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This photo taken from a position in northern Israel shows a Hezbollah UAV intercepted by Israeli air forces over north Israel on August 25, 2024. The Israeli military announced early August 25, 2024 that it was conducting pre-emptive strikes in Lebanon after detecting preparations for “large-scale” attacks by the Iran-backed militant group Hezbollah. Hezbollah said it had launched more than 320 rockets at Israel overnight, targeting a string of military positions, even as Israel’s military said it was carrying out pre-emptive strikes against the group. 

Jalaa Marey | Afp | Getty Images

Tensions in the Middle East and the risk of a wider conflict will keep oil prices elevated, said Vivek Dhar, mining and energy commodities strategist at the Commonwealth Bank of Australia.

Oil prices rose on Monday after Israel’s Air Force struck targets in Lebanon with over 100 fighter jets before the Iran-backed group fired more than 320 rockets into Israel.

U.S. West Texas Intermediate crude was up 0.75% at $75.39 a barrel, while Brent crude rose 0.67% to $79.55.

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Iran-backed Hezbollah said the strikes were in retaliation to Israel’s killing of senior commander Fuad Shukr in Beirut last month. Israel said its pre-emptive strikes were aimed at foiling a bigger attack by the Hezbollah, Reuters reported.

“While market expectations are centered on Iran’s attack hurting Israel without triggering a wider regional conflict, Israel’s response will be equally important. And Israel’s response may include an attack on Iran’s oil supply and related infrastructure, which would put at risk 3 – 4% of global oil supply,” Dhar said.

Cedric Chehab, managing director and head of global risk at research firm BMI said the exchange of fire on Sunday does not mean that an “all-out war” is imminent.

Speaking to CNBC’s “Squawk Box Asia,” Chehab said that “what Hezbollah wanted to do, what Iran wanted to do, was to essentially allow for deterrence. So, [to] exercise that deterrence, and they’ve done that.”

While there is a risk that the confrontation spirals out into a wider conflict, there is still room for de-escalation, he added.

Both Israel and Iranian leaders “do not want this to get out of hand and to escalate … don’t forget, Iran has a new president who’s untested, and the idea is to apply pressure on Israel, but not necessarily engage in direct confrontation.”

While Dhar agreed with Chehab’s view that the events on Sunday are unlikely to be the catalyst for an all-out war in the region, he pointed out Iran has yet to retaliate against Israel following the assassination of Ismail Haniyeh, the political chief of Hamas, in Tehran last month.

Dhar also said the progress of Gaza truce talks will be an indicator of how Iran, Hezbollah, and Hamas interpret the events over the weekend.

Early Monday, Reuters reported that there was no agreement over ceasefire in talks on Sunday regarding the Gaza conflict, with Egyptian security sources telling the agency that neither Hamas nor Israel agreed to proposals presented by mediators in Cairo.

Dhar added while the escalation hurts truce talks at face value, the fact that Israel managed to thwart Hezbollah “may force Iran and its proxies to concede that Israel is in a position of power, particularly with U.S. backing, making the truce talks more palatable.”

He also forecasts that Brent futures will trade between $75 and $85 a barrel in September, with more potential upside if hopes for a truce in Gaza diminish, and as an Iranian reprisal against Israel is still “on the cards.”

“More broadly, the risk of a wider conflict in the Middle East that permanently embroils Iran is an upside risk to our outlook.”

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BYD’s low-cost Seagull EV now starts at under $8,000 in China

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BYD's low-cost Seagull EV now starts at under ,000 in China

BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.

BYD cuts Seagull EV price to under $8,000 in April

Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.

The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).

After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.

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BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.

BYD-seagull-EV-$8,000
BYD cuts vehicle prices in April 2025, including the Seagull EV (Source: BYD)

At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.

BYD-Seagull-EV-$8,000
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)

The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.

BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.

BYD Seagull EV trim Starting Price Range
(CLTC)
Vitality Normal: $9,500 (69,800 yuan)
Now: $8,000 (56,800 yuan)
190 mi
(305 km)
Freedom $10,300 (75,800 yuan) 190 mi
(305 km)
Flying $11,700 (85,800 yuan) 252 mi
(405 km)
BYD Seagull EV prices and range by trim in China

Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.

Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.

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Tesla already has new Model Y inventory available today in the US – demand is terrible

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Tesla already has new Model Y inventory available today in the US – demand is terrible

Tesla has new Model Y inventory available today in the US, just days after opening orders for what is supposed to be its most popular model.

This proves that demand is terrible and Tesla is trying to hide it.

On Friday, Tesla launched the new non-Launch Edition Model Y in North America.

Prior to the launch, only a fully loaded $60,000 Launch Edition Model Y was available to order since January, and had been delivered since early March.

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Now, North American buyers are able to buy a much cheaper version of the new Model Y for $49,000.

Only the Model Y Long Range AWD is available for now, but that’s Tesla’s most popular model in North America.

At the time, we noted that this is a great demand test for Tesla in the US amid some critical brand issues due to CEO Elon Musk.

We only have a few metrics to track the demand of the new Model Y in the US:

  • Delivery timelines on new orders
  • Available inventory
  • Discounts/incentives

For most US zip codes tested by Electrek with different Model Y configurations (wheels and paint colors), Tesla quotes delivery within “1-3 weeks”.

But we also found several zip codes on both the West Coast and the East Coast where Tesla claims it can deliver the new vehicle “today”:

This would point to Tesla already having vehicles in inventory despite launching it just 4 days ago.

But Tesla is hiding the inventory.

If you search for Model Y in Tesla’s new inventory, you can’t find any in the US at the time of writing:

However, Tesla is showing some units in inventory to people configuring new Model Ys.

Some potential buyers are reporting that Tesla has a tab that pops up and directs them to some new inventory available (via TroyTeslike on Patreon):

This confirms that Tesla already has new non-Launch Edition Model Y in inventory available for sale in the US – pointing to Tesla having no backlog of demand for the new vehicle.

Electrek’s Take

This is much worse than I thought. I thought that Tesla would build a backlog of demand for the new Model Y in the US from people who didn’t want the fully loaded version, but it looks like that backlog lasted 4 days.

Of course, it’s all because of Tesla and Elon, and brand destruction.

Many people who invested in the stock market lost a lot of money over the last few weeks, and these people often happen to be people who buy new cars.

Now, the only thing left is for Tesla to start offering discounts and subsidies financing – the latter likely coming first, as it is already the case with new Model 3 orders in the US.

The good news for Tesla is that if Trump continues to crash the stock market, the Fed will likely have to reduce rates, making Tesla’s 0% financing cheaper to subsidize.

That’s a fun balancing act.

Either way, I wouldn’t be surprised to see Tesla offer incentives on the new Model Y in the US within the next 2 weeks – way ahead of schedule.

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Kia’s new EV9 and EV6 qualify for the $7,500 EV tax credit — except this one trim

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Kia's new EV9 and EV6 qualify for the ,500 EV tax credit — except this one trim

The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.

Do the Kia EV6 and EV9 qualify for the federal tax credit?

Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.

The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.

Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.

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We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.

Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.

According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.

If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.

Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.

Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.

With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.

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