Baltic Dry Index. 3383 -35 Brent Crude 75.13
Spot Gold 1776
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 01/07/21 World 182,979,349
Deaths 3,962,764
July 1, 1867. The Dominion of Canada is formed, comprising the provinces of New Brunswick, Nova Scotia, Ontario & Quebec.
As China “celebrates” 100 years of the Chinese Communist Party, in happier news, Canada is celebrating the founding of Canada.
Asian stock casinos, ex Hong Kong which is closed today, are mixed.
Asia-Pacific shares slip as private survey shows Chinese factory activity growth slowed in June
SINGAPORE — Shares in Asia-Pacific slipped in Thursday morning trade as investors reacted to the release of Chinese economic data.
Mainland Chinese stocks were lower in morning trade as the Shanghai composite declined 0.12% and the Shenzhen component slipped 0.308%.
A private survey released Thursday showed Chinese factory activity growth slowing in June. The Caixin/Markit manufacturing Purchasing Managers’ Index for June came in at 51.3 on Thursday, a lower reading than May’s 52.0.
PMI readings above 50 represent expansion, while those below that indicate contraction. PMI readings are sequential and show month-on-month expansion or contraction.
China’s official manufacturing PMI for June, released Wednesday, showed slower factory activity growth.
Elsewhere, the Nikkei 225 in Japan shed 0.39% while the Topix index fell 0.32%. The headline index for large manufacturers’ sentiment in the Bank of Japan’s quarterly tankan business sentiment survey released Thursday came in at plus 14, up from a plus 5 reading in March.
South Korea’s Kospi dipped 0.4%. Australia stocks also edged lower, with the S&P/ASX 200 falling about 0.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.29% lower.
Markets in Hong Kong are closed on Thursday for a holiday.
More
https://www.cnbc.com/2021/07/01/asia-markets-caixin-manufacturing-pmi-currencies-oil.htmlv
S&P 500 hits fifth consecutive record to close second quarter of 2021
June 30, 2021 / 5:48 PM
June 30 (UPI) -- The S&P 500 climbed for the fifth consecutive session on Wednesday, closing at another record high to end the second quarter of 2021.
At the end of trading Wednesday the S&P 500 had risen 0.13% to a record of 4,297.50, while the Dow Jones Industrial Average gained 210.22, or 0.61%. The Nasdaq Composite lagged behind, falling 0.17%.
On the year to date, the S&P has gained 14%, placing it on pace for its best first half since 2019, led by the real estate, information technology and communication services sectors.
The Nasdaq and Dow each have risen 12% for the quarter spanning March through June.
Walmart stock rose 2.75% and Boeing gained 1.6% to lead the Dow higher. On the year Goldman Sachs, American Express and Walgreens have been the best performing Dow stocks, each rising more than 30%.
Jeff Kilburg, chief investment officer at Sanctuary Wealth, told CNBC he had a positive outlook for the remainder of the year, citing the Federal Reserve's commitment to continued economic recovery.
"We can fight all we want about inflation, and we can fight about which metric we utilize for inflation, but I think at the end of the day we really are seeing the commitment the Fed's going to have," Kilburg said.
While stocks have turned in a strong performance to start the year, the 10-year treasury yield ended the quarter yielding just below 1.5% after hitting a peak of 1.77% in March. Cryptocurrencies have suffered in the second quarter with bitcoin falling to around $36,000 as of Tuesday from a high of $59,000.
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In other, more sad news, the death toll is rising from the great northwest America heatwave.
Historic Northwest heat wave may have killed hundreds
SALEM, Ore. (AP) — Hundreds of deaths in in Canada, Oregon and Washington may have been caused by the historic heat wave that baked the Pacific Northwest and shattered all-time temperature records in usually temperate cities.
Oregon health officials said late Wednesday more than 60 deaths have been tied to the heat, with the state’s largest county, Multnomah, blaming the weather for 45 deaths since the heat wave began Friday.
British Columbia’s chief coroner, Lisa Lapointe, said her office received reports of at least 486 “sudden and unexpected deaths” between Friday and 1 p.m. Wednesday. Normally, she said about 165 people would die in the province over a five-day period.
