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An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas.

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This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Battered markets
U.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to rise. Asia-Pacific markets fell Monday, with Hong Kong’s Hang Seng Index tumbling more than 2.3%. The index was dragged down by a 17% plunge in Country Garden Holdings after the beleaguered real estate firm announced it’s suspending trading of its onshore bonds.

India’s increasing influence
India’s asserting its presence in Southeast Asia, a move motivated by intensifying rivalry between the country and China. For instance, New Delhi said in June it’s giving a naval warship to Vietnam. The growing ties between India and Southeast Asia might help countries in the region counter China’s dominance, analysts say.

Relentless rain’s bad for grain
Rice prices are set to rise even further, according to a report by Fitch Ratings. Heavy rain and flood risks in China’s grain-growing regions will reduce crop yields, lowering domestic supply and potentially increasing demand for rice imports. That’ll put additional pressure on rice prices — already at their highest in 12 years.

Jail for SBF
FTX founder Sam Bankman-Fried headed to jail Friday after a judge revoked his bail over alleged witness tampering. Government prosecutors said Bankman-Fried had sent over 100 emails to the media, including private diary entries of his ex-girlfriend, Coraline Ellison, to the New York Times. Bankman-Fried’s expected to remain in custody until his criminal trial on Oct. 2.

[PRO] Growth in Chinese A.I.
Alibaba sees a huge growth opportunity driven by artificial intelligence services, the Chinese technology giant said during its earnings call. Even though commercial returns on AI might still be far away, HSBC analysts think these Chinese hardware stocks are already reaping rewards.

The bottom line

There’s a new narrative in markets.

The Nvidia-fueled rally that began in May seems to be petering out. Expectations of bumper earnings are now baked into stock prices — and investors are realizing how expensive artificial intelligence stocks are. The VanEck Semiconductor ETF was down 5.2% for the week, its worst since October 2022.

At the same time, the U.S. economy is growing so much more than anticipated that Wall Street thinks a recession isn’t happening this year. Economists, according to a Philadelphia Federal Reserve poll, are also revising upwards their growth forecasts.

A robust economy means higher demand for goods and services. One barometer of that is oil. Indeed, prices for oil have rallied for seven consecutive weeks, the first time since June 2022. To be sure, that’s largely because of supply constraints for now, but increased demand will surely translate into higher prices soon.

That’s good news for investors in energy stocks, which led the market Friday, last week, this month and this quarter, as CNBC’s Scott Schnipper observed. The VanEck Oil Services ETF rose 2% last week, handily beating the VanEck Semiconductor ETF.

But that’s bad news for investors wary of interest rates. Higher commodity prices and demand might mean the Federal Reserve may not pause — or cut — rates as soon as markets expect. The hotter-than-expected PPI reading adds credence to this new narrative.

Markets were shaken. The S&P 500 lost 0.1% and the Nasdaq Composite slid 0.6%, giving both indexes their second straight losing week. For the Nasdaq, that’s its longest down streak since December. The Dow Jones Industrial Average, however, managed to eke out a 0.3% increase to advance 0.6% for the week.

The week ahead is dominated by consumer spending data, which can be fuzzy because it tends to fluctuate by season and sentiment. Prepare for more volatility.

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Tesla closes loophole that let Kia owners charge on Superchargers

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Tesla closes loophole that let Kia owners charge on Superchargers

Kia owners were supposed to get access to Tesla Superchargers on January 15, but that timeline was recently delayed. Some owners had figured out a loophole to charge, but it turns out, that loophole is now closed.

It’s been a busy time for the North American EV industry’s transition to NACS, the charging standard originally advanced by Tesla and now standardized by SAE.

We’ve recently seen several brands added to the “coming soon” list, and even beyond that, VW and Honda have both made their own announcements that access is coming soon.

But this past couple weeks were supposed to be even busier, with Kia having previously planned to roll out Supercharger access on January 15th, according to an announcement the company made back in September. Unfortunately there was a delay, and Kia owners will have to wait until later this quarter for official support.

In the meantime, though, owners had found that you could trick the system into letting you charge by telling it that you have a Hyundai. Hyundai and Kia both build their EVs on the same E-GMP platform, so there are a lot of similarities between them.

Kia, like Hyundai, is also in the process of shipping some of the first vehicles with a native NACS port, with the 2025 EV6 including a native NACS port, much like the 2025 Ioniq 5 does. So this similarity seemed to be able to trick the Supercharger network, and Kia EV6s could charge on it for a little while, assuming use of a third-party adapter.

Last week, we reported on this loophole, and were hearing of many owners who had success charging.

But that method no longer works, according to several Kia owners. Now, when attempting to charge at a Tesla Supercharger with an EV6 and adapter, the Tesla app will tell you “Unknown error occurred – Your vehicle is not able to charge at Superchargers at this time.” This has been confirmed to be the case even on Supercharger sites that were previously working.

Probably one of the reasons for this is the use of third-party adapters. While third-party adapters are available, manufacturers are always wary when owners use non-verified equipment – especially when it’s related to the most expensive part of the car, the battery.

