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Bernard Looney, CEO of BP, speaks during the 2023 CERAWeek by S&P Global conference in Houston, March 7, 2023.

F. Carter Smith | Bloomberg | Getty Images

BP chief executive officer Bernard Looney has resigned after less than four years on the job, the London-based oil producer announced Tuesday.

Looney took over as CEO of BP in 2020 after previously leading BP’s Upstream group, focused on exploration and production. The resignation of Looney is effective immediately. The company’s Chief Financial Officer Murray Auchincloss will serve as interim CEO, BP said.

The change comes as Looney informed the company that he was not “fully transparent in his previous disclosures” about relationships with colleagues prior to becoming CEO, BP said.

“The Company has strong values and the Board expects everyone at the Company to behave in accordance with those values. All leaders in particular are expected to act as role models and to exercise good judgement in a way that earns the trust of others,” BP said in a statement.

Previous investigations into Looney’s relationships with colleagues found no break of BP’s code of conduct, but new investigations are ongoing, the company said.

The news of the resignation was first reported by the Financial Times.

U.S.-traded shares of BP closed down 1.3% Tuesday after climbing as much as 2.9% earlier in the session.

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How shares of BP reacted to a report that CEO Bernard Looney resigned.

When Looney was promoted to CEO, board chair Helge Lund praised the executive as the right choice to lead BP during a transitional era away from fossil fuels and toward renewables.

Looney took over the role near the beginning of the Covid-19 pandemic, which led to a sharp sell-off for energy stocks, including BP. The U.S.-traded shares of the company are roughly flat since January 2020.

The company’s most recent quarterly report showed a sharp drop in profit, as oil prices had declined since 2022. BP did however hike its dividend and authorize a stock buyback.

BP also faced pressure from activists and shareholders earlier this year after rolling back some of its emission reduction targets.

Looney told CNBC’s “Squawk Box” on Aug. 1 that the change in targets was due in part to energy security concerns that arose last year. He said the company had also increased its spending on renewables and was pursuing an “and, not or” strategy in connection with energy production sources.

“We believe that’s what the world needs, and we believe that’s what’s good for our shareholders,” Looney said.

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Volvo wins at Le Mans – electric semi debunks range myths ahead of 24h

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Volvo wins at Le Mans – electric semi debunks range myths ahead of 24h

In a big win for Volvo at Le Mans, Danish engineering company Danfoss put its Volvo FM electric Class 8 truck on an 800 mile haul to this year’s 24 hour sports car race to help debunk myths about heavy duty electric vehicles.

In a bid to educate the public about the range and capabilities of heavy duty electric trucks in the real world, engineering group Danfoss Power Solutions drove one of its electric trucks from the company’s headquarters in Nordborg, Denmark, to Le Mans, France in time for the start of this weekend’s 24 Hours of Le Mans sports car race.

The Danfoss-owned Volvo FM Electric joined 47 other electric vehicles on the 1300 km journey (over 800 miles), which event organizer and Danish electric vehicle (EV) charging company GodEnergi called, “the world’s biggest electric road trip.”

By participating in this event, we aim to prove that electric vehicles are built for endurance and can go the distance,” said Roy Chen, president of the Editron division at Danfoss Power Solutions.

Danfoss’ Volvo is part of the company’s fully electric truck fleet, which operates nearly 24 hours a day, transporting cargo between its production facilities and logistical sites.

The truck uses several essential Danfoss components, such as the Editron ED3 onboard charger with electric power take-off (ePTO), which enables rapid overnight and opportunity charging using readily available utility outlets. The Volvo has also been fitted with Danfoss-produced Semikron SKAI high-voltage traction inverters – modifications that Danfoss and the convoy’s organizers believe echoe the spirit of the 24 Hours of Le Mans endurance racers.

“We are 115 participants [in 48 vehicles] in this road trip who love motorsport and cars and at the same time want to prove that it is possible to cover long distances in electric vehicles,” said Jan Darville, CEO of GodEnergi. “The technology and the opportunities are there.”

