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An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. 

Brandon Bell | Getty Images

The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing “exceptionally weak” OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet.

In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd.

The global energy watchdog said that it expected the pace of expansion to decelerate even further to 1.1 million bpd next year “as the post-Covid 19 rebound has run its course.”

The IEA’s report comes amid a rebound in oil prices on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region.

Iran, which is a member of the Organization of the Petroleum Exporting Countries, has vowed to retaliate after it accused Israel of bombing its embassy in the Syrian capital of Damascus earlier this month.

The attack has ratcheted up tensions in a region already grappling with the ongoing Israel-Hamas war. Israel has not claimed responsibility for the attack.

International benchmark Brent crude futures with June delivery traded 0.8% higher at $90.45 per barrel on Friday at 9:30 a.m. in London, while U.S. West Texas Intermediate futures with May delivery rose nearly 1% to trade at $85.84 per barrel.

“We’re seeing the surge in [electric vehicle] sales, especially in China and also in Europe, really taking into gasoline demand, but also in the United States,” Toril Bosoni, head of oil industry and markets division at the IEA, told CNBC’s “Street Signs Europe” on Friday.

“There has been a lot of talk about sales not increasing as much as maybe was expected, but EV sales and increased fuel efficiencies in the car fleet is lowering gasoline demand, at least in advanced economies and particularly in China.”

Asked about some of the main concerns relating to oil supply security, Bosoni replied, “We are watching, obviously, the Middle East very closely. The continued tanker attacks in the Red Sea is of key concern, but also escalating tensions between Iran and Israel, and then we’re seeing tensions between Russia and Ukraine continue, with attacks on Russian refineries.”

“So, there are several tension points in the oil market today that we’re watching very closely that could have major impacts … if there would be any significant outages,” she added.

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This vast 1.3 GW Indiana solar farm will power 200,000 homes

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This vast 1.3 GW Indiana solar farm will power 200,000 homes

Mammoth Solar, a 1.3 gigawatt (GW) solar farm in northern Indiana, is now powering into its biggest construction phase yet, cementing its place as one of the largest solar projects in the US.

The solar farm is set to increase Indiana’s solar capacity by more than 20% once it’s fully online. And with construction ramping up this month, developer Doral Renewables has given Bechtel Full Notice to Proceed on the design, engineering, and construction of three major phases of the project: Mammoth South, Mammoth Central I, and Mammoth Central II. Together, these phases will generate 900 MW of clean energy.

That’s enough electricity to power around 200,000 homes with clean energy, helping Indiana shift away from fossil fuels while boosting the local economy.

Construction is already underway, and over the next two years, Bechtel will install around 2 million solar panels, with about half of them made in the US. The company is also handling all engineering, procurement, and construction work, using its digital project management tools and autonomous tech to keep everything on track.

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At the peak of the buildout, Mammoth Solar is expected to create over 1,200 jobs, with at least 15% of those set aside for apprenticeships.

Bechtel says its success will hinge on strong collaboration with local trades and vendors. The company is working closely with craft professionals and is committed to being a reliable community partner throughout construction.

Once the solar farm is complete in 2027, Doral Renewables plans to roll out agrivoltaics across the site. That means livestock grazing and crop cultivation will happen right alongside energy production, giving farmers in the area a way to keep working their land while supporting clean energy development.

Read more: Solar adds more new capacity to the US grid in 2024 than any energy source in 20 years


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BYD’s funky new kei car spotted testing: Here’s our first look at the mini EV

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BYD's funky new kei car spotted testing: Here's our first look at the mini EV

BYD is about to launch an even smaller EV, but this one’s a little different. It’s BYD’s first kei car. You know, those tiny vehicles that dominate Japan’s city streets? BYD’s mini EV was just spotted out in public, giving us our first real look at the upcoming kei car.

BYD’s first mini EV was spotted in public

Last week, rumors surfaced that BYD was developing its first kei car, which would compete with top-selling models from Nissan, Honda, Mitsubishi, and other Japanese brands.

Kei cars, or “K-Car,” as they are sometimes called, are a class of ultra-compact vehicles that cannot be longer than 3.4 meters (134″). To put that into perspective, BYD’s smallest EV currently, the Seagull (called the Dolphin Mini overseas), is 3,780 mm (148.8″) long.

The mini vehicles are ideal in Japan because they are so small, making it easy to get around tight city streets. They are also more affordable and efficient than larger vehicles.

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BYD’s mini EV was spotted for the first time during a road test this week by IT Home (via CarNewsChina), revealing a familiar look. It has that boxy, compact look of a typical kei car with sliding side doors.

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BYD’s kei car, or mini EV, in camouflage (Source: Sina/ IT Home)

According to reports, BYD is developing a new platform for the model. It will reportedly include a 20 kWh battery, good for 180 km (112 miles) WLTC range. By using its in-house Blade LFP batteries, BYD is expected to have a cost advantage.

