JPMorgan Chase raises Umicore stake to 3.91%

The second-life electric vehicle battery market is projected to grow from USD 1.70 billion in 2026 to USD 224.24 billion by 2040, according to a Research and Markets report published on GlobeNewswire. The growth is driven by increasing EV adoption and demand for cost-effective stationary energy storage, with applications in renewable energy storage, grid balancing, and EV charging. The market's expansion is supported by circular economy policies, automaker partnerships, and technologies such as AI diagnostics, though performance variability and end-of-life management remain challenges. Separately, XPeng filed a shelf registration this week for $74.9 million involving an ESOP-related offering of 14 million Class A Ordinary Shares; its shares fell 4.5% to $10.23, while HGTECH rose 5.8% to CN¥105.98 and Tesla closed at $356.58, down 0.7%.

Huayou Cobalt announced that the company has completed the issuance of its eleventh tranche of green sci-tech innovation bonds for 2026, with an issuance amount of 1 billion yuan, a term of two years, a par value of 100 yuan per unit, and a coupon rate of 2.20 percent. The bond is abbreviated as 26 Huayou Cobalt GN011 Sci-Tech Innovation Bond, with China CITIC Bank, China Merchants Bank, Shanghai Pudong Development Bank, Bank of China, Industrial Bank, BOC International, and China Bohai Bank serving as lead underwriters. It was publicly issued in the national interbank bond market through bookbuilding and centralized placement. The proceeds will be used to replace procurement expenditures incurred by subsidiaries within three months for the recycling of used power batteries and their dismantled materials, as well as for raw material procurement for battery-grade lithium salt product manufacturing projects. The announcement shows that the company's 2025 annual shareholders' meeting has approved a proposal for the company and its subsidiaries to issue debt financing instruments of non-financial enterprises in 2026, with issuance methods including public offering and non-public targeted issuance.

The EV Board has approved a plan to restructure excise taxes on electric vehicles into three tiers, aimed at encouraging manufacturers to invest more and use more locally produced parts. Vehicles made in Thailand with high local content will receive the lowest tax rate, while imported vehicles from operators without a production base in Thailand will be taxed at the highest rate. A subcommittee will also be set up to accelerate development of the battery supply chain, used batteries, and EV charging infrastructure. The research arm of Kasikorn Bank sees this as positive for auto parts stocks and industrial estate operators that stand to benefit from production relocation and increased local content, while importers of fully assembled EVs may face pressure from the new tax structure.