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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

Former Cuberg CEO Richard Wang, who was let go in February. Photo: David Paul Morris/Bloomberg/Getty

The Electric: The Death of Cuberg Reflects a Battery Industry Shakeout

By Steve LeVine · Aug 22, 2024 4:30am PDT

Northvolt’s decision this week to shut down Cuberg, its lithium-metal battery division, is another dramatic sign of a shakeout in the next-generation battery industry—a business that was so hot a few years ago that it seemed almost any startup could attract venture investment. It’s the second U.S. lithium-metal battery startup to fail in the... Northvolt’s decision this week to shut down Cuberg, its lithium-metal battery division, is...

Gerard Barron, CEO of The Metals Co. Photo: Carolyn Cole/LA Times/Getty

The Electric: Low Metals Prices Be Damned, Startups Race to Mine Under the Sea

By Steve LeVine · Aug 19, 2024 4:30am PDT

Ignoring rock-bottom prices and a glut of the metals used in electric vehicle batteries, startup mining companies around the world are pushing ahead with plans to vacuum the seabed for nodules containing cobalt, copper, manganese and nickel. Ignoring rock-bottom prices and a glut of the metals used in electric vehicle batteries, startup...

Battery industry veteran Bart Riley. Photo: Courtesy Bart Riley.

Exclusive From The Electric: Why Has QuantumScape Moved to Seize the Home of Its Former Chief Strategy Officer?

By Steve LeVine · Aug 15, 2024 4:30am PDT · 2 comments

In the bizarre climax of a four-year legal dispute over stock options, next-generation battery developer QuantumScape has moved to seize the home of its former chief strategy officer to cover $1.1 million in lawyer fees it says it racked up in the case. In the bizarre climax of a four-year legal dispute over stock options, next-generation battery...

Qichao Hu, founder and CEO, lithium metal battery developer SES AI. Photo: Courtesy SES.

Exclusive From The Electric: In a ‘Come to Jesus’ Moment, SES Bows Out of Sole Manufacturing

By Steve LeVine · Aug 12, 2024 4:30am PDT

Qichao Hu, founder and CEO, lithium metal battery developer SES AI. Photo: Courtesy SES.

Exclusive From The Electric: In a ‘Come to Jesus’ Moment, SES Bows Out of Sole Manufacturing

By Steve LeVine · Aug 12, 2024 4:30am PDT

In recent months, Qichao Hu, CEO of Massachusetts-based lithium-metal battery developer SES AI, had a “come to Jesus moment,” he said. After 12 years of work, the company’s battery was nearly ready for large-volume production. But Hu was anxious: How would tiny SES, which had never manufactured a commercial battery, compete with the world’s... In recent months, Qichao Hu, CEO of Massachusetts-based lithium-metal battery developer SES AI,...

Albemarle CEO Kent Masters. Photo: Bloomberg/Getty

The Electric: Outcompeted by China, Battery Makers Seek More U.S. Largesse

By Steve LeVine · Aug 8, 2024 4:30am PDT

U.S. battery component and metals suppliers—increasingly doubtful about their ability to compete with low-cost Chinese rivals—want greater federal subsidies and tighter restrictions on U.S. support to Chinese companies. The lobbying push will likely raise tensions with U.S.-based automakers, which need Chinese-made materials to make their... U.S. battery component and metals suppliers—increasingly doubtful about their ability to compete...

Photo by Getty

The Electric: No Longer Propelled by Tesla, the EV Industry Retreats Faster

By Steve LeVine · Aug 5, 2024 4:30am PDT

In February, Tesla CEO Elon Musk shelved plans to release a $25,000 electric vehicle—the company’s first EV for mainstream customers—next June. Musk said he wanted to prioritize the development of the autonomous Robotaxi, but his decision has had a much wider impact, helping to throw the nascent EV industry into reverse. In February, Tesla CEO Elon Musk shelved plans to release a $25,000 electric vehicle—the company’...

Like most of the West's other next-gen battery makers, Sweden's Northvolt is struggling to scale production. Photo: Shutterstock.

The Electric: The Clock Ticks for Next-Gen Western Battery Startups

By Steve LeVine · Jul 29, 2024 4:30am PDT

Four years ago, a flurry of Western next-generation battery-manufacturing startups caught the attention of investors, promising to lead a transformation of electric vehicle propulsion that would make the cars go longer distances and charge faster. Today, though, almost all these companies have vastly narrowed their ambitions or seem to be in... Four years ago, a flurry of Western next-generation battery-manufacturing startups caught the...

