Monday, July 17, 2023

TRYING FOR SEVENTY YEARS
UK to launch ‘Apollo mission of nuclear fusion’ in 2024


Joe Pinkstone
Sat, July 15, 2023

The Culham Centre for Fusion Energy in Abingdon, Oxfordshire has already experimented with the deuterium-tritium fuel mix needed for commercial fusion power
- Heathcliff O'Malley for The Telegraph

When man first set foot on the moon in 1969 it brought to fruition the dream of John F Kennedy, who wanted to do it “not because it is easy, but because it is hard”.

Now Britain, with its plan for the world’s first nuclear fusion-powered plant, is having its own Apollo moment.

Nasa’s expertise and innovation took the former president’s speech from grandiose oration to reality in just seven years. Government scientists in the UK are channelling the mantra of JFK and the space race to build Step, a fusion energy power plant generating unlimited power with no waste or emissions, by 2040.

Fusion has been heralded as the holy grail of renewables for decades, but so vast are the difficulties surrounding the technology that it has thus far remained an unconquered enigma.

While the US in the 1960s was motivated by Soviet rivals, the 21st century UK Government has been spurred into action by the climate crisis and an energy shortage triggered by the Russian invasion of Ukraine.

Officials are building on four decades of research and are in the early stages of turning a defunct coal power station in the East Midlands into the world’s first fusion power station.

The Spherical Tokamak for Energy Production (Step), located at West Burton in Nottinghamshire, is the site of the UK’s hoped-for “small step for mankind” moment.

Politicians want Step to become an operational “mini-Sun” that contributes energy to the grid by 2040. George Freeman, the science minister, previously said he was hopeful this could be done even sooner, in just 15 years.

Pound for pound, fusion makes four million times more energy than coal and creates none of the emissions or problematic waste of current energy generation methods.

However, it is exceptionally difficult to create the conditions needed to initiate fusion and harder still to sustain it for long enough to produce more energy than it requires.

Speaking at an international fusion conference at the University of Oxford this week, Paul Methven, the Director of Step, admitted the technology is “embryonic” and refused to guarantee the project would be live by 2040.

Mr Methven also declined to comment on how much the project would likely cost. More than £200 million of taxpayers’ money has already been spent on setting up Step and Mr Methven expects the bill to run to multiple billions before completion.

A refined timeline and cost analysis is expected next year.

Designs for Step are currently being fine tuned and government scientists at the UK Atomic Energy Authority (UKAEA) have so far drawn up almost 150 different drawings and looked at 66 concepts in a bid to solve the fusion riddle.

The latest plans, seen by The Telegraph, reveal engineers will use a 22 metre tall spherical tokamak to merge two forms of hydrogen – deuterium and tritium – to make helium and therefore release huge amounts of harnessable energy.

The plasma ball of around 100 million degrees Celsius will have a radius of 3.6 metres, designs show, and be controlled by magnets.

It is also hoped that the plant will make its own fuel in another world first. A lithium blanket around the reaction will be deliberately bombarded by neutrons spewed out by the helium production process to produce the tritium fuel which, unlike deuterium, is rare in nature.

Engineers are hopeful that Step will generate 1.6GW of power – about half as much as Hinkley Point C – which equates to a net output of up to 200 MWe.

The rudimentary blueprints are likely to change significantly over the coming years as the concept is fine tuned.

Construction at West Burton is expected to start in spring 2024 and future optimisations and material breakthroughs are expected to optimise efficiency and boost output, experts say.

‘It’s an incredibly exciting opportunity’

“Step is fusion’s Apollo,” Mr Methven told The Telegraph.

“We are currently designing the rocket and building the team, across both public and private sectors, that will put our equivalent of people on the moon.

“It’s an incredibly exciting opportunity for the UK to be at the forefront of this new frontier.”

Cracking the nuclear fusion conundrum is akin to tackling an amorphous blob, Prof Sir Ian Chapman, the chief executive of UKAEA, told The Telegraph. Solve one problem, and a raft of others emerge.

“By far and away the biggest difficulty facing Step is this,” he said.

“We’ve got the high-level master plan laid out, but not the specifics of exactly how everything will be. But before you start building it, you need to know the specifics.

“It’s not the perfect way of running a project but it’s the sort of challenge you take on when the world is under existential threat, which we are.”

Officials are keen to keep the scale of Step as compact and manageable as possible to try to stay within budget, on time and give fusion the best chance of being a viable long-term energy source and of becoming an enduring success.
‘Hubristic to give cast iron guarantees’

Uncertainty over the feasibility of fusion, and an engineer’s pragmatism, has left Mr Methven less gung-ho than the politicians promising fusion powered homes in the next decade or two.

“We have a clear target from the Department for Energy Security and Net Zero to drive towards first operations in 2040 and myself and the team will strain every sinew to do that,” he told The Telegraph.

“But, equally, I think it would be hubristic to give cast iron guarantees about the lights in this room being powered by fusion from that plant within a particular timescale.”

Scientists are skipping physical tests for Step, instead relying on a “digital twin” powered by the world’s most powerful supercomputers to troubleshoot any issues.

