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Trade Wars
Renewable Energy Manufacturers Hit By $24B In Project Cancellations This Year
Manufacturers are feeling the effects of more than $24 billion worth of renewable energy project cancellations this year. The latest data, compiled by E2 and the Clean Economy Tracker, shows $1.6 billion worth of cancellations in September after $7 billion in June alone. This affects major manufacturers and technology suppliers for electric vehicles, solar, wind, battery, storage and related components.
Among the most notable cancellations are major projects such as General Motors’ $4.3 billion plan to expand its electric pickup trucks facility in Michigan. The company recently reported a $1.6 billion impairment charge owing to the “termination of tax incentives for EV purchases,” referring to the $7,500 consumer credits which expired at the end of September. “The primary factor contributing to the billions of dollars in project cancellations this year is policy uncertainty caused by federal repeals,” said Robbie Orvis, senior director of modeling and analysis at Energy Innovation, a non-partisan energy and climate policy think tank. The One Big Beautiful Bill Act, passed in July, rescinded several tax credits and incentive programs for renewable energy initiatives.
Read more at Manufacturing Dive
US Motor Vehicle Sales Drop In October As EV Subsidies Expire
Sales of U.S. light vehicles fell in October as the expiration of federal government subsidies undercut demand for battery-powered electric cars, and an easing labor market and looming higher prices from tariffs could limit any rebound this year. Light vehicle sales decreased 6.5% to a seasonally adjusted annualized rate of 15.3 million units last month, data from market analysis firm Omdia showed. Unadjusted sales of electric vehicles dropped to 74,897 units from 98,289 units in September.
Overall unadjusted light vehicle sales were down 4.5% in October from a year ago. Last month's sharp decline would suggest moderate or weak retail sales in October. "Sharply lower electric vehicle sales, following the expiration of the federal tax credit on October 1, reduced dealer volumes over the month," said Ben Ayers, senior economist at Nationwide Financial. "With concerns about the labor market building, the near-term outlook for auto sales could be soft as more consumers stay away from auto showrooms this holiday season."
Read more at Reuters
Eaton To Buy Boyd Thermal in Bid To Meet Growing Data Center Demand
Eaton announced Monday it will acquire the Boyd Thermal business of Boyd Corporation for $9.5 billion. The deal, expected to close in Q2 2026, will enhance Eaton’s existing portfolio to fulfill the rapidly growing needs of data centers. “Our decades of expertise in liquid cooling, combined with Eaton’s premier positioning in intelligent power management, will deliver innovation in scaling and efficiency to address the high-power demand of AI data centers,” says Boyd Thermal Chief Executive Officer Doug Britt.
Boyd’s Engineered Materials business will continue to operate as an independent company under the Boyd Corporation structure. “Bringing together Boyd Thermal’s highly engineered liquid cooling technology and global service model with Eaton’s existing products and scale will provide enhanced value to customers,” says Eaton Chief Executive Officer Paulo Ruiz. “In data centers particularly, our combined expertise in both power and liquid cooling from the chip to the grid will enable customers to manage increasing power demands more effectively.”
Read more at IndustryWeek
Toyota Raises Yearly Profit Forecast Despite An Expected $9 Billion Hit From U.S. Tariffs
Toyota Motor on Wednesday raised the operating profit forecast for its financial year ending in March, while flagging a 1.45 trillion yen hit from U.S. tariffs. “Despite the impact of U.S. tariffs, strong demand supported by the competitiveness of our products has led to increased sales volumes mainly in Japan and North America and has expanded value chain profits,” Toyota said in its earnings report.
The world’s largest carmaker by sales volume reported a nearly 28% quarterly drop in profit, year on year, while revenue increased over 8%. Net income reached 972.9 billion yen. For the quarter revenue was 12.38 trillion yen (about $81 billion) and operating profit was 834 billion yen. Despite decreasing profits, Toyota has continued to show strong global demand. The company recently reported that vehicle sales, including its luxury brand Lexus, reached 5.3 million in the nine months to September, a 4.7% increase from a year earlier.
Read more at CNBC
Toyota Still Bets on Hydrogen With the 2025 Tacoma H2 Overland SEMA Concept Pickup
Toyota is taking a bet on a hydrogen fuel cell Tacoma concept pickup for the 2025 SEMA Show. And there are a few points it makes in this concept truck that seem credible and worth considering. This may look like your average, fourth-generation “N400” Tacoma. But it isn’t. Rather, under the hood of this SEMA concept lies the sort of witchcraft and wizardry from the future. That would be hydrogen fuel-cell technology, which is indicated by the “H2” portion of the Tacoma H2-Overlander Concept.
