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An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Joe Raedle | Getty Images News | Getty Images

U.S. crude prices on Tuesday fell below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the Israel-Hamas war could erupt into a broader regional conflict.

West Texas Intermediate fell $3.45, or 4.3%, settling at $77.37 a barrel, while Brent fell $3.57, or 4.2%, settling at $81.61, both their lowest prices since July.

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Oil prices, YTD

The drop comes after China reported mixed economic data.

Beijing’s crude oil imports rose by volume and value in October, but the country’s overall exports fell more than expected, indicating slowing global demand. 

The world’s second-largest economy reported a 6.4% drop in exports in U.S. dollar terms for October compared to the same period a year ago, worse than the 3.3% drop predicted by a Reuters poll.

China’s exports have fallen for six consecutive months now as a higher interest rates put downward pressure on the global economy. Minneapolis Federal Reserve President Neel Kashkari lowered expectations Tuesday that the U.S. central bank might cut rates.

“We have to get inflation back down to 2% over a reasonable period of time. Ultimately, the economy will tell us how much is needed to get there, and I just don’t know,” Kashkari told Bloomberg Television.

The data out of China offset the effect of Saudi Arabia’s and Russia’s oil output cuts, which lifted oil prices earlier in the week. Riyadh and Moscow confirmed on Sunday that they would keep those cuts in place through at least the end of the year.

Oil prices had spiked in the week following Hamas’ devastating terrorist attacks on Israel on concerns that the war could escalate into a broader regional conflict that disrupts oil supply.

Prices have fallen since mid-October as worries of the conflict spreading in the immediate term have eased.

— CNBC’s Evelyn Cheng contributed to this report.

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Tesla relaunches Model S/X in Europe after a 3-month break

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Tesla relaunches Model S/X in Europe after a 3-month break

Tesla has relaunched Model S and Model X in Europe after a 3-month break in taking orders for its two flagship vehicles on the old continent.

In June, Tesla unveiled another minor refresh of the Model S and Model X.

Considering Tesla fumbled the rollout of the previous refresh in Europe, with significantly delayed deliveries, the automaker addressed the issue this time by stopping to take orders for the Model S and Model X in Europe starting in July.

Today, Tesla reopened orders for new Model S and Model X vehicles in European markets.

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In France, the Model S starts at 109,990 € while the Model X starts at 114,990 €.

Tesla is quoting a start of deliveries in November.

Here are Tesla’s listed changes to the Model S and Model X with this mild update:

  • Up to 744 km of range (Model S Long Range)
  • Even quieter inside
  • New wheel designs + exterior styling
  • Front fascia camera for better visibility
  • Dynamic ambient lighting all around the interior
  • Smoother ride thanks to new bushings & suspension design
  • Adaptive driving beams
  • More space for 3rd row occupants & cargo in Model X

While being Tesla’s flagship vehicles, the programs have been somewhat neglected over the last 5 years, and sales have been in a steady decline.

The automaker even stopped making the vehicles for RHD markets.

Electrek’s Take

Nice to see Tesla learning from its mistakes.

For those who don’t remember, the rollout of the previous refresh was terrible. Tesla took orders for almost a year, but it waited for almost another year to start deliveries due to problems ramping up production.

Now, it appears that deliveries in Europe will occur within 6 months of the refresh and within weeks of ordering for most people.

That said, the mid-cycle refresh has been considered mild and isn’t likely to have a significant impact on sales.

I wouldn’t expect more than a few thousand Model S/X sales in Europe per year.

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‘Uber Green’ shifts to ‘Uber Electric,’ and is offering (some) drivers $4k to switch to an EV

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'Uber Green' shifts to 'Uber Electric,' and is offering (some) drivers k to switch to an EV

Uber gets it. The rideshare behemoth has observed the upward trend of EV adoption across its database of customers and drivers and is helping to support that transition. Beginning today, the “Uber Green” ride option is now called “Uber Electric,” visible to all app users worldwide. To celebrate the transition, Uber is offering discounted rides for those opting for electric vehicles, and drivers may also qualify for a $4,000 grant.

