Here’s what we have for you today:
• Domestic EV battery
• Intel lagging behind
• More crude oil
North America EV battery production
The situation: During 2019, US had only two battery factories that was operating with another two under construction. Now in 2023, there are about 30 battery factories either planned, under construction or operational in the US.
Pledge: Automakers and battery manufacturers have collectively invested and agreed to invest close to $100 billion in building domestic cell and module manufacturing in North America.
Accountability: Companies promise to deliver an annual capacity of over 1,200 gigawatt-hours before 2030 (if each factory reaches max capacity).
Intel trying to meet industry standard
The plan: Intel CEO Pat Gelsinger announced a comprehensive modernization strategy back in 2021.
Backfired: As part of the plan, Intel announced plans to acquire Tower Semiconductor, an Israeli chip manufacturer, for $5.4 billion in February, 2022. However, the acquisition failed due to regulatory issues getting it approved, predominantly in China.
Reportedly: Intel needs foundry capability for 3nm future chips as they have fallen behind from other contemporaries.
US still in love with oil
Crude volume: In August 2023, the US Energy Information Administration forecasts US crude oil production to average 12.8 million barrels a day in 2023.
More to come: Currently, the EIA sees US output surpassing 12.9 million barrels a day for the first time later this year and exceeding 13 million barrels a day in early 2024.
Next year: EIA also expects that the US will exit 2024 producing 13.4 million barrels a day, and projects growth to only slow because of falling oil well productivity.