Grant Shapps, the Secretary of State for Energy, said: “The world needs fusion energy like never before, it has the potential to provide a ‘baseload’ power, underpinning renewables like wind and solar.”
Explainer-Are LGBTQ+ rights at stake in Spain's election?

LGBT Pride Day in Madrid

Mon, July 17, 2023 
By Enrique Anarte

MADRID (Thomson Reuters Foundation) - The rights of gay, lesbian, bisexual and transgender people have taken centre stage ahead of Spain's July 23 national election.

Opinion polls predict Alberto Nunez Feijoo's conservative People's Party (PP) will win the election after four years of coalition government by Prime Minister Pedro Sanchez's Socialists and the leftist Unidas Podemos.

But Feijoo would likely need the support of the far-right Vox party to form a government. Vox has strongly opposed LGBTQ+ rights.

Here is what you need to know.


Why are LGBTQ+ advocates worried?


Local elections in May paved the way for PP-Vox coalitions in several Spanish municipalities.

Vox made headlines in May by hanging a sign from a Madrid building showing a hand dropping cards with symbols representing feminism, communism, the LGBTQ+ community and Catalan independence into a rubbish bin.

A new Vox-led authority in the small eastern town of Naquera last month said it would no longer display the rainbow-coloured flag on public buildings.

In Valdemorillo, a small town near Madrid, the new PP-Vox council cancelled a performance of a theatre adaptation of Virginia Woolf's novel "Orlando", in which the protagonist changes gender.

What do right-wing parties advocate?

Both Vox and the PP have promised to take action against some pro-LGBTQ+ measures passed by the left-wing government.

They have both pledged to change a self-determination law that came into force in March, allowing trans people over 16 to change their legal gender simply by informing the official registry, rather than undergoing two years of hormone treatment.

The law also allows children over 14 to change their legal gender with parental approval.

The PP and Vox, as well as some women's rights groups, argue the legislation puts women in single-sex spaces at risk and have accused the left of forcing children to medically transition.

"Changing your sex is easier than getting a driver's license," Feijoo said. Vox party leader Santiago Abascal said "the 'trans law' discriminates against women."

But the parties have not clarified which parts of the law they would revoke. The legislation also banned so-called "conversion therapy", which aims to change someone's sexual orientation and gender identity, and unnecessary surgery on intersex babies, who are born neither male nor female.

Both the PP and Vox declined to answer requests for comment.

Vox has also proposed allowing parents to take their children out of sex education classes and lessons covering sexual and gender diversity.

What do LGBTQ+ activists say?


Spain is fourth in the ranking of European countries' LGBTQ+ rights by advocacy group ILGA-Europe, but LGBTQ+ activists said a PP-Vox government would roll back their rights.

Several international surveys rank Spain amongst the most LGBTQ-friendly societies in the world, although hate crimes against the community rose by 68% between 2019 and 2021, Interior Ministry data showed.

A right-wing government could also target LGBTQ+ rights by failing to implement existing laws, said Uge Sangil, head of LGBTQ+ umbrella group, FELGTB.

"We could go back 40 years," Sangil said.

For some, a PP-Vox coalition could also delay long-awaited measures such as including a non-binary option on identity documents.

"It would not only mean bring a setback in rights - we would also have practically no chances of moving forward," said Darko Decimavilla, a non-binary activist.

(Writing by Enrique Anarte; Editing by Jon Hemming. Please credit Openly, the LGBTQ+ news website from the Thomson Reuters Foundation, the charitable arm of Thomson Reuters. Visit https://www.openlynews.com)

Spain's right on verge of majority in general election, polls find


A man walks past electoral posters in Ronda

Updated Mon, July 17, 2023 
By Inti Landauro and Andrei Khalip

MADRID (Reuters) -The final opinion polls allowed under Spanish law before the July 23 general election showed the conservative People's Party (PP) well ahead of the ruling Socialists on Monday, but at the very least needing the support of far-right Vox to govern.

According to the main Spanish pollsters, which are barred from publishing surveys from Tuesday, PP would garner 131-151 seats in the 350-member lower house, falling short of an outright majority of 176.

While some polls showed that even with Vox the right could struggle to achieve a joint majority, the average of all surveys released on Monday by pollsters GAD3, 40db, IMOP, Sigma 2 and Simple Logica shows PP and Vox getting 140 and 36 seats, respectively - just on the line.

Prime Minister Pedro Sanchez's Spanish Socialist Workers' Party (PSOE) would get 98-115 seats, according to the surveys whose projections work out at an average of 108 seats.

A hypothetical alliance between PP and the anti-immigration, anti-feminist Vox could lead to PP leader Alberto Nunez Feijoo becoming premier, but much will depend on who comes third in a number of provinces, and how many lawmakers a few regional parties, who have supported Sanchez's minority coalition over the last four years, elect.

A national PP-Vox alliance would give the far-right a role in government for the first time since the current constitution was approved in 1978 after the four decades of Francisco Franco's dictatorship.

