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Fortescue Metals Group non-executive Chairman, Andrew Forrest, speaks during a Sustainability Week conference in London on March 11, 2025.

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Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says Big Oil is getting it wrong on renewables — at a time when European energy majors are doubling down on fossil fuels to boost near-term shareholder returns.

Britain’s BP and Norway’s Equinor have both recently outlined plans to slash renewable spending in favor of oil and gas. London-listed Shell, meanwhile, has also scaled back green investment plans.

U.S. oil majors such as Exxon Mobil and Chevron, which have outperformed their European rivals in recent years, have typically advocated for transition options such as carbon capture and storage and hydrogen, rather than for renewable technologies like wind and solar.

“I’ve always found that the customer is always right, which is why we’re going renewable and moving away from oil and gas because our customers are saying, ‘we want energy but not at any cost, and if you can give us green energy at the same price as dirty [energy] then we are going to buy green every day.’ That’s my job, and that’s Fortescue’s job,” Forrest told CNBC’s “Squawk Box Europe” on Monday.

“You’ve got data centers popping up all over Europe and they want green energy if they can get it. They’ll take dirty [energy] if they can’t, sure. That’s Exxon Mobil’s and Total‘s argument, ‘well, we’re just doing what the customers want.’ Actually, you’re not. Your customers want green energy,” Forrest said.

“Well, if [the] oil and gas [industry] doesn’t want to supply green energy, guess what, Fortescue will,” he added.

Fortescue, which is the world’s fourth-largest iron ore miner, has outlined plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade — and urged other hard-to-abate companies to follow suit.

A hydrogen-powered haul truck, right, at the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

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Spokespeople at Exxon Mobil and TotalEnergies were not immediately available to comment when contacted by CNBC on Monday.

Last year, Exxon Mobil said that it expects fossil fuels to make up more than half the world’s energy mix in 2050 despite efforts to transition away from oil and gas. TotalEnergies, meanwhile, has been something of an outlier among its European peers, continuously investing in low-carbon technologies as it pursues a “multi-energy” offering.

Lindsey Stewart, director of investment stewardship research and policy at Morningstar Sustainalytics, on Monday said that it appears as though the majority of shareholders in the energy supermajors “have decided that cash is king, at least in the short term.”

“They’ve gotten used to a steady stream of cash in the form of dividends and share buybacks over recent years and they appear to want management to prioritise cash in the short term over longer term energy transition goals,” Stewart told CNBC via email.

“Management at some of the European companies, BP and Shell in particular, have responded by reducing intended investments in capital intensive renewables projects in favour of unlocking cash from fossil fuel assets. None of which is good news for those seeking an accelerated, orderly transition toward lower carbon energy sources,” he added.

Separately, Espen Erlingsen, head of upstream research at Rystad Energy, said European oil giants like Shell, BP and Equinor had “increasingly aligned their strategies” with those of their American counterparts in recent years.

“As a result, the energy transition is unlikely to be driven by the large oil and gas firms. Instead, it will likely be regional, power-focused companies that lead the way,” Erlingsen said.

‘Short-term thinking’

Asked about how he feels about the trend of U.S. corporates backtracking on environmental, social and governance (ESG) goals, Fortescue’s Forrest said these decisions reflect a push to prioritize quarterly earnings targets and executive bonuses over future success.

“It’s very short-term thinking to pull back on climate goals because guess who’s not listening to you, guess who doesn’t care, guess who’s much more powerful than you, than the U.S. administration [or] anyone who might be in the White House or not — it’s the climate itself,” Forrest said.

“I don’t mind all the talk about ‘drill, baby, drill.’ That’s if you want to make a difference in 20 years. But if you want to make a difference in 20 weeks or 20 months, renewable energy and where we’re going is going to make that difference,” Forrest said.

A worker walks in the Green Hub area of the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

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Forrest said Monday that Fortescue intends to save as much as $1.2 billion a year by switching to green energy, noting that this figure represents the firm’s annual fossil fuel costs at present.

These savings will help to establish a green energy company “that will serve us and others for generations to come,” Forrest said, adding that the creation of new and more efficient sustainable technologies will then be used to support other businesses.

Fortescue’s Forrest has previously called for policymakers to move away from the “proven fantasy” of net-zero emissions by 2050 and instead embrace real-zero by 2050.

