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Elon Musk expected to use Tesla ‘Battery Day’ to argue for the end of combustion engines (Tue, 22 Sep 2020)
By Tina Bellon (Reuters) – Tesla Inc CEO Elon Musk on Tuesday is scheduled to showcase the company’s advanced battery technology, with investors expecting he will outline how the company’s electric vehicles will surpass the cost and convenience of internal combustion engines. As automakers shift from horsepower to kilowatts to comply with stricter environmental regulations, investors are looking for evidence that Tesla can increase its lead in electrification technology over legacy automakers who generate most of their sales and profits from gasoline-powered vehicles. Musk, who frequently launches new products in attention-grabbing, show-like announcements, has fueled expectations for Battery Day over the past months, in April calling the event “one of the most exciting days in Tesla’s history.” On Monday, Musk said on Twitter that the battery improvements to be unveiled at the event would not reach “serious high-volume production” until 2022, sending Tesla shares down 5% in extended trade. Analysts expect Tesla to present a range of updates, including significant improvements to the amount of energy its batteries can store, allowing vehicles to drive further on a single charge. They also await updates on the production cost of battery cells, largely seen as an impediment to wider electric vehicle adoption. “We suspect there will be a plenty for everyone,” Canaccord analyst Jed Dorsheimer said in a Monday note. Investors, for example, expect Musk to explain how Tesla will capitalize on its 2019 acquisition of U.S. battery company Maxwell Technologies Inc. Some investors expect the automaker to announce that Maxwell’s dry battery electrode technology could significantly reduce manufacturing costs, speed up production and improve batteries’ energy storage capacity. Musk has complained in the past that Tesla vehicles are not affordable enough. Tesla’s lowest-range Model 3 sedan with a range of 250 miles (400 km) currently starts at $37,990 in the United States. Musk in July said scaling battery cell production at an affordable price was Tesla’s biggest limitation to growth. Tesla’s futuristic Cybertruck, expected to be released in 2021, will have a maximum range of 500 miles, among the longest range of any electric vehicle on the market today. While average electric vehicle prices have decreased in recent years thanks to changes in battery chemistry and composition, they are still more expensive than conventional cars, with the battery estimated to make up a quarter to a third of an electric vehicle’s cost. Some researchers estimate that price parity, or the point at which electric vehicles are equal in value to internal combustion cars, is reached when battery packs cost $100 per kilowatt hour (kWh). Tesla’s battery packs cost $156 per kWh in 2019, according to electric vehicle consulting firm Cairn Energy Research Advisors, which would put the cost of a 90-kWh pack at around $14,000. Analysts at UBS expect Tesla to announce battery cell costs of $70 to $80 per kWh over the next three years, allowing the company to save roughly $2,300 per vehicle. Such a price advantage would leave competitors unlikely to catch up to Tesla, the UBS analysts said. Tesla currently produces batteries in partnership with Japan’s Panasonic Corp at its $5 billion Nevada factory, while South Korea’s LG Chem and China’s CATL supply cells to its Shanghai factory. Musk on Monday said Tesla intends to increase battery cell purchases from those three suppliers and possibly with other partners as well. Tesla is also building its own cell manufacturing facility at its new factory in Germany and is setting up a battery research and manufacturing facility at its largest vehicle factory in Fremont, California. Musk in July also said Tesla was open to license and supply powertrains and batteries to other automakers. (Reporting by Tina Bellon in New York; Editing by Lisa Shumaker) Brought to you by www.srnnews.com
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Taiwan president praises ‘heroic’ pilots who intercepted Chinese jets (Tue, 22 Sep 2020)
By Yimou Lee PENGHU, Taiwan (Reuters) – Taiwan President Tsai Ing-wen praised on Tuesday the “heroic performance” of air force pilots who have been intercepting Chinese jets that have approached the island, as its armed forces held drills to simulate repulsing an attack. Tension between China and the democratic island Beijing claims as sovereign Chinese territory have spiked to their highest in years, with Taiwanese fighters jets scrambling to intercept the Chinese aircraft last week. Visiting a major air force base on Penghu in the sensitive Taiwan Strait that divides the two sides, Tsai told pilots and engineers she was aware of their “heroic performance” when intercepting and driving away Chinese aircraft. “I have a lot of confidence in you. As soldiers of the Republic of China, how could we let enemies strut around in our own airspace?” she said, using Taiwan’s formal name. “I’m aware that facing the provocative behaviour of the communist planes that have encircled the island and damaged regional peace in recent days, your duty at the front line of the airspace in Penghu must be even heavier.” The base, now home to F-CK-1 Ching-kuo Indigenous Defence Fighters (IDF) which first entered service in 1997, is at the front line of Taiwan’s response to Chinese military intrusions. Wang Chia-chu, one of the senior officers of the “Heavenly Colt” IDF squadron, told Reuters there is just five minutes’ time to scramble fighters once Chinese aircraft are spotted. “We will defend our airspace in real time as long as there’s a threat,” Wang said. Another senior officer, speaking on condition of anonymity, told Reuters the Penghu-based IDFs are now scrambling “almost every day” as tension run high. The air force also put on display its new Wan Chien air-to-ground cruise missiles that entered service in 2018 and can be fired from IDFs at targets about 200 km (125 miles) away, putting Chinese facilities or approaching ships in their sights. Separately, Defence Minister Yen Teh-fa oversaw drills simulating a response to an air attack, involving all Taiwan’s air bases as well as naval and surface-to-air missile units, the ministry said. “The enemy threat grows by the day,” it cited Yen as saying. “On no account allow the enemy to step out of line, and defend the country’s sovereignty, democracy and freedom.” CROSSING THE MID LINE Unusually, Chinese aircraft last week breached the mid line of the Taiwan Strait, an unofficial barrier for combat aircraft of both sides, though they have not flown over mainland Taiwan. On Monday, China’s foreign ministry said the line did not exist, drawing condemnation from Taiwan Foreign Minister Joseph Wu. In Taipei on Tuesday, Wu called the line an important “symbol” for avoiding military clashes. “We demand the international community strongly condemns China’s words and actions and demand the Chinese government stops everything that it has been doing,” he added. China has been angered by stepped-up U.S. support for democratic Taiwan, including a visit to Taipei last week by U.S. Undersecretary for Economic Affairs Keith Krach. Taiwanese fighters have scrambled many times this year to intercept Chinese aircraft. (Reporting by Yimou Lee; Writing and additional reporting by Ben Blanchard in Taipei; Editing by Clarence Fernandez) Brought to you by www.srnnews.com
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Audio News – SRN News

SRN Hourly News 09-22-20 – 05:00 AM CDT (Tue, 22 Sep 2020)
Top News Stories Sep 22, 2020 – 05:00 AM CDT Brought to you by www.srnnews.com
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SRN Hourly News 09-22-20 – 04:00 AM CDT (Tue, 22 Sep 2020)
Top News Stories Sep 22, 2020 – 04:00 AM CDT Brought to you by www.srnnews.com
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