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US Secretary of Treasury Scott Bessent addresses the Economic Club of New York on March 6, 2025. 

Charly Triballeau | Afp | Getty Images

President Donald Trump‘s sanctions against Iran are designed to shut down the country’s oil industry and “collapse its already buckling economy,” Treasury Secretary Scott Bessent said Thursday.

The U.S. is deploying sanctions against Iran aggressively for “immediate maximum impact,” Bessent told the Economic Club of New York. Trump’s goal is to slash Iran’s oil exports of 1.5 million barrels per day to a trickle, the Treasury secretary said.

“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent said. The administration also intends to cut off Tehran’s access to the international financial system, he said.

Prices for U.S. crude oil and the global benchmark Brent turned positive after Bessent’s comments. West Texas Intermediate rose 5 cents to close at $66.37 per barrel by while Brent gained 16 cents to settle at $69.46.

“Making Iran broke again will mark the beginning of our updated sanctions policy,” the Treasury secretary, a former global investment manager, said. “If I were an Iranian, I would get all my money out of the rial now,” he said, referring to Iran’s currency.

CNBC has reached out to Iran’s UN Mission for comment.

Trump reimposed his pressure campaign on Iran through a presidential memorandum on Feb. 4. Two days later, the Treasury Department started imposing sanctions on an international network shipping Iranian oil to China.

Oil prices fell to multiyear lows on Wednesday as Trump’s tariffs against Canada, Mexico and China raised fears among investors that economic growth will slow and crude demand will falter. OPEC+ also confirmed this week that it will gradually bring 2.2 million barrels per day back to the market starting in April.

The oil market right now sees a drop in Iranian supply as the only bullish catalyst for prices, JPMorgan analysts led by Natasha Kaneva told clients in a Thursday note.

Trump, after launching his maximum pressure campaign, has said he wants to negotiate a nuclear deal with Iran. The president said he hoped maximum pressure is “not going to have to be used in any great measure at all.”

“I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper,” Trump said in a social media post on Feb. 5. In 2018, the president withdrew the U.S. from the Joint Comprehensive Plan of Action nuclear deal negotiated by former President Barack Obama.

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BYD takes the spotlight in the heart of Europe after sales surge by +750% in April

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BYD takes the spotlight in the heart of Europe after sales surge by +750% in April

China’s EV leader is quickly making a name for itself in Europe. In April, BYD outsold Tesla in Germany and the UK as sales surged in the region. With new models on the way, this looks to be just the start of BYD’s global sales run.

BYD sales outpace Tesla in Germany and the UK in April

BYD is like a freight train right now. There’s no slowing its roll. The company sold over 380,000 new energy vehicles (NEVs) last month, up 21% from April 2024.

Like most Chinese automakers, BYD reports NEV sales, or electric (EV) and plug-in hybrid (PHEV) vehicles. Since it stopped making gas-powered cars in 2022, BYD has focused entirely on EVs and PHEVs. So far, it has paid off.

For the first time in over a year, BYD’s electric vehicles outsold its plug-in models. Last month, the company sold over 195,000 electric cars (+45% YOY) and nearly 176,000 (+0%) PHEVs.

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Although its EVs got most of the attention, BYD sold over 79,000 vehicles overseas last month, its fifth straight month of growth. Through April, the company has sold over 285,000 vehicles in overseas markets, more than doubling from last year.

BYD-sales-Germany-April
BYD launches Sealion 7 smart electric SUV at 2024 Paris Motor Show (Source: BYD)

According to the latest sales numbers released by the German federal road traffic agency, KBA, BYD even outsold Tesla in Germany, Europe’s largest auto market.

BYD sold 1,566 vehicles in Germany last month, an over eightfold (+756%) increase from April 2024. In comparison, Tesla’s sales fell 46% with just 855 cars sold in Germany last month.

BYD-sales-Germany-April
Michael Shu, Managing Director of BYD Europe, speaks at the IAA (Source: BYD)

Closing the gap in Europe

Through the first four months of 2025, BYD sold 2,791 vehicles (+385%) in Germany, while Tesla remains ahead at 5,820 (-60%).