Vox is almost neck and neck with Sumar, a new alliance of far-left groups that includes Podemos, the junior ruling coalition partner. Sumar would fetch 25-39 seats, polls show.

In many electoral districts, the third spot is crucial as the fourth placed party generally fails to elect legislators.

Sanchez, who still hopes to have enough support in parliament to form a government, cancelled part of his agenda in Brussels on Monday to join a campaign rally in the northeastern town of Huesca, where the PSOE is fighting to get an extra seat.

Sumar and PSOE have said they intend to recreate the ruling coalition.

Feijoo has been coy about whether he would seal a post-election alliance with Vox even though the two have teamed up in several regions and many municipalities after local elections on May 28, in which the ruling coalition was routed.

Sanchez called the snap election on May 29, apparently hoping to out-manoeuvre the PP and force it to campaign while also negotiating uncomfortable coalition deals with Vox in the regions.

(Reporting by Inti Landauro; Editing by Andrei Khalip, Mike Harrison and Barbara Lewis)
Thoughts on International Drag Day from equalpride CEO Mark Berryhill

Mark Berryhill
Mon, July 17, 2023 


As we mark this year's International Drag Day, I am humbled to reflect on the incredible journey of this distinctive art form and the brave individuals who've made it the vibrant community it is today.

Drag is much more than just performance. It's a courageous expression of self, a dynamic reflection of culture, and a powerful tool for social commentary. It's a celebration of the intricate shades of human identity, a celebration of self and being unapologetically so. We at equalpride believe that this, like all art forms, deserves respect, celebration, and encouragement.

However, we have witnessed a worrying increase in anti-drag and anti-LGBTQ+ rhetoric and legislation. These are not just attacks on the community but on the very ideas of self-expression, diversity, and personal freedom. We firmly oppose such discriminatory rhetoric and legislation. They only strengthen our resolve to amplify and uplift the voices of those often marginalized.

Equalpride understands the power and necessity of storytelling. Through our work, we strive to provide a platform for those stories that need to be told, especially the ones that showcase the resilience, creativity, and spirit of diverse communities. We believe in the magic that happens when we unite to create a culture and country of equality for all.

Our commitment is unwavering. We will continue to champion a world where every voice is heard, every individual is respected, and every expression of self is celebrated. We look forward to standing alongside you, amplifying your voices, and making strides toward a more inclusive and equitable society.

From the equalpride family of brands to your neighborhood drag stages, shows and story hours, wishing you all a happy International Drag Day!

Warm regards,

Mark Berryhill
CEO, equalpride



Minnesota mayor faces pressure to resign or meet LGBTQ+ group's demands after his comments on Pride


 An attendee holds up flags during the New York City Pride Parade, June 24, 2018, in New York. Members of an LGBTQ+ group are calling on the mayor of a southern Minnesota city to meet their demands — or resign — after he asked pastors at a church holding a Pride event if there would be stripper poles in the sanctuary and posted a public prayer alluding to “sin and brokenness” at the event.
 (AP Photo/Steve Luciano, File) 


Associated Press
Mon, July 17, 2023 

OWATONNA, Minn. (AP) — Members of an LGBTQ+ group are calling on the mayor of a southern Minnesota city to meet their demands — or resign — after he asked pastors at a church holding a Pride event if there would be stripper poles in the sanctuary and posted a public prayer alluding to “sin and brokenness” at the event.

In an open letter to Mayor Tom Kuntz, a Republican, and the Owatonna City Council, Rainbowatonna organizer Nathan Black said Kuntz used his elected position to harass and intimidate people involved in the city's Pride celebration on July 8, the Star Tribune reported. The Pride celebration included a service at Associated Church, festivities at a pavilion and a drag show after-party at the Owatonna Arts Center.

In his public letter, Black said Kuntz spoke to pastors at the church about two weeks before the service. He said the mayor appeared to be upset and asked several “bizarre” questions, including whether there would be stripper poles in the sanctuary. Black said he wasn’t concerned about the mayor’s behavior until later, when he found that last month Kuntz posted a prayer he wrote on social media.

In the prayer, Kuntz asked for wisdom in the face of upcoming public events “where sin and brokenness will be celebrated and where sexually explicit acts will be normalized.” Kuntz didn’t mention a specific event but called for prayer “until July 8,” according to the Star Tribune.

Black initially asked for the mayor’s immediate resignation, saying: “There is no place for homophobic bigotry in city government.”

But Black told The Associated Press that members of Rainbowatonna met with Kuntz on Monday and planned another meeting later this week. Group members are asking Kuntz for an apology “that acknowledges the impact of his actions,” along with diversity and sensitivity training for the mayor and city staff, Black said.

They are also asking Kuntz to appoint a member of Rainbowatonna’s board to the city’s human rights commission, among other measures.

“If he meets these demands, and we’re hopeful that he will, then we would withdraw that request” for his resignation, Black said.

An email sent to the mayor was not returned on Monday.

But in a public response, Kuntz said to Black: “I did what I thought was the right thing to do."

