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On May 16th, according to an official notice, the Indian government has implemented new restrictions on silver imports, changing several categories of silver products from a free import policy to a restricted import policy. Under the revised regulations, the import of silver bars, unwrought silver, and semi-finished silver (including silver powder) now requires government approval. Certain categories of silver imports are also subject to regulations from the Reserve Bank of India. These changes are introduced through revisions to the import policy catalog under the Harmonized System of Trade (HS) of India. This move comes as the Indian government intensifies its efforts to tighten regulations on precious metal imports and control rising import bills. Previously, the Indian central government had increased import duties on gold and silver from 6% to 15%. Simultaneously, the Directorate General of Foreign Trade (DGFT) has tightened regulations regarding the duty-free import of gold by jewelry and gemstone exporters under the "pre-authorization" scheme.On May 16, according to a report by the Islamic Republic of Iran Broadcasting (IRNA), a fire broke out at an oil factory in the northwestern Iranian city of Maragay at around 10:00 AM. The Iranian Red Crescent website reported that IRNA official Mohammad Hossein Kabadi stated that the organizations rescue personnel immediately rushed to the scene after receiving the fire report to conduct search and rescue operations. As of now, the fire has injured at least 10 people, and the rescue operation is still ongoing.Teslas US website shows that the price of the Model Y Performance All-Wheel Drive version in the US has been increased from $57,490 to $57,990.Teslas US website shows that the price of the Model Y Long Range Rear-Wheel Drive version in the US has been increased from $44,990 to $45,990.Teslas US website shows that the price of the Model Y Long Range All-Wheel Drive version in the US has been increased from $48,990 to $49,990.

In Indiana, GM and LG Energy Solution are considering a fourth U.S. battery plant

Haiden Holmes

Aug 19, 2022 11:04

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According to a joint venture spokesperson on Thursday, General Motors Co and LG Energy Solution are investigating an Indiana location for a fourth U.S. battery cell production factory.


Ultium Cells LLC "is building a compelling business case for a possible major investment in New Carlisle, Indiana," she said, adding that Ultium has submitted a tax abatement application that it expects to be approved by the end of the month.


This month, Ultium's first U.S. battery cell manufacturing facility will open in Warren, Ohio. The companies announced the $2.3 billion project in 2019.


A source briefed on the matter told Reuters that the fourth facility is expected to be identical to the three others and to cost more than $2 billion, but its launching date is unknown.


In January, GM and LG announced a $2.6 billion investment to build a new battery cell manufacturing plant in Lansing, Michigan. The plant is scheduled to open in late 2024. GM also announced at the time that it would invest $4 billion to rebuild and expand an assembly plant near Detroit in order to produce electric pickup trucks that would be powered by batteries produced at the Lansing battery plant.


Additionally, GM and LG Energy are building a $2.3 billion facility in Spring Hill, Tennessee, which is expected to be completed by the end of 2023.


The U.S. Energy Department stated last month that it will lend $2.5 billion to Ultium to help finance the construction of manufacturing facilities for battery cells in Ohio, Tennessee, and Michigan.


Last month, GM stated that it had struck multi-year agreements with LG Chem Ltd and Livent (NYSE:LTHM) Corp to source the necessary raw materials for the production of electric vehicle batteries. GM announced it was on schedule to achieve its goal of producing one million electrified vehicles annually in North America by the end of 2025.


Stellantis NV, Chrysler's parent company, and Samsung (KS:005930) SDI announced in May that they will invest over $2.5 billion to build a new joint venture battery plant in Kokomo, Indiana.


The law signed by President Joe Biden on Tuesday imposes extra sourcing standards for battery components and critical minerals beginning on January 1 for electric vehicles to qualify for $7,500 tax credits.


Biden hopes that by 2030, fifty percent of all automobiles produced in the United States will be electric or plug-in electric.

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