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Digital render of NEOM’s The Line project in Saudi Arabia

The Line, NEOM

Saudi Arabia’s massive Neom megaproject, a multi-trillion dollar plan to develop a swathe of land the size of Massachusetts, has replaced its CEO in a significant reshuffling as the kingdom faces questions over the economic viability of its ambitions.

Neom’s board of directors announced Tuesday the appointment of Aiman Al-Mudaifer as acting CEO of the company following the unexpected departure of Nadhmi Al-Nasr, who was put in charge of the project in 2018.

“As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” a Neom statement said. It did not disclose the reason for the departure of Al-Nasr.

The region, as envisioned by Saudi Crown Prince Mohammed bin Salman, is set to host hyper-futuristic cityscapes and structures including The Line — two parallel skyscrapers measuring at more than 100 miles long — and Trojena, a mountain ski resort capable of hosting the 2029 Asian Winter Games. The projects have faced skepticism and criticism from environmentalists and engineers in other parts of the world.

Neom’s leadership reshuffle comes at a period of changing financial pressures on the kingdom, as oil prices and demand forecasts remain subdued, and Saudi Arabia’s budget deficit widens. Budgets are facing cutbacks and projects are seeing delays, three people with knowledge of the matter told CNBC, speaking anonymously due to lack of authorization to speak to the press.

NEOM map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast.

Peterhermesfurian | Istock | Getty Images

The Line, for instance, has been reportedly scaled back from an initial planned length of 106 miles to just 1.5 miles — which would still make it the world’s longest building. Neom executives have vocally denied these reports, calling them “false” and saying that work was continuing as planned.

“NEOM is a fundamental pillar of Saudi Vision 2030 and progress continues on all operations as planned, as we deliver the next phase of our vast portfolio of projects including THE LINE, Oxagon, Trojena, Magna and The Islands of NEOM,” the Tuesday statement from the organization said.

Saudi real GDP is expected to grow 0.8% this year, in a dramatic drop from a previous estimate of 4.4%, according to an October pre-budget report published by the Ministry of Finance. Saudi authorities also expect that the budget will remain in deficit for the next several years, as the kingdom prioritizes spending to achieve the targets of the Vision 2030 economic diversification program.

Additionally, Saudi Arabia’s fiscal breakeven oil price — what it needs a barrel of crude to cost in order to balance its government budget — was estimated by the International Monetary Fund to be $96.20 for 2024; a roughly 19% increase on the year before. It’s also 33% higher than the current price of a barrel of Brent crude, which was trading at around $72 as of Wednesday afternoon.

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Why some Scrooges want to stop California from handing out $2,000 e-bike vouchers

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Why some Scrooges want to stop California from handing out ,000 e-bike vouchers

In what couldn’t have been more on-the-nose timing, a group of local California newspapers published an editorial on Christmas Eve calling for the end of a generous $2,000 voucher program intended to help low-income Californians afford electric bicycles for transportation.

The editorial was provided by the Southern California News Group, a collection of California newspapers owned by the hedge fund Alden Global Capital.

In it, the writers air a number of grievances against the program, which recently closed its first round of applications intended to provide around 1,500 e-bike vouchers of between US $1,750 to $2,000 each. The vouchers can be used to offset the price of electric bicycles and associated gear such as protective equipment, locks, etc.

The first complaint in the op-ed is that the total number of vouchers provided in the first round was relatively small compared to the large size of the California e-bike market. However, instead of suggesting that the budget be increased to help more Californians achieve transportation independence, as we called for recently, the editorial takes the opposite position of suggesting that the program simply be canceled.

Next, the writers bemoan an increase in electric bicycle and electric scooter accidents in recent years, suggesting that this should be weighed against the benefits of helping more Californians afford such vehicles.

However, the argument seems to conveniently overlook the fact that the vast majority of such accidents aren’t caused by e-bike riders, but rather those riders are in fact usually the victims. The actual danger to safety on roads is vehicular traffic, i.e. cars and trucks.

Furthermore, many studies have shown that in crashes caused by e-bike riders, such as when an e-bike rider hits another cyclist or pedestrian, the injuries are on average considerably lighter and more recoverable than in car-related crashes.

If the goal was to protect Californians, then instead of firmly clutching their pearls, perhaps the editorial writers should have urged a reduction in the use of cars and trucks, not a reduction in e-bike vouchers.

The op-ed even goes on to lament the number of children riding electric bicycles in California, though admits further on that children aren’t eligible to receive vouchers as part of California’s e-bike incentive program.

