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Fuel cell technology involves hydrogen from a tank mixing with oxygen, which in turn produces electricity.
Toyota says a fuel cell-powered prototype of its Hilux pickup will be developed at a plant in England.
“Once successful performance results have been secured, the intention is to prepare the vehicle for small series production,” the company adds.

A Toyota logo displayed on a vehicle in Poland. The Japanese automotive giant started working on the development of fuel cell vehicles back in 1992.
Artur Widak | Nurphoto | Getty Images

LONDON — A consortium led by automotive giant Toyota will receive millions in funding to develop a hydrogen fuel cell pickup truck in the U.K.
In a statement Friday, Toyota said the fuel cell-powered prototype of its Hilux pickup would be developed at its plant in Burnaston, in the East Midlands of England.

Toyota Motor Manufacturing UK is heading up the consortium, which is being backed by £5.7 million (around $7 million) of industry funding and £5.6 million from the U.K. government. Thatcham Research, D2H, ETL and Ricardo are also involved in the project.
Although the initiative is being led by TMUK, Toyota said “technical support” would come from Toyota Motor Europe R&D.
“Within the scope of the funding bid, initial prototype Hilux vehicles will be produced at Burnaston during 2023,” it added. “Once successful performance results have been secured, the intention is to prepare the vehicle for small series production.”

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An aerial view of the​ Toyota’s manufacturing plant in Burnaston, England. The Japanese automotive giant started working on the development of fuel cell vehicles back in 1992.
David Goddard | Getty Images News | Getty Images

The original version of the Hilux dates back to the 1960s, and several iterations of the vehicle have been developed since. The U.K. government said a fuel cell Hilux would be “ideal for use in isolated settings where electric vehicle charging is impractical.”

Friday’s news represents Toyota’s latest move in the sector. The firm started working on the development of fuel-cell vehicles back in 1992. In 2014, it launched the Mirai, a hydrogen fuel cell sedan.
Alongside the Mirai, Toyota has had a hand in the development of larger hydrogen fuel cell vehicles. These include a bus called the Sora and prototypes of heavy-duty trucks. As well as fuel cells, Toyota is looking at using hydrogen in internal combustion engines.
While the business is known for its hybrid and hydrogen fuel cell vehicles, it is also attempting to make moves in the increasingly competitive battery-electric market, where firms like Tesla and Volkswagen are jostling for position.
This has not been without its challenges and in June 2022, Toyota issued a safety recall for more than 2,000 of its all-electric SUV, the bZ4X.

This image, from 2013, shows a row of Toyota Hilux pickup trucks at a facility in Portugal. The original version of the Hilux dates back to the 1960s, and several iterations of the vehicle have been developed since.
Mario Proenca | Bloomberg | Getty Images

The company may be looking to invest billions in EV battery production, but it has also stressed it “will continue to make every effort to flexibly meet the needs” of customers “in all countries and regions by offering multiple powertrains and providing as many options as possible.”
The U.K. wants to stop the sale of new diesel and gasoline cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero-tailpipe emissions. The European Union — which the U.K. left on Jan. 31, 2020 — is pursuing similar targets. More

Formula 1 was due to return to China for the first time since 2019 in April next year but zero-Covid policy leads to cancellation.
F1 in discussions about possible replacement, although not desperate to fill four-week gap.

Formula 1 has cancelled the 2023 Chinese Grand Prix.
The sport had been set to return to China for first time since 2019, in what was scheduled to be the fourth round of a record 24-race season on April 16.

However, with China continuing to implement a zero-Covid policy, which has led to heavy restrictions and continued lockdowns, F1 has decided it is not feasible to hold a race at the Shanghai International Circuit.
The cancellation reduces the schedule to 23 rounds, although F1 are understood to be in discussions about possible replacements.

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There is currently a four-week gap between races in Australia and Azerbaijan at the beginning and end of April but there are several interested parties in taking China’s spot, including Portimao for a Portuguese GP, which returned to F1 in 2020 and ’21.
A 23-race calendar would still be a record for F1, with a bumper schedule including a debut Saturday night race in Las Vegas.
F1 expects to confirm whether the round in Shanghai will be replaced in the New Year.
F1 said in a statement: “Formula 1 can confirm, following dialogue with the promoter and relevant authorities, that the 2023 Chinese Grand Prix will not take place due to the ongoing difficulties presented by the COVID-19 situation.
“Formula 1 is assessing alternative options to replace the slot on the 2023 calendar and will provide an update on this in due course.”

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The test was carried out at an outdoor site in the U.K. and used a converted regional aircraft engine from London-listed Rolls-Royce.
The hydrogen came from facilities at the European Marine Energy Centre in Orkney, an archipelago in waters north of mainland Scotland.
Hydrogen has a diverse range of applications and can be deployed in a wide range of industries.