Photo: Bloomberg/Getty

The Electric: The Case for Tesla Not to Make Robotaxis

By Steve LeVine · Jul 25, 2024 4:30am PDT · 1 comment

Photo: Bloomberg/Getty

The Electric: The Case for Tesla Not to Make Robotaxis

By Steve LeVine · Jul 25, 2024 4:30am PDT · 1 comment

Sales of Tesla’s electric vehicles are falling, its profit margins are shrinking and investors show little near-term faith in CEO Elon Musk’s plan for deploying autonomous Robotaxis. Tesla shares fell 12% Wednesday, one day after a lackluster second-quarter earnings report, trimming what had been a 73% runup since late April. Sales of Tesla’s electric vehicles are falling, its profit margins are shrinking and investors...

Photo: Alex Wong/Getty

The Electric: Don’t Be Surprised to See Chinese EVs Manufactured in the U.S.

By Steve LeVine · Jul 22, 2024 4:30am PDT

The two most recent U.S. presidents have been hostile to electric vehicles and batteries from China, with the Biden administration slapping big tariffs on Chinese carmakers to keep their products out of the U.S. But in a surprising turnabout, support in the U.S. and Europe is now growing for welcoming local Chinese EV and battery manufacturing,... The two most recent U.S. presidents have been hostile to electric vehicles and batteries from...

Photo: Marc Piasecki/Getty

The Electric: Musk’s Bet on Trump Follows a Pattern of Tycoons Diving Into Politics

By Steve LeVine · Jul 18, 2024 4:30am PDT · 4 comments

In 1996, a half-dozen Russian tycoons known as the oligarchs put their fortunes and media companies behind then-President Boris Yeltsin’s faltering reelection effort, and helped turn around his campaign: Yeltsin handily beat the Communist Party candidate, and went on to reward the oligarchs with prime pieces of the Russian economy. In 1996, a half-dozen Russian tycoons known as the oligarchs put their fortunes and media...

Photo: AP

The Electric: After Killing His Cheap EV, Musk May Also Ditch the Battery That Made It Special

By Steve LeVine · Jul 15, 2024 4:30am PDT

In 2020, Tesla CEO Elon Musk unveiled the idea of a new battery that he said would change everything about electric vehicles. He called the battery unpoetically the 4680—a reference to its metric system dimensions—and said it would allow Tesla to finally produce a car almost anyone could afford. In 2020, Tesla CEO Elon Musk unveiled the idea of a new battery that he said would change...

A Renault Scenic EV displayed during the Geneva Motor Show. Photo by Getty

The Electric: Renault May Use Iron-Based Batteries in About Half Its EVs

By Steve LeVine · Jul 11, 2024 4:30am PDT

A Renault Scenic EV displayed during the Geneva Motor Show. Photo by Getty

The Electric: Renault May Use Iron-Based Batteries in About Half Its EVs

By Steve LeVine · Jul 11, 2024 4:30am PDT

A Renault Scenic EV displayed during the Geneva Motor Show. Photo by GettyFollowing a pattern set by Tesla and Chinese carmakers, Renault plans to make a dramatic switch away from nickel-based batteries in future electric vehicles, instead using iron-based batteries in about half of them, a senior executive of the French automaker said.Philippe... A Renault Scenic EV displayed during the Geneva Motor Show. Photo by GettyFollowing a pattern set...

Photo: Courtesy Sila Nanotechnologies

The Electric: Seven EV Makers Prepare to Use the First Silicon-Powered Batteries

By Steve LeVine · Jul 8, 2024 4:30am PDT

Amid a race to boost sales and compete with China, at least seven major electric vehicle and battery makers plan to deploy high-silicon battery electrodes in the coming two or so years, a move that would vastly increase the cars’ driving range and how fast they can recharge. Amid a race to boost sales and compete with China, at least seven major electric vehicle and...

Ford CEO Jim Farley. Photo: Getty

The Electric: Musk Has Quit $25,000 EVs, but His Rivals Haven’t

By Steve LeVine · Jul 4, 2024 4:30am PDT

Tesla CEO Elon Musk has given up, at least for now, on his vision of a $25,000 electric vehicle, but rival Western carmakers have picked up his idea, and at least five of them plan to release EVs in that price range in the coming year or two. Tesla CEO Elon Musk has given up, at least for now, on his vision of a $25,000 electric vehicle,...

