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Carbon-conscious mining company Snow Lake Lithium and battery production specialist LG Energy Solution announced they have signed a Memorandum of Understanding (MOU) to establish a domestic supply chain of lithium in North America. When Snow Lake’s lithium mining operation gets up and running in 2025, it plans to supply LG with the precious Earth material essential to current EV battery chemistry. This domestic supply chain could help several automakers qualify for US federal tax credits as well.

Snow Lake Resources Ltd. ($LTIM) is a publicly traded mining company looking to source precious battery materials in new and more sustainable ways. The company has already made a commitment to provide completely traceable, carbon-neutral, and zero harm lithium to the EV and battery market in North America by utilizing hydroelectric power and zero emission mining machinery.

The lithium-rich land is located in Manitoba, Canada, where Snow Lake has been consolidating the area and conducting surveys to determine its resource potential. It kicked off its initial assessment of the land in early 2022, but said it will take 18-24 months for environmental work such as permitting to be complete before commercial lithium mining can actually begin in North America.

Snow Lake Lithium still has a lot to accomplish before it can mine this rich supply of lithium to automakers in North America, but based on early assessments, the company believes it will be able to provide enough lithium to power five million EVs on the continent alone, while simultaneously reducing US automakers’ dependency on China.

With its latest announcement, LG Energy Solution – a major battery provider to EV automakers in North America – is onboard to establish a viable domestic supply chain of lithium that can lead to financial benefits to the automakers themselves, in addition to their US customers.

Lithium North America
Source: Snow Lake Lithium

Snow Lake to provide Lithium to North America with LGES

The companies announced their non-binding MOU in a press release today, outlining some of the early terms and expected timelines for domestic lithium distribution to support EVs. When Snow Lake Lithium begins approved lithium mining in Canada, it will supply LG Energy Solution (LGES) with the chemical element for EV battery cell production in North America over a ten year period.

LGES is a newer battery production unit of the larger LG Group, originally spun out of LG Chem toward the end of 2020. Its main focus is the development of lithium-ion batteries for EVs, Mobility & IT applications, and Energy Storage Systems (ESS).

Following an early partnership with Hyundai Motor Group, LGES has shared plans for a 45 GWh battery cell factory in Canada with Stellantis, in addition to three new battery plants in the US for GM on the wings of a massive $2.5 billion grant from the US Department of Energy. Through its collaborations with American automaker Ford, LGES has already begun exploring other sustainable ways to source lithium with companies like Compass Materials International.

Based on these movements, an agreement with Snow Lake Lithium and the potential of its colossal, 55,000-acre domestic mining site for the EV industry feels like a natural next step. LG Energy Solution CEO Youngsoo Kwon shared a similar sentiment:

As we have recently announced our mid- to long-term strategy to focus on North America, the fastest growing EV market, these partnerships serve as a crucial step towards securing a stable key raw material supply chain in the region. By constantly investing in upstream suppliers and establishing strategic partnerships with major suppliers of critical minerals, LGES will continue to ensure the steady delivery of our top-quality products, thereby further advancing the global transition to EVs and ultimately to a sustainable future.

Both companies state that completion of the partnership outlined in the MOU will be subject to a number of conditions, including “the completion of due diligence from both parties.” Should both companies find the partnership terms and mining prospects agreeable, a massive supply of lithium available domestically could benefit EV automakers and customers alike.

Under new terms outlined in the recently signed Inflation Reduction Act, EVs and a majority of their battery components must be assembled in North America in order to qualify for federal tax credits up to $7,500. Furthermore, a majority of those critical battery materials like lithium must be sourced in North America, or from countries with free trade agreements with the US.

Currently, most EVs sold in the US no longer qualify under these terms that will officially kick in January 1, 2023, but automakers are already pivoting their production strategies toward US assembly. Since several major automakers already have working relationships with LGES, obtaining battery cells built with materials from North America could prove fruitful as long as Snow Lake Lithium can complete the necessary measures to ensure approval for mining in Canada.

As previously mentioned, this process will still require years, but if Snow Lake remains on schedule, the global EV production landscape could make a pivotal shift toward significantly larger manufacturing in North America. Additionally, Canada is expected to rank third in the global production of the raw materials needed for electric vehicle batteries by 2025.