He added: “My intent was not to harass or intimidate anyone. My words were my own and not those of the City. I try each day to follow my own faith and beliefs, but I also recognize other people have the right to follow their own faith and beliefs too. ... Please accept my apologies.”

Kuntz, who has been mayor since 2004, said he reached out to Black and offered to talk through the issue. Last week, Kuntz confirmed parts of Black's letter to the Owatonna People’s Press and said: “A couple people asked if there was going to be pole dancing, so I asked that."

He also said that he felt God would not approve of drag shows and homosexuality.



  













Indian Oil signs long term LNG import deals with ADNOC LNG, TotalEnergies


Indian Oil Corp Ltd logo


Mon, July 17, 2023 
By Nidhi Verma

NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, has signed long-term liquefied natural gas (LNG) import deals with United Arab Emirates' s Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) and France's TotalEnergies.

The two deals were signed during Prime Minister Narendra Modi's Visit to France and UAE last week. Supplies under the two deals would commence from 2026, the Indian company said in two separate statements.

ADNOC LNG would supply up to 1.2 million metric tonnes per year (tpy) of LNG to IOC for 14 years, the Indian company said, adding India's trade treaty with UAE enable it to import LNG without paying a 2.5% import tax.

This is the first time that an Indian company has signed a long term LNG import deal with ADNOC.


TotalEnergies would supply 0.8 million tpy LNG to IOC under the 10 year deal, it said. TotalEnergies would supply LNG to IOC from its global portfolio.

India companies are spending billions of dollars to boost their gas infrastructure and are scouting for long term LNG imports deals as the nation wants to raise the share of gas in its energy mix to 15% by 2030 from 6.2% currently.

IOC's signings are also the latest in a slew of term deals signed by Asian LNG importers in recent months. In June, Bangladesh's state-owned Petrobangla signed a 10-year contract to receive LNG supplies from OQ Trading, formerly known as Oman Trading International, and a 15-year suppy deal with QatarEnergy, starting 2026.

Chinese importers Zhejiang Energy and ENN have also signed 20-year deals in recent weeks to receive North American supplies, after QatarEnergy inked 27-year agreements with China National Petroleum Corporation (CNPC) and Sinopec.

Meanwhile, Thailand's state-controlled PTT is in advanced talks with Qatar for a 15-year LNG deal for supplies of 1 or 2 million tonnes per annum, sources told Reuters.

(Reporting by Nidhi Verma; Editing by Simon Cameron-Moore)
India needs to grow at 7.6% a year for 25 years to be a developed nation -cenbank bulletin

A labourer runs across a wholesale market in the old quarters of Delhi

Mon, July 17, 2023

MUMBAI (Reuters) - India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday.

India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.

"To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6% during 2023-24 to 2047-48," according to the study by the Reserve Bank of India's economic research department.

In nominal terms, which includes the impact of inflation, the economy would need to clock a CAGR of 10.6%, said the study, which does not represent the RBI's official view.

"It may, however, be mentioned that the best (nominal growth) India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18."

To reach that level of sustained growth, India requires investment in physical capital and reforms across sectors covering education, infrastructure, healthcare and technology, the study said.

The country's industrial and services sector would need to grow at over 13% annually for these 25 years for India to achieve developed economy status, it said.

(Reporting by Ira Dugal; Editing by Savio D'Souza)
Tesla Is Considering A $25 Billion Bet On The Indian Electric Vehicle Market

Chris Bibey
Mon, July 17, 2023


Tesla Inc. is considering an investment proposal with the Indian government that would see the company open a factory with the capacity to manufacture roughly 500,000 electric vehicles each year, according to a recent report citing government sources.

Should this plan come to light, it would also provide Tesla with a home base for exporting vehicles to other countries in the region.

The Next Generation of Innovators: New Battery Beats Tesla’s Lithium-Ion By A Mile With 100x Cheaper Price Tag, 100% Recyclable and Longer Lifespan

Other Proposed Details

While details are still murky, it's been reported that the starting price for the vehicles in India will be $24,401. While that's substantially more than India's cheapest electric vehicle, it's competitively priced when compared to Tesla EVs in countries such as the United States.

“Tesla has come to us with an ambitious plan, and we are confident that the movement will be positive this time around, especially as it involves both local manufacturing and exports," said a source discussing the plan with the Times of India.

Last year, the anticipated entrance of Tesla into the Indian market faced hurdles when the national government declined to reduce import tariffs levied on the automaker's vehicles. Notably, India imposes an import tax of up to 100% on electric automobiles

India expressed its interest in Tesla establishing a local manufacturing base, while the automaker responded with a preference to initially export its vehicles into the country to gauge market demand.

With a modified strategy to penetrate the Indian market, Tesla engaged in negotiations with government representatives in May concerning potential incentives for vehicle and battery production.

The negotiations this time around are spearheaded by India's commerce and industry ministry, aiming to orchestrate a mutually beneficial agreement, ensuring a balanced competitive environment. The talks encompass both domestic manufacturing and exports.