At the groundbreaking for a Northvolt gigafactory in Heide, Germany, in March. Photo: Getty

The Electric: Northvolt’s Setback Points to a Broader Threat to EV and Battery Startups

By Steve LeVine · Jul 1, 2024 4:30am PDT · 2 comments

After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became Europe’s most prominent champion in the race to develop local electric vehicle and battery industries. Though it had never made a battery, the company announced a whirlwind of plans for vertical integration—plants across Europe and in Canada that... After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became...

Albemarle's lithium processing plant at Kings Mountain, North Carolina. Photo: Getty

The Electric: Albemarle Wants a Premium Price for U.S.-Made Lithium

By Steve LeVine · Jun 27, 2024 4:30am PDT

Albemarle's lithium processing plant at Kings Mountain, North Carolina. Photo: Getty

The Electric: Albemarle Wants a Premium Price for U.S.-Made Lithium

By Steve LeVine · Jun 27, 2024 4:30am PDT

A senior U.S. lithium industry executive has called for Western car and battery companies to pay a premium for lithium refined in the U.S., arguing that prices for the metal are too low to cover the cost of building and running processing plants there. A senior U.S. lithium industry executive has called for Western car and battery companies to pay...

Mutanda, the world's largest cobalt mine, in Democratic Republic of Congo. Photo: Emmet Livingstone/AFP/Getty

The Electric: A New Geopolitical Melee Erupts Over Battery Metals

By Steve LeVine · Jun 24, 2024 4:30am PDT

Within days of taking office in 2021, President Joe Biden reversed a decision by the Trump administration to lift sanctions on one of the most controversial Western mining executives in central Africa. Israeli billionaire Dan Gertler didn’t merit a reprieve, Biden’s State Department said, alleging that in a two-year period he had corruptly... Within days of taking office in 2021, President Joe Biden reversed a decision by the Trump...

Fisker CEO Henrik Fisker introduces the Fisker Pear hatchback in August. Photo: Frederic J. Brown/AFP

The Electric: One Creditor Stands Above Others in Fisker’s Bankruptcy

By Steve LeVine · Jun 20, 2024 4:30am PDT

Its cash reserves dwindling, electric vehicle maker Fisker last year obtained $510 million in funding from Heights Capital Management, a San Francisco–based investor in distressed assets. But when Fisker missed a November deadline for a securities filing, Heights gained the rights to all the company’s assets. Its cash reserves dwindling, electric vehicle maker Fisker last year obtained $510 million in...

Apple released AI functions for the iPhone15 Pro. Photo: Graham Hughes/Bloomberg/Getty

The Electric: Apple’s AI-Infused iPhone Should Worry Next-Gen Battery Developers

By Steve LeVine · Jun 17, 2024 4:30am PDT · 1 comment

Apple released AI functions for the iPhone15 Pro. Photo: Graham Hughes/Bloomberg/GettyApple CEO Tim Cook and his lieutenants spoke for two hours last week about the jazzed-up artificial intelligence features they plan to integrate into the newest iPhone. But they left out what ought to be one of the most critical words in the consumer AI... Apple released AI functions for the iPhone15 Pro. Photo: Graham Hughes/Bloomberg/GettyApple...

At a Samsung display at a battery exhibition in Seoul, South Korea in March. Photo: SeongJoon Cho/Bloomberg/Getty

The Electric: In a Switch, EV Makers Favor Iron-Based Batteries Over Nickel

By Steve LeVine · Jun 13, 2024 4:30am PDT

At a Samsung display at a battery exhibition in Seoul, South Korea in March. Photo: SeongJoon Cho/Bloomberg/Getty

The Electric: In a Switch, EV Makers Favor Iron-Based Batteries Over Nickel

By Steve LeVine · Jun 13, 2024 4:30am PDT

Since they began seriously building electric vehicles around 2020, Western automakers have stubbornly clung to nickel-based batteries despite their relatively high cost and vulnerability to supply chain snarls. But in a growing shift, more Western players are moving to lower-cost iron-based batteries, which are likely to be the world’s dominant... Since they began seriously building electric vehicles around 2020, Western automakers have...