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Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector.

The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement.

Oil prices have come under pressure from a crisis in the Western banking sector, which has seen the downfall of tech startup-focused Silicon Valley Bank and the takeover of embattled Credit Suisse by Swiss rival UBS in the span of two weeks. Two sources within the influential OPEC+ alliance signaled to CNBC at the end of last week that banking uncertainty was feeding into fears of another financial collapse to the tune of the 2008 crisis.

OPEC+ delegates could only comment on condition of anonymity, as they are not allowed to publicly discuss the topic.

One of the sources noted that the drop was likely temporary and not underpinned by supply-demand fundamentals surrounding the physical commodity, but stressed the need to monitor the potential effect on central bank interest rate decisions and inflation. The European Central Bank pressed ahead with a further rate hike of 50 basis points on March 16, while the U.S. Federal Reserve is due to reach its own rate decision this week.

Over the past year, OPEC+ has championed stability in the oil price landscape to encourage long-term investment in spare capacity and avoid supply shortages. An OPEC+ ministerial technical committee is next set to adjourn on April 3.

In a note dated March 15, UBS analysts indicated that the wider financial market turbulence was unlikely to affect crude oil production rates, but flagged that “during periods of elevated volatility, investors tend to pull out of risky assets like oil and invest in safer corners of the market.”

It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. 

Citing “banking stress, recession fears, and an exodus of investor flows,” analysts at Goldman Sachs on March 18 cut their oil price outlook, now expecting Brent prices to hit $94 per barrel in the upcoming 12 months and $97 per barrel over the second half of 2024 — compared with previous projections at $100 per barrel for both periods.

“Our adjustment also reflects somewhat softer fundamentals, namely higher-than-expected near-term inventories, moderately lower demand, and modestly higher non-OPEC supply,” Goldman Sachs said.

Questions linger over the potential demand boost from a reopening China — the world’s largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

Paris-based watchdog the International Energy Agency nevertheless said in the March issue of its monthly Oil Market Report that it expects world oil demand growth to “accelerate sharply over the course of 2023,” seeing “rebounding air traffic and the release of pent-up Chinese demand dominate the recovery.”

The supply picture has stayed muddied by Russia, whose oil flows have been choked by Western sanctions implemented against its seaborne crude and oil products in December and February, respectively. Moscow announced a unilateral 500,000 barrels per day cut in its crude output in March, announced by Deputy Prime Minister Alexander Novak on Feb. 10.

It remains to be seen whether Russia’s declines will be long term or are the product of technical difficulties to sustain field production rates following the winter cold, one OPEC+ delegate told CNBC last week. According to the state Saudi Press Agency, Saudi energy minister Prince Abdulaziz bin Salman received Novak in Riyadh on March 16, with both countries reaffirming their commitment to the OPEC+ policy of removing a combined 2 million barrels per day of production from the markets until the end of 2023, agreed in October.

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Trump nominates a Tesla critic to lead NHTSA

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Trump nominates a Tesla critic to lead NHTSA

President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.

Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.

The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.

In September 2018, the US National Highway Traffic Safety Administration (NHTSA) released its Tesla Model 3 crash test results, and the EV got five-star safety ratings in every category.

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Tesla interpreted the data from the test and claimed that Model 3 achieved “the lowest probability of injury of any vehicle ever tested by NHTSA“.

Morrison sent Tesla a cease-and-desist letter over the claim, arguing that it was misleading.

The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.

Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.

The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.

Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.

Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.

The agency had already launched several investigations into Tesla over the years, with the largest one examining Tesla’s Full Self-Driving program and several fatal crashes related to the ADAS system.

Electrek’s Take

Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.

On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.

At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.

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A 25 mph ambulance? The GEM microcar is now an emergency responder

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A 25 mph ambulance? The GEM microcar is now an emergency responder

You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.

While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.

“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.

The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.

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Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.

The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.

And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.

The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.

With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.

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The Kia EV5 might be coming to the US after all

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The Kia EV5 might be coming to the US after all

The Kia EV5 is officially heading to North America in early 2026, paving the way for a potential US launch. If so, it could go head-to-head with the Tesla Model Y.

Is Kia launching the EV5 in the US?

On Tuesday, Kia unveiled the new EV5, a global version of its electric SUV that has been sold in China since 2023.

Starting at around $20,000 (149,800 yuan), the EV5 is leading Kia’s comeback in China. It’s also a top-selling EV in Australia, where it’s exported from Kia’s Chinese joint venture, Yueda Kia.

The global version will be made in Korea with a few slight upgrades. For one, it’s powered by an 81.4 kWh nickel-manganese-cobalt (NMC) battery pack, rather than the BYD LFP Blade battery used in the version sold in China.

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In Europe, the EV5 will be initially available in two variants: a baseline model and a GT-Line model. Both are powered by front-wheel drive (FWD) with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque.

Kia-EV5-US
Kia EV5 baseline trim (Source: Kia)

The global version is 4,610 mm long, 1,875 mm wide, and 1,675 mm tall, or a bit smaller than the Tesla Model Y. It’s about the size of the Hyundai IONIQ 5.

Inside, you’ll find a setup similar to the EV9 and EV3, featuring Kia’s new ccNC (connected car Navigation Cockpit) infotainment system. The setup features a 12.3″ instrument cluster and a 12.3″ infotainment display in a panoramic format. There’s also an added 5.3″ climate control screen.

Kia-EV5-US
Kia EV5 GT-Line interior (Source: Kia)

During the launch event, Kia said the “rollout begins” in Korea and Europe in the second half of 2025, adding North American sales will start in early 2026.

Does that include the US? I wouldn’t get my hopes up. In January, Kia announced the EV5 will be “exclusive to the Canadian market in North America.” It will begin arriving at dealerships in 2026.

Kia-EV5-US
Kia EV5 GT-Line (Source: Kia)

However, it might make sense. The EV5 for North America will have a built-in NACS port, unlocking access to Tesla Superchargers. It will be available in both AWD and FWD powertrains. Two battery sizes will be offered, 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).

Kia-EV5-US
Kia EV5 GT-Line interior (Source: Kia)

With sales of the EV6 and EV9 slipping nearly 50% each through the first half of the year in the US, the EV5 could complement the two.

Electrek’s Take

Although it’s still unlikely, the EV5 could serve as a potential electric alternative to the Sportage, Kia’s top-selling vehicle in the US.

Through June, Kia has sold over 87,000 Sportage models in the US. In comparison, it’s only sold 4,938 EV9s and 5,875 EV6 models.

Kia is launching the EV4, its first electric sedan, in the US early next year. However, a smaller compact electric SUV may be an even better fit.

It already builds the EV9 and EV6 in Georgia, so it could produce the EV5 in the US to avoid extra tariff costs. Or, it could even potentially be built at Hyundai’s new EV plant in Georgia. However, nothing is confirmed.

Would you buy the Kia EV5 in the US? Prices would likely start at around $50,000. Drop us a comment below and let us know your thoughts.

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