When you think about how significant North America’s current dependency is on China for a lot of these resources, the fact that Canada could be a major player in less than three years again demonstrates how quickly this industry is moving, and how much opportunity could soon be coming to the US and its neighbor to the North, by way of EV adoption.

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All the best EV and PHEV rebate deals we could find for April 2025 [update]

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All the best EV and PHEV rebate deals we could find for April 2025 [update]

Cynics will point at big rebates and claim they mean the vehicle isn’t selling, but that just exposes them for the industry noobs that they are. A rebate is a powerful financial tool that helps dealers overcome obstacles like negative equity, poor credit, and down payment requirements and get you to drive home in the car of your dreams today.

So if you’re dealing with any of the above, but still hope to slide behind the wheel of a new EV before new tariffs kick in, pay attention: these EVs could get you behind the wheel of a new electric ride sooner than you think!

UPDATE: Kia really, really wants you to buy a new EV this month!

As I was putting this list together, I realized there were plenty of ways for me to present this information. “Biggest EV incentive deals ..?” Not everyone qualifies for every rebate. “Most stackable EV rebates ..?” Too confusing. In the end, I went with national cash back offers and chose to present them in alphabetical order, by make. And, as for which deals are new this month? You’re just gonna have to read the article. Enjoy!

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BMW XM

BMW XM; via BMW.

It may look like an angry space beaver on the outside, but BMW advertises itself as the Ultimate Driving Machine, not the Ultimate Style Machine — and by all accounts, the big BMW PHEV is one, if not the best-handling big SUVs out there.

With up to 30 miles of all electric range and a powerful V8 engine, it’s not savaing any trees, but now through April 30th, all versions of the plug-in hybrid offer $12,500 in lease or APR cash. If you’re financing your XM PHEV, BMW Financial is also offering 3.99% financing for up to 60 months, with a 72-month option at 4.49% APR.

Chevy BrightDrop

Chevrolet BrightDrop ZEVO; via GM.

We recently highlighted a Costco offer that stacks a $25,500 manufacturer rebate with $3,000 in “regular” Costco Member Savings, $2,750 in “LIMITED-TIME” Manufacturer to Member Incentives, plus an additional $250 for Costco Executive members.

That’s more than $30,000 off the MSRP of one of the best, most capable commercial vans on the market – ICE or electric. And that’s before you factor in the 0% interest financing (72 mo.) being advertised on Chevy dealer websites.

Chrysler Pacifica PHEV

2025 Chrysler Pacifica PHEV Pinnacle; via Stellantis.

When the plug-in hybrid Chrysler Pacifica minivan first went on sale all the way back in 2016, it seemed to imply that the old Chrysler Corporation was going to race ahead of the other “Big Three” legacy US carmakers.

That didn’t happen, but the Pacifica is still the king of cupholders, while the van’s stow n’ go seating, and all the other practical, clever details that add up to remind you Chrysler invented these things. Through April 30th, you can get a $7,500 cash allowance plus $7,500 in Federal income tax credits on Pacific Plug-in Hybrid Select, S, and Pinnacle trim level vans.

Dodge Charger EV

Dodge-Charger-EV-overseas
2024 Dodge Charger Daytona EV; via Stellantis.

As the auto industry transitions to electric, Dodge is hoping that at least a few muscle car enthusiasts with extra cash, will find their way to a Dodge store and ask for the meanest, loudest, tire-shreddingest thing on the lot.

These days, that’s the new electric Charger – and you still owed money on the Hemi you just totaled, Dodge will help get the deal done on its latest retro ride with a $6,500 rebate on 2025 models or $3,000 plus 0% financing for up to 72 months on 2024s.

Dodge Hornet PHEV

2024 Dodge Hornet PHEV; via Stellantis.

Despite objectively being one of the slowest-selling new cars in North American, the Dodge Hornet eAWD PHEV offers specs that could make a compelling case for die-hard Dodge fans who are curious about EVs, but still worried about finding charging away from home.

If that’s you, the Hornet offers over 30 miles of all-electric range from its 12 kWH battery and a decently quick 0-60 mph — then sweetens the deal even more with $6,500 in lease cash to help bring the payment down.

Jeep Wrangler 4xe

Jeep China
Wrangler 4xe and its 49 miles of all-electric range; via Stellantis.

