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In an end-of-the-year miracle to close out 2024, the often-lauded ONYX moped maker has announced its return after shutting down operations earlier this year. The company’s return kicks off with the release of 100 limited edition electric mopeds.

ONYX Motorbikes first hit the scene in 2018, with founder and moped-builder Tim Seward launching the company to bring his custom designs for electric mopeds to life. The company grew its US manufacturing base and launched multiple models, but that growth came at a cost.

After Seward sold the company in 2019 to his friend James Khatiblou, who became the new CEO, Khatiblou led ONYX through several rollercoaster years of both boom and bust. But the company’s US-based manufacturing proved expensive, and bringing on new investors resulted in misgivings and stress that reportedly eroded Khatiblou’s health, culminating in the 37-year-old’s sudden death from a pulmonary embolism in late 2023.

A continuing battle ensued between the company’s creditors and investors over ownership of ONYX’s assets, leading to the brand effectively closing operations earlier this year. But that wasn’t going to be the last chapter in ONYX’s story, at least not if the brand’s original founder, Tim Seward, had anything to say about it. Now, Seward is announcing a relaunch for ONYX.

The launch kicked off last week with the listing off 100 ONYX RCR LTD bikes, a limited edition version of the brand’s iconic electric moped. “With only 100 units of the ONYX RCR LTD available, each bike comes with an upgraded 45ah battery and is uniquely numbered with a holographic authenticity sticker, making it a true collector’s item for those who crave both performance and style,” explained the company. Standard production RCRs are expected to follow the limited edition bikes this coming Spring.

The US $4,299 ONYX RCR LTD is built on a steel chassis with a locking wooden battery cover and a set of both brushed aluminum and holographic black side panels. Each moped is spec’d with holographic stickers identifying its uniquely numbered status as part of the 100 LTD bikes.

The bike comes with a rear hub motor boasting over 15 kW of peak rated power and 7.2 kW of nominal power, or enough to blast it up to 30 mph (48 km/h) in just four seconds and to reach a top speed of 55+ mph (88+ km/h) in Sport Mode. Two other modes of Eco and Normal have lower speed limits of 20 mph (32 km/h) and 40 mph (64 km/h), respectively.

The RCR LTD is powered by a 3,240 Wh battery with a Bluetooth-enabled BMS allowing for remote monitoring from the rider’s smartphone.

The battery offers a range of up to 120 miles (200 km) in Eco mode, though riders should expect a mere fraction of that when cruising around at top speed.

And of course, in true ONYX fashion, the RCR LTD still includes functional pedals, though pedaling a 150+ lb bike isn’t for the faint of heart. With the Eco mode supposedly limiting the motor’s power to 750W along with the electronically capped 20 mph speed limiter, the pedals seem like a Hail Mary to keep this thing classified as a Class 2 electric bicycle in its lowest power mode. Whether or not that flies likely depends on your local regulations, but much of ONYX’s marketing refers to “off-road” performance, hinting at the fact that this is far outside the realm of a typical electric bike. Past ONYX RCRs have included a VIN plate in the hopes that riders could register and tag their moped as a motorcycle, though several of the bike’s components don’t appear to meet DOT regulations for that category. Suffice it to say that the RCR remains something of a line straddler in the two-wheeler world, maintaining classic moped requirements (namely a motor and pedals) yet existing in a regulatory grey area that ebbs and flows depending on each state’s local laws.

Electrek’s Take

This is certainly exciting news. I believe I was one of the first to cover ONYX’s Kickstarter back in 2018, spreading news on the garage startup turned moped manufacturer and helping propel it to a world stage, and it has been fascinating to watch the company grow throughout the years.

My first review of the bike got over a half million views and helped cement for me just how much fun electric mopeds like these can be.

But watching ONYX’s slow tailspin and the tragic death of the company’s CEO, followed by a year of legal battles, has been a heartbreaking process for any fan of the company. So the brand’s relaunch is welcome news.

That being said, there are still unfinished legal battles swirling in the background as former ONYX creditors continue to duke it out, and we’re still waiting to hear how that could impact the brand’s future. But fingers are crossed that ONYX will stick to the landing and roll back out with a new wave of momentum and awesome electric mopeds.

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Kia’s electric sports car, the EV6 GT, is a steal at nearly $20,000 off

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Kia's electric sports car, the EV6 GT, is a steal at nearly ,000 off

Kia’s electric sports car will smoke a Ferrari and Lamborghini off the line, and it’s already less than half the cost. Now, Kia’s 576 horsepower EV6 GT is even cheaper to drive with nearly $20,000 in lease savings. Here’s how you can get your hands on one.

The EV6 GT arrived in 2022 as the “most powerful Kia production vehicle ever.” With up to 576 horsepower, Kia’s electric sports car can sprint from 0 to 60 mph in just 3.4 seconds.

Kia went all out, adding fun features and different drive modes, such as “GT” and “drift.” The GT drive mode adjusts the vehicle’s motor, brakes, steering, suspension, and more for better performance.

To prove its power, Kia put its EV sports car up against a Ferrari Roma and Lamborghini Huracan EVO Spyder. Certified by an independent test from AMCI, the Kia EV6 GT beat both off the line. Not only is the Kia faster, but it’s also about half the cost.

The 2024 Kia EV6 GT starts at $61,600. A 2024 Ferrari Roma will run you about $245,000, while a new 2024 Lamborghini Huracan EVO Spyder starts at just over $300,000.

Kia-EV6-GT-lease
2024 Kia EV6 GT (Source: Kia)

According to online car research firm CarsDirect, the 2024 Kia EV6 GT now features $19,050 in lease cash (24-month lease). With the option of Single Pay leases, you can also score lower lease rates.

