treatment for the U.S. IRA Tax Credit in Energy and sluggish market conditions in the Lifestyle and Industry segments.&nbsp;
The company lowered its full-year operating profit forecast for the energy segment, which supplies&nbsp;Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), to &yen;115 billion from &yen;135 billion.
On the other hand, the company reiterated the net profit guidance at &yen;460.0 billion.
Price Action: PCRFY shares closed lower by 0.52% to $9.59 on Friday.

Large Cap

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Panasonic Posts Strong H1 Profits, But Lowers FY24 Guidance On Deteriorating Market Conditions

<ul>
<li>Stellantis N.V.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) and&nbsp;Bayerische Motoren Werke AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>) are weighing a collaboration with&nbsp;Panasonic Holdings Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) to build&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31487412/tesla-supplier-lg-energy-to-dole-out-5-5b-on-us-ev-battery-plants" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">electric-vehicle battery plants</a>&nbsp;in North America.</li>
<li>Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) supplier Panasonic specializing in cylindrical batteries, churned out billions of such cells for its client, the WSJ&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/stellantis-bmw-in-talks-with-panasonic-over-new-ev-battery-plants-68eafe58" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.</li>
<li>Cylindrical batteries can pack more power and are relatively safer. However, their smaller size entails higher costs and the potential for manufacturing defects.</li>
<li>Panasonic and others are working on larger versions of cylindrical batteries that won the attention of car makers, the report cited Ram Chandrasekaran, who, until March, led road-transportation research at Wood Mackenzie.&nbsp;</li>
<li>Recently the Japanese manufacturer has been planning an expansion in the U.S. and working on a more powerful cylindrical cell. Panasonic&rsquo;s batteries have also drawn the attention of BMW. Also, political tensions have made it difficult for Chinese battery makers to operate in the U.S.&nbsp;</li>
<li>Stellantis has shared plans to establish a third North American EV battery factory during the April-June quarter. Stellantis is talking to Panasonic as a possible partner for the third factory.</li>
<li>BMW shared plans to build six new EV battery plants in Europe, China, and the North American free-trade area,<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/28808533/bmw-to-deploy-round-battery-cells-for-new-ev-range" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;including the U.S., Canada, and Mexico.&nbsp;</a></li>
<li>Price Action:&nbsp;STLA shares traded lower by 1.43% at $17.92 on the last check Tuesday.</li>
</ul>

BMWYY

STLA

Stellantis, BMW Eye Partnership With Tesla's Japanese Supplier To Establish EV Plants

South Korean battery materials supplier L&amp;F Co signed a contract with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) for KRW 3.83 trillion or $2.9 billion to supply materials. 
What Happened: L&amp;F Co, in a regulatory filing on Tuesday, revealed the details of its contract with Tesla. The deal is for two years, starting from Jan. 1, 2024, to Dec. 31, 2025, stated L&amp;F Co.
The deal would further expand the U.S. electric vehicle giant&#8217;s battery manufacturing capabilities. 
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
L&amp;F Co will supply Tesla with high nickel cathode materials, which are important in manufacturing EV batteries — making this new contract a key element towards <a href="https://www.benzinga.com/news/23/02/31027102/tesla-rethinks-battery-manufacturing-strategy-as-us-lures-ev-makers-with-incentives">Tesla&#8217;s attempts at manufacturing its own batteries </a>and reducing dependence on other suppliers such as Contemporary Amperex Technology Co., Limited, or CATL, and Panasonic (OTCPK: PCRFF).
Apart from Tesla, <a href="https://www.benzinga.com/news/23/01/30269661/tesla-supplier-catl-commands-two-fifths-of-global-ev-battery-market-but-this-warren-buffett-backed-c">China-headquartered CATL also supplies batteries </a>to other EV makers such as Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>). Earlier this month, <a href="https://www.benzinga.com/news/23/02/30891625/ford-ropes-in-key-tesla-supplier-to-build-3-5b-battery-plant-in-michigan">Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) made a $3.5 billion investment </a>to build the United States' first lithium iron phosphate battery plant with the leading battery maker.
Why It&#8217;s Important: The battery is the key and most expensive component of an EV and 2022 saw supply chain challenges and a spike in input costs amid geopolitical tensions. Tesla is more vertically integrated than any other car manufacturer. Rumors suggested earlier this month the Elon Musk-led company is <a href="https://www.benzinga.com/m-a/23/02/30971675/tesla-eyeing-further-vertical-integration-elon-musk-led-company-considering-bid-for-this-lithium-min">looking to buy lithium miner Sigma Lithium Corp. </a>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGML#NASDAQ">SGML</a>).
Australian miner <a href="https://www.benzinga.com/news/23/02/30992620/tesla-signs-new-ev-component-deal-heres-the-company-involved-why-its-important">Magnis Energy Technologies announced a deal with Tesla </a>earlier this month to supply battery materials. The supply arrangements will likely help the company ramp up production.
Price Action: Tesla shares were rising 1.93%, to $211.64, in premarket trading on Tuesday, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/23/02/31083291/tesla-said-to-be-inching-close-to-mexico-investment-deal-after-musks-call-with-president">Tesla Said To Be Inching Close To Mexico Investment Deal After Musk&#8217;s Call With President</a>

