Indonesia's President Prabowo Subianto met with U.S. President Joe Biden at the White House on Tuesday and offered his congratulations to President-elect Donald Trump by phone during an official visit to Washington…He arrived in Washington straight from China, where he had met with President Xi Jinping on his first overseas trip since taking office last month…Washington sees Indonesia, the most populous country in Southeast Asia, as an important partner in a region where its rival Beijing has deep trade and investment ties…While China is a key economic partner for Indonesia, Jakarta has also become a big buyer of U.S. arms, and it wants to sell the West more metals from its mines…After the meeting, Biden and Prabowo pledged in a joint statement to expedite ongoing talks on critical minerals between the two countries…Last year, resource-rich Indonesia, who wants to become a major player in the manufacturing of electric vehicles and their batteries, asked the U.S. to begin talks on a trade deal for critical minerals so that exports from the Southeast Asian country can be covered under the U.S. Inflation Reduction Act.

It was already getting more difficult to source nickel qualified as compliant to the Inflation Reduction Act (IRA). Under a future Donald Trump administration, it’s likely to get harder still, in the short-term at least…That’s because it’s widely expected that the US president-elect will adopt a zero-tolerance approach to allowing Chinese owned or operated supplies of raw materials like nickel to qualify for credits under the IRA…Washington sources told Fastmarkets that one of the first acts of the new administration next year will be to use the rulemaking power of the executive to make fewer electric vehicles (EV) qualify for IRA credits. The mechanism by which they will do this, pundits say, is to make the Foreign Entity of Concern (FEOC) rules even harder to qualify for…Back then, the Treasury said that companies that have a more than 25% ownership or control by a FEOC – including board seats, voting rights or equity – would not be eligible for tax credits available under the IRA…At the same time, EV tax credits available through the IRA require batteries be built with at least 40% of the value of their minerals coming from the US or a country with which it shares a free trade agreement; a percentage that increases annually, reaching 100% by 2029…With FEOC nations being China, Russia, North Korea and Iran, that pretty much removed the majority of nickel being produced in Indonesia, because it has a Chinese shareholder base…A change to the FEOC rules comes as western companies remain active in Indonesia and elsewhere, in partnership with Chinese corporates…Pundits say the 45X Advanced Manufacturing Production Credit, which is currently available to any entity in the US, is also expected to be prohibited for FEOC…All of this raises the stakes on securing IRA-compliant nickel, produced by non-FEOC countries, at a time when the price of nickel isn’t exactly incentivizing new production capacity…Over the last year, the world has watched as sustained lower prices have undermined the economics of current IRA-compliant nickel in countries like Australia and New Caledonia…Miners including BHP, Glencore, Wyloo, First Quantum and IGO have all been forced to make tough decisions on projects in response to various factors, with the nickel price environment being a key determinant…Given that the US EV battery manufacturing sector is largely focused on producing nickel-based batteries, securing non-FEOC material going forward is going to be all the more critical.

As Tesla’s electric-vehicle sales have flattened this year, CEO Elon Musk has increasingly staked the company’s future on his vision for self-driving robotaxis, despite the massive technological and regulatory obstacles in delivering them…Now Musk - as one of President-elect Donald Trump's biggest backers - may have the influence to help break through those regulatory roadblocks…Tesla currently faces a diverse landscape of state driverless-vehicle laws that Musk blasted in an Oct. 23 earnings call, calling it “incredibly painful to do it state-by-state.” He signaled he would advocate for one federal approval process if Trump won and followed through on a promise to name Musk “efficiency czar.”…“If there’s a department of government efficiency,” Musk said, “I’ll try to help make that happen.”…Musk's sway is likely to extend beyond efficiency. The billionaire, who gave at least $119 million to a pro-Trump group during the campaign, is expected to influence the president-elect’s pick for the next Transportation Department secretary, according to a person close to Musk and Trump’s transition planning. That department, which includes the National Highway Traffic Safety Administration (NHTSA), regulates automakers and could push through significant changes to the self-driving rules at a national level…At present, Tesla remains years behind rivals in California, by far the carmaker's largest U.S. market and a primary testing ground for the autonomous-vehicle industry. Other companies have navigated California’s regulatory maze and completed millions of autonomous-vehicle testing miles under state oversight, according to a Reuters review of state regulatory data…If Musk can succeed in securing federal regulations or laws that preempt state oversight, experts in autonomous-vehicle regulation said, it could allow Tesla to sidestep regulations in California…Tesla has logged just 562 testing miles since 2016 and hasn’t filed autonomous-driving reports to California regulators since 2019, state records show. Alphabet’s (GOOGL.O), opens new tab Waymo, by comparison, logged more than 13 million testing miles and secured seven different regulatory approvals between 2014 and 2023, when it received approval to charge passengers for rides in driverless robotaxis…Tesla has lobbied for electric vehicle subsidies and other benefits over the years…But Tesla would face immense legal liability for crashes the moment it claims its vehicles are fully autonomous. The automaker has until now blamed Tesla drivers in defending itself against lawsuits and regulatory investigations over accidents involving FSD and Autopilot. Tesla argues it warns drivers to pay attention because those systems aren’t fully autonomous…If Tesla felt comfortable deploying self-driving technology in low-regulation states like Texas, then “presumably they would be doing it,” said Smith, the University of South Carolina law professor. But “once you say there is no need for a human to pay attention, then you’re pointing the finger back at yourself” when it comes to crash liability.

Democratic Republic of Congo is set to receive nearly $2.9 billion in financing over the next three years after International Monetary Fund staff agreed to support two new loan programs with the Central African nation…Congo will receive approximately $1.77 billion through a new Extended Credit Facility and $1.1 billion via the IMF’s Resilience and Sustainability Facility, which provides funds for climate-linked initiatives, according to an IMF statement Wednesday…The new ECF loan program will focus on economic diversification, job creation, fighting poverty, and supporting better governance and transparency, Calixte Ahokpossi, IMF Mission Chief for Congo, said in the statement. The country successfully completed a major loan program with the Washington-based lender for the first time ever earlier this year…Congo is the world’s second-largest copper producer and the biggest source of battery mineral cobalt. It’s also home to the world’s second-largest rainforest, a key resource for capturing greenhouse gases.

investorTV, a digital platform powered by Global One Media that brings together industry experts, corporate leaders, and investment professionals for live panel discussions on trending market topics, announces its upcoming live panel event, "Investing in the EV Ecosystem: From Lithium to Solar-Powered EVs." Scheduled for November 15, 2024 at 11 AM EST (3 PM GMT), this exclusive panel discussion will feature industry leaders who will analyze the rapidly evolving electric vehicle landscape, from market dynamics to technological innovations…The hour-long event will be moderated by Michael Switow, a seasoned media veteran renowned for his coverage of financial markets. The expert panel includes…Eric Strand, Founder and Portfolio Manager, AuAg Funds…George O'Leary, Managing Partner, CEO and CFO, Sono Group N.V…Steve Cochrane, President and CEO, Lithium Chile Inc… Robin Goad, President and CEO, Fortune Minerals Limited…They will explore critical topics affecting the EV ecosystem, including…Market Evolution: Understanding the role of government incentives and infrastructure in driving EV adoption beyond the current 18% market share…Supply Chain Dynamics: Examining the trade-offs between immediate electrification and sustainable supply chain development…Technology & Innovation: Analyzing advancements in battery technology, energy density improvements, and the future of lithium-ion batteries…Global Competition: Understanding China's market dominance and strategies for Western manufacturers to remain competitive…Resource Security: Exploring lithium market dynamics, recycling initiatives, and emerging extraction technologies…To secure your spot for this live panel event, register