Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., speaks during the 2022 CERAWeek by S&P Global conference in Houston, Texas, on Monday, March 7, 2022.
F. Carter Smith | Bloomberg | Getty Images
President-elect Donald Trump should keep the U.S. involved in global efforts to address climate change, Exxon Mobil CEO Darren Woods said Tuesday.
Trump should try to bring a “common sense” approach to the annual U.N. Climate Change Conference and “continue to have the U.S. influence policy around the world,” Woods told CNBC’s “Squawk Box” Tuesday. Woods spoke from the climate conference, which kicked off this week in Baku, Azerbaijan.
Trump withdrew the U.S. from the Paris climate agreement in 2017 and is expected to do so again in his second term. President Joe Biden signed an order to rejoin the agreement on his first day in office in 2021, a decision that Exxon supported.
Trump slammed the Paris agreement as “horribly unfair to the U.S.” and vowed to rescind all unspent funds under the Inflation Reduction Act in an address to the Economic Club of New York in September. He made energy policy a central part of his campaign platform, calling for unconstrained fossil fuel production.
Exxon has plans to invest $20 billion through 2027 in carbon capture and storage technology, hydrogen fuel, and lithium mining in the U.S. for electric vehicle batteries.
Woods told CNBC on Tuesday that Exxon’s investments in technologies to lower emissions depend on federal tax credits that were established or expanded under the IRA. He warned that the company’s investments in these technologies would change if the incentives are weakened or repealed.
“There needs to be an incentive to reward those investments and generate a return,” Woods said. “If we find that those incentives dissipate or go away entirely, then that would definitely change our investment plans.”
Wood previously said Exxon’s oil and gas production levels will not change, at least in the short term, in response to the outcome of the U.S. presidential election.
“I’m not sure how ‘drill, baby, drill’ translates into policy,” Woods told CNBC’s “Squawk Box” on Nov. 1, referencing one of Trump’s campaign slogans.
The CEO said Exxon has not faced constraints on its shale production under the Biden administration. Exxon’s production levels are based on how much money the company can return to shareholders, not which political party is on office, he said.
Exxon shares have risen more than 20% since the start of the year,
The IRS has updated the terms of the phase-out of the federal tax credit for electric vehicles to give buyers a little more time to secure the $7,500 tax credit.
Trump’s ‘Big Beautiful Bill’ set a deadline of September 30th to end the $7,500 tax credit for new electric vehicles and the $4,000 credit for used ones.
It looked clear that buyers needed to take delivery before the end of the day on September 30th in order to get the credit, but the IRS has now updated its website to give some leeway to buyers, dealers, and automakers.
The agency wrote in an update on its website:
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If a taxpayer acquires a vehicle by having a written binding contract in place and a payment made on or before September 30, 2025, then the taxpayer will be entitled to claim the credit when they place the vehicle in service (namely, when they take possession of the vehicle), even if the vehicle is placed in service after September 30, 2025.
If a buyer has a binding order, not a reservation, and has placed a deposit, they can claim the tax credit once they take delivery, even if it’s after September 30th.
Interestingly, the IRS doesn’t mention a time limit after September 30 to secure the tax credit if you have a deposit on a binding contract.
Electrek’s Take
The last time the tax credit was eliminated, there was at least a planned phase-out period. This time, it looked like it was going to be a clean cut, making it difficult for buyers, dealers, and automakers.
This should make things a little easier.
The end of the tax credit has pulled forward a ton of EV demand into Q3 and it will likely exhaust a lot of automakers’ and dealers’ EV inventory.
They are also all rushing to deliver new orders by September 30th, but now it appears that the tax credit money will still be available for those who lock in their orders by the end of the quarter.
Now, this could also open the door to some shenanigans as automakers could try to convert reservations on upcoming electric vehicles that deliver further down the line, but that would be a risky play.
Any buyers getting into those kind of deals should do it at their own risk.
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Another German automaker is scaling back EV plans will continue offering hybrid and ICE vehicles. The company claims that it’s still the first German brand to offer a fully electrified lineup.
German automaker Opel drops EV commitment plans
Opel is one of the many brands under the Stellantis Group, alongside Jeep, Ram, Peugeot, Citroën, Fiat, and several others.
Although it was one of the many automakers to commit to offering an all-electric lineup, it’s now backing off its promise.