If you’re looking for something with a little less performance (and a lower price), Kia is offering $10,000 in Customer Cash on all 2024 EV6 models. The EV6 Light Long Range RWD ($45,950 MSRP) is listed for lease at just $179 for 24 months, with $3,499 due upfront.

The discounts come with the new 2025 model year arriving, which has an even longer driving range (319 miles Kia-est) and an NACS port for charging at Tesla Superchargers. The new EV6 GT trim will also pull additional features from Hyundai’s IONIQ 5 N, including a Virtual Gear Shift (VGS) function.

Want to get behind the wheel of Kia’s electric sports car and test it out for yourself? You can use our link to find the best deals on the 2024 Kia EV6 (including the GT model) near you.

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India’s oil minister says ‘we play by the rules,’ as markets weigh U.S. energy sanctions

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India's oil minister says 'we play by the rules,' as markets weigh U.S. energy sanctions

Watch CNBC's interview with India's oil minister Hardeep Singh Puri

India will cooperate with international sanctions, the country’s oil minister told CNBC on Tuesday, as markets eye future U.S. policy under the new administration of President Donald Trump.

“We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it or anything,” India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC’s Sri Jegarajah on the sidelines of the annual India Energy Week conference.

“On Russia, yes, there was a price cap, and we adhered strictly to the price cap. Going forward, if there are issues, we will address them.”

India’s refiners have been snapping up discounted Russian oil since Western and G7 energy sanctions barred many consumers from Moscow’s supplies, in an effort to whittle down Russia’s war coffers after its invasion of Ukraine. Countries not subject to the measures have been able to use insurance and shipping providers to facilitate the acquisition and transport of Russian crude procured under a price threshold.

New Delhi has repeatedly defended its purchases as a matter of national interest.

“There is no sanctioned country, first of all. It’s a lot of misrepresentation that’s taking place. Today, Europe still buys 25% of its gas from Russia. They buy other critical energy from there. So there’s no sanction,” the energy minister said Tuesday.

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He also signaled that the government of Trump’s predecessor, President Joe Biden, had endorsed India’s bolstered intake of Russian oil.

“I’ve had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that’s what we did,” Puri said. CNBC has reached out to the U.S. State Department for comment.

India met about 88% of its oil needs via imports between April and November 2024, little changed from a year earlier, official data showed. As of January, about 40% of those imports came from Russia, data from trade intelligence firm Kpler suggests.

In 2021, Russian oil accounted for just 12% of the country’s oil imports by volume. By 2024, that share had surged to over 37%, according to Kpler data.

Sanctions in focus

The U.S. has been key in shaping global energy policy through sanctions over the past decade. In January, the U.S. imposed sweeping measures targeting Russia’s energy firms and the operators of vessels transporting oil — a move that analysts believe will make it harder for buyers like India to continue importing cheap Russian crude.

Investors have been waiting to see whether the newly installed Trump will pursue a ramp-up or relaxation of U.S. energy restrictions — critical to markets because the U.S. dollar denominates crude and oil product commodities.

Trump imposed sanctions affecting the Iranian and Venezuelan energy sectors during his first mandate and has taken an “America First” approach that could further incentivize domestic output — amid questions over the impact that threatened U.S. tariffs could have on global supply elsewhere.

Puri signaled his country would not be adverse to additional acquisitions of U.S. volumes. “If Americans are putting in more energy onto the global market, somebody asked me: ‘Are you going to buy more? I said: ‘I’d be surprised if we don’t.’ Because it’s in the natural flow,” he added.

The sanctions and trade developments are coinciding with a period when India’s oil consumption growth has outpaced that of China, contributing to 25% of the global increase in oil consumption.

“I am convinced that geopolitical tensions need to be managed,” Puri said Tuesday, noting current characterizations of supply-demand fundamentals in the oil market are “depending on whom you’re talking to and depending on where they stand on the equation,” as producers or consumers.

“A country like India, with a robust demand and a current consumption of 5.5 million barrels [per day] has a contribution to make in terms of which way the market goes. And we… we plan to use that leverage,” the oil minister added.

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In January, US EV prices held steady, incentive spending fell

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In January, US EV prices held steady, incentive spending fell

US EV prices held steady in January, and incentive spending dropped 3.1% from December, according to the latest monthly new-vehicle average transaction price (ATP) report from Cox Automotive’s Kelley Blue Book. 

Average transaction prices for EVs in January, at $55,614, were higher by nearly 1% compared to a downwardly revised December. EV prices last month were lower year-over-year by 1.4%. Incentive spending on EVs in January decreased by 3.1% compared to December but was higher by 48.6% year-over-year.

Overall, EV costs are falling – compared to the overall auto industry, EV ATPs were higher by 14.3%. A year ago, the price premium versus the industry was 17.4%.

ATPs for market leader Tesla, at $55,380, were higher year-over-year by 4.5%. Cybertruck prices fell year-over-year by 6.5% to just under $98,000. Model X prices were also lower year-over-year.

The two most popular EVs in the US, the Model Y and Model 3, both saw transaction prices increase year-over-year by 2.2% and 6.2%, respectively.

The $7,500 tax credit is now missing from the Tesla website. What will Tesla’s February sales volume look like?

As for total new-vehicle sales volume in January, it was higher year-over-year by 5.1% but lower by more than 25% compared to a robust December. New-vehicle inventory at the beginning of January was below 3 million units for the first time since late October.

Read more: In December, EV sales were still up and incentives were still sweet – Kelley Blue Book


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