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Dockworkers strike at the Bayport Container Terminal in Seabrook, Texas, on October 1, 2024. 

Mark Felix | Afp | Getty Images

This report is from today’s CNBC Daily Open, our 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

U.S. stocks shaken as Hong Kong market rallies
U.S. stocks
fell on fears over growing geopolitical tensions. The S&P 500 slipped 0.93%, the Dow Jones Industrial Average lost 0.41% and the Nasdaq Composite retreated 1.53%. Hong Kong’s Hang Seng index popped around 5%, propelled by the year’s strongest rally in Hong Kong-listed Chinese property stocks.

Escalating Middle East conflict
Prices of WTI and Brent oil rose around 1.6% during Asian trading hours as conflict escalated in the Middle East. On Tuesday, Israel began a ground offensive in Lebanon and Iran launched a ballistic missile attack on Israel. Analysts told CNBC there’s a chance Israel will hit Iran’s oil infrastructure, which could cause oil to spike to more than $100 a barrel.

Widespread effect of port strike
Members of the International Longshoremen’s Association started striking Tuesday, halting activity at U.S. East Coast and Gulf Coast ports, which stretch from Maine to Texas. If the strike drags on, global supply chains and the economy could take a beating. That runs the risk of causing inflation to flare up again.

Risk-off on crypto
Amid this cautious atmosphere, investors pulled back from cryptocurrency. Bitcoin is currently trading at $61,407.21, down from nearly $66,000 on Sunday. Crypto-related companies also struggled on Tuesday. Coinbase tumbled 7.4% and fell around 1% in extended trading.

[PRO] Fund manager’s worst-performing stock
Ranmore Global Equity Fund managed to beat the S&P the past two years. But there have been slip-ups as well. Its fund manager shares with CNBC the worst-performing stock he’s picked: why he bought it, what went wrong and the lessons he learned.

The bottom line

Just when the coast appeared clear, geopolitical tensions and potential supply chain snarl-ups threaten to turn the soft-landing trajectory into a bumpy one.

Port workers along the U.S. East Coast and Gulf Coast started striking Tuesday. At a port in the New York-New Jersey area, around 100,000 shipping containers “are literally in limbo in the port,” said New York Governor Kathy Hochul. 

“A disruption of a week or two will create some backlogs but the broader consequences will be minimal,” said Adam Kamins, economist at Moody’s Analytics.

Should the work stoppage go on for longer, however, “you’re running into businesses that have real shortages and, yeah, they’ll absolutely have to raise those prices,” said Christopher Ball, economics professor at Quinnipiac University.

(Fans of Rao’s pasta sauce need not fear, for now. Piper Sandler wrote that Campbell Soup, which bought Rao’s earlier this year, “has healthy levels of inventory on hand.”)

Meanwhile, oil prices spiked as markets feared Iran, a member of OPEC, would be dragged into a larger conflict in the Middle East. Higher oil prices pose a risk to inflation resurging, or at least slowing less than everyone is hoping for.

With those fears and uncertainties swirling, the Cboe Volatility Index, known as Wall Street’s fear gauge, climbed to 19.3 on Tuesday. It closed at 15.4 a week ago. Major U.S. indexes fell, with the tech-heavy Nasdaq suffering the most as megacaps like Tesla, Nvidia and Apple dropped.

It’s just the first days of the port strike and flare-up in Middle East tensions, however. The classic safe-haven trades, like bonds, gold and the U.S. dollar, aren’t showing up in the prices of those assets yet, noted CNBC’s Steve Liesman.

The best-case scenario would be that recent events are just minor turbulence on the way to a soft landing.

– CNBC’s Jeff Cox, Fred Imbert, Lori Ann LaRocco, Sean Conlon, Alex Harring and Brian Evans contributed to this story.  

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Eve Energy rolls solid-state batteries off new assembly line to power humanoids, flying cars

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Eve Energy rolls solid-state batteries off new assembly line to power humanoids, flying cars

What a headline and what a future evolving before our eyes. Chinese battery expert EVE Energy inaugurated a new production base yesterday, and to celebrate the feat, rolled one of its new all-solid-state batteries off the production line.

EVE Energy Co., Ltd. is a Chinese battery manufacturer approaching 25 years in the industry. It develops, manufactures, and delivers lithium-ion batteries and energy storage systems to OEMs around the world.

The company’s current production footprint includes facilities in at least four regions of China, in addition to a plant in Malaysia and Hungary. In 2021, EVE shared plans to erect a new lithium-ion battery research and development center and manufacturing plant in Chengdu, in the Sichuan region of southwest China.

Since then, EVE Energy has made impressive strides beyond traditional lithium-ion cells and into highly coveted all-solid-state technology. Yesterday, EVE Energy officially opened its new solid-state battery production base in Chengdu and even produced one of its new “Longquan II” cells (pictured above).

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EVE solid-state
Source: EVE Energy

EVE to build 500k solid-state cells per year in Chengdu

EVE Energy shared details of yesterday’s solid-state production base inauguration in a release today. The new 11,000-square-meter (118,400-square-foot) facility in Chengdu is officially open, but will continue development and expansion through 2026.

As initially announced in 2021, EVE Energy’s Chengdu facility will be constructed in two phases – the first of which is expected to be completed in December. Phase one will offer the capacity to manufacture 60-Ah batteries and EVE’s “Longquan II” solid-state cells – the first of which rolled off the production line yesterday.

The Longquan II is a 10-Ah all-solid-state cell with an energy density of up to 300 Wh/kg. Per EVE Energy, mass production of these ultra-dense cells will eventually power humanoid robots, uncrewed aerial vehicles, and AI equipment.

