👋 Watts up? Toyota has released plans to expand its electric vehicle and battery manufacturing across China and the U.S. This follows a recent partnership with the Shanghai government, alongside plans to begin battery production in North Carolina. Meanwhile, Waymo has announced plans to expand its self-driving testing to 10 new cities in 2025, following the rollout of its autonomous ride-hailing service in Miami. Learn more on these stories, and others, in todays issue.

We hope you have a great day!

Data provided by Google Finance*

Toyota ramps up EV and battery production in China and US

🚗 Toyota has announced plans to develop and manufacture electric vehicles and batteries in China, following a recent partnership with the Shanghai government. Likewise, the company also revealed it will begin battery production at a $14 billion facility in North Carolina, with shipments for North American models expected to start in April.

Toyota is establishing a new company in the Jinshan district, in Shanghai, where it will begin producing Lexus EV’s from 2027. The initial production capacity will be 100,000 units annually, creating around 1,000 jobs. Meanwhile, the U.S. battery plant is expected to generate approximately 5,000 jobs.

The company’s new Chinese venture is part of its broader efforts to capitalise on the country’s booming EV market. Toyota also expressed support for China’s carbon neutrality goal, aiming to contribute to its 2060 target.

Yoichi Miyazaki, Toyota’s CEO, stated: “Local Chinese members will take the lead in planning and developing BEVs that match the unique needs of Chinese customers. Our goal is to become a company that is more loved and supported by the people of China.”

Also, Ferrari is expected to unveil its first electric vehicle later this year, however, details and specifications have not been released yet. This news follows a strong rise in profits during 2024.

Altilium commences recycling of EV batteries for leading OEM

🔋 Altilium has launched its lithium iron phosphate (LFP) battery recycling operations, creating a sustainable supply chain for critical battery materials. In particular, the company is recycling LFP batteries from a major electric vehicle and energy storage manufacturer.

Using its proprietary EcoCathode technology, Altilium can recover over 97% of lithium and 99% of graphite from LFP batteries. This process not only strengthens the business model for recycling LFP batteries, but also ensures automotive manufacturers can meet sustainability targets.

Currently, most EVs use nickel cobalt manganese batteries, but LFP is expected to grow from 18% in 2027 to 25% in 2035 within the UK market. With that being said, LFP batteries pose a challenge for recyclers as iron and phosphate have a lower market value compared to other materials. To address this, Altilium is recovering more lithium, a valuable material, and recycling graphite for reuse in new anodes.

Altilium’s COO, Christian Marston, noted: “The rise of LFP batteries presents both challenges and opportunities for recyclers. At Altilium, we are pioneering solutions to ensure these batteries are not only recovered, but play a key role in a UK circular battery economy.“

Also, U Power and SAIC Motor have announced a partnership to integrate U Power’s battery-swapping technology into SAIC’s MG brand of vehicles in Thailand.

US solar module production capacity exceeds 50 GW

☀️ The U.S. solar manufacturing industry has just reached a major milestone, with its domestic solar module production capacity reaching over 50 GW. If operating at full capacity, these factories could supply the entire U.S. demand for solar modules, marking a significant shift for the industry.

According to the Solar Energy Industries Association (SEIA), companies have announced plans for 56 GW of new solar cell production, alongside 24 GW of wafer production and 13 GW of ingots. Additionally, domestic solar tracker manufacturing capacity has surpassed 80 GW.

Abigail Ross Hopper, CEO of the SEIA, stated: “Reaching 50 GW of domestic solar manufacturing capacity is a testament to what we can achieve with smart, business-friendly public policies in place. The US is now the third-largest module producer in the world because of these policy actions.“

Also, Enel will supply electricity from its Rockhaven wind farm to Meta, the power purchase agreement is tied to a 115 MW portion of the plant’s capacity.

Waymo expands its autonomous driving tests across 10 new cities

📱 Waymo has recently announced plans to extend its autonomous driving testing to more than 10 new cities in 2025. Current test locations include Michigan’s Upper Peninsula and Tokyo, with new trials set for cities such as San Diego and Las Vegas, alongside others which are yet to be disclosed.

The testing process will begin with manual driving in complex, high-traffic areas, including city centres and freeways. Trained specialists will oversee the vehicles throughout this phase, initially hosting fewer than 10 vehicles to gather data and refine Waymo’s technology.

The expansion builds on Waymo’s previous moves, including the rollout of its autonomous ride-hailing service in Miami, as part of its wider strategy to strengthen its presence in the competitive self-driving market.

In October last year, the company secured $5.6 billion in funding, primarily from its parent company Alphabet. The investment aims to enhance its technological capabilities and support its ongoing expansion efforts.

Also, Dassault Systemes and Volkswagen Group have announced a long-term partnership, aiming to advance VW’s digital infrastructure by implementing Dassault Systemes’ 3DEXPERIENCE platform.

🙏 Thank you for taking the time to read our newsletter!

Feel free to share us around and check us out on social media, all support is greatly appreciated.

*As of 11:00am EST, on the same business day. Includes top movers from a curated list of companies we cover.