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The world’s largest EV maker, BYD, broke ground on its first sodium-ion battery plant this week. BYD is investing $1.4 billion (RMB 10 billion) with 30 GWh planned annual capacity.

You likely heard that BYD just topped Tesla in overall EV volume to become the largest electric car maker globally. However, BYD is also a top global battery manufacturer.

Although lithium-ion is currently the primary battery in vehicles, companies are developing new chemistries to unlock lower prices, more range, faster charging, and less raw material use.

BYD’s Blade Battery powers other automakers’ EVs, including Tesla, Hyundai, Toyota, and Ford, to name a few. The Blade Battery is an LFP battery designed and built by BYD’s FinDreams.

FinDreams began building BYD’s Blade Battery in 2020. Last June, the unit created its own joint venture with Huaihai Holding Group to expand into sodium-ion batteries.

The company aims to be the world’s largest supplier of sodium battery systems. Huaihai said it began exploring sodium batteries years ago after seeing their economic value.

BYD-first-sodium-ion-battery
BYD Dolphin EV (Source: BYD)

BYD begins building first sodium-ion battery plant

Sodium-ion batteries offer a cheaper alternative to lithium but have a lower energy density. The batteries are most useful in low-cost small cars or two-wheelers that don’t need the higher energy density.

FinDreams and Huaihai agreed to build the first BYD sodium-ion battery plant in Xuzhou in November.

BYD-first-sodium-ion-battery
BYD Atto 3 (Source: BYD)

The plant is not the first collaboration between the companies. BYD and Huaihai partnered a year earlier, in November 2022, to build a plant for Blade battery production. Construction began last January, and early production is planned for March.

Rumors surfaced in 2022 that BYD would begin sodium-ion battery production in 2023, with the Seagull being the first EV to receive the new tech. However, BYD’s Seagull was launched in April with an LFP Blade Battery.

first-sodium-ion-battery
YiWei sodium-ion battery-powered EV (Source: JAC Motors SA)

The news comes after JAC Group’s YiWei, a new EV brand backed by Volkswagen, began building its first sodium-ion battery-powered EV. The first model rolled off the production line last week, and deliveries are expected to begin this month.

Chairman of Yiwei Tech, Xia Shunli, said sodium-ion batteries will be “a low-cost solution that promotes the popularization of mass electric vehicles to masses.”

Battery giant CATL also revealed in April that Chery Auto’s iCar brand will be the first to use its sodium-ion batteries.

Source: CarNewsChina

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Elon Musk Tapped to Lead New ‘DOGE’ Department—Despite the Government Already Having One for Efficiency

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Elon Musk Tapped to Lead New ‘DOGE’ Department—Despite the Government Already Having One for Efficiency

Tesla CEO Elon Musk is to officially join Trump’s administration as the co-head of the new US Department of Government Efficiency – a second federal department with the goal of making government spending more efficient.

You can’t get more ironic than that.

Throughout the elections, Musk, who is already CEO of Tesla, and SpaceX, a well as the defacto head of X, xAI, Neuralink, and the Boring Company, has been floating the idea to add to his workload by joining the Trump’s administration to lead a new department aimed at making the federal government more efficient.

He has been calling it the “Department of Government Efficiency”, which spells out ‘DOGE’, a meme that Musk appears to enjoy.

Well, now Trump appears to want to be going through with this idea.

He announced the new department and Musk as head, along with Vivek Ramaswamy, in a statement today:

I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (“DOGE”). Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the “Save America” Movement. “This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” stated Mr. Musk.

What’s most ironic is that there’s already a federal department with the goal of cutting government waste and ensuring efficiency: the Government Accountability Office (GAO).

The GAO’s main objectives are:

  • auditing agency operations to determine whether federal funds are being spent efficiently and effectively;
  • investigating allegations of illegal and improper activities;
  • reporting on how well government programs and policies are meeting their objectives;
  • performing policy analyses and outlining options for congressional consideration;
  • issuing legal decisions and opinions;
  • advising Congress and the heads of executive agencies about ways to make government more efficient and effective

It sounds similar to what Musk described when talking about his DOGE, but Trump hasn’t gone into many details other than it will “cut waste.”

He also has a confusing message as he compares the initiative, which is supposed to cut government spending, to “The Manhattan project”, a massive and expensive government project.

Trump said that DOGE will help the government “drive large scale structural reform”:

It will become, potentially, “The Manhattan Project” of our time. Republican politicians have dreamed about the objectives of “DOGE” for a very long time. To drive this kind of drastic change, the Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.

The statement also noted that DOGE will only operate until July 4, 2026.

Musk has previously claimed that he could cut at least $2 trillion dollars of the $6.5 trillion dollar US federal budget.

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Oil could plunge to $40 in 2025 if OPEC unwinds voluntary production cuts, analysts say

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Oil could plunge to  in 2025 if OPEC unwinds voluntary production cuts, analysts say

A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024. 

Anthony Prieto | Bloomberg | Getty Images

Oil prices may see a drastic fall in the event that oil alliance OPEC+ unwinds its existing output cuts, said market watchers who are predicting a bearish year ahead for crude.

“There is more fear about 2025’s oil prices than there has been since years — any year I can remember, since the Arab Spring,” said Tom Kloza, global head of energy analysis at OPIS, an oil price reporting agency.

“You could get down to $30 or $40 a barrel if OPEC unwound and didn’t have any kind of real agreement to rein in production. They’ve seen their market share really dwindle through the years,” Kloza added.

A decline to $40 a barrel would mean around a 40% erasure of current crude prices. Global benchmark Brent is currently trading at $72 a barrel, while U.S. West Texas Intermediate futures are around $68 per barrel.

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Oil prices year-to-date

Given that oil demand growth next year probably won’t be much more than 1 million barrels a day, a full unwinding of OPEC+ supply cuts in 2025 would “undoubtedly see a very steep slide in crude prices, possibly toward $40 a barrel,” Henning Gloystein, head of energy, climate and resources at Eurasia Group, told CNBC. 

Similarly, MST Marquee’s senior energy analyst Saul Kavonic posited that should OPEC+ unwind cuts without regard to demand, it would “effectively amount to a price war over market share that could send oil to lows not seen since Covid.”

However, the alliance is more likely to opt for a gradual unwinding early next year, compared to a full scale and immediate one, the analysts said.

Should the producers group proceed with their production plan, the market surplus could nearly double.

Martoccia Francesco

Energy strategist at Citi

The oil cartel has been exercising discipline in maintaining its voluntary output cuts, to the point of extending them.

In September, OPEC+ postponed plans to begin gradually rolling back on the 2.2 million barrels per day of voluntary cuts by two months in an effort to stem the slide of oil prices. The 2.2 million bpd cut, which was implemented over the second and third quarters, had been due to expire at the end of September. 

At the start of this month, the oil cartel again decided to delay the planned oil output increase by another month to the end of December.

Oil prices have been weighed by a sluggish post-Covid recovery in demand from China, the world’s second-largest economy and leading crude oil importer. In its monthly report released Tuesday, OPEC lowered its 2025 global oil demand growth forecast from 1.6 million barrels per day to 1.5 million barrels per day.

The pressured prices were also conflagrated by a perceivably oversupplied market, especially as key oil producers outside the OPEC alliance like the U.S., Canada, Guyana and Brazil are also planning to add supply, Gloystein highlighted.

Bearish year ahead for oil

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Have you had a ride in a driverless vehicle?

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Have you had a ride in a driverless vehicle?

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