During a recent interaction with Tesla CEO Elon Musk, Indian Prime Minister Narendra Modi encouraged the automotive manufacturer to make a substantial investment in the country.

If everything goes as planned, this will be a big win both for Tesla and the Indian auto market.

Green Energy Movement

This comes at a time when India is rapidly moving towards green energy solutions. As one of the largest energy producers in the world, the country is quickly becoming one of the largest renewable energy producers in the world as well. As the country, and most of the worlds super powers, look to embrace electric vehicle solutions like Tesla, there’s a race to develop more innovative solutions. For example, startups like Airthium are developing solutions to beat out Tesla’s lithium-ion solutions.

Fisker to sell limited edition electric SUVs in India by fourth quarter


Reuters
Mon, July 17, 2023 

 The 2022 Paris Auto Show

(Reuters) - U.S. startup Fisker said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year.

The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years.


But it now expects to complete the final checks for the SUV, named Fisker Ocean Extreme Vigyan, for India by the end of September, with its pricing aligning with the European market.

Fisker Ocean Extreme is priced at 69,950 euros ($78,588.83), excluding taxes, in Germany. That would equate to around 6.45 million Indian rupees. A Fisker Ocean SUV starts at $37,499 in the United States.

Electric vehicles (EVs) make up just 1% of the 3 million cars sold each year in India, with the government wanting to increase this share to 30% by 2030. For this, the country has introduced several incentives, including tax breaks for consumers.

In India and across all regions outside China, the U.S. and Europe, EV sales are expected to represent 2%-3% of car sales in 2023, a relatively small yet growing share, according to data from International Energy Agency.

Fisker has a secondary office in Hyderabad, India, and has about 100 employees in the country, according to its LinkedIn page.

The California-based company has a contract manufacturing agreement with Magna International, which would produce the Ocean at its Austrian unit and ship it to India. Fisker also looks to produce its next EV, the smaller, five-seater PEAR in India with Foxconn.

($1 = 0.8901 euros)

(1 Indian rupee = 0.0108 euros)

(Reporting by Akshita Toshniwal in Bengaluru; Editing by Shilpi Majumdar)
How China Beat Everyone to Be World Leader in Electric Vehicles

Linda Lew
Mon, July 17, 2023 




(Bloomberg) -- In the race to reduce carbon emissions, countries from the US to New Zealand are doling out incentives to spur electric-vehicle sales — tactics China used for years as it turned into the biggest EV market on Earth.

Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe. And the pace is accelerating. HSBC expects the EV penetration rate in the world’s second-largest economy to reach 90% by 2030.

Including plug-in hybrids, China’s clean-car sales hit 5.67 million in 2022, more than half of all global deliveries. The country will account for about 60% of the world’s 14.1 million new passenger EV sales this year, BloombergNEF predicts.

It’s not just buyers. Manufacturing is booming too — Chinese brands account for about half of all EVs sold globally, HSBC analysts said in a recent note.

Sufficient infrastructure obviously helps with EV adoption. China, which has the largest charging network in the world, added 649,000 public chargers in 2022 alone, which is more than 70% of all installations done globally that year.

Encouraged by all the progress made, EV makers have swarmed China with new models, and a price war has flared this year as companies try to get ahead of rivals. Analysts expect some consolidation is looming for the industry in China.

Here’s a closer look at China’s carrot-and-stick approach to cultivating EVs:


The Carrots

Consumer Subsidies: A program that ran for a decade reimbursed EV Buyers with as much as 60,000 yuan ($8,375). Although the national subsidies ended in 2022, local governments in places like Shanghai continue to dole out rebates of up to 10,000 yuan.


Tax Breaks: A standard 10% tax levy has been waived for clean-car purchases under 300,000 yuan until 2025, and will return at 5% for 2026 and 2027. The tax break, in place since 2014, is estimated to amount to 835 billion yuan by the end of 2027. In the US, the Inflation Reduction Act, which passed last year, includes $270 billion in tax incentives for EV purchases and clean manufacturing and nearly $12 billion in loans to clean-energy projects.


Manufacturer Subsidies: Direct government support to EV makers helped many get up and running. While an overabundance of companies emerged, with more than 500 EV brands crowding the market in 2019, the effort nurtured successes like BYD Co. The Shenzhen-based company has become the best-selling brand in China, ending Volkswagen AG’s decades-long reign.


Infrastructure: Widely accessible, government-subsidized charging stations reduce drivers’ costs and ease any range anxiety. Charging standards are uniform, thanks to agreements with manufacturers, so everyone uses the same plugs. China had 6.36 million EV chargers at the end of May, more than anywhere else on the planet. A significant portion is part of the state grid, the fourth-largest provider behind private companies like Wanbang New Energy Investment Group Co. and TGood New Energy Co.

The Sticks

Gas Hurdles: Buying and owning gasoline-powered cars is less and less appealing. Cities are fighting congestion by limiting the number of cars on the road with measures such as lotteries for new license plates in Beijing and an auction system in Shanghai. Plates went for an average of 92,780 yuan at auctions in Shanghai during the first five months last year. EV drivers, meanwhile, can easily get a green license plate, showcasing their environmentally-friendly credentials. Green plates are increasingly prominent on city streets.


