One activist investor is taking on BP, urging the oil giant to scale back green pledges
Activist investor Bluebell Capital Partners is pushing for BP to urgently change tack, saying it is “highly debatable” whether the oil major’s strategy of reducing fossil fuel investments in favor of clean energy has any chance of succeeding.
Giuseppe Bivona, partner and co-chief investment officer at Bluebell, on Tuesday said that the FTSE 100 energy company’s depressed share price relative to its U.S. and European peers had been “totally underwhelming” in recent years, and that it should now consider deploying capital in a “rational way.”
“This was as a result of a strategy which was intended to blindly shrink BP’s core business in oil and gas and venture in other business in clean energy where, quite frankly, it is highly debatable whether BP has any chance to succeed,” Bivona told CNBC’s “Squawk Box Europe.”
“The path to get to net zero by 2050 is very narrow, which means it is very unlikely that we are going to be at net zero in 2050. Don’t get me wrong, I’m very happy that we all — not just the oil major companies — as part of society aim toward this goal,” he added.
“But I think it is very rational for a company to make as its base case a scenario which, actually is very, very unlikely to happen. And on that front, we are not asking BP to renege on its strategy, but to adapt its strategy to the reality.”
His comments come shortly after it was revealed Bluebell co-founders Bivone and Marco Taricco wrote a letter to BP chair Helge Lund and then-interim CEO Murray Auchincloss in October. Auchincloss has since been appointed as permanent CEO of the British oil and gas major.
Bluebell’s letter, which was first reported on by the Financial Times on Monday, said that BP’s investment strategy assumed a “drastic decline in oil and gas demand, which we consider to be utterly unrealistic.”
In response to the publication of the letter, a spokesperson for BP said the company “welcomes constructive engagement” with its shareholders.
A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Images News | Getty Images
“We have met with most of our major shareholders recently and continue to receive support for our strategy. We continue to make significant progress, remain focused on delivery, and are confident the strategy will grow the value of bp and deliver sustainable long-term value for shareholders,” BP said.
Bivona declined to disclose Bluebell’s stake in BP, saying that it was below a reporting threshold. The relatively small but influential London-based firm, which focuses on large cap European equities, has previously mounted campaigns against French food company Danone and mining giant Glencore.
‘Clear admission’ of a strategic mistake
Under the leadership of Bernard Looney, who resigned in September after less than four years on the job, the oil major had promised that its overall emissions would be 35% to 40% lower by the end of the decade.
The firm, which was one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner,” watered down these climate plans last year.
It said on Feb. 7 that the firm would instead target a 20% to 30% cut, noting that it needed to keep investing in oil and gas to meet demand.
Bluebell’s Bivona said last year’s announcement was a “clear admission” of a strategic mistake and another adjustment was now needed.
“I’m very glad for the discussion we are having with BP, which anyway is listening and is proving to be a company willing to constructively engage with all of their shareholders,” Bivona said.
Shares of BP were slightly higher on Tuesday afternoon in London. The company is scheduled to release its fourth-quarter and full-year 2023 results on Feb. 6.
After several months of waiting, Lucid Air drivers now have access to Android Auto. Lucid (LCID) launched the popular feature through a software update this week.
Lucid Air owners gain access to Android Auto
Lucid promised it was coming, and now it’s finally here. “Android Auto is one of the most requested features,” according to Lucid’s head of software engineering, Dr Jean-Philippe Gauthier.
All Lucid Air vehicles now have access to Android Auto Smart Driving Companion through an OTA software update (Lucid OS 2.7.0).
You can now view Android apps, messages, and other media on Lucid’s massive 34″ Air Glass Cockpit. For those with Android 11 or higher, you can connect to Android Auto wirelessly. Those with Android 9.0 or higher will require a USB cable.
Lucid said it would launch the popular feature late last year, but it’s just beginning to roll out to Air owners this week. The company website says the Gravity SUV “will support both wireless Apple CarPlay and Android Auto,” but no further specifics are mentioned.
The 2025 Lucid Air is the “world’s most efficient car” with over 420 miles of EPA-estimated driving range. It also boasts the highest MPGe of any EV at 146 MPGe.
