Leading online retail shopping company Amazon.com Inc (NASDAQ: AMZN) has announced a broad and strategic partnership with South Korea-based automotive manufacturer Hyundai Motor Co. Ltd (KRX: 005380) to ensure sustainable growth and innovative customer experiences. According to the announcement made during the 2023 Los Angeles Auto Show, Amazon will be launching online sales of Hyundai vehicles in the United States beginning next year. Additionally, Hyundai named Amazon Web Services (AWS) as its preferred cloud provider in a bid to digitize its next-generation models and compete with other automakers. To crown the partnership, Amazon announced that the Alexa built-in experience will launch on Hyundai’s new vehicles.

Commenting on the partnership, Amazon Chief Executive Officer Andy Jassy highlighted that both companies share a similar passion for improving customer experience. As a result, Jassy highlighted that both companies will continue to work together for more innovative technology products in the coming years.

“Our broad, strategic partnership should do just that, from changing the ease with which customers can buy vehicles online to making it simple to use Alexa in Hyundai vehicles for entertainment, shopping, smart home adjustments, and calendar checks to enabling Hyundai to transform their customer experiences and business operations by moving to AWS. We look forward to inventing together for many years,” Jassy noted.

Notably, Hyundai vehicles beginning in 2025 will incorporate a hands-free Alexa experience similar to the one used in homes. For instance, Hyundai drivers will be able to ask Alexa to play music, set reminders, and connect with their home devices like climate control.

Hyundai and Amazon’s Market Outlook

The partnership between Amazon and Hyundai is strategic to the respective shareholders amid heightened competition in their vehicle and technology industries. Furthermore, Hyundai customers will have more value for their money through Amazon product. According to the President and Chief Executive Officer (CEO) of Hyundai Jaehoon (Jay) Chang, the partnership with Amazon will help expand its portfolio and grow its sales network as it transitions to fully electric vehicles.

“Amazon is the ideal partner to help realize our vision of progress for humanity, including improving how people and goods move more efficiently and sustainably. Hyundai is the first automotive company available for full end-to-end transactions in Amazon’s US store and this is another example of how we continue to push for ways to elevate the customer journey together with our outstanding retail partners,” Jay noted.

Following the announcement, AMZN stock tweaked 0.07 percent in the after-hours session to trade around $142.93. The $1.48-trillion-valued company has seen its stock market gain about 70 percent year-to-date.

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Cobalt hydroxide prices have dropped in response to an increase in supplies from the Democratic Republic of Congo. Cobalt, used commonly to make batteries for electric vehicles (EVs), is produced in Congo as a byproduct of copper.

The prices of cobalt hydroxide are calculated as a percentage of the benchmark metal price agreed between sellers and buyers, known as payables. According to Benchmark Mineral Intelligence (BMI), payables fell to 46% of the cobalt metal price in August, some distance from the 90% recorded in late 2021 and early 2022. At the time, a metric ton of cobalt traded for $60,000, compared to current prices around $32,000.

According to Roman Aubry, a BMI analyst, prices are likely to remain low until demand increases. Aubry said:

“We’re unlikely to see prices return to 2022 levels until demand is able to catch up with the huge volume of cobalt available at the moment. However, the rate at which the EV industry is going, we expect demand to overtake supply quite substantially in 2027.”

In addition to EV batteries, cobalt is also important for use in battery-operated consumer electronic devices. These mainly include laptop computers and mobile phones.

While there is a general increase in cobalt demand, the supply rate is much higher. In addition, there is a noted reduction in consumer electronics sales.

Factors Affecting the Falling Prices of Cobalt

Adding to the increase in supply is production from Indonesia. According to BMI, cobalt supplies from the Southeast Asian nation would likely rise over 100% to more than 19,000 tons. The estimate also predicts that cobalt from the Democratic Republic of Congo will jump 14% to 169,000 tons – about 72% of the total global supply.

Another factor affecting cobalt demand is that EV manufacturers are shifting towards cheaper lithium iron phosphate (LFP) batteries instead of batteries that use nickel, cobalt, and manganese (NCM). According to Morgan Stanley analysts, the situation is likely to affect demand for cobalt for a long time.

“These developments pose long-term challenges to cobalt demand. We see cobalt prices remaining under pressure as supply growth and [China’s CMOC Group] destocking come through.”

China’s CMOC Group recently resumed shipment of cobalt and copper from its Tenke Fungurume Mine (TFM) in Congo. In July 2022, shipments from the TFM were halted due to a dispute with Congolese commodity trading and mining company Gecamines over royalty payments. In 2021, TFM was responsible for 10% of the world’s cobalt supply.