And it’s not just in Germany. BYD outsold Tesla in the UK last month as well. Data from SMNT shows BYD sold 2,511 vehicles in April 2025. Tesla only sold 512 vehicles in the UK last month.

BYD-overseas-EV-sales
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)

BYD is quickly closing in on Tesla in the UK. Through April, BYD sold 11,782 vehicles while Tesla’s sales reached 12,986 vehicles.

Will China’s EV leader overtake Tesla in Europe? With several new vehicles rolling out, BYD is poised to see even more demand later this year. After launching its luxury Denza brand last month, BYD’s cheapest EV, the Seagull, is set to arrive later this year.

BYD-Seagull-EV
BYD Seagull EV (Dolphin Mini) Source: BYD

BYD will launch the low-cost EV later this year in Europe under the name Dolphin Surf with prices starting under £20,000 ($26,000). In China, the Seagull starts at under $10,000 (69,800 yuan) and was BYD’s top seller last month with over 55,000 units sold.

According to forecasts from S&P Global Mobility, BYD’s sales are expected to double in Europe from 83,000 last year to 186,000 in 2025. By 2029, that number could reach upwards of 400,000.

As it looks to drive growth this year, BYD is aggressively expanding overseas. BYD’s fourth car transport ship, the “BYD Shenzhen,” officially set sail last week with enough room for 9,200 vehicles. It is now the world’s largest.

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Game-changing Lectric XP4 next-gen electric bike launched, shocking industry once again

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Game-changing Lectric XP4 next-gen electric bike launched, shocking industry once again

In true Lectric style, North America’s largest e-bike company just unveiled the latest generation of its best-selling electric bike in a high-energy, adrenaline-fueled product launch this morning. The Lectric XP4 is the newest generation of the ultra-popular e-bike line, and once again brings a shocking level of upgrades at price points never before seen in the industry.

To put it simply, Lectric has done it again; they’ve absolutely crushed it and set a new high watermark for value in the US folding e-bike market.

The XP line is the best-selling electric bike in the US, so this was bound to be a hotly-anticipated launch. With roughly 1 out of every 10 electric bikes sold in the US being a Lectric XP (out of many hundreds of models available in the market), any new launch in the product line was set to grab eyeballs. And despite the extremely high expectations, Lectric appears to have risen to not only meet them but likely exceed what most could have expected at this price point.

The launch of the new XP4 actually includes a pair of launches, with the base 500W model offering the same $999 price tag we’ve come to know ever since the XP 2.0 days. A new long-range XP4, which swaps the 10.4Ah battery for a massive 17.5Ah battery and upgrades the motor to 750W, bares only a slightly higher $1,299 price tag.

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“Because this model is so important to us and our riding community, we were determined to hold the line on price,” said Lectric eBikes co-founder and CEO Levi Conlow. “While other e-bike companies continue to raise prices and launch new products at higher price points, we know riders are going to appreciate Lectric going against the grain and making huge improvements for the same entry price we set more than four years ago.”

Levi isn’t paying lip service there, either. Both models share a number of key upgrades covering everything from the hardware design to the included componentry, and even the riding feel.

Both models include a new in-house designed torque sensor, offering smoother and more responsive pedal assist across the full range of power levels. A new 56-tooth chainring is larger and provides a more comfortable pedal cadence at higher speeds, meaning those taking advantage of the Class 3-capable 28 mph (45 km/h) speed can do so without their feet needing to spin uncomfortably fast.

The handlebars now feature an upgraded TFT color display with a built in USB-C port for phone and device charging. Having personally tested the e-bike yesterday, I can attest to just how beautifully designed the TFT screen truly is, providing much more information to the rider yet in a neatly laid out way that keeps it clear and easy to read, even in bright sunlight.

My full first ride experience will be coming soon, but first let’s continue with what makes these models so new and innovative.

The frame has been redesigned with a novel rack setup, a larger main frame tube to accommodate the longer-range battery, and a new handlebar stem that provides a more comfortable reach in the cockpit. That rear rack adds to both the bike’s appearance and utility, providing a color and styling accent but also offering more compatibility for accessories mounted to its round tubes while still maintaining the boxier tubes consistent with the design legacy across the XP models’ successive frames.

