An environmental nonprofit has lost communication with a methane-tracking satellite backed by billionaire Jeff Bezos.
MethaneSAT, a satellite mission launched in March 2024 and led by the Environmental Defense Fund, had been collecting data about methane emissions in oil- and gas-producing regions. The information has been used to measure the distribution and volume of methane being released with the goal of cutting emissions.
JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) announced today that its Board of Directors intends to increase the quarterly common stock dividend to $1.50 per share (up from the current $1.40 per share) for the third quarter of 2025. The Firm’s quarterly common stock dividends are subject to approval by the Board of Directors at the customary times that those dividends are declared.
In addition, the Firm’s Board of Directors has authorized a new common share repurchase program of $50 billion, effective July 1, 2025. The authorization to repurchase common shares will be used at management’s discretion, and the amount and timing of common share repurchases under the new authorization will be subject to various factors.
Under the current Stress Capital Buffer (“SCB”) framework, the Firm’s preliminary SCB requirement provided by the Federal Reserve is 2.5% (down from the current 3.3%) and the Firm’s Standardized Common Equity Tier 1 (“CET1”) capital ratio requirement including regulatory buffers is 11.5% (down from the current 12.3%). The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2025, and that requirement will become effective on October 1, 2025 and will remain in effect until September 30, 2026.
The Firm awaits the finalization of the Federal Reserve’s proposed rulemaking to reduce volatility in capital requirements, which would include averaging stress test results from the previous two consecutive years and modifying the annual effective date from October 1 to January 1.
Jamie Dimon, Chairman and CEO of JPMorganChase said: “We are steadfast in our commitment to serving our clients and communities, which include consumers, businesses of all sizes, schools, hospitals, cities, states, and countries, across all environments. We continue to make significant investments in products, people, and technology to grow our businesses and position the company for future success. The Board’s intended dividend increase, our second this year, represents a sustainable level of capital distribution to our shareholders and is supported by our strong financial performance. The new share repurchase program provides the ability to distribute capital to our shareholders over time, as we see fit. The Federal Reserve’s 2025 stress test results continue to demonstrate that banks are resilient, withstanding extreme hypothetical shocks while supporting the broader economy and financial markets. In addition to the Federal Reserve’s point-in-time stress test, we conduct hundreds of stress tests each week to protect our company from a wide range of possible outcomes. Our fortress balance sheet, with significant excess capital and robust liquidity, enables us to be a pillar of strength — in both good times and bad times — allowing us to consistently serve our clients, communities, and countries throughout the world. We look forward to future proposals from the Federal Reserve on stress test models and scenarios that will increase transparency and address longstanding issues with the current SCB framework.”
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $351 billion in stockholders’ equity as of March 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Investor Contact:
Mikael Grubb
212-270-2479
Media Contact:
Trish Wexler
202-916-3206
The USD/JPY posted mild losses of 0.17% after hitting a new four-week low of 142.68, sponsored by upbeat economic data in Japan. However, good US jobs and business activity data, along with a hawkish Fed Chair Jerome Powell, lent a lifeline to the US dollar, which staged a comeback versus the Japanese Yen (JPY). At the moment, the pair trades at 143.77.
The USD/JPY remains neutral-to upward biased if the pair remains above the May 27 swing low of 142.11. However, upside movements could be capped by strong resistance at the bottom of the Ichimoku Cloud (kumo) at around 144.25-50. This, along with the Relative Strength Index (RSI) remaining bearish, suggests that consolidation lies ahead.
For a bullish case, the USD/JPY must clear 144.50, and the confluence of several moving averages, such as the 20- and 50-day SMAs. Once surpassed, the next area of interest would be the Kijun-sen at 145.07, ahead of the Tenkan-sen at 145.35. A breach of the latter will expose the 100-day SMA at 146.32, followed by the June 23 high of 148.02.
