SpaceX recently submitted a building permit application to Texas, US, planning to build a solar cell manufacturing plant with a total production capacity of 10GW near Austin. The cells produced will be exclusively used to power Starlink satellites and future space AI Data centers. This is a key move in Musk's "space energy closed-loop" strategy, as he previously announced that Tesla and SpaceX will each build 100GW of photovoltaic production capacity in the next three years.

[SMM Cast Aluminum Alloy Morning Comment: Futures Extended Losses, While Trading Sentiment Recovered Slightly] Market quotes generally moved lower last Friday, with the SMM ADC12 price down 300 yuan/mt to 25,000 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip strengthened, improving transactions for some enterprises. However, overall demand still mainly reflected rigid demand, end-users remained sensitive to price fluctuations, and the pace of restocking stayed cautious. In the short term, ADC12 prices are expected to remain in the doldrums. The pattern of demand being under pressure is unlikely to change in the short term; downstream acceptance of high prices is limited, and coupled with the weak trend in primary aluminum weighing on market sentiment, prices struggled to rise. But with cost support, downside room is also limited. Going forward, close attention should be paid to the trend in primary aluminum and the pace of downstream consumption release.

Finland has recently launched a lithium mining project in Kaustinen, western Finland, developed by Keliber, marking the establishment of Europe’s first battery-grade lithium production system. The project encompasses a complete domestic value chain—from mining and beneficiation to refining lithium hydroxide in Kokkola—and is currently the only integrated operation in Europe capable of producing battery materials from ore. With a total investment of approximately €800 million, the project is 80% owned by South African mining company Sibanye-Stillwater, while the remaining 20% is held by the state-owned Finnish Minerals Group.

US photovoltaic manufacturer T1 Energy has formally commenced construction of its TOPCon solar cell factory in the United States, with an annual production capacity of 2.1GW. This project constitutes the first phase of its G2_Austin initiative, with mass production of high-efficiency TOPCon cells anticipated to commence by the end of 2026. T1 Energy stated that the initial investment for G2_Austin Phase 1 ranges between US$400 million and US$425 million. Upon completion, the facility will achieve an annual production capacity of 2.1GW. Subject to further growth in cell market demand, the company plans to advance Phase 2 with an additional 3.2GW capacity. According to previously disclosed information, the site possesses the potential to expand to an annual production capacity of 8GW solar cells.