SGML

Tesla Inks $2.9B Battery Material Supply Deal With South Korean Partner: Why It's Important For The EV Giant

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/11/29742779/ftx-contagion-spreads-to-hong-kong-exchange-at-risk-of-capital-deficit" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FTX Contagion Spreads To Hong Kong Exchange, At Risk Of Capital Deficit</a>
<ul>
<li>Hong Kong-based global exchange AAX (AAB/USD) halted user withdrawals on Tuesday, saying it was at risk of a capital deficit and needed more investments to resume normal operations. </li>
<li>AAX said that it suspended withdrawals in the wake of Sam Bankman-Fried&#39;s FTX (FTT/USD) saga.</li>
<li>&quot;Some of our investors indicated their desire to withdraw their capital from AAX, putting us at risk of capital deficit,&quot; the platform said in a blog post.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29743723/probe-into-bill-gates-relationship-with-microsoft-employee-reportedly-inspires-new-sexual-harassment" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Probe Into Bill Gates&#39; Relationship With Microsoft Employee Reportedly Inspires New Sexual Harassment Policies At Tech Giant</a>
<ul>
<li>Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) is reportedly set to adopt new policies in the wake of sexual harassment allegations at the tech giant &mdash; including those against its co-founder Bill Gates.</li>
<li>The company will go ahead with the adoption after recommendations were made by a law firm Microsoft hired to review its practices.</li>
<li>ArentFox Schiff LLP made 11 recommendations in a 50-page report reportedly released Tuesday, according to a Microsoft blog post.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29741937/netflix-freeloaders-beware-if-you-are-unwanted-a-subscriber-can-remotely-terminate-your-access-to-an" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Netflix Freeloaders, Beware! If You Are Unwanted, A Subscriber Can Remotely Terminate Your Access To An Account</a>
<ul>
<li>You can now remotely remove freeloaders from your Netflix Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) account without having to reset your password, thanks to a new feature introduced by the streaming giant.</li>
<li>Netflix launched the &quot;Managing Access and Devices feature.&quot; It&#39;s available in &#39;Account Settings&#39; and allows users to check recently-streamed devices and easily log out of a particular device. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29742412/uber-and-lyft-nyc-drivers-likely-to-get-a-pay-boost" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Uber And Lyft NYC Drivers Likely To Get A Pay Boost</a>
<ul>
<li>Uber Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>) and Lyft Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) will have to increase the minimum pay rates for drivers in New York City by the end of the year, Engadget reported. </li>
<li>The fare increase comes amid a driver shortage post-pandemic, primarily due to rising operational costs.</li>
<li>New York City&#39;s Taxi and Limousine Commission (TLC) voted to increase the per-minute rates of ride-hail drivers by 7.42% and per-mile rates by 23.93%. Yellow and green cab rates will also increase by 23% by the end of this year.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29742867/intel-liable-to-pay-949m-for-vlsi-patent-infringement" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Intel Liable To Pay $949M For VLSI Patent Infringement</a>
<ul>
<li>A federal jury in Texas said Intel Corp (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/intc#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">INTC</a>) must pay VLSI Technology LLC $948.8 million for violating a VLSI patent for computer chips.</li>
<li>VLSI, a patent-holding company, is affiliated with the Softbank Group Corp (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/sftbf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SFTBF</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/sftby#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SFTBY</a>)-owned private equity firm Fortress Investment Group.</li>
