A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on August 29, 2022.
JACK GUEZ | AFP
DUBAI, United Arab Emirates — Plans for a 50% stake purchase by energy major BP and Abu Dhabi National Oil Company (Adnoc) in Israeli gas producer NewMed are on hold because of regional turbulence, NewMed said Wednesday.
The three companies “have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction,” a NewMed statement said.
The company’s share price dropped as much as 8% on the Tel Aviv stock exchange at the start of the trading day.
The statement also said that BP and Adnoc “reiterated [their] interest in the proposed transaction,” indicating that the deal was not permanently off the table. It added that the process will remain suspended until it is terminated or talks pick up again.
“There can be no certainty that discussions will resume or that an agreement will be reached in the future,” it said.
Adnoc declined to comment when contacted by CNBC. BP was not immediately available for comment.
The original stake purchase offer was announced almost exactly one year ago in late March and would have led to a joint buy-in by BP and Adnoc to the tune of $2 billion for a 50% stake in the Israeli firm. The move would have granted the British and Emirati oil giants access to Israel’s expanding energy sector and more of the Eastern Mediterranean’s rich gas reserves.
At the time, BP and Adnoc said that the deal would result in a joint venture from the two companies to focus on “gas development in international areas of mutual interest including the East Mediterranean.”
The two companies last month announced a separate gas joint venture in Egypt.
The Tesla Autopilot and Full Self-Driving (FSD) lawsuit floodgates are open. We are now starting to see trials and settlements arising from crashes that occurred in 2018-2019 as they work through the legal process.
Crashes involving Tesla’s ADAS systems have increased significantly since then, and we expect legal actions to escalate following the groundbreaking defeat of Tesla’s primary defense in a trial in Florida.
The lawyer who beat Tesla in this case is already going for a Round 2.
As we previously reported, a jury in Florida has assigned 33% of the responsibility for a fatal crash involving Autopilot, Tesla’s level 2 advanced driver assistance system (ADAS), to Tesla and awarded the plaintiffs, the family of the victim and the survivor of the crash, $243 million.
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Tesla is expected to appeal the verdict, but it is still a groundbreaking case that highlights a trend in the legal actions against Tesla over crashes involving its ADAS systems (Autopilot and Full Self-Driving/FSD).
Over the last few years, Tesla has been able to dismiss those concerns as it hides behind warnings to pay attention and disclosures stating that the drivers are always the ones responsible in the event of an accident.
In short, Tesla has always claimed that it bears no responsibility if drivers abuse its ADAS systems.
However, things have been changing over the last year.
In the trial, the plaintiffs managed to get around Tesla putting all the blame on the driver and show the jury that its marketing and deployment of Autopilot contributed to drivers misusing a system that fails to perform as advertised.
We already reported, based on the transcripts of the trial, that Tesla misled the police and the plaintiffs, a family trying to understand all the factors that led to their daughter’s death, in trying to retrieve critical Autopilot data that helped better understand the crash.
Next, the evidence in the case is going to be made public, except for some redactions from Tesla, which is likely going to be of interest in dozens of other legal cases involving Tesla’s ADAS systems.
In an interview with The Verge, Brett Schreiber, the lead attorney in the Florida case, revealed that he is also leading another wrongful death case against Tesla, Maldonado v. Tesla, currently pending in the Alameda State Superior Court, which is expected to commence by the end of the year.
In this case, a Tesla vehicle on Autopilot hit a pickup truck on the highway, killing fifteen-year-old Jovani Maldonado, who was a passenger in the pickup truck. His father was driving him back home from a soccer game.
This crash also occurred in 2019, but it is only now being brought to trial. The legal process takes time, and we are only now beginning to see the legal repercussions of crashes involving Tesla Autopilot, as well as Tesla’s Full Self-Driving system.
With more vehicles in the Tesla fleet and more mileage using ADAS features, crashes involving those features increased significantly between 2020-2025. This means more legal trouble for Tesla.
Schreiber claims to have an even stronger case with Maldonado v. Tesla. In the Benavides case in Florida, the “Autopilot defect” part of the case was more about the fact that the driver shouldn’t have been able to use the system on non-highway roads.
In the Maldonado case, the crash occurred on the highway, where Autopilot is intended to be used, but it didn’t stop for the pickup truck in front of it.
The facts are a stubborn thing. And we get to tell those same facts with a better Autopilot defect theory. And I get to not only juxtapose Musk’s lies in that case, but I juxtapose them with the testimony that I didn’t have in Miami. I’ve only had this case for a year. I worked the Maldonado case from the beginning. And in that case, I have testimony from all of the senior Autopilot leadership: Sterling Anderson, CJ Moore, Andrej Karpathy. And I show them those same quotes that were played to that jury in Miami. I said, “When Mr. Musk said those things, was that a true statement about production vehicles at Tesla?” To a person, they answer: Absolutely not.
Schreiber claims to have testimonies from Tesla Autopilot executives and engineers around the time of the crash that contradict what CEO Elon Musk was saying to the public about Autopilot.
Once these testimonies are entered as evidence, they could have important implications for dozens of other cases involving Autopilot.
Electrek’s Take
Obviously, avoiding loss of lives should be a priority, but I think it’s clear that Tesla doesn’t care at this point. But even from a business standpoint, it doesn’t make sense.
One of my foremost criticisms of Tesla’s self-driving efforts from a business standpoint is that they are a bigger liability than a value creator.
Tesla has clearly misled the public for years, leading them to believe that Autopilot and FSD are more than they are: level 2 driver assistance systems.
