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The Electric

By Steve LeVine

The Electric is a publication from Steve LeVine and The Information focused on crucial industries for the energy transition, including next-generation batteries, electric vehicles and autonomous driving. The newsletter is only for subscribers of The Information.

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Recent Editions

On Jan. 12 in Japan, Toyota chair Akio Toyoda announces the development of a new combustion engine. Photo: Kiyoshi Ota/Bloomberg/ Getty

The Electric: Toyota’s Wrong-Way Bet That EVs Will Never Dominate Vehicle Sales

By Steve LeVine · Jan 25, 2024 4:30am PST · 4 comments

For years, Toyota has diverged from the auto industry’s mostly all-in attitude toward electric vehicles—it would build what its customers said they wanted, the company said, and was in no rush to produce EVs. In fact, chair Akio Toyoda said earlier this month, the Japanese company was developing a new combustion engine because they “are... For years, Toyota has diverged from the auto industry’s mostly all-in attitude toward electric...

At a lithium evaporation pond in Golmud, China, a billboard promotes the production of battery metals and minerals. Photo: Qilai Shen/Bloomberg/Getty.

The Electric: How China's Massive Over-Production of Cathodes Is Driving Down Battery Costs

By Steve LeVine · Jan 22, 2024 4:30am PST

Even as large inventories piled up through 2023, Chinese makers of cathodes for electric vehicles continued to run their factories at high volume, ending the year with a surplus of some 2.5 million EVs’ worth of iron-based electrodes, according to CRU Group, a U.K.-based metals research firm. The overproduction—which exceeded demand by 54%—helps... Even as large inventories piled up through 2023, Chinese makers of cathodes for electric vehicles...

Group14 Technologies CTO Rick Costantino, left, and CEO Rick Luebbe in the company’s factory in Woodinville, Wash. Photo: Courtesy Group14

The Electric: Silicon Anodes and an Emerging U.S. Hub for Next-Gen Batteries

By Steve LeVine · Jan 18, 2024 4:30am PST · 1 comment

A third U.S. silicon anode maker says it is building a battery materials plant at Moses Lake, Wash., which is fast becoming a major hub for the production of next-generation silicon anodes. California-based OneD Battery Sciences said Wednesday that by the middle of 2027 it will begin manufacturing enough silicon-based anodes to equip 500,000... A third U.S. silicon anode maker says it is building a battery materials plant at Moses Lake,...

CATL displays sodium-ion batteries at an exposition in Beijing in November. Photo: VCG/Getty

The Electric: Are Western Companies Surrendering Sodium-Ion Batteries to China?

By Steve LeVine · Jan 15, 2024 4:30am PST

CATL displays sodium-ion batteries at an exposition in Beijing in November. Photo: VCG/Getty

The Electric: Are Western Companies Surrendering Sodium-Ion Batteries to China?

By Steve LeVine · Jan 15, 2024 4:30am PST

In recent weeks, two Chinese automakers have released sodium-ion–powered electric vehicles that eliminate lithium, the metal that has powered the EV revolution, a head-spinning signal of a new age in the industry. In recent weeks, two Chinese automakers have released sodium-ion–powered electric vehicles that...

Freyr Battery's factory in Mo-i-Rana, Norway. Photo: Courtesy Freyr.

The Electric: Struggling Freyr Pins its Hopes on the IRA in an Uncertain Election Year

By Steve LeVine · Jan 11, 2024 4:30am PST · 1 comment

Freyr Battery, struggling to manufacture its next-generation battery, hopes to right itself by temporarily producing and selling a different battery technology, and obtaining federal subsidies under the Inflation Reduction Act to make it in Georgia. But election-year politics cloud the plan’s future, with Republican front-runner Donald Trump and... Freyr Battery, struggling to manufacture its next-generation battery, hopes to right itself by...

Metals-laden nodules off the coast of the southeastern U.S. Photo: NOAA.

The Electric: The U.S. Races China and Russia to Mine the Ocean for Battery Metals

By Steve LeVine · Jan 8, 2024 4:30am PST

Welcome back to The Electric!For years, a new breed of mining companies has been heavily lobbying around the world for the right to extract battery metals from the depths of the ocean. Until now, their chances of succeeding seemed an extreme long shot. But this week we report on the probability of a breakthrough in Norway, and the chance of... Welcome back to The Electric!For years, a new breed of mining companies has been heavily...

The Byd Dolphin. Photo: Bob Henry/UCG/Universal Images/Getty

The Electric: A Miscalculation by Elon Musk Clouds Tesla’s Growth Story

By Steve LeVine · Jan 4, 2024 4:30am PST · 10 comments

Two years ago, Tesla CEO Elon Musk told investors he had made a strategic decision: He would bet the company’s growth on a fully autonomous robotaxi with no steering wheel or pedals, and delay the creation of a long-promised, traditionally designed $25,000 electric vehicle for mainstream customers. Two years ago, Tesla CEO Elon Musk told investors he had made a strategic decision: He would bet...