The test used a converted regional aircraft engine from Rolls-Royce, with hydrogen produced at the European Marine Energy Centre in Orkney.
Rolls-Royce

LONDON — Plans to reduce the significant environmental effects of aviation took a step forward this week after Rolls-Royce and easyJet said they had carried out the ground test of a jet engine that used hydrogen produced from tidal and wind power.
In a statement this week, aerospace giant Rolls-Royce — not to be confused with Rolls-Royce Motor Cars, which is owned by BMW — described the news as a “milestone” and said it was “the world’s first run of a modern aero engine on hydrogen.”

The test, which was carried out at an outdoor site in the U.K., used a converted regional aircraft engine from London-listed Rolls-Royce.
The hydrogen came from facilities at the European Marine Energy Centre in Orkney, an archipelago in waters north of mainland Scotland. Since its inception in 2003, EMEC has become a major hub for the development of wave and tidal power.
Grant Shapps, the U.K.’s secretary of state for business, energy and industrial strategy, said the test was “an exciting demonstration of how business innovation can transform the way we live our lives.”
“This is a true British success story, with the hydrogen being used to power the jet engine today produced using tidal and wind energy from the Orkney Islands of Scotland,” Shapps added.
Hydrogen’s uses
Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in a wide range of industries.

It can be produced in a number of ways. One method includes electrolysis, with an electric current splitting water into oxygen and hydrogen.
If the electricity used in this process comes from a renewable source such as wind or tidal power, then some call it “green” or “renewable” hydrogen. Today, the majority of hydrogen production is based on fossil fuels.
Using hydrogen to power an internal combustion engine is different to hydrogen fuel cell technology, where hydrogen from a tank mixes with oxygen, generating electricity.
As the U.S. Department of Energy’s Alternative Fuels Data Center notes: “Fuel cell electric vehicles emit only water vapor and warm air, producing no tailpipe emissions.”
By contrast, hydrogen ICEs can produce other emissions. “Hydrogen engines release near zero, trace amounts of CO2 … but can produce nitrogen oxides, or NOx,” Cummins, an engine maker, says.
Industry’s aims
The environmental footprint of aviation is considerable, with the World Wildlife Fund describing it as “one of the fastest-growing sources of the greenhouse gas emissions driving global climate change.”
The WWF also says air travel is “currently the most carbon intensive activity an individual can make.”
Earlier this year, Guillaume Faury, the CEO of Airbus, told CNBC that aviation would “potentially face significant hurdles if we don’t manage to decarbonize at the right pace.”
Faury added that hydrogen planes represented the “ultimate solution” for the mid and long term.
While there is excitement in some quarters about hydrogen planes and their potential, a considerable amount of work needs to be done to commercialize the technology and roll it out on a large scale.
Speaking to CNBC last year, Ryanair CEO Michael O’Leary appeared cautious when it came to the outlook for new and emerging technologies in the sector.
“I think … we should be honest again,” he said. “Certainly, for the next decade … I don’t think you’re going to see any — there’s no technology out there that’s going to replace … carbon, jet aviation.”
“I don’t see the arrival of … hydrogen fuels, I don’t see the arrival of sustainable fuels, I don’t see the arrival of electric propulsion systems, certainly not before 2030,” O’Leary added. More

The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike.
A separate vote on adding seven days of paid sick leave to the agreement failed.
The legislation now goes to President Joe Biden, who urged Congress to move quickly on its passage.

The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike.
A separate vote on adding seven days of paid sick leave to the agreement failed.

The approved bill, passed by a vote of 80 to 15, now goes to President Joe Biden, who had urged Congress to act quickly before this month’s strike deadline and “send a bill to my desk for my signature immediately.” The measures come after talks had stalled between the railroads and four unions, which had previously rejected the agreement.
Biden has said he was reluctant to override the vote against the contract by some unions but stressed that a rail shutdown would “devastate” the economy. Labor groups have said that enforcing an agreement with the legislation denies them the right to strike.
In a statement after the Senate vote, Biden said he would sign the bill into law “as soon as Congress sends it to my desk.”
“I know that many in Congress shared my reluctance to override the union ratification procedures. But in this case, the consequences of a shutdown were just too great for working families all across the country,” Biden said in the statement.

An aerial view of shipping containers and freight railway trains at the BNSF Los Angeles Intermodal Facility rail yard in Los Angeles, California, September 15, 2022.
Bing Guan | Reuters

The legislation, which was approved by the House on Wednesday, enacts new contracts providing railroad workers with 24% pay increases over five years from 2020 through 2024, immediate payouts averaging $11,000 upon ratification and an extra paid day off.

