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A customer gets gas at a Shell station on May 15, 2024 in Miami, Florida. 

Joe Raedle  | Getty Images

The Biden administration will release 1 million barrels of gasoline from reserves held in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season.

“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement Tuesday.

Gasoline futures have rallied 19% this year as oil prices have risen due to OPEC cutting production and fears the Israel-Hamas war could spark a broader Middle East conflict that disrupts supplies. Rising energy prices sparked speculation in April that the Biden administration might tap the strategic petroleum reserve ahead of the November presidential election.

White House National Economic Advisor Lael Brainard said last month that the administration would “make sure gas prices remain affordable.”

But gas prices have eased in recent weeks as oil has pulled back from April highs when traders bid up crude futures on fears that Israel and OPEC member Iran were on the brink of war.

Prices at the pump averaged $3.59 per gallon nationwide on Tuesday, about 4 cents higher than the year-ago average but lower than last month, according to the motorist association AAA. Though gasoline prices have come down over the past month, broader inflation has remained stubborn, irking consumers.

Retailers and terminals will receive the gasoline no later than June 30, according to the Department of Energy. The supply will be released in quantities of 100,000 barrels to ensure a competitive bidding process that maximizes the impact on prices at the pump, according to the DOE.

The barrels will be sold from storage sites in New Jersey and Maine that are part of the Northeast Gasoline Supply Reserve, which was established after Superstorm Sandy knocked out refineries in New York in 2012. Bids for the barrels are due at 11:00 a.m. Central Time, with the proceeds from deposited at the Treasury Department.

The gasoline sale comes as the separate Strategic Petroleum Reserve has fallen to the lowest level in decades. The Biden administration released 180 million barrels from the SPR in 2022 as energy prices spiked in the wake of Russia’s invasion of Ukraine.

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Tesla receives 50,000 orders for new Model Y on first day, report says

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Tesla receives 50,000 orders for new Model Y on first day, report says

Tesla has reportedly received 50,000 orders for the new Model Y with an updated design in about 24 hours, according to a new report in China.

Last week, Tesla unveiled the mid-cycle refresh of the Model Y in China and a select few markets supplied by Tesla’s factory in Shanghai.

Deliveries are expected to start in March. The new Model Y hasn’t launched in Europe or North America yet, but it is expected to in the coming months.

The update has received mixed reviews as the updated design is not as well received as the Model 3’s recent design refresh and the specs and feature upgrades are basically in line with the Model 3 refresh.

But Tesla has reportedly received a significant number of orders for the updated electric vehicles.

According to several reports from Chinese bloggers claiming to have information coming from Tesla salespeople (via Car News China), the automaker secured 50,000 Model Y orders on the first day of the design refresh unveiling.

It’s hard to assess how significant this is for Tesla. The automaker delivered about 480,000 Model Ys in China in 2024 – up about 5% year-over-year.

50,000 units would represent just over a month of orders in a single day, but the design refresh was anticipated for about a year. Therefore, there was a lot of pent-up demand for it as people waited for the update to order.

It’s also worth noting that one of the sources claimed that Tesla is guiding that new orders being placed now won’t get delivered until April or May, which was used as evidence supporting the number of orders.

However, Tesla’s Chinese Model Y configurator is still mentioning March deliveries for new orders being placed now:

That’s true for both versions of the new Model Y. Tesla has yet to launch the updated performance version the new electric SUV.

Electrek’s Take

I wouldn’t be really surprised if Tesla secured 50,000 orders for the new Model Y in China, but I would still take this report with a grain of salt. Tesla salespeople have extremely limited visibility into sales beyond their own locations, and the sources appear to be coming from them and are relayed by Chinese bloggers on social media.

That, combined with the fact that the configurator still mentions March deliveries, makes me have doubts.

With that said, 50,000 orders is also not an unbelievable number.

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Jeep is racing to launch its new Wrangler-like Recon EV

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Jeep is racing to launch its new Wrangler-like Recon EV

The rugged new electric SUV will be here before you know it. Jeep is fast-tracking Recon EV production as it prepares for an upcoming launch. Here’s what to expect from Jeep’s new electric SUV inspired by the legendary Wrangler.

Just as Jeep’s first global electric SUV, the Wagoneer S, is arriving at US dealers, the brand is already preparing to introduce another EV.

The Recon was revealed in 2022 as part of Jeep’s new strategy to become “the leading electrified SUV brand” in North America and Europe. Although Jeep launched the Avenger in Europe in early 2023, the Wagoneer S and Recon will be the brand’s first EV models to roll out globally.

The Recon will be Jeep’s first true off-road electric SUV. It’s built from the “ground up to be 100% Jeep 4×4.”Jeep said the new EV is for “those who love to explore extreme adventures in near silence.”

Jeep maker Stellantis said the Recon is “inspired by the legendary Wrangler.” Like the iconic off-roader, it will feature options like removable windows and doors.

With an expected launch just around the corner, Jeep (Stellantis) is reportedly fast-tracking Recon EV production.

Jeep-Recon-EV-launch
Jeep Recon EV (Source: Stellantis)

When is Jeep launching the Recon EV?

According to MoparInsiders, a source at Stellantis’ assembly plant in Mexico claims production for the new Jeep Recon EV is set for February 24, 2025.

