Oil pumpjacks operate as the Lake Fire burns in Los Padres National Forest with evacuation warnings in the area on July 6, 2024 near Los Olivos, California.
Mario Tama | Getty Images
Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight.
OPEC+ plans to raise output amid weakness in China’s economy have also been dragging prices lower.
The slide in oil prices is the culmination of several events, said Andy Lipow, President of Lipow Oil Associates.
“First the Chinese monthly PMI showing a fourth consecutive month of contraction issued this weekend was a disappointment,” he said. Over the weekend, China released its official purchasing managers’ index data for August, which fell to a six-month low of 49.1.
In a note published late August, Goldman Sachs forecast a “sharp slowdown” in China’s oil demand — the bulk of which is owed to the shift from oil to natural gas and power via EVs. China is the world’s largest importer of oil and the second-largest consumer.
On Tuesday, U.S. crude oil futures fell more than 4% to log their lowest close since December, erasing all gains for the year, after a report said that Libya’s rival governments could broker a deal that would help restore oil output following days of disruptions. The eastern government in Benghazi had cut production in a dispute with the U.N.-backed government in Tripoli over the leadership of the central bank.
Concerns about OPEC+ adding production into a perceivably oversupplied market have also been driving prices lower, said Joshua Young, founder of oil and gas investment firm Bison Interests.
Key members of the oil group signaled that they will increase output by 180,000 barrels per day, according to Reuters.
—CNBC’s Spencer Kimball contributed to this report.
Even without clean fleet tax credits and cash-on-the-hood incentives, fleet managers are working hard to maximize their ROI on vehicle assets and reduce their total cost of ownership – and they’re increasingly turning to data‑driven telematics solutions to help.
Telematics use data gathered from sensors embedded in a vehicle to monitor its operations. When collected and interpreted correctly, that data can be used to improve fleet safety, boost operational efficiency, and enable predictive maintenance that reduces (if not eliminates) unexpected downtime. Those are real benefits, with some analysts showing up to 30% savings in repair costs even before you factor in the fuel savings from EVs that, according to MAN CEO Alexander Vlaskamp, will cover the added cost of a BEV in less than three years.
We originally covered these topics back in February, ahead of the ACT Expo. You can read that original article, below, and let us know what you think of the OEMs’ telematics’
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Image via Einride.
Last month, Geotab signed a deal with Volvo Group to integrate the manufacturer’s vehicle data API into Geotab’s telematics platform. It’s the latest in a recent onslaught of such deals between telematics providers and OEMs that begs the question: what’s in it for the OEMs?
“Smart tools informed by data like E-Switch Assist are opening up many new conversations with our commercial customers large and small about EV readiness; we’re already using E-Switch Assist regularly in consultations to help organizations determine if electric trucks and vans are right for them,” says Nate McDonald, EV strategy and cross vehicle brand manager at Ford Pro. “The importance of these tools and technologies goes beyond selling a customer a new vehicle—it changes mindsets about whether electric vehicles will work for their business while potentially saving them time and money.”
So, it makes sense for manufacturers to build that connectivity into their vehicles and makes even more sense to use that data connection to populate a fleet management dashboard that makes it painless for fleet managers to monitor their assets within a trusted ecosystem. Think Android vs. iPhone, and the pain that would go into switching from one to the other after a decade or so of constant interaction – because that’s how the OEMs are looking at it.
Why, then, would an OEM open up that data stream to a third party like Geotab?
The answer, presumably, is that that data sharing is a two-way street: the manufacturer’s are opening up their APIs to Geotab, and Geotab is sharing at least some of the data from other manufacturers with their industry partners.
And Geotab has a lot of partners:
In 2019, Geotab began working with Ford to integrate Ford’s telematics data into its fleet management platform
In 2022, Geotab began partnering with Stellantis’ Free2move car sharing brand, providing full telematics integration into the MyGeotab platform in North America
In April of 2024, Geotab partnered with Mobilisights to integrate data from Stellantis’ European brands, including Opel, Fiat, Alfa Romeo, Citroën, and Peugeot
In September of 2024, Geotab announced a new partnership with VW Group Info Services aimed at improving the company’s data integration across its brands
All of those players are convinced that the data coming from their vehicles can produce enough value to seriously impact fleet ROI.
Fleet managers seem convinced, too. In a recent McKinsey survey, nearly 57% of EV buyers said they were willing to switch brands in order to get better connectivity features. And, if you’ve ever worked in “a Ford shop” or “a Chevy shop” you already know what a huge that deal that number might be to an OEM.
McKinsey connectivity survey
BEV buyers’ willingness to switch brands; via McKinsey.
In that point of view, working with a trusted, universal platform like Geotab who doesn’t have a dog in the vehicle sales fight makes sense. If the Ford Transit the fleet buyer is looking at plays well with their fleet auditing software and systems and the Nissan NV doesn’t – well, it doesn’t really matter if Nissan’s fleetail guy is giving you a better deal at that point. It’s just too painful to operate a second dashboard for one subset of assets.