“While it is too early to say with certainty how many of these deaths are heat related, it is believed likely that the significant increase in deaths reported is attributable to the extreme weather,” LaPointe said in a statement.
Like Seattle, many homes in Vancouver, British Columbia, don’t have air conditioning.
“Vancouver has never experienced heat like this, and sadly dozens of people are dying because of it,” Vancouver police Sgt. Steve Addison said in a statement.
Washington state authorities had linked more than 20 deaths to the heat, but that number was likely to rise.
The heat wave was caused by what meteorologists described as a dome of high pressure over the Northwest and worsened by human-caused climate change, which is making such extreme weather events more likely and more intense. Seattle, Portland and many other cities broke all-time heat records, with temperatures in some places reaching above 115 degrees Fahrenheit (46 Celsius).
While the temperatures had cooled considerably in western Washington, Oregon and British Columbia by Wednesday, interior regions were still sweating through triple-digit temperatures as the weather system moved east into the intermountain West and the Plains.
Environment Canada issued heat warnings Wednesday for southern Alberta and Saskatchewan. Heat warnings also were in place for parts of Washington, Oregon, Idaho and Montana.
In Alberta, “a prolonged, dangerous, and historic heat wave will persist through this week,” Environment Canada said.
The very high temperatures or humidity conditions posed an elevated risk of heatstroke or heat exhaustion.
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Finally, electric vehicles march on unstoppable, suggests Axios.
But as posited in yesterday’s LIR, what does most “green” energy, [with most not trading in US fiat dollars,] do to the dollar reserve standard and more importantly, how soon? We are supposed to decarbonise between now and 2050, but most developed nations are aiming at 2030-2035.
Almost as importantly, our comfortable pre-covid 2019 world is all to soon to be swamped with stranded assets.
From unneeded very large crude oil tankers, to their equivalent LNG carriers, oil refineries, and LNG export and import plants, pipelines, and much of the service industries that service the existing hydrocarbon economy, among others.
The global march of electric vehicles
Jun 28, 2021
Just-released projections from the consultancy Wood Mackenzie see battery electric vehicles growing to 56% of global sales by midcentury as internal combustion models see their share greatly erode.
The big picture: It estimates there will be 875 million electric passenger vehicles and 70 million electric commercial vehicles on the roads by 2050. The latest analysis of passenger and commercial markets boosts its estimate of fully electric vehicles' share compared to even a February projection, which had it at 48%.
What they're saying: "A growing list of countries and automakers are committing to carbon neutral targets and this has completely transformed the global road transport landscape," Wood Mackenzie analyst Ram Chandrasekaran said in a statement.
Yes, but: Long-term outlooks are stuffed with uncertainties.
- And despite rapid growth, the International Energy Agency warns that EV adoption isn't on pace to meet Paris climate agreement goals.
- The IEA's recent analysis of what's needed to reach net-zero global emissions by 2050 would have EVs at 60% of passenger car sales by 2030(!).
What we're watching: Growing — albeit nonbinding — pledges by governments and automakers to speed up the transformation of vehicle fleets.
The latest: Reports emerged over the weekend that Volkswagen, the world's second-largest automaker, would stop making internal combustion vehicles in Europe by 2035.
Volvo unveils EV concept with suicide doors as ‘manifesto’ for its all-electric future
Swedish automaker Volvo on Wednesday unveiled a new concept electric vehicle that previews the future design direction of the company’s lineup as it transitions to exclusively offer EVs by 2030.
The vehicle, called the “Concept Recharge,” features a sleek exterior design with a simplistic interior, reminiscent of newer Tesla vehicles but with two screens instead of one. It’s a similar approach on the interior to Ford Motor’s well-received Mustang Mach-E electric crossover.
The exterior of the vehicle features an updated version of Volvo’s signature headlights and logo on the front, large “L” shaped taillights and a glass roof. It also features suicide doors that open from the middle of the vehicle, a design popular for concept vehicles that rarely makes it into production models due to ergonomics and safety concerns.
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The world's largest oil producer pivots to blue hydrogen exports
Aramco, the world's biggest oil company, sent its first shipment of blue ammonia in September to Japan
Jun 27, 2021
Saudi Aramco outlined plans to invest in blue hydrogen as the world shifts away from dirtier forms of energy, but said it will take at least until the end of this decade before a global market for the fuel is developed.