Scientists have repeatedly pushed for rapid reductions in greenhouse gas emissions to stop global average temperatures rising. These calls have continued through an alarming run of temperature records, with the planet registering its hottest year in human history in 2024.

Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels.

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Juiced Bikes brand to be revived after surprise purchase by pair of e-bike icons

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Juiced Bikes brand to be revived after surprise purchase by pair of e-bike icons

Last year we reported on the storied e-bike brand Juiced Bikes falling on hard financial times and eventually closing down. Now, in a video announcement just posted to the seemingly defunct Juiced Bikes YouTube channel, the charismatic young founders of Lectric Ebikes have announced their purchase of Juiced Bikes along with their intention to revive the brand to its former glory.

Juiced Bikes was founded in 2009, making it one of the first major electric bicycle brands in the US. Operating continuously until its closure in 2024, its decade and a half of high-performance electric bicycle building created a massive fan base and a reputation for pushing the industry towards power and speed built around innovative designs instead of mere cookie-cutter copycats.

In a candid video posted to the brand’s previously abandoned YouTube channel, Lectric Ebikes founders Levi Conlow and Robbie Deziel openly shared several details about their lengthy bid to purchase Juiced Bikes and their plans to revive the company.

Now to achieve their goal, the pair will have to rely on the lessons they learned in building their own brand, Lectric Ebikes, into the largest electric bicycle company in North America.

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Founded in 2009, Juiced Bikes was the epitome of old school in the e-bike industry. On the other hand, Lectric Ebikes and its two charismatic “e-bike bro” founders are the full embodiment of young e-bike whipper snappers. But despite bursting onto the scene relatively recently in 2019, Lectric Ebikes rocketed past hundreds of other e-bike brands to snatch the title of most annual e-bike sales by 2023. Clenching the title again in 2024 and likely on track for a three-peat in 2025, Levi and Robbie obviously know a thing or two about building up a successful e-bike company.

Lectric has now become known as the go-to source for the best bang-for-your-buck electric bikes, from folding e-bikes to off-road adventure-style rides, cargo e-bikes, and more. But despite Lectric Ebikes’ success, it doesn’t look like its founders intend to merely bring Juiced Bikes into the Lectric family. Instead, the duo seems to be focused on reviving the brand as it is – or at least as it was.

“What drew us into Juiced is the same thing that drew many Juiced customers into the brand in the first place,” explained Levi Conlow, CEO of Lectric Ebikes. “That high performance, that torque, that acceleration, the thing you love about Juiced. That is our full intention, to preserve and continue that beautiful performance into the future, and carry Juiced into its next 15 years. It’s had this hiccup now, but I hope that everyone has seen what we’ve done with Lectric Ebikes and has a great level of confidence in what we’re going to do.”

juiced jetcurrent pro

As Robbie and Levi explained, the process of purchasing the Juiced Bikes brand and attempting to revive it was a long and complicated journey that still seems to be taking shape. Lectric originally placed a winning bid when the brand’s assets were put up at auction in an attempt to pay back Juiced Bikes’ creditors, but the winning bid was rejected, leaving Juiced’s future in limbo. As Levi detailed, eventually he and Robbie were able to salvage a deal where they purchased nearly all of Juiced’s assets outside of its physical inventory. That means the branding, the website, the intellectual property, and pretty much everything else that was once part of the Juiced Bikes company… other than the bikes that used to line the shipping department of its Chinese factory.

And while the pair didn’t explicitly say it, we’ve since seen much of Juiced’s inventory siphoned off by a Chinese-backed e-bike brand called VeloWave, which has been selling it seemingly dropshipped online, so it doesn’t take a lot of internet sleuthing to see why they couldn’t get everything at once.

That means there’s a lot of hard work ahead of Levi and Robbie to rebuild supplier relationships and get bikes moving again. There’s also a number of disappointed Juiced customers who had placed orders for e-bikes just before Juiced collapsed last year and never received them. Levi explained that the company had hoped to fulfill those orders, and may still be able to help those customers out, but that it would take some time to get things moving again.

But while they admit that they may not be able to immediately help many of the frustrated customers or support the larger Juiced Bikes owner community with spare parts until they can build up some inventory, they appear focused on bringing the same commitment to customer service and support to Juiced that they’ve built at Lectric Ebikes.

