Osaka, Japan – Panasonic Corporation (Tokyo: 6752.T) today announced it has verified the inhibitory effect of hydroxyl radicals contained in water on novel coronavirus variants, namely Alpha, Beta, Gamma, and Delta, in collaboration with the Japan Textile Products Quality and Technology Center.
Many viruses constantly change through mutation with some generating variants that may significantly affect viral infectivity and toxicity, which could lead to a global pandemics. Currently on a worldwide rampage, novel coronavirus also generated variants, four of which, as described above, have been designated as Variants of Concern by the World Health Organization (WHO), namely, Alpha, Beta, Gamma, and Delta.
Tesla (TSLA) posted a surprise second-quarter profit last week on cost cutting and strong deliveries, offsetting the effects of its Covid-19 related factory shutdowns. The report may help the electric vehicle manufacturer gain inclusion into the S&P 500 index (^SPX).
Tesla announced earned net income of $104 million for the quarter, or $0.50 per share. This marks the first time the company has posted four straight quarterly profit, a benchmark for the company to be considered for inclusion in the highly coveted S&P 500.
This marks another major win for Chief Executive Elon Musk, whose quest to lead the global auto industry with Tesla, and the aerospace industry with SpaceX, has increasingly been making major leaps forward.
Musk said last Wednesday that the city of Austin, located in Travis County, would be the site of Tesla’s newest factory. The victory for Texas comes at a loss for Oklahoma, which also was seeking to have the factory land in Tulsa. The facility seeks to create as many as 5,000 new jobs. The County offered up to $65 million in tax rebates to entice the company, and plans to begin construction in the third quarter.
The additional plant is slated to produce Model 3 and Model Y vehicles for the Eastern half of the United States, as well as a potential new Tesla Semi truck and its Cybertruck pickup. Elon Musk has stated that his cars are not affordable enough yet for the average consumer, and he hopes to develop a plan to address that issue.
The company also needs to address its growing need for affordable battery cell production, and is looking to expand its partnerships with Panasonic Corp <PCRFY> and Contemporary Amperex Technology of China (CATL) <300750.SZ>.
Panasonic Corporation (OTC: PCRFY) is looking to restart production at Tesla Inc.’s (NASDAQ: TSLA) New York manufacturing plant on Wednesday, the Verge reported Tuesday.
What Happened
The Japanese electronics giant will spend the first two days performing equipment checks, and standard manufacturing will start Friday, Panasonic North America Solar Energy Division President Mark Shima said in an internal email accessed by the Verge.
Shima told the employees that the company has “completed preparations under close collaboration with Tesla, such as preparation of masks, sanitizers and wipes, set new protocol for entrance, new rules in cafeteria and production floor, new seat assignment in the office area in order to keep 6′ to the next person.”
It isn’t immediately clear if Tesla is also restarting production at the solar panel manufacturing facility.
Why It Matters
A majority of manufacturing at the New York gigafactory has…
BEIJING/TOKYO (Reuters) – U.S. electric carmaker Tesla Inc <TSLA> plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday.
The move comes after its Japanese battery partner Panasonic Corp <6752.T> said it would scale down operations at the Nevada factory this week before closing it for 14 days.
The factory produces electric motors and battery packs for Tesla’s popular Model 3 sedans.
“Tesla has informed us that the Gigafactory in Storey County is reducing on-site staff by roughly 75% in the coming days,” Austin Osborne said in a post on the county’s website.
No further details were available and it was not clear how many employees work in the factory. Tesla did not immediately respond to a Reuters request for comment.
The Reno Gazette Journal, which earlier reported the planned suspension, said Panasonic has about 3,500 employees at the Nevada plant.
Tesla said last week it would temporarily suspend production at its vehicle factory in San Francisco Bay Area from end of March 23, as well as at its New York solar roof tile factory.
However, Tesla CEO Elon Musk said the company will reopen the New York plant “as soon as humanly possible” to manufacture ventilators for coronavirus patients.
Two employees of Tesla have tested positive for coronavirus but have been working from home for the past two weeks and had not been symptomatic at work, Tesla said in an email to employees on Thursday. It did not disclose which unit or at what location the employees work.
(Reporting by Yilei Sun and Makiko Yamazaki; Editing by Miyoung Kim and Himani Sarkar)
Aeroflot, the Russian flag carrier and member of the SkyTeam alliance, has taken delivery of its first A350-900, becoming the launch operator of the latest-generation widebody aircraft in Eastern Europe and CIS. Aeroflot’s A350-900 features a distinctive new livery embracing its almost 100-year heritage. Aeroflot has a total of 22 A350-900 aircraft on order and operates an Airbus fleet of 126 aircraft (107 A320 Family and 19 A330 Family aircraft).
Aeroflot’s A350-900 features a brand new elegant cabin design, offering unrivalled passenger comfort. The aircraft has a spacious three-class cabin layout with 316 seats: 28 private Business Class suites with full-flat seats, 24 Comfort Class with extra legroom and 264 Economy Class. In addition, the latest-generation Panasonic eX3 in-flight entertainment system, HD screens and Wi-Fi connectivity will ensure enhanced experience for all passengers on long-haul flights. Aeroflot will operate its A350-900 from Moscow to a number of destinations including London, Dubai, New York, Miami, Osaka and Beijing.
The A350 XWB offers by design unrivalled operational flexibility and efficiency for all market segments – up to ultra-long haul (9,700 nm). Its Airspace by Airbus cabin is the quietest of any twin-aisle aircraft and offers passengers and crews the most modern in-flight flying experience. The aircraft features the latest aerodynamic design, a carbon fibre fuselage and wings, plus new fuel-efficient Rolls-Royce Trent XWB engines. Together, these latest technologies result in 25% lower operating costs, as well as 25% reduction in fuel burn and CO2 emissions compared with previous-generation competing aircraft – demonstrating Airbus’ commitment to minimise its environmental footprint while remaining at the cutting edge of air travel.
(Reuters) – Tesla Inc has agreed to buy energy storage company Maxwell Technologies Inc for $218 million in an all-stock deal that could help the electric car maker produce batteries that hold more energy and last longer at a time when it needs to cut costs and faces growing competition.
Tesla is rapidly increasing production of its Model 3 sedan and needs to lower the price to reach a broader customer base than its pure luxury vehicles.
Maxwell executives told investors in January that it had developed and patented a “dry electrode” technology that could significantly increase the driving range and reduce the cost of electric vehicle batteries. In a presentation, Maxwell said it expected strategic alliances “within six months” centered around this technology.
The company also makes ultracapacitors, which discharge energy faster than batteries and are seen as complementing battery technology.
Ultracapacitors, combined with the energy of batteries, can enable rapid response times, function across a broader temperature range and lengthen battery life by up to two times, according to a blog post on Maxwell’s website.
Volvo-owner Geely Holding Group last May announced a deal with Maxwell and described the company’s ultracapacitor technology as helping to deliver “peak power” for hybrid cars.
“Tesla needs Maxwell’s solvent-free battery electrode manufacturing for a viable path to lower battery costs,” said Craig Irwin of Roth Capital Partners. “Real competitors are coming now, so Tesla needs to move fast.”
Maxwell’s customers also include General Motors and Lamborghini.
The offer values each Maxwell share at $4.75, representing a 55 percent premium to the stock’s closing price on Friday, the companies said. Maxwell shares rose to trade at $4.58.
Currently, Japan’s Panasonic Corp is the exclusive battery cell supplier for Tesla cars.
Tesla chief Elon Musk had highlighted the importance of ultracapacitors back in 2013.
Tesla also sells power storage, often in conjunction with its solar power business, and ultracapacitors could be used in backup systems for homes and for utility power grids.
Maxwell expects the deal, which has already been approved by its board, to close in the second quarter of 2019, or shortly thereafter.
DLA Piper was Maxwell’s outside legal counsel, while Barclays Capital was the independent adviser. Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.
(Reporting by Supantha Mukherjee, Peter Henderson and Akanksha Rana in Bengaluru and by Joe White and Paul Lienert in Detroit; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)