“We’re going to have a large share” of the market for blue hydrogen, Aramco’s chief technology officer, Ahmad Al-Khowaiter, said in an interview on Sunday in Dhahran, eastern Saudi Arabia, where the company’s based. “The scale up isn’t going to happen before 2030. We’re not going to see large volumes of blue ammonia before then.”
Hydrogen is seen as crucial to slowing climate change since it emits no harmful greenhouse gases when burned. The blue form of the fuel is made from natural gas, with the carbon emissions generated in the conversion process being captured. The hydrogen is sometimes converted again into ammonia to allow it to be transported more easily between continents.
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I suspect that the international trade in green or blue hydrogen, even if conducted in US fiat dollars, will be a pale reflection of the dollar trade in international hydrocarbons. Most developed economies will simply make their own hydrogen traded in their own currency.
In effect, decarbonisation equals de-dollarisation of the global economy.
World's biggest green hydrogen project announced for Kazakhstan
Loz Blain June 28, 2021
Germany's Svevind has announced plans for a colossal green hydrogen project that will place some 45 gigawatts of wind and solar energy generation on the vast steppes of Kazakhstan to produce around three million tonnes of green hydrogen annually.
This project will utterly dwarf the biggest project currently in planning or underway; it boasts more than twice the production capacity of the Asian Renewable Energy Hub that's just been deemed "clearly unacceptable" by Australia's conservative environment minister, and it's projected to produce five times more than the Enegix Base One project in Brazil. The biggest green hydrogen plant in the world today, Air Liquide's facility in Canada, marshals just 20 MW of peak electrolyzing capability – this Svevind project plans to run a monstrous 30 GW of electrolyzers.
The development is at an early stage; Svsvind has just signed an MoU with the Kazakh Invest National Company JSC after presenting its plans to the Kazakh government in May. The overall development, engineering, procurement and financing phases are expected to take about three to five years, and then the construction and commissioning phases are predicted to take around five years.
Why Kazakhstan? Well, this land-locked central Asian giant is the ninth biggest – and 18th least densely populated – country on the planet, with just seven people per square kilometer (18 people per sq mile). The endless plains of the Kazakh steppe take up a third of the country, an area larger than Pakistan. It's the most prosperous country in Central Asia, with an economy largely reliant on petroleum and crude oil exports.
So there's plenty of open space for renewable energy generation, even if it's not the windiest of places, the location is pretty decent for exporting to Asia or Europe, and there are local ammonia, steel and aluminum industries that could use the hydrogen domestically. Plus, any country currently reliant on fossil fuel exports needs to be planning ahead as the world looks to decarbonize over the next few decades.
https://newatlas.com/energy/worlds-biggest-green-hydrogen-project-planned-kazakhstan/
When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe.
Frederic Bastiat.
Global Inflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
PG&E seeks $3.6 billion in rate hikes for wildfire safety
June 30, 2021
SAN FRANCISCO (AP) — Pacific Gas & Electric asked regulators Wednesday to grant a $3.6 billion rate hike to help it pay for hardening its power systems to prevent deadly wildfires.
The nation’s largest electric utility requested the hike beginning in 2023, with half of the increase devoted to wildfire safety, spokeswoman Lynsey Paulo told the Sacramento Bee.
The hike would increase the average residential bill by $36 a month for gas and electric service, although the state’s Public Utilities Commission typically only grants a portion of any requested rate increase, the Bee said.
PG&E, which has some 16 million customers in central and Northern California, sought the hike as the state prepares to enter the hot summer months amid warnings that the state is likely to face one of its earliest and most dangerous wildfire seasons yet.
Much of the state already is in a drought and experts are predicting hotter, larger and fiercer blazes both in California and throughout the West.
The Biden administration said Wednesday it is hiring more federal firefighters — and immediately raising their pay as the summer looms.
“The truth is we’re playing catch-up″ on preparing for extreme heat and wildfires, Biden said, calling federal efforts “under-resourced″ compared with the deadly threat posed by climate change and extreme drought.