Electrek’s Take

California’s e-bike incentive program is certainly far from perfect. We even discussed many of its shortcomings last week. But the program’s essence is to do a good thing—using public tax money to benefit the public. The solution should be to improve the program, not to remove it. And the simple fact of the matter is that most people who are vehemently against the program are those who don’t directly benefit from it, even if they fail to realize that they will ultimately indirectly benefit.

Electric bicycles are one of the most cost-effective ways to provide transportation independence to marginalized and low-income groups. But it’s more than just that. They’re also the best way to get people out of cars and reduce traffic for everyone. Even ignoring the long-term environmental effects related to reducing the impacts of climate change, e-bikes are uniquely capable of making a larger impact on air quality today by helping to remove sources of emissions from a vehicle’s production all the way through its lifetime use and even to its eventual disposal/recycling. When someone rides an e-bike instead of taking a car, taxi, or bus, everyone’s lungs benefit.

Sure, the California program isn’t perfect. But if a media group owned by a wealthy hedgefund and catering to a well-to-do readership doesn’t like it, then that means it’s probably doing something helpful to people who actually need it. That’s the kind of world I want to live in, at least for as long as it’s still liveable.

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Hydrogen had a wild ride in 2024, but Honda has more to come in 2025

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Hydrogen had a wild ride in 2024, but Honda has more to come in 2025

On today’s high-powered episode of Quick Charge, we’ve got Honda fuel cell manager David Perzynski here to talk about Honda’s forty year history developing hydrogen powertrains, and the role Honda sees for HFCEVs in a battery dominated world.

In the course of the conversation we talk about several hydrogen articles posted in 2024, as well as some Honda projects related to CES. You’ll be able to read more about those, below. Enjoy!

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Check out this awesome looking new four-wheeled electric bike

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Check out this awesome looking new four-wheeled electric bike

Sixthreezero’s wide range of electric bike models includes some fairly out-there models, but the company’s new four-wheeled electric bike really charts a new direction in the industry. Take a look at the new ANYterrain Stabilized 4-wheel Electric Bike.

It’s a mouthful of a name, but the ANYterrain Stabilized 4-wheel Electric Bike hauls more than just a bunch of extra words. The bike is rated to carry up to 350 lb (159 kg), and the 750W motor ensures it has the power to do so. With speeds of up to 20 mph (32 km/h), the quad bike is just as fast as most Class 1 and 2 e-bikes.

But the real game changer here is the design, offering four-wheeled stability that riders can’t get from a conventional three-wheeled trike.

Not only do four wheels provide better stability with a wider footprint, but the steering on the bike uses leaning geometry to take turns more naturally, helping riders feel even more stable.

With 20″ wheels in the rear and 16″ wheels in the front, the quad bike keeps a fairly low center of gravity. All four wheels use 4″ fat tires for better offroad riding and more comfortable shock absorption compared to narrow tires, and the rear wheels even feature a differential to better apply the motor’s power to the ground.

A twist throttle makes it easy to roll on that power, and a D/R switch on the bars lets riders put it in reverse for cases where they need a little help wiggling around in tight spaces. Pedaling backward from a stop can also engage the reverse. At 120 lbs (54 kg), this isn’t the type of bike you can just pick up and move around the garage without a little help so that reverse feature will likely come in handy.

A 48V and 20Ah battery offers 960Wh of capacity, which the company says translates into a range of up to 50 miles (80 km).

The battery is housed under a cargo basket in the rear, though a bench seat can be swapped for the basket, allowing riders to carry a passenger with them.

Electrek’s Take

This certainly won’t be a mass market type of e-bike, but I can see a real use case for neighborhood riding and local errands, especially for folks who don’t feel stable on a bicycle or even a trike.

Despite trikes offering great stability when going straight, some people can feel uncomfortable making turns on a trike, especially at higher speeds, because they can sometimes feel tippy under certain scenarios. This quad bike can still tip if you take a turn sharp enough, but the wider stance combined with the leaning steering means riders will even more stable than on a trike.

And since this will likely be used more by older riders, the reverse is an important feature for letting folks park the bike easily without dismounting and dragging it around.

There could be some legal hurdles in some areas that define “bicycles” as having either two or three wheels, but I’m guessing most cops aren’t jumping at the opportunity to ticket grandma for riding her quad bike on the local rails to trails network.

I love seeing more options like this, and I commend Sixthreezero for providing such interesting options to add to the market.

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