Last month, Swiss miner Glencore PLC predicted that cobalt supplies will outstrip demand and create large surpluses over the coming years. The company added that it may add to its stockpiles and reduce production to keep cobalt prices healthy. Last year, the estimated global cobalt supply was about 190,000 metric tons, with 10,000 tons in surplus. According to Jim Lennon, an analyst at Australian financial services group Macquarie, the cobalt surplus for the year will hit 8,600. Lennon estimates surpluses for 2024 and 2025 will rise to 10,200 and 10,400 tons, respectively.

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The US Department of Energy (DOE) recently unveiled a $15.5 billion funding and loan package as part of President Biden‘s ambitious “Investing in America” agenda. This initiative announced by the Biden administration primarily focuses on retooling existing factories to support Electric Vehicle (EV) production, thereby promoting good job opportunities and aiding a just transition to zero-emission transportation.

Biden Supports Automotive Manufacturing Conversion

A crucial aspect of President Biden’s plan is to allocate $2 billion in grants and up to $10 billion in loans specifically aimed at supporting automotive manufacturing conversion projects.  These grants and loans will incentivize manufacturers to reconfigure their existing facilities, ensuring they can effectively produce EVs while safeguarding high-quality jobs in communities that currently host these manufacturing plants.

Additionally, the DOE said it plans to use the remaining $3.5 billion to expand the production of batteries for EVs and the national power grid. This funding allocation, the second of its kind, is a critical component of the administration’s comprehensive strategy to secure a more sustainable and resilient energy future.

This investment aims to increase the production of high-quality, cost-effective batteries suitable for EVs and grid storage applications. By scaling up manufacturing, the United States can better meet the surging demand for batteries and become a global leader in this critical industry.

This strategic approach aligns with the administration’s vision to create high-paying manufacturing jobs for Americans, with a particular focus on traditionally conservative states like Georgia, North Carolina, and Tennessee.

Historically, the United States has relied on other countries for battery materials and components. However, a growing number of automakers and battery manufacturers are announcing plans to establish battery production facilities within the United States.

This trend towards onshoring battery production was triggered by a confluence of factors, including the disruptions caused by the COVID-19 pandemic and the need to secure critical battery materials, many of which are predominantly sourced from China.

Furthermore, the passing of the Inflation Reduction Act in August 2022 has energized domestic manufacturing activities by providing manufacturers with a host of incentives. Despite certain concerns, these advancements point to a bright future for American battery manufacturing.

How can Manufacturers Access the Grant and Loans?

The DOE is playing a pivotal role in executing this vision. Companies looking to invest in EV and battery production can access support through two primary avenues: grants from the DOE’s Office of Manufacturing and Energy Supply Chains and debt financing from the DOE’s Loan Program Office.

Notably, preference will be given to companies with manufacturing plants in communities that have a historical background in automotive manufacturing. This approach fosters a sense of inclusivity and underscores the importance of manufacturing jobs in regions where they are sorely needed.

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Elon Musk, the Chief Executive Officer of American multinational electric vehicle maker, Tesla Inc (NASDAQ: TSLA) has dropped a crucial hint that two new vehicle brands are in the works at the company. He mentioned this while at the company’s 2023 Shareholder’s meeting that was held on Tuesday.

According to the vocal CEO, Tesla is indeed in the process of building new products.

“I just want to emphasize that we are actually building a new product,” said Musk. “We are actually designing a new product. We’re not sitting on our hands here,” Musk said adding that “both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in the industry.”

Tesla is not just known to be one of the very few pioneers of electric vehicle brands in the world, it is also recognized for its quality and prestige. These qualities are, however, negated by the high cost of the current Tesla car models. In a bid to correct this and make the company’s products more accessible to the average earner, Elon Musk has been focused on producing cheaper car alternatives.

Whether or not these two products are the answers to the cheaper EVs being tipped is unclear but if they are, starting prices may come in at $25,000. While the very first teaser given by Musk on the new product was far back in 2020, he reiterated this time around that there will be a proper product launch when the time comes.

The new update from Musk has helped sustain the company’s share price as it closed Tuesday’s session up by a marginal 0.10% to $166.52 with an additional 1.47% upsurge in the pre-market.

Elon Musk and the Projection for the New Vehicle Models

According to Elon Musk, the company’s attention on the new vehicle model that is in production will take precedence based on the projections in view. The billionaire investor said a total of 5 units is being planned for both brands annually.

In the teaser showing 2 masked vehicle brands, what is coming appears to be a truck and a sedan or hatchback electric vehicle respectively. While Elon Musk gave as much detail as he could at the event, there was no mention of the probable date the vehicles will hit the market.