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Looming lockdown in Bangladesh threatens apparel retailers H&M, Levi’s, S&P Global says
Published Tue, Jun 29 2021 9:44 AM EDT Updated Tue, Jun 29 2021 2:17 PM EDT
Apparel retailers including H&M and Levi Strauss are at risk of facing heightened supply chain disruptions, as regions of Southern Asia are bracing for intense lockdowns as Covid-19 cases spike, fueled by the more contagious delta variant, according to a new report.
A new wave of Covid cases, especially along the Indian border, has prompted the government of Bangladesh to require its population of nearly 170 million people to remain at home for seven days, beginning this Thursday. The result will likely mean factories across the region will be forced to shut down, halting manufacturing. It marks Bangladesh’s most severe lockdown to date, with people only allowed to leave their homes for emergencies.
A new analysis from Panjiva, a business line of S&P Global Market Intelligence, points out that this marks a stark reversal from a trend spotted earlier on in the pandemic. Then, Bangladeshi apparel manufacturers suffered from orders being canceled by retailers in Europe and the Americas, where Covid restrictions were much tighter.
Still, Panjiva’s data show Bangladeshi exporters of apparel to the United States have been more resilient than nearby regions during the pandemic. Shipments in the three months ended April 30 are down by just 1.6%, compared with the same period of 2019, the firm said. Exporters from India and Sri Lanka, in contrast, dropped 10.1% and 6.4%, respectively.
Among the major retail brands with a presence in Bangladesh, shipments linked to H&M increased 13.5% in the three-months ended May 31, compared with the same period of 2019, Panjiva found. While imports associated with Levi’s fell 47.8%, and those with Calvin Klein-owner PVH dropped 68.7%.
Representatives from H&M, Levi’s and PVH didn’t immediately respond to CNBC’s requests for comment.
According to a September analysis of U.S. International Trade Commission data by the Peterson Institute for International Economics, Bangladesh has been gaining market share as China has become less competitive in labor-intensive sectors including apparel.
The additional supply chain disruptions will be hitting retail companies at a time when resources are already strained due to a number of factors. A shortage of shipping containers and a dearth of truck drivers have left inventory backlogged for weeks. This is typically a time when retailers are placing orders for the holiday season to ensure shelves are stocked during peak winter shopping.
More
https://www.cnbc.com/2021/06/29/looming-bangladesh-lockdown-to-hit-apparel-retailers-hm-levis.html
U.S., European suppliers scramble to secure Christmas goods as cargo delays worsen
Lisa BaertleinJonathan Saul
June 29, 20211:57 PM EDT
LOS ANGELES/LONDON, June 29 (Reuters) - Suppliers to Walmart (WMT.N), Target (TGT.N), Amazon.com (AMZN.O) and other major retailers told Reuters they are placing holiday orders for Chinese-made merchandise weeks earlier this year, as a global shipping backlog threatens to leave many gift buyers empty-handed this Christmas shopping season.
Reuters surveyed nearly a dozen suppliers and retailers of everything from toys to computer equipment in the United States and Europe. All expect weeks-long delays in holiday inventory due to shipping bottlenecks, including a global container shortage and the recent COVID-related closure of the southern Chinese port of Yantian, which serves manufacturers near Shenzhen.
The risk for retailers is a rash of out-of-stock items just as shoppers are ready to open their wallets to splurge on toys, clothing and other merchandise.
"It's going to be a major, major mess," said Isaac Larian, chief executive of Los Angeles-based MGA Entertainment Inc, which sells LOL Surprise, Bratz, Little Tikes and other toy brands to Amazon, Walmart and Target.
His company has toys stuck in hundreds of containers at the Yantian port. If he can't get enough inventory for his retail clients, "it's going to hurt the Christmas sales big time," Larian said.
The shipping logjams are due to more than just the backlog in Yantian, which is considered Amazon's No. 1 Chinese seaport, - accounting for 32.4% of shipments handled by the e-commerce company in the three months to May 31, according to S&P Global Market Intelligence's trade data firm Panjiva.
While Yantian port reopened on June 24, a shortage of containers was still constraining full activity, globally cargo ships are overbooked, containers are stranded in the wrong places, and ports are congested.
Products are piling up on factory floors, in warehouse parking lots, on seaport docks and at rail yards - threatening more backups than last year's holiday "shipageddon," when many items arrived after Christmas. read more
Amazon and other retailers did not respond to requests for comment.