Electrek’s Take

Danfoss uses Volvo FM Electric to power its 24 hour trucking operation.
Danfoss’ Volvo FM Electric fleet runs 24/7; via Danfoss.

An 800 mile all-electric road trip to check out the new hybrid Ferraris and Porsches race at Le Mans? That sounds fun on its own. Combine that with a big sleeper Volvo and throw in free charging and a pack of like-minded buddies to tailgate with and it sounds perilously close to an ideal weekend!

As if reading my mind, the Danfoss rep said they had an agreement with charging provider GodEnergi that would allow the truck to charge for free using their chargers during the trip – but the deal went beyond providing electric fuel for the convoy’s vehicles. “All aspects of the road trip are electrified,” Chen says. “… participants will rely on power from the cars for their camp, including cooking on electric grills.”

Yes, please. Danfoss – you know how to find us for 2025!

SOURCES | IMAGES: Danfoss; Power Progress.

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Hyundai says EVs are ‘top priority’ in the US with massive $7.6B Metaplant opening soon

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Hyundai says EVs are 'top priority' in the US with massive .6B Metaplant opening soon

Despite the competition pulling back, Hyundai is racing full speed ahead as it looks to close the gap with Tesla in the US electric vehicle market. Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as construction on its massive $7.59 billion Metaplant wraps up in Georgia.

After kicking off construction on its first EV assembly and battery plant in October 2022, the facility is almost complete.

Although several US automakers, including Ford and GM, recently pulled back, Hyundai’s CEO is confident in the Korean automaker’s big bet on EVs.

“Even though the demand for electric vehicles is temporarily fluctuating more than expected, we believe our direction toward electric vehicles is correct,” Chang said to reports in Seoul Monday.

“For now, electric vehicles are the top priority,” Hyundai’s leader added while at an event organized by Georgia Governor Briant Kemp. The comments come as construction on the Hyundai Motor Group Metaplant America (HMGMA) is expected to be complete in Q4 2024.

“Georgia is not only a key area for our company but also the region where the most Korean companies have expanded, making it significantly important in terms of investment scale,” Chang explained.

Hyundai-EVs-US
2024 Hyundai IONIQ 5 (Source: Hyundai)

Although Hyundai Motor has invested $7.59 billion, with its suppliers, the company has attracted over $12.6 billion in investments in the state. It will also create about 50,000 new jobs.

Hyundai is doubling down on EVs in the US

Chang’s comments reflect the same attitude Hyundai’s North American CEO, Randy Parker, had during a recent interview with Electrek.

Parker said Hyundai is “humble and hungry” to separate the brand from the competition (read the full interview here). Hyundai Motor, including Kia, is the second-biggest EV brand in the US.

Hyundai-EVs-US
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

“Demand for our vehicles, especially EVs, remains high,” Parker said. Hyundai’s top-selling IONIQ 5 set a new monthly sales record in May, with 4,449 units sold. Hyundai’s IONIQ EV brand sales are up 42% YOY as of May.

January February March April May 2024 YTD Total % Chg YTD
Hyundai IONIQ 5 sales 1,465 1,993 3,361 3,702 4,449 14,973 +43%
Hyundai IONIQ 5 sales in the US by month through May 2024

The EV production line at Hyundai’s Metaplant is expected to be ready in October. Hyundai’s IONIQ 5 will be the first to roll off the assembly line.

Once assembly begins, Hyundai expects EVs built at the facility to qualify for the $7,500 federal tax credit, giving the automaker even more momentum.

Hyundai-IONIQ-5-tax-credit
2024 Hyundai IONIQ 5 interior (Source: Hyundai)

Although the battery unit will come online about a year later, it will be sourced from Hyundai’s Hungary plant. Hyundai, like many automakers, is passing the EV tax credit on to those leasing, drastically reducing prices.

Hyundai already has six of the top ten most affordable and fuel-efficient EVs in the US this year, but the company isn’t planning to slow down.