Elon Musk is a man whose attention is divided in several ways. The CEO currently joggles Twitter, the social media platform he acquired for $44 billion last year, Tesla, Neuralink, SpaceX, and The Boring Company. He recently announced Linda Yaccarino as his replacement as CEO for the social media outfit, a move Tesla investors say will make him pay more attention to Tesla.

The revelation of the new products is one of the first vocal approaches from the CEO since he revealed Linda as his successor and thus marks a good omen boosting the Tesla share price.

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As the blockchain and cryptocurrency industry continues to expand despite crashing markets, manufacturers of electric vehicles (EVs) are increasingly interested, and one of them has announced the debut of its EV project built on the Cardano (ADA) network, set to launch in Sri Lanka.

Indeed, the Sri Lanka deployment of eTukTuk, the first-ever automotive project created on Cardano, was announced on the second day of the World Economic Forum (WEF) taking place in Davos, Switzerland, according to the report by CityAM published on January 18.

eTukTuk project

Specifically, the project aims to address the infrastructure and cost issues that have previously prevented the launch of EVs at scale by building an innovative, sustainable, and “dynamic, multi-revenue model” that would incentivize the expansion of eTukTuk’s network of charging stations and EVs through Cardano.

According to the report, the eTukTuk team will be working with influential industry partners and the local government in Sri Lanka, where there are currently 1.2 million traditional internal combustion engine (ICE) TukTuks on the roads.

In line with its objectives, eTukTuk aims to cut the number of these traditional ICE vehicles on Sri Lankan roads, reduce air pollution, and provide infrastructure and an “affordable transportation network that severs the ties that bind us to fossil fuels.”

Rosy Senanayake, the mayor of Sri Lanka’s capital, Colombo, where 70% of the inefficient ICE TukTuks are based, said that:

“eTukTuk’s solution has the ability to drive economic change throughout Colombo and, indeed, Sri Lanka. (…) The current TukTuk drivers are in need of the affordable and sustainable solution that eTukTuk provides – one that places their take-home pay, safety, and the environment at the forefront of their plans.”

Cardano network development

Elsewhere, Cardano’s developers are working hard on advancing the ecosystem, including the deployment of the first-ever smart contract written in Eopsin, an innovative Pythonic programming language, allowing developers to write 100% valid Python programs, leveraging the existing tool stack for Python.

On top of that, the ADA team has announced another Cardano upgrade planned for February, which will introduce new built-in functions to the Plutus smart contracts, with an aim “to make it easier for developers to build cross-chain apps.”

ADA price analysis

Meanwhile, Cardano’s native ADA token is riding on the bullish momentum that has opened the new year on the crypto market, currently changing hands at the price of $0.3369, up 1.50% on the day, and 1.40% across the week, adding up to the cumulative monthly gains of 32.77%.

As things stand, Cardano’s market capitalization currently stands at $11.65 billion, making it the eighth-largest cryptocurrency by this indicator, according to the latest data retrieved by Finbold from the crypto tracking platform CoinMarketCap on January 20.

The Cardano ($ADA) network is getting its first automotive project in the near future, with initial operations launching in Sri Lanka. The project was unveiled at the World Economic Forum in Davos and focuses on the use of electric vehicles, eTukTuks.

According to CityAM, the project comes after several other attempts to launch two and three-wheeler electric vehicles at scale that failed over a lack of charging infrastructure across the globe. To facilitate the move. The project, the news outlet writes, has been designed to address these issues through a “dynamic, multi-revenue model that balances sustainability with innovation.”

The project reportedly has its sights set on emerging markets, from which 63% of the world’s total carbon emissions come from, and where pollutants from inefficient transportation keep on growing.

Launching in Sri Lanka means the project will address a market in which 1.2 million traditional combustion engine Tuktuks circulate regularly, 70% of which are in the capital Colombo. It aims to offer an “affordable transportation network that severs the ties that bind us to fossil fuels.”

The Cardano blockchain will be used to allow drivers, passengers, and other market participants within the network to earn rewards.

As CryptoGlobe reported, popular and respected Cardano influencer “ADA whale” has recently said there is “an insane amount of cool stuff” coming to Cardano and its ecosystem. Some of the projects being built on Cardano include algorithmic stablecoin $DJED, fit-backed stablecoin $USDA, and stablecoin decentralized exchange TeddySwap, among others.

Earlier this month, Cardano’s market cap surpassed that of popular meme-inspired cryptocurrency Dogecoin ($DOGE), at a time in which $ADA has been recovering from its second-largest drawdown ever.