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Sometimes the law defends plunder and participates in it. Sometimes the law places the whole apparatus of judges, police, prisons and gendarmes at the service of the plunderers, and treats the victim - when he defends himself - as a criminal.
Frederic Bastiat.
Covid-19 Corner
This section will continue until it becomes unneeded.
Europe wants to stop the Covid delta variant. But experts say it may already be too late
Published Wed, Jun 30 2021 4:32 AM EDT
LONDON — The coronavirus delta variant first discovered in India has now spread around the world, prompting further waves of infections in countries like the U.K.
Now, there are increasing signs that mainland Europe is seeing a sharp rise in cases too.
The EU is certainly worried about the spread of the highly infectious delta variant which evidence suggests is around 60% more transmissible than the alpha variant first found in England, causes more hospitalizations and slightly reduces the efficacy of vaccines.
A number of European countries have introduced further restrictions on visitors from the U.K., but experts believe it’s only a matter of time before it takes off in mainland Europe — and there are strong signals it already has.
On Tuesday, French Health Minister Olivier Veran said that the delta variant now represents some 20% of Covid-19 cases in France, up from last week’s estimate of it representing 9-10% of cases.
Germany’s public health body, the Robert Koch Institute, said this week that the delta variant accounted for around 36% of the cases in the week of June 15 - 20, up 15% from the week before. Lothar Wieler, president of the RKI, also told officials the variant now already represents more than 50% of registered cases in Germany, Deutsche Welle reported Tuesday.
Meanwhile, Italy’s national health institute said Friday that cases attributed to Covid variants delta and kappa (a “variant of interest,” according to the World Health Organization, that’s related to the delta variant) have surged in Italy in the past month, accounting for nearly 17% of total Covid cases.
Spain and Portugal have also reported a rise in delta variant cases as have Poland, Russia, Switzerland and Turkey. In addition, the delta plus variant — a mutation of the delta mutation — has been detected in pockets of Europe too.
Germany and France are among the countries that have imposed quarantine restrictions on British travelers and Berlin has gone one step further, calling on the EU to take a unified approach when it comes to requiring British travelers who come to the bloc to quarantine.
The move could likely be a case of acting too little, too late, experts note.
“I doubt if European countries with their open economies and more limited border checks, quarantine measures and tracking and tracing will be able to push back delta for long ... especially given that there is extensive local circulation already,” Tom Wenseleers, an evolutionary biologist and biostatistician at the Catholic University of Leuven in Belgium, told CNBC Tuesday.
More
https://www.cnbc.com/2021/06/30/the-delta-variant-is-spreading-in-europe-and-cant-be-stopped.html
Spread of delta variant prompts new restrictions worldwide
Erin Cunningham June 29, 2021
The rapid spread of the delta coronavirus variant has forced a growing number of countries to reimpose lockdowns and other public health restrictions, raising fears that the more contagious variant was hampering global efforts to contain the pandemic.
The new curbs on travel and daily life stretched from Australia and Bangladesh to South Africa and Germany, where authorities over the weekend set new limits on travelers from “virus-variant zones” such as Portugal and Russia.
South Africa on Sunday extended a nightly curfew and introduced a ban on gatherings, alcohol sales, indoor dining and some domestic travel for 14 days to halt a worrying surge in cases driven by the delta variant, President Cyril Ramaphosa said. In Bangladesh, the government pointed to a “dangerous and alarming” rise in delta-related infections and halted all public transportation starting Monday, prompting thousands of migrant workers to flee the capital, Dhaka, before the restrictions took hold.
Here are some other developments:
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Heart inflammation after COVID-19 shots higher-than-expected in study of U.S. military
by Reuters Tuesday, 29 June 2021 18:48 GMT
June 29 (Reuters) - Members of the U.S. military who were vaccinated against COVID-19 showed higher-than-expected rates of heart inflammation, although the condition was still extremely rare, according to a study released on Tuesday.
The study found that 23 previously healthy males with an average age of 25 complained of chest pain within four days of receiving a COVID-19 shot. The incident rate was higher than some previous estimates would have anticipated, it said.
