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Fortescue Metals Group non-executive Chairman, Andrew Forrest, speaks during a Sustainability Week conference in London on March 11, 2025.

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Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says Big Oil is getting it wrong on renewables — at a time when European energy majors are doubling down on fossil fuels to boost near-term shareholder returns.

Britain’s BP and Norway’s Equinor have both recently outlined plans to slash renewable spending in favor of oil and gas. London-listed Shell, meanwhile, has also scaled back green investment plans.

U.S. oil majors such as Exxon Mobil and Chevron, which have outperformed their European rivals in recent years, have typically advocated for transition options such as carbon capture and storage and hydrogen, rather than for renewable technologies like wind and solar.

“I’ve always found that the customer is always right, which is why we’re going renewable and moving away from oil and gas because our customers are saying, ‘we want energy but not at any cost, and if you can give us green energy at the same price as dirty [energy] then we are going to buy green every day.’ That’s my job, and that’s Fortescue’s job,” Forrest told CNBC’s “Squawk Box Europe” on Monday.

“You’ve got data centers popping up all over Europe and they want green energy if they can get it. They’ll take dirty [energy] if they can’t, sure. That’s Exxon Mobil’s and Total‘s argument, ‘well, we’re just doing what the customers want.’ Actually, you’re not. Your customers want green energy,” Forrest said.

“Well, if [the] oil and gas [industry] doesn’t want to supply green energy, guess what, Fortescue will,” he added.

Fortescue, which is the world’s fourth-largest iron ore miner, has outlined plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade — and urged other hard-to-abate companies to follow suit.

A hydrogen-powered haul truck, right, at the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

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Spokespeople at Exxon Mobil and TotalEnergies were not immediately available to comment when contacted by CNBC on Monday.

Last year, Exxon Mobil said that it expects fossil fuels to make up more than half the world’s energy mix in 2050 despite efforts to transition away from oil and gas. TotalEnergies, meanwhile, has been something of an outlier among its European peers, continuously investing in low-carbon technologies as it pursues a “multi-energy” offering.

Lindsey Stewart, director of investment stewardship research and policy at Morningstar Sustainalytics, on Monday said that it appears as though the majority of shareholders in the energy supermajors “have decided that cash is king, at least in the short term.”

“They’ve gotten used to a steady stream of cash in the form of dividends and share buybacks over recent years and they appear to want management to prioritise cash in the short term over longer term energy transition goals,” Stewart told CNBC via email.

“Management at some of the European companies, BP and Shell in particular, have responded by reducing intended investments in capital intensive renewables projects in favour of unlocking cash from fossil fuel assets. None of which is good news for those seeking an accelerated, orderly transition toward lower carbon energy sources,” he added.

Separately, Espen Erlingsen, head of upstream research at Rystad Energy, said European oil giants like Shell, BP and Equinor had “increasingly aligned their strategies” with those of their American counterparts in recent years.

“As a result, the energy transition is unlikely to be driven by the large oil and gas firms. Instead, it will likely be regional, power-focused companies that lead the way,” Erlingsen said.

‘Short-term thinking’

Asked about how he feels about the trend of U.S. corporates backtracking on environmental, social and governance (ESG) goals, Fortescue’s Forrest said these decisions reflect a push to prioritize quarterly earnings targets and executive bonuses over future success.

“It’s very short-term thinking to pull back on climate goals because guess who’s not listening to you, guess who doesn’t care, guess who’s much more powerful than you, than the U.S. administration [or] anyone who might be in the White House or not — it’s the climate itself,” Forrest said.

“I don’t mind all the talk about ‘drill, baby, drill.’ That’s if you want to make a difference in 20 years. But if you want to make a difference in 20 weeks or 20 months, renewable energy and where we’re going is going to make that difference,” Forrest said.

A worker walks in the Green Hub area of the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

Bloomberg | Bloomberg | Getty Images

Forrest said Monday that Fortescue intends to save as much as $1.2 billion a year by switching to green energy, noting that this figure represents the firm’s annual fossil fuel costs at present.

These savings will help to establish a green energy company “that will serve us and others for generations to come,” Forrest said, adding that the creation of new and more efficient sustainable technologies will then be used to support other businesses.

Fortescue’s Forrest has previously called for policymakers to move away from the “proven fantasy” of net-zero emissions by 2050 and instead embrace real-zero by 2050.

Scientists have repeatedly pushed for rapid reductions in greenhouse gas emissions to stop global average temperatures rising. These calls have continued through an alarming run of temperature records, with the planet registering its hottest year in human history in 2024.

Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels.

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This $15,000 Toyota EV is selling faster than expected

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July 8, 2025

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This ,000 Toyota EV is selling faster than expected

$15,000-Toyota-EV

Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.

The $15,000 Toyota bZ3X is the top-selling foreign EV

After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.

In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.

According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”

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GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.

$15,000-toyota-EV
Toyota bZ3X electric SUV (Source: GAC Toyota)

The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.

The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.

$15,000-Toyota-EV
Toyota bZ3X electric SUV (Source: GAC-Toyota)

Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.

Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.

Toyota-bZ3X-EV-interior
,000-Toyota-EV

The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).

Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.

$15,000-Toyota-EV
Toyota bZ3X electric SUV interior (Source: GAC-Toyota)

Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.

It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.

Electrek’s Take

Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.

Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.

During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.

Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.

Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.

Source: Sohu, GAC-Toyota

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BLUETTI’s Prime Day deals are up to 65% off with the launch of the Elite 100 V2 

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July 8, 2025

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BLUETTI's Prime Day deals are up to 65% off with the launch of the Elite 100 V2 

If you’re planning a summer camping trip or backyard cookout, or just want to be prepared for future blackouts, BLUETTI has you covered this Prime Day with up to 65% off portable power stations. And two standout models are turning heads: the all-new Elite 100 V2 and the powerhouse Elite 200 V2.

