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President of the Bolivarian Republic of Venezuela, Nicolás Maduro, gestures as he speaks after the National Electoral Council published the results of the consultative referendum on Venezuelan sovereignty over the Essequibo, in Caracas, on December 3, 2023. Venezuelan electoral authorities on December 3 claimed that 95 percent of voters in a nonbinding referendum approved of the nation’s territorial claim on a huge chunk of neighboring oil-rich Guyana.
It is “an evident and overwhelming victory for the ‘Yes’ in this consultative referendum,” said the president of the National Electoral Council, Elvis Amoroso. (Photo by Pedro Rances Mattey / AFP) (Photo by PEDRO RANCES MATTEY/AFP via Getty Images)

Pedro Rances Mattey | Afp | Getty Images

Venezuelans on Sunday voted to claim sovereignty over a large swathe of their oil-rich neighbor Guyana, marking the latest escalation in a long-standing territorial dispute between the countries.

Voters were asked if they supported the establishment of a new state in the contested area, known as the Essequibo. Venezuela’s National Electoral Council counted more than 10.5 million votes, the country’s local media stated. The number of voters were not specified, however, and the Associated Press reported that few voters could be seen at polling sites throughout the voting period.

The 61,600 square-mile Essequibo region makes up two-thirds of Guyana, and holds enormous oil reserves off its coast.

Friction between both countries has flared since 2015 following oil exploration operations by companies like ExxonMobil. Venezuela believes that Guyana has no right to grant oil concessions in the maritime areas off the disputed territory. Venezuelan President Nicolas Maduro’s government is also facing international pressure to facilitate free and fair elections in 2024.

The dispute over Essequibo is more than a century old. In 1899, an international arbitral tribunal awarded the territory to Britain, when Guyana was still under its colonial rule. Venezuela has since actively disputed this. Maduro in November accused Guyana, the U.S. and oil firms of robbing Venezuela of its territory through “legal colonialism.”

Guyana has maintained that the accord is legal and binding, and in 2018 had sought the International Court of Justice to rule it as such.

Other questions in the referendum included whether or not to grant citizenship to current and future residents in the region, as well as whether there should be a rejection of the ICJ’s jurisdiction over the territorial dispute between both countries. It remains unclear how Maduro’s government will enforce the results.

Markets haven’t really reacted to the planned referendum yet as there has been no physical supply disruption. This also seems unlikely for now.

Henning Gloystein

Eurasia Group Director

“I want to assure Guyanese there is nothing to fear over the next number of hours, days, months ahead,” Guyanese President Irfaan Ali said in a televised statement aired on local media.

“Of course, our vigilance will be enhanced, but we are working around the clock to ensure that our borders remain intact and the people in our country remain safe,” he added.

On Friday, the ICJ ordered Venezuela to refrain from making any move that would change Guyana’s control over Essequibo.

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Oil prices year to date

“Venezuela shall refrain from taking any action which would modify the situation that currently prevails in the territory in dispute, whereby the Co-operative Republic of Guyana administers and exercises control over that area,” the ICJ’s statement said.

Both Venezuela and Guyana are critical oil hotspots. Venezuela is the 10th largest producer in OPEC. And the Stabroek Block in Guyanese waters is estimated to hold about 11 billion barrels of oil.

Market impact

U.S. West Texas Intermediate futures traded 0.4% lower at $73.76 a barrel Monday at roughly 7 a.m. ET time, while global benchmark Brent futures stood 0.4% lower at $78.56 per barrel.

“Markets haven’t really reacted to the planned referendum yet as there has been no physical supply disruption. This also seems unlikely for now,” Eurasia Group’s Director Henning Gloystein told CNBC via email.

However, Venezuela’s actions are unlikely to help it improve relations with the U.S., which it needs to improve its own oil production, he added.

The U.S. imposed oil export sanctions against Venezuela in 2019 to punish Maduro’s government following 2018’s elections which Washington considered a sham.

Dan Yergin, vice chairman of S&P Global, told CNBC’s “Street Signs Asia” that the “absurd referendum” is one risk that current crude markets have yet to price in.

Yergin expects that the U.S. government will defend Guyana if Venezuela attacked the country — “it would be like [Russian President Vladimir] Putin going into Ukraine.”

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Awesomely Weird Alibaba EV of the Week: A $7,000 armored golf cart?

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Awesomely Weird Alibaba EV of the Week: A ,000 armored golf cart?

What would you get if you created the illegitimate love child of a Mercedes G-Wagon and a Brinks armored truck (and perhaps if the Mercedes chain-smoked through the pregnancy)? I think you’d wind up with something like the wacky-looking electric cart that has earned the dubious honor of being named this week’s Awesomely Weird Alibaba Electric Vehicle of the Week!

