Later this week President Joe Biden puts the final touches on a major win for his administration, signing the Inflation Reduction Act (IRA) into law. Among a number of initiatives in the $700 billion package are huge investments in new climate initiatives like rebate programs for energy efficient appliances and retrofits, production tax credits and provisions for battery and solar cell manufacturers, and most importantly for the automakers, as tax credits for new and used electric vehicles.
China's EVE Energy Co Ltd will supply BMW with large cylindrical batteries for its electric cars in Europe, two people with knowledge of the matter said, as the German automaker follows Tesla Inc in adopting the new technology. EVE has signed contracts to be BMW's primary supplier of the battery cells in Europe for its new series of electric vehicles due to hit the market from 2025, said one of the people who has direct knowledge of the deal. Tesla this year started manufacturing its new larger-format 4680 cylindrical battery - denoting 46 millimetres in diameter and 80 millimetres in length.
Having seen eight coaches come and go in less than 10 years, Manchester United fans know their false dawns. Wednesday shed a different light on strife at the giant football club: Elon Musk said he was buying it - and then said it was all a joke. Musk, the world's richest person, said early on Wednesday that he hadn't been serious when he tweeted hours previously that he was going to buy Manchester United Plc, now languishing at the foot of the English Premier League as fed-up fans urge current owners, the American Glazer family to sell up.