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British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.

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British oil giant BP on Tuesday posted slightly weaker-than-expected first-quarter net profit, following a recent strategic reset and a slump in crude prices.

The beleaguered oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $1.38 billion for the first three months of the year. That missed analyst expectations of $1.6 billion, according to an LSEG-compiled consensus.

BP’s net profit had hit $2.7 billion a year earlier and $1.2 billion in the final three months of 2024.

The results come as the energy major faces fresh pressure from activist investors less than two months after announcing a strategic reset.

Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas.

BP CEO Murray Auchincloss told CNBC’s “Squawk Box Europe” on Tuesday that the firm was “off to a great start” in delivering on its strategic reset.

BP CEO Murray Auchincloss discusses first-quarter results

“We had a great operational quarter. We had our highest upstream operating efficiency in history. Our refineries in the first quarter ran at the best they’ve run in 24 years. We had six exploration discoveries in a row, which is really unusual and we started out three major projects,” Auchincloss said.

For the first quarter, BP announced a dividend per ordinary share of 8 cents and a share buyback of $750 million.

Net debt rose to $26.97 billion in the January-March period, up from $22.99 billion at the end of the fourth quarter. BP had previously warned of lower reported upstream production and higher net debt in the first quarter, when compared to the final three months of last year.

Shares of BP fell 3.3% on Tuesday morning. The firm is down roughly 8% year-to-date.

Activist pressure

BP’s green strategy U-turn does not appear to have gone far enough for the likes of activist investor Elliott Management, which went public last week with a stake of more than 5% in the London-listed firm.

The disclosure makes the U.S. hedge fund BP’s second-largest shareholder after BlackRock, the world’s largest asset manager, according to LSEG data.

Elliott was first reported to have assumed a position in the oil and gas company back in February, driving a share price rally amid expectations that its involvement could pressure BP to shift gears back toward its oil and gas businesses.

BP’s Auchincloss declined to comment on interactions with investors when asked whether the firm was under pressure from the likes of Elliott to go beyond the plans announced in its February pivot.

Notably, BP suffered a shareholder rebellion at its annual general meeting earlier this month. Almost a quarter (24.3%) of investors voted against the re-election of outgoing Chair Helge Lund, a symbolic result that reflected a sense of deep frustration among the firm’s shareholders.

Mark van Baal, founder of Dutch activist investor Follow This, told CNBC last week that he hoped the shareholder revolt means Amanda Blanc, who is leading the process to find Lund’s successor, will look for a new chair who is “climate competent” and “will not respond to short-term activists so quickly.”

Lund is expected to step down from his role next year.

Takeover candidate

BP’s underperformance relative to industry peers such as Exxon Mobil, Chevron and Shell has thrust the energy major into the spotlight as a prime takeover candidate. Energy analysts have questioned, however, whether any of the likeliest suitors will rise to the occasion.

BP’s Auchincloss on Tuesday said that he wouldn’t speculate on whether the company is a takeover target, but confirmed the oil major had not asked for any sort of protection from the British government.

“What I will say is we’re a strong, independent company and we’ve got sector-leading growth. And if we can deliver the sector-leading growth, and the first quarter is a fantastic example of that, then I have no concerns. I think we’re going to do great,” Auchincloss said.

Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.

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Oil prices have fallen in recent months on demand fears. International benchmark Brent crude futures with June delivery traded at $65.19 per barrel on Tuesday morning, down more than 1% for the session. That’s lower from around $84 per barrel a year ago.

Asked whether weaker crude prices could put the some of the firm’s reset plans in jeopardy, Auchincloss said, “Not really. We have a balance of products that we think about that generate revenue for us. So, oil, natural gas and refined products as well.”

— CNBC’s Ruxandra Iordache contributed to this report.

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This 350 hp, 425 mile Stellantis EV really SHOULD be the new Chrysler 300

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This 350 hp, 425 mile Stellantis EV really SHOULD be the new Chrysler 300

After canceling the upcoming Airflow electric crossover and killing its popular 300 sedan, Chrysler only has one nameplate left in its lineup – but it doesn’t have to be this way. Stellantis already builds a full-size electric sedan that could prove to be a badge-engineered winner.

