Jennifer Hiller of The Wall Street Journal writes that EV charging companies have fallen from lofty valuations as concerns mount about their profitability. She continues: The companies that install and operate electric-vehicle charging networks are in the middle of a building boom, but their share prices are sputtering. ChargePoint Holdings shares have tumbled 74% this year, and the company missed initial revenue projections for the third quarter. Blink Charging BLNK -9.59% have dropped 67%, while EVgo is down 21%, and both project annual losses. The charging providers don’t expect to … [Read more...]
Import Prices Fall to Mark Second Straight Decline
Jeffry Bartash of MarketWatch is reporting that the Import-price index has dropped 1.4% in the past year. He writes: The numbers: The cost of imported goods fell 0.4% to mark the second decline in a row, contributing to a slowdown in U.S. inflation more broadly. Economists polled by the Wall Street Journal had estimated a 0.8% drop. If fuel is set aside, import prices rose a modest 0.2% last month, the government said. Key details: Over the past year, import prices have fallen 1.4%, and they are down 0.4% if fuel is excluded. Cheaper import prices contribute to lower U.S. … [Read more...]
Can Wood Chips Decarbonize the Battery Industry and Reduce China’s Dominance?
Rhiannon Hoyle of The Wall Street Journal tells her readers that a New Zealand startup is turning forestry scraps (wood chips) into graphite, designated a critical mineral in the U.S. and the European Union, and is a key component in the making of lithium-ion batteries. The project is aimed to reduce China's dominance in graphite. She writes: Ivan Williams reckons he can help to break China’s dominance of a key ingredient of electric-vehicle batteries. To do so, he has been collecting wood chips from sawmills around the world. At a test plant in New Zealand’s picturesque Marlborough wine … [Read more...]
Smart Phone Production Shifting Away from China
By xiaoliangge @Adobe Stock Rajesh Roy and Yang Jie of The Wall Street Journal are reporting that supplier Foxconn plans to build more factories and give India a production role once limited mostly to China. They write: Apple and its suppliers aim to build more than 50 million iPhones in India annually within the next two to three years, with additional tens of millions of units planned after that, according to people involved. If the plans are achieved, India would account for a quarter of global iPhone production and take further share toward the end of the decade. China will remain … [Read more...]
Ruling: Major Egg Producers Conspired to Drive Up Prices
Chris Casey of Supply Chain Dive is reporting that an Illinois federal jury found Cal-Maine and other egg giants liable for limiting the supply of the protein in 2004-2008 to drive up costs. He writes: A unanimous jury ruled that multiple major egg producers conspired to fix the price of the commodity between 2004 and 2008. The decision last month delivered a major victory to food giants such as Kraft Heinz and Nestlé. In the initial lawsuit filed in the Northern District of Illinois in 2011, numerous food giants including Nestlé, Kraft, General Mills and Kellogg alleged egg producers … [Read more...]
Companies Scoop up Truck Terminals at Yellow’s Bankruptcy Auction
A court-supervised sale raised $1.9 billion for about 130 properties, with dozens more sites still on the block reports Paul Berger of The Wall Street Journal. He writes: Yellow is set to raise more than $2 billion after a bankruptcy auction that will disperse much of its national network of truck terminals among rivals, casting deeper doubt on a long shot bid to revive the trucker. About a dozen trucking companies bought properties at a court-supervised auction that unloaded 75% of Yellow’s properties for a total of just under $1.9 billion, according to a filing Monday evening in the U.S. … [Read more...]
Weathering the Luxury Home Recession
Pam Danziger of The Robin Report tells her readers that leading luxury home furnishings and furniture retailers are already feeling the pinch. She writes: The U.S. luxury market is rapidly falling into a recession (if it isn’t already there), according to Chandler Mount, founder of the Affluent Consumer Research Company. His firm’s latest survey of affluent luxury consumers (average income, about $400k) finds their financial confidence has dropped from an index of 64.2 points in June, the highest it’s been all year, to 55.6 points in October, its lowest. And the index measuring future luxury … [Read more...]
Ford Tapping the Brakes with Slower EV Demand
Mike Colias of The Wall Street Journal tells his readers that Ford has restarted the construction of a battery plant it paused back in September, but downsized the scope of the project. He writes: Ford Motor F 0.20%increase; green up pointing triangle is moving forward on construction of a battery plant in Michigan but at a reduced size from original plans, citing a pullback in the outlook for future electric-vehicle demand. Ford in September paused work on the factory, in Marshall, Mich. At the time, the company said it was reassessing its ability to competitively operate the plant, … [Read more...]
What Do Plunging Metal Prices Say About Electric Vehicles?
Scott Patterson of The Wall Street Journal is reporting that mining projects are being delayed after a plunge in battery-metal prices. He writes: America’s transition to electric vehicles is running into an unexpected snarl. A surprising crash in prices for lithium, cobalt and other metals used in EV batteries is hitting mining companies, which are suspending or delaying new projects and expansions. The disruptions are threatening to deepen shortages of those materials in coming years and hit the brakes on the Biden administration’s timeline for weaning the country off gas-powered … [Read more...]
Coal Giant Shifting Focus to Green Metals
Julie Steinberg of The Wall Street Journal tells her readers that a coal giant has set in motion a plan to quit coal, leaving it to focus on green metals. She writes: Glencore Chief Executive Gary Nagle made his name running the commodity giant’s sprawling coal operations. Now he’s leading an effort to get the company out of coal altogether. Glencore this past Tuesday agreed to a multibillion-dollar deal that will eventually rid it of its coal mines, a move that represents the company’s biggest strategic shift in years. That leaves it to focus on bolstering its position as a major … [Read more...]
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