At its new Chengdu base, EVE has already vowed to fully commit funding, equipment, and R&D resources to achieve an energy density of 400 Wh/kg by 2025. The company also stated that this week’s production launch of the Longquan series “marks a crucial step forward for Eve Energy in solid-state battery industrialization.”

Following phase one’s completion by year’s end, EVE said phase two will bolster the facility’s annual production capacity to 500,000 cells, equating to 100 MWh by December 2026.

There was no mention of any specific solid-state cells developed for electric vehicles. Still, EVE Energy is inching toward mass production of the technology while producing higher energy densities to support automotive OEMs, perhaps one day.

Last year, Zhao Ruirui, executive vice president of EVE Energy’s research institute, shared plans to launch all-solid-state batteries for Chinese passenger cars in 2026, beginning with hybrid EVs.

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Volkswagen vows to make EVs more affordable, starting with the ID.Polo and a new SUV

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Volkswagen vows to make EVs more affordable, starting with the ID.Polo and a new SUV

It’s official. Volkswagen is shaking up its EV naming strategy. After confirming the ID.2 will launch as the ID.Polo, Volkswagen promises its new family of entry-level EVs “will make electric driving more affordable than ever.” The ID.Polo is just the start with an electric T-Cross and much more coming soon.

Meet the Volkswagen ID.Polo

Volkswagen is reviving some of its most popular nameplates for its next-generation electric vehicles. Starting with the ID.Polo next year, Volkswagen will begin transferring names from ICE models to its new family of EVs.

The all-electric ID.Polo “is just the beginning,” according to Thomas Schäfer, VW brand CEO. As the production version of the ID.2all concept from 2023, the 25,000 euro ($29,000) entry-level electric car, the Polo EV, is expected to be a cornerstone of Volkswagen’s electrification strategy.

“A model like the Polo shows just how powerful a name can be,” Martin Sanders, Volkswagen’s sales boss, said, adding, “it stands for reliability, personality and history.”

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The ID.Polo is just the start. Volkswagen has several new affordable EVs on the way, including the ID.Cross, an electric counterpart to the T-Cross.

Volkswagen said its new family of EVs marks the beginning of a new era, promising to make electric driving more affordable than ever.

The ID.Polo will evolve into an electric hot hatch, featuring a sporty GTI variant. Sanders said the ID.GTI Concept will go into production as the ID. Polo GTI, which is also launching next year. It will offer “outstanding dynamics and plenty of driving pleasure,” Sanders ensured.

Volkswagen-ID-Polo-EV-GTI
Volkswagen ID.Polo and ID.Polo GTI (Source: Volkswagen)

Volkswagen will showcase the ID.Polo and ID.Polo GTI for the first time at the Munich Motor Show, starting on September 8.

The day before, September 7, Volkswagen will unveil the ID.Cross concept. It’s also slated to arrive in 2026 as the electric counterpart to its best-selling T-Cross SUV.

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Segway’s electric go-karts are joining forces with the world’s largest indoor karting chain

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Segway's electric go-karts are joining forces with the world's largest indoor karting chain

Segway just smashed the accelerator pedal on youth motorsports, teaming up with indoor karting giant K1 Speed in a new partnership that blends electric micromobility with high-octane (high-electron?) thrills and fun.

The collaboration will see Segway become the official sponsor of K1’s Junior and Teen Challenge GP leagues, while also putting Segway’s high-performance scooters and go-karts directly in front of the next generation of electric racing fans.

Segway will serve as the official sponsor of K1 Speed’s Junior and Teen Challenge GP leagues, a racing series that pits the best young go-kart racers against each other at K1 tracks across the country. Winners will even take home some fun prizes like the Segway GoKart Pro 2.

“Segway’s partnership with K1 Speed perfectly reflects our passion for performance, innovation, and inspiring the next generation of riders,” said Alex Connelly, head of emerging business development at Segway. “By bringing our products directly to K1 fans and powering the Junior and Teen Challenge GP leagues, we’re creating opportunities for more people to experience even more everyday thrills!”

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K1 Speed operates over 100 locations across 30 states and 10 countries, all using fully electric go-karts, making this partnership a perfect alignment in both spirit and tech. “Segway’s incredible reputation as a front-runner in electric mobility aligns perfectly with our use of fully electric go-karts,” said K1 co-founder Susan Danglard.

The partnership also brings more access to Segway’s other micromobility products, such as their range of electric scooters that cover everything from commuting to high-performance riding. Segway’s most exciting electric vehicles, including the Max G3 e-scooter, F3 commuter scooter, GT3 performance scooter, and the GoKart Pro 2, are now available for purchase directly from K1’s website. That last one might be the most fun of all: the GoKart Pro 2 is a 3-in-1 electric vehicle that hits speeds of up to 27 mph (43 km/h), transforms into a self-balancing scooter, and even doubles as a racing simulator controller for PC gaming.

Oh, and yes… it’s designed for both kids and adults. So parents, don’t pretend you’re buying one just for the kids.

Electrek’s Take

We’ve seen branding deals before that are just that… all about branding. But this feels like much more than just a cross-promo play. It’s a real look at how electric mobility brands can build cultural relevance with young riders early – and maybe even help grow the next generation of e-racing pros while they’re at it.

By getting kids and teens into EVs, without the focus being on the EV itself, it helps cement the idea that these aren’t some new alternatives… they’re just the best way to build transportation devices, whether it’s for commuting, adventuring, or just plain fun racing!

K1’s electric karts are a bit faster than Segway’s, but they’re also built to be abused all day, every day. That Segway kart looks pretty fun for a personal option!

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