Lawmakers threaten Big Oil CEOs with subpoenas for climate disinformation campaign

Published

3 years ago

October 29, 2021

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An oil pump jack in a field with wind turbines in Corpus Christi, Texas, U.S., Friday, Feb. 19, 2021.

Eddie Seal | Bloomberg | Getty Images

A day-long Congressional hearing on ‘climate disinformation’ on Thursday, where executives of some of the world’s largest oil companies defended themselves against lawmakers, ended with House Oversight and Reform Committee Chairwoman Carolyn Maloney threatening to issue subpoenas.

“Please know that I do not take this step lightly … we are at code red for climate and I am committed to doing everything I can to help rescue this planet and save it for our children,” Maloney said. “We need to get to the bottom of the disinformation campaign and with these subpoenas we will.”

Executives from the oil companies, including ExxonMobil, Chevron, Shell and BP America, defended themselves and their company’s actions, saying they were in line with science of the day.

“Our understanding of the science has been aligned with the consensus of the scientific community as far back as 20 years ago,” said Exxon CEO Darren Woods, responding to questioning from Maloney. “As science has evolved and developed, our understanding has evolved and developed, as has our work and position on the space.”

Maloney said she did not get the information she and her lawmaker colleagues were looking for.

Lawmakers had requested documents from each of the big oil companies in attendance six weeks ago which were due Sept. 30. Lawmakers followed up before the due date and identified key categories of documents they wanted to see. The companies missed the deadline to produce the documents the group was looking to see, and lawmakers warned the companies they had until Oct. 25 or they would “face further action,” Maloney said.

None of the six entities delivered “a substantial portion” of the “key documents” Maloney and the committee wanted to see. Instead, they produced “reams” of publicly available documents.

One group sent in 1,500 pages of documents printed from their own website and 4,000 pages of newsletters with industry press releases, Maloney said. Other companies delivered thousands of pages of publicly available annual reports and company postings on Facebook and LinkedIn, she said.

What Maloney wanted to see was detailed funding information “to understand their payments to shadow groups and to over 150 public relations companies and advertisements on social media,” she said. Those documents were not provided, she said, and called those “payments that today’s witnesses seem intent on continuing.”

Rep. Ro Khanna, the chairman of the Subcommittee on the Environment, pressured Woods to say statements from a former Exxon executive, Lee Raymond, which denied a connection between fossil fuels and global warming was a mistake. While Khanna started his testimony saying, “I don’t have any interest in being adversarial,” the resulting back and forth with Woods got pretty tense.

“You know, when I make a statement, that’s wrong, when most people make a statement, that’s wrong, they say, ‘Okay, it’s a mistake. We regret it.’ I’m just asking you for that,” Khanna said.

“I don’t think it’s fair to judge something 25 years ago with what we’ve learned since,” Woods said.

“I’m disappointed that you’re not willing to say that something is a mistake. It doesn’t inspire a lot of confidence about, you know, introspection and going forward. I’m surprised actually, I thought you would just say it’s a mistake,” Khanna said.

Khanna also asked executives on the spot to tell the American Petroleum Industry, the industry trade group, to stop opposing legislation to promote electric vehicles.

Big oil companies are still funding groups like the American Petroleum Institute, an industry trade organization, which is getting in the way of reforms promoting electric vehicle use, Maloney said.

“I see no choice but to continue our committee’s investigation until we see the truth,” Maloney said.

“I have tried very hard to obtain this information voluntarily but the oil companies employ the same tactics they use for decades on climate policy — delay and obstruction. Well, that ends today,” Maloney said. She added that she had draft subpoenas on hand.

In addition to emphasizing that their companies were operating in accordance with the science of the time, the executives also focused on the clean energy innovation they are doing.

“Just as when we were founded in 1879, we continue to believe in a power of human ingenuity to overcome obstacles and find responsible solutions for meeting the world’s growing energy needs to deliver a better future for all,” Chevron CEO Michael K. Wirth said at the hearing.

While the stated goal of the hearing was “to examine the fossil fuel industry’s long-running, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming,” according to a statement from the lawmakers’ committee, the content of the hearing ranged far beyond climate disinformation to include a political referendum on gas prices, American energy independence, among many other topics.

But many of the hours of the hearing were lawmakers taking the five minutes in the spotlight to address energy issues key to their own constituents.

For example, lawmakers brought up the high price of gas at the pump for consumers.

“It’s clear that this hearing is part of a Democrat led disinformation campaign to distract from the Biden administration’s failed policies that are hurting average Americans,” Virginia Foxx, a Republican Congressperson from North Carolina said.

“As of this morning $3.39 per gallon gas is the average price of gas in America,” Foxx said. “This hurts families in my district and across the nation enough to decide which items on their grocery list they cannot buy, and what trips they can no longer afford to take.”

Environment

Genesis wants a bigger slice of the US luxury market with new EVs en route

Published

2 hours ago

November 22, 2024

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Genesis wants a bigger slice of the US luxury market with new EVs en route

If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.

Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.

In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.

According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.

A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.

After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.

Genesis-Electrified-GV70-NACS — 2026 Genesis Electrified GV70 update (Source: Genesis)

Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).

Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.

Genesis-US-luxury-EV-market — Genesis at the 2024 LA Auto Show (Source: Hyundai Motor Group)

Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.

The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”

Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.

It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.

Genesis-G80-EV-Magma — Genesis G80 EV Magma Concept (Source: Genesis)

In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.

The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.

Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.

The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.

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Environment

No, BYD is not taking over NIO as fake rumors claim

Published

5 hours ago

November 22, 2024

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No, BYD is not taking over NIO as fake rumors claim

A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.

BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.

According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.

Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.

Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.

Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.

BYD-taking-over-NIO — NIO Onvo L60 electric SUV at the 2024 Guangzhou International Auto Show (Source: NIO Onvo)

NIO denies rumors that BYD is taking over the company

This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.

BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.

After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.

October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.

NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.

Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”

NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.

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Environment

Hyundai recalls more than 145,000 EVs

Published

6 hours ago

November 22, 2024

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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.

2025-Hyundai-IONIQ-5-prices — 2025 Hyundai IONIQ 5 (Source: Hyundai)

It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.

If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.

To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.

Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.

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