As reminded by a Caixin article on Tuesday evening, overnight and into the morning, overseas markets have been busy reassessing the prospects of the Middle East conflict, with the three major US stock indices collectively under pressure and declining. As of Tuesday's close, the S&P 500 fell 0.84% to 5,982.72 points; the Nasdaq Composite Index fell 0.91% to 19,521.09 points; and the Dow Jones Industrial Average fell 0.7% to 42,215.8 points. As a bellwether for the Middle East conflict, international oil prices surged again. (Daily chart of Brent crude oil, source: TradingView) According to CCTV News, as the military conflict between Israel and Iran continues, the market's focus has shifted to whether the US military will intervene. According to reports, US President Trump met with his national security team in the White House Situation Room on Tuesday to weigh whether to further intervene in the ongoing conflict between Israel and Iran. US Treasury bond prices also rose simultaneously, though this was also related to weak US retail, housing, and industrial output data. Later on Wednesday (early Thursday Beijing time), the US Fed will announce its latest interest rate decision and hold a press conference. The market generally expects that before a series of uncertainties that could trigger inflation are resolved, Fed officials will have no room to cut interest rates. Meanwhile, Andrew Tyler, head of global market intelligence at JPMorgan Chase, who successfully predicted the April rebound, said this week that despite the success of investors' strategy of buying the dip in the US stock market this year, with negative news always being rewarded after fading away, it is now best to reduce risk exposure. Regardless of the Israel-Iran situation, the US stock market itself is already ripe for a correction. The latest Bank of America Fund Manager Survey also shows that about 54% of institutional investors expect international stocks to be the best-performing asset class over the next five years, while only 23% choose US stocks. Performance of Popular Stocks Tech giants generally fell on Tuesday, with Apple down 1.4%, Microsoft down 0.23%, Amazon down 0.59%, Nvidia down 0.39%, Google-A down 0.46%, Tesla down 3.88%, and Meta down 0.7%. Chinese ADRs also weakened due to market sentiment, with the Nasdaq Golden Dragon China Index closing down 1.77%. As of the close, Alibaba was down 0.8%, JD.com was down 0.93%, Baidu was down 1.42%, Pinduoduo was down 0.25%, Bilibili was down 2.6%, NIO was down 2.27%, NetEase was down 1.12%, and Futu Holdings was down 1.47%. The "Traditional Chinese Medicine + Brain-Computer Interface" concept stock that captured market attention yesterday, Brain Regeneration Technology, continued to rise by 30%, reaching a market capitalization of $38.5 billion, with a cumulative increase of 59,900% since the beginning of the year. It should be emphasized that the core reason for the stock's speculative surge lies in its extremely small free float. Company News [Amazon CEO Issues Warning on "AI Taking Jobs"] On Tuesday local time, Andy Jassy, CEO of Amazon, the world's largest e-commerce and cloud computing platform, publicly wrote that as the company widely adopts AI to enhance efficiency, it is expected that the overall workforce will be reduced. [US Energy Giant Chevron Officially Enters Lithium Industry] US energy giant Chevron announced on Tuesday its entry into the lithium industry. The company acquired two oilfield areas with the intention of building a "commercial-scale" lithium business in the US. Chevron stated that in the future, it will utilize the "Direct Lithium Extraction" (DLE) process at oilfields to extract lithium from brine. [Coinbase to Seek SEC Approval for Tokenized Equities] Paul Grewal, Chief Legal Officer of Coinbase, a cryptocurrency exchange and newly added member of the S&P 500 Index, revealed that the company is seeking approval from the US Securities and Exchange Commission (SEC) to launch a "tokenized equities" service. [Eli Lilly to Acquire Gene-Editing Startup Verve for $1.3 Billion] On Tuesday Eastern Time, US pharmaceutical giant Eli Lilly announced that it would acquire gene-editing startup Verve Therapeutics for up to $1.3 billion. In response to this news, Verve's stock price closed up 81.50% on Tuesday. [JPMorgan Chase Launches Deposit Token JPMD, Emphasizing It's Different from Stablecoins] JPMorgan Chase stated on Tuesday that it plans to launch a so-called deposit token, JPMD, on Coinbase's public blockchain Base, which is built on the Ethereum network. The token will provide customers with 24/7 settlement services and the ability to pay interest to holders. The Wall Street giant stated that this is a so-called "permissioned token," meaning it is limited to JPMorgan Chase's institutional clients only—different from most publicly circulating stablecoins. [Tesla's Stock Falls Due to Temporary Production Halt News] Tesla's stock price fell by 3.88% on Tuesday amid news that the company would suspend production of the Cybertruck and Model Y car models at its Austin, Texas, factory for a week. It is reported that the production halt for maintenance will begin on June 30, marking the third similar shutdown at the Austin factory in the past year. [Meta to Launch AI Glasses in Collaboration with Prada and Oakley] Market news on Tuesday reported that Meta and its AI glasses partner EssilorLuxottica plan to launch new AI glasses products under the Prada and Oakley brands. Meta had already announced on Monday that it would unveil a new collaboration with Oakley this week, focusing on sports scenarios. [Intel Reportedly to Cut Up to 20% of Employees in Its Foundry Division] An internal memo disclosed by the media on Tuesday revealed that Intel plans to reduce its workforce in the foundry business unit by 15% to 20% starting from July. It remains unclear how many employees will be directly affected by this move. Regulatory filings indicate that as of the end of last year, Intel had a total of 108,900 employees.