On the other hand, if USD/JPY falls below 143.00, a further downside is expected to occur, with a potential target of 142.00.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.09% | -0.11% | -0.33% | 0.27% | -0.05% | -0.08% | -0.15% | |
| EUR | 0.09% | -0.01% | -0.31% | 0.36% | 0.13% | 0.02% | -0.04% | |
| GBP | 0.11% | 0.00% | -0.20% | 0.40% | 0.15% | 0.02% | -0.02% | |
| JPY | 0.33% | 0.31% | 0.20% | 0.65% | 0.27% | 0.27% | 0.19% | |
| CAD | -0.27% | -0.36% | -0.40% | -0.65% | -0.33% | -0.36% | -0.43% | |
| AUD | 0.05% | -0.13% | -0.15% | -0.27% | 0.33% | -0.13% | -0.18% | |
| NZD | 0.08% | -0.02% | -0.02% | -0.27% | 0.36% | 0.13% | -0.04% | |
| CHF | 0.15% | 0.04% | 0.02% | -0.19% | 0.43% | 0.18% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Global law firm K&L Gates LLP advised Terramont Infrastructure Partners, a North American-focused infrastructure investment firm, on its US$160 million capital commitment to Dispatch Energy LLC, a leading provider of distributed energy solutions. Terramont is focused on companies that are critical to the economy and which seek to make a positive, measurable sustainability impact. Dispatch’s investments will focus on generating cost savings, enhancing resiliency, and providing grid services designed to meet the growing demand for on-site power generation.
K&L Gates served as corporate counsel and fund counsel on this deal. The team was led by New York partners Ed Dartley and Adam Tejeda and included Charleston partners Andrew Lloyd and Lauren Garenne, Kansas City partner Jim Goettsch, New York partner Chris Carson, Boston associate Christopher Phillips-Hart, Charleston associate David Caughran, and New York associates Benjamin Augugliaro and Jamie Robinson.
Dartley commented: “We’re very pleased to have advised Terramont as deal counsel on their latest transaction and as fund counsel. The strength of our platform allowed us to assemble a cross-practice team that leveraged capabilities across several offices and disciplines. We very much forward to continuing to advise Terramont on future transactions.”
“We were extremely pleased to work again with the K&L Gates team on this important investment for our Fund,” said Terramont co-founder Vikram Singh. “K&L Gates has been a partner with us since our launch of Terramont Infrastructure, and a trusted advisor as fund counsel and as corporate counsel. Their knowledge and experience across multiple industries is unparalleled and we look forward to working with them on future deals as we continue to invest in the infrastructure space.”
Based in New York and San Francisco, Terramont invests in best-in-class businesses alongside top-quality management teams. Investment sectors include renewable power, sustainable energy, transportation, digital, environmental, and other infrastructure businesses.
K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.
PITTSBURGH, July 1, 2025 – Wabtec Corporation (NYSE: WAB) announced today that it completed the acquisition of Evident’s Inspection Technologies division (Inspection Technologies), formerly part of the Scientific Solutions Division of Olympus Corporation, a global leader in Non-Destructive Testing, Remote Visual Inspection and Analytical Instruments solutions for mission critical assets. This acquisition strengthens Wabtec’s Digital Intelligence business with industry-leading inspection technologies that enhance customer productivity, reliability, and safety, while also positioning the company for accelerated, profitable growth.
“Today, we are a stronger company with the addition of Inspection Technologies,” said Rafael Santana, President and CEO of Wabtec. “The acquisition expands and strengthens our Digital Intelligence business, with advanced products and services for the Company’s rail, mining, and industrial sectors, while broadening our reach into other high-growth, high-margin end-markets. It enhances Wabtec’s existing portfolio, is accretive to key financial metrics, and aligns with the company’s long-term vision to lead the industry in innovation for our customers.”
The strategic acquisition helps accelerate Wabtec’s growth trajectory and meets the increasing demand for advanced diagnostic technologies. It also aligns with Wabtec’s stated growth drivers, including accelerating the innovation of scalable technologies, increasing the installed base, expanding high-margin recurring revenues, and driving continuous operational improvements. Additionally, acquiring Inspection Technologies expands Wabtec’s Digital Intelligence business growth opportunities and recurring revenue, effectively doubling the size of its total addressable market (TAM) from approximately $8 billion to $16 billion, while enhancing its ability to deliver innovative solutions to a broader range of customers.
“Inspection Technologies’ product portfolio strongly complements our existing digital technologies, while adding advanced automated inspection capabilities in a space where data acquisition, analytics, and automation are critical,” said Nalin Jain, President of Wabtec’s Digital Intelligence Group. “It will accelerate the development of scalable technologies by integrating advanced analytics, sensors, and AI technology to deliver enhanced predictive maintenance capabilities to our customers. Evident Inspection Technology employees have done a fantastic job in delivering these innovative technologies and I am looking forward to welcoming them to the Wabtec family.”
TRANSACTION DETAILS
Wabtec acquired Evident’s Inspection Technologies division for $1.78 billion (~$1.68 billion after tax benefits). The transaction was financed through a combination of cash on hand, newly issued term notes, plus term loans and short-term borrowing under the Company’s credit agreement. The transaction is anticipated to provide immediate shareholder value with a high single-digit revenue growth outlook, accretive Adjusted EBIT margins and accretive return on invested capital (ROIC) over time. Additionally, the acquisition is projected to be slightly accretive to Adjusted EPS in the second half of 2025. The purchase price reflects an estimated multiple of 12.0x projected 2025 EBITDA adjusted for transaction and separation costs, anticipated tax benefits, and projected run-rate cost synergies of $25 million. The Company intends to incorporate the revenue and EPS impact of this acquisition into its Full Year Financial Guidance during its Q2 Earnings call.
About Wabtec Corporation
Wabtec Corporation is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec’s website at http://www.wabteccorp.com.
About Evident Inspection Technologies Division
Evident’s Inspection Technologies and Microscopy divisions were established in 2022 when Olympus Corporation spun off its Scientific Solutions Division to form a new company. Evident’s Inspection Technologies division delivers solutions that solve complex challenges, inspecting mission-critical assets and infrastructure with nondestructive testing, remote visual inspection, and analytical instruments for maintenance, manufacturing, and environmental applications. Visit Evident’s website at ims.evidentscientific.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. securities laws, including statements regarding the expected benefits of the Inspection Technologies acquisition, the anticipated synergies of the transaction, the expected impact on Wabtec’s operational and financial performance, (including business growth opportunities and TAM), and certain projected financial results of Inspection Technologies. These statements and all statements other than historical facts constitute forward-looking statements concerning future circumstances and results and are sometimes identified by the words “anticipate,” “estimate,” “expect,” “outlook,” “position,” “project,” “recur,” “strategy,” and “will” or other similar words or expressions. Forward-looking statements are based upon current plans, assumptions, estimates and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information on these risks, please refer to Wabtec’s filings with the SEC. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of Inspection Technologies and the combined company following completion of the transaction; (3) risks associated with the integration of Inspection Technologies and the potential for failure to realize the anticipated benefits and synergies of the transaction; (4) the ability of the combined company to implement its business strategy; (5) inability to retain key personnel; (6) changes in general economic and/or industry specific conditions; and (7) other risk factors as detailed from time to time in Wabtec’s reports filed with the Securities and Exchange Commission. The foregoing list of important factors is not exclusive.
This press release also contains certain non-GAAP measures. Non-GAAP measures should not be considered as a substitute for items calculated in accordance with GAAP, as they are subject to inherent material limitations.
(Bloomberg) — Wall Street traders drove a rotation out of the tech megacaps that had powered stocks from the brink of a bear market. Bond yields rose as an increase in job openings dimmed the outlook for Federal Reserve rate cuts. The dollar remained at its lowest since 2022.
While the S&P 500 barely budged after notching all-time highs, a violent rotation took place at the start of July, with money chasing losers at the expense of recent winners. Momentum was unwinding at a pace not seen in over two years, and the small-cap Russell 2000 index beat the tech-heavy Nasdaq 100 by the most since April.
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“If you’re long recent winners and are feeling the pain today, we would not be making any dramatic portfolio shifts just yet,” said Bespoke Investment Group strategists. “It could be the start of a longer-term shift that develops, but a one-day move is simply too soon to tell.”
Short-dated Treasuries, which are more sensitive to imminent Fed moves, underperformed longer maturities.
US job openings hit the highest since November, largely fueled by leisure and hospitality, and layoffs declined. Fed policymakers have consistently characterized labor-market conditions as strong in recent weeks.
“As long as the labor market remains solid, the US economy can continue to chug ahead, while helping reduce the risk of stagflation” said Bret Kenwell at eToro. “It would also buy the Fed more breathing room when it comes to interest rates.”
Speaking Tuesday during a panel in Portugal, Fed Chair Jerome Powell repeated that the central bank probably would have cut rates further this year absent Trump’s expanded use of tariffs. Still, when asked if July was too soon for a rate cut, Powell didn’t rule out the possibility.
The government’s June employment report, due Thursday, is expected to show a slowdown in nonfarm payroll growth and an uptick in the unemployment rate.
“Federal Reserve interest-rate policy is likely on hold for now,” said Josh Hirt at Vanguard. “If the labor market remains on the trajectory we expect, the Fed can afford to be patient. We anticipate the Fed will be able to make two more rate cuts later this year in this environment.”
Separate data Tuesday showed US factory activity contracted in June for a fourth consecutive month as orders and employment shrank at a faster pace, extending the malaise in manufacturing.
“While the hit to manufacturing activity from tariffs so far appears to have been limited, the further small rise in the prices paid index last month adds to evidence that firms are facing higher costs as a result,” said Thomas Ryan at Capital Economics.
Meantime, Trump said he is not considering delaying his July 9 deadline for higher tariffs to resume and renewed his threat to cut off talks and impose duty rates on several nations, including Japan. And his $3.3 trillion tax and spending cut bill passed the Senate.
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Proceeds from the offering of senior unsecured notes to be used to repay borrowings under the senior secured term loan facilities
MIAMI, July 1, 2025 /PRNewswire/ — Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival plc (the “Company”) priced its private offering (the “Notes Offering”) of €1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2031 (the “Notes”). The Company expects to use the proceeds from the Notes Offering to fully repay the borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2027 (the “2027 Term Loan Facility”) and to repay a portion of the borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2028. In conjunction with the Company’s prepayment of $450.0 million on June 27, 2025 towards the 2027 Term Loan Facility, this transaction builds on its continuing efforts to deleverage, reduce interest expense, simplify its capital structure and manage its maturity profile.
The Notes Offering is expected to close on July 7, 2025, subject to customary closing conditions. The indenture that will govern the Notes will have investment grade-style covenants.
The Notes will pay interest annually on July 15 of each year, beginning on July 15, 2026, at a rate of 4.125% per year. The Notes will be unsecured and will mature on July 15, 2031. The Notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by Carnival Corporation and initially certain of the Company’s and Carnival Corporation’s subsidiaries that also guarantee our first-priority secured indebtedness, certain of our other unsecured notes and our convertible notes.
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.
Cautionary Note Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows and liquidity and other events which have not yet occurred. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained by visiting the Investor Relations page of our website at www.carnivalcorp.com/investors/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Carnival Corporation & plc
Evan Kharasch, professor of anesthesiology and vice chair for innovation at Duke University, has developed two approaches that may aid in fentanyl addiction recovery. After attending MIT’s Substance Use Disorders (SUD) Ventures Bootcamp, he’s committed to bringing them to market.
Illicit fentanyl addiction is still a national emergency in the United States, fueled by years of opioid misuse. As opioid prescriptions fell by 50 percent over 15 years, many turned to street drugs. Among those drugs, fentanyl stands out for its potency — just 2 milligrams can be fatal — and its low production cost. Often mixed with other drugs, it contributed to a large portion of over 80,000 overdose deaths in 2024. It has been particularly challenging to treat with currently available medications for opioid use disorder.
As an anesthesiologist, Kharasch is highly experienced with opioids, including methadone, one of only three drugs approved in the United States for treating opioid use disorder. Methadone is a key option for managing fentanyl use. It’s employed to transition patients off fentanyl and to support ongoing maintenance, but access is limited, with only 20 percent of eligible patients receiving it. Initiating and adjusting methadone treatment can take weeks due to its clinical characteristics, often causing withdrawal and requiring longer hospital stays. Maintenance demands daily visits to one of just over 2,000 clinics, disrupting work or study and leading most patients to drop out after a few months.
To tackle these challenges, Kharasch developed two novel methadone formulations: one for faster absorption to cut initiation time from weeks to days — or even hours — and one to slow elimination, thereby potentially requiring only weekly, rather than daily, dosing. As a clinician, scientist, and entrepreneur, he sees the science as demanding, but bringing these treatments to patients presents an even greater challenge. Kharasch learned about the SUD Ventures Bootcamp, part of MIT Open Learning, as a recipient of research funding from the National Institute on Drug Abuse (NIDA). He decided to apply to bridge the gap in his expertise and was selected to attend as a fellow.
Each year, the SUD Ventures Bootcamp unites innovators — including scientists, entrepreneurs, and medical professionals — to develop bold, cross-disciplinary solutions to substance use disorders. Through online learning and an intensive one-week in-person bootcamp, teams tackle challenges in different “high priority” areas. Guided by experts in science, entrepreneurship, and policy, they build and pitch ventures aimed at real-world impact. Beyond the multidisciplinary curriculum, the program connects people deeply committed to this space and equipped to drive progress.
Throughout the program, Kharasch’s concepts were validated by the invited industry experts, who highlighted the potential impact of a longer-acting methadone formulation, particularly in correctional settings. Encouragement from MIT professors, coaches, and peers energized Kharasch to fully pursue commercialization. He has already begun securing intellectual property rights, validating the regulatory pathway through the U.S Food and Drug Administration, and gathering market and patient feedback.
The SUD Ventures Bootcamp, he says, both activated and validated his passion for bringing these innovations to patients. “After many years of basic, translational and clinical research on methadone all — supported by NIDA — I experienced that a ha moment of recognizing a potential opportunity to apply the findings to benefit patients at scale,” Kharasch says. “The NIDA-sponsored participation in the MIT SUD Ventures Bootcamp was the critical catalyst which ignited the inspiration and commitment to pursue commercializing our research findings into better treatments for opioid use disorder.”
As next steps, Kharasch is seeking an experienced co-founder and finalizing IP protections. He remains engaged with the SUD Ventures network as mentors, industry experts, and peers offer help with advancing this needed solution to market. For example, the program’s mentor, Nat Sims, the Newbower/Eitan Endowed Chair in Biomedical Technology Innovation at Massachusetts General Hospital (MGH) and a fellow anesthesiologist, has helped Kharasch arrange technology validation conversations within the MGH ecosystem and the drug development community.
“Evan’s collaboration with the MGH ecosystem can help define an optimum process for commercializing these innovations — identifying who would benefit, how they would benefit, and who is willing to pilot the product once it’s available,” says.
Kharasch has also presented his project in the program’s webinar series. Looking ahead, Kharasch hopes to involve MIT Sloan School of Management students in advancing his project through health care entrepreneurship classes, continuing the momentum that began with the SUD Ventures Bootcamp.
The program and its research are supported by the NIDA of the National Institutes of Health. Cynthia Breazeal, a professor of media arts and sciences at the MIT Media Lab and dean for digital learning at MIT Open Learning, serves as the principal investigator on the grant.
Xiaomi opened orders for the five-seat YU7 SUV earlier this week, with prices for the Model Y-sized EV starting from 253,500 yuan – right in the wheelhouse of the 263,500 yuan Tesla.
However, not even Xiaomi could have predicted just how popular it would be, with company founder and CEO Lei Jun announcing massive interest in the YU7.
“My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,” Lei said in a video after it launched last week. “We may be witnessing a miracle in China’s automotive industry.”
While not every one of the orders guarantees a sold vehicle, the circa-325,000 combined paid pre-orders and expressions of interest represents more than all vehicle sales in Australia between January and March 2025.
It could also put a big strain on Xiaomi’s current production capacity of 150,000 vehicles, however a second factory with equal capacity is due to start operations within weeks.
Of course, China is a significantly larger market, with the almost 18 million vehicles it produces and sells locally annually representing about two-thirds of the nation’s overall domestic sales.
Last year, Tesla sold 480,309 examples of the Model Y in China, with all of those – as well as the versions of the electric SUV sold in Australia – being produced at its Shanghai factory.
Like the Model Y’s relation to the Model 3 sedan, the YU7 is closely related to the SU7 sedan, based on the same Modena platform and offering similar electric motor and battery combinations.
Variants start with the entry-level self-named YU7, producing 235kW and 528Nm from its rear electric motor, fed by a 96.3kWh LFP battery. The step-higher Pro adds a front electric motor, increasing outputs to 365kW and 690Nm.
At the top of the range is the YU7 Max, which uses a 101.7kWh NMC battery to feed two more powerful electric motors, capable of producing up to 508kW and 866Nm.
The YU7 sadly has no answer to the SU7’s Ultra variant, which can pump out approximately 1140kW, propelling it to the top of the EV lap-time leaderboard around the Nürburgring Nordschleife.