On Wednesday, several activist groups briefly interrupted Volkswagen’s annual general meeting. One claimed VW is “making climate-damaging decisions,” and the other says the automaker uses forced labor to build cars in China.
Cake was thrown from an unknown party, and investors raised concerns over VW losing ground in China to EVs.
Protests erupt at Volkswagen annual meeting
At Volkswagen’s annual general meeting in Berlin on Wednesday, around a dozen activists staged a protest, gluing themselves to the road to block traffic.
The activists argued VW was “making climate-damaging decisions” before the meeting was able to begin. Once the conference started, more protestors joined in, shouting accusations of forced labor in China and waving flags that said “End Uyghur Forced Labor,” according to Automotive News Europe.
Essentially, the disruptions stemmed from two things:
Concerns over alleged forced labor at VW’s Facility in Xinjiang, China
Volkswagen’s EV strategy and concerns that it’s losing ground in China
As for the forced labor allegations, VW Group China CEO, Ralf Brandstaetter, visited the SAIC Volkswagen-owned Xinjiang facility earlier this year, saying, “We do not see any evidence of human rights abuses at the plant.”
The topic became a discussion among investors, not just activists, urging VW to require SAIC to conduct an independent audit of the plant.
Protestors threw a cake at Volkswagen Chairman Hans Dieter Poetsch, which you can view below.
Investors concerned over VW losing ground in China to EVs
Volkswagen shareholders brought up the increasing competition from EV makers, like BYD and Tesla, in China.
Tesla delivered another record quarter, with over 422,000 vehicles in the first three months of 2023. Meanwhile, BYD continues to dominate the market in China, delivering over 264,000 all-electric vehicles in Q1, up 85% from last year.
Furthermore, BYD surpassed VW in passenger car sales in the first three months as demand for affordable EVs continues to build.
The market in China is quickly progressing toward being fully electric, with EVs accounting for one in every four vehicles sold in the region last year.
Once the dominant force in China, Volkswagen has watched its market share shrink over the years as domestic EV makers like NIO and XPeng gained customers.
Blume acknowledged the market in China was rapidly moving toward electric, outlining the automaker’s strategy to maintain its position. VW plans to create EVs designed for Chinese buyers by collaborating with local partners to win back market share.
Electrek’s take
After its overall sales fell 3.6% in the region in 2022, Volkswagen revealed plans last month to accelerate EV development by around 30% in China.
VW said it would invest EUR 1 billion to establish a new business and development center called “100%TechCo” in China. The project is designed to speed up development by integrating tech from local suppliers to produce vehicles with Chinese buyers in mind.
Brandstaetter said the new developments will “significantly accelerate our development pace.” However, will it be quick enough to keep up in an even faster-moving Chinese auto market? That’s what investors are concerned with.
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The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.
Danielle DeVries | CNBC
Power companies that are most exposed to the tech sector’s data center boom plunged early Monday, as the debut of China’s DeepSeek open source AI laboratory led investors to question how much energy artificial intelligence applications will actually consume.
Constellation, Vistra and GE Vernova have led the S&P 500 this year as investors speculated that AI data centers will boost demand for enormous amounts of electricity.
But DeepSeek has developed a model that it claims is cheaper and more efficient than U.S competitors, raising doubts about the vast sums of money the tech sector is pouring in to data centers.
The tech companies have anticipated needing so much electricity to supply data centers that they have increasingly looked to nuclear power as a source of reliable, carbon-free energy.
Constellation, for example, has signed a power agreement with Microsoft to restart the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Talen is powering an Amazon data center with electricity from the nearby Susquehanna nuclear plant.
Vistra has not inked a data center deal yet, though investors see promise in its nuclear and natural gas assets. GE Vernova has soared this year as the market believes its gas and electric grid businesses will benefit from AI demand.
This is a developing story. Please check back for updates.
Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.
Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.
“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”
The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.
“As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”
The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.
For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.
And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.
Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.