While not much of an EV with “just” a 17.3 kWh battery, the PHEV version Jeep’s iconic Wrangler is often the cheapest version of the SUV to lease – a fact that’s seen the 4xe variants become a popular choice. Now through April 30th, Stellantis is offering up to $8,000 in cash allowance (not counting dealer discounts and other local incentives) in hopes that this latest offer is one you can’t refuse.

Kia Niro EV

2025-Kia-Niro-EV-prices
Kia Niro EV; via Kia.

One of the most underrated little runabouts on the market, the Kia Niro EV is more fun to drive than you think it’ll be, with zippy acceleration, solid quality, and an approachable sort of anonymity that I think a lot of Tesla drivers would appreciate right now.

Now through April 30th, Kia is offering up to $8,500 cash back on remaining 2024 Niro EVs and $7,500 on 2025 models. If you don’t like paying interest, Kia has 0% financing for up to 72 months on ’24s and a sweet $129/mo. lease deal on ’25 models – so whatever your specific needs are, your Kia dealer probably has a Niro EV deal they can get to work for you.

Kia EV6 GT

Kia-EV6-GT-BMW-M2
Kia EV6 GT lines up against ICE supercars; via Kia.

CarsDirect is reporting 24-month leases on the positively awesome Kia EV6 GT featuring up to $19,000 in lease cash through May 1st. Other EV6 variants get decent cash back offers, too – be sure to ask your local dealer about the one you’re interested in.

Kia EV9

Kia-recall-EV9
Kia EV9; via Kia.

I’ve been seeing Kia’s excellent, hot-selling tree-row electric SUV all over the ‘burbs, lately — and it’s hardly a wonder why. In addition to being a great car, the Kia EV9 has some of the most aggressive customer incentives in the business, with $11,000 cash back for conventional financing customers and a whopping $16,000 lease cash on 24 month terms through May 1 (36 and 48 month lessors still get a pretty incredible $15,000 cash back).

Get used to seeing these around, in other words. If not in your own driveway, certainly in some of your neighbors’!

Nissan Ariya and LEAF

2024 Nissan LEAF and Ariya “Hero” shot; via Nissan.

The inspiration for this article was a hypothetical $9,140 Nissan LEAF deal that I hastily concocted while walking the floor of the 2025 Chicago Auto Show, but the fact remains that even with “just” the $8,500 cash back being advertised through April 30, the $28,140 $19,640 Nissan LEAF is probably the most affordable new car you can buy in the US. If you can score some additional local incentives and dealer discounts, so much the better.

If you want something a bit more modern (and with Tesla Supercharger access), the bigger, more conventional Ariya crossover also packs some solid offers with up to $7,500 in Customer Cash.

Polestar 3

Polestar 3 price
Polestar 3; via Polestar.

OK, this one’s cheating — the Swedish/Chinese love child of Volvo, Geely, and the championship-winning go-fast gurus at Cyan Racing, Polestar is announcing up to $20,000 in incentives to convince some (but, crucially, not all) customers to trade in their existing EVs on a new Polestar.

The catch? You have to trade in a Tesla to get the $20K. At the rate those cars are depreciating, though, that might be the best offer you’ll get out there!

Toyota bZ4X

Toyota-$10,000-discount-bZ4X
2025 Toyota bZ4X EV; via Toyota.

It’s not breaking any sales records, but the Toyota bZ4X is a solid five-passenger crossover EV that should meet any suburbanite’s needs with enough of Toyota’s legendary quality baked in to make it a safe bet for a decade-plus of hassle-free driving. Plus, with $10,000 in TFS Lease Subvention cash and plenty of dealer discounts floating around, it might be the best deal in Toyota’s current lineup.

Volkswagen ID.4

Volkswagen-EVs-in-2023
VW ID.4; via Volkswagen.

One of the most popular legacy EVs, the ID.4 offers Volkswagen build quality and (for 2024) a Chat-GPT enabled interface. To keep ID.4 sales rolling, VW dealers are getting aggressive with discounts, making this fast-charging, 291 mile EPA-rated range, 5-star safety rated EV a value proposition that’s tough to beat.

This month, buy a Volkswagen ID.4 with up to $10,500 in Customer Bonus Cash or lease one with $7,500 in Lease Bonus cash.

Volvo C40, XC60 T8 Recharge

2024 Volvo C40, XC60 T8 Recharge.

Volvo is offering up to $8,500 ($7,500 in customer cash, $1,000 in loyalty cash) off the price of remaining new C40s — the brand’s sporty, high-riding crossover coupe that happened to be its first dedicated EV offering in the US. If the C40 doesn’t suit you, the same deals are available on the more conventionally styled XC40 Recharge, too.