And, yes – it really should have been the new Chrysler 300. Meet the DS No. 8.

Stellantis’ US brands have had a tough go of the last few years, with Jeep trying and failing to bait luxury buyers willing to part with six-figure sums for a new Grand Wagoneer or generate excitement for the new electric Wagoneer S. The Dodge brand is doing to better with the Charger, a confusing electric muscle car that has, so far, failed to appeal to enthusiasts of any kind. Meanwhile, the lone Chrysler left standing, the Pacifica minivan, made its debut back in 2016. Nearly ten long model years ago.

All the while, Stellantis’ European brands have been forging ahead with desireable EVs – most recently launching the new DS No. 8 high-riding sedan, shown here, back in December … and I’m here to tell you that it really SHOULD have been the new Chrysler 300.

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This, but with rich Corinthian leather


With a different grille, a Chrysler badge on the steering wheel, and a few different plastichrome numbers on the back, the DS Automobiles No. 8 could easily be a new-age Chrysler 300. Heck, even the interior’s avant-garde styling and architecturally-inspired stitching could tie-in to the Art Deco-style Chrysler Building in New York, further strengthening the big No. 8’s Chrysler-brand credibility.

Spec-wise, the DS meets the bill, as well. With a 92.7 kWh battery and the standard 230 hp electric motors on board, the electric crossover is good for 750 km (466 miles) of range on the WLTP cycle. With the same battery and a 350 hp dual-motor setup that sacrifices about 40 miles of range for a more sure-footed AWD layout and a 5.4 second 0-60 time that compares nicely to the outgoing Chrysler 300 V8.

The DS offers reasonably rapid 150 kW charging, too, enabling a 10-80% charge (over 300 miles of additional driving range) in less than thirty minutes.

Why it would work


DS Automobiles No. 8; via Stellantis.

Think of all the reasons the Wagoneer S and Charger Daytona EVs have failed to reach an audience. From the confusing Wagoneer “sub-branding” to the fact that no one was really asking for either an eco-conscious muscle car or a loud EV. On the flip side of that, the 300 is something different.

Since its first iteration seventy years ago, the Chrysler 300 (called the “C-300” back in 1955) has been a forward-looking vehicle. Even the most recent versions, developed off the Mercedes-Benz W210 platform Chrysler inherited while it was part of the “merger of equals” with Mercedes-Benz, looked forward from the malaise-era K-car brand to a bright, Mercedes-infused future.

With the DS No. 8, Chrysler could do it again. It could revive its classic American nameplate on a European-designed platform that wasn’t designed to be a Chrysler, doesn’t look like a Chrysler, and shouldn’t work as a Chrysler, but somehow does. The fact that it could also be the brand’s first successful electric offering in the US would just be a bonus.

Original content from Electrek.


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Autonomous electric haul truck fleet set to revolutionize mineral mining in China

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Autonomous electric haul truck fleet set to revolutionize mineral mining in China

Powered by tech giant Huawei 5G-Advanced network, a fleet of over 100 Huaneng Ruichi all-electric autonomous haul trucks and heavy equipment assets have been deployed at the Yimin open-pit mine in Inner Mongolia.

With more than 100 units on site, China’s state-backed Huaneng Group officially deployed the world’s largest fleet of unmanned electric mining trucks at the Yimin coal plant in Inner Mongolia this past week. The autonomous trucks use the same Huawei Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) powered by the ame 5G-Advanced (5G-A) network that powers its self-driving car efforts. Huawei says it’s the key to enabling the Yimin mine’s large-scale vehicle-cloud-network synergy.

Huawei is calling the achievement a “world’s first,” saying the new system has improved operator safety at Yimin while setting new benchmarks for AI and autonomous mining.

The autonomous mine project aligns with a broader push by Chinese government and industry to integrate AI and advanced connectivity into traditional industries – an approach we’ve already seen meet with great success in port environments by Hesai and Westwell.

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And, if technology like Rocsys’ charging robots take off, these autonomous haul trucks won’t even need anyone to plug them in at the end of their shifts!