Production Penalties: China introduced a dual-credit system for the auto industry in 2017, which awards points for making clean cars and penalties for those with high fuel consumption. Cars from producers with negative scores may be taken off the market. To avoid punishment, manufacturers can buy credits from rivals with positive scores, like Tesla Inc. or BYD. It can get expensive. State-owned Chongqing Changan Automobile Co. lost 4,000 yuan in profit for each car sold in 2020 as it bought credits to avoid the penalty.


The Sales

Government Purchases: Some local governments converted their public transport and taxi fleets to 100% electric, and encouraged local agencies to procure electric or plug-in hybrids. The result was steady business for EV makers such as BYD, which also makes buses, and Guangzhou Automobile Group Co.

Bloomberg Businessweek
CHEVY BOLT EV
Chevy discontinues cult-favorite car after just seven years on the market — but there may be hope for a comeback


Jeremiah Budin
Sat, July 15, 2023 

After hitting the road in 2016, the Chevy Bolt quickly became known as the U.S. market’s most affordable electric vehicle (EV). Unfortunately, General Motors has announced that it plans to end production of the car at the end of 2023, although recent statements by CEO Mary Barra suggest that may not be the end of the story.

The Chevy Bolt had a starting price of around $27,000. With the $7,500 electric vehicle tax credit from the Inflation Reduction Act, the Bolt was a far more accessible EV than pricey Teslas.

Photo Credit: iStock

There are several other options for semi-affordable EVs, including the Nissan Leaf, which starts at $28,000 and takes up the mantle as the least expensive EV on the market. GM’s cheapest EV will now be the Chevy Equinox EV, which the company says will start at “around $30,000” when it is released later this year.

Still, it would be sad to see the Chevy Bolt go, and GM’s stated reason for doing away with it — Americans’ obsession with pickup trucks and SUVs means little interest in hatchbacks — is a bit of a letdown, too. GM has said that it will use the assembly plant space previously devoted to Chevy Bolts to make more electric trucks starting next year.

Another reason for the switch, as The Verge points out, has to do with the fact that GM is moving away from the Bolt battery technology to build its next generation of EVs using its newer Ultium battery architecture. Battery issues plagued the Bolt in its early days, causing several fires and leading to a recall, which may have permanently damaged the car’s reputation.

On the bright side, it’s also battery tech that may give the Bolt a new lease on life. In a recent podcast interview, CEO Barra called the Bolt an “important vehicle in our portfolio“ and said new technology could reduce battery costs up to 40 percent — which fueled speculation that the Bolt may yet see a revival with updated tech.

Barring that kind of comeback, though, Verge’s readers were largely not happy to see the Bolt go.

“The number of vehicles available in the U.S. that will fit in my slightly undersized garage is surprisingly small, and even fewer of them are utility-oriented hatchbacks instead of sedans. How frustrating,” wrote one commenter.

“What a disappointment; guess only rich people get to buy EVs, and only SUVs and trucks,” wrote another.

Tesla Luxury Rival Cadillac Unveils a Cheaper Electric Vehicle

General Motor's Cadillac division will roll out an SUV that's smaller and cheaper than the Lyriq.

KIRK O’NEIL
JUL 16, 2023 6:05 PM EDT

The luxury automobile market in the US is led by the electric vehicle industry's overall production and delivery leader Tesla (TSLA) - Get Free Report, after the Austin, Texas, automaker overtook the 2021 No. 1 luxury seller BMW to become as the top luxury car seller in 2022.

Tesla was the No. 1 luxury seller in 2022, followed by BMW and Mercedes-Benz, according to Statista. Tesla sold 484,351 luxury models, while BMW sold about 327,930 luxury units and Mercedes had about 269,510 units.

DON'T MISS: Tesla Rival Hyundai Unveils High Performance Electric Vehicle

Aside from Tesla, BMW and Mercedes, the luxury electric vehicle market is a bit crowded with several luxury makers rolling out models over the next few years.


Cadillac


Electric Vehicle Makers Rolling Out Luxury Models

Luxury sportscar manufacturer Alfa Romeo will rollout its first all-electric vehicle in 2024, a small compact SUV that's based on parent company Stellantis' (STLA) - Get Free Report Jeep Avenger. The company will introduce its first dedicated EV in 2025, which will likely be a Giulia sedan.

When Alfa Romeo converts to all-electric in 2027, it will also roll out all-electric SUV that will be comparable to the size of a BMW X5.

Honda (HMC) - Get Free Report is teaming with General Motors (GM) - Get Free Report to introduce the Acura ZDX, its first electric vehicle that's scheduled to be released in 2024, which will use GM's Ultium battery platform.

Los Angeles-based EV maker Fisker on Aug. 3 is planning to unveil its Ronin four-door convertible GT sports luxury EV sedan, which is expected to retail for $200,000 beginning in 2025.