The House on Wednesday approved a separate measure that would have added seven days of paid sick leave to the contract instead of just one. That measure was defeated in the Senate vote. Paid sick leave has been the main point of disagreement during negotiations between railroads and the unions.
SMART Transportation Division, which represents some of the rail workers, said in a statement it was “unfortunate” that its members weren’t able to approve the labor agreement, but thanked Biden and congressional leadership for attempting to “achieve more.”
“Our members are forced to work more hours, have less stability, suffer more stress and receive less rest. The ask for sick leave was not out of preference, but rather out of necessity,” the union said. “No American worker should ever have to face the decision of going to work sick, fatigued or mentally unwell versus getting disciplined or being fired by their employer, yet that is exactly what is happening every single day on this nation’s largest freight railroads.”

Jeremy Ferguson, president of SMART-TD, told CNBC earlier Thursday there’s growing concern that some rail workers will quit after receiving their backpay without guaranteed paid sick time.
“I keep hearing that some are going to do that. It’s always a possibility,” he said. “I hope that doesn’t happen. I want every member to stay employed and enjoy all the benefits that we do have and we are going to need more employees if we’re going to have adequate time off.”
The parties had until Dec. 9 to reach an agreement before workers promised a strike, which the industry estimated would cost the U.S. economy $2 billion per day. Without an agreement, rail movement of certain goods was set to be curtailed as soon as this weekend in preparation for the strike.

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CNBC’s Jim Cramer on Thursday offered investors a list of his favorite stocks in the restaurant industry that he believes will do well as the economy eventually stabilizes.
Cramer explained that he chose to examine restaurants because investors can easily understand their “totally consumer-facing” business operations.

CNBC’s Jim Cramer on Thursday offered investors a list of his favorite stocks in the restaurant industry that he believes will do well as the economy eventually stabilizes.
“Maybe the economy’s normalizing here, or at least the Fed chief thinks it could be soon to normalize. And in a normal environment, stock picking is much more about identifying the best players in any given industry, rather than just jumping from sector to sector,” he said. 

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His comments come after Federal Reserve Chair Jerome Powell said Wednesday that the central bank could ease back its aggressive pace of interest rates as soon as December, setting off a market rally.
Cramer explained that he chose to examine restaurants because investors can easily understand their “totally consumer-facing” business operations.
Here are his favorite restaurant stocks:

Growth stock pick: Chipotle Mexican Grill

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Cramer praised the burrito chain for its mobile ordering technology and brand loyalty, which boosts its pricing power.

“What really gets me excited about Chipotle is simple: As their costs come down — and that’s happening now that the Fed’s winning its war on inflation — their earnings can soar higher,” he said.

Defense stock pick: McDonald’s

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McDonald’s is a classic defensive stock that typically continues performing well during tough economic times, according to Cramer.

He added that “between the technology improvements, the global store growth and the excellent marketing, they thrive in good times.”

‘Special’ situation pick: Restaurant Brands International

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The parent company of Burger King, Popeyes and Tim Hortons is a special case because it recently appointed former Domino’s Pizza CEO Patrick Doyle as Restaurant Brands’ executive chair, Cramer said. 
Doyle helmed the pizza chain from 2010 to 2018, during which it became a formidable force in the restaurant industry. He joined Restaurant Brands as it attempts to revive Burger King’s U.S. sales.

“If Doyle can boost the growth without spending like crazy, and improve the taste, I think you’ve got a big winner on your hands,” Cramer said, adding, “Just remember that you’ve got to be patient with this one because it could take a little while for Doyle’s plans to kick in.”

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It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Seagate Technology Holdings PLC: “I don’t want you to buy any more, because it’s just not a high-quality enough stock during this period in the cycle. … It’s not for this market.”

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Advanced Micro Devices Inc: “Advanced Micro’s already come down a great deal, and I have a very good feeling about the coming business cycles, not cycle, for what [CEO] Lisa Su is doing.”

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Target Corp: “We’re going to think short-term, then we’re going to sell it. If we think longer-term, we’re going to make money. I’m in the money-making business, not in the selling business.”

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Asana Inc: “I wasn’t crazy about that quarter. … The enterprise software market is not where I want to be.”
Disclaimer: Cramer’s Charitable Trust owns shares of AMD.

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Electric vehicle startup Fisker is facing new liquidity questions after a short seller report Thursday claimed the company’s funds are “tied up.”
According to the report, much of Fisker’s cash balance is tied up via bank guarantees on behalf of Magna International, the auto parts giant that began building Fisker’s Ocean SUV under contract last month.
Fisker strongly denied the report’s key allegations.

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.
Patrick T. Fallon | AFP | Getty Images

Electric vehicle startup Fisker is facing new liquidity questions after a short seller’s report Thursday claimed the company’s funds are “tied up.”
Fisker says it has plenty of cash, about $824 million as of Sept. 30. But undisclosed legal restrictions could mean the EV startup can’t access much of that cash hoard, forcing it to issue new stock to raise funds, short seller Fuzzy Panda Research wrote in the report.

