CalPERS, the $484 billion pension fund manager, said in a letter on Monday it would vote in opposition to all of Exxon’s 12 director nominees and its CEO Darren Woods at the shareholder meeting next week as a result of the company’s potentially “devastating” effort to quash the two activists, Arjuna Capital and Follow This. CalPERS has a $1 billion stake in Exxon.
The two activists submitted a shareholder proposal that would have forced the company to reduce direct emissions and set a target for lowering emissions at suppliers and customers. Exxon sued the investors in Texas federal court in January, prompting them to withdraw the proposal.
Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal.
CalPERS said in its letter that Exxon’s “reckless” lawsuit threatened shareholder activism efforts on any issue.
“If ExxonMobil succeeds in silencing voices and upending the rules of shareholder democracy, what other subjects will the leaders of any company make off limits?” CalPERS CEO Marcie Frost and board president Theresa Taylor said in the letter. “Worker safety? Excessive executive compensation?”
CalPERS said it’s urging other shareholders to follow its lead “to send a message that our voices will not be silenced.”
Exxon could have potentially prevented the shareholder proposal from going public without a lawsuit by asking the SEC for an exclusion, which is a common practice. But Exxon went ahead with litigation, and said it’s seeking “clarity on a process that has become ripe for abuse.”
“We believe activists with minimal or even no shares should not be permitted to re-submit proposals that do not grow long-term shareholder value,” the company said in a post on its website.
Exxon has faced down activist investors in the past.
In 2021, Engine No.1 ran a campaign that landed the firm three board seats. Engine No. 1 had a 0.02% stake, compared to CalPERS’ current ownership of about 0.2%.
That campaign garnered support from a number of institutional investors, including CalPERS, in its effort to overhaul Exxon’s disclosure standards and reconsider the company’s place in a zero-carbon world.
CalPERS is now opposing those same three directors, Greg Goff, Kaisa Hietala and Andy Karsner, that it helped elect. Another activist investor, Inclusive Capital founder Jeff Ubben, is also on Exxon’s board.
“We hope ExxonMobil’s directors will reconsider the lawsuit, an effort that seems more suited to schoolyard bullying than corporate leadership,” CalPERS wrote in its letter.
VinFast delivered its first VF9 vehicles to customers in Los Angeles yesterday, kicking off US deliveries of the new 3-row electric SUV.
VinFast is a relatively new EV brand, founded in Vietnam in 2017, under the umbrella of massive Vietnamese conglomerate Vingroup. It started delivering cars to the US in 2023 with its VF8 mid-size SUV.
The VF9 is its three-row large SUV, which has been delivering in Vietnam since the 2023 model year, and also in some other Southeast Asian and a few European markets. But now it’s ready to start delivering the VF9 here in the US, and it started last night in Los Angeles.
VinFast held a small event at its US headquarters in Los Angeles to deliver the first 8 VF9s to the US market, and invited us out to the event and to have a quick look at the car.
VinFast told us that it currently has 36 dealerships in 15 states, with 13 company owned stores in California. So deliveries won’t just start right away in California, but other territories as well. However, VinFast couldn’t provide us an estimate of what the delay before delivery would be if ordering a vehicle today.
VinFast trim levels
The VF9 comes in two trim levels, Eco and Plus. The Eco model starts at $69,800 with the Plus version $4k more at $73,800. First deliveries will start with the Plus model, with the Eco coming a few months later.
But despite those somewhat high starting prices, VinFast is also offering a limited-time promotion for the first 100 vehicle deliveries to lease the Plus for $529/mo with $2,000 down. And since the VF8 has seen some really great lease deals, we could imagine the VF9 might get the same treatment after deliveries start happening in earnest.
The trim levels don’t differ significantly in drive capabilities, with the same battery and motor between the two. See the full spec sheet here.
The main differences are in a bunch of additional interior comforts on the Plus, like ventilated massaging seats, 2nd row seat heaters, seat and steering wheel position memory, rear LCD display, panoramic roof and a subwoofer. The Plus also has fog lights and cornering lights.
However, the Plus also has lower range at 291 miles instead of 330 miles, primarily due to larger 21in wheels compared to the base 20in wheels. Wheels can make a huge difference in aerodynamic efficiency, especially with different wheel cover designs.
The Plus is also about 100lbs heavier than the Eco, and can come in a 6-seat “captain’s chair” configuration, whereas the Eco only comes in a 7-seat layout.
Extremely quick first drive
We got a chance to drive the VF9 very briefly, but given that it was in the middle of LA rush hour traffic and only a few miles, this barely even qualifies for “first drive” status.