The man-hours saved with a universal and brand agnostic fleet management platform may not be the easiest to trace all the way to the bottom line, but they’re there.
Geotab research shows that EV batteries could last 20 years or more if they degrade at an average rate of 1.8% per year, as we have observed.
According to our data, the simple answer is that the vast majority of batteries will outlast the usable life of the vehicle and will never need to be replaced. If an average EV battery degrades at 1.8% per year, it will still have over 80% state of health after 12 years, generally beyond the usual life of a fleet vehicle.
Telematics integrations can also help optimize a fleet’s charging schedules, both by scheduling EV charging for lower priced, off-peak hours and by identifying the most dependable high-speed charging stations along regular routes to minimize down time for both vehicles and drivers.
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Geely-backed performance EV brand Polestar has had some troubling times in recent months, but its future is looking a whole lot better after the company secured a $600 million loan facility to help it keep on keepin’ on.
In a vote of broader confidence and better times ahead, Volvo’s parent company Geely Sweden Holdings AB is backing the brand with more than half a billion dollars of fresh funding to extend its operational runway:
Polestar, as borrower, entered into a credit agreement with a wholly owned subsidiary, as lender, of Geely Sweden Holdings AB in relation to a subordinated term loan facility of up to USD 600 million, of which the last USD 300 million would require lender consent based on Polestar’s future liquidity needs. The term loan facility is available to Polestar for general corporate purposes.
The company has four models in its current line-up on sale in 28 countries, along with additional planned models that include the Polestar 7 SUV (set to be introduced in 2028) and the Polestar 6 coupe/roadster.
Electrek’s Take
Polestar 4; via Polestar.
Product-wise, at least, it’s hard to argue that Polestar’s future appears to be anything but bright. The new Polestar 3 crossover is a viable competitor to the industry-leading Tesla Model Y, and the upcoming Polestar 4 and 5 models seem like winners, too. To drive that point home, Polestar is promoting up to $18,000 in incentives to lure in Tesla buyers.
You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.
SOURCE: Polestar.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Whether it’s to keep the lights on after a natural disaster or just to avoid peak energy rates, more people than ever are adding battery energy storage to their home solar systems — but li-ion batteries aren’t the only option. The new WATT Fuel Cell uses the natural gas connection your home already has to generate power when you need it.
Technically a solid oxide fuel cell, the WATT unit turns the natural gas in your home into electricity without combustion, relying instead on a chemical reaction between the natural gas and oxygen in the air to create an electric current in a way that’s conceptually similar to a hydrogen fuel cell, but that makes use of a more readily available (and far cheaper) fuel source to generate power while producing far fewer harmful emissions than a conventional generator.
How it works
By WATT Fuel Cell.
The company’s latest offering, the WATT HOME system, recently achieved certification at a 2 kW power rating, marking an important step on the company’s commercialization roadmap as it races to meet market demands for a natural-gas-powered backup solution to guarantee uptime in outage-prone regions.
This week, the company marked another major milestone by installing the of its first 2 kW WATT HOME solid oxide fuel cells (SOFC) at the Edward M. Smith National Career and Life Skills Development Center, Hope Gas’ new state-of-the-art training facility in Clarksburg, West Virginia – but the news doesn’t end there.
“The WATT HOME system’s new 2 kW certification … validates the performance capabilities we’ve engineered for years and strengthens our competitive position as we move into multi-year deployment with Hope Gas,” says Caine Finnerty, WATT’s CEO and Founder. “With the ITC benefit, we anticipate accelerated adoption and substantial value for customers, utilities, and investors.”
The gas fuel cell can send power directly to the home’s panel, keeping the lights on directly, or perform the same function as a solar panel, sending power to a battery where it can be stored for later use.
Keep in mind, though – this isn’t a zero emissions option the way a solar + battery solution is. This is very much a fossil fuel-powered solution that gives off carbon and nitrous emissions, and the only reasons we’re talking about it are:
the tech is kind of cool
I didn’t know these existed
it is objectively cleaner than a conventional ICE generator
That said, while solar is still the better solution in an ideal world, a WATT HOME fuel cell might be a better option in situations where rooftop space is limited (or nonexistent), such as condos or vertically-designed townhomes. In those scenarios, solar panels are unlikely to generate a meaningful amount of electricity, but a fuel cell that can tap into the buildings’ existing natural gas lines to provide reliable backup power if the grid fails.
That makes the fuel cell an attractive option for residents in multi-unit buildings, older historic neighborhoods with strict aesthetic rules, or any building where adding solar panels aren’t feasible, but a low-emission, low-noise backup solution is still needed.
The better question, then, isn’t is it better than solar – it’s is it better than solar for you? If you’re in West Virginia, you might be able to find out in just a few weeks. In the meantime, watch WATT’s own explainer video, below, then let us know what you think of the idea of a natural gas fuel cell in the comments.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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