In October, Toyota President Koji Sato, left, and Idemitsu CEO Shunichi Kito announced a partnership to commercialize solid state EVs by 2028. Photo: Kiyoshi Ota/Bloomberg/Getty

The Electric: The World of Potemkin Solid-State Batteries

By Steve LeVine · Jan 1, 2024 4:30am PST · 3 comments

In October, Toyota President Koji Sato, left, and Idemitsu CEO Shunichi Kito announced a partnership to commercialize solid state EVs by 2028. Photo: Kiyoshi Ota/Bloomberg/Getty

The Electric: The World of Potemkin Solid-State Batteries

By Steve LeVine · Jan 1, 2024 4:30am PST · 3 comments

In an industry known for braggadocio, Toyota has a decadeslong reputation for tight-lipped reserve, divulging little publicly about what it’s working on before a snazzy new feature or car appears in its showrooms. But it’s made a notable exception. Since 2012, Toyota has routinely touted “breakthrough” progress in an industrywide race to develop... In an industry known for braggadocio, Toyota has a decadeslong reputation for tight-lipped...

Musk appears Dec. 16 at a gathering of Italy's right-wing party Brothers of Italy. Photo: Marco Ravagli/Future Publishing/Getty

The Electric: Has Elon Musk Lost his Nerve?

By Steve LeVine · Dec 21, 2023 4:30am PST · 2 comments

In 2006, the auto industry ridiculed Tesla CEO Elon Musk when he said that over the next few years, he would mass-produce three models of electric vehicles, including a midpriced car. In 2013, with two of those promised EVs in production and the third on the way, Musk drew a new round of skepticism when he doubled down and said he also intended... In 2006, the auto industry ridiculed Tesla CEO Elon Musk when he said that over the next few...

Battery developer Enovix has replaced almost all its senior managers as part of an effort to right itself. Photo: Shutterstock

The Electric: As 2024 Nears, Are Next-Gen Battery Companies on the Verge of a Culling?

By Steve LeVine · Dec 18, 2023 4:30am PST

In the 1920s, more than 700 U.S. manufacturers vied in a brutal competition to sell a new product—electric washing machines. Cheap electricity had reached urban homes, and American households snapped up the labor-saving washers, which quickly became ubiquitous. But just five U.S. washing machine manufacturers survive. It’s the same with... In the 1920s, more than 700 U.S. manufacturers vied in a brutal competition to sell a new product...

In February, Ford CEO Jim Farley announced the company would make inexpensive iron-based batteries in Marshall, MI. But the batteries would use Chinese technology, igniting criticism. Photo: Bill Pugliano/Getty

The Electric: Five Proposed Western Gigafactories Are Now Unlikely to Be Built

By Steve LeVine · Dec 14, 2023 4:30am PST

In September, Ford halted construction of a $3.5 billion gigafactory meant to produce the batteries to power 2 million electric vehicles a year, explaining that it was reassessing the economics of the plant. As a result, we lowered our assessment of the Marshall, Mich., plant’s likelihood of being built; in our Gigafactory Database, we listed... In September, Ford halted construction of a $3.5 billion gigafactory meant to produce the...

Battery production in China's Jiangxi province, where lithium is mined from lepidolite. Photo: by VCG/Getty

The Electric: Plunging Lithium Prices Could Herald Cheaper EVs

By Steve LeVine · Dec 11, 2023 4:30am PST

Battery production in China's Jiangxi province, where lithium is mined from lepidolite. Photo: by VCG/Getty

The Electric: Plunging Lithium Prices Could Herald Cheaper EVs

By Steve LeVine · Dec 11, 2023 4:30am PST

In a May 2022 note titled, “The End of the Beginning,” Goldman Sachs analyst Nicholas Snowdon said high lithium prices had ignited a surge of new production in Australia, Chile and China, creating a coming flood of supplies that would knock the metal’s price into a sharp decline. From $65 a kilogram at the time, he predicted lithium would fall... In a May 2022 note titled, “The End of the Beginning,” Goldman Sachs analyst Nicholas Snowdon...

Mujeeb Ijaz, who stepped down as CEO of Our Next Energy. Photo: Courtesy ONE.

The Electric: Our Next Energy CEO’s Demotion Followed Investor Withdrawal

By Steve LeVine · Dec 10, 2023 3:38pm PST · 1 comment

The surprising demotion Sunday of the CEO of next-generation battery developer Our Next Energy was triggered by the withdrawal of a $100 million investment by a U.K. firm, according to people familiar with the situation. The surprising demotion Sunday of the CEO of next-generation battery developer Our Next Energy...

