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Digital render of NEOM’s The Line project in Saudi Arabia

The Line, NEOM

Saudi Arabia’s massive Neom megaproject, a multi-trillion dollar plan to develop a swathe of land the size of Massachusetts, has replaced its CEO in a significant reshuffling as the kingdom faces questions over the economic viability of its ambitions.

Neom’s board of directors announced Tuesday the appointment of Aiman Al-Mudaifer as acting CEO of the company following the unexpected departure of Nadhmi Al-Nasr, who was put in charge of the project in 2018.

“As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” a Neom statement said. It did not disclose the reason for the departure of Al-Nasr.

The region, as envisioned by Saudi Crown Prince Mohammed bin Salman, is set to host hyper-futuristic cityscapes and structures including The Line — two parallel skyscrapers measuring at more than 100 miles long — and Trojena, a mountain ski resort capable of hosting the 2029 Asian Winter Games. The projects have faced skepticism and criticism from environmentalists and engineers in other parts of the world.

Neom’s leadership reshuffle comes at a period of changing financial pressures on the kingdom, as oil prices and demand forecasts remain subdued, and Saudi Arabia’s budget deficit widens. Budgets are facing cutbacks and projects are seeing delays, three people with knowledge of the matter told CNBC, speaking anonymously due to lack of authorization to speak to the press.

NEOM map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast.

Peterhermesfurian | Istock | Getty Images

The Line, for instance, has been reportedly scaled back from an initial planned length of 106 miles to just 1.5 miles — which would still make it the world’s longest building. Neom executives have vocally denied these reports, calling them “false” and saying that work was continuing as planned.

“NEOM is a fundamental pillar of Saudi Vision 2030 and progress continues on all operations as planned, as we deliver the next phase of our vast portfolio of projects including THE LINE, Oxagon, Trojena, Magna and The Islands of NEOM,” the Tuesday statement from the organization said.

Saudi real GDP is expected to grow 0.8% this year, in a dramatic drop from a previous estimate of 4.4%, according to an October pre-budget report published by the Ministry of Finance. Saudi authorities also expect that the budget will remain in deficit for the next several years, as the kingdom prioritizes spending to achieve the targets of the Vision 2030 economic diversification program.

Additionally, Saudi Arabia’s fiscal breakeven oil price — what it needs a barrel of crude to cost in order to balance its government budget — was estimated by the International Monetary Fund to be $96.20 for 2024; a roughly 19% increase on the year before. It’s also 33% higher than the current price of a barrel of Brent crude, which was trading at around $72 as of Wednesday afternoon.

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Electreon and Xos to deploy wireless charging for commercial EV deliveries like UPS in Michigan

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Electreon and Xos to deploy wireless charging for commercial EV deliveries like UPS in Michigan

The State of Michigan has announced a new partnership with wireless EV charging specialist Electreon and Commercial EV manufacturer Xos, Inc. Together, the companies have secured funding from the state to expand wireless charging availability for commercial vehicles, including UPS trucks in Detroit.

It’s been nearly a year since the Michigan Department of Transportation (MDOT), the City of Detroit, and Electreon ($ELWS) unveiled the first wireless EV charging roadway in the United States.

Michigan installed Electreon’s wireless inductive-charging coils (seen below) on 14th Street in Detroit between Marantette and Dalzelle streets to charge EVs equipped with Electreon receivers as they drive on the road.

At the time. MDOT and Detroit officials said the road would be used to test and perfect Electreon’s wireless EV charging technology in a real-world environment before “making it available to the public in the next few years.”

While the public will not be able to take advantage of wireless charging just yet, commercial EVs are gaining access thanks to a new partnership between Electreon, Xos ($XOS), and the State of Michigan.

  • Michigan wireless EV charging
  • Michigan wireless EV charging

Michigan progresses as US wireless EV charging leader

When Michigan announced the first wireless EV charging road in the US last year, officials shared hopes that the Great Lakes State and the city of Detroit could become leaders in the innovation and and deployment of such nascent technology.

Following a press release from Electreon, the State of Michigan confirmed details of the new partnership, which now includes commercial EV developer Xos, Inc. as well. The new commercial partnership is supported by $200,000 in funding from the Michigan Mobility Funding Platform (MMFP), building off the state’s “Make it in Michigan: economic strategy, developed by the Michigan Economic Development Corporation (MEDC) to invest in the state’s people, places and projects. 

Through the partnership and coinciding state funding, Electreon will extend its wireless EV charging network and use cases in Michigan. Additionally, Electreon’s technology will be integrated into delivery step vans from Xos in order to “demonstrate wireless charging technological value and its potential to lower the total cost of ownership (TCO) in the electrification of commercial truck fleets.” Stefan Tongur, vice president of business development for Electreon, elaborated:

We’re excited to demonstrate how Electreon’s technology can optimize electric fleet usage and showcase the seamless integration of wireless charging into daily fleet operations, minimizing downtime and enabling charging across time and location. We’re proud to do this work in Michigan, a state fostering innovation and sustainable transportation solutions.

