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The Russian oil price cap has so far 'achieved our interest,' Amos Hochstein says

The Group of Seven’s oil price cap scheme intended to limit Russian oil export revenues is working “so far so good,” according to Amos Hochstein, special presidential coordinator to President Joe Biden.

“As oil prices have come down, there’s no doubt that the price cap has, so far, and there’s a long way to go, as we sit today, achieved our interest, which was to have continued supply of oil on the market to support economic growth while limiting the value that oil makes for Putin,” he told CNBC’s Hadley Gamble in Abu Dhabi on Friday.

The price cap initiative was introduced on Dec. 5, when the EU stopped taking Russian crude oil. The price scheme requires buyers outside of the G7 using Western services such as maritime routes, insurance and financing to pay no more than $60 per barrel for seaborne Russian crude oil. 

EU countries will no longer be able to access seaborne Russian oil products as of Feb. 5.

President Vladimir Putin last month announced Russia would stop the supply of crude oil and oil products for five months to any nation that adhered to the cap, starting on Feb. 1. The retaliatory move will be followed by a separate ban linked to refined oil products.

Hochstein said that, while the scheme was still in its early days, “the fact that the discount on Russian oil has widened is a good thing, we hope that continues. We’ll see where it takes us.”

He did not specify how much the U.S. believes the price ceiling initiative is costing Russia. Finland’s Centre for Research on Energy and Clean Air estimates this toll is at €160 million ($172 million) a day.

The plan faced significant skeptism from some analysts, while it was sketched out by the G-7 and its ally Australia.

Former U.S. Treasury Secretary Steve Mnuchin said the initiative was “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.”

“I’m glad that where everyone doubted the price cap would work, I think sometimes people have a tendency to think if it’s not been done before it’s not possible. I think the G7 got together, it’s part of the unity of the G7, and I think so far so good,” Hochstein said.

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Tesla hacker reveals a new Model Y with 6 seats is in the works

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Tesla hacker reveals a new Model Y with 6 seats is in the works

A Tesla hacker has revealed that through a new software update, the automaker is working on a new Model Y with a 6-seat configuration.

Last week, we reported that Tesla referenced an upcoming 7-seat configuration for the new Model Y in communications with customers.

The automaker previously offered a 7-seat configuration for the Model Y, before the design refresh earlier this year. It was never very popular.

Now, we learn that Tesla is also working on a 6-seater configuration, which would be completely new to Model Y. Tesla offers a 6-seater configuration for the Model X, but it never did for other models.

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Green, an infamous Tesla hacker who often reveals upcoming features by sifting through the code in new Tesla software updates, made the discovery and commented:

“The much-rumored 6-seater Model Y made an appearance in the firmware.”

There had been several rumors about the 6-seater Model Y in the past, but they were almost exclusively in China and referenced a potential longer wheelbase Model Y that never made it to production.

Now, Green notes that his findings point to the new version likely not being only for the Chinese market.

It’s not clear what a Model Y 6-seater could look like, but it would likely feature a 2+2+2 seating configuration with captain seats in the middle, much like the Model X.

Electrek’s Take

This is interesting. If Green is discussing it, it’s in the code, and Tesla is undoubtedly working on it, but it has not been confirmed to be made available. I’ll believe it when I see it.

For my money, if Tesla wants to introduce a 2+2+2 configuration on the Model Y with captain seats in the middle, you kind of need a longer wheelbase. Otherwise, something is getting smushed.

The third row in the previous Model Y was already tiny and only suitable for children or very small adults. A 2+2+2 configuration does give the opportunity to open up that third row a bit with potential for more legroom, but I’m really curious to see how that second row looks like in a Model Y after that.

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Zero announces its new low-cost electric motorcycles have begun production

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Zero announces its new low-cost electric motorcycles have begun production

Zero Motorcycles announced this week that production of its new XE and XB electric motorcycles is now officially underway, with the first units set to begin shipping soon. The milestone marks a major step forward in Zero’s plan to expand beyond its high-performance electric motorcycles and tap into the growing market for more affordable EVs on two wheels.

“Bikes are rolling and the wait is almost over!” the company shared on its social media channels. “Zero XEs and XBs are coming off the production line and begin shipping worldwide over the next few weeks.”

The Zero XE and XB were first unveiled in November 2024 as part of the company’s shift towards smaller, less expensive electric motorbikes that could appeal to a wider customer base than the brand’s traditional $15,000–$25,000 flagship models. With new models that directly compete against Sur Ron and Talaria-style electric motorbikes, Zero is hoping to carve out a section of the much higher volume light electric dirt bike market.

Zero has long been considered one of the dominant players in the heavyweight electric motorcycle industry, but its pricing has remained out of reach for many would-be riders. Now these upcoming smaller and cheaper bikes aim to change that.