After resuming Gravity deliveries in April, Lucid is quickly ramping up production of its first electric SUV. Lucid expects to produce 20,000 vehicles this year, more than double the 9,000 it made last year.
The Lucid Gravity GT is now available for sale at $94,900, boasting an impressive range of up to 450 miles. Later this year, Lucid will launch the lower-priced Touring trim, starting at $79,900.
After launching its largest discounts to date earlier this month, Lucid is currently offering over $30,000 off select 2025 Air models.
Looking to test one out for yourself? You can use our links below to find current deals on the Lucid Air and Gravity near you.
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Another entry-level electric car is on the way. The Honda Super EV Concept may look a bit funky, but it could be the automaker’s next big hit at an affordable price.
Is Honda launching an affordable EV?
We will get our first full look at the funky new Super EV Concept at the 2025 Goodwood Festival of Speed in West Sussex, England, next month.
The concept will make its global debut during the event, previewing a “new, small-size” electric vehicle. Despite its compact size, the company promises that it will be fun to drive, with an experience that is “unique to Honda.”
Designed as an A-segment electric SUV, Honda says the affordable EV offers an “uplifting, heart-pounding driving experience.”
The company is already testing prototypes in the UK. Although Honda confirmed plans to launch a production model in the future, it didn’t specify a date or offer any other technical details.
Honda will also use the event to hold the European premiere of the electric 0 Series SUV. Earlier this year, we got a look at the upcoming electric SUV (also a bit funky looking) after a prototype was showcased at a Formula One event in Tokyo.
You can see Honda is using the same purple camouflage used for the 0 Series electric SUV to disguise it. The Super EV Concept looks like a futuristic successor to the Honda e. However, with a new EV platform, batteries, and motor, Honda’s new models look to be a significant upgrade.
The new EV SUV will be one of seven new electric vehicles Honda plans to launch by 2030. A production version of the Super EV concept is expected to join it.
The new Super EV Concept will make its official debut, climbing the 1.16-mile (1.856 km) hill course at Goodwood FOS, which runs from July 10 to July 13.
Will Honda launch its new entry-level EV in the US? According to a Nikkei report earlier this year, Honda plans to launch an affordable EV, priced under $30,000 in the US, following the 0 Series electric SUV and sedan.
We’ll have to wait until closer to launch for confirmation. Check back soon for more info. We’ll keep you updated with the latest.
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Tesla (TSLA) has reportedly told employees that it will pause production at Gigafactory Texas, where it produces Model Y and Cybertruck vehicles, for the second time in as many months.
In late May, Tesla extended a long weekend into a week-long production shutdown at Gigafactory Texas.
The move came amid lower demand and inventory buildups.
We reported earlier today that Tesla has to rent out empty parking lots around the US to use as overflow lots for its extra inventory.
Now, Tesla told employees that it is again shutting down Model Y and Cybertruck production at Gigafactory Texas over the first week of July.
With the Fourth of July being a Friday this year, it was going to be a long weekend, but Tesla again decided to extend the production shutdown from June 30th through the following week, according to employees talking to Business Insider.
Tesla claimed that it will enable the company to perform “maintenance and improvements on production lines.” Employees are being offered paid time off or to come in for training.
As we have previously reported, Tesla has been throttling down production of the Cybertruck in 2025 as sales are currently tracking about half of last year.
That’s despite having launched cheaper versions of the electric truck, gaining access to the federal tax credit for the Cybertruck, and offering bigger discounts and incentives.
Tesla reported a 13% decrease in deliveries in Q1 2025 compared to the same period last year, which the automaker attributed to its Model Y design changeover reducing production.
However, Tesla’s deliveries are currently tracking to be down even more in the second quarter compared to last year, despite Tesla having ramped up production.
Electrek’s Take
What’s going to be the excuse this quarter? As I reported earlier today, Tesla is currently tracking to deliver 355,000-360,000 units in Q2, which would be down 19-20% compared to 2024.
It would be an even steeper decline even with the new Model Y.
It clearly wasn’t the problem.
The automaker had already reduced its production capacity at most factories in 2024, when it ran at about 60% capacity due to lower demand.
Now, Tesla is stopping production of its best-selling Model Y with the new design twice in two months?
This is not looking good.
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