Tesla EV sales down 13pc in 1Q

Market: Battery materials, Metals
02/04/25

US carmaker Tesla reported a 13pc drop in sales of battery electric vehicles (BEVs) in the first quarter on production challenges, consumer backlash,intense competition, and rising costs.

Tesla delivered 336,681 units in the first quarter of 2025, down 13pc from the 386,810 it delivered in the same period last year.

Following inventory reductions in the fourth quarter of 2024, Tesla's production surpassed deliveries in the first quarter, reaching 362,615 units, but production challenges remain as the automaker upgrades its best-selling model, the Model Y.

"While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well," Tesla said.

In March, Tesla China sold 43,370 units of the redesigned Model Y, making it the best-selling battery electric vehicle by volume.

While Tesla's volatile results in China shows signs of recovery, its sales in other regions are undergoing a structural shift.

Tesla's chief executive Elon Musk's support for Germany's far-right AfD party alienated consumers in Europe. Tesla's new car registrations fell 49pc to 19,046 units in January-February from a year earlier, while overall battery electric vehicle registrations rose by 28pc to 255,489 units over the same period, according to data from European Automobile Manufacturer's Association.

Intense competition further eroded market share. China's electric vehicle maker BYD aims to double its sales outside China to over 800,000 units by 2025, up from 417,204 in 2024.

In the US, Tesla will soon face rising costs due to tariffs, as President Donald Trump Wednesday imposed a baseline 10pc tariff on all countries.

Though all of its cars are assembled in the US, Tesla has at least 20pc content imported from Mexico, according to data from National Highway Traffic Safety Administration (NHTSA).

The NHTSA does not break down the 65-70pc content from the US and Canada, but the tariff on Canada will increase the portion of content subject to the tariff.

By Carol Luk

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07/04/25

Flooding on US rivers mires barge transit

Houston, 7 April (Argus) — Barge transit slowed across the Arkansas, Ohio and lower Mississippi rivers over the weekend because of flooding, which prompted the US Army Corps of Engineers (Corps) to close locks and issue transit restrictions along the waterways. The Corps advised all small craft to limit or halt transit on the McClellan-Kerr Arkansas River Navigation System (MCKARNS) in Arkansas because flows reached above 200,000 cubic feet per second (cfs), nearly three times the high-water flow. The heavy flow is expected to persist throughout the week, posing risks to those transiting the river system, said the Corps. Some barges have halted movement on the river, temporarily miring fertilizer resupply efforts in Arkansas and Oklahoma in the middle of the urea application season. The Corps forecasts high flows to continue into Friday, and the National Weather Service predicts several locations along the MCKARNS will maintain a moderate to minor flood stage into Friday as well. Both the Arthur V Ormond Lock and the Toad Suck Ferry Lock, upriver from Little Rock, Arkansas, shut on 6 April because of the high flows. Flows along the Little Rock Corps district reached 271,600cfs on 7 April. The Corps forecasts high flows to continue into Friday. Ohio and lower Mississippi rivers The Corps restricted barge transit between Cincinnati, Ohio, and Cairo, Illinois, on the Ohio River to mitigate barge transportation risks, with the Corps closing two locks on the Ohio River on 6 April and potentially four more in the coming days. Major barge carrier American Commercial Barge Line (ACBL) anticipates dock and fleeting operations will be suspended at certain locations along the Mississippi and Ohio rivers as a result of the flooding. NWS forecasters anticipate major flooding levels to persist through the following week. Barge carriers also expect a backlog of up to two weeks in the region. To alleviate flooding at Cairo, Illinois, where the Ohio and Mississippi Rivers meet, the Corps increased water releases at the Barkley Dam on the Cumberland River and the Kentucky Dam on the Tennessee River. The Markland Lock, downriver from Cincinnati, Ohio, and the Newburgh lock near Owensboro, Kentucky, closed on 6 April. The Corps expects the full closure to remain until each location reaches its crest of nearly 57ft, which could occur on 8 or 9 April, according to the National Weather Service (NWS). Around 50 vessels or more are waiting to transit each lock, according to the Lock Status Report published by the Corps on 7 April. The Corps also shut a chamber at both Cannelton and McAlpine locks. The John T Myers and Smithland locks may close on 7 April as well, the Corps said. The Olmsted Lock, the final lock before the Ohio and Mississippi rivers, will require a 3mph limit for any traffic passing through. The NWS expects roughly 10-15 inches of precipitation fell along the Ohio and Mississippi River valleys earlier this month, inducing severe flooding across the Ohio and Mississippi River valleys. A preliminary estimate from AccuWeather stated an estimated loss of $80-90bn in damages from the extreme flooding. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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UK rows back ZEV mandate for hybrids

07/04/25

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07/04/25

UK rows back ZEV mandate for hybrids

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Sigma Lithium hits 1Q production, sales goals

07/04/25

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07/04/25

Sigma Lithium hits 1Q production, sales goals

Sao Paulo, 7 April (Argus) — Sigma Lithium hit its first quarter lithium concentrate production and sales targets in Brazil after a sizeable deal with a UAE-owned company. Sigma produced 68,300 metric tonnes (t) of lithium oxide concentrate in the first quarter, after agreeing to sell 76,000t to International Resources Holding (IRH), a metals and critical minerals trading company owned by the Royal Group of Abu Dhabi, the firm said in a press release. Sigma shipped 47,000t — its first of two batches to the company — in early March, with a following 29,000t scheduled to be shipped this week. Following the sale, the company achieved a 2.8pc increase in volumes over the previous quarter. Although undisclosed, Sigma's chief executive Ana Cabral said that the company beat its sales targets for the period. The company operates the fifth-largest lithium oxide mining complex in the world, which is expected to produce 300,000t of the mineral compound this year . Sigma anticipates to achieve all of its quarterly production targets for 2025. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Asian governments hold fire on tariff retaliation