Kia themselves told us that “warranty coverage may be impacted by use of a third party or aftermarket adapter, and we expect to have our authorized version available in late Q1 2025” when we contacted them about our previous article (though we’re not sure how that would shake out legally – there are a lot of laws covering car warranties and what can and cannot void them).

This isn’t the first time we’ve seen some mix-ups with Supercharger access. Last November, Tesla announced that Nissan cars had access to Superchargers, but it turned out they jumped the gun. Everything is hunky-dory now for Nissan, and it seems like a bunch of new brands will gain access in the coming months, but we expect a few more fits and starts along the way (chaos tends to happen when you fire the whole Supercharger team for no reason).

But, once EV6s do gain access to Superchargers, we expect to see them show exceptional charge performance. The EV6’s cousin, the Ioniq 5, recently showed that it can charge faster than a Tesla, even on Tesla’s home turf. The EV6 should be able to accomplish similar feats, once it is unleashed onto North America’s biggest charging network.

If you’re looking to buy one of the fastest-charging EVs on the road today, use our link to check local dealers and get in line for when they get the new 2025 Kia EV6s in stock.


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Jaguar Land Rover invests $2M in rare earth magnets recycling 

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Jaguar Land Rover invests M in rare earth magnets recycling 

Jaguar Land Rover’s investment arm InMotion Ventures has invested $2 million in rare earth magnets recycling company Cyclic Materials, bringing its Series B funding round to $55 million.

Jaguar Land Rover’s InMotion Ventures has invested in a range of technologies including supply chain traceability, battery repair, reuse and recycling, and now, rare earth magnets recycling.

“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements (REEs) and critical materials,” said Mike Smeed, managing director at InMotion Ventures. “Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”

Cyclic Materials says it will use the investment to accelerate the expansion of its operations across North America and Europe, boost its processing capabilities, and refine its recycling technologies.

This Series B extension builds on Cyclic Materials’ earlier $53 million round that already has the backing of BMWi, Microsoft, and Hitachi.

Rare earth magnet recycling

Rare earth magnets are a type of permanent magnet made from alloys of REEs, which are part of a set of 17 chemical elements in the periodic table. Rare earth magnets, particularly neodymium magnets, are essential in electric traction motors in EVs. Their strong magnetic fields help deliver high performance and efficiency, which extend an EV’s driving range and reduce battery load.

Rare earth magnets can also be found in everything from data centers and wind turbines to cell phones and power tools. 

However, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030. Ontario-based Cyclic Materials says its proprietary MagCycle and REEPure technologies recycle REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled Mixed Rare Earth Oxides.

Read more: Solar overtakes coal in the EU, and gas declines for 5th year running


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Nissan secures batteries for about 300,000 EVs in the US, but when will we see them?

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Nissan secures batteries for about 300,000 EVs in the US, but when will we see them?

Nissan plans to buy 20 GWh of batteries from SK On, enough to power around 300,000 EVs to be sold in the US. However, after delaying EV production in the US again, when will the new EVs finally arrive?

Nissan revealed plans to invest $500 million in its Canton, Mississippi, plant almost three years ago to prepare the facility for its newest electric vehicles.

Production was initially set to begin in Canton this year, but Nissan pushed the start date back until 2026 last January with concerns over profitability and EV demand. According to the Madison County Journal, the company is now pushing the start date until 2028.

Just yesterday, an Automotive News report claimed Nissan was also canceling plans to build a smaller electric SUV in the US. The SUV was expected to sit between the LEAF and Ariya.

The smaller electric SUV was expected to be the fifth EV built in Canton, following a pair of Nissan and Infiniti electric sedans. Nissan spokesperson Brian Brockman said the company was focusing on other, more profitable projects that would see more demand.

Nissan-electric-SUV-US
2025 Nissan Ariya Platinum+ e-4ORCE (Source: Nissan)

Nissan to buy batteries from SK On for new EVs in the US

Despite the delays, the automaker is still expanding its supply chain in the US to prepare for the upcoming EVs.

A Nikkei report on Thursday claimed that Nissan secured a battery supply from SK On for EV models sold in the US. Nissan agreed to buy 20 GWh of batteries, or enough to power roughly 300,000 EVs.

Nissan-EV-batteries-US
2025 Nissan LEAF (Source Nissan)

The automaker will reportedly begin installing the new SK-supplied batteries by 2028, which is when it plans to start building EVs in the US.

Nissan’s battery supply deal comes as the company looks to establish a domestic supply chain for EVs in the US.

Nissan-electric-SUV-US
Nissan Epic electric SUV concept (Source: Nissan)

Although Nissan announced plans to team up with Honda in December to keep pace with EV leaders like BYD and Tesla, it doesn’t expect to realize any substantial benefits until around 2030.

Nissan Motor’s, including Infiniti’s, US market share has dropped 2.1% over the past five years to just 5.8%. In 2024, the automaker sold just over 31,000 electric vehicles in the US, including roughly 20,000 Ariya models and 11,000 LEAFs.

Honda, which began delivering the Prologue just last March based on GM’s Ultium platform, sold over 33,000 models last year.

The new battery supply deal is a start, but in 2028, Nissan will face an influx of new EV models with which it will have to compete.

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