[Initiation of the Formulation of "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles"] The National Standards Information Public Service Platform has issued a notice soliciting opinions on the proposed mandatory national standard project "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles". The national standard plan "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles" was proposed by the Ministry of Industry and Information Technology (MIIT) and entrusted to the Intelligent Connected Vehicle Branch of the National Technical Committee of Auto Standardization for execution. The main drafting units include China Automotive Technology & Research Center Co., Ltd., Dongfeng Motor Group Co., Ltd., Huawei Technologies Co., Ltd., among others. The project duration is 22 months, and it was submitted for approval on March 22, 2024. The public consultation period began on June 4, 2025, and will end on July 4, 2025. (Caijing) [EU Selects 13 Foreign Strategic Raw Material Support Projects, Including a Graphite Mine in Greenland] To ensure access to critical raw materials, the European Commission has selected 13 strategic projects located outside the EU, including a graphite mine in southern Greenland. The European Commission stated in a declaration that these projects will receive "coordinated support" from the Commission, member states, and financial institutions, facilitating financing and connections with relevant buyers. The Commission estimates that a total capital investment of 5.5 billion euros will be required to initiate and operate these 13 projects. These projects involve strategic raw materials such as lithium, nickel, cobalt, manganese, graphite, and rare earths. Other projects are located in Canada, Kazakhstan, Norway, Serbia, Ukraine, Zambia, New Caledonia, Brazil, Madagascar, Malawi, South Africa, and the UK. The newly selected projects will complement the list of 47 strategic projects already approved within the EU on March 25. (Caijing) [US EV Company Lucid Signs Graphite Contracts in Succession, Securing Mines to Build Local Supply Chain] US electric vehicle company Lucid announced on its official website on Wednesday local time that it has reached a multi-year supply agreement with Graphite One to source natural graphite from within the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit north of Nome, Alaska, US. This agreement builds on the contract signed by both parties in 2024, with Graphite One having already committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) factory in Warren, Ohio. (Caijing) [AESC's Gigafactory in France Commences Production with an Initial Capacity of 10 GWh] AESC announced that its battery gigafactory in Douai, France, has officially commenced production. It is reported that the initial 10 GWh capacity of the factory will supply power batteries to leading international automakers such as Renault, meeting the demand for 200,000 EVs. (Financial Associated Press) [CITIC Securities: The Singularity of Autonomous Driving in Automobiles Has Arrived, Accelerating Commercial Implementation] CITIC Securities' research report points out that L4-level autonomous driving is showing positive changes in multiple scenarios: 1) Robotaxi: Benefiting from the expansion of operational areas and vehicle deployment, the weekly orders of Robotaxi for leading companies have increased to 250,000 by early May this year (a 400% YoY increase), accelerating commercialization; Tesla plans to launch Robotaxi operations in Austin in June this year, expected to lead technological changes in the industry; 2) Robovan: Leading companies are demonstrating cost-reduction and efficiency-enhancement capabilities in the express delivery industry, accelerating order acquisition and product delivery; 3) Robotruck: The most clearly defined implementation scenario for unmanned operations, with autonomous driving operational efficiency gradually approaching human efficiency, driving product application. We believe that under these trends, various links in the industry chain are expected to accelerate technological R&D and product deployment, and the automotive intelligence industry chain is expected to benefit. (Financial Associated Press) [China Rare Earth Magnesium Industry: Plans to Invest No More Than 8 Billion Yuan in Building an Integrated Base Project for Lithium-ion Battery Anode Materials] China Rare Earth Magnesium Industry (300035.SZ) announced that the company plans to establish a project company in Oman through its wholly-owned Hong Kong subsidiary, Zhongke Shinzoom (Hong Kong) Holdings Limited, a subsidiary of its controlling subsidiary Hunan Zhongke Shinzoom Graphite Co., Ltd., to implement an annual production capacity of 200,000 mt of an integrated base project for lithium-ion battery anode materials, with a total investment of no more than 8 billion yuan. The project will be constructed in two phases, each with a planned capacity of 100,000 mt per year, and the construction period for each phase is expected to be 36 months. This project aims to meet overseas market demand and enhance the company's global market share, but there are risks associated with project construction and approval, fundraising, price fluctuations, market demand, operational management, policies and laws, and exchange rates. (Financial Associated Press) Related Readings: Battery and Solid-State Battery Sectors Strengthen Again, Multiple Automakers Announce Latest Progress, Lopal Shares Surge with Nearly Six Consecutive Daily Limit Ups [Hot Stock] [SMM Analysis] Cathode Material Production in May Increased MoM, While Downstream End-Use Demand Growth Was Sluggish [SMM Analysis] Demand Rose, Anode Material Production in May Increased [SMM Analysis] Co3O4 Production in May Increased MoM, with Most Industry Players Maintaining a Cautious Wait-and-See Attitude Cobalt-Based Product Quotations Collectively "Fell", While Cobalt Chloride Smelter Quotations Remained Firm, Likely to Maintain High-Level Volatility in the Future? [Weekly Observation] [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially marking it as the sluggishest month of the year [SMM Analysis] Ternary cathode material production in May increased by 3.52% MoM [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM Summary of China's LFP Market in May and Outlook for June [SMM Lithium Battery Market Analysis] [SMM Analysis] In May 2025, SMM's total domestic lithium carbonate production decreased by 2% MoM and increased by 15% YoY [SMM Analysis] Lithium hydroxide production in May remained stable with a slight upward trend MoM, and the expected flat trend in June remains unchanged [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM [SMM Analysis] Supply and demand for iron phosphate remained stable in May, with potential price adjustments in June as production volumes surge [SMM News] Grenergy to invest 3.5 billion euros in BESS solar and ESS by 2027 Officially fell below 60,000 yuan/mt! Lithium carbonate futures hit a new historic low. When will prices bottom out? [SMM Flash News] The automotive and parts sectors surged, with the parts sector experiencing a significant "limit-up" rally, with nearly 10 stocks hitting their daily limits [Hot Stocks] [SMM Analysis] REPT Battero and Hyosung Heavy Industries reached a 2.5 GWh ESS strategic cooperation agreement [SMM Weekly Review] Weekly Market Trends for Lithium Ore from May 26 to May 29 [SMM Weekly Review] The lithium carbonate market remained weak, with supply-demand imbalance and weakening costs leading to continued price declines