Several Tesla blogs are reporting that Tesla created a joint venture to produce computer chips with a company that is clearly fake.
The reason behind the strange situation is unclear.
Over the last few days, Tesla blogs, including Teslarati and Tesmanian (with the latter having been promoted recently by CEO Elon Musk on Twitter), have reported that Tesla has “set up a semiconductor joint venture with Swiss’s Annex Semiconductor” in China.
The report claims that Tesla, along with Annex, have invested $150 million to start the new joint venture and produce automotive chips.
Teslarati called Annex “a formidable partner” for Tesla and “among the global leaders in automotive system-on-chip (SoC), microcontroller (MCU), and processor, image sensor, and power device products.”
The only problem is that the company is fake.
It looks like the blogs only copy pasted from a report from Chinese website Ijiwei without verifying any of the information.
I asked a few sources in the semiconductor business, and no one had ever heard of Annex Semiconductor.
After researching Annex, I couldn’t find anything about the company other than its own website and the new reporting from the Tesla blogs.
As for the website, it triggered my bullshit meter as it appeared extremely generic. My suspicions were confirmed when all the phone numbers on the contact page didn’t work, and I couldn’t find a single employee linked to the company.
The links to the company’s social media accounts were also not working, and I couldn’t find an actual social media presence. The address of its headquarters is not real, and all the other supposed offices don’t have any listed addresses.
The reports from Teslarati and Tesmanian also both mentioned that Annex Semiconductor was bought by Zurich Fund back in June for $5 billion. The publications didn’t bother to verify that, either.
Zurich Fund also appears to be a completely made-up company. The website has the same design as Annex’s, and it is also full of vague and generic information. Its “our people” page actually profiles two executives, but they are both made up with stock images for their profiles:
I couldn’t find anyone matching those names and profiles. Like Annex, the only reference that I could find about the Zurich Fund is a press release about it buying Annex in June. No other information about the company is available nor does anyone claim to be working for the company.
That’s not normal for a company that is able to buy a chip maker for $5 billion.
Furthermore, a look at Annex’s website index suggests that it was created in China, which is strange for a company that is supposed to be Swiss.
In conclusion, there’s nothing pointing to Annex being a real company, and even less so pointing to it being a $5 billion leader in automotive chip-making partnering with Tesla.
Electrek’s Take
It’s a good reminder to be careful about what you read online. Even publications that claim to be experts in a subject, such as Tesla, often post things without ever bothering to look into the sources.
But it raises the question: Why the subterfuge? So far, I couldn’t find a clear reason for making up the fake companies and the partnership with Tesla beyond tricking lazy reporters. If there’s a company whose stock it would have helped, I couldn’t find it, but that’s a possibility. If you have any idea, let us know in the comments section below or reach out to me at fred@electrek.co.
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Lectric Ebikes appears to be preparing for a major new product launch, teasing what looks like the next evolution of its wildly popular folding fat tire electric bike. Based on the clues, it looks like a new Lectric XP 4 could be inbound.
In a social media post released over the weekend, the company shared a minimalist graphic reading “XP4” along with the message “Tune in 5.6.2025 9:30AM PT.” That date – this Tuesday – suggests we’re just hours away from the big reveal of the Lectric XP 4.
If true, this would mark the next generation of the most successful electric bike in the U.S. market. The current model, the Lectric XP 3.0, has become an icon of accessible, budget-friendly electric mobility. Starting at just $999, the XP 3.0 offers a foldable frame, fat tires, a 500W motor, a rear rack, lights, and hydraulic brakes – all packed into a highly shippable design that arrives fully assembled. It’s the kind of package that has helped Lectric claim the title of best-selling e-bike brand in the U.S. for several years in a row.
With the XP 3.0 still going strong, the teaser raises plenty of questions. Will the XP 4.0 be a modest update or a major leap forward? Could we see new features like torque-sensing pedal assist, a location tracking option, or upgraded performance? Or is Lectric preparing a more comfort-oriented variant, maybe even with upgraded suspension or even more accessories included standard?
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The teaser image, which features stylized stripes in grey, blue, and black, may hold some clues. One theory is that the colors represent new trim options or component upgrades. Another possibility is that Lectric is preparing multiple variants of the XP 4.0 – perhaps targeting commuters, adventurers, and off-road riders with purpose-built versions. We took the liberty of a bit of rampant speculation late last year, so perhaps that’s now worth a revisit.
At the same time though, Lectric’s penchant for launching new models at unbelievably affordable prices has never run up against such strong pricing headwinds as those posed by uncertainty in the current US-global trade war fueled by rapidly changing tariffs for imported goods.
Previous versions of the Lectric XP e-bike line have seen sky-high sales
Whatever the case, Lectric’s knack for surprising the industry with high-value, customer-focused e-bikes means expectations will be high. The brand has built a loyal following by delivering reliable performance at a price point that few can match, and any major update to the XP lineup is likely to ripple across the market.
As a young and energetic e-bike company, Lectric is also known for throwing impressive parties around the launch of new models. It looks like I may need to hop on a red-eye to Phoenix so I can see for myself – and so I can bring you all along, of course.
Be sure to tune in Tuesday at 9:30AM PT to see what Lectric has in store – and you can bet we’ll have all the details and first impressions as soon as they drop.
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Logo of the Organization of the Petroleum Exporting Countries (OPEC)
Andrey Rudakov | Bloomberg | Getty Images
U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.
U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.
The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.
The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.
Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.
Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.
“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.
Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.
Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.