I’m not sure this is exactly an armored golf cart, so I wouldn’t invite any unnecessary potshots while cruising your hood, but I’m at a loss of how else to describe it.

It’s definitely not a “real” car, as evidenced by its US $6,999 price tag and the 30 km/h (18 mph) top speed. If you ask me though, that speed goes in the ‘advantages’ column. When you drive something that looks this good, you want to be going slow enough to give people a good, long look.

A vehicle like this is designed to send a statement. Unfortunately, I think that statement might be, “I wanted a Jeep but my spouse wanted to remodel the kitchen.”

So if it’s not a real car, then what is it?

Measuring a stubby 306 cm long (an entire half inch over 10 feet), this four-seater mini-SUV is less G-Wagon and more “Oh, gee” wagon. It can supposedly carry up to 370 kg (815 lb) in passengers or cargo, but there’s no telling how much of a dent that puts in the already challenged top speed.

Safety might also be a passing concern. It doesn’t have any seatbelts, but the tires look like they just about extend out past the front and rear, so at least you’ve got some nice shock-absorbent bumpers built into the design.

The advertisement claims a maximum range of up to 80 km (50 miles) per charge, which seems like several more miles than anyone needs from something like this.

There’s no word on battery technology, which means I’m assuming either features older lead acid tech or there’s a frunk full of lemons and a bunch of loose wires running through the firewall.

I’m glad to see that the roof rack is at least equipped with enough LED lights to make an airport runway jealous, just in case I find myself stuck in the wilds of my backyard after dark. And that roof rack even looks pretty heavy-duty, though since the cart is considerably taller than it is wide, tight turns with a heavily-loaded roof rack should probably be avoided.

As much as I love this thing, I don’t think I’ll be whipping out my credit card any time soon.

Don’t get me wrong, I’ve bought plenty of bad ideas on Alibaba before. But since my $2,000 electric truck ending up costing me nearly 4x that much by the time it landed in the US, I’m a bit worried what the final price tag on a $6,999 Mini-MegaOverlander would become.

I don’t recommend anyone actually try buying this cute little TinyTrailblazer either, and I’m certainly not vouching for the vendor, who I discovered by chance while scrolling through Alibaba to procrastinate real work. Keep in mind that this is all part of a tongue-in-cheek column I write, diving into the depths of Alibaba’s weird and funny collection of awesome electric vehicles.

But hey, if someone does go that route, it wouldn’t be the first time my advice has been ignored and some awesome photos have landed in inbox several months later. Just don’t say I didn’t warn you if it turns out some Nigerian prince has your last paycheck and you’re up a creek with no MicroMudder to come bail you out!

When your local HOA finally gets its own tactical response unit

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Mullen CEO reveals 3 key EV market trends to watch in 2025

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Mullen CEO reveals 3 key EV market trends to watch in 2025

Yup, Mullen Automotive [Nasdaq: MULN] is still here! And the EV company is defying the naysayers, reporting progress in EV sales, and reducing its monthly burn rate. Following Mullen Automotive’s significant strides in expanding its EV presence and improving its financial health in the last few weeks, Electrek caught up with David Michery, CEO and chairman of Mullen Automotive, who told us what trends he thinks 2025 will see for EV owners and others in the EV market.

After 2024 saw breakthroughs in tech, affordability, and adoption, Michery predicts this year will see even more disruption, transforming transportation and logistics on a massive scale. Here’s what to watch for this year.

EV total cost of ownership falls sharply

“Even if the federal EV tax credit from the Inflation Reduction Act is repealed, EVs will become more affordable through state-level incentives, manufacturer subsidies, and private partnerships. The investment case for electrification is simply too strong for the private sector to ignore.

“Reduced battery costs, cheaper maintenance, and lower energy expenses will make EVs increasingly attractive to businesses and consumers. Charging infrastructure programs and fleet retrofitting will also help organizations navigate the upfront costs with the goal of long-term savings.

“The result is a financial tipping point: EVs will no longer just be environmentally compelling – they will also be the most cost-effective choice.”

Commercial EVs expand their use cases

“If 2024 was any indication, 2025 will bring new use cases for EVs. Transportation and delivery will likely continue to reign supreme, but the customizable nature of EVs means that we can expect more specialized use cases such as airport shuttles, university campus logistics, home services, and refrigerated delivery.