During Stellantis’ EV Day in 2021, Opel announced its intention to transition to all-electric vehicles by 2028, accompanied by a slate of new models. Former CEO Michael Lohscheller, now chief executive at Polestar, said, “As of 2028, Opel will only offer electric cars in our core market Europe.”
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On Monday, the German auto giant abandoned its plans for an all-EV lineup, saying it will continue to focus on its current “multi-energy” strategy.
Opel is the first German auto brand to offer a fully electrified model for every vehicle in its lineup, including electric (EVs), plug-in (PHEVs), and even internal combustion engine (ICE) vehicles.
Opel Corsa Electric (Source: Stellantis)
In response to media reports claiming it has changed its strategy, the company said in a statement, “This does not have to be limited to 2028 if the demand side requires otherwise.”
Although the company will continue to focus on EVs in specific regions, like the UK, France, and Germany, it will also offer other powertrain options based on demand.
Opel Corsa Electric (Source: Stellantis)
Opel, alongside British sister company Vauxhall, is one of the top-selling brands in Europe. In Germany and the UK, Opel and Vauxhall ranked first in the ever-expanding B-hatch segment through the first half of the year.
The German auto giant becomes the latest brand to scale back EV plans or shift to hybrids, following Volvo, Volkswagen, Mercedes-Benz, Audi, BMW, and others.
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The electric trike world just got a new heavyweight contender. Puckipuppy’s latest release, the Rottweiler, looks like it was built to haul, climb, and cruise with equal confidence. And with full suspension as well as specs like these, it’s hard not to take notice.
At the heart of the Rottweiler e-trike is a 960W peak motor (750W “nominal”) paired with a torque sensor. That means smooth starts, steady hill climbs, and pedal assistance that feels like it’s working with you instead of for you. Of course, the included throttle allows riders to whip it around without pedaling if they prefer, but the torque sensor will hopefully remind owners that pedaling can be fun and a natural feeling too, especially when you’ve got an extra 960 watts of power helping you out.
The trike tops out at a modest 15 mph (25 km/h), keeping it relatively muted to avoid those high-speed tippy turns that trikes are notorious for. But even with the capped speed, it looks like the Rottweiler has plenty of raw hauling power to keep things fun.
The 48V 15Ah battery has 720 Wh of capacity and the company promises up to 55 miles (88 km) of range on a single charge, depending on how much weight you’re lugging around. And speaking of weight, this thing is no slouch. It’s rated for a payload capacity of 500 pounds (226 kg). That’s more than enough for hauling groceries, pets, or a load of gear down a bike path, all while keeping the SUV parked at home.
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Safety and convenience features also find a spot on the spec sheet. Integrated rear turn signals, hydraulic disc brakes, and even a parking brake make it feel more like a small utility vehicle than just an oversized e-bike. The thumb-operated reverse gear is another rare but welcome addition, letting you back out of a tight spot without doing the awkward trike shuffle. It’s rare to find an e-trike with a good (and easily accessible) reverse function, but it makes a big difference when trying to push the trike backwards on anything more than a tiny incline.
Other nice touches include a big 4.7-inch color LCD display, wild-looking butterfly handlebars for multiple riding positions, dual-beam headlights, a cushioned seat with backrest, and fat 20×4” tires that can roll over just about anything. Between those fat tires and the dual suspension setup, the trike should feel pretty darn comfortable over varied terrain.
I’m fearing how much this thing will weigh, if we ever get a chance to put one on a scale, but at least it’s packed to the brim with features!
Priced at $2,399, the Rottweiler is definitely not in the running for lowest-cost trike. There are plenty of others competing on price. This one looks like it’s trying to offer a lot more power, comfort, and features as a way to win over riders.
Electrek’s Take
While Puckipuppy isn’t quite the first dual suspension e-trike like they claim to be, there are still very few options on the market in this category, so it’s welcome news to see another full-suspension option.
The Rottweiler is interesting to me because it isn’t trying to be your fast-and-loose commuter; it’s clearly designed as a heavy-duty hauler for riders who want e-bike utility with a whole lot more stability. The 15 mph limit will feel slow to some, but for families, older riders, or anyone prioritizing cargo over thrills, this makes a lot of sense. With thoughtful design details like reverse, turn signals, and a 500-pound payload, it seems less like a bike and more like a mini pickup truck on three wheels.
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