“Any steel coming into the United States is going to have a 25% tariff,” Trump told reporters on Air Force One on Sunday. The president said he will also slap 25% tariffs on aluminum imports.
The U.S. relies on imports for more than 80% of its aluminum needs, according to a note from JP Morgan. Canada supplies about 70% of raw aluminum to the U.S., according to the investment bank.
The aluminum tariff would add nearly 30 cents per pound to prices, not including transportation and other costs, according to JP Morgan. The bank expects domestic production of aluminum to increase as a result of the tariffs.
“Although existing stockpiles may provide a short-term buffer, the medium-term outlook suggests a modestly bearish impact on aluminum prices, due to potential declines in U.S. demand and a possible increase in domestic supply,” JP Morgan analysts led by Dominic O’Kane told clients.
On today’s wheelin’ and dealin’ episode of Quick Charge, we take a look at a $9,140 deal on a 2025 Nissan LEAF*** in Chicago, things you can do with a robotic lawnmower, and talk about the tough times Tesla is experiencing while its CEO asks if you’ve seen Kyle.
We’ve also got some fresh new additions to our list of 0% interest EV and PHEV financing offers, a hot new commercial electric van heading to market, and an industry icon reaches a new, multibillion dollar threshold of ZEV funding. All this and more – enjoy!
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New York Governor Kathy Hochul today announced it would loan $60 million to Revel to triple its EV charging infrastructure across New York City.
NY Green Bank (NYGB), the state’s clean energy investment fund and a division of the New York State Energy Research and Development Authority (NYSERDA), is providing the loan to Revel, New York City’s largest provider of public DC fast-charging. It’s NYGB’s first EV charging infrastructure transaction.
The loan will allow Revel to more than triple its current New York City public fast-charging network in 2025. It will pay for the construction of 267 new charging stalls across nine sites and support the design and build of EV charging stations.
Revel will complete construction of the below 178 sites in the next 12 months, with the remainder to be completed by 2027. (Those with asterisks are in disadvantaged communities):
60 charging stalls in Maspeth, Queens, which will be the largest fast-charging station in the Northeast US
44 charging stalls near LaGuardia Airport, making it the largest fast-charging station near an airport in the US*
24 charging stalls at John F. Kennedy International Airport (JFK), making it the largest charging station at the airport*
30 charging stalls in Greenpoint, Brooklyn
20 charging stalls in the Port Morris section of the Bronx*
Revel broke ground in November at JFK Airport, adjacent to the main rideshare vehicle waiting area, with support from the Port Authority of New York and New Jersey. With funding from NYGB, Revel will now be able to complete the construction of the 24 charging stalls. That site will open in Q1 2025 and is expected to be one of the busiest EV charging stations in the country.
NYSERDA’s president and CEO, Doreen M. Harris, said, “Increasing the state’s charging capabilities is a step forward in ensuring New Yorkers can plug in and drive clean, and we commend Revel’s leadership in this regard in a major hub and in high-impact locations such as major airports.”
Revel charging stations are open to the public on a 24/7 basis for any make and model EV. All chargers installed at future locations will have speeds of at least 320 kilowatts (kW).
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Hyundai is set to shake up the EV market with advanced new batteries soon. In March, Hyundai will reveal its all-solid-state EV battery pilot line to the public for the first time. The “Dream” batteries promise to unlock more range, faster charging, and significantly higher energy density.
Hyundai will reveal its all-solid-state EV battery pilot line
During its 2023 CEO Investor Day, Hyundai outlined plans to become a leader in the EV battery space. Hyundai announced an investment of over $9 billion (KRW 9.5 trillion) over ten years to develop a range of batteries.
Hyundai is developing lithium-iron-phosphate (LFP), Nickel Cobalt Manganese (NCM), and all-solid-state EV batteries to cover all segments.
Last month, local reports surfaced that Hyundai was almost finished constructing an all-solid-state EV battery pilot line.
On February 9, industry sources (via ET News) said Hyundai will hold an opening ceremony in March for its next-gen battery research center in Uiwang, South Korea. Hyundai built the all-solid-state EV battery pilot line inside the new research facility.
The ceremony will mark the first time Hyundai unveils its new battery technology to the public. Several industry leaders and high-ranking officials will reportedly attend, including GM, which recently expanded its EV partnership with Hyundai.
2025 Hyundai IONIQ 5 (Source: Hyundai)
Hyundai’s all-solid-state pilot line will begin full-scale production next month. Industry sources expect Hyundai will release a prototype powered by the new EV batteries by the end of 2025.
Hyundai will use the demo line to test the new battery technology. All-solid-state batteries are often referred to as the “Dream” EV battery because they have the potential to provide more range, faster charging, higher energy density, and safety than alternatives.
Hyundai IONIQ 9 three-row electric SUV (Source: Hyundai)
However, they are not yet commercially available due to poor stability and manufacturing hurdles. To put it simply, it’s much easier said than done.
Hyundai aims to begin mass-producing all-solid-state batteries around 2030, with the first EVs powered by the new tech arriving shortly after.
Although a pilot line is still a small step, it can be huge for Hyundai. Like many automakers, Hyundai currently gets its batteries from others like CATL, SK On, and LG Energy Solution, but with plans to build them in-house, it could get a considerable advantage over rivals.
Based on its E-GMP platform, Hyundai already has some of the most efficient electric cars on the market, including the IONIQ 5 and IONIQ 6.
With plans to launch its more advanced “eM” platform and in-house batteries, Hyundai has a chance to drastically cut costs, speed up output, and take a leadership role as the industry shifts to electric.
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