In addition to expanding wireless charging on Detroit’s first “electric roadway,” the Michigan project will enable the installation of stationary wireless charging at a UPS facility in Detroit. Xos co-founder and CEO Dakota Semler also spoke:

We are proud to partner with Electreon and support UPS to demonstrate the potential of wireless charging in commercial fleets. This innovative approach will revolutionize how we power our electric vehicles and drive fleet electrification forward.

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Here’s our first look at Jaguar’s new luxury electric 4-door GT [Images]

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Here's our first look at Jaguar's new luxury electric 4-door GT [Images]

The iconic British luxury automaker is undergoing a major brand overhaul. With its official debut around the corner, Jaguar’s electric 4-door GT, the first of its new series, was spotted testing on British roads. The new images give us a closer look at what we can expect from the revamped Jag brand.

Jaguar’s new electric GT makes its first appearance

After building internal combustion-powered sports cars for over 75 years, Jaguar will become an all-electric luxury brand from 2025.

The company announced earlier this year that it will start fresh with an entirely new range of EVs. After killing off the F-Type, E-Pace, XF, and soon the F-Pace SUV, we are finally getting our first look at what the new branding will look like.

Jaguar’s new electric 4-door GT was caught testing on British roads. The camouflaged prototypes reveal a radically different look than the Jag models we are accustomed to.

You can see one of the biggest changes is the low-riding, extended silhouette, as opposed to the crossover SUV and sedan models like the F-Type and I-Pace, Jaguar’s first EV.

The front and rear bumper designs also appear much more aggressive and bold than previous models.

Jaguar's-electric-GT
Jaguar electric 4-door GT prototype (Source: Jaguar Land Rover)

Jaguar’s electric GT is being put through the paces ahead of its debut. It has already completed tens of thousands of testing miles (virtual and real-world) and will soon hit public streets worldwide.

The new model will be built in Solihull, UK, where Jaguar recently ended production of its gas-powered models.

Jaguar's-electric-GT
Jaguar electric 4-door GT prototype (Source: Jaguar Land Rover)

It will be the first to ride on Jaguar’s new JAE (Jaguar Electric Architecture), which will underpin its upcoming lineup of high-end luxury EVs with prices over £100,000 ($130,000). The electric GT will have a range of over 434 miles (700 km) and upwards of 575 hp, making it Jaguar’s most powerful car of all time.

Jaguar will debut its Design Vision Concept at Miami Art Week on December 2, 2024. Next Summer, it’s expected to make its official global debut ahead of deliveries in 2026.

What do you think of Jaguar’s new design based on what’s shown? Are you excited about the brand overhaul? Let us know in the comments below.

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Tesla pushes end-to-end neural networks for highway driving, but only for newer vehicles

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Tesla pushes end-to-end neural networks for highway driving, but only for newer vehicles

Tesla has pushed a new (Supervised) Full Self-Driving update with the promised end-to-end neural networks for highway driving.

However, it’s only for newer vehicles.

“End-to-end” is what Tesla refers to as neural net-powered AI driving the vehicle from vision to controls rather than the controls being explicitly coded. It’s already the case in all widely released versions of (Supervised) Full Self-Driving (FSD) for city driving, but not for highway driving, which uses another software stack.

Tesla originally planned to deliver it for highway driving in October, but it was only delivered to a small number of vehicles.

In its latest AI roadmap, Tesla said that it would come the first week of November instead.

Now, Ashok Elluswamy, Tesla’s head of self-driving and AI, said that the latest release with end-to-end highway driving (v12.5.6.3) has been widely pushed to HW4 vehicle owners:

With the latest release (v12.5.6.3), FSD is using end-to-end neural networks for driving across highways, city streets and parking lots, and has now shipped widely for AI4 vehicles. Highway driving should be smoother, more natural and even safer than the previous explicit control stack. Check out the different driving styles to set speed and lane change preferences. Enjoy and let Tesla AI know if you have any feedback.

However, there’s no word for the millions of HW3 vehicle owners.

In fact, the only thing promised to HW3 vehicles, which Tesla now called AI3, in its last roadmap is this:

Improved v12.5.x models for AI3 city driving

As we have often reported this year, Tesla has reached the limits of the HW3 computer and now needs to optimize the code with every release despite still being far from its promise of unsupervised self-driving.

Electrek’s Take

This is annoying cause I could really use end-to-end on my HW3 car. I am on v12.5.4.2 and it has been a regression from v12.5.4.1 for me, especially on highways.

Yesterday, it almost drove me off-road when taking my highway exit, which is always a bit shaky because it is a short exit and FSD often swings itself into it. It’s a bit awkward, and my girlfriend never likes it, so I disengage FSD before taking the exit when she was with me, but this time, she wasn’t, and I had the new update.

It again swung left before going right into the exit, but this time, it went way too far, and I was in the shoulder by the time I took control.

I took this exit hundreds of times with FSD and it’s the first time it did that.

I am starting to think we won’t see much more improvements to FSD with HW3 cars and there’s no retrofit computer in sight.

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