A general view shows the Wujing Coal-Electricity Power Station in Shanghai on September 28, 2021.
Hector Retamal | AFP | Getty Images
BEIJING — Local Chinese authorities have abruptly ordered power cuts at many factories in the last week, reflecting a system trying to react to a number of directives from Beijing, and macroeconomic developments.
While a few economists have cut their forecasts on China’s GDP growth as a result, others are still waiting to see the scale of the impact.
Here’s a broad overview on how the power crunch developed:
Coal supply drops, prices surge
Back in late 2020, China stopped buying coal from Australia, once the Asian giant’s largest source of imported coal. Political tensions between the two countries have escalated after Australia supported an investigation into how Beijing handled the coronavirus pandemic.
Alongside a global surge in commodity prices, thermal coal, the primary fuel for electricity production, saw prices soar by more than 40% over 12 months to around 777 yuan per metric ton ($119.53) in December 2020 on the Zhengzhou Commodity Exchange, according to data from Wind Information.
But as China tried to shift to renewable energy, a severe drought hit the hydropower center of Yunnan province. Water-generated power declined year-on-year in July and August by more than 4% each month, according to the National Development and Reform Commission.
Wind-generated power has also slowed its growth, rising 7% in August from a year ago, down from 25.4% growth in July, the commission said.
Analysts have also said China’s climate goals in the latest five-year plan are more moderate than expected. Climate Action Tracker, an international non-profit that reviews countries’ efforts to meet Paris Agreement goals, rated China’s policies and actions as “insufficient” in a report released Sept. 15.
The bulk of electricity in China is still generated by coal. Year-on-year growth in electricity use has surged to its highest in a decade, according to data accessed through Wind.
In addition to extreme temperatures, factories are demanding more electricity as they rush to fill global orders for Chinese goods. Exports have surged by double digits amid the pandemic.
“Demand for power has risen with China’s economic recovery,” Eurasia Group analysts wrote in May. They noted that “several industrial hubs along China’s eastern coast, including Guangdong, Zhejiang, Jiangsu, and Shandong, have warned about potential temporary power supply shortages during the summer peak season.”
Meanwhile, coal supply was falling as mines shut down in a national effort to reduce carbon emissions. The coal inventory of major power plants reached a ten-year low in August, according to Wind data.
But in mid-August, China’s economic planning agency announced that 20 regions — accounting for about 70% of China’s GDP per Nomura — failed to meet carbon-related targets, prompting local authorities to take action.
Some authorities cut electricity overnight
Some of the latest moves were quite abrupt. For example, on Sept. 23, management of a high-tech business area in Hunan province ordered power restrictions, effective immediately, according to a copy seen by CNBC. The curbs are set to last through Thursday, the day before China’s National Day holiday that runs Oct. 1 to 7.
On Sunday, state-backed Securities Times reported of major power cuts for factories in Guangdong’s manufacturing hub of Dongguang city for the same week. The report also noted sudden power outages in many parts of northeast China, including residential areas in Liaoning province.
“The power outage means products cannot be delivered on time,” said Wen Biao, general manager at Qianhe Technology Logistics Co. in Shenzhen, Guangdong province. He said the situation is the same in Shanghai and the port city of Ningbo.
The drop in production has cut demand for shipping overseas, and prices for shipping to the U.S. West Coast have dropped to $9,000 per container, down from $15,000, he said, noting the declines began Sept. 24.
For context, Guangdong province accounts for about 23% of China’s exports by value, while Liaoning accounts for 1.6%, according to official data for January to August.
The abrupt power cuts have also given foreign businesses pause on whether to invest more in China-based supply chains. Some businesses that had planned investments of tens of millions of U.S. dollars in China are now looking at Southeast Asia instead, said Johan Annell, partner at consulting firm Asia Perspective.
This week, China’s State Grid and National Development and Reform Commission pledged to ensure power, especially for residents, and said they would take measures such as allowing greater production of coal and increasing coal imports.
