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Month: September 2023

Cummins, Daimler and Paccar partner on $3 billion battery plant for electric trucks

Cummins, Daimler and Paccar partner on $3 billion battery plant for electric trucks

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Cummins Inc., the Indiana-based diesel and natural gas engine manufacturer, will partner with two truck manufacturers and China’s EVE Energy Co. to build a battery plant in the US.

Cummins, Daimler Truck Holding AG and Paccar Inc. expect to invest $2 billion to $3 billion in the joint-venture factory, the companies said Wednesday. The three firms will each own 30 percent of the venture, while EVE Energy will hold 10 percent as their technology partner.

With electric cars becoming more widespread, battery-powered trucks are next in line as part of global efforts to reduce emissions from the transport sector. But the cost and size of batteries required to power heavy-duty vehicles has been a challenge.

The new factory, set to start making batteries from 2027, will initially focus on lithium-iron-phosphate cells for commercial vehicles. These will offer lower cost, longer life and greater safety than other battery chemistries, the companies said. A range of U.S. locations are under consideration, and a decision is due within the next six months, a Daimler Truck spokesman said. read more

SpaceX stacks another Starship and Super Heavy for 1st time since launch explosion

SpaceX stacks another Starship and Super Heavy for 1st time since launch explosion

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SpaceX is ready to make its second attempt to send its massive Starship and Super Heavy into orbit after the first go-around ended in Elon Musk’s company ordering it to self-destruct.

The company stacked the new Starship atop the Super Heavy booster on Tuesday at its Boca Chica, Texas, launch facility called Starbase.

“Starship is ready to launch, awaiting FAA license approval,” Musk posted on his social media site X, formerly known as Twitter.

SpaceX’s first attempt back on April 20 saw the rocket manage a liftoff, but do major damage to the launch pad, while also not achieving orbit. Teams had to send a self-destruct command to it about four minutes into the flight.

Since then, the company has constructed a massive water deluge system and more rigid launch pad, as well as changes to the rocket that aim to solve the problems seen on the first launch.

“There are really a tremendous number of changes between the last Starship flight and this one, well over 1,000,” Musk said in a June interview. “I think the probability of this next flight working, you know getting to orbit, is much higher than the last one.” read more

EV broken? Finding a technician to fix it may take a while

EV broken? Finding a technician to fix it may take a while

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LONDON/DETROIT/MILAN – A global shortage of technicians and independent repair shops qualified to fix EVs threatens to increase repair and warranty costs for drivers, potentially undermining upcoming deadlines to cut vehicle carbon emissions.

From Milan to Melbourne to Malibu, technician training organizations, warranty providers and repairers say that independent repair shops will be vital for making EVs affordable because they are far cheaper than franchise dealers.

Many garage owners balk at training and equipment costs for fixing high-voltage EVs – with 400- and 800-volt systems that could electrocute and kill unwary or untrained technicians in seconds – especially with relatively few EVs on the road.

Along with electrocution risks, the risk of EV fires – notoriously hard to put out – also has to be taken seriously.
Roberto Petrilli, 60, who owns an independent repair shop in Milan, is reluctant to spend 30,000 euros ($32,600) on the needed equipment when EV sales in Italy are still low and the charging network is tiny. read more

Terry Savage: How to survive if a recession strikes

Terry Savage: How to survive if a recession strikes

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Will you be able to survive a recession? The odds are rising that a recession will arrive sooner rather than later. In fact, here are a few signs a recession could be just around the corner.

— Credit card delinquencies are rising. Credit card debt in America has now topped $1 trillion for the first time ever. Even worse, the rate of card delinquencies has jumped from 1.84% a year ago to 2.77% in the most recent quarter. This is the highest delinquency rate since 2012 — when unemployment was at 8% (vs. the current 3.5%).

— Consumer confidence is plummeting. The most recent Conference Board survey showed a sharp and unexpected confidence decline from 114 to 106. People are more worried about inflation in food and fuel prices, and less sure of future job prospects, according to the survey.

— Student loan repayments have recommenced. The resumption of student loan repayments after a pandemic hiatus could take between $200 and $500 per month out of the budgets of 28 million Americans. That will force them to stop spending on other items. read more