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Shares of Fisker fell about 5% following the report’s release on Thursday.
According to the report, much of Fisker’s cash balance is tied up via bank guarantees on behalf of Magna International, the auto parts giant that began building Fisker’s Ocean SUV under contract last month. The report also alleges the design of the Ocean is based on that of an electric SUV that Magna designed with a Chinese automaker, with at least 80% of parts carried over. The report cites unidentified former employees of Fisker and Magna as its sources.
Fisker strongly denied the report’s key allegations.
“Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform,” the automaker said in a statement after the U.S. markets closed on Thursday. “The Ocean platform does not have 80 percent carryover parts from any other platform.”
Fisker said it has sent a cease-and-desist letter to Fuzzy Panda, and that it will “take immediate and aggressive action” to address the short seller’s “false and misleading claims.”

Access to cash is crucial for any automaker. Between factory tooling and engineering costs, bringing a new model to market can cost a billion dollars or more — and much of that total has to be spent before a single new vehicle ships. Established automakers generally maintain cash reserves of $10 billion or more to ensure that they can continue to bring new products to market if a recession takes a bite out of their profits.
For a startup like Fisker, a cash reserve is critical to its success. With a potential downturn looming, that cash has provided some comfort to its investors. But if the company can’t access it, that comfort could be fleeting.
Fuzzy Panda estimates at least $790 million of Fisker’s cash is pledged to ensure that Magna is paid for factory tooling, manufacturing costs and its contractually guaranteed margins, a total of about €2,700 ($2,840) per vehicle. Fisker said last month that it expects to build 42,400 Oceans by the end of 2023.
Because of the guarantees, the short seller wrote, Fisker has been forced to use “at-the-market” stock offerings to continue funding its operations instead of tapping its cash.
In an “at-the-market” offering, or ATM, a company issues new shares and sells them via the open market, at the prevailing price. Fisker filed a registration statement with the Securities and Exchange Commission in May that allows it to raise a total of $2 billion from ATMs over time.
Fisker said it raised $118 million via ATMs in the third quarter, but Fuzzy Panda added the EV maker will need to raise “significantly more cash” via that facility.
The report cites a number of indicators that Fisker has been moving to conserve cash since early in 2022, including a note that the company’s employee-lunch program was “downgraded from high-end salads to mostly pizza.” (Fisker said in a statement it is “happy that we can continue to offer our employees lunch at a time when many startups are struggling.”)
Fuzzy Panda said it has a short position in Fisker’s shares. The firm previously published similar reports about Electric Last Mile Solutions, which filed for bankruptcy in June, and Ohio-based electric van maker Workhorse Group.

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The FDA, in a notice Wednesday, said bebtelovimab is no longer authorized for use because it is not expected to neutralize the omicron BQ.1 and BQ.1.1 subvariants.
U.S. health officials have warned that people with weak immune systems face a heightened risk from Covid this winter, because omicron subvariants threaten to knock out antibody treatments.
President Joe Biden has called on people with weak immune systems to consult with their physicians about what extra precautions they should take this winter to stay safe.

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021.
Mike Segar | Reuters

A key monoclonal antibody used to treat people with weak immune systems who catch Covid is no longer authorized for use in the U.S. because it is not effective against emerging omicron subvariants.
The FDA, in a notice Wednesday, said bebtelovimab is not approved for use because it is not expected to neutralize the omicron BQ.1 and BQ.1.1 subvariants. They are causing 57% of new infections nationally and make up a majority of cases in every U.S. region except one.

The Health and Human Services Department is putting on hold pending requests for bebtelovimab, and the manufacturer Eli Lilliy has also halted commercial distribution of the antibody treatment until further notice, according to the FDA notice.
But bebtelovimab stocks should be kept on hand in the event that Covid variants which the antibody can neutralize become dominant again in the future, according to FDA.
Bebtelovimab is a single-dose injection administered to people who catch Covid and are at high risk of developing severe disease, but cannot take any other FDA-approved treatments such as the oral antiviral Paxlovid. Many people with weak immune systems, such as organ transplant patients, cannot take Paxlovid with other medications they need.

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U.S. health officials have warned that people with weak immune systems face a heightened risk from Covid this winter, because more immune evasive omicron subvariants threaten to knock out antibody treatments they rely on to stay safe from Covid.
Dr. Ashish Jha, the White House Covid coordinator, said in October that the failure of Congress to pass additional Covid funding means treatments will dwindle as new variants render them ineffective.

“We had hoped that over time as the pandemic went along, as our fight against this virus went along, we would be expanding our medicine cabinet,” Jha told reporters. “Because of lack of congressional funding that medicine cabinet has actually shrunk and that does put vulnerable people at risk.”
President Joe Biden has called on people with weak immune systems to consult with their physicians about what extra precautions they should take this winter to stay safe.

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