The commission said power demand this winter could exceed the peak levels of this past summer and winter.
Thermal coal prices have nearly doubled this year, and traded just over 1% lower around 1,319.80 yuan per metric ton as of midday Thursday.
Economic impact
The shock to many Chinese factories comes as investors worry about fallout in the massive real estate sector as indebted property giant Evergrande warns of default. Together with related industries like construction, real estate accounts for about a quarter of China’s GDP, according to Moody’s.
After the industry’s roughly two decades of rapid, debt-fueled expansion, regulators have stepped in with tighter rules on how much developers can borrow.
When it comes to the economic impact, Dan Wang, Shanghai-based chief economist at Hang Seng China, said she would “focus more on the restrictive policies in the property market.”
She attributed the power curbs mostly to an inability of authorities to adjust the electricity price, which is largely set by the state. Wang said factories’ rush to fill global demand has also created overcapacity.
“The impact from the power restriction is equivalent to a natural disaster,” she said.
“The power cuts by themselves may not be significant enough, but combined with the property sector slowdown and regional Covid outbreaks, they do make me worry more about GDP growth in Q4,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. “I have lowered my forecast for Q4 to around 4% from 5%, with risk on the downside.”
Economists at other financial institutions have mostly held off on forecast cuts and are waiting to see how significant the drop in production is.
In the sportscar world, there is much discussion about retaining the “purity” of the sputtering, underperforming gas-guzzling engines of yesteryear. After a drive in Everrati’s Porsche 911 restomod, you’ll be ready to embrace the present and see just how much the drive experience can improve with modern technology.
There has been a lot of discussion about “purity” of the driving experience related to EVs. Some decry the “numb” feeling of the consumer-focused EVs they’ve driven, and think that this is indicative of some wider impossibility to provide an engaging drive experience in an electric vehicle.
But of course, when you compare a modern jellybean SUV, regardless of powertrain, with a purpose-built sportscar, there are going to be some differences in drive dynamics that aren’t flattering to the SUVs.
So lets make that comparison a little more fair. Let’s take an actual sportscar, a Porsche 911 (964) RSR, updated to the present day with an electric powertrain, and see just how much that “purity” in drive experience can be carried over with intentional effort, rather than kowtowing to perceptions of current market trends.
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For some background on myself, I started driving EVs with the original Mini E, which was merely a retrofit vehicle with the back seats replaced by a giant stack of batteries. It was a bit of a kludge, but I still fell in love with it largely due to the strengths of electric propulsion.
I then went on to buy an original Tesla Roadster, one of the few true sportscars out there that runs on electricity, so I’ve got more experience than most in small electric two-seaters.
There are certainly a lot of high-performance EVs these days, but most of them are hefty (4,000-5,000 lbs or more), 4-5 seaters with all-wheel drive (my toxic trait is that as far as I’m concerned, if it isn’t rear wheel drive, it isn’t really a sportscar).
So imagine my enthusiasm when I was offered a drive in a custom-built electric Porsche 911 (as long as Porsche refuses to make one itself…).
So, I headed down to Crystal Cove in Newport Beach, California, to meet Everrati CEO Justin Lunny and take this thing for a spin, to see what this real electric sportscar can do – and lets just say there might be a new entry on my lottery ticket shopping list.
Everrati is a UK-based company that does electric restomods of several vehicles, including the Porsche 911, Mercedes-Benz W113 Pagoda, Land Rover Series IIA and Ford GT40.
The company has completed 20 cars so far, with Porsche 911s being the most popular vehicle to convert.
I caught Lunny charging the Porsche as I pulled up, at a 50kW charging station. It has two charging inlets – one in the rear, under the trunk, which does DC or AC charging, and one in the front, using the 911’s original fuel door, which only does AC charging. The car is capable of 70kW charge rates, and while we don’t know what its charge curve looks like, that should mean 30-45 mins for a 10-80% charge.