At this point, Uber is a household name in the rideshare and logistics industries. Hell, it’s even a verb at this point. You don’t get this far without innovation and foresight, something the $200 billion company has excelled at to constantly evolve and adapt.

I recall when Uber initially offered only black town cars. Now you can order an UberX, Uber XL, Uber Comfort, Uber Eats, Uber Pet, rent a car, order groceries… the list goes on. In terms of electric vehicle adoption, Uber has long shown interest in the technology and quickly understood that EVs are ideal for the gig economy that comprises its market.

We’ve seen Uber partner with several autonomous vehicle developers, many of which operate fleets of electric vehicles. In fact, we’ve covered so many partnerships between Uber and other exciting mobility companies that we can’t begin to name all of them.

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At one point, Uber was even developing a dedicated rideshare EV with defunct UK startup Arrival. The list goes on.

Today, Uber has recognized the dwindling incentives available to US drivers interested in going electric and has tweaked its rideshare offerings to promote more sustainable options.

Uber Electric
Source: Uber

Uber Green goes full-electric worldwide today

According to an email sent from Uber this morning, Uber Green has been renamed Uber Electric. Per the company, the new name “reflects record EV growth on our platform, making it easier for riders to choose zero-emissions rides.”

Uber elaborated that over 200,000 EVs are driving on its global network, and 1 in 4 of its customers say their first-ever EV ride was through the Uber app (I hope it wasn’t in the back seat of a Model Y, because that’s a rough ride).

Today’s transition builds upon Uber’s decision to make Uber Green (a mix of hybrids and EVs) fully electric in the US earlier this year. Those parameters now apply to the entire rideshare network. Pradeep Parameswaran, Global Head of Mobility at Uber, spoke:

Uber Electric is more than a new name, it represents the real progress we’ve made toward electrifying our platform globally over the past five years. Thousands of drivers are leading the charge, choosing electric and helping cities improve air quality. We’ll keep supporting drivers by removing barriers to EV adoption and working with cities to improve access to charging.

To celebrate the transition to Uber Electric, the company is offering customers 20% off (up to $8) their next EV ride when they use promo code GOELECTRIC20 (valid for 7 days).

Additionally, Uber has recognized the expired federal grant of $4,000 for used EV purchases in the US and is keeping that incentive alive in certain states to entice drivers to continue to go fully-electric. The company’s “Go Electric” grants will offer eligible Uber drivers up to $4,000 toward new and used electric vehicle purchases, but only in the following regions:

  • California
  • Colorado
  • Massachussetts
  • New York City

Uber’s grant can be combined with other individual state incentives, making it easier than ever for drivers to go electric, depending on their state. Uber pointed out that US drivers nationwide can still receive $1,000 toward any new or used EV purchased through TrueCar. 

Go electric! Opt for the EV option on your next ride and use that discount code!

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Tesla recalls recent Model 3 and Model Y over battery pack defect

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Tesla recalls recent Model 3 and Model Y over battery pack defect

Tesla is recalling approximately 13,000 recent Model 3 and Model Y vehicles built earlier this year due to a battery pack defect that can result in power loss.

In August, Tesla started getting reports of power losses in new Model 3 and Model Y vehicles.

After reviewing 36 warranty claims and 26 field reports, the automaker identified a defect in some battery pack contactors that could potentially affect approximately 8,000 Model Ys and 5,000 Model 3s built in the US between March and August 2025.

Tesla wrote in the recall notice:

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The recall population includes certain Model Year (“MY”) 2025 Model 3 vehicles manufactured between March 8, 2025, and August 12, 2025, and MY 2026 Model Y vehicles manufactured between March 15, 2025, and August 15, 2025, that are equipped with a battery pack contactor manufactured with InTiCa solenoid.

If the battery pack contactor opens when the vehicle is in drive, it loses power and ability to apply torque, which may increase the risk of a collision – hence the safety recall.

The automaker identified Sistemas Mecatrónicos InTiCa S.A.P.I., a tier 2 supplier in Mexico, and SongChuan, a tier 1 supplier in Taiwan, as being involved in the recall.

Tesla confirmed that it is contacting all potentially affected owners and it will replace the affected contactor with “a certified contactor that does not contain InTica solenoid and that maintains coil termination connection” at no cost to owners.

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