<li>VLSI argued during the six-day trial that Intel&#39;s Cascade Lake and Skylake microprocessors infringed its patent covering improvements to data processing.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/11/29744642/target-shares-plunge-on-q3-bottom-line-miss-hit-by-inflation" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Target Grapples With Inflation, Q3 Bottomline Takes Huge Hit</a>
<ul>
<li>Target Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgt#NYSE">TGT</a>) reported third-quarter FY22 sales growth of 3.4% year-on-year to $26.52 billion, beating the consensus of $26.38 billion.</li>
<li>Comparable sales increased 2.7% on top of 12.7% growth last year.</li>
<li>The operating margin was 3.9%, and operating income for the quarter declined 49.2% to $1 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/11/29745598/dont-use-these-5-non-cost-effective-covid-treatments-including-antivirals-from-merck-and-gilead-b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Don&#39;t Use These 5 Non-Cost Effective COVID Treatments Including Antivirals From Merck and Gilead, Britain&#39;s NICE Says</a>
<ul>
<li>National Institute for Health and Care Excellence (NICE) has recommended stopping using five COVID-19 treatments, including Merck &amp; Co Inc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>) antiviral pill for high-risk patients, citing cost-effectiveness concerns.</li>
<li>NICE acknowledged that there is evidence that Merck&#39;s molnupiravir and Gilead Sciences Inc&#39;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/gild#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GILD</a>) hospital-administered antiviral remdesivir are effective at treating COVID-19, not found to be cost-effective.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/11/29744107/fda-gives-emergency-use-nod-to-roches-monkeypox-test" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FDA Gives Emergency Use Nod To Roche&#39;s Monkeypox Test</a>
<ul>
<li>FDA has granted Emergency Use Authorization for Roche Holdings AG&#39;s RHHBY cobas MPXV for use on the cobas 6800/8800 Systems. </li>
<li>The test is a real-time PCR test for the qualitative detection of DNA from the monkeypox virus (MPXV) in lesion swabs collected from individuals suspected of monkeypox infection by their healthcare provider.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29743660/restaurant-brands-appoints-former-dominos-ceo-patrick-doyle-as-chair" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Restaurant Brands Appoints Former Domino&#39;s CEO Patrick Doyle As Chair</a>
<ul>
<li>Restaurant Brands International Inc (NYSE: QSR) has appointed former Domino&#39;s Pizza Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dpz#NYSE">DPZ</a>) Chief Executive Officer Patrick Doyle as its Executive Chairman.</li>
<li>The appointment follows significant progress and investments at Tim Hortons Canada and Burger King U.S.</li>
<li>As the former CEO of Domino&#39;s Pizza from 2010 to 2018, Doyle oversaw the pizza chain&#39;s transformation into a digital powerhouse. During his tenure, he delivered 29 consecutive quarters of same-store sales increases and system-wide sales growth of $5.6 billion to $13 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/11/29744252/lowes-stock-gains-on-stronger-than-expected-q3-results" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lowe&#39;s Q3 Earnings Edge Out Analysts&#39; Expectation, Boosts Profit Guidance On Robust Demand</a>
<ul>
<li>Lowe&#39;s Companies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/low#NYSE">LOW</a>) reported third-quarter FY22 sales growth of 2.5% year-on-year to $23.48 billion, beating the analyst consensus estimate of $23.13 billion.</li>
<li>Comparable sales increased 2.2%, while comparable sales for the U.S. home improvement business rose 3%.</li>
<li>Adjusted EPS of $3.27 beat the analyst consensus of $3.10.</li>
<li>Lowe&#39;s now expects FY22 comparable sales to be flat to down -1%.</li>
</ul>

Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/11/29744746/activist-investor-calls-out-alphabet-to-follow-suit-with-other-tech-giants-cut-costs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Activist Investor Calls Out Alphabet To Follow Suit With Other Tech Giants, Cut Costs</a>
<ul>
<li>London-based activist hedge fund TCI Fund Management has called out Google parent Alphabet Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/goog#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOG</a>) (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/googl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOGL</a>) to cut costs substantially, claiming the company would be more efficient with fewer employees.</li>
<li>Mr. Hohn said Alphabet should make the suggested changes as soon as possible, pointing to recent decisions by other big technology companies.</li>
</ul>

Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/11/29745199/ford-ceo-flags-need-for-more-in-house-work-roles-as-automaker-transitions-focus-on-evs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford CEO Flags Need For More In-House Work Roles As Automaker Transitions Focus On EVs</a>
<ul>
<li>In a conference in Detroit, Ford Motor Company (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/f#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">F</a>) Chief Executive Jim Farley said the company would need 40% fewer workers to make electric vehicles than building cars and trucks powered by petrol.</li>
<li>&quot;It takes 40 percent less labor to make an electric car, so . . . we have to insource so that everyone has a role in this growth,&quot; Farley said. </li>
<li>&quot;We have a whole new supply chain to roll out in batteries and motors and electronics, and diversity has to play an even greater role in that,&quot; Farley said.</li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29742522/meta-loses-yet-another-key-india-official-to-rival" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Meta Loses Yet Another Key India Official To Rival</a>
<ul>
<li>Meta Platform Inc&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) former policy head for India will assume a similar role at Samsung Electronics Co, Ltd&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>) local unit. </li>
<li>From December, Rajiv Aggarwal will take up the position, which entails liaising with and lobbying government officials on domestic policy matters.</li>
<li>Aggarwal was among several key executives to depart Meta&#39;s local operations this year, as U.S. internet giants, including Alphabet Inc&#39;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/goog#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOG</a>) (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/goog#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GOOG</a>) Google, battled increasingly stringent oversight of content.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29743032/tesla-supplier-plans-second-ev-battery-facility-in-us-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla Supplier Plans Second EV Battery Facility In US</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) battery supplier Panasonic Holdings Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) would plan a second EV battery plant in the U.S.</li>
<li>The company aims to accelerate its EV battery capacity by three to four times by the end of FY2029.</li>
<li>Panasonic recently broke new ground for its $4 billion factory in De Soto, Kansas.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29743894/tencent-to-allocate-19-8b-meituan-stake-as-special-dividend-after-posting-consecutive-revenue-declin" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tencent To Allocate $19.8B Meituan Stake As Special Dividend After Posting Consecutive Revenue Decline</a>
<ul>
<li>Tencent Holdings Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) pledged to distribute the majority of its shares in meal delivery giant Meituan (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mpngf#OTC">MPNGF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mpngy#OTC">MPNGY</a>) to investors as China&#39;s social media leader ramps up plans to reduce its extensive holdings across the world&#39;s largest internet industry.</li>
<li>Tencent reported a revenue decline for the second quarter, highlighting the impact of China&#39;s worsening economy and regulatory headwinds.</li>
<li>The stock to be paid out, valued at about HK$155 billion ($19.9 billion), marks about 91% of Tencent&#39;s Class B stake.</li>
<li>Apart from JD and Meituan, Tencent also owns part of Kuaishou Technology (OTC: <a class="ticker" href="https://www.benzinga.com/stock/kshty#OTC">KSHTY</a>), DiDi Global Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/didiy#OTC">DIDIY</a>), and Bilibili Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bili#NASDAQ">BILI</a>).</li>
</ul>

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29743530/toyota-unveils-fifth-generation-prius-in-japan" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toyota Unveils Fifth-Generation Prius In Japan</a>
<ul>
<li>Toyota Motor Corp (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TM</a>) has unveiled its latest iteration of the Prius, the hybrid vehicle.</li>
<li>Prius was first launched in 1997 as the world&#39;s first mass-produced hybrid car, leading the expansion of HEVs over the 25 years since it was first launched as a new-generation eco-car.</li>
<li>The latest is the fifth generation Prius which comes with Toyota&#39;s first 2.0-liter Plug-in Hybrid System.</li>
</ul>

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FTX Contagion Spreads To Hong Kong Exchange, Microsoft Outlines New Harassment Policies, Netflix Subscribers Can Terminate Freeloading Account Access: Top Stories Wednesday, Nov. 16

<ul>
<li>Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) battery supplier&nbsp;Panasonic Holdings Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) would plan a second EV battery plant in the U.S., Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-11-16/panasonic-cto-says-second-battery-plant-would-probably-be-in-us?srnd=premium&amp;sref=TBDibEcD" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported</a>, citing Shoichiro Watanabe, chief technology officer of Panasonic Energy.</li>
<li>The company aims to accelerate its EV battery capacity by three to four times by the end of FY2029.</li>
<li>Panasonic recently broke new ground for its&nbsp;$4 billion factory in De Soto, Kansas.</li>
<li>Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474807/tesla-supplier-to-commence-kansas-ev-battery-plant-construction-in-november" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Tesla Supplier To Commence Kansas EV Battery Plant Construction In November</a></li>
<li>The report added that the&nbsp;Kansas facility is expected to only increase Panasonic&#39;s battery output by about 60% to 80 gigawatt hours.</li>
<li>It is looking to boost its battery capacity to meet increased demand from&nbsp;electric-vehicle makers, including Tesla.</li>
<li>&quot;There&#39;s plenty of demand in North America,&quot; the report quoted Watanabe. &quot;Batteries are becoming a key device for national energy security.&quot;</li>
<li>U.S. President Joe Biden&#39;s $437 billion Inflation Reduction Act aims to bring more EV supply chains to the U.S.</li>
<li>Price Action:&nbsp;PCRFF shares&nbsp;closed higher by 2.07% at $8.88 on Tuesday.</li>
<li>Photo Via Company</li>
</ul>

