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Two Tesla board members close to Elon Musk, Ira Ehrenpreis and Kimbal Musk, just sold almost $200 million worth of Tesla (TSLA) stocks.

Tesla board members are known for their generous stock compensation and for quickly selling it when it vests.

They settled a lawsuit brought by shareholders who alleged they were overcompensated, and they agreed to return nearly $1 billion in compensation.

Even with returning the excessive compensation, Tesla’s chairwoman is by far the best-compensated board member of any major public company.

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Lately, she has been liquidating her stocks in Tesla and she is not the only board member selling.

Last night, Tesla reported that Ira Ehrenpreis, a longtime friend and financier of Tesla CEO Elon Musk who sits on the automaker’s board, sold 477,572 shares worth over $162 million.

Ehrenpreis’ term on the board ends this year. He has been on the board for almost 20 years. He was, and still is, on the compensation committee that granted Musk’s controversial 2018 CEO compensation plan worth $55 billion.

Along with Ehrenpreis, Tesla also disclosed that Kimball Musk, Elon’s brother and longtime Tesla board member, sold 91,588 shares worth more than $32 million.

Electrek’s Take

Isn’t it strange that the board would sell hundreds of millions of dollars worth of stocks just weeks and months ahead of launching an autonomous ride-hailing service, which is supposed to usher in a new era of growth for Tesla?

It’s almost as if they don’t even believe it.

And yes, it’s true that some of those sales by board members were made under previously adopted plans, but these plans are opaque and we don’t know what leeway board members have within the plans.

But we do know, in the case of Ehrenpreis, that his plan was adopted just a few months ago in December when Tesla’s stock surged following Trump’s election. It looks like he was looking for a way out, and he likes the current level.

I think the board knows that Tesla is facing incredible liability over its failed promises on self-driving and that the rollout in Austin next month is more for show than anything.

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BYD’s new global electric van looks massive driving on public streets

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BYD's new global electric van looks massive driving on public streets

BYD is preparing to launch its new E-Vali electric van in Europe and other global markets. With its official launch just around the corner, the EV delivery van has been spotted out in the wild. Compared to other cars on the road, the new BYD’s electric van looks enormous.

Meet BYD’s new E-Vali, a global electric van

We got our first look at the E-Vali during its global debut at IAA Transportation in Hannover, Germany, last September.

BYD’s new electric van was showcased alongside several other electric vans and trucks designed specifically for the European market.

The E-Vali is a fully electric light commercial vehicle (LCV) built for last-mile and delivery services. It will be offered in two sizes: 3.5t and 4.25t. Powered by a BYD Blade LFP battery with a 126 kWh capacity, the E-Vali offers a range of 220 km (137 miles) to 250 km (155 miles), depending on the model.

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By using its 6-in-1 EV powertrain, the unit maximizes space and efficiency. The larger (4.25t) model has an extra-large cargo capacity of up to 17.9 m³, which BYD claims “surpasses many other vans” in the same category.

BYD's-global-electric-van
BYD E-Vali electric delivery van for Europe and other global markets (Source: BYD)

With an official launch expected over the next few months, the larger E-Vali model is out for testing. A few new photos from Inside China Auto give us a sneak peek of BYD’s global electric van.

Despite the camouflage, the images provide a clear view of the new van from the side and rear. You can see how big the E-Vali is compared to other cars on the road, especially in the second pic, as it appears to overshadow the truck in front of it.

Like the caption reads: “The BYD E-Vali is absolutely bloody enormous.” The larger E-Vali model is 6,995 mm (275″) long, 2,096 mm (82.5″) wide, and 2,780 mm (109″) tall.

Compared to the Kia’s new PV5 Cargo, which measures 4,695 mm in length, 1,995 mm in width, and 1,923 mm in height, BYD’s global electric van is significantly larger. The PV5 also offers much less cargo capacity, at up to 4.4 m³.