“Airports will adopt EV cargo vans for quieter, cleaner transit and delivery between terminals, while universities will electrify campus logistics to align with sustainability goals. Innovations in temperature-controlled EVs will expand the reach of refrigerated deliveries, cutting emissions in cold-chain logistics. And this is cause for celebration.

“New use cases mean more widespread adoption – and recognition that electrification is the best way forward.”

(Editor’s note: This is the business that Mullen Automotive is in, and he’s not wrong.)

2025 will be the year of the battery

“EV batteries are poised for immense improvement in the coming year. Solid-state polymer batteries – an innovation that significantly expands battery lifespan and thus widens range – are currently in road testing.

“Offering higher energy density and faster charging, these new batteries will make EVs more reliable and competitive with internal combustion vehicles as compared to other electric alternatives.

“Plus, better range and more efficient energy consumption will undoubtedly translate to lower maintenance costs for fleet owners.”

Read more: Mullen scores a solid, 3,000-unit electric truck order from Volt Mobility


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Toyota is still lagging behind EV rivals in the US as bZ4X sales finally start to pick up

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Toyota is still lagging behind EV rivals in the US as bZ4X sales finally start to pick up

Although Toyota bZ4X sales nearly doubled last year, the auto giant is still falling behind in the US EV market. Overseas rivals like Hyundai and Kia are lapping Toyota. Even other Japanese automakers, including Honda and Nissan, are selling more EVs in the US than Toyota.

Toyota bZ4X sales lagged behind US EV rivals in 2024

Toyota boasted that its 2024 electrified vehicle sales reached over 1 million in the US in 2024. However, that’s primarily thanks to its hybrid models.

With just 1,854 bZ4X models sold in December, Toyota’s 2024 total reached 18,570. Although that number is up 99% from the 9,329 sold in 2023, it’s still far behind the competition.

To put it in perspective, Honda, which began delivering its electric Prologue last March, sold over 33,000 models last year. In December, Honda sold nearly 7,900 Prologues alone. During the second half of 2024, Honda sold an average of over 5,000 electric SUVs per month.

Nissan also outsold Toyota with nearly 19,800 Ariya electric SUVs sold last year. Nissan’s decade-old LEAF secured another 11,226 sales in the US in 2024, up 57% year-over-year.

Toyota-bZ4X-sales-2024
2025 Toyota bZ4X Limited AWD (Source: Toyota)

Kia’s first three-row electric SUV, the EV9, outsold the bZ4X last year despite a +$10,000 higher MSRP. After deliveries began in late 2023, Kia sold over 22,000 EV9 models in the US last year.

After setting new US sales records last year, Hyundai and Kia are aggressively aiming for more EV market share in 2025. Hyundai began production at its massive new EV plant in Georgia, where it will produce new EVs like the upgraded 2025 IONIQ 5 and three-row IONIQ 9.

Toyota-bZ4X-SALES-2024
2025 Toyota bZ4X Nightshade edition (Source: Toyota)

With Kia building EV9 models at its West Point plant and the Genesis Electrified GV70 built in Alabama, Hyundai Motor has five EV models that qualify for the $7,500 federal tax credit for the first time, which should boost demand further.

Toyota-2025-bZ4X-interior
2025 Toyota bZ4X Limited AWD interior (Source: Toyota)

Toyota slashed 2025 bZ4X prices by $6,000 to make it more competitive. Starting at $37,070, the 2025 bZ4X undercuts the 2025 Hyundai IONIQ 5 ($42,500) and Nissan Ariya ($39,770).

Although Honda has yet to release 2025 Prologue prices, it’s expected to start much higher. The 2024 Honda Prologue starts at $47,400.

Electrek’s Take

Like several others, Toyota pushed back major EV projects, including its first three-row electric SUV. The delay gave overseas rivals, like Hyundai and Kia, an opportunity, which they gladly took advantage of.

Toyota also scrapped plans to build new Lexus electric SUVs in North America. Instead, the new Lexus EV models will be imported from Japan.

The company is preparing to start battery production at its new $13.9 billion facility in NC, which should help ramp up EV sales. In the first half of 2026, it will also begin building the larger electric SUV at its Georgetown, Kentucky, plant.

The Japanese auto giant is still promising advanced new EV batteries are coming soon with significantly more range and faster charging at a lower cost. But when will they actually hit the market?

Toyota has been vowing to launch new EV battery technology for years. By 2027, the company plans to launch a pair of new Performance and Popularized batteries, which will enable a nearly 500-mile (800-km) WLTP range. In 2028, Toyota plans to launch solid-state EV batteries with mass production in 2030.

Will it be enough? Or is Toyota already too late to the party? Let us know what you think in the comments below.

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