Tesla Supplier Plans Second EV Battery Facility In US: Report

Washington Post
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29476363/twitter-could-reportedly-lose-up-to-25-or-more-workforce-after-musks-takeover" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Twitter Could Reportedly Lose Up To 25% Or More Workforce After Musk&#39;s Takeover</a>
<ul>
<li>Members of Tesla Inc CEO Elon Musk&#39;s inner circle discussed with the remaining senior executives of Twitter Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/twtr#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TWTR</a>) regarding the site&#39;s approach to content moderation and laying off 25% of the workforce to start. </li>
<li>Twitter has over 7,000 employees.</li>
<li>Alex Spiro, a well-known celebrity lawyer who has represented Musk for several years, led those conversations.</li>
</ul>

Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474976/tesla-explored-procuring-stake-in-this-swiss-mining-company-to-secure-ev-battery-supply" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla Explored Procuring Stake In This Swiss Mining Company To Secure EV Battery Supply</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) discussed with Glencore Plc (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/glcnf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GLCNF</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/glncy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GLNCY</a>) about acquiring a 10-20% stake in the Swiss commodities group. The discussion began in 2021.</li>
<li>The discussion reflected how global carmakers sought to build ties with the mining industry to secure materials needed for the rollout of electric vehicles.</li>
<li>Tesla was concerned whether Glencore&#39;s extensive coal mining business was compatible with the carmaker&#39;s environmental goals and was reluctant to take a minority equity stake.</li>
</ul>

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474510/apple-employees-in-australia-gear-up-to-strike-again-amid-dispute-over-pay-working-conditions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple Employees In Australia Gear Up To Strike Again Amid Dispute Over Pay, Working Conditions</a>
<ul>
<li>Apple Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/aapl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAPL</a>) Australian employees are preparing to strike again as the dispute over pay and working conditions escalates. </li>
<li>Nearly 68% of workers in Australia rejected a pay and benefits deal proposed by Apple management, results released on Monday showed.</li>
<li>87% of almost 4,000 Apple employees in Australia participated in the survey after the proposed workplace agreement. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474204/iphone-shipments-from-china-plant-to-decline-30-in-november-as-covid-19-woes-hit-apples-largest-supp" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">iPhone Shipments From China Plant To Decline 30% In November As COVID-19 Woes Hit Apple&#39;s Largest Supplier</a>
<ul>
<li>Apple Inc iPhone&#39;s November shipments from one of its oldest and largest suppliers, Foxconn&#39;s (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnhpf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNHPF</a>) Zhengzhou plant, may see up to a 30% decline amid COVID-19 woes. </li>
<li>Foxconn is looking to boost production at its Shenzhen factory to compensate for the shortfall.</li>
<li>Zhengzhou plant was rocked by discontent over tighter COVID curbs to contain the spread of the virus within the facility, forcing many of its about 200,000 workers to flee the site.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474807/tesla-supplier-to-commence-kansas-ev-battery-plant-construction-in-november" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla Supplier To Commence Kansas EV Battery Plant Construction In November</a>
<ul>
<li>Tesla Inc battery supplier Panasonic Holdings Corp (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/pcrff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PCRFF</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/pcrfy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PCRFY</a>) aimed to start building a new battery plant in Kansas in November, with mass production by March 2025.</li>
<li>Panasonic&#39;s picked Kansas as the site for a new plant to supply batteries primarily to Tesla, joining other battery suppliers planning massive U.S. investments to qualify for new EV tax credit rules and tap its enormous demand.</li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/10/29475089/walgreens-controlled-villagemd-in-talks-with-summit-health-for-possible-takeover" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walgreens-Controlled VillageMD In Talks With Summit Health For Possible Takeover</a>
<ul>
<li>Walgreens Boots Alliance Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/wba#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WBA</a>) VillageMD is weighing a merger with Warburg Pincus-backed Summit Health.</li>
<li>The deal of VillageMD acquiring Summit would value the combined entity at between $5 billion to $10 billion.</li>
<li>Walgreens increased its stake last year in VillageMD to 63% from 30% by investing $5.2 billion in the company. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/10/29474777/thermo-fisher-reportedly-close-to-buying-uk-based-diagnostic-firm-for-2-3b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Thermo Fisher Reportedly Close To Buying UK-Based Diagnostic Firm For Around $2.3B</a>
<ul>
<li>Thermo Fisher Scientific Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tmo#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TMO</a>) is close to acquiring UK-based diagnostic firm Binding Site from private equity fund Nordic Capital.</li>
<li>The lab equipment and supplies giant is reportedly paying more than &pound;2 billion ($2.3 billion) for the deal.</li>
<li>The agreement could be announced as early as this week.</li>
</ul>

Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/10/29474669/tusimple-fires-its-ceo-and-chair-following-internal-investigation-draws-regulatory-scrutiny" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TuSimple Fires Its CEO And Chair Following Internal Investigation, Draws Regulatory Scrutiny</a>
<ul>
<li>TuSimple Holdings Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsp#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSP</a>) faced federal investigations over alleged improper financing and transferring technology to a Chinese startup.</li>
<li>The concurrent probes by the FBI, SEC, and Cfius probed TuSimple&#39;s relationship with Hydron Inc.</li>
<li>One of TuSimple&#39;s co-founders led Hydron to develop autonomous hydrogen-powered trucks.</li>
<li>Investigators at the FBI and SEC scrutinized whether TuSimple and its executives, principally CEO Xiaodi Hou breached fiduciary duties and securities laws by failing to disclose the relationship adequately. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29475199/unionization-at-starbucks-slows-down-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Unionization At Starbucks Slows Down</a>
<ul>
<li>The unionization process at Starbucks Corp (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/sbux#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SBUX</a>) shows signs of slackening as the coffee major prefers to pamper nonunionized cafes.</li>
<li>Starbucks has chosen to roll out increased pay and benefits to the nonunionized cafes.</li>
<li>The report cited National Labor Relations Board (NLRB) records showing that 12 stores petitioned for representation by the Starbucks Workers United union in September compared to 71 in March.</li>
</ul>

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474076/elon-musk-hints-twitter-could-aim-at-tiktoks-social-media-dominance-under-his-leadership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk Hints Twitter Could Aim At TikTok&#39;s Social Media Dominance Under His Leadership</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsla#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSLA</a>) CEO Elon Musk has hinted at plans to bring back Twitter Inc.&#39;s long-defunct short video app Vine and make it better than the ByteDance-owned TikTok.</li>
<li>On Monday, Musk conducted a poll on Twitter, asking users if he should bring back Vine. At the time of writing, 1,606,555 people had voted, with 70.5% saying yes. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29473157/elon-musk-says-twitter-board-deliberately-hid-evidence-from-court-stay-tuned" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk Says Twitter Board &#39;Deliberately&#39; Hid Evidence From Court: &#39;Stay Tuned&#39;</a>
<ul>
<li>Tesla Inc CEO Elon Musk has accused Twitter&#39;s former board of directors and the company&#39;s lawyers of &quot;deliberately&quot; hiding evidence.</li>
<li>Musk tweeted Sunday that Twitter&#39;s board and the company&#39;s lawyers &mdash; the law firm Wachtell, Rosen, Lipton, and Katz &mdash; hid evidence from the court. </li>
<li>He asked his 112 million followers on Twitter to &quot;stay tuned&quot; as more is to come. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/10/29475601/emerson-electric-offloads-55-stake-in-climate-technologies-unit-at-14b-valuation" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Emerson Electric Offloads 55% Stake In Climate-Technologies Unit At $14B Valuation</a>
<ul>
<li>Emerson Electric Co (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/emr#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EMR</a>) is selling a majority stake in its climate-technologies business to Blackstone Inc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/bx#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BX</a>), valuing the unit at $14 billion, including debt.</li>
<li>The standalone Climate Technologies business represents approximately $5.0 billion of fiscal 2022 sales.</li>
<li>The transaction would give Blackstone a 55% stake in the unit.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29475814/credit-suisse-outlines-details-on-4b-capital-raise-plan" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Credit Suisse Outlines Details On $4B Capital Raise Plan</a>
<ul>
<li>Credit Suisse Group AG (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/cs#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CS</a>) has enlarged the banking syndicate underwriting the rights issue and announced the reference price for the proposed CHF4 billion capital raise.</li>
<li>It said new investors have committed to buying 462 million new shares at a purchase price of CHF3.82, equivalent to 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, raising CHF1.76 billion.</li>
<li>Some 307.6 million new shares are expected to be bought by Saudi National Bank, giving it a 9.9% stake in Credit Suisse.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29474721/stellantis-china-jv-gac-fca-to-file-for-bankruptcy" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Stellantis&#39; China JV GAC-FCA To File For Bankruptcy</a>
<ul>
<li>The joint venture between automobile companies Stellantis NV (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/stla#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">STLA</a>) and Guangzhou Automobile Group Co (GAC) in China is expected to file for bankruptcy.</li>
<li>The shareholders of the GAC-FCA Joint Venture have approved a resolution authorizing the JV to file for bankruptcy in the wake of making a loss.</li>
<li>Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half of 2022 financial results.</li>
</ul>