Electrek readers get an exclusive extra 5% off sitewide with the promo code ELECTREK5OFF, but act fast! These fantastic Prime Day deals only run until July 11.

Compact powerhouse: Elite 100 V2 (now in pre-order!)

Meet the newly launched Elite 100 V2 – BLUETTI’s latest iteration of the AC180 portable power station that packs serious performance in a smaller frame. It’s about 30% smaller than the AC180 yet still delivers a mighty 1,800W output and 3,600W surge capacity. That’s more than enough to handle your coffee maker, induction cooktop, and even a portable AC unit.

With 11 versatile outlets and 1,000W solar input, this little powerhouse is perfect for camping trips, picnics, tailgates, or short-term home backup. It recharges in as little as 70 minutes, making it ideal for quick outdoor stops or unexpected power cuts.

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The Elite 100 V2 is available now for pre-order at the early-bird price of $399 plus an extra 5% off on Amazon and at Bluetti’s official store.

The backyard hero: Elite 200 V2 for just $699 (52% off!)

This one’s a total game-changer. With a massive 2,048Wh capacity and 2,400W output (3,900W surge), the BLUETTI Elite 200 V2 powers everything from electric grills and coffee makers to portable fridges and full camping kitchens. It’s great for family cookouts, rooftop movie nights, or camping with serious gear.

The best part? It runs at just 16dB, which is whisper quiet. And inside is a true EV-grade battery with a whopping 17-year lifespan. That’s power you can count on for the long haul.

The Elite 200 V2 is down to just $699 for Prime Day – that’s 59% off and the lowest price ever(!) on Amazon and at BLUETTI’s official store.

More Prime Day BLUETTI power deals until July 11

BLUETTI is going big this year with deep discounts across the board. Here are some more hot picks:

Whether you need portable power for camping (Elite 100 V2) or a versatile 2kWh powerhouse for multiple uses (Elite 200 V2), or serious home battery backup (AC300 or AC500), there’s a perfect BLUETTI deal for you.

Price protection and bonus savings

Worried about buying early? Don’t be. BLUETTI is offering price protection through Prime Day. If prices drop further, they’ll refund the difference. And don’t forget to use promo code ELECTREK5OFF for an extra 5% off sitewide.

Summer adventures, blackouts, or weekend tailgates – whatever power solution you need, BLUETTI has a product to match. But act fast: these Prime Day deals end July 11.

About BLUETTI

BLUETTI is a committed advocate for sustainability, embedding ESG principles into product design and corporate initiatives. Through programs like LAAF (Light An African Family), it delivers affordable, sustainable energy to African communities. Partnering with Leave No Trace and the Footprint Project (a 501(c)(3) nonprofit), BLUETTI supports responsible outdoor recreation and disaster relief with clean energy solutions that minimize environmental impact. This blend of quality, reliability, and practical focus has earned trust in over 110 countries and regions.

Follow BLUETTI on Twitter/X here and on Facebook here.

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Elon Musk tells Tesla’s biggest cheerleader on Wall Street to ‘shut up’ , here’s why

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July 8, 2025

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Elon Musk tells Tesla's biggest cheerleader on Wall Street to 'shut up' , here's why

Elon Musk told Tesla’s biggest cheerleader on Wall Street, Wedbush analyst Dan Ives, to ‘shut up’ and the reason why is absolutely ridiculous.

Dan Ives is one of the biggest pushers of Tesla’s stock on Wall Street. The Wedbush analyst can often bee seen on CNBC praising Tesla and its CEO, Elon Musk.

He has one of the highest price targets on Tesla on Wall Street with $500 price per share.

After Tesla’s deliveries came way under his expectations and down 13% year-over-year in the first quarter, he reiterated his price target, which would value Tesla at over $1.5 trillion.

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That’s even though Tesla’s net earnings have steadily declined over the last 2 years, and it is on track to start losing money within the next year.

Ives’ faith in Tesla stock is solely based on Musk and his promises of self-driving vehicles and robots. Just last month, he said that “Musk is the best asset of Tesla. We see him as CEO until 2030.”

You would think that Musk would like this guy, but no.

Ives took to X today to suggest that Tesla’s board should give Musk a new pay package giving him 25% control over the company.

If that were to be given through more stock options, it would virtually double his stake in Tesla and represent a $200 billion payday for Musk. In exchange, Ives is only suggesting that Musk, who runs several other companies and projects, should commit to spending a certain amount of time at Tesla and that the board has oversight on his involvement in politics.

In response to the analyst, who is one of Musk’s biggest fans and is suggesting Tesla gives him $200 billion, Musk told him to “shut up”:

Musk is seen as having complete control over Tesla’s board, which led to the rescinding of his 2018 CEO compensation package. One of the points that the judge brought up was that Tesla never even negotiated with Musk about committing his time at Tesla as part of the compensation package despite knowing the CEO already had roles at several other companies.

Now, Musk is also launching his own political party, in addition to his roles at SpaceX, X, xAI, The Boring Company, and Neuralink.

Electrek’s Take

Even Dan, who is a complete Musk sycophant, is not a big enough sycophant for Musk.

How do you tell a guy suggesting Tesla give you $200 billion to “shut up” just because he added some very mild conditions? What’s his thinking here? How dare he ask the board to do its job and supervise me? Doesn’t he know that I own the board?

The remarkable thing is that you know Musk could easily circumvent any conditions imposed by the board, and the mere fact that those conditions would have been in the contract could have helped it avoid being rescinded in the first place.

Musk’s behavior makes no sense. Honestly, he appears to be increasingly disconnected from reality.

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