Money

Toyota promises $13.5 bln investment in EV tech

Published

2 years ago

September 8, 2021

Anthony Lucas

One of the world’s largest automotive companies has made a major commitment to the future of electric cars

Toyota Motor Corp has revealed it anticipating to spend more than $13.5 billion by 2030 on electric car technology.

The car manufacturer stated it will spend the cash on developing batteries and battery-supply plants in a major bid to become a leader in the EV tech over the next 10 years.

Toyota is the world’s largest automaker by volume and has pioneered hybrid gasoline-electric cars with the popular Prius model. Toyota is now moving rapidly to deliver its first all-electric line-up in 2022.

The industry considers the car giant to be a leader in developing batteries – especially for EV’s.

Toyota is also the front runner to mass produce solid-state batteries.

Toyota is promising to slash the costs of batteries by 30% or more, by improving what materials are used

“Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometer, by 30%, starting with the Toyota bZ4X,”
Chief Technology Officer Masahiko Maeda told a briefing, referring to an upcoming compact SUV model.

Toyota is also the front runner to mass produce solid-state batteries.

Those battery types are a potential game changer for automakers due to them being more energy dense, while also having the ability to charge faster and are less prone to catching fire.

If developed successfully, they could replace liquid lithium-ion batteries.

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Anthony Lucas

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network.

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Money

RBA maintains 4.35% rates as mortgage applications surge

Published

14 hours ago

December 5, 2023

ticker NEWS

The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.

This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.

The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.

Experts are divided on whether the RBA’s decision is the right course of action.

Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.

In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.

Money

There’s a 50/50 chance of a 2024 recession

Published

20 hours ago

December 5, 2023

ticker NEWS

The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?

The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

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Money

Tesla insurance sued for ‘inflated’ premiums, judge rules

Published

23 hours ago

December 5, 2023

ticker NEWS

A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.

The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.

The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.

The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.

Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.

It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.