In place of the usual gas-powered 2.4-liter “i-Force Max” turbocharged inline-four is Toyota’s latest hydrogen fuel-cell propulsion system. And it’s the Japanese automaker’s latest attempt at expressing continued interest in the technology as a path towards the future. Like other fuel cell vehicles, or FCVs, the Tacoma H2-Overlander is basically an electric vehicle. But rather than relying solely on electrons and an outrageously heavy battery pack that takes ages to recharge, the Tacoma H2 instead runs off of compressed liquid hydrogen. The system essentially burns compressed liquid hydrogen, which then powers a battery pack and electric motor to drive the wheels. All that’s expelled out of its tailpipe is pure water and the liquid hydrogen tank can be refilled in minutes like a conventional gas tank.
Read more at Gear Patrol
Tesla Is Obsessed With Musk’s Pay Package. Musk Is Obsessed With AI.
When Elon Musk left DOGE in May, Tesla investors hoped its longtime leader would hurry back to headquarters to focus on reversing a sales slump and recharging the company. For much of the summer, though, he was engrossed in something else. Musk was holed up at his newest startup, xAI, trying to catch up in the artificial-intelligence arms race. Meetings with employees often stretched into the wee hours of the morning as they brainstormed ways to make Grok, its artificial intelligence, go viral, according to former executives and people who worked with him.
At one point, Musk was spending so much time at xAI that he began holding meetings there with Tesla employees. For years, the 54-year-old billionaire has balanced the responsibilities of running several fast-growing companies, including X and SpaceX, with his duties as CEO of Tesla. With the potential spoils of AI slipping away to rivals—especially Sam Altman at OpenAI—Musk has been spending much more of his time at xAI. Later today, Tesla will announce preliminary results for a shareholder vote on a giant pay package for Musk designed to ensure that he focuses on the company for years to come. It would increase his stake over a decade from about 15% to around 25%—potentially $1 trillion of stock—if he hits ambitious goals. They include selling one million robots like its Optimus humanoids, and reaching a market capitalization of $8.5 trillion, up from about $1.5 trillion today.
Read more at The WSJ
At Least 9 Killed, Others Injured After A UPS Plane Crashes Near The Louisville Airport
A United Parcel Service plane crashed shortly after takeoff in Louisville, Ky., at around 5:15 p.m. local time Tuesday, killing at least seven and injuring several others, according to local officials. Several people with significant injuries are being treated at local hospitals, according to Kentucky Gov. Andy Beshear. Two businesses close to the airport were hit by the plane crash: Kentucky Petroleum Recycling and Grade A Auto Parts, which is an auto-salvage yard. Investigators said several explosions occurred after the plane crashed as it hit businesses that contained hazardous material. The investigators reminded people to stay away from the area.
UPS hasn’t confirmed any casualties or injuries of its three-person crew onboard the MD-11 aircraft. Photographs taken at the Louisville Muhammad Ali International Airport showed the plane engulfed in fire and smoke billowing out. UPS’s global air hub occupies a large portion of the Louisville airport and is situated in a dense commercial and industrial corridor. The area includes e-commerce warehouses that rely on UPS shipping and the Ford plant that employs nearly 3,000 hourly workers assembling SUVs.
Read more at The WSJ
USS Massachusetts, One Of The World's Most Advanced Nuclear Powered Submarines Completed Its First US Test
The USS Massachusetts, a Virginia-class attack submarine, has completed its first sea trials, including submergence and high-speed maneuvers. Built by Newport News Shipbuilding and General Dynamics Electric Boat, the submarine is part of a $17.6 billion contract with the US Navy. The 377-foot, 7,800-ton submarine features advanced nuclear propulsion, the Virginia payload module, and a modular design for easy modernization, and is expected to enhance the Navy's capabilities in anti-submarine and anti-surface warfare, replacing older Los Angeles-class submarines.
Engineered to deliver next-level endurance, mobility, and stealth via nuclear propulsion technology, Massachusetts and its many fleet siblings are designed for modern anti-submarine and anti-surface warfare, and are capable of launching Tomahawk missiles, collecting intel, carrying out mine warfare, and special operations forces deployments. It is also the first vessel to receive the "Massachusetts" moniker since the USS Massachusetts (BB-59) battleship, which was officially decommissioned after World War II in 1947.
Read more at BGR
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