Commodities

GLCNF

GLNCY

HNHPF

SBUX

TWTR

Tesla Explored Minority Stake In Glencore, TuSimple Fires Its CEO Amid Regulatory Scrutiny, Twitter Could Reportedly Lose A Fourth Of Its Employees After Takeover: Top Stories Monday, Oct. 31

<ul>
<li>Tesla, Inc&nbsp;(NASDAQ:&nbsp;TSLA) battery supplier&nbsp;Panasonic Holdings Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) aimed to start building a new battery plant in Kansas in November, with mass&nbsp;<a class="editor-rtfLink" href="https://holdings.panasonic/global/corporate/investors.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">production&nbsp;</a>by March 2025.</li>
<li>Panasonic&#39;s picked Kansas as the site for a new plant to supply batteries primarily to Tesla, joining other battery suppliers planning massive U.S. investments to qualify for new EV tax credit rules and tap its enormous demand, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/panasonic-q2-profit-falls-11-2022-10-31/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.</li>
<li>Kansas state officials said the new factory would create up to 4,000 jobs&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/07/28059823/teslas-battery-supplier-panasonic-to-build-4b-battery-plant-in-kansas-why-its-important-for-the-elon" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">with an investment of up to $4 billion</a>.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/10/29355500/this-tesla-supplier-pulls-brakes-on-us-mexico-ev-battery-investment" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">This Tesla Supplier Pulls Brakes On US, Mexico EV Battery Investment</a></li>
<li>Panasonic said the factory would produce its 2170 model lithium-ion battery cells for electric vehicles.</li>
<li>Panasonic cut its full-year operating profit forecast to 320 billion yen ($2.16 billion) from 360 billion yen.</li>
<li>Panasonic posted an 11% drop in second-quarter operating profit to 86.1 billion yen ($582.5 million).</li>
<li>Panasonic has said that, by 2029, it plans to expand its battery production capacity by three to four times, with most of the increase in North America.</li>
<li>Panasonic also discussed building an additional $4 billion EV battery plant in the U.S.</li>
<li>Panasonic eyed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28645140/tesla-supplier-eyes-additional-4b-ev-battery-plant-in-us-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Oklahoma as the location for its new plant</a>.</li>
<li>Tesla supplier&nbsp;Contemporary Amperex Technology Co Ltd&nbsp;had launched an EV battery 13% more potent than Tesla&#39;s 4680 battery to be made by Panasonic.</li>
<li>Price Action:&nbsp;TSLA shares traded lower by 1.21% at $225.75 in the premarket on the last check Monday.</li>
</ul>

Tesla Supplier To Commence Kansas EV Battery Plant Construction In November

<ul>
<li>In an effort to diversify its business from&nbsp;Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>),&nbsp;Panasonic Holdings&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/pcrfy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PCRFY</a>) will roll out a bigger electric vehicle battery as the Company works to focus direction after a period of aggressive streamlining.&nbsp;</li>
<li>Yuki Kusumi, Panasonic&#39;s CEO, said that the Company would invest &yen;600 billion ($4.8 billion) over the next three years, with two-thirds earmarked for EV batteries, supply chain software, and air conditioners,&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/febd39c1-06af-4040-bdd4-111a42bacc13" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports Financial Times</a>.</li>
<li>The Company plans to introduce two production lines for the battery, which has a fivefold energy capacity compared with the current ones.&nbsp;</li>
<li>Tesla&#39;s CEO Elon Musk has said the 4680, which is not scheduled for mass production until next year, will help bring down the price of a Tesla car to about $25,000.&nbsp;</li>
<li>Tesla&#39;s Model 3 starts at about $41,000.&nbsp;</li>
<li>For Panasonic, the battery represents an opportunity to diversify its client base from Tesla. &quot;If the 4680 is second to none in terms of performance and cost, manufacturers other than Tesla will eventually adopt it,&quot; said Kusumi.</li>
<li>Kusumi&#39;s plans reflect Panasonic&#39;s desire to return to robust growth after aggressive streamlining under former president Kazuhiro Tsuga, who spent years shedding underperforming business lines, including the Company&#39;s famous plasma TVs.&nbsp;</li>
<li>The remaining &yen;200 billion for the next three years will be used for technology, including hydrogen energy.</li>
</ul>