2024 Hyundai IONIQ 5 trim

Starting Price
(excluding destination fee)
Price after potential $7,500 EV tax credit
(excluding destination fee)
Range
(EPA est miles)
SE Standard Range $41,800 $34,300 220
SE $45,850 $38,350 RWD: 303
AWD: 260
SEL $47,400 $39,900 RWD: 303
AWD: 260
Limited $53,500 $46,000 RWD: 303
AWD: 260
D100 $59,400 $51,900 260
2024 Hyundai IONIQ 5 prices and trim options

Starting at $41,800, Hyundai’s IONIQ 5 is already one of the cheapest EV options in the US, alongside the IONIQ 6 ($37,500) and the new Kona Electric ($32,675).

They are also some of the fastest charging (10% to 80% in 18 minutes) and long-range models (up to 361 miles EPA-est range) on the market.

However, with an added $7,500 cash offer, Hyundai EV leases start at just $189 per month. It’s no wonder Hyundai is racing past rivals.

Electrek’s Take

Hyundai continues surging ahead in the US as rivals are putting off EV investments. The automaker has already proven it’s a real competitor as the US electric vehicle market continues growing.

With access to the $7,500 tax credit, Hyundai looks to strengthen its position and close the gap with Tesla.

The early commitment with its dedicated IONIQ brand and E-GMP platform is paying off as Hyundai looks to take the next step. Hyundai is also expected to reveal its first three-row electric SUV, the IONIQ 9, in the US soon (Check out this video of it testing in the US).

With sales of Kia’s first three-row electric SUV, the EV9, off to a hot start in the US, Hyundai is expected to see similar results.

If you’re in the market for a new electric vehicle, Hyundai is offering some of the lowest prices yet with massive savings opportunities. You can use our links below to find deals on Hyundai’s EVs at a dealer near you.

Source: The Korea Times

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Former Tesla charging members join Revel

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Former Tesla charging members join Revel

Three of Tesla’s top former Tesla charging members in the Northeast have joined Revel to continue deploying EV charging stations.

In April, Elon Musk fired Tesla’s entire 500-people charging team to make an example out of them and their head, Rebecca Tinnuci, who pushed back against further layoffs.

The automaker has since rehired some of them since, after all, they built the best fast-charging network in the world, and it was a ridiculous decision to fire them all.

But the laid-off employees have become prime talent acquisition targets for other charging companies. Revel in New York got the message.

After Tesla fired the team, it quickly started pulling out of leases for upcoming charging stations in New York, where Revel operates.

At the time, Revel told us that it was considering taking over those sites and hiring some of Tesla’s former charging team members.

The company is now following through as Revel announced hiring three former Tesla charging team members.

Revel confirmed that it hired Ed Noseworthy to be its new Director of Design & Construction. Prior to joining Revel, Noseworthy spent almost 7 years at Tesla where he was senior design lead for Superchargers in the Northeast.

The company also hired Henry Misas, who was Senior Design Manager at Tesla and was behind the installation of over 1,000 Superchargers in the Northeast.

Finally, Revel confirmed that Tedy Filis, who was Regional Construction Lead – Charging Infrastructure at Tesla, has also joined the team.

Frank Reig, Co-Founder & CEO of Revel, commented on the new hires:

Revel is building fast charging in the densest, most congested places in America. It’s not easy, but it’s absolutely necessary. These are not one-size-fits-all projects, to get them done we need creativity and hustle. Henry, Tedy and Ed each have those qualities, making them a great fit for our team, and I’m excited to see what they bring as we undertake a major expansion over the next year.

Revel also confirmed that it is actively pursuing Tesla’s abandoned sites in New York.

The company operates large-scale charging sites in New York that are open to the public, but they are primarily designed for ride-hailing drivers, including those on Revel’s own service using an all-electric fleet.

Electrek’s Take

I still can’t believe that Elon did that: firing the team that undeniably built the best and most reliable fast-charging network in the world.

But when he did it, I said that the only good thing that I could see come out of this would be that other charging companies could snap up the talent and use their deep experience in deploying record number of charging stations and try to replicate that.

It will take a while for them to get going again, but it looks like Revel saw the opportunity.

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