Auto Roundup: Battery Plant Fire, Buffet’s BYD Moves, and Rivian's Rise, June 28,2024 | Electric

Intro Welcome to your ultimate pitstop Piston Pundit. In this edition, we dive into the latest news, shaking up the automotive world from a tragic fire at a lithium battery plant in South Korea to new tariffs on Chinese EVs impacting global brands. Niall Bolt's groundbreaking fast charging battery. Tesla's recurring Cybertruck recall Rivian's major investment from Volkswagen and Warren Buffett's strategic move away from bid amidst rising trade tensions. Buckle up for in-depth insights and analyses. 6️⃣.Tragedy Strikes: Fire at South Korean Lithium Battery Plant Claims 22 Lives. Number 6: Tragedy Strikes: Fire at South Korean Lithium Battery Plant Claims 22 Lives. In one of South Korea's most devastating industrial accidents in recent years. A fire at a lithium battery factory near Seoul claimed the lives of 22 workers, predominantly migrant laborers, from China. This tragic event underscores the risks inherent in the battery manufacture ring industry. The blaze erupted at Aerosoles factory in Marseille, about 28 miles south of Seoul. Of the 102 workers on site, 23 were found dead on the factory's second floor. This area had two unlocked exit staircases, but the victims were overwhelmed by flames and toxic smoke before they could reach safety. The workers, many of whom were unfamiliar with the building's layout, tried in vain to extinguish the fire before retreating to a dead end area of the floor. Among the victims were 18 Chinese nationals, one individual from Laos and two South Koreans. The rapid spread of the fire filling the second floor with smoke and flames within 15 seconds, left little chance for escape. This incident highlights the need for improved safety measures and protocols in industrial facilities, particularly those involving hazardous materials like lithium batteries. Number 5: New Tariffs on Chinese EVs Shake Up Global Brands. 5️⃣.New Tariffs on CN EVs Shake Up Global Brands. The Biden administration's tariffs aim to level the playing field by raising costs on Chinese made EVs to prevent them from undercutting domestic auto. While these tariffs target Chinese TVs, batteries and related minerals, they also impact non-Chinese brands manufacturing in China. Companies like Volvo, Polestar and Mini, which produce EVs in China, face significant delays and increased costs due to these tariffs. For instance, Volvo's X30 and Polestar three are delayed partly due to these tariffs. Mini's China Build Cooper E timeline has also shifted, though its German made countryman N.V. remains on schedule. Meanwhile, non EV imports like Buick Envision or Lincoln's Nautilus are unaffected. These tariffs highlight the complexities of global manufacturing and their broader implications on the automotive industry. Before we delve deeper. Do us a favor and smash that like an subscribe button. This helps us reach more auto enthusiasts just like you. Now let's shift gears and steer towards our next update. Number 4: Nyobolt’s Revolutionary Battery: Fast Charging and Longevity Redefined. 4️⃣.Nyobolt’s Revolutionary Battery: Fast Charging and Longevity Redefined. Nyobolt’s EV prototype tested at Millbrook, boasts a 35 kilowatt hour battery that charges from 10 to 80% in just 4 minutes. And 37 seconds. Even more impressive, it offers a lifetime range of 600,000 miles. This rapid charge time was achieved using a 350 kilowatt charge, delivering 120 miles of range in about the time it takes to grab a coffee. The battery features a mix of carbon and metal oxide, anode materials, a low impedance cell design and advanced electronics to maximize power density and minimize degradation. After 4000 fast charge cycles, it still retains 80% of its help. Nyobolt's co-founder, Dr. Sai Shiva Reddy, explains that their low impedance cells maintain peak charge levels longer, ensuring sustainability and a lengthy battery life. The Elise based prototype weighs just 1250 kilograms and has an official range of 155 miles. Although production will be limited to 1000 units in 2025 nine, Bolt's innovative battery technology is a significant step forward in the British battery supply chain. 3️⃣.Tesla Cybertruck Recall: A Fourth Round of Fixes. Number 3: Tesla Cybertruck Recall: A Fourth Round of Fixes. Tesla is recalling its new Cybertruck for the fourth time in the U.S. due to issues with trim pieces of windshield wipers. Documents posted by the National Highway Traffic Safety Administration state that more than 11,000 trucks are affected. The windshield wiper motor controller can stop working due to excessive electrical current, potentially cutting visibility and increasing crash risk. Tesla will replace the wiper motor at no cost to owners with notifications sent out by August 18. Additionally, a trim piece along the truck that can come loose and fly off, posing a hazard to other motorists. This issue may stem from improper adhesive application at the factory. Tesla will rework or replace the trim piece with owners also notified by August 18. Since its launch on November 30th, the CYBERTRUCK has been recalled four times addressing various safety concerns. 2️⃣.Rivian's Big Win: Volkswagen Invests Up to $5 Billion. umber 2: Rivian’s Big Win: Volkswagen Invests Up to $5 Billion. Volkswagen becomes the second legacy automaker to invest in California based Rivian committing up to $5 billion. Initially, Volkswagen will inject $1 billion with an additional $4 billion expected by 2026. This includes $1 billion each in 2025 and 2026, plus $2 billion for a joint venture focused on electrical architecture and software technology. Rivian stock surged 40% in after hours trading ahead of a key investor event. Closing at $11.96 per share, down 49% for the year. Volkswagen's initial investment will be in the form of a convertible note convertible to Rivian shares starting December 1st. The partnership underscores shifts in automaker strategies amidst slower EV adoption. RIVIAN continues cost cutting efforts, including staff reductions and retooling its Illinois facility while delaying a Georgia factory, despite a $1.45 billion Q1 loss. Rivian holds $7.86 billion in cash and equivalents, with over $9 billion in total liquidity as of March. Number 1: Warren Buffett’s Berkshire Hathaway Reduces Stake in BYD. 1️⃣.Warren Buffett’s Berkshire Hathaway Reduces Stake in BYD. BYD, a leading global electric carmaker rivaling Tesla amidst escalating trade tensions over Chinese EVs. On June 11th, Berkshire sold 1.35 million Hong Kong listed BYD shares, cutting its stake from 7.02% to 6.9%, valued at 310.5 million HKD $40 million. This marks Berkshire's first major sale in ten months and the 14th since August 2022, reflecting a gradual divestment strategy. BYD faces challenges amid heightened tariffs and trade disputes with Western markets, including additional levies imposed by the European Union. Despite fluctuations, Berkshire's initial $230 million investment in BYD in 2008 has proven highly profitable, with shares peaking at 331.4 HKD in June 2022. Berkshire currently holds 75.7 million Hong Kong listed BYD shares worth about 17.6 billion HKD. $2.3 billion as of the latest update. And that wraps up our latest updates. Don't forget to subscribe to Piston Pundit for more in-depth analyzes and the latest news in the automotive world. See you next time.