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DAILY ENERGY NEWS | 02/28/2024
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** Apple ditches their EV vanity project.
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Wall Street Journa ([link removed]) l ([link removed]) (2/27/24) reports: "Apple has put an end to its decadelong push to build its own electric vehicle, an effort once seen as having the potential to transform the auto industry... The secret group inside the iPhone giant—known internally as Project Titan—has been informed that Apple would be shutting down its efforts in building a car while the company ramps up investments in the area of generative artificial intelligence, a person familiar with the situation said. Some of the employees inside the group will be shifting to Apple’s AI group, while other employees working on car hardware will likely face layoffs... Apple has spent billions of dollars on research and development on the car project."
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** "As the COVID shock retreated, we learned that as you scale EVs to 5,000, to 7,000 units a month and you move into the early majority customer, they are not willing to pay a significant premium for EVs."
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– Jim Farley, CEO Ford Motor Company ([link removed])
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Mercedes Benz abandons plan to sell only EVs by 2030.
** Business Insider ([link removed])
(2/23/24) reports: "It looks like Mercedes-Benz won't live up to its goal to be all-electric by 2030. In 2021, the German carmaker announced plans only to sell electric vehicles — 'where market conditions allow' — by 2030. It now seems that market conditions aren't going to allow that. In its fourth quarter statement released Thursday, the company said it would allow customers' demands to 'set the pace' for how much of its fleet will be electric or gas."
Audi delays A8 EV.
** Carscoops ([link removed])
(2/28/24) reports: "Audi plans to prolong the lifecycle of the current A8 for several more years due to the delayed introduction of its fully electric successor. The decision is driven by the aim to leverage the sales success of the ICE-powered A8 in China and to refrain from introducing an all-new E-Tron flagship sedan amidst lower-than-anticipated EV demand. The fourth generation of the Audi A8 (D5) debuted in 2017 and underwent a mid-lifecycle update in late 2021. Originally, an all-new fully electric successor, previewed by the Grandsphere concept, was slated for a 2024 release. However, it now seems this launch will be delayed until at least 2027."
What do we call the stage of the EV transition where manufacturers demand tariffs in order to continue building highly subsidized products that hardly anyone wants?
** The Center Square ([link removed])
(2/27/24) reports: "An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an 'extinction-level event' caused by Chinese competitors. The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could 'demolish' domestic EVs, often $40,000 more expensive. The report says China uses Mexico's trade relationship with the United States to avoid high tariffs. The Institute for Energy Research says BYD will dodge a 27.5% tariff from China by building a factory in Mexico where tariffs are 2.5%."
Energy Markets
WTI Crude Oil: ↑ $79.35
Natural Gas: ↑ $1.86
Gasoline: ↑ $3.29
Diesel: ↓ $4.07
Heating Oil: ↓ $272.12
Brent Crude Oil: ↑ $84.04
** US Rig Count ([link removed])
: ↓ 651
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