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An Egyptian man sits and eats ice cream as he watches international cargo and tanker ships pass through the Suez canal

Scott Nelson | Getty Images

Several of the world’s major tanker companies on Friday halted traffic toward the Red Sea after U.S. and British airstrikes on Iran-allied Houthi militants in Yemen.

Hafnia, Torm and Stena Bulk confirmed that they halted traffic toward the crucial trade gateway in response to an advisory from the Combined Maritime Forces, a multinational coalition led by the U.S.

The companies are among the world’s largest operators of tankers for petroleum products such as gasoline, according to their websites. Stena Bulk also transports crude oil.

“Considering these developments and in alignment with expert recommendations, we have decided to immediately halt all ships heading toward or within the affected vicinity,” Hafnia spokesperson Sheena Williamson-Holt told CNBC in statement.

The multinational coalition advised ships to avoid transiting the Bab el-Mandeb Strait for “several days,” according to a statement from the International Association of Independent Tanker Owners.

“The situation is dynamic and ships should consider holding outside of the area while a period of taking stock of the situation is undertaken until daylight on Saturday 13 January,” the tanker association said.

The Bab el-Mandeb Strait connects the Gulf of Aden with the Red Sea. Some 7 million barrels of crude oil and products transit the Red Sea daily, according the trade analytics firm Kpler.

West Texas Intermediate futures spiked more than 4% to $75.25 while Brent touched $80.75 earlier in the session. The benchmarks have since pulled back with U.S. crude trading at $72.89 a barrel and Brent trading at $78.53.

“The market is going to wait to see whether we see this spread to a significant waterway for oil like the Strait of Hormuz,” Helima Croft with RBC Capital Markets told CNBC on Friday. Some 18 million barrels of crude and products transit the Strait of Hormuz daily, according to Kpler.

Robert McNally, president of Rapidan Energy, said the key flashpoint is really Lebanon, where Israel has threatened to push Iran-allied Hezbollah back from the border area. Hezbollah is Iran’s strategic right arm, McNally said, and Tehran would have to respond.

“Its leverage point is oil, specifically gasoline prices in an election season,” McNally said of Iran. The risk is that Tehran would respond to a major Israeli attack against Hezbollah by attacking oil vessels in the Strait of Hormuz or by targeting oil infrastructure in the Arabian Gulf, McNally said.

Iran’s Navy seized a crude oil tanker on Thursday in the Gulf of Oman.

Goldman Sachs has said oil prices could double if there is a prolonged disruption in the Strait of Hormuz, though the investment bank views that scenario as unlikely.

Houthis vow to respond

The Houthis have vowed to retaliate for the U.S. and British airstrikes.

The Houthis have launched 27 attacks on shipping lanes in waterway since Nov. 19, according to U.S. Central Command. The militants say the attacks are in response to Israel’s military campaign in Gaza.

The bulk of those attacks have been on container ships. Tanker traffic in the Red Sea was steady throughout December, averaging 230 vessels daily compared 239 in November, according to Kpler.

Container ship traffic, on the other hand, dropped 31% in December compared to the month prior, according to Kpler data.

— CNBC’s Lori Ann Larocco contributed to this report.

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This $11,000 Chinese EV with semi-solid state batteries is about shake up the industry

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This ,000 Chinese EV with semi-solid state batteries is about shake up the industry

An electric vehicle powered by semi-solid state batteries for around $11,000? Sounds like a game changer. This Chinese automaker claims to be launching the first mass-market EV sold globally with new semi-solid state batteries.

An affordable Chinese EV with solid-state batteries

The new MG4 is set to debut next month, featuring advanced new battery tech. MG’s brand manager, Chen Cui, confirmed “the new battery, supplied by QinTao Energy, contains only 5% electrolyte.”

According to MG, the semi-solid-state EV battery delivers a CLTC driving range of up to 537 km (334 miles) with an energy density rating of 180 Wh/kg. It also outperforms LFP batteries in cold weather (–7°C) by 13.8%.

Chen explained that the new MG4 will launch at a competitive price. Although he didn’t offer specifics, Chen hinted that it will be on par with the BYD Dolphin, at around 80,000 yuan ($11,000) to 120,000 yuan ($16,500), adding, “there is no reason customers wouldn’t choose the MG4.”

