Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Tuesday key moments. The stock market experienced a broad decline Wednesday as Club name Nvidia seesawed on either side of unchanged. Nvidia has been on a tear since last Wednesday’s blockbuster quarter — jumping 20% in the three sessions. A rise in Treasury yields was pressuring all three major stock benchmarks Wednesday. The Dow , as has been the case lately, was getting the worst of it, dropping roughly 1%. The declines in the S & P 500 and Nasdaq were about half that. Apple shares rose modestly Wednesday, bucking the overall market’s decline. Since its post-earnings surge on May 3, the stock has only dropped three sessions out of the past 16. Wall Street likes the bullish prospects of an iPhone sales rebound in China and an expected AI-driven iPhone and Mac upgrade cycle . Jim Cramer said the stock’s move higher is “important because Apple should’ve been up [more] yesterday.” Shares closed fractionally higher Tuesday. He added, “That was money going out of everything into Nvidia. [When] that’s over, look what happens.” The Club scooped up more shares of two portfolio names on Wednesday’s market weakness. Abbott Laboratories was bought due to the overblown stock reaction to baby formula litigation concerns. Coterra Energy was purchased to bolster our geopolitical uncertainty hedge. “This is, to me, the best-run oil company in the world,” Jim said. (Jim Cramer’s Charitable Trust is long AAPL, NVDA, ABT, CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
China’s Contemporary Amperex Technology Co., Limited (CATL) has unveiled its latest battery cell technologies, which charge as quickly as filling up a gas tank while potentially lowering costs without compromise.
CATL has quickly become the world’s largest battery manufacturer by a wide margin. It is one of, if not the biggest, force for advancing electric transportation.
A big part of CATL’s success is due to its advancements in lithium-iron phosphate battery cells, also known as LFP. LFP cells are cheaper than nickel-rich batteries, but they used to have much lower energy density.
The Chinese battery manufacturers managed to close the gap somewhat while maintaining lower costs, resulting in LFP cells becoming popular for entry-level EVs.
Advertisement – scroll for more content
Now, CATL is looking to do the same with sodium-ion batteries.
Like LFP cells, sodium-ion battery cells have the potential to be cheaper than more common Li-ion cells, but they also offer potential for superior performance, particularly in terms of faster charging and longer lifecycles.
CATL has unveiled today Naxtra, its new sodium-ion battery cells, and it claimed some truly impressive specs.
The new cell reportedly achieves an energy density of 175 Wh per kg (385 Wh per lb), on par with the higher-end of LFP battery cells.
The new cells also offer potential for significant safety improvements.
CATL shared several intense stress tests, including drilling into a cell and even cutting it in half without any thermal event:
The next-gen sodium cells could help further lower the cost of electric vehicles without compromising performance, and while increasing safety.
On top of the new Naxtra cell, CATL has also unveiled its next-gen Shenxing LFP battery cells.
Its charge rate is truly impressive. CATL shared several examples of cars charging at around 1,000 kW and maintaining over 500 kW at over 50% state of charge:
The new cell is being described as capable of adding 300 miles (482 km) of range in about 5 minutes – depending on the EV model.
That’s virtually as quick as filling up a tank of gas.
CATL says that the Shenxing will be in 67 electric vehicle models by the end of the year.
New York State has announced an extra $30 million for point-of-sale rebates to lease or buy more than 60 new EV models.
The rebates are available to consumers through New York’s Drive Clean Rebate program, which offers a point-of-sale rebate off the manufacturer’s suggested retail price (MSRP) of an EV at participating car dealerships in New York State.
The rebate is available in all 62 counties, with the highest rebate of $2,000 available for EVs with a greater-than-200-mile range. (For a 40- to 199-mile range, the rebate is $1,000.) The New York State Energy Research and Development Authority (NYSERDA) runs the program.
NYSERDA President and CEO Doreen M. Harris said, “Converting to EVs reduces the total cost of vehicle ownership through lower fuel and vehicle maintenance costs, and NYSERDA is proud to help provide New Yorkers with more purchasing power through these rebates.”
Advertisement – scroll for more content
The Drive Clean Rebate program has issued over 190,000 rebates to consumers since 2017, contributing to the more than 280,000 EVs on the road in New York State.
NYSERDA also boosted its EV charging incentives. Through the Charge Ready NY 2.0 program, the state is boosting the cash available for Level 2 charger installations at apartment buildings, workplaces, and hotels from $2,000 to $3,000 per port. And if the chargers go into disadvantaged communities, that amount jumps to $4,000 per port.
New York has racked up over 17,000 public EV chargers, making it second only to California for charger count. On top of that, there are more than 4,000 semi-public stations tucked into workplaces and multifamily buildings across the state.
“If you find yourself in this situation or even just want to check out other options to make sure you’re finding a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and tell us to share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.”
FTC: We use income earning auto affiliate links.More.
LTL carrier ArcBest Freight (ABF) announced plans to add five new Orange EV electric terminal tractors to its existing ZEV fleet, bringing its total deployment of these battery electric HDEVs to 14 … with even more to come.
LTL stands for “Less than Truck Load,” and basically means that, since whatever you’re shipping won’t take up a full container, you can share the costs of shipping with other customers with goods going the same way. You save a little more money and the shipper makes a little more money, making it a rare win-win scenario in the shipping space. And that’s important, because LTL containers amount to a massive 15% of total US shipping.
ABF has been putting Orange EV yard dogs to work in their LTL traffic terminals since their initial deployment of four trucks in June 2022. The company added five more a few years later, and just purchased five more — further underscoring their confidence in the benefits of transitioning their fleet to electric power.
“The Orange EV terminal trucks meet our operational requirements and expectations for safe, reliable, and affordable service and performance,” explains Matthew Godfrey, ABF Freight president. “We’re committed to responsible environmental management, and our investment in EVs aligns with our continuous efforts to enhance efficiency while maintaining exceptional service standards.”
Over at The Heavy Equipment Podcast, we had a chance to talk to Orange EV founder Kurt Neutgens ahead of last year’s ACT Expo for clean trucking. On the show (embedded, above), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.
Give it a listen, then let us know what you think of the big yard dogs in the comments.