BYD’s upcoming mini EV is expected to start at around 2.5 million yen, or about $18,000. That’s about the same as the Nissan Sakura (2.59 million yen), Japan’s best-selling EV last year.

Last year, around 1.55 million kei cars were sold in Japan, accounting for roughly 40% of new vehicle sales. Honda’s N-Box was the top-selling kei car (EV or gas) for the third straight year.

As Nikkei reported, some are already calling BYD’s electric kei car “a huge threat.” A Suzuki dealer said, “Young people do not have a negative view of BYD. It would be a huge threat if the company launches cheap models in Japan.”

Nissan-affordable-EVs
Nissan Sakura mini EV (Source: Nissan)

BYD already sells several electric cars in Japan, including the Atto 3 SUV, Dolphin, and Seal. Last month, the company launched the new Sealion 7 midsize electric SUV, starting at 4.95 million yen ($34,500).

Although Japan isn’t really an EV hot spot, with sales falling 33% in 2024 to just under 60,000 units, BYD sees an opportunity.

BYD-mini-EV
BYD Dolphin Mini (Seagull) testing in Brazil (Source: BYD)

By making virtually every car component in-house, including batteries, BYD can offer EVs at such low prices while still making a profit. BYD’s cheapest and best-selling electric car, the Seagull, starts at under $10,000 (69,800 yuan) in China.

With new smart driving and charging tech rolling out, BYD’s electric cars are getting smarter and even more efficient.

Can BYD’s mini EV compete with Japanese brands? At the right price, it may have a chance. Check back soon for more on the upcoming kei car. We’ll keep you up to date with the latest.

Source: Sina, CarNewsChina

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Ford F-150 Lightning retakes America’s best-selling electric pickup crown

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Ford F-150 Lightning retakes America's best-selling electric pickup crown

Ford’s electric pickup truck is back at the top. The F-150 Lightning is once again the best-selling electric pickup in the US after overtaking the Tesla Cybertruck in the first quarter.

Ford’s F-150 Lightning is the best-selling electric pickup

After launching in 2023, Tesla’s Cybertruck quickly outpaced the Lightning to become America’s top-selling EV pickup last year.

Since Tesla doesn’t break down regional sales, registration data gives us our best estimate. The latest registration data from S&P Global Mobility (via Automotive News) shows that the F-150 Lightning retook the title in March and the first quarter of 2025.

Ford’s electric pickup notched 2,598 registrations in March, topping the Tesla Cybertruck with 2,170. In the first quarter, the F-150 Lightning remained ahead with 7,913 registrations, compared to the Cybertruck’s 7,126.

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Although the Cybertruck was the fifth top-selling EV in the US last year, it didn’t even crack the top ten in March. It placed ninth through the first three months of 2025, behind the Volkswagen ID.4.

Ford-F-150-Lightning-best-selling-electric-pickup
2025 Ford F-150 Lightning (Source: Ford)

While Tesla and Ford remained the leaders in the electric pickup market, several new models are gaining momentum. According to the most recent numbers from Cox Automotive, GM sold 2,383 Chevy Silverado EVs and 1,249 GMC Sierra EV models in Q1. Meanwhile, Rivian sold 1,727 R1Ts during the quarter.

Earlier today, Electrek reported that new models, including the Honda Prologue and Chevy Blazer EV, helped drive EV registrations up 20% in the US in March.

2026-GMC-Sierra-EV-AT4-Elevation
2026 GMC Sierra EV AT4 (left) and Elevation (right) trims (Source: GMC)

Although the Lightning reclaimed the crown from Tesla, Ford’s electric pickup isn’t exactly flying off the lot. Ford reported Lightning sales fell 16% to just 1,740 units in April. Through April 2025, Ford has sold 8,927 electric trucks, down 9% from the 9,833 it handed over last year.

Electrek’s Take

To be fair, Tesla is still ahead by a wide margin in the US. The S&P numbers show Tesla had over 51,000 registrations in March, up 1% after two months of lower YOY growth.

GM’s Chevy surpassed Ford to become the second-best-selling EV brand with nearly 8,500 registrations, an increase of 274% from last year. Ford dropped to third with 7,361 registrations.

Although it’s just one quarter, it’s starting to show how Tesla CEO Elon Musk’s political antics are likely impacting sales. After the Cybertruck’s initial hype, it appears many buyers are opting for traditional pickups, like the F-150 Lighting.

Meanwhile, Ram is delaying its first electric pickup, the 1500 REV, again. Ram is pushing production back until summer 2027, saying it’s “extending the quality validation period.” The plug-in hybrid (PHEV) Ramcharger will also be delayed until the first quarter of 2026.

After pulling the Ramcharger ahead of the fully electric version last year, Stellantis blamed weak demand for EV pickups in the US.

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