Nissan's Infiniti luxury division on June 23 introduced a brand refresh at a Los Angeles dealer meeting, which included a new logo, modernized showrooms and a new concept electric vehicle that will be produced at its Canton, Miss., plant and expects to be ready to sell to the public in 2026.

Aston Martin has an ongoing partnership with Mercedes-Benz and a new one with Lucid with plans to deliver its first all-electric EV in 2025.

GM's Cadillac Has Big Plans for New EVs

GM in May said that later this year Cadillac will launch an electric version of the iconic full-size Cadillac Escalade SUV. The new model, the Cadillac Escalade IQ, "promises the same commitment to craftsmanship, technology and performance that has helped the Escalade nameplate dominate the large luxury SUV segment for the last 20 years," the company said in a statement on May 22.

GM's Cadillac division has launched a price reduction campaign to try to compete against Tesla, BYD (BYDDY) and NIO (NIO) - Get Free Report and other luxury electric vehicle makers in China, as it recently cut the Cadillac Lyriq EV prices by 14% from a starting price of about $60,730 to $52,443, Electrek reported. Cadillac in June 2022 began selling its first all-electric vehicle in China, the Lyriq sports utility vehicle for $67,200, but it was forced to lower prices after Tesla began decreasing prices.

GM is determined to attack Tesla head on as it has filed papers with China's Ministry of Industry and Information Technology to sell a new all-electric SUV in China that will be smaller than the Lyriq to be known as the Cadillac Optiq. The vehicle will also be less expensive than the Lyriq, but GM has not yet revealed the price.

The Optiq will offer a 150kW single motor version and a 180 kW single motor, and its electric packs will be a joint venture of GM and SAIC Motor Corp. and will be manufactured at the GM-SAIC plant in Wuhan, China. And there's no word yet if the new EV will be introduced in the US.

GM can't build or deliver new vehicles fast enough, exec says



Mon, July 17, 2023 
By Paul Lienert

LANSING, Michigan (Reuters) - General Motors is seeing strong demand for many of its U.S. vehicles, but can't deliver them to dealers fast enough, one of the company's top executives told Reuters on Monday.

"GM very strongly continues to have discipline in terms of incentives, which means that demand is still very high," said Rory Harvey, the company's North America president, at an event in Lansing, Michigan. "At this particular point in time, we could just about sell every product that we can build."

But the automaker faces outbound logistics challenges in the aftermath of COVID, he said, particularly in shipping vehicles to dealers, whether by truck or rail.

"We would still like to improve our availability on the ground at dealers," Harvey said. "We have good inventory (levels) overall, but we'd like to get some of those units to our dealers from some of the plants quicker than they are today."

Harvey declined to say if lower-than-expected sales of GM's newest electric vehicles, the GMC Hummer EV and Cadillac Lyriq, were related to issues with Ultium batteries.

"I'm not sure that I want to be quoted as saying that Ultium is the bottleneck," he said in response to a question about low sales and dealer inventories of Hummer and Lyriq.

Those models, Harvey said, "have been going down the line in very limited quantities (but) we are building momentum."

"In May and June, there was good momentum growth. We will see another step change in terms of their (sales) performance in the second half of the year."

GM reports U.S. vehicle sales only on a quarterly basis. It sold just 1,348 Lyriqs and 47 Hummers in the second quarter.

In late June, the company had an estimated 831 Lyriqs and 25 Hummers in advertised retail inventories, according to S&P Global Mobility.

(Reporting by Paul Lienert in Detroit; editing by David Evans)
CAPITALI$M WITH CHINESE CHARACTERISTICS
China Evergrande reports steep losses for 2021 and 2022, offers update on offshore debt restructuring

South China Morning Post
Mon, July 17, 2023 

China Evergrande Group, the world's most indebted developer, reported heavy losses for the past two years ahead of a proposed offshore debt restructuring plan that could allow it to resume normal operations.

The Guangzhou-based company, whose Hong Kong-listed shares have been suspended from trading since March 21, 2022, posted a net loss attributable to shareholders of 476 billion yuan (US$66.3 billion) for 2021, and narrowed it down to 105.9 billion yuan in 2022, according to its exchange filings late on Monday. It had posted a net profit of 8.1 billion yuan in 2020.

The group's total liabilities stood at 2.43 trillion yuan at the end of last year. The company's borrowings rose to 612.39 billion yuan, from 607.38 billion yuan in 2021, according to its filings.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

The company also provided an update on the proposed restructuring of its offshore debt. A hearing for the proposed scheme to be implemented by Evergrande is expected to be heard in the Hong Kong High Court on July 24 at 11.30am. Similar hearings will be held in the Eastern Caribbean Supreme Court on July 24 and in the Cayman Islands on July 25.


Residential buildings developed by China Evergrande Group in Shanghai. 

A successful restructuring of the company's overdue offshore bonds is an important step for Evergrande to remain as a going concern and maintain its Hong Kong listing. Regulations require the company to release its results before it can unveil the debt restructuring proposal.

"A debt restructuring will not necessarily result in the rebirth of Evergrande," said Ivan Li, a fund manager at Loyal Wealth Management in Shanghai. "Additional financing is needed to support its operations."