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MG says the new MG4 will draw power from a 70 kWh battery pack. A rear-wheel-drive (RWD) powertrain option will be available with 161 horsepower (120 kW).

Chinese-EV-solid-state-batteries
MG4 electric hatch (Source: SAIC MG)

BYD’s popular Dolphin electric hatch is offered with two LFP Blade Battery options: 44.9 kWh and 60.48 kWh, good for 420 km (261 mi) and 520 km (323 mi) of CLTC driving range.

The new MG4 is slightly bigger than the Dolphin, measuring 4,395 mm in length, 1,842 mm in width, with a wheelbase of 2,750 mm. In comparison, BYD’s electric hatch is 4,280 mm in length, 1,770 mm in width, with a wheelbase of 2,700 mm.

MG’s new EV will also feature its new smart cockpit system (MG x Oppo), co-developed with Chinese electronics company Oppo.

On July 14, the first new MG4 model rolled off the production line at SAIC’s Nanjing plant, with its official debut coming up on August 5.

Electrek’s Take

The new MG4 could shake things up in China and in overseas markets, offering long-range capabilities and advanced new tech at an affordable price.

As China’s EV price war intensifies, largely driven by BYD, automakers are looking to overseas markets to drive growth this year.

MG is already one of the top-selling Chinese auto brands globally. It also ranked first in retail sales in China, delivering over 2 million vehicles in the first six months of 2025.

The new MG4, powered by semi-solid-state batteries, marks the first step in MG’s new energy strategy. It arrives as many automakers and other companies are advancing new battery technology, promising significantly higher energy density, longer driving ranges, and more.

BYD, CATL, Mercedes-Benz, BMW, Stellantis, Toyota, Nissan, Honda, and many others are all chasing the “holy grail” of EV batteries.

Source: CarNewsChina, SAIC MG

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Inmotion launches 50 MPH commuter electric scooter. Would you ride it?

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Inmotion launches 50 MPH commuter electric scooter. Would you ride it?

Inmotion has unveiled its latest high-performance electric scooter, the Jet, and it’s shaping up to be a serious contender for riders who want both speed and commuter utility in one package. With a top speed of 50 mph (80 km/h) and dual 1,200W motors peaking at 2,300W, the Jet is one of the highest-performance electric scooters available in the ~$2k price range.

Power is supplied to the dual motors by a built-in 72V 25Ah lithium-ion battery, offering up to a claimed 56 miles (90 km) of range on a single charge. That 1.8 kWh battery is quite large for an e-scooter, though the bigger the battery, the longer the charge time. In this case, the company says the scooter has a typical charge time of around 9 to 10 hours. While not the fastest-charging setup out there, it seems to offer plenty of juice for full-day riding if topped off overnight.

The Jet also comes with serious stopping power, thanks to dual hydraulic disc brakes – a key feature for any fast and powerful scooter. Riding comfort is improved by an 11-inch tubeless tire setup and full suspension design. Up front, a swingarm suspension design smooths out potholes, while the rear features hydraulic shocks to keep the ride stable and responsive even at higher speeds. The rear shock can be quickly adjusted to change the ride style, allowing riders to dial in their handling for roads or trails.

A large 4.3-inch color touchscreen is mounted on the handlebars and serves as the rider’s command center, displaying speed, battery status, and ride modes. Physical buttons still exist for common inputs like ride modes, but the touchscreen allows riders to scroll through long menus of adjustable parameters and view vehicle information.

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The scooter also includes built-in turn signals in the handlebar ends, brake lights, and a headlight, helping it stay visible in traffic at night. It’s all wrapped up in a foldable aluminum frame, which makes it possible to stash the Jet in a car trunk, though at 90 pounds (41 kg), it’s far from lightweight and might be a bit tricky to lift all the way into that car trunk.

According to Voromotors, the only authorized US distributor for the scooter, the Inmotion Jet carries an IPX6 water resistance rating, meaning it can handle wet rides without worry, and it’s rated for riders up to 330 pounds (150 kg).

At $2,299, the Jet isn’t aiming for the budget market, but it delivers a fast and furious package for riders who want real-world performance mixed with commuter-friendly features.

