Technology News

Oil giant Aramco has agreed to take a minority stake in a new powertrain engine company to be set-up jointly by Renault SA and China's Geely Automobile Holdings Ltd.

The Dearborn, Michigan-based automaker added it hired about 550 employees who previously worked at Argo AI for its new subsidiary.

The pilot plant will have an annual capacity of 2500 tonnes and will contribute to the production of more than 50,000 battery modules for new electric Mercedes-Benz vehicles.

Battery costs are the most expensive component in electric vehicles (EV) and a move toward lower prices by CATL, which had 37% of the global market last year, would ease a major cost pressure on automakers.

Sigma is finishing construction of a hard rock lithium mine in Brazil that will produce spodumene concentrate, which can be used to make lithium hydroxide, a type of metal preferred by some automakers including Tesla and BMW.

Nio will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on the country's third- and fourth-tier cities and counties

The latest round, led by investors Franklin Templeton and Fifth Wall, makes Our Next Energy one of the most valuable privately held battery companies in the United States.

British AV software company Oxbotica, Sweden's Einride, America's Outrider and British supplier Aurrigo International Plc are among a number of companies drawing investor interest with more focused approaches, aimed at smaller, simpler customer segments - from mining vehicles to tractors or forklifts.