Cardano’s price has notably been recovering this year from what was its second-largest drawdown. According to CryptoCompare’s latest Asset Report, the smart contract platform’s native token ended the year at around $0.25 after losing 81.2% of its value over its 12 months. The loss marked its second-largest drawdown, behind a 94.3% drop in the 2018 bear market, when ADA dropped from $0.71 to $0.04.

The drop notably also marked the third decline in yearly performance in Cardano’s history. The cryptocurrency’s recovery came whale addresses recently restarted accumulating $ADA, which could be a main validator to watch for the cryptocurrency’s breakout. After dumping over 560 million $ADA over the final two months of 2022 $ADA whales have restarted accumulating this year, adding 217 million tokens to their stash so far.

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SINGAPORE, Sept. 27, 2021 /PRNewswire/ — EMURGO Ptd. Ltd. – EMURGO, the official commercial arm of the Cardano blockchain, today announced the launch of a new Cardano ecosystem investment vehicle to invest into early startup and growth stage companies focused on building socially impactful solutions powered by Cardano.

As wholly-owned subsidiaries of parent company EMURGO Ptd. Ltd., this new Cardano investment vehicle will be composed of two separate entities, EMURGO Africa, and EMURGO Ventures, each with a distinct investment thesis.

EMURGO Africa aims to support more than three hundred regional startups through seed funding and incubation, to ultimately have Cardano’s blockchain adopted as the technological platform standard in Africa for socially impactful solutions.

EMURGO Ventures will focus on other developed markets to facilitate the building of solutions and services on Cardano with a set capital allocation for seed investments into a variety of Cardano-focused startups and middleware solutions companies, including those building decentralized financial services (DeFi), non-fungible token (NFT) projects, blockchain developer education tools, and other decentralized applications.

The integration of smart contracts into Cardano’s blockchain is now set to foster wide innovation of decentralized services and EMURGO’s new investment vehicle through these two entities will support this initiative.

As subsidiary entities of EMURGO – one of the founding members of Cardano – EMURGO Africa and EMURGO Ventures will leverage EMURGO’s deep experience in blockchain solutions deployment and global network of industry partners to provide strategic capital to its portfolio companies, helping to bolster the Cardano ecosystem.

Through its previous partnership with SOSV, EMURGO has made more than ten direct investments into blockchain startups, including API3 – a data service provider for blockchains that has garnered investment from major funds in the blockchain industry.

For its initial launch, EMURGO Africa has announced two major partnerships to rapidly expand the Cardano ecosystem in Africa and utilize the large business networks of its partners.

Adanian Labs, a venture building studio operator in Africa, will partner with EMURGO Africa to support impact driven startups expanding the Cardano ecosystem across the continent.

Adaverse, a Cardano-focused joint accelerator program in Africa with leading blockchain industry accelerator Everest Ventures, will also partner with EMURGO Africa.

For its initial launch, EMURGO Ventures has announced its first seed investment into Milkomeda – a dcSpark sidechain project bridging Cardano and other Layer 1 blockchain protocols that will utilize wrapped ADA (wADA) as an asset.

“We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness. EMURGO is dedicated to meeting this demand by providing the capital and strategic resources necessary for our portfolio companies to scale rapidly and bring new solutions to Cardano,” said EMURGO CEO Ken Kodama.

Charles Hoskinson, CEO of IOHK, said: “EMURGO’s investments will help to shape the future of the Cardano ecosystem, a maturing network with a creative and diverse community, growing smart contract capabilities and partnerships across the globe that provide social and financial services utilizing Cardano’s provably-secure technology.”

According to the 2021 Chainalysis Global Crypto Adoption Index, global cryptocurrency adoption has jumped over 880% and is skyrocketing, led by usage of DeFi platforms in emerging markets. It is noted that residents in these markets have increasingly utilized DeFi platforms as the main gateway to accessing cryptocurrencies due to a lack of access to centralized exchanges and traditional financial services.

Projects and companies interested in seed investments and partnerships may go to the respective websites above to apply.

About EMURGO

EMURGO is the official commercial arm of Cardano and provides socially impactful solutions to solve some of the most intricate problems of organizations. As a founding entity of the Cardano protocol, EMURGO is able to leverage its abilities for large-scale blockchain development and rapid solutions deployment to benefit its global clients.

EMURGO has offices in Singapore, India, and Indonesia, and a roster of global clients & partners. To connect and learn more, visit https://emurgo.io.

For further information from EMURGO

Renato Zamagna

Chief Marketing Officer

319826@email4pr.com

+65 6978 5823

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SOURCE EMURGO