07/04/25

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07/04/25

Asian governments hold fire on tariff retaliation

Singapore, 7 April (Argus) — Governments in Asia-Pacific have so far not followed China's lead by retaliating against US president Donald Trump's import tariffs, even as they warn of the potential for long-term economic disruption. The leaders of Vietnam, Malaysia, Indonesia, Taiwan and Singapore said over the weekend that they are not planning to respond in kind to the US tariffs. The restrained reactions came despite China's decision to match Trump's targeted tariffs with duties of 34pc on all imports from the US. China's tariffs, announced late last week, take effect on 10 April, a day after what Trump is calling his "reciprocal" duties on a range of countries. Countries in Asia-Pacific have been hit with some of the highest of Trump's targeted duties. Vietnam, which is facing one of the highest targeted tariff rates of any country at 46pc, is considering removing all its own tariffs on US imports, Trump said following a call with To Lam, general secretary of Vietnam's communist party, on 4 April. The offer has not been officially confirmed by Hanoi. Vietnam benefitted from the tariffs that Trump imposed on China during his first term in office, as some manufacturing and exports were shifted to the country. That helped send its trade surplus with the US to a record $123bn last year, the third-highest of any single country behind China and Mexico, according to US customs data. Malaysia, which faces a 24pc tariff, will not levy retaliatory duties, prime minister Anwar Ibrahim said on 6 April. The US duties are a major threat to the world economy and could force Kuala Lumpur to reduce its forecast for gross domestic product (GDP) growth this year, he warned. The direct impact of the US tariffs on commodity exporters like Malaysia and its neighbour Indonesia has been reduced by the extensive exemptions announced for energy, metals and other commodities. Still, the prospect of a global economic slowdown and disruption to trade flows threatens to have a major impact. Despite their measured approach, governments of emerging Asian economies may struggle to quickly negotiate lower tariffs given Trump's focus on reducing bilateral trade deficits, analysts at UK bank Barclays said on 7 April. The bank has reduced its 2025 forecast for GDP growth in emerging Asia by 0.2 percentage points to 3.3pc and warned of the risk of deeper cuts. Australia eyes price hit The government of Australia, another large commodity exporter, warned on 7 April that the uncertainty caused by Trump's tariffs could reduce consumer confidence and potentially damage the budget by causing a decline in commodity prices. Trump's so-called "liberation day" tariffs are more significant than expected when it released its budget in March, the Australian Treasury said in its economic and fiscal outlook released ahead of federal elections next month. The direct impact of the tariffs on Australia would be limited, but indirect effects would be larger because of the hit imposed on the country's major trading partners, including China, it said. "The potential magnitude and persistence of the economic effects of these announcements has resulted in greater-than-usual uncertainty around the outlook," the Treasury said. Trump has targeted Australia with the minimum 10pc tariff, but this could still disrupt its exports of beef and tallow, among other products. Australian prime minister Anthony Albanese has also pledged not to retaliate with tariffs on US imports. Japan and South Korea, long-standing allies which nevertheless have been singled out for higher US tariff rates of 24pc and 25pc respectively, have also indicated they will not respond in kind. The US accounted for almost 19pc of South Korea's total exports in 2024, including passenger cars, auto parts and lithium-ion batteries. Seoul is considering measures to support its automobile industry in the wake of the tariffs, the trade and industry ministry said. India, which faces a 26pc rate, is considering lowering import tariffs on US goods, including a 2.75pc duty on LNG, to ease tensions. By Kevin Foster, Tom Major and Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Egyptian rebar clears EU customs as merchant bar

04/04/25

News

04/04/25

Egyptian rebar clears EU customs as merchant bar

London, 4 April (Argus) — Egyptian rebar has cleared at the Lithuanian port of Klaipeda under a product code that sits under a different EU quota category, a mill test certificate sent to rebar buyers and obtained by Argus shows. The documentation shows a parcel of steel products with the properties and specifications of rebar registered under HS code 722830, which is for hot-rolled bar, not rebar. The material is supplied by an Egyptian steel mill, and the mill test certificate obtained by Argus contains the assertion "HS code for rebar is: 72 28 30 69 00", followed by the signature of a senior quality engineer. The mill's website indicates it produces rebar, rebar in spools and rebar in coil, which fall respectively under the rebar and wire rod EU import quotas. Hot-rolled bar under the HS code 72283069 falls under category 12 for "non-alloy and other alloy merchant bars and light sections", for which there is currently no import restriction on Egyptian material. A trading company is thought to have discharged at least 17,000t of rebar and rebar in coils at Klaipeda on 28 March, after loading at the Egyptian port of Alexandria on 24 February. But it is not clear how much material in total has passed through customs or under which HS codes. As of 1 April, the EU's Egyptian rebar quota is capped at about 27,500t, after previously having had no limitation within the "other countries" allocation of about 138,000t. Some market participants estimated that there were about 80,000t of Egyptian rebar waiting to clear at EU ports on 1 April, but only about 30,000t cleared under the rebar quota on the first day, according to market participants, meaning duties paid by companies clearing material on that day will not be as high as feared. Trade data also show that Bulgaria imported 17,000t of hot-rolled bar from Egypt under HS 72283069 in January 2025, nearly three times as much as the whole EU imported in the full year of 2024 or 2023, a sign that companies are increasingly keen to seek ways around EU safeguards as they tighten. By Brendan Kjellberg-Motton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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