For their part, Huaneng Ruichi claims its cabin-less electric offer an industry-leading 90 metric ton rating (that’s about 100 imperial tons) and the ability operate continually in extreme cold temperatures as low as -40° (it’s the same, C or F), while delivering 20% more operational efficiency than a human-driven truck.

The Huawei-issued press release is a bit light on truck specs, but similar 90 tonne electric units claim 350 or 422 kWh LFP battery packs and up to 565 hp from their electric drive motors and some 2,300 Nm (1,700 lb-ft) of tq from 0 rpm.

Huawei executives said the Ruichi trucks reflect the company’s vision for smarter mining operations, with the potential to introduce similar technologies in markets like Africa and Latin America. The 100 asset electric fleet marks the first phase of a plan to deploy 300 autonomous trucks at the Yimin mine by 2028.

Electrek’s Take


Chinese autonomous electric mining trucks get to work in Mongolia
Electric haul trucks; via Huawei.

From drilling and rigging to heavy haul solutions, companies like Huaneng Group are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.

The combined factors listed above are rapidly accelerating the rate at which machines that are already in service are becoming obsolete – and, while some companies are exploring the cost/benefit of converting existing vehicles to electric, the general consensus seems to be that more companies will be be buying more new equipment more often in the years ahead – and more of that equipment will be more and more likely to be autonomous as time goes on.

SOURCES | IMAGES: Huawei, South China Morning Post, and Supply Chain Digital.


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Tesla starts accepting Cybertruck trade-ins, confirms insane depreciation

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Tesla starts accepting Cybertruck trade-ins, confirms insane depreciation

Tesla has started accepting Cybertruck trade-ins, something that wasn’t the case more than a year after deliveries of the electric pickup truck started.

We are starting to see why Tesla didn’t accept its own vehicle as a trade-in: the depreciation is insane.

The Cybertruck has been a commercial flop.

When Tesla started production and deliveries in late 2023, the vehicle was significantly more expensive and had less performance than initially announced.

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At one point, Tesla boasted having over 1 million reservations for the electric pickup truck, but only about 40,000 people ended up converting their reservations into orders.

Now, Cybertruck inventory is sitting unsold for months and Tesla is having to offer heavy discounts to move them.

We previously reported that Tesla refused to accept the Cybertruck, its own vehicle, as a trade-in more than a year after starting deliveries.

Tesla didn’t share an explanation at the time, but we assumed that the automaker knew the Cybertruck was depreciating at an incredible rate and didn’t want to be stuck with more trucks than it was already dealing with.

Now, Tesla has started taking Cybertruck trade-ins, at least for the Foundation Series, and it is now providing estimates to Cybertruck owners (via Cybertruck Owners Club):

Tesla sold a brand-new 2024 Cybertruck AWD Foundation Series for $100,000. Now, with only 6,000 miles on the odometer, Tesla is offering $65,400 for it – 34.6% depreciation in just a year.

Pickup trucks generally lose about 20% of their value after a year and 34% after about 3-4 years.

It’s also wroth nothing that Tesla’s online “trade-in estimates” are often higher than the final offer as noted in the footnote o fhte screenshot above.

Electrek’s Take

This is already extremely high depreciation, but Tesla is actually trying to save face with estimates like this one.

As Tesla wouldn’t even accept Cybertruck trade-ins, used car dealers also slowed down their purchases as they also didn’t want to be caught with the trucks sitting on their lots for too long.

On Car Guru, the Cybertruck’s depreciation is actually closer to 45% after a year and that’s more representative of the offers owners should expect from dealers.

That’s entirely Tesla’s fault. The company created no scarcity with the Foundation Series. They built as many as people wanted. In fact, they built too many and ended having to “buff out” the Foundation Series badges on some units to sell them as regular Cybertrucks and as of last month, Tesla still had some Cybertruck Foundations Series in inventory – meaning they have been sitting around for up to 6 months.

Now, Tesla is stuck with thousands of Cybertrucks, early owners are already getting rid of their vehicles at an impressive rate, and the automaker had to slow production to a crawl.

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