Buyers looking for one of Volvo’s excellent (IMO) T8 PHEV models can score up to $4,000 in allowances before the real discounting begins — and if, like me, your tastes run more towards Swedish sedans than SUVs, you might want to score yourself a sweet deal on a new S90 while you still can.

Disclaimer: the vehicle models and rebate deals above were sourced from sites like CarsDirect, CarEdge, USNews, and (where mentioned) the OEM websites – and were current 21APR2025. Despite my best efforts to filter these, some deals may not be available in your market, or to every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.

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New York lawmakers are trying to shut down Tesla stores

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New York lawmakers are trying to shut down Tesla stores

New York state lawmakers have launched an effort to shut down Tesla’s stores in the state by revoking its waiver to allow direct sales.

Several states in the US have laws prohibiting the direct sale of electric vehicles to the public without going through third-party dealerships.

These bans stem from outdated laws intended to protect car dealers from their own automakers supplying the vehicles.

The idea is that automakers cannot open a company-owned store next to a third-party car dealer after they have invested in selling and servicing their cars. It would be unfair competition.

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Now, some car dealerships are using those old laws to prevent automakers that have never had deals with third-party franchise dealers, such as Tesla and Rivian, from selling their vehicles to the public, even though it constitutes fair competition.

Tesla has been fighting those laws in many states with some success.

In New York, the anti-direct sale law remains in effect. Still, Tesla managed to obtain an exemption to open a few stores and service centers, despite its bid to expand being curtailed by the local dealership association.

Now, state legislators in New York are pushing to remove Tesla’s exemption and grant it to other electric vehicle (EV) automakers.

Senator Patricia Fahy, who was once an ally to Tesla in its fight to be allowed to sell in New York, is now leading the effort to remove Tesla’s waiver (via New York Times):

Ms. Fahy, a Democrat whose district includes Albany, and other state lawmakers are pushing to revoke a legislative waiver that has let Tesla directly operate five New York dealerships rather than sell cars through dealer franchises, as other carmakers must do.

Fahy’s effort stems from her regret of having supported Tesla in the past:

“Maybe I’m making amends,” Ms. Fahy replied when asked about her previous support for Tesla. Mr. Musk, she said, is “part of an administration that is killing all the grant funding for electric vehicle infrastructure, killing wind energy, killing anything that might address climate change. Why should we give them a monopoly?”

Many, like Fahy, believe that CEO Elon Musk’s support for Trump and their efforts to curtail EV adoption amount to Musk pulling the ladder that helped Tesla dominate the EV space, just as other EV companies need it.

To be fair, the state senator is not completely changing her stance on direct sales because of Musk’s involvement with Tesla. Instead, she changed her opinion on giving Tesla a waiver:

Ms. Fahy now views Tesla’s waiver as an unfair advantage, and wants the company to forfeit its five licenses by 2026. Under her plan, the licenses could be redistributed to rival electric-vehicle manufacturers like Rivian, Lucid and the Volkswagen affiliate Scout Motors, which also employ a direct-to-consumer sales approach.

Tesla has long outgrown its waiver allowing five stores in New York, and lately, it has started using a loophole to open stores on native land in the state.

Electrek’s Take

I’ve made my thoughts clear about direct sales. They should be allowed for any automakers who don’t use franchise dealers. That includes Tesla.

I think Tesla should be allowed to sell its vehicles in New York, and people should be allowed to boycott them.

However, I agree that Tesla getting a specific waiver is unfair. Any new automaker, like Rivian, Lucid, etc., should also be able to open stores freely in the state.

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PayPal kicks off fintech earnings as investors fear impact of Trump tariffs on consumer spending

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PayPal kicks off fintech earnings as investors fear impact of Trump tariffs on consumer spending

FILE PHOTO: A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. 

Dado Ruvic | Reuters

PayPal, Block and Affirm are all closely tied to the health of the consumer, which has investors on edge headed into their earnings reports.

Markets broadly have been jittery to start the year due largely to concerns about President Donald Trump’s sweeping tariffs and the prospect of higher import costs leading to rising unemployment and reduced consumer spending.

