British Prime Minister Liz Truss departs 10 Downing Street for the weekly Prime Minister’s Questions (PMQs) in the House of Commons in London, United Kingdom on October 19, 2022.
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LONDON — British Prime Minister Liz Truss insisted Wednesday she was a “fighter not a quitter” as she was grilled by parliamentarians for the first time since being forced to scrap almost all of her flagship fiscal policies.
Truss said she had “acted in the national interest to make sure that we have economic stability,” while also starting the session by saying she was “sorry” and had “made mistakes.”
The row-back of her huge program of tax cuts, originally announced on Sept. 23, came after it sparked massive volatility in financial markets, with the pound plunging against the dollar and U.K. government bonds being sold off at such a rapid rate it threatened to topple pension funds. Mortgage deals were also pulled as interest rate hike expectations rose rapidly.
Full details of the government’s new economic policies are expected Oct. 31, along with an independent economic forecast.
Attack lines from opposition leader Keir Starmer during Prime Minister’s Questions on Wednesday included questions over how the public could trust a leader whose “promises didn’t last a week”; branding her policies “fantasy economics”; and accusing Truss of crashing the economy.
“I had to take the decision because of the economic situation to adjust our policies,” Truss said. She added that interest rates were rising globally and economic forecasts had worsened.
Analysts told CNBC bond markets were being influenced by a range of factors and may recover, but the U.K. had suffered long-term damage to its economic credibility.
Pressure to resign
The turbulence over the last month has left Truss under intense pressure to resign less than two months into her tenure, even from members of her own party.
Speculation currently abounds over her future, including whether she could step down — with the Conservative Party plunging in opinion polls and a recent YouGov survey putting Truss’ popularity at just 10% — or be forced out.
Under current party rules, the Conservatives are not able to oust Truss and hold another leadership election for a year. Truss went head-to-head against former Finance Minister Rishi Sunak for two months over the summer after ex-PM Boris Johnson resigned in July.
However, the party could agree on a replacement if she were to step down, or it could look to alter current rules.
Both options would likely prove divisive, with the party also split on the best successor. Contenders are thought to include new Finance Minister Jeremy Hunt; Sunak; Leader of the Commons Penny Mordaunt, who stood in for Truss earlier this week; and even a return of Johnson.
It may also leave the party facing further pressure to hold a general election to provide it with a public mandate. The last vote was held on Dec. 12 2019, when Johnson led the Conservatives to a landslide majority.
Meanwhile, a vote called by the opposition Labour Party to be held later Wednesday on reinstating the U.K.’s ban on fracking was described in a leaked Conservative Party email, published by Sky News, as a “confidence motion in the government.”
Many Conservative MPs oppose fracking, which was only re-permitted last month.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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