The vehicle I drove is a 911 (964) RSR, created by Everrati as a commission, as many of its vehicles are. The vehicle still has a few finishing touches that need to be put on it, but otherwise was mostly complete. As a commission, the buyer was able to customize various aspects of the vehicle (including, for example, charge port location).
The interior of the vehicle is nicely finished, with everything redone from the original, but still in retro style. Gauges, knobs and switches are all in a similar style to the original, though a small single-DIN CarPlay headunit betrays the modernization under the hood.
It’s a two-seater, with some room behind the seats for some bags, but no seatbelts or room for people due to the rollbar. And the seats are heavily bolstered, locking you into position for when you whip it through corners. This is a real sportscar, it’s not just masquerading as one.
On a weekday on public roads, there wasn’t much opportunity to really open up the car or get in too much trouble, but the California weather and scenery were exactly what you’d expect. Our drive went up and down PCH and through some canyons, with a quick dip onto the freeway.
The amount of trouble we could get into was also limited by the car’s excellent handling. With a light weight and wide tires (295s on the rear, 30mm wider than the originals), the car felt extremely planted wherever we took it.
Now that’s a wide stance
Everrati says that it’s important to maintain the weight of every vehicle it releases, and that it tries to ensure that its restomods don’t come out heavier than the original vehicle. It says this restomod is about 40lbs lighter than a 964 turbo (though that would make it heavier than the original RSR, which had significant weight-savings applied).
Despite the addition of a chunky 62kWh battery pack (range ~200 miles), Everrati says it was able to keep weight down by replacing several body panels with carbon fiber, in cooperation with Aria group, a contract manufacturer in Irvine, CA. Aria group works with Singer, the highly regarded Porsche restomodder – and is also helping TELO produce its tiny electric truck.
There’s no room in the trunk full of batteries… but that’s normal for a 911. A “frunk” exists, but is tiny.
Everrati even went to the effort of ensuring weight distribution is similar to the original 911.
Famously, 911s are one of few cars designed with a rear-mounted engine, whose weight hangs behind the rear axle. From an engineering perspective, this is simply the wrong way to design a car – you want to reduce the car’s moment of inertia, which means bringing any heavy components as far inboard as possible.
Everrati did bring the motor slightly inboard of where the 911’s engine is, but it’s still placed behind the rear axle, maintaining the 911’s historically weird handling. And 70% of the car’s batteries are in the rear, to keep it rear-heavy.
In our drive test, the handling certainly didn’t feel heavy and felt extremely well-balanced, so we think Everrati did a good job here.
Steering is something else that Porsche has always been praised for. Everrati tried to maintain the steering feel of the original, with only light power assist leading to a heavy steering feel.
This was welcome to me, as my Roadster has manual steering, with no power assist at all. So I’m used to having to crank a small wheel around. The steering had a little bit of “play” in the wheel, which I imagine owes to its early 90s heritage (though still much tighter than the classic Bronco restomod I just drove prior), but otherwise felt exactly how I wanted it to – a relatively quick steering ratio with plenty of feeling transmitted to the driver.
But it has also managed to roughly double the horsepower from the original Porsche it was based on. Everrati says its restomod can produce about 500 horsepower, compared to the ~300 horsepower of even the racing version of the 964 911.
How it looks from underneath – a Tesla drive unit mounted just behind the axle
As is the case with Everrati’s vehicles, its drive software was customized for the customer in question. The customer asked for a drive experience that closely mirrored the original Porsche it was based on, so it wasn’t as “punchy” as some of today’s most powerful EVs, like Tesla’s Plaid Model S or the Turbo edition of Porsche’s Taycan and Macan EVs.
I liked this, myself, as I do think that we’ve gotten a little too punchy these days and lost the linearity I appreciate out of the throttle pedals in the Roadster and original RWD Model 3.
It also had virtually no off-throttle regen, instead placing the regenerative braking on the pedal. This is a sticking point for me, as I prefer one-pedal driving with strong off-throttle regen like many longtime EV drivers who have experienced it, so I’m glad that Everrati said it could offer something like that for customers who request it.