Rivian's R1T electric pickup. Photo: Bing Guan/Bloomberg/Getty

Exclusive from The Electric: Rivian Becomes the Latest to Lay Off Battery Workers

By Steve LeVine · Dec 7, 2023 9:22pm PST · 1 comment

Electric vehicle manufacturer Rivian this week laid off about 20 members of its long-range battery cell development team including Victor Prajapati, the company’s lead cell engineer and a former senior manager at Tesla, according to people familiar with the matter. It is the latest in a surge of battery and electric vehicle industry cutbacks as... Electric vehicle manufacturer Rivian this week laid off about 20 members of its long-range...

Protesters at a Green Charter Township, MI, board meeting. Photo: Screenshot via YouTube.

The Electric: A Small Michigan Town Threatens Gotion’s U.S. Battery Plans

By Steve LeVine · Dec 7, 2023 4:30am PST

For a year or two, Chinese auto and battery companies have circled North America in search of an opening to sell their products in the U.S.—the world’s second-largest car market, but one hostile to goods made in China, the U.S.’s chief geopolitical rival. None of the Chinese companies, however, has been as bold as battery developer Gotion,... For a year or two, Chinese auto and battery companies have circled North America in search of an...

A CATL battery production plant in Shanghai, China. Photo: Qilai Shen/Bloomberg/Getty

The Electric: How to Use Chinese Battery Material in US EVs

By Steve LeVine · Dec 4, 2023 4:30am PST

A CATL battery production plant in Shanghai, China. Photo: Qilai Shen/Bloomberg/Getty

The Electric: How to Use Chinese Battery Material in US EVs

By Steve LeVine · Dec 4, 2023 4:30am PST

The Biden administration has issued rules intended to keep Chinese battery materials out of U.S. vehicles, undermine China’s dominance of the global battery supply and jump-start a competing U.S. battery industry. But the administration left a narrow pathway for automakers such as Ford to employ Chinese battery technology in their electric... The Biden administration has issued rules intended to keep Chinese battery materials out of U.S....

SK On's battery gigafactory in Commerce, GA. Photo: Elijah Nouvelage/Bloomberg/Getty

The Electric: A Layoff Surge in EV Batteries

By Steve LeVine · Nov 30, 2023 4:30am PST

Traditional and next-generation electric vehicle battery companies have laid off hundreds of employees in the U.S. and Europe in the last couple of weeks, a symptom of a new industry malaise triggered by lower-than-expected EV sales growth. The layoffs are part of a broad move by the battery makers to conserve cash as costs have soared and... Traditional and next-generation electric vehicle battery companies have laid off hundreds of...

Ford's flagship electric Mustang Mach-E SUV. Photo: Alex Wong/Getty Images

The Electric: In 2024, a New Reality for the EV and Battery Industries

By Steve LeVine · Nov 27, 2023 4:30am PST

For automakers, 2023 began with chronic shortages and soaring prices of key metals used in batteries. Electric vehicles were in short supply and consumers seemed prepared to buy any EV they could get their hands on almost regardless of the price.The year could hardly be ending more differently: The world is unexpectedly awash in battery-grade... For automakers, 2023 began with chronic shortages and soaring prices of key metals used in...

At Freyr's pilot plant in Mo i Rana, Norway. Photo: Courtesy Freyr

The Electric: Freyr Takes Drastic Action After Trouble Scaling Up 24M’s Battery

By Steve LeVine · Nov 20, 2023 4:30am PST

A surprising manufacturing setback by Freyr Battery has more than halved its share price and struck a blow at the reputation of 24M Technologies, a Massachusetts Institute of Technology spinoff that licenses a novel battery that Freyr has planned to manufacture in gigafactories in Norway and Georgia. A surprising manufacturing setback by Freyr Battery has more than halved its share price and...

ExxonMobil's Dan Amman. Courtesy: ExxonMobil

The Electric: After GM and Cruise, Dan Ammann’s New Adventure—Big-Time Lithium Mining

By Steve LeVine · Nov 16, 2023 4:30am PST

ExxonMobil's Dan Amman. Courtesy: ExxonMobil

The Electric: After GM and Cruise, Dan Ammann’s New Adventure—Big-Time Lithium Mining

By Steve LeVine · Nov 16, 2023 4:30am PST

Two years after abruptly exiting robotaxi developer Cruise, Dan Ammann is onto a new big thing—large-scale lithium mining. His employer is oil behemoth ExxonMobil, which—if Ammann is successful in an Arkansas drilling operation he announced this week—is poised to become a global player in lithium just as it is today in oil, gas and chemicals. Two years after abruptly exiting robotaxi developer Cruise, Dan Ammann is onto a new big thing—...