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EV competitors ZEEKR and NIO sign agreement to share each other’s charging networks

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EV competitors ZEEKR and NIO sign agreement to share each other's charging networks

Chinese EV automakers ZEEKR and NIO have announced a rare and exciting cooperation to enable driver access to each other’s charging networks in China. This collaboration combines some of the world’s fastest EV charging with one of the largest networks in the country.

Two of the biggest names in EV development and infrastructure have combined forces to deliver even more accessible charging to drivers in China. NIO Power operates as the automaker’s infrastructure division, consisting of its network of public battery swap stations and EV superchargers, plus additional technologies like power mobile and power home.

Per the latest map posted by NIO on Weibo (seen below), its network consists of 2,829 supercharging stations in China, which are home to 13,027 charging piles. There are also an additional 1,741 destination charging stations offering 13,281 chargers and 3,337 battery swap stations.

With such a foothold in China, it’s no wonder dozens of other companies have signed on to gain access to NIO’s charging network before today’s announcement with ZEEKR. Previously, NIO has collaborated with companies like CATL, Xiaomi, and Chery, to name a few.

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ZEEKR Power is now the 18th partner to join NIO’s charging network, but is one of the few brands to bring its own network of ultra-fast superchargers into the network instead of simply enabling access.

ZEEKR NIO charging
Source: NIO/Weibo

ZEEKR and NIO combine charging access in China

NIO and ZEEKR shared announcements of the charging partnership on their respective Weibo pages today. NIO called the collaboration a “charging interconnection cooperation,” while ZEEKR described it as a “cooperation on two-way interconnection of charging networks.”

Either way, ZEEKR drivers will have more streamlined access to NIO’s EV chargers (NIO’s network has always been open to all models), and drivers of NIO and its sub-brands (Onvo and Firefly) will now be able to access ZEEKR’s supercharger stations, which currently sit at 1,580 locations around China.

Those chargers will now appear in the NIO app and on their BEV’s charger map display.

CnEVPost pointed out that ZEEKR’s parent company, Geely Automobile Holdings, was the first OEM to sign a charging agreement with NIO Power back in March 2024. In the past year-plus, 16 additional companies have joined the fold, with Geely’s sub-brand ZEEKR being number 18.

China is once again leading the world in EV technology and strategy. It is combining access to as many EV chargers across the country as possible to provide drivers of NIO, ZEEKR, Xiaomi, and all other makes and models with a larger, faster, and more streamlined network to utilize. We love to see it.

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OPEC+ members could hike July oil production by 411,000 barrels per day: Sources

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OPEC+ members could hike July oil production by 411,000 barrels per day: Sources

Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.

Anadolu | Anadolu | Getty Images

Eight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, two OPEC+ delegates told CNBC, continuing a rapid unwinding of voluntary production cuts.

Markets are awaiting a final decision on July production, with the eight countries — heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — set to review market conditions and iron out their output steps on May 31.

These nations have been carrying out two sets of voluntary production cuts.

One, totaling 1.66 million barrels per day, is in effect until the end of next year. Under the other, the countries trimmed their production by an additional 2.2 million barrels per day until the end of the first quarter. They have since agreed to gradually increase output by a combined 1 million barrels per day over April-June, including 411,000 barrel-per-day hikes in each of this and next month.

The OPEC+ delegates, who commented anonymously given the sensitivity of discussions, told CNBC that a further increase of as much as 411,000 barrels per day in July could be agreed this weekend.

Market attention has increasingly shifted away from the official unanimous quotas of OPEC+ — which the group left unchanged on Thursday — to the unwinding of the eight members’ voluntary trims. Crude demand typically picks up during the summer, given higher consumption of jet fuel and gasoline for seasonal travel, along with increases in crude burn to produce electricity for air conditioning in several Middle Eastern countries.

This could lend support to oil prices which have struggled amid broader market uncertainty triggered by U.S. tariffs.

Ice Brent futures with July expiry were trading at $65.31 per barrel at 12:44 p.m. London time, up 0.63% from the Thursday close price. The front-month Nymex WTI contract was at $62.22 per barrel, higher by 0.61% from the previous day’s settlement.

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