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ExxonMobil CEO Darren Woods speaks at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week in San Francisco, California, on November 15, 2023.

Andrew Caballero-reynolds | Afp | Getty Images

Exxon Mobil filed a lawsuit against U.S. and Dutch activist investors in a bid to stop them from submitting climate proposals during the oil giant’s annual shareholder meeting.

It marks a first for the U.S. oil major and is the latest step in an intensifying battle between companies and environmental campaigners.

The complaint was filed Sunday in the U.S. District Court for the Northern District of Texas against Massachusetts-based investment firm Arjuna Capital and Follow This, an Amsterdam-based activist investor group.

An Exxon Mobil win in the proceedings could have a chilling impact on future shareholder petitions.

The Securities and Exchange Commission, the U.S. financial regulator, has overseen a growing number of environmental and social shareholder proposals during the past two proxy seasons.

In an emailed statement, Exxon Mobil said, “the breakdown of the shareholder proposal process, one that allows proponents to advance their agendas through a flood of proposals, does not serve the interests of investors.”

The company added, “We are simply asking the court to apply the SEC’s proxy rules as written to stop this abuse and eliminate the significant resources required to address them.”

Climate activists holds an Exxon Mobil Corp. logo during a protest against the East African Crude Oil Pipeline (EACOP) project on the sidelines of the Global Climate Summit in Paris, France, on Friday, June 23, 2023.

Bloomberg | Bloomberg | Getty Images

The oil major has accused Arjuna Capital and Follow This of being driven by an “extreme agenda” and claimed they both submit shareholder proposals to undermine the firm’s business.

In its filing, Exxon Mobil said that it requires relief from the court by March 19, because it must file its proxy statement by April 11. The Houston-based firm is scheduled to hold its annual shareholder meeting on May 29.

“With this remarkable step, ExxonMobil clearly wants to prevent shareholders using their rights,” Follow This’ Mark van Baal said in a statement. “Apparently, the board fears shareholders will vote in favour of emissions reductions targets.”

He added, “Maybe they see the writing on the wall.”

Follow This said that it and Arjuna Capital filed a proposal, commonly referred to as a climate resolution, for Exxon Mobil’s upcoming annual meeting in compliance with their shareholder rights and SEC regulations.

Arjuna Capital did not immediately respond to a CNBC request for comment.

Exxon Mobil says that it supports measures to reduce emissions and that the lawsuit is not specific to environmental, social and corporate governance. It adds that the lawsuit intends to fix what the oil major describes as a broken process that the company holds is being abused.

Scope 3 emissions

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Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec

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Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec

JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.

JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.

The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.

In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.

In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.

The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:

JiYue’s new ROBO X EV is available for pre-order now

JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.

When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:

For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.

Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).

The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.

Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.

Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.

What do you think? Will people be talking about the ROBO X for the next 20 years?

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Wheel-E Podcast: Solar moped, XPedition 2.0, LiveWire scooter, more

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Wheel-E Podcast: Solar moped, XPedition 2.0, LiveWire scooter, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):

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Crude oil heads to weekly loss as looming surplus depresses market

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Crude oil heads to weekly loss as looming surplus depresses market

Market Navigator: Crude oil under pressure

Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.

U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.

Here are Friday’s energy prices:

  • West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
  • Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
  • RBOB Gasoline December contract:  $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
  • Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.

The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.

A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.

Don’t miss these energy insights from CNBC PRO:

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