Electrek’s Take

Here we go. I know these scooters are divisive, and I absolutely get it. When I covered a 100 mph (160 km/h) electric scooter the other day, that was definitely over the top. At 50 mph (80 km/h), scooters like the InMotion Jet here are approaching the top, though I’m not prepared to say they’re “too fast.” Like many things, it’s all about the time and the place. And in this case, also the protective gear. I’ve written before about how I recommend gearing up even when riding something “tame” like an electric bicycle, and this is absolutely a much more dangerous option, meaning you should be wearing full body gear on something like this scooter. As we say in motorcycling, “Dress for the slide, not for the ride.”

There’s also the question of legality, which isn’t as cut and dry as it is for e-bikes with their widely-accepted three-class system. Electric scooter regulations vary considerably more from state to state, and even more at local city levels. So you’ll have to confirm whether a scooter like this is legal in your area.

But just judging the scooter by itself on its own merits, I’d say the Inmotion Jet brings serious performance to the table without losing sight of everyday usability. It’s powerful enough for thrill-seekers but also includes the kind of thoughtful touches like turn signals, adjustable suspension, and a bright display that make it practical for commuting. I’m more of a “why stand when you could sit” guy when it comes to my commuter vehicles, but I still enjoy a fast and fun e-scooter, too. And in a market filled with lightweight last-mile scooters or overly bulky off-road tanks, the Jet seems like it strikes a decent middle ground.

Just please be safe and courteous out there. Don’t go ripping down bike lanes on a vehicle that should absolutely be used in the road, at least when traveling at speeds over bicycle norms.

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This Volkswagen ID.Buzz cost its owner $11,000 in just 398 miles

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This Volkswagen ID.Buzz cost its owner ,000 in just 398 miles

That high-end luxury vehicles that trade on being new and shiny take massive depreciation hits as soon as they roll off the lot is a lasting truth in the car business. At least one VW buyer is finding that out the hard way, having just watched their 1st Edition 4Motion ID.Buzz sell at auction for more than $11,000 under MSRP with just 398 miles on it.

At least.

After teasing a modern Bus for nearly two decades (the ID.Buzz was introduced as a concept at the 2017 Detroit Auto Show, and was the fourth Type 2 Bus- or Bulli-inspired concept from VW since 2001), Volkswagen had high hopes for the all electric minivan. Unfortunately price-gouging dealer markups and a drastic over-estimation of the van’s lasting cultural impact more than twenty years after the launch of the first-generation New Beetle and a hefty $70,000+ price tag conspired against its mainstream success.

The good news, if there’s any to be had, is that early “flippers” are getting badly burned – and, while there’s no indication that the owner of this particular ID.Buzz was hoping to get an early example of a hot car from a dealer and flip it for a profit, their experience could and should serve as a warning to others.

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The van, itself


The van was listed on BringaTrailer.com (all photos, above, are from the listing), and sold last week for $61,500. The included window sticker, which is typically considered a “must-have” for car collectors, shows initial delivery to Fremont Volkswagen of Casper, Wyoming, and lists all the features and equipment that brings the final sticker price to a staggering $72,385.

For that price, VW saw fit to throw in a set of woven floor mats. But, in fairness, the reality of this could have been much, much worse for the original buyer.

$35,000 dealer markup


Markup Madness Hits The Volkswagen ID. Buzz Bus
VW San Bernadino screencap; via HotCars.

Back in December, Hot Cars ran a story about Volkswagen of San Bernadino marking up a nearly identical 1st Edition ID.Buzz from its $72,668 sticker to a jaw-dropping $107,668 – fully $35,000 of dealership price-gouging markup, despite calls from VW corporate pleading with its dealer body to not do that.

“McKenna Volkswagen Cerritos has another 1st Edition listed for $97,815. That’s still $25,000 added on top of the MSRP for no reason,” wrote Amanda Clein, back in December. “No matter where you look, the electric bus is marked up at a bunch of dealerships. King Volkswagen in Maryland has one 1st Edition available. This one is finished in a cool orange color but is still being subject to a $10,000 markup”

No word yet on whether this particular van gets the three year Electrify America charging deal, or whether the rear seat still has the original, “pre-recall” rear seating configuration, but at least this much is certain: if you participated in a cynical, ID.Buzz-shaped cash grab in recent months, it probably cost you big time.

May the ghost of Woodstocks past forgive you for even trying.

SOURCE | MORE IMAGES: BringaTrailer.com, via Carscoops.


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