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By leveraging Asian designs and manufacturing, the new XE and XB are significantly more affordable. The Zero XB is priced at $4,395, while the larger XE comes in at $6,495. That puts them in direct competition with smaller, value-focused e-moto brands like CSC, Ryvid, and even trail bikes like the infamous Sur Ron or Talaria.

However, the non-street legal status of the bikes in the US means that sales could be hindered, unlike in Europe where the XB and XE models are homologated for use on public roads.

While the price may be lower than the brand’s bigger flagship models, both bikes still wear the Zero badge. The pair is claimed to have been designed by Zero’s California-based engineering team and use a simplified version of Zero’s Z-Force powertrain system, though the models unveiled at EICMA still had a number of obviously Chinese-origin parts and stickers, including labels written in broken English. Now, over six months later, the production models are presumably rolling off the line with a bit closer inspections.

As far as specs go, the Zero XE carries a 4.3 kWh removable battery – one of the largest removable batteries in the industry. That battery powers a 15.5 kW (21 hp) peak-rated air-cooled motor that propels the bike up to 85 km/h (53 mph). 

The slightly smaller XB has a more modest 7.5 kW (10 hp) motor and 2.4 kWh battery, which is also easily removable for charging. The bike has a slower top speed of just 28 mph (45 km/h), making it better suited for riders who want to focus on their skills or learn to jump, instead of merely riding fast. Zero rates the XB with a range of 47 miles (75 km), though time will tell how accurate that figure proves to be.

Zero has made it clear that these bikes are not meant to compete with its premium lineup but rather to complement it, offering a stepping stone into electric motorcycling for newer riders or urban commuters who don’t need highway performance, at least if those urban commuters are located in Europe.

With production now underway and shipping soon, we’ll soon see whether Zero’s bet on the low-cost electric motorcycle segment pays off. One thing is certain: with more affordable options like the XB and XE, Zero is signaling that the future of motorcycling isn’t just fast – it’s flexible.

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Tesla is asked to delay Robotaxi launch in Austin by Texas lawmakers

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Tesla is asked to delay Robotaxi launch in Austin by Texas lawmakers

Texas lawmakers have officially requested that Tesla delay its planned Robotaxi launch in Austin by a few months due to a new law being implemented.

It’s a Godsend for Elon Musk.

As we previously reported, Tesla’s planned Robotaxi launch in Austin, Texas, now “tentatively” scheduled for June 22, is a moving of the goal post for Tesla.

CEO Elon Musk himself has previously described what Tesla plans to launch as “not really self-driving”, but the CEO is using the new strategy as a way to claim a win in autonomous driving after years of missed deadlines and failed promises.

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Since last year, Musk has discussed launching the service in Austin this summer. For the last few months, he had indicated that it would happen in June, with the June 22nd date being officially shared last week.

For Musk to claim his win, Tesla would need to stick to the deadline, which would be a first for Tesla when it comes to its autonomous driving roadmap.

However, Texas lawmakers have just given Tesla an out.

A group of seven Austin-based lawmakers in the Texas Senate and House have signed a letter asking Tesla to delay its launch until September:

As members of the Austin delegation in the Texas Senate and Texas House of Representatives, we are formally requesting that Tesla delay autonomous robotaxi operations until the new law takes effect on September I, 2025. We believe this is in the best interest of both public safety and building public trust in Tesla’s operations. If Tesla opts to proceed with the June 22, 2025, launch date, we request that you respond to this letter with detailed information demonstrating that Tesla will be compliant with the new law upon the launch of driverless operations in Austin.

Texas has had very few regulations affecting autonomous driving, and the new law maintains this status quo. However, it also introduces requirements for following federal guidelines, and the latest version of the bill references SAE autonomous driving levels.

It doesn’t sound like the lawmakers are forcing Tesla to delay the launch for now. They are more politely asking to delay until the new framework is in place.

here’s the full letter from the Texas lawmakers:

Electrek’s Take

This appears to be a Godsend for Tesla and Musk. Even with the significantly reduced scope of the program compared to what Tesla has promised for years, and the fact that Waymo has been doing exactly what Tesla is trying to accomplish for years, it appears that Tesla is having difficulties delivering on that.

As we previously reported, testing without a safety driver has been extremely limited based on sightings, and it appears that Tesla has simply relocated the “safety driver” to the passenger seat with a kill switch for optics.

Now, Tesla can claim that it has to delay the launch to please the regulators rather than because it is not ready.

There’s also NHTSA, which put a deadline for today for Tesla to answer a bunch of questions about its planned Robotaxi launch in Austin. So, that could also play a role.

Now, let’s see if Tesla takes the out or decides to move forward. For everyone’s sake, I hope they take the out.

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