That’s well ahead of expected. After recently introducing the Wagoneer S and Dodge Charger Daytona to the market, Stellantis aims for a smooth launch with the new Jeep Recon EV.

Ahead of its official debut, prototypes of the rugged electric SUV have been spotted in public testing several times. A Recon EV was caught in Michigan with almost no camouflage by the folks at JeepReconForum last month. Inside, a display screen showed a range of 147 miles at 66% charge.

Although that suggests a range of around 223 miles, the production model is expected to be closer to 300 miles. Like the Wagoneer S, which features over 300 miles of driving range, the Recon EV will also be based on Stellantis’ STLA Large platform.

Jeep’s off-road electric SUV will be equipped with its signature Selec-Terrain system, which includes Rock, Mud, and other modes. It will also include standard four-wheel drive for added off-road capabilities. The Recon is expected to pack between 450 to 600 hp with dual EDMs.

According to the report, the Jeep Recon EV will launch in three trims: Willys, Overland, and an even more rugged Moab model.

Jeep-Recon-EV-spy-photos
Jeep Recon Moab 4xe (source: JeepReconForum)

We caught a glimpse of the Moab trim in 2023 after images leaked out of a dealer event. Over the past few months, the Recon EV has been spotted in public with less and less camouflage.

As it gets closer to production, Jeep’s upcoming electric SUV looks more like a Ford Bronco with a rugged exterior design.

Jeep-Recon-EV-launch
Jeep Recon EV (Source: Stellantis)

Prices and official specs will be revealed closer to launch, but the Jeep Recon EV is expected to start at around $60,000. More expensive trims, like the Moab, could cost about $80,000. Stellantis will launch the Recon this year in the US and other global markets like Europe, The Middle East, and Asia.

What do you think of Jeep’s Wrangler-inspired Recon? Would you buy one for around $60,000? Drop us a comment below and let us know.

Source: MoparInsiders

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BYD beat Toyota in EV sales on its home turf in 2024

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BYD beat Toyota in EV sales on its home turf in 2024

The world’s largest EV maker is making a big statement overseas. In a historic win, BYD officially outsold Toyota in EV sales on its own home turf for the first time last year.

BYD EV sales in Japan topped Toyota in 2024

After squeezing legacy automakers out of China with its low-cost electric cars, BYD is making a strong push into overseas markets.

BYD introduced its first electric vehicle (EV) in Japan in early 2023, the Atto 3. Starting at around $30,000, this SUV competes with popular domestic cars like the Toyota RAV4 and Honda CR-V. It also rivals other EVs on the market, like the Toyota bZ4X and Nissan Ariya.

In its first full sales year, BYD has already outsold Toyota in EV sales in Japan. This accomplishment is even more impressive since Toyota has historically dominated sales in its home market.

According to the Japan Automobile Dealer Association (via CarNewsChina), BYD sold 2,223 EVs in 2024. In comparison, Toyota sold just 2,038 electric cars in its home market last year.

BYD-Toyota-EV-sales
BYD Dolphin (left) and Atto 3 (right) at the 2024 Tokyo Spring Festival (Source BYD Japan)

BYD’s EV sales were up 54% compared to 2023, while Toyota’s slipped 30% year over year (YOY). Since launching in 2023, BYD has introduced several top-selling models, including the Dolphin hatchback and Seal sedan.

Starting at just 2.99 million yen ($19,000), the Dolphin competes with top-selling domestic cars like the Toyota Prius and Nissan LEAF.

BYD-Toyota-EV-sales
BYD seal in Japan (Source: BYD)

After launching the Seal last June, widely viewed as its answer to the Tesla Model 3, BYD’s electric sedan was already the top-selling imported EV in Japan by August. BYD’s Seal starts at 5.28 million yen, or around $33,500.

BYD is turning up the pressure in 2025 with plans to launch the Sealion 07 in Japan, its new smart mid-size electric SUV.

BYD-Sealion-07
BYD Sealion 07 electric SUV launched in Norway (Source: BYD)

Japan’s total EV sales fell 33% to just below 60,000 in 2024, its first YOY decline in four years. Nissan led the market with a roughly 50% share despite LEAF sales slipping nearly 50% (30,749) from 2023. Although Toyota bZ4X sales were up 10%, only 1,012 models were sold in 2024. Toyota’s electric SUV starts at 5.5 million yen ($35,000).

Electrek’s Take

After losing significant market share in China, a critical market for Japanese automakers, BYD is now taking their home market by storm.

Although it’s still a small number, BYD’s growing presence in Japan is impressive. Japan has been a challenging market for foreign brands to compete in. Outside of luxury automakers like Mercedes-Benz, Porsche, and BWM, domestic brands have historically dominated auto sales in Japan.

Toyota accounted for over a third of the market alone last year. After topping Nissan and Honda for the first time in global vehicle sales last year, BYD is laying the groundwork for more growth in 2025.

The Chinese EV leader is expanding with new models launching in Europe, Southeast Asia, Central and South America, and more. Will BYD eventually top Toyota in global sales? As the industry shifts to EVs, BYD is quickly gaining momentum while Toyota lags in key markets.

Source: CarNewsChina, JAMA

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