Speaking of brakes, the brake pedal, to me, felt a little soft. This could have been due to the tuning of the regenerative braking system, and also could surely be modified to an owner’s desires. I never did any particularly hard braking events that would have needed to engage the car’s friction brakes, but I just would have liked a little touchier brake pedal.
We also had a quick stop for a shake at the nearby Crystal Cove Shake Shack, and impressed some onlookers from the surrounding all-too-wealthy area. We caught several passers-by checking the car out, and they were quite surprised to learn that the classic Porsche they were looking at (otherwise not too rare of a sight in “New Porsche Beach”…) was electric.
Overall, this restomod is better put together than any I’ve seen or felt, and drove fantastically well.
I am often disappointed in some way by the EVs that I test drive, because they’re just not as fun to drive as the EVs that I’ve spent all my time in (Mini E, Tesla Roadster and Model 3). There’s often something missing, or something different, which may or may not have a good reason for being how it is, but at the end of the day it just makes the car less appealing to me than the EVs that I really love.
Not so with the Everrati. While I’d tune a couple things differently myself, this thing felt great. Just absolutely top tier. I just had to keep interrupting myself while talking to Lunny during my test drive, telling him how great this car felt. Just fantastic.
And that leads us back to the beginning – whether an EV can offer a “pure” driving experience. While taking this thing up and down PCH, through canyons, on a perfect Southern California day, without any of the rumbling, noise, or delayed shifting of gears needed from a traditional ICE engine.
There’s nothing to get between you and driving, and all the sensory experiences that motion entails. The car did what I wanted, when I wanted, and felt and looked great doing it. That sounds like as pure a driving experience as one can find.
As for the price? Well… “if you have to ask, you can’t afford it.” Everrati’s website doesn’t list prices, rather listing it as “POA” (price on application) and having a “let’s talk” button to reach out. The car we drove cost around $450k – on top of the donor car, which can’t have been cheap to begin with.
So, if you happen to have recently found that bitcoin drive you misplaced in 2011, now you know what to do with it.
If you’d like to read more (and see more photos) head on over and take a look at Everrati’s brand book, with lots of pretty pictures of the company’s vehicle projects.
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U.S. Department Secretary of the Interior Doug Burgum looks on during CERAWeek in Houston, Texas, U.S., March 12, 2025.
Kaylee Greenlee | Reuters
OKLAHOMA CITY — The Trump administration is considering investing in companies that mine and process critical minerals in an effort to end U.S. dependence on imports from countries including China, Interior Secretary Doug Burgum said this week.
“We should be taking some of our balance sheet and making investments,” Burgum said late Wednesday at a conference organized by the Hamm Institute for American Energy. “The U.S. may need to make an “equity investment in each of these companies that’s taking on China in critical minerals,” he said.
China dumps minerals on international markets, collapsing prices and making it difficult for U.S. companies to compete, Burgum said. “You’re competing against state capital because China is picking these strategically as areas that they want to invest in,” Burgum said.
The U.S. could use a vehicle like a sovereign wealth fund to invest in domestic miners focused on extracting and processing critical minerals, he said. “Why wouldn’t the wealthiest country in the world have the biggest sovereign wealth fund,” the Interior Secretary said.
Retaliatory export controls
Beijing earlier this month imposed export controls on rare earth elements — a subset of critical minerals —in retaliation for President Donald Trump’s decision to hike tariffs on goods made in China. Rare earth elements are used in key industries including defense, energy and automobiles. The U.S. imported 80% of the rare earths it used in 2024, according to the U.S. Geological Survey. About 70% of U.S. rare earth imports came from China in 2023.
“We have to get back in the game,” Burgum said, referring to mining. “It’s not just drill, baby, drill. It’s mine, baby, mine. If we don’t do that as a country, we will not be successful. We will literally be at the mercy of others that are controlling our supply chains.”