Schreiber explained it well here:
[…] there are two Teslas. There’s Tesla in the showroom and then there’s Tesla in the courtroom. And Tesla in the showroom tells you that they’ve invented the greatest full self-driving car the world has ever seen. Mr. Musk has been peddling to consumers and investors for more than a decade that the cars are fully self-driving, that the hardware is capable of full autonomy. And those statements were as untrue the day he said them as they remain untrue today. But then they showed up in a courtroom and they say, No, no, no, this is nothing but a driver assistance feature.
This creates a significant liability in accidents involving people who believed Tesla’s misrepresentation. However, it also poses a substantial liability to claim that their cars have “all the hardware necessary for unsupervised self-driving” when that is not true.
We are likely talking about tens of billions of dollars worth of liability.
From a purely business standpoint, it might have made sense if Tesla had been first in autonomy and taken a large part of the market, but it’s not what’s happening.
Tesla is still far from achieving unsupervised self-driving at scale, while this liability is still building up.
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You know how the old saying goes: “If you can’t beat them, join them.” Well, Toyota’s new strategy is just that — it’s teaming up with China to lower costs for its upcoming EV models.
Toyota’s new EV strategy will use China to cut costs
The world’s largest automaker will tap into China to gain an edge in the global market. Toyota is already sourcing parts from Chinese suppliers to build EVs overseas.
According to Nikkei, Toyota is expanding the use of parts and other EV components from Chinese suppliers for its production base in Thailand.
The facility is Toyota’s largest production hub in Southeast Asia. Japanese brands have historically dominated vehicle sales in the region. However, low-priced EVs from Chinese brands, such as BYD, are quickly winning over buyers with more advanced tech and features.
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In Thailand, Japanese brands have accounted for roughly 90% of new vehicle sales. In the first five months of 2025, Japan’s market share dropped to just 71%. Meanwhile, Chinese brands saw their share rise to 16%.
Toyota bZ electric vehicles in China (Source: Toyota)
Several sources note that Toyota has already begun sourcing EV components from China to use at its Thailand facility.
Toyota plans to launch more affordable electric vehicles at the hub as early as 2028. According to the company, it plans to reduce costs by about 30% by sourcing parts from China.
Toyota bZ3X electric SUV (Source: Toyota)
By using local suppliers, Toyota has already sparked hope in China with new EVs, like the bZ3X, seeing strong initial demand. Starting at just 109,800 yuan ($15,000), Toyota’s electric SUV was the best-selling foreign brand EV in China in May, its second month on the market.
A Toyota executive confirmed (via 36kr) that “we also plan to develop electric vehicles with lower costs by making the most of parts from Chinese manufacturers, just like the bZ3X” in Southeast Asia.
Toyota bZ3X interior (Source: Toyota)
The bZ3X is produced by Toyota’s joint venture, GAC-Toyota. It’s about the size of a Tesla Model Y, but half the cost in China.
During its EV Tech Day event in June, the company announced new partnerships with “car industry bigwigs,” like Xiaomi, Momenta, and Huawei.
Toyota also broke ground on a new EV plant in China for its luxury Lexus brand last month. It’s the second wholly owned auto plant in China from a foreign automaker, following Tesla.
Electrek’s Take
Can Toyota compete with China using parts sourced from the country? It will help, as shown with the bZ3X. However, with Chinese brands like BYD producing everything in-house, including the batteries, it will still likely have the advantage.
Toyota is promising to launch a series of lower-cost, more efficient EV batteries, but that could still be a few years out.
With the new US tariffs on imports from Japan, Toyota is doubling down on local production to minimize costs. It also opened its first overseas battery plant in North Carolina earlier this year, which will power Toyota’s EVs, HEVs, and PHEVs in North America.
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A new patent hints at the name of Ford’s upcoming midsize EV pickup. Ford could be reviving an old nameplate for what it’s promising to be a “breakthrough” electric vehicle.
Ford’s next EV pickup could take the Ranchero name
After the F-150 Lightning, Ford’s next electric pickup could arrive as the Ranchero EV. Ford filed a trademark with the US Patent and Trademark Office (USPTO) under the name Ranchero on August 5, 2025.
Although details are slim, the application is for motor vehicles, specifically trucks, vans, utility vehicles, and electric cars.
The trademark, first found by Ford Authority, comes just over a week after CEO Jim Farley said the company would reveal “plans to design and build breakthrough electric vehicles in America,” on August 11.
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Ford is expected to outline plans for its advanced new EV platform, promising to cut costs while drastically improving efficiency.
The first vehicle based on the platform is expected to be a midsize EV pickup, which many believed would arrive as the electric Ford Ranger. Ford has already revived several iconic names in Europe with electric versions, including the Explorer, Capri, and Puma.
Ford’s electric vehicles in Europe from left to right: Puma Gen-E, Explorer, Capri, and Mustang Mach-E (Source: Ford)
Will the Ranchero be next? The Ranchero was ahead of its time, combining the style of a coupe with the utility of a pickup truck.
Ford sold from 1957 to 1979, calling it “More than a Car, More than a Truck.” Its success actually led GM to develop the Chevrolet El Camino.
1968 Ford Ranchero GT pickup (Source: Ford)
The company opened its new EV Design Center in Long Beach, California, this week, where it will bring the midsize electric pickup to life. It’s expected to arrive in 2027. Ford’s “skunkworks” team, led by Tesla’s former engineer Alan Clarke, has grown over the past year with former Tesla, Rivian, and Apple employees
What do you think? Would you buy an electric Ford Ranchero? You might be able to soon. We will learn more on August 11 during Ford’s event. We’ll keep you updated with the latest.
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