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
Arjuna Capital and Follow This have sought to put pressure on oil majors to establish so-called Scope 3 targets to reduce greenhouse house gas emissions produced when burning oil and gas.
Scope 3 refer to the emissions produced from across a company’s entire value chain, and often account for the lion’s share of a firm’s carbon footprint.
Scope 1 emissions meanwhile refer to a firm’s direct greenhouse gas emissions, while Scope 2 are indirect emissions that stem from the production of the energy used on a firm’s behalf.
Exxon Mobil has announced plans to reach net zero by 2050 for Scope 1 and Scope 2 emissions. This target does not include Scope 3 emissions, and shareholders of the company overwhelmingly voted to reject calls for stronger measures to mitigate climate change last year.
— CNBC’s Spencer Kimball contributed to this report.
After canceling the upcoming Airflow electric crossover and killing its popular 300 sedan, Chrysler only has one nameplate left in its lineup – but it doesn’t have to be this way. Stellantis already builds a full-size electric sedan that could prove to be a badge-engineered winner.
And, yes – it really should have been the new Chrysler 300. Meet the DS No. 8.
Stellantis’ US brands have had a tough go of the last few years, with Jeep trying and failing to bait luxury buyers willing to part with six-figure sums for a new Grand Wagoneer orgenerate excitement for the new electric Wagoneer S. The Dodge brand is doing to better with the Charger, a confusing electric muscle car that has, so far, failed to appeal to enthusiasts of any kind. Meanwhile, the lone Chrysler left standing, the Pacifica minivan, made its debut back in 2016. Nearly ten long model years ago.
Spec-wise, the DS meets the bill, as well. With a 92.7 kWh battery and the standard 230 hp electric motors on board, the electric crossover is good for 750 km (466 miles) of range on the WLTP cycle. With the same battery and a 350 hp dual-motor setup that sacrifices about 40 miles of range for a more sure-footed AWD layout and a 5.4 second 0-60 time that compares nicely to the outgoing Chrysler 300 V8.
The DS offers reasonably rapid 150 kW charging, too, enabling a 10-80% charge (over 300 miles of additional driving range) in less than thirty minutes.
Why it would work
DS Automobiles No. 8; via Stellantis.
Think of all the reasons the Wagoneer S and Charger Daytona EVs have failed to reach an audience. From the confusing Wagoneer “sub-branding” to the fact that no one was really asking for either an eco-conscious muscle car or a loud EV. On the flip side of that, the 300 is something different.
With the DS No. 8, Chrysler could do it again. It could revive its classic American nameplate on a European-designed platform that wasn’t designed to be a Chrysler, doesn’t look like a Chrysler, and shouldn’t work as a Chrysler, but somehow does. The fact that it could also be the brand’s first successful electric offering in the US would just be a bonus.
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Powered by tech giant Huawei 5G-Advanced network, a fleet of over 100 Huaneng Ruichi all-electric autonomous haul trucks and heavy equipment assets have been deployed at the Yimin open-pit mine in Inner Mongolia.
With more than 100 units on site, China’s state-backed Huaneng Group officially deployed the world’s largest fleet of unmanned electric mining trucks at the Yimin coal plant in Inner Mongolia this past week. The autonomous trucks use the same Huawei Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) powered by the ame 5G-Advanced (5G-A) network that powers its self-driving car efforts. Huawei says it’s the key to enabling the Yimin mine’s large-scale vehicle-cloud-network synergy.
Huawei is calling the achievement a “world’s first,” saying the new system has improved operator safety at Yimin while setting new benchmarks for AI and autonomous mining.
For their part, Huaneng Ruichi claims its cabin-less electric offer an industry-leading 90 metric ton rating (that’s about 100 imperial tons) and the ability operate continually in extreme cold temperatures as low as -40° (it’s the same, C or F), while delivering 20% more operational efficiency than a human-driven truck.
The Huawei-issued press release is a bit light on truck specs, but similar 90 tonne electric units claim 350 or 422 kWh LFP battery packs and up to 565 hp from their electric drive motors and some 2,300 Nm (1,700 lb-ft) of tq from 0 rpm.
Huawei executives said the Ruichi trucks reflect the company’s vision for smarter mining operations, with the potential to introduce similar technologies in markets like Africa and Latin America. The 100 asset electric fleet marks the first phase of a plan to deploy 300 autonomous trucks at the Yimin mine by 2028.
Electrek’s Take
Electric haul trucks; via Huawei.
From drilling and rigging to heavy haul solutions, companies like Huaneng Group are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.
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Tesla has started accepting Cybertruck trade-ins, something that wasn’t the case more than a year after deliveries of the electric pickup truck started.
We are starting to see why Tesla didn’t accept its own vehicle as a trade-in: the depreciation is insane.
The Cybertruck has been a commercial flop.
When Tesla started production and deliveries in late 2023, the vehicle was significantly more expensive and had less performance than initially announced.
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At one point, Tesla boasted having over 1 million reservations for the electric pickup truck, but only about 40,000 people ended up converting their reservations into orders.
Tesla didn’t share an explanation at the time, but we assumed that the automaker knew the Cybertruck was depreciating at an incredible rate and didn’t want to be stuck with more trucks than it was already dealing with.
Now, Tesla has started taking Cybertruck trade-ins, at least for the Foundation Series, and it is now providing estimates to Cybertruck owners (via Cybertruck Owners Club):
Tesla sold a brand-new 2024 Cybertruck AWD Foundation Series for $100,000. Now, with only 6,000 miles on the odometer, Tesla is offering $65,400 for it – 34.6% depreciation in just a year.
Pickup trucks generally lose about 20% of their value after a year and 34% after about 3-4 years.
It’s also wroth nothing that Tesla’s online “trade-in estimates” are often higher than the final offer as noted in the footnote o fhte screenshot above.
Electrek’s Take
This is already extremely high depreciation, but Tesla is actually trying to save face with estimates like this one.
As Tesla wouldn’t even accept Cybertruck trade-ins, used car dealers also slowed down their purchases as they also didn’t want to be caught with the trucks sitting on their lots for too long.
On Car Guru, the Cybertruck’s depreciation is actually closer to 45% after a year and that’s more representative of the offers owners should expect from dealers.
That’s entirely Tesla’s fault. The company created no scarcity with the Foundation Series. They built as many as people wanted. In fact, they built too many and ended having to “buff out” the Foundation Series badges on some units to sell them as regular Cybertrucks and as of last month, Tesla still had some Cybertruck Foundations Series in inventory – meaning they have been sitting around for up to 6 months.
Now, Tesla is stuck with thousands of Cybertrucks, early owners are already getting rid of their vehicles at an impressive rate, and the automaker had to slow production to a crawl.
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