Rich Pedroncelli / AP

The world's second largest exporter is gearing up to compete with California's Tesla, by building its own advanced battery plant, Bloomberg reports. The wire quotes Holger Gritzka, a former steel executive who says he is organizing a consortium of 17 Germany companies to collaborate in mass-production of advanced lithium-ion batteries, to power electric vehicles and store sustainably-sourced energy.

Why it matters: The group has already won the favor of the German government, which is supplying subsidies for the project, reflecting that Germany sees mastering the technology as a national priority. China, which already has the lead in lithium-ion battery production, has also made advanced battery production a priority, lavishing government assistance on the industry. The U.S., too, is in the race, continuing to see the dividends of a $2.4 billion federal investment in lithium-ion technology in 2009, when Obama administration economic stimulus legislation seeded the U.S. advanced battery industry from scratch.

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19 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.