Specific to e-commerce, there’s the end of de minimis trade exemptions for Chinese imports, effective May 2. That change, aimed at discount shopping apps like Temu and Shein, threatens tens of billions of dollars in low-cost cross-border e-commerce volume.

“Tariff implications and macro have added another wrinkle to ’25,” Wells Fargo analysts wrote in a note on April 16. The bank said PayPal is particularly exposed to tariff-related volatility and macro uncertainty, given that 90% of its revenue comes from consumer-driven transactions.

PayPal is the first in the group to report earnings on Tuesday. Block, the parent of Square, follows on Thursday. Affirm is scheduled to report results next Thursday. Their stock prices have been hit harder this year than the broader market. PayPal is down 23%, Block has fallen 32% and Affirm has dropped 19%, while the tech-heavy Nasdaq is down 10%.

The stocks rebounded last week as Wall Street showed some level of optimism that the Trump administration will make progress on trade agreements and that tariffs won’t be as extreme as earlier proposals suggested.

Read more about tech and crypto from CNBC Pro

Trump signed an executive order in early April imposing tariffs on more than 180 countries and territories. After markets immediately plunged, the president soon announced a 90-day pause on most tariffs, though levies on imports from China remain, and are as high as 145%. The universal tariff rate on goods imported into the U.S. from most countries is 10%.

The fintech reports land during earnings season for megcap tech, with Meta, Microsoft, Amazon and Apple all announcing results this week. Tesla and Alphabet both reported last week and talked about the potential impact of policy changes on their earnings calls.

On Alphabet’s earnings call on Thursday, Google Chief Business Officer Philipp Schindler said the end of the de minimis trade loophole will “cause a slight headwind to our ads business in 2025,” primarily from retailers in the Asia-Pacific region.

While Google is “not immune to the macro environment,” Schindler said, it has “a lot of experience managing through uncertain times.”

E-commerce challenges

With mixed messages coming from the administration, companies are reckoning with uncertainty and have little ability to provide accurate forecasts for the current quarter and remainder of the year. The volatility reached such heights in early April that Klarna, which competes with Affirm in the buy now, pay later market, and ticket marketplace StubHub delayed their long-awaited initial public offerings shortly after filing their prospectuses with the SEC.

Barclays analysts noted in a report on April 17, that significantly higher tariffs will weigh heavily on e-commerce sales, particularly for goods previously entering the U.S. duty-free. The firm estimates that Temu and Shein represent more than 30% of affected flows, much of it tied to digital wallets, buy now, pay later providers, and card processing infrastructure.

PayPal derives the vast majority of sales from consumer transactions and 40% of revenue and gross payment volume comes from international markets, according to Wells Fargo analysts. The bank trimmed its price target on April 16, to $74 from $80, citing margin pressure as e-commerce trends soften and competition rises.

PayPal has been getting a boost from Venmo, but that segment is also threatened if consumer spending declines. Growth expectations for the quarter — specifically a 5.5% increase in branded checkout volume — may be too high, Wells Fargo said, based on available nonstore retail sales data.

Analysts surveyed by LSEG estimate that PayPal will post revenue growth of just under 2% from a year earlier to $7.85 billion, and earnings of $1.16 per share.

Jack Dorsey’s Block faces pressure in multiple areas. Cash App user growth was sluggish in March, up just 1.3% from the same time last year, and Afterpay — the company’s buy now, pay later offering — is tightening its underwriting to limit credit losses. Barclays flagged Block as one of the more exposed names to small business churn and low-income volatility, noting that Afterpay volumes remain tied to highly discretionary consumer spend.

Block is expected to report revenue growth of about 4% to $6.2 billion, and earnings of 87 cents per share, according to LSEG,

Affirm reported a 30% increase in monthly active users in March, but tighter credit conditions and a broader economic cooldown may crimp near-term loan volume growth. Its business counts on purchases of electronics, apparel, furniture and other consumer goods.

Affirm is projected to report revenue growth of 36% to $783 million, and a loss of 3 cents per share, according to consensus estimates from LSEG.

Barclays analysts wrote in a note on April 15, that in March and the early part of April, much of the retail market may have experienced a “pull forward” of discretionary spending as consumers rushed to make purchases ahead of the May tariff implementation, a dynamic that could distort some backward-looking results.

“This scenario would essentially kick the sentiment can down the road,” the Barclays analysts wrote.

Representatives from PayPal, Block and Affirm declined to comment.

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