Daily Shorts: US offers $12 bn to retool car plants for EVs, Tesla reverses China price war

The US government is offering auto companies and component suppliers $12 billion in grants and loans so they can retrofit their plants to produce electric vehicles. US Energy Secretary Jennifer Granholm told reporters companies building advanced vehicles could avail $2 billion in grants from the US Inflation Reduction Act, while $10 billion in loans was available from the US Department of Energy. The US is also offering $3.5 billion in funding to domestic battery manufacturers, Granholm said.

Hyundai Motor Group and LG Energy Solution will invest an additional $2 billion into their battery manufacturing plant in Georgia, USA, the two companies said. Once complete, the plant will have capacity to about 300,000 EV batteries a year, most of which will find their way into a 300,000-units per annum Hyundai EV factory that's part of the same complex, and will being producing vehicles from January 2025.

Equinor and BP have sought permission from New York authorities to increase the price of power produced at three planned offshore wind farms by 54 percent. Filings with the New York State Energy Research and Development Authority show the two companies — which bagged rights to the Empire Wind 1, Empire Wind 2 and Beacon Wind farms — cited "rampant inflation, global supply chain disruptions, soaring interest rates…" as among the reasons for the increase. The three farms will have a combined capacity of 3,300 MW once operational.

Tesla unveiled a refreshed Model 3 for China and Europe just days before European competitors including Volkswagen and Mercedes launch new models at the Munich auto show. In China, the only place besides the US where the company makes Model 3s, the refreshed version was priced 12 percent higher, going against the price war in the country's EV market. Tesla sold 64,285 China-made EVs (domestically + export) in July, down 31 percent from a month earlier. The newer Model 3 boasts a longer driving range, even as US authorities investigate Tesla for exaggerating vehicle range.

BYD said it will add a second car to its EV offerings in Japan this month. In a statement, the Chinese company said it will accept orders for its Dolphin model —­ regular and a long-range version — from September 20. The models will be compatible with Japan's CHAdeMO charging standard. BYD also intends to introduce its Seal model in Japan by year-end or early next year. The company, which opened its first Japanese dealership in February, has sold about 700 ATTO 3 electric SUVs so far in the Land of the Rising Sun.