Evergrande also faces 1,519 cases and unresolved lawsuits involving a combined sum of 395.39.6 billion yuan as of end December, according to its filings.

The restructuring is a do-or-die moment for Evergrande, controlled by embattled Chinese tycoon Hui Ka-yan, because the company could be delisted if the Hong Kong shares remain suspended for 18 months.


Evergrande was the main victim of Beijing's clampdown on the red hot property market after the government introduced the "three red lines" policy to reduce developers' leverage.

Since late 2021 the Guangzhou-based developer has been struggling to complete projects and repay its suppliers and creditors.

Evergrande's contracted sales fell to 31.7 billion yuan in 2022, from 443 billion yuan in 2021. In 2020 sales stood at 723 billion yuan. As of end December 2022, there were a total of 1,241 projects at different stages of construction and completion, it said in the filing.

On Monday, Fu Linghui, a spokesman for the National Bureau of Statistics, told a press conference in Beijing that the country's property market would be back on track after the clean-up campaign to de-leverage some debt-ridden developers comes to an end.

About 50 mainland developers have defaulted on some US$100 billion worth of offshore bonds over the past two years, according to a JPMorgan report in December, with 39 of them ­seeking restructuring plans with creditors for US$117 billion of stressed debt.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2023 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.

Exclusive-EU's AI lobbying blitz gets lukewarm response in Asia- officials


Humanoid robot 'Geminoid' is pictured at AI for Good Global Summit, in Geneva


Mon, July 17, 2023 
By Fanny Potkin, Sam Nussey and Supantha Mukherjee

SINGAPORE/TOKYO/STOCKHOLM (Reuters) - The European Union is lobbying Asian countries to follow its lead on artificial intelligence in adopting new rules for tech firms that include disclosure of copyrighted and AI-generated content, according to senior officials from the EU and Asia.

The EU and its member states have dispatched officials for talks on governing the use of AI with at least 10 Asian countries including India, Japan, South Korea, Singapore and the Philippines, they said.

The bloc aims for its proposed AI Act to become a global benchmark on the booming technology the way its data protection laws have helped shape global privacy standards.

However, the effort to convince Asian governments of the need for stringent new rules is being met with a lukewarm reception, seven people close to the discussions told Reuters.

Many countries favour a "wait and see" approach or are leaning towards a more flexible regulatory regime.


The officials asked not be named as the discussions, whose extent has not been previously reported, remained confidential.

Singapore, one of Asia's leading tech centres, prefers to see how the technology evolves before adapting local regulations, an official for the city-state told Reuters. Officials from Singapore and the Philippines expressed concern that moving overly hasty regulation might stifle AI innovation.

As Reuters reported last month, Southeast Asian countries are drawing up voluntary guidelines. Japan, for its part, is leaning towards softer rules than the stringent approach championed by the EU, as it looks to the technology to boost economic growth and make it a leader in advanced chips.

Efforts in Asia are part of a global push by European nations that include talks with countries such as Canada, Turkey and Israel, Dutch digital minister Alexandra van Huffelen told Reuters in an interview.

"We're trying to figure out on how we can make the regulation from the EU copied, applicable and mirrored ... as it is with the GDPR," van Huffelen said late last month, referring to General Data Protection Regulation, the EU's data privacy regime.

The emergence of AI has been hailed as a breakthrough that will usher in an era of rapid advances in science and technology, revolutionizing all aspects of human activity, but also painted as an existential threat.

1968






















EU lawmakers in June agreed to a trailblazing set of draft rules, which would make companies such as ChatGPT operator OpenAI disclose AI-generated content, help distinguish so-called deep fake images from real ones and ensure safeguards against illegal content.

The proposed legislation, which also envisages financial fines for rule violations, faces resistance from companies, with 160 executives last month signing a letter warning it could jeopardise Europe's competitiveness, investment and innovation.

Still, officials from the EU, which has signed "digital partnerships" with Japan, South Korea, and Singapore, voice optimism they can find common ground with international partners to advance cooperation on technologies including AI.

"Our mission is again to make sure that what's happening in the EU, which is our large constituency if I may say so, is protected," EU industry chief Thierry Breton told Reuters during a trip to South Korea and Japan to discuss AI and semiconductors.

"I believe that it will be probably not too far from each other because we share the same values," Breton said of regulation of AI in the EU and countries such as Japan.

Leaders of the Group of Seven (G7) economies made of Canada, France, Germany, Italy, Japan, Britain, the United States and the European Union, in May called for adoption of standards to create "trustworthy" AI and to set up a ministerial forum dubbed the "Hiroshima AI process".

Seoul will continue discussing AI regulation with the EU but is more interested in what the G7 is doing, a South Korean official said following a meeting with Breton.

The EU is planning to use the upcoming G20 meetings to further push for global collaboration on AI, notably with 2023 president India, van Huffelen told Reuters.

(Reporting by Fanny Potkin, Sam Nussey and Supantha Mukherjee; Additional reporting by Joyce Lee; Editing by Tomasz Janowski)