Critical minerals represent a "generational" economic opportunity for Canada, Minister of Natural Resources Jonathan Wilkinson said during a Prospectors & Developers Association of Canada (PDAC) convention keynote…“Effectively, there is no energy transition without significantly augmented supplies of critical minerals,” he said, highlighting a trend that mining market participants are watching closely — the World Bank forecasts that a 500 percent increase in the production of critical minerals, including lithium, cobalt and graphite, will be necessary to meet demand by 2050…“The urgency of the climate crisis means it simply cannot take us 12 to 15 years to permit a new mine in this country,” Wilkinson said. “The work to establish new mines must be efficient if we are to affect the transition to a net-zero future.”…To reach its net-zero emissions ambitions by 2050, Canada will ban the sale of fuel-burning new cars and light-duty trucks from 2035. That means the need for metals such as lithium, which is used in electric car batteries, will increase rapidly…“My one takeaway for anybody who has the resources that Canada has is: Do not think that having the resources alone is sufficient for you to succeed,” Graves said. “If your industrial policy does not encourage, allow, support and incentivize the building of downstream capabilities in country, then some other country will benefit from your resources.”…Supply chain security has become a key topic for governments around the world as they seek to take more control and reduce their dependence on Asia. “We are all increasingly aware of the need for like-minded countries that share values to actually have access to strategic resources that are required going forward,” Wilkinson said. “And that certainly includes your critical minerals.”

Elon Musk has teased the idea that Tesla would sell a widely affordable battery-powered model since 2006. He finally came close to announcing one this month, but still hasn’t shared details. Competitors, including Volkswagen and General Motors, aren’t waiting to see what the mercurial billionaire decides to do and are already laying down plans for EVs priced at $30,000 or less…European auto giant Volkswagen on Wednesday said it’s readying the 25,000 euro ($26,400) ID. 2ALL, a compact hatchback, along with nine other new electric vehicles for sale by 2026. GM, which already has the Bolt, the top-selling EV in the U.S. priced below $30,000, is adding an electric version of the Chevrolet Equinox this year, starting at $30,000. Fisker Inc., which is preparing to start delivering electric Ocean SUVs in the coming weeks, plans to add the Pear, a small crossover with a $29,900 base price, in 2024…By comparison, the cheapest Tesla, an entry-level Model 3 sedan, costs $43,000 before taxes—even after the carmaker recently slashed thousands of dollars off the sticker price to help it qualify for a new federal tax credit…“We're now at that tipping point where we've got EVs at about 6% market share, and more and more mainstream consumers are starting to think about an EV as their next purchase,” Kim told Forbes. “But the median transaction price of an EV is well over the $50,000 range... The Biden Administration wants EVs to top 50% of new vehicle sales by the end of the decade, while California and other states aim to phase out sales of new gasoline vehicles from 2035. Neither goal is attainable unless battery-powered cars and trucks get a lot cheaper in the next few years…Making EVs more affordable is tough as the lithium-ion battery packs they need use pricey commodity materials, including nickel, cobalt and lithium, sourced from around the world. 

After doubling down on its electric vehicle strategy with a new close to $200 billion investment (€180 billion) to accelerate digitalization and EV development over the next five years, VW is plowing ahead with a new EV concept…VW delivered over 570,000 EVs last year, maintaining its position as BEV market leader in Europe, yet the automaker believes it’s well positioned for future growth with several new vehicle releases on deck…To fend off incoming competition from Tesla, and many others, Volkswagen has introduced its economical electric vehicle, the ID 2all concept, that costs under $27,000 (€25,000). The ID 2all is as spacious as its Golf model and as inexpensive as the Polo sitting below the recently upgraded ID. 3, with up to 279 miles range (450 km) and several new features…The exterior takes inspiration from Volkswagen classics like the Beetle and Golf, previewing a new design language from the automaker.

Apple Inc supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics…Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID restrictions disrupted its biggest iPhone plant last year. The company also seeks to avoid a potential hit to its business from mounting trade tensions between Beijing and Washington…He said expansion was needed in countries such as the U.S., Vietnam, India, Mexico and China, "in response to customer and supply chain adjustments"…"We maintain a relatively conservative view towards the smart consumer electronics and think they might decline slightly," Liu said, pointing to factors including last year's high base as well as inflation and the slowing global economy…Foxconn, which wants to replicate with electric vehicles the success it has had with the iPhone, said it was both approaching and being approached by many automakers…"Foxconn will actively expand its EV business in North America and work more comprehensively with traditional and start-up car makers," Liu said…Liu said revenue from EV components is expected to rise sharply to between T$50 billion and T$100 billion this year from T$20 billion last year. In Ohio, Foxconn will focus on battery packs for EVs, while Wisconsin will produce energy storage system (ESS) battery cells and battery packs, he said…Apple last month forecast its revenue would fall for a second quarter in a row, but that iPhone sales were likely to improve as production had returned to normal in China after the COVID-related shutdowns.

Honda today announced key next steps in the establishment of its EV Hub in Ohio that will lead the company’s journey to an electrified future in North America. In October 2022, Honda announced that it would invest $700 million to re-tool several of its existing auto and powertrain plants to establish the new EV Hub in Ohio, to prepare for the production* of battery electric vehicles in 2026. The Marysville Auto Plant (MAP), where Honda began auto production in America in 1982, will be Honda’s first auto plant in the U.S. to transition to making EVs…Marysville Auto Plant (MAP) will consolidate two assembly lines to retool for production of EVs and EV components…Accord production will be transferred from MAP to the Indiana Auto Plant as MAP retools for EV production…Honda Transmission Plant in Georgia will dedicate one production line to e-axle production, an essential component of EVs…Anna Engine Plant will shift production of some engine components to the Honda engine plant in Alabama to prepare for production of battery cases for EV models…Honda will maintain stable employment during these changes