![A mysterious 2023 electric sedan teased by Polestar, Volvo maker [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2023/01/Polestar-Volvo-electric-vehicle-5.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
A mysterious 2023 electric sedan teased by Polestar, Volvo maker [Video]
The owner of Polestar and Volvo brands, Geely, is teasing a new electric sedan set to debut later this year officially.
Polestar and Volvo maker teases new electric sedan
Zhejiang Geely Holding Group, or Geely as it’s commonly referred to, is a massive Chinese company with majority ownership in several prominent global automakers like Volvo, Polestar, and Lotus.
Geely also has several brands of its own such as ZEEKR, a premium EV manufacturer, and Geometry, its mass-market electric vehicle division, to name a few.
The company is expanding quickly, selling over 650,000 electrified personal and commercial vehicles in 2022, representing 29% of its total sales. Perhaps, more importantly, several of its brands are becoming major contenders in the new EV era.
For example, Polestar reached a full-year volume of 51,500, hitting its sales goal of 50,000 vehicles globally. Volvo’s share of fully electric vehicles almost tripled to 10.9% as the brand hit a significant turning point.
Geely continues to expand its portfolio with new vehicles like the recently revealed RD6 electric pickup, part of its outdoor-focused Radar Auto brand. It seems the automaker has another surprise up its sleeve.
According to a new video posted by CarNewsChina, Geely is teasing a new mysterious electric sedan.
The video shows a premium-looking sporty EV electric vehicle with a long bonnet, slim headlights, and slopped back. The exterior vaguely resembles a combination of a longer Tesla Model S and Lotus combination with a hint of Porsche, or perhaps closer to that of the BYD Seal.
Is it Polestar, or perhaps a Volvo EV? It’s not likely. At the end of the video, Geely announced a new lineup of new energy vehicles (NEVs) that will stay under the Geely brand. The series will be positioned in the middle to high-price segment.
According to the source, the new sedan will ride on Geely’s SEA platform, the same architecture used for Polestar, Zeekr, and Lotus EVs.
FTC: We use income earning auto affiliate links. More.
Environment
Exxon Mobil earnings beat as production growth and cost cuts offset the sting of falling oil prices
Exxon Mobil reported first-quarter earnings Friday that beat Wall Street expectations, but declined from the prior year as crude oil prices have fallen sharply on fears that President Donald Trump’s tariffs will hit global demand.
The oil major said volume growth in the Permian Basin and Guyana combined with cost-cutting measures largely offset lower earnings from weak oil prices. U.S. crude prices have fallen 18% this year as Trump’s tariffs raise fears of slower demand at the same time producers in OPEC+ plan to increase supply.
Exxon shares were up less than 1% in premarket trading after the results.
Here is what Exxon reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.76 vs. $1.73 per share expected
- Revenue: $83.13 billion, vs. $86.72 billion expected
Exxon said its profits declined 6% to $7.71 billion, or $1.76 per share, from $8.22 billion, or $2.06 per share, in the same quarter last year.
The oil major’s global production business posted earnings of $6.76 billion in the quarter, an increase of about 19% from $5.66 billion in the same period a year ago. Profits in the segment rose due to growth in the Permian and Guyana as well as cost savings.
Earnings in Exxon’s U.S. production segment soared more than 70% to $1.87 billion from $1.05 billion in the same quarter in 2024.
Exxon’s global production came in at 4.55 million barrels per day, an increase of 20% compared to 3.78 million bpd in the year-ago period.
Exxon said first-quarter capital expenditures of $5.9 billion were consistent with its guidance of $27 billion to $29 billion for 2025.
The company said it returned $9.1 billion to shareholders in the quarter, including $4.3 billion in dividends and $4.8 billion in share purchases.
Read the full earnings release here.
This is a developing story. Please check back for updates.
Environment
Chevron stock falls as lower profits and oil prices set to slow the pace of stock buybacks
Chevron stock fell on Friday as the oil major’s profit declined, hurt by the steep drop in oil prices this year.
U.S. crude oil prices have fallen about 18% this year as President Donald Trump’s tariffs are expected to weigh on demand at the same time OPEC+ plans to pump more supply into the market.