All the patients, who at the time of the study's publication had recovered or were recovering from myocarditis - an inflammation of the heart muscle - had received shots made by either Pfizer Inc and BioNTech SE or Moderna Inc.
U.S. health regulators last week added a warning to the literature that accompanies those mRNA vaccines to flag the rare risk of heart inflammation seen primarily in young males. But they said the benefit of the shots in preventing COVID-19 clearly continues to outweigh the risk.
The study, which was published in the JAMA Cardiology medical journal, said 19 of the patients were current military members who had received their second vaccine dose. The others had either received one dose or were retired from the military.
General population estimates would have predicted eight or fewer cases of myocarditis from the 436,000 male military members who received two COVID-19 shots, the study said.
An outside panel of experts advising the U.S. Centers for Disease Control and Prevention (CDC) said last week that reports of myocarditis were higher in males and in the week after the second vaccine dose than would be anticipated in the general population. A presentation at that meeting found the heart condition turned up at a rate of about 12.6 cases per million people vaccinated.
More
https://news.trust.org/item/20210629173730-oxieu
Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.
World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Stanford Website. https://racetoacure.stanford.edu/clinical-trials/132
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
Electric Vehicle Demand and the Future of Thermal Interface Materials
The mass adoption of electric transportation technologies requires electric energy storage and traction drive systems that offer improved performance, extended range, and fast-charging options. The ever-increasing power density of electric vehicle (EV) battery packs necessitates advanced thermal interface materials (TIMs) to provide superior thermal management of the batteries and power electronics. State-of-the-art TIMs play a vital role in maintaining the safe operation and consistent performance of modern EVs.
With the rapidly expanding EV market, the automotive industry is going through one of the most profound changes in its history. Improved dependability, distance range, and recharging speed, together with an attractive ownership cost, increasingly shift consumers' attention towards battery-powered and hybrid (combining electric and internal combustion engines) EVs.
A Fast-Growing Market
Along with consumer demand, the automotive industry must meet ever-stricter fuel economy and emission targets imposed by governments. The importance of these requirements becomes increasingly significant as the global number of light vehicles is forecasted to nearly double by 2045. As a result, by 2031, EV production is anticipated to reach 50% of all light vehicles manufactured globally.
At the core of the current e-mobility revolution lies the development of efficient energy storage technologies, particularly lithium-ion batteries (LIBs), that enable car manufacturers to respond to the societal demand for clean, efficient, and sustainable vehicles. Since the development of battery cells consisting of lithium cobalt oxide as a cathode and graphite as an anode by Sony in 1991, LIB technology has conquered the energy storage market due to its high-energy-density, prolonged cycle life, and rapid charge and discharge rates compared to other rechargeable battery systems (lead-acid, Ni-Cd, Ni-metal hydride).
Battery Developments Underpin E-Mobility Expansion
Modern commercially available LIBs can provide around 250-270 Whkg-1 (Watt-hours per kilogram). Just a decade ago, the most advanced LIBs had an energy density of approximately 110 Whkg-1 (comparable to lead-acid and Ni-metal hydride batteries). The battery manufacturers expect to increase LIBs' energy density up to 450 Whkg-1 by 2030, offering more compact and lightweight energy storage solutions.
At the same time, the battery cost decreased from 1000 USD per kWh to 150 USD per kWh at present and is expected to drop below 90 USD per kWh in the next decade.
Efficient Thermal Management for Safe and Reliable EVs
The increasing energy density in the modern EV propulsion systems (including battery packs, power converters, and electric motors) puts special demands on the thermal management of individual components. In particular, the performance, durability, and safety of the LIBs depend strongly on their operating temperature, which ideally needs to be in the range of 15-35 °C and should never exceed 80 °C.
To ensure safe operation and extend the battery life, EV manufacturers have developed various battery designs (including cylindrical, pouch, or prismatic individual cells) and thermal management systems (employing air or liquid external cooling). These systems provide efficient dissipation of the heat generated during the battery's normal operation (due to the discharge and charge currents), reduce uneven temperature distribution between the individual cells within the battery pack, as well as supply heat to the battery when the external temperature is too low.
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https://www.azom.com/article.aspx?ArticleID=20540
The state is the great fictitious entity by which everyone seeks to live at the expense of everyone else.
Frederic Bastiat.
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