The Trump administration is also considering a sovereign risk insurance fund to guard companies that invest in approved projects against changing political winds in Washington, he said. If a future president cancels a project through executive fiat, companies would be paid back from the fund, Burgum said.
“Think of it like an insurance market that would be backed by the federal government,” Burgum said. “You got to write a check. There’s got to be a financial cost if you’re going to do these decisions where you’re destroying our balance sheet or destroying a company’s opportunity,” he said.
The U.S. needs to stockpile key critical minerals through a mechanism similar to the strategic petroleum reserve, Burgum said. When China dumps minerals on global markets and prices plummet, the U.S. should buy those minerals and stockpile them, he said.
“Those three things would put us in the game around critical minerals — the stockpiling, the sovereign risk insurance and the ability to take an equity position. We’re working on all three of those,” he said.
InMotion, a well-known brand in the world of personal electric mobility, has officially launched its latest electric unicycle, the InMotion V9. Combining advanced technology and new safety features, the V9’s design positions this electric unicycle as a key option for urban commuters and adventure seekers alike who want good performance without spending a fortune.
Believe it or not, the electric unicycle market is quite broad. There are dozens of interesting models, offering everything from slow, beginner-friendly wheels to massively powerful and scary fast off-road electric unicycles (EUCs).
The new InMotion V9 launches as something of an in-between wheel, providing enough power and speed to keep it fun and interesting, yet without going so over-the-top that it becomes unaffordable or unapproachable by newer riders.
Priced at $1,299, the InMotion V9 is powered by a 1,000W motor that can reach peak outputs of 2,000W. This setup delivers a top speed of around 28 mph (45 km/h), positioning it well for urban streets and bike lanes, two of the most common stomping grounds for EUCs.
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Range anxiety isn’t just a concern for cars; it can also affect micromobility riders. For its part, InMotion gave the V9 a fairly hefty 84V and 750Wh battery. This capacity allows the V9 to achieve up to 37 miles (60 km) per charge under optimal conditions. The UL-listed battery charges fairly quickly, reaching full capacity in approximately five hours.
One key feature of the V9 not found on most beginner-friendly wheels is its Nimbus Air suspension system, which provides 60 mm of travel to enhance rider comfort and reduce fatigue on uneven surfaces.
The included suspension is even more notable considering the V9 is currently InMotion’s lightest suspension-equipped electric unicycle, weighing around 48.5 lbs (22 kg). And speaking of weight, the EUC can support riders weighing up to 265 lbs (120 kg).
The InMotion V9 doesn’t skimp on smart features, either. Its integrated GPS tracking enables owners to remotely locate and monitor their unicycle via InMotion’s mobile app, even when powered off. Remote locking functionality further enhances security, ensuring peace of mind for riders frequently leaving their wheel unattended.
Additional smart integrations include customizable RGB side accent lights and built-in Bluetooth speakers, allowing riders to personalize their ride and stay entertained while commuting – or just keep cars and other road users more aware of their presence. The V9 also includes USB-A and USB-C ports with 20W output to ensure riders can conveniently charge their mobile devices while on the go.
Safety is always paramount in electric transportation devices, especially those that come with their own unique concerns like electric unicycles. The V9 has TÜV Rheinland UL2272 certification and “advanced fire-resistant technology” to mitigate risks further.
The InMotion V9 is now available for purchase through local InMotion dealers and via the official InMotion online store.
I don’t cover electric unicycles as often as e-bikes, scooters, and other micromobility devices, but not because they are less deserving. They’re certainly more niche, but I know that the EUC community is adamant about their advantages. And listen, I get it. They’re small and convenient to park or store inside, they don’t require much maintenance at all, and they’re pretty fun after you get the hang of them. An EUC can be intimidating at first, but once it clicks in your brain after a few learning sessions, riding one is a blast!
With the electric unicycle market continuing to gain traction, InMotion still faces competition from other premium brands. However, the V9’s comprehensive package of comfort, safety, and advanced smart features, combined with its competitive price point, should place it pretty well in the crowded landscape of personal electric transportation.
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