This Morning in Metals: US executive order expected for 50% zero-emissions vehicles by 2030
This morning in metals news: An executive order is expected Thursday from President Joe Biden pledging that 50% of new vehicles sold in 2030 be zero-emissions. In other news, EVE Energy announced plans for a lithium-ion battery facility in China. Also, GFG settles disputes with Tata Steel and Rio Tinto following financing issues.
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Executive order for 50% zero-emissions vehicles by 2030
A US presidential executive order is expected to be signed Thursday by President Joe Biden that will aim for half of all new vehicles sold in 2030 to be zero-emissions. According to the White House, the order also proposes new rules for vehicle emissions in an effort to cut pollution through 2026. This comes alongside a separate joint statement made by GM, Ford and Stellantis NV pledging “to achieve sales of 40-50% of annual U.S. volumes of electric vehicles … by 2030.” While not legally binding, this order is part of larger ambitions to address climate change and keep up with China.
China’s EVE Energy to build lithium-ion battery project in Jingmen City
EVE Energy, a leading Chinese lithium-ion battery manufacturer, announced Wednesday plans for a new 30GWh/year production facility in Jingmen, Hubei Province. The project aims for 15GWh/year for lithium iron phosphate batteries and 15GWh/year for ternary batteries for use in logistics vehicles and home energy storage as well as electric passenger cars. As reported by USA Today, “China has more than double the amount of electric vehicles on the road and is growing electric vehicle sales at more than twice the rate compared to the U.S.”
Disputes settled between GFG Alliance and Tata Steel, Rio Tinto
Confirmed Thursday, Gupta Family Group Alliance (GFG) reached agreements with Tata Steel and Rio Tinto. Although terms of the settlements remain confidential, the agreements resolve disputes that followed financing issues when GFG’s chief lender, Greensill, filed for insolvency in March. Tata Steel launched proceedings in April against multiple GFG companies, including Liberty Specialty Steels due to unpaid debts. GFG had purchased the company’s specialty steel business in 2017 as well as Rio Tinto’s Dunkirk aluminum smelter in 2018.
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