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EV startups hunt for low-cost roads to mass production
Electric car and van startups racing to become the next Tesla (NASDAQ:TSLA) Inc all want to avoid Elon Musk’s journey through “manufacturing hell.”
But electric vehicle firms such as UK van company Arrival SA and Fisker Inc are taking very different roads to overcome the challenges of profitable mass production that almost broke Tesla.
A few have found investors willing to hand over billions to fund their journey. Rivian has raised around $10.5 billion from Amazon.com Inc (NASDAQ:AMZN), Ford Motor (NYSE:F) Co and others as it ramps up production to build electric vans, pickups and SUVs.
Startups lacking Rivian’s wads of cash need cheaper paths to mass production or risk failing in the EV arms race – a danger Musk highlighted repeatedly on Tesla’s July 26 earnings call.
“The thing that’s remarkable is that Tesla didn’t go bankrupt in reaching volume production,” Musk said.
The New Zealand dollar tumbled on Tuesday after the country discovered its first community case of COVID-19 in six months while the Australian dollar slipped to a one-month low as minutes from the central bank meeting were perceived as dovish.
Safe-haven currencies such as the yen held firm against riskier currencies also on growing anxiety the spreading Delta variant of the coronavirus could disrupt, if not derail, the global economic recovery from the pandemic.
The New Zealand dollar fell 0.7% to $0.6972 after the virus-free country found a community outbreak of COVID-19 for the first time since February.
The news came just a day before the country’s central bank, the Reserve Bank of New Zealand (RBNZ), is widely expected to become the first among developed countries to raise interest rates since the pandemic as its economy booms.
Oil prices fall back on concerns over COVID-19 cases
Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections.
Brent crude was down 51 cents, or 0.7%, at $69.00 per barrel as of 0703 GMT, after rising as high as $69.77 earlier in the session.
U.S. West Intermediate crude (WTI) slid 52 cents, or 0.8%, to $66.77 a barrel, after reaching $67.66 earlier.
Japan was set to extend its state of emergency in Tokyo and other regions to Sept. 12 and widen curbs to seven more prefectures, as COVID-19 cases spike while cases are set to “rise substantially” in Sydney in the coming weeks despite a prolonged lockdown, authorities said on Tuesday.
On Monday, Brent slid 1.5% while WTI fell 1.7%.
The prices recovered from those losses in early Asia trade after four sources told Reuters that OPEC+, which groups members of the Organization of the Petroleum Exporting Countries and other producers such as Russia, believes oil markets do not need more crude than they plan to release in the coming months.
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