However, the vehicle felt quite spacious inside – as one would expect from a large SUV. We only sat in the seats for a few minutes, but the seat material was passably comfortable (not like the outstandingly comfortable EX90). The third row has a huge amount of headroom, but little legroom – you’re basically sitting on the floor back there, and it takes some work to get out of it, too.
The drive software does seem to have matured compared to the previous VF8 version I drove. That VF8 had horrendous throttle lag, especially when starting from 0mph, but I didn’t experience that quite so much here in the VF9. It felt better. They’re making progress.
The throttle pedal is a little weirdly jumpy though in sport mode, so despite that I set almost all EVs to sport mode and just leave it there, this might be a car that I’d drive in standard or eco more often. And hope that Vinfast continues to tweak the drive software to make it feel a little more refined. But that said, again, I’d like a chance to test this more and get a feel for it.
Power was good though not amazing, it’s a large car after all so comfort is going to be more of a premium than speed.
I like VinFast’s user interface well enough – it’s pretty well laid out, it doesn’t suffer from the lag that some other UIs do, and you can always escape to CarPlay or Android Auto if that’s your preference. Though the gathered media did experience some random faults on the 3 early-production press cars we had access to for the night, like a faulty anti-window-pinch sensor and rear hatch closure sensor.
All in all, after the relatively poor overall reviews for the VF8 and a middling experience myself when I drove one, I came away pleasantly surprised by the VF9, with a vehicle that was nicer than I expected on this very short drive. I’m still not a large SUV guy and would love to see some of VinFast’s smaller vehicles here (the VF7 is coming to the US, but I’d like to see the even-smaller ones), but as long as the arrow keeps going in the right direction and VinFast keeps improving, there could be a nice future here for Vietnam.
And that’s the thing… I really want VinFast to succeed. I like the idea of having another country join the international stage of auto manufacturing, and it would be great for Vietnam to gain some chops in the realm of complex manufacturing. The country already does well in textiles and electronics… but cars are a whole different thing. This drive was too short to draw many conclusions, but VinFast does seem to be improving from the short experience we had.
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Crude oil futures edged slightly lower on Tuesday, after rallying about 3% in the prior session on fears that the war between Ukraine and Russia is escalating.
President Joe Biden has authorized Ukraine to use long-range missiles to hit targets in Russia in a major departure from Washington’s previous position, according to media reports.
China’s Xiaomi has reported a 30.5% growth in third-quarter revenue for its EV business, with the company also bumping up its yearly delivery target for the SU7 series EVs to 130,000 units.
Back in May, Xiaomi – the world’s third-largest smartphone maker – had said that it planned to build 100,000 EVs by the end of the year, with the company well on its way to achieving that goal. CEO Lei Jun said on his social media account that the company was bumping up its previous target of 120,000 of its first EV as “demand surges,” reports Reuters.
Last December, Xiaomi debuted its first vehicle, the SU7, which officially launched in March, offering three versions – Standard, Pro, and Max, with the Standard starting at $30,761 – strategically about $4,000 cheaper than the price of Tesla’s Model 3 in China. A souped-up hypercar version, the Ultra, has also since been unveiled.
Xiaomi SU7 Ultra. Source: Xiaomi
Since its launch, the SU7 has been a hit in China and is set to easily surpass production goals of 100,000 units one month early. To boost that momentum, Xiaomi now expects to complete the construction of an expansion of its EV factory in mid-2025, which should ramp up its numbers even more – at least, that’s the aim.
In the third quarter of this year, Xiaomi has said that it delivered 39,790 units of the SU7, for a total sales figure from its March launch to the end of September to 67,157 units.
Huatai Securities has forecast Xiaomi will deliver 400,000 EVs in 2025, with its EV business accounting for about a fifth of its revenue compared with 8% this year, Reuters reports.
Of course, analysts have predicted the company would lose money on its SU7, to the tune of around $10,000 a vehicle, but the smartphone maker has a tidy cash reserve of $15 billion to help it weather the storm.
Source: Xiaomi Weibo account
While facing plenty of competition in China from the likes of BYD, the company has, for one, tremendous brand appeal to the Chinese consumer, who are already familiar with its products and user interfaces. In addition to an alluring price point, the SU7 is a connected car that syncs with other devices. Compared to other EV makers, Xiaomi, too, has an edge on software and a jumpstart on autonomous driving, which it has been testing on roads for a few years.
The company says it plans to invest $10 billion over the next 10 years in building its EV empire, reports have said. By the end of the year, the company expects to expand to 22 sales stores, 135 service centers, and 53 delivery hubs in 59 cities.
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