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Exclusive: Apple targets car production by 2024 and eyes ‘next level’ battery technology – sources

Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology, people familiar with the matter told Reuters.

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(Reuters) – Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology, people familiar with the matter told Reuters.

The iPhone maker’s automotive efforts, known as Project Titan, have proceeded unevenly since 2014 when it first started to design its own vehicle from scratch. At one point, Apple drew back the effort to focus on software and reassessed its goals. Doug Field, an Apple veteran who had worked at Tesla Inc, returned to oversee the project in 2018 and laid off 190 people from the team in 2019.

Since then, Apple has progressed enough that it now aims to build a vehicle for consumers, two people familiar with the effort said, asking not to be named because Apple’s plans are not public. Apple’s goal of building a personal vehicle for the mass market contrasts with rivals such as Alphabet Inc’s Waymo, which has built robo-taxis to carry passengers for a driverless ride-hailing service.

Central to Apple’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range, according to a third person who has seen Apple’s battery design.

Apple declined to comment on its plans or future products.

Making a vehicle represents a supply chain challenge even for Apple, a company with deep pockets that makes hundreds of millions of electronics products each year with parts from around the world, but has never made a car. It took Elon Musk’s Tesla 17 years before it finally turned a sustained profit making cars.

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” said a person who worked on Project Titan.

It remains unclear who would assemble an Apple-branded car, but sources have said they expect the company to rely on a manufacturing partner to build vehicles. And there is still a chance Apple will decide to reduce the scope of its efforts to an autonomous driving system that would be integrated with a car made by a traditional automaker, rather than the iPhone maker selling an Apple-branded car, one of the people added.

Two people with knowledge of Apple’s plans warned pandemic-related delays could push the start of production into 2025 or beyond.

FILE PHOTO: FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo/File Photo

Shares of Tesla ended 6.5% lower on Monday after their debut in the S&P 500 on Monday. Apple shares ended 1.24% higher after the news.

Apple has decided to tap outside partners for elements of the system, including lidar sensors, which help self-driving cars get a three-dimensional view of the road, two people familiar with the company’s plans said.

Apple’s car might feature multiple lidar sensors for scanning different distances, another person said. Some sensors could be derived from Apple’s internally developed lidar units, that person said. Apple’s iPhone 12 Pro and iPad Pro models released this year both feature lidar sensors.

Reuters had previously reported that Apple had held talks with potential lidar suppliers, but it was also examining building its own sensor.

As for the car’s battery, Apple plans to use a unique “monocell” design that bulks up the individual cells in the battery and frees up space inside the battery pack by eliminating pouches and modules that hold battery materials, one of the people said.

Apple’s design means that more active material can be packed inside the battery, giving the car a potentially longer range. Apple is also examining a chemistry for the battery called LFP, or lithium iron phosphate, the person said, which is inherently less likely to overheat and is thus safer than other types of lithium-ion batteries.

”It’s next level,” the person said of Apple’s battery technology. “Like the first time you saw the iPhone.”

Apple had previously engaged Magna International Inc in talks about manufacturing a car, but the talks petered out as Apple’s plans became unclear, a person familiar with those previous efforts said. Magna did not immediately respond to a request for comment.

To turn a profit, automotive contract manufacturers often ask for volumes that could pose a challenge even to Apple, which would be a newcomer to the automotive market.

“In order to have a viable assembly plant, you need 100,000 vehicles annually, with more volume to come,” the person said.

Some Apple investors reacted to the Reuters report on the company’s plans with caution. Trip Miller, managing partner at Apple investor Gullane Capital Partners, said it could be tough for Apple to produce large volumes of cars out of the gate.

“It would seem to me that if Apple develops some advanced operating system or battery technology, it would be best utilized in a partnership with an existing manufacturer under license,” Miller said. “As we see with Tesla and the legacy auto companies, having a very complex manufacturing network around the globe doesn’t happen overnight.”

Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said Apple has a history of higher margins than most automakers.

“My initial reaction as a shareholder is, huh?” Eddins said. “Still don’t really see the appeal of the car business, but Apple may be eyeing another angle than what I’m seeing.”

Reporting by Stephen Nellis in San Francisco, Norihiko Shirouzu in Beijing; and Paul Lienert and Ben Klayman in Detroit; editing by Jonathan Weber, Edward Tobin and Sonya Hepinstall

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Source: https://www.reuters.com/article/us-apple-autos-exclusive/exclusive-apple-targets-car-production-by-2024-and-eyes-next-level-battery-technology-sources-idUSKBN28V2PY

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Reuters

Chinese social media platforms to “rectify” financial self-media accounts

China’s top social media platforms, Wechat, Douyin, Sina Weibo and Kuaishou, said on Saturday they would begin to rectify irregular practices of “self-media” accounts that publish financial information, reported state media Global Times.

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WeChat app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

SHANGHAI, Aug 28 (Reuters) – China’s top social media platforms, Wechat, Douyin, Sina Weibo and Kuaishou, said on Saturday they would begin to rectify irregular practices of “self-media” accounts that publish financial information, reported state media Global Times.

This follows an announcement by China’s cyberspace regulator, the Cyberspace Administration of China (CAC), that it would look into accounts that have repeatedly released financial news illegally, distorted economic policy interpretation, badmouthed financial markets, spread rumours and disrupted network communications.

The term “self-media” is mostly used on Chinese social media to describe independently operated accounts that produce original content but are not officially registered with the authorities.

Wechat said in a statement on Saturday that from now until Oct. 26, it would investigate and shut down financial self-media accounts that “badmouth the financial market” and “blackmail and spread rumors.”

Sina Weibo, Douyin and Kuaishou also released similar statements on Saturday, reported the Global Times, with Sina Weibo and Kuaishou adding that they would severely crack down on accounts that violate the rules.

The announcements come amid a recent crackdown by Beijing on the tech sector, with the latest regulations targeting “chaotic” celebrity fan culture and algorithms that technology companies use to drive their business. read more

China is also framing rules to ban internet companies whose data poses potential security risks from listing outside the country, including in the United States. read more

Reporting by Emily Chow. Editing by Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

The term “self-media” is mostly used on Chinese social media to describe independently operated accounts that produce original content but are not officially registered with the authorities.

Source: https://www.reuters.com/world/china/chinese-social-media-platforms-rectify-financial-self-media-accounts-2021-08-28/

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Reuters

Death toll rises to 77 from Turkey floods, 47 reported missing

The death toll from flash floods that swept through several towns in Turkish Black Sea provinces last week has risen to 77 people and emergency workers are continuing to search for 47 who are missing, authorities said on Monday.

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A damaged vehicle and a partially collapsed building are seen following the flash floods that swept through towns in the Turkish Black Sea region, in the town of Ilisi, in Kastamonu province, Turkey, August 15, 2021. REUTERS/Mehmet Emin Caliskan

ISTANBUL, Aug 16 (Reuters) – The death toll from flash floods that swept through several towns in Turkish Black Sea provinces last week has risen to 77 people and emergency workers are continuing to search for 47 who are missing, authorities said on Monday.

The floods last week brought chaos as torrents of water tossed dozens of cars and heaps of debris along streets, destroyed buildings and bridges, closed roads and damaged electricity infrastructure.

Sixty-two people died as a result of floods in Kastamonu province. Another 14 people died in Sinop and one in Bartin, the Disaster and Emergency Management Directorate (AFAD) said.

Forty-seven people were reported missing in Kastamonu and Sinop, it said, adding that seven others were receiving treatment in hospital.

Drone footage showed massive damage in the town of Bozkurt in Kastamonu province, where rescue teams searched demolished buildings at the weekend.

More than 2,000 people were evacuated from affected areas, some with the help of helicopters and boats, AFAD said, adding that more than 8,500 personnel were involved in the emergency response efforts.

Weather forecasters warned of further flooding due to expected heavy rainfall on Monday in Black Sea provinces to the east of the regions affected last week.

Reporting by Ezgi Erkoyun; Editing by Dominic Evans and Rosalba O’Brien

Our Standards: The Thomson Reuters Trust Principles.

Drone footage showed massive damage in the town of Bozkurt in Kastamonu province, where rescue teams searched demolished buildings at the weekend.

Source: https://www.reuters.com/world/middle-east/death-toll-rises-70-turkey-floods-47-reported-missing-2021-08-16/

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Reuters

Chipmaker TSMC says too early to say on Germany expansion

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) said on Monday that it was too early to say whether it will build factories in Germany and that talks were in early stages, as the EU seeks to reduce chip imports amid a supply shortage.

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The logo of Taiwan Semiconductor Manufacturing Co (TSMC) is pictured at its headquarters, in Hsinchu, Taiwan, Jan. 19, 2021. REUTERS/Ann Wang

TAIPEI, July 26 (Reuters) – Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) said on Monday that it was too early to say whether it will build factories in Germany and that talks were in early stages, as the EU seeks to reduce chip imports amid a supply shortage.

The European Commission had held discussions with global chip giants, including Intel (INTC.O) and TSMC, as the EU seeks to boost semiconductor production and shield itself from shocks in the global supply chain. read more

Taiwan and TSMC, the world’s largest contract chip manufacturer, have become central in efforts to resolve the pandemic-induced chip shortage that has forced automakers to cut production and hurt manufacturers of smartphones, laptops and even appliances.

“We are currently doing reviews on Germany seriously, but it’s still in very early stages,” TSMC chairman Mark Liu told an annual shareholder meeting when asked about building chip fabrication plants in the EU country.

“We continue to communicate with our major clients in Germany to see whether this is most important and effective for our clients,” he said. “It’s too early to say.”

TSMC signalled in July plans to build new factories in the United States and Japan amid concern over the concentration of chipmaking capability in Taiwan, which produces most of the world’s most advanced chips and is geographically close to political rival China. read more

On TSMC’s $12 billion factory in the U.S. state of Arizona, Liu said the expansion would support client demand, especially in infrastructure and national security.

“Clients are the backing of our global expansion. We will move very cautiously,” Liu said, adding that the company’s customers would help share costs of overseas operations.

TSMC announced this year plans to invest $100 billion over the next three years to increase capacity, riding on what it called a “multiple years of growth opportunities”, as the COVID-19 pandemic and new technologies drove global demand for advanced chips.

Reporting By Yimou Lee. Editing by Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

Taiwan and TSMC, the world’s largest contract chip manufacturer, have become central in efforts to resolve the pandemic-induced chip shortage that has forced automakers to cut production and hurt manufacturers of smartphones, laptops and even appliances.

Source: https://www.reuters.com/technology/chipmaker-tsmc-says-too-early-say-germany-expansion-2021-07-26/

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