Panasonic To Introduce Bigger EV Battery To Diversify Business From Tesla: FT

<ul>
<li>Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) battery supplier&nbsp;Panasonic Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>)&nbsp;<a class="editor-rtfLink" href="https://news.panasonic.com/global/press/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">looked to invest</a>&nbsp;&yen;600 billion ($4.9 billion) in automotive batteries, supply chain software, and other areas it considered core to its growth.&nbsp;</li>
<li>Panasonic looked to invest &yen;400 billion in growth segments, including electric-vehicle cells, and another 200 billion yen in hydrogen device technology over three years through fiscal 2024. Panasonic targeted an accumulated operating profit of &yen;1.5 trillion over the period.</li>
<li>Panasonic&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/03/25983889/tesla-supplier-panasonic-said-to-be-planning-giant-us-plant-to-produce-new-type-of-batteries-for-ev" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">weighed a site</a>&nbsp;for a U.S. factory where it looked to build next-generation batteries for Tesla and other automakers.</li>
<li>Panasonic&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/21/04/20771315/panasonic-acquires-blue-yonder-for-7-1b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">also saw opportunities</a>&nbsp;in supply-chain software, acquiring Blue Yonder, which made supply-chain management tools and used artificial intelligence to predict product demand.&nbsp;</li>
<li>Price Action:&nbsp;TSLA shares traded higher by 0.77% at $1,085.90 in the premarket on the last check Friday.</li>
</ul>

Tesla Supplier Looks To Invest $5B On EV Batteries, Supply Chain Software

Toyota Motor Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) aims to invest billions of dollars to build a battery plant on the outskirts of Greensboro, North Carolina, to ramp up the output of electrified vehicles in the U.S.,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-11-19/toyota-eyes-panasonic-as-partner-in-north-carolina-battery-plant?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>. Toyota looks to partner with&nbsp;Panasonic Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/pcrff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PCRFF</a>) to accomplish the goal.
<ul>
<li>The plant ownership will likely be via the two Japanese companies&rsquo; battery joint venture Prime Planet Energy &amp; Solutions. Toyota owns 51% of Prime Plant Energy, while Panasonic holds 49%.&nbsp;</li>
<li>Toyota, which operates ten non-union plants in the U.S., aims to start local production of batteries in 2025.</li>
<li>Toyota will initially spend around $1.3 billion in conjunction with its trading arm, Toyota Tsusho Corp, to develop land and build facilities, creating 1,750 jobs.</li>
<li>As per a budget bill, the state is offering $135 million in aid to an unspecified manufacturer interested in the Greensboro industrial park and which will commit, among other things, to &ldquo;invest at least one billion dollars in private funds and create at least 1,750 eligible positions.&rdquo;</li>
<li>The bill can provide an additional $185 million in funding if the manufacturer boosts its investment to $3 billion and increases the job creation to at least 3,875 eligible positions at the site.</li>
<li>Price Action:&nbsp;TM shares closed lower by 0.84% at $184.65 on Thursday.</li>
</ul>

Toyota Looks To Invest Billions In North America EV Battery Plant

<ul>
<li>Canoo Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goev#NASDAQ">GOEV</a>)<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/21/10/n23532575/canoo-selects-panasonic-to-supply-batteries-for-its-first-lifestyle-vehicle" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;has signed an agreement with&nbsp;</a>Panasonic Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrff#OTC">PCRFF</a>) to supply batteries for its Lifestyle Vehicle. The financial terms of the deal were not disclosed.</li>
<li>The Lifestyle Vehicle, scheduled for production in Q4 2022, will be manufactured by VDL Nedcar and will support the U.S. and EU product demand.</li>
<li>&quot;We designed our battery systems to account for future advancements in cell technology and today we are excited to announce the selection of Panasonic, a global technology company and a leader in the cylindrical lithium-ion battery industry, as our partner,&quot; said Tony Aquila, Investor, Chairman &amp; CEO, Canoo.</li>
<li>Price Action:&nbsp;GOEV shares are trading higher by 7.80% at $7.535 on the last check Monday.</li>
</ul>

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