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Market news: U.S. Middle East envoy Witkov will travel to Moscow this week after holding discussions with Ukrainian officials in Oslo.October 20th - According to The Washington Post, officials revealed on Monday that the Trump administration has not yet approved the transfer of interceptor missiles to Ukraine to defend against Russian missile and drone attacks. This comes amid a period of increasingly friendly relations between Trump and Russia, coupled with escalating criticism of Ukraine. According to a U.S. official and three other sources familiar with the matter, at least some of the Patriot air defense system interceptors were originally provided by friendly nations to Ukraine, but the transfer requires approval from U.S. Defense Secretary Peter Hegseth. Because these weapons are U.S.-made, under foreign military sales agreements, the transfer of such weapons to third parties by other countries must be approved by the U.S. government; therefore, the U.S. retains final approval authority. A Ukrainian official revealed last week that Ukraines existing stockpile of interceptor missiles is reduced to only a handful. Officials stated that Hegseth has not formally rejected the transfer request, but the necessary approval procedures have not yet been completed. Meanwhile, he continues to approve some U.S. aid to Ukraine.According to AXIOS: U.S. Defense Secretary Hergsays made a surprise visit to Israel and met with Israeli Prime Minister Netanyahu.Micro-Intelligence announced on the Hong Kong Stock Exchange that it plans to issue 37.27 million H shares for its Hong Kong listing, with an issue price range of HK$16.63/share to HK$21.46/share. Trading is expected to begin on the Hong Kong Stock Exchange on October 28.On October 20th, Qatari Deputy Prime Minister and Minister of State for Defense Abdulrahman Al Thani stated on the 19th that sustainable peace requires regional dialogue between the Gulf Cooperation Council (GCC) countries and Iran, with Pakistan and Turkey also participating, and consultations sought with international allies. The dialogue should be based on trust and non-aggression agreements, addressing the concerns of Iran and the GCC. Al Thani said that strong economic cooperation with Iran would serve as a "bridge to prevent any future conflicts in the region." He also stated that any uncertainty in the Strait of Hormuz or other straits would negatively impact global energy supplies and markets, ultimately affecting consumers.

Honda Motor and LG Energy will build a $4.4 billion electric vehicle battery manufacturing facility in the United States

Haiden Holmes

Aug 30, 2022 10:55

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Honda Motor Co. and LG Energy Solution Ltd. said on Monday that they will build a $4.4 billion lithium-ion battery plant in the United States for electric vehicles.


As the United States implements stricter restrictions and restricts eligibility for tax credits, a trend toward electric vehicles (EV) could intensify, and battery makers are attempting to increase production in the country.


According to the businesses, the location of the plant has not yet been finalized, but two people with knowledge of the subject have confirmed that Honda is seriously considering Ohio, where it has its largest U.S. production facility.


The companies anticipate a production capacity of around 40 GWh per year, with batteries supplied exclusively to Honda North American facilities for use in Honda and Acura electric vehicles.


Prior to establishing the facility, it is planned that the partners will form a joint venture, with construction commencing in early 2023 and mass production started by the end of 2025.


The administration of Ohio Governor Mike DeWine is working with Honda and LG to "guarantee that they choose Ohio for this significant electric battery project." According to those familiar with the issue, an announcement regarding the location could be made within the next several weeks.


The U.S. government has promoted programs to enhance domestic battery and electric vehicle (EV) production.


President Joe Biden signed this month a $430 billion climate, health care, and tax plan that bars tax credits for electric vehicles manufactured outside of North America.


Ali Zaidi, the White House's Deputy National Climate Advisor, praised Honda LG's "large investment," which he attributed to climate and infrastructure laws.


Jennifer Granholm, the United States' secretary of energy, declared that the administration was "returning domestic battery manufacture to provide Americans with well-paying jobs that will fuel the EV revolution."


California proposed a plan this week demanding that by 2035, all new vehicles sold in the state must be plug-in electric hybrids or electric vehicles.


The combination of strong local electric car production and timely battery supply, according to the two companies, will put them in "the strongest position to confront the fast developing North American EV market."


LG Energy Solution, whose primary focus is the research of lithium-ion battery materials and next-generation batteries, also offers EV batteries and has joint venture agreements with General Motors (NYSE:GM), Hyundai Motor Co., and Stellantis.


Panasonic Energy Co, a subsidiary of tech conglomerate Panasonic Holdings Corp and a significant Tesla Inc (NASDAQ:TSLA) supplier, said in July that Kansas would be the site of a new $4 billion battery plant.


Honda established a goal in January of this year to release 30 EV models worldwide and produce around 2 million EVs annually by 2030.

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