The oil major said it plans to repurchase $2.5 billion to $3 billion of its own stock in the second quarter, which is lower than the $3.9 billion it bought back in the first quarter.
Chevron shares were recently down more than 2% in premarket trading.
Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $2.18 adjusted vs. $2.18 expected
- Revenue: $47.61 billion vs. $48.09 billion expected
Chevron’s net income declined more than 30% to $3.5 billion, or $2 per share, from $5.5 billion or $2.97 per share, in the year-ago period. Excluding one-time items, Chevron earned $2.18 per share, which was in line with Wall Street estimates.
Chevron’s U.S. production business posted a profit of $1.86 billion, a decline of more than 10% from $2.08 billion in the year-ago period, as it experienced higher operating expenses and lower commodity prices.
The oil major’s U.S. refining business swung to a profit of $103 million after posting a loss of $348 million in the fourth quarter of 2024. The segment’s earnings, however, declined 77% from $453 million in the year-ago due to lower margins on refined product sales.
Chevron’s produced 3.35 million barrels per day in the quarter, largely flat compared to 3.34 million bpd in the year-ago period.
Capital expenditures declined about 5% to $3.9 billion, down from $4.1 billion one year ago.
Read the full earnings release here.
This is developing story. Please check back for updates.
Environment
Tariffs will increase Zero Motorcycles’ prices on its more affordable e-motorbikes this month
Zero Motorcycles has announced that its newest line of electric motorbikes will see a price increase in the US due to the Trump Administration’s tariff policy. But the saving grace is that the company is allowing reservations made in the next few weeks to secure pre-tariff pricing.
Zero launched its new X-line of smaller electric motorcycles late last year, ushering in a Sur Ron-style pair of bikes that cost a mere fraction of the company’s larger street bikes.
Designed for off-road use in the US or both on and off-road use in Europe, the Zero XB and XE were designed to be as affordable to new riders as they are approachable.
The XB was unveiled with a price tag of a mere US $4,195 or €4,500, while the larger and more powerful XE carried a price tag of US $6,495 or €6,500.
The pair were part of the motorcycle maker’s plans to have six unique models all priced at under US $10,000 in the next two years. However, those plans may face increasing pressure after the Trump Administration imposed harsh new tariffs on imported goods to the US, forcing many manufacturers to increase prices.
Zero’s push for more affordable electric motorcycles is made possible mainly by its partnership with Chinese electric motorcycle manufacturers like Zongshen. While such companies have years of experience manufacturing motorcycles at more affordable prices, their relative cost advantage could take a serious hit under the US’s aggressive stance towards foreign-produced goods.
The first XB and XE motorcycles are expected to be delivered to existing reservation holders this Summer. However, for anyone who doesn’t yet have a pre-order in place, Zero says that it will still honor the existing pricing for reservations placed before May 18, 2025.
Bikes reserved in the next two weeks are not expected to ship until later this year, meaning they will almost certainly be subject to increased tariffs, though it appears Zero is prepared to eat those tariffs for an early group of reservation holders.
“Zero Motorcycles remains committed in our mission to deliver industry-leading electric motorcycles while maintaining an accessible price point for consumers around the world,” said Sam Paschel, CEO of Zero Motorcycles. “Our customers are at the heart of everything we do. And by honoring prices for early reservation holders – despite the shifting global economy – we’re reinforcing our position as the leader in the electric space and building the future of two-wheel transportation.”
Electrek’s Take
What a time to double down on Chinese partnerships. I feel for Zero, who was obviously looking for a way to reach more riders, especially young riders in the Sur Ron/Talaria demographic, and found the obvious way to do so by going to the world’s biggest market for producing e-motorcycles.
That’s not to say that US-based production isn’t possible. Zero used to do more production locally before slowly shifting more and more of its manufacturing overseas. There are still companies like Ryvid who manufacture in the US, though even those companies rely on many imported components and will still likely take a hit from tariffs.
The long and the short of it is that the entire electric motorcycle industry is going to be shaken by these tariff policies, and no US consumer will spared. Or at least, none after May 18th.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway