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On October 27, Berkshire Hathaway (BRK.AN, BRK.BN) received a rare "sell" rating, as analysts remained cautious about its earnings outlook and continued concerns about Warren Buffetts impending departure and macro risks. New York investment bank KBW (Keefe, Bruyette & Woods) downgraded the conglomerates Class A shares from "market perform" to "underperform," citing "many factors moving in the wrong direction." This is the only sell rating among the six analysts covered by the firm. "In addition to our ongoing concerns about macro uncertainty and Berkshires historically unique succession risk, we believe the stock will underperform as earnings challenges emerge and/or persist," analyst Meyer Shields wrote in the report. Berkshire Class B shares fell about 1% on Monday. So far this year, the stock has risen just 7.8%, compared to a 16% gain for the S&P 500.Pemex: By the end of the third quarter, it had received 380.1 billion pesos in support from the government.Pemex: Crude oil and condensate production in the third quarter was 1.65 million barrels per day, a year-on-year decrease of 6.6%.Pemex: Crude oil processing volume in the third quarter was 1.01 million barrels per day, a year-on-year increase of 4.9%.On October 27, the Federal Reserve is expected to cut the target range for the federal funds rate by 25 basis points to 3.75%–4.0% on Wednesday. However, Generali Investments predicts that the vote among policymakers may be "three-way split": one dissenter supports a larger 50 basis point rate cut, and there may be some dissenters who support keeping interest rates unchanged. Paul Zanghieri, a senior economist at the agency, said this would create an "almost unprecedented" disagreement. The agency expects the Fed to cut interest rates again in December and make a final rate cut in the first quarter of 2026. Zanghieri said that at the press conference, Fed Chairman Powell may describe the rate cut as a risk management measure without giving any hint about the policy orientation of the December meeting.

In Indiana, GM and LG Energy Solution are considering a fourth U.S. battery plant

Haiden Holmes

Aug 19, 2022 11:04

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According to a joint venture spokesperson on Thursday, General Motors Co and LG Energy Solution are investigating an Indiana location for a fourth U.S. battery cell production factory.


Ultium Cells LLC "is building a compelling business case for a possible major investment in New Carlisle, Indiana," she said, adding that Ultium has submitted a tax abatement application that it expects to be approved by the end of the month.


This month, Ultium's first U.S. battery cell manufacturing facility will open in Warren, Ohio. The companies announced the $2.3 billion project in 2019.


A source briefed on the matter told Reuters that the fourth facility is expected to be identical to the three others and to cost more than $2 billion, but its launching date is unknown.


In January, GM and LG announced a $2.6 billion investment to build a new battery cell manufacturing plant in Lansing, Michigan. The plant is scheduled to open in late 2024. GM also announced at the time that it would invest $4 billion to rebuild and expand an assembly plant near Detroit in order to produce electric pickup trucks that would be powered by batteries produced at the Lansing battery plant.


Additionally, GM and LG Energy are building a $2.3 billion facility in Spring Hill, Tennessee, which is expected to be completed by the end of 2023.


The U.S. Energy Department stated last month that it will lend $2.5 billion to Ultium to help finance the construction of manufacturing facilities for battery cells in Ohio, Tennessee, and Michigan.


Last month, GM stated that it had struck multi-year agreements with LG Chem Ltd and Livent (NYSE:LTHM) Corp to source the necessary raw materials for the production of electric vehicle batteries. GM announced it was on schedule to achieve its goal of producing one million electrified vehicles annually in North America by the end of 2025.


Stellantis NV, Chrysler's parent company, and Samsung (KS:005930) SDI announced in May that they will invest over $2.5 billion to build a new joint venture battery plant in Kokomo, Indiana.


The law signed by President Joe Biden on Tuesday imposes extra sourcing standards for battery components and critical minerals beginning on January 1 for electric vehicles to qualify for $7,500 tax credits.


Biden hopes that by 2030, fifty percent of all automobiles produced in the United States will be electric or plug-in electric.

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