New hydraulic disc brakes were developed specifically for Lectric and provide punchier stops than the previous version’s hydraulic disc brakes. The brakes’ model number of 602 even pays subtle homage to the area code in Phoenix, Lectric’s headquarters.

The transmission also received an upgrade, with the lower tier 7-speed Tourney derailleur getting replaced with a step up in Shimano’s hierarchy to an 8-speed Altus.

Other hardware improvements on the bike include the quick-release pedals, which have been redesigned, increasing the quality and making them easier to use. The new derailleur is matched with new trigger shifters on the right side of the handlebars paired with Lectric’s upgraded locking ergonomic bar ends. The new shifters and bar ends required a new throttle though, resulting in an updated left-side paddle-style thumb throttle.

The lighting on the XP4 has also been upgraded, now including rear turn signals.

The keyway for locking the battery has been relocated to the non-drive side of the main tube, making it easier to access, and is located next to a newly designed cover for the charging port and on/off button for the battery.

Like all of Lectric’s e-bikes, the XP4 is compliant with UL2849, and the two battery sizes are both compatible with a 5A fast charger that provides a full recharge in either 2 or 3.5 hours for the smaller or larger battery option.

New 20×3.0 tires include a mixed-terrain tread with a novel design that creates a smoother center patch for quieter riding on smooth surfaces like asphalt but retains enough knobbiness on the edges for better grip in off-road riding conditions. The tires’ quiet ride has been specifically designed to complement the ultra-quiet Stealth motor that Lectric has brought from its other models to the new XP4.

Unlike the XP 3.0 that had previously been available in just white or black, the new XP4 comes in multiple color options, a nod to customers who often asked the company for more variety in colorways. The XP4 now includes color options of Stratus White, Tempest Gray, Raindrop Blue, and Pine Green. The bike is also available in two frame styles of standard and step-over.

Pre-orders are now open for the XP4, priced at either $999 or $1,299 for the 500W and 750W versions, with shipping expected to begin next month.

Electrek’s Take

It’s hard to overstate how big of a deal the XP4’s launch is, especially considering that the starting price has remained the same affordable $999. At a time when tariffs are forcing other companies to increase prices, the XP4 stands head and shoulders above other folding e-bikes in the US market, not just on price but also on features.

If you take the $1,299 long-range version with the 750W motor and 840Wh battery, it’s easy to see how far ahead it is of the competition. If the only thing Lectric had done was put that big battery and torque sensor in it, the bike already would have surpassed any other leading brand’s folding e-bike on value. There just isn’t another torque sensor-based 840Wh folding e-bike out there at this price point. But then Lectric went so much further. All of the additions are like a mountain of cherries on top of an already alluring XP4 sundae. From the beautiful new TFT display to the super punchy new brakes, from the upgraded derailleur to the quieter tires and motor, from the easy-to-use quick-release pedals to the improved ergonomics of the handlebars – it’s just more heaped on top of more.

The one feature I wish they would have included would have been Apple FindMy integration to allow for easy tracking of a lost or stolen e-bike. Trust me, I tried to plant the bug in Lectric co-founder and Chief Innovation Officer Robby Deziel’s ear, but to no avail. Oh well, maybe but there’s still hope for including location tracking on the XP5.

There’s one thing for sure though: Everyone else is still competing for second place against Lectric. That’s nothing new, but now the gap between Lectric and others has continued to grow. There was already no better option when it comes to bang-for-your-buck in the folding e-bike space, and now Lectric has grown that value gap even further.

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These are the 3 things driving Coterra’s sell-off — and how we’re viewing the stock now

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These are the 3 things driving Coterra's sell-off — and how we're viewing the stock now

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

Brandon Bell | Getty Images News | Getty Images

Coterra Energy is cutting back on its oil drilling in response to sagging crude prices and spending more on natural gas production — but that move, announced alongside first-quarter results, is being overshadowed by some operational concerns and leading to a stock sell-off Tuesday.

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