This is of course still a developing story and we’ll be learning more soon about the backstory to Lectric’s purchase of the Juiced Bikes brand and their plans to return Juiced to its heyday. If you have questions, put them in the comments below and we’ll be sure to find out more when we sit down with Robbie and Levi soon.

Electrek’s Take

This is fascinating. We all thought that there was a chance Juiced Bikes could be saved, but it was a long shot. It meant finding someone who could convince investors that there was still hope, and not that many still saw the hope. But if there ever was, it’s with Levi and Robbie. These guys built the modern-day equivalent of a garage startup into the biggest e-bike company on the continent and almost single-handedly brought previous titans of the industry to their knees. Yet instead of merely forcing other e-bike brands out, here they are trying to save them.

And what I love about this is that it comes from a place of genuine love for the game. If you watch the video above (which you should), you can see Levi and Robbie nerding out about how great Juiced Bikes’ e-bikes were. And they’re right. Those were awesome bikes. Saving the company isn’t just about offering another revenue stream in the high-performance market that Lectric hasn’t previously focused on, but also saving an important part of the history of the nascent American e-bike market. Juiced Bikes WAS the American e-bike market for a long time, back when it was basically just those guys and Pedego… and a few weird chainstay-mounted brush motor e-bikes that looked like they had toaster-shaped batteries strapped to their rear racks.

All of this is to say that this is a really cool story, one that is currently being written, and for which we likely won’t really know how well it will work for many months to come. But damn, am I here for the ride!

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BYD’s new ‘high-tech trendy’ electric SUV starts at under $20,000: Meet the Tai 3

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BYD's new 'high-tech trendy' electric SUV starts at under ,000: Meet the Tai 3

It’s about the size of a Tesla Model Y, loaded with technology, and designed as a midsize family mover — Meet BYD’s new Tai 3 electric SUV. The Tai 3 is the most affordable EV from BYD’s luxury off-road brand, Fang Cheng Bao, starting at under $20,000.

Meet BYD’s new Fang Cheng Bao Tai 3 electric SUV

BYD’s Fang Cheng Bao brand opened pre-sales for the Tai 3 on Monday, a “high-tech trendy” electric SUV built for families.

Starting at 139,800 yuan, or about $19,300, the Tai 3 is the cheapest vehicle under the sub-brand. Unlike other Fang Cheng Bao brand models, the new electric SUV is designed as a family vehicle rather than a hardcore luxury off-roader.

The five-seater is 4,605 mm long, 1,900 mm wide, and 1,720 mm tall, or around the size of Tesla’s Model Y (4,790 mm long, 1,982 mm wide, and 1,624 mm tall).

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All versions are rated with a CLTC driving range of up to 501 km (311 miles). It’s available in single (RWD) and dual-motor (4WD) versions.

A 72.96 kWh battery powers the base RWD Intelligent Driving Pro Edition, while the flagship “Drone” Version has a 78.72 kWh battery. And yes, it actually comes with BYD’s Ling Yuan drone system, complete with a roof docking station.

BYD-Tai-3-electric-SUV
BYD Fang Cheng Bao Tai 3 electric SUV (Source: Fang Cheng Bao)

For under $20,000, the Tai 3 is packed with tech and cool features. The interior features wing-style instrument display, 15.6″ infotainment, and “Chariot gear lever” crystal buttons. It even has a built-in refrigerator.

A multifunctional smart island includes charging on top, storage on the bottom, lighting on the left, and on the right… passengers get karaoke.

The AI smart cockpit features BYD’s “God’s Eye” C driver-assist system for smart functions like highway navigate on autopilot, remote control parking, and more.

The Tai 3 is available in five variants, with prices ranging up to 203,800 yuan ($28,000) for the Drone version. That’s not bad for an electric SUV with a roof-mounted drone system. Deliveries are expected to begin in April.

BYD Tai 3 trim Pre-sale price
501 km RWD Intelligent Driving Pro 139,800 yuan ($19,300)
501 km RWD Intelligent Driving Max 149,800 yuan ($20,700)
501 km 4WD Intelligent Driving Max 163,800 yuan ($22,600)
501 km 4WD Intelligent Driving Ultra 173,800 yaun ($24,000)
501 km 4WD Drone Version 203,800 yaun ($28,000)
BYD Fang Cheng Bao Tai 3 electric SUV pre-sale price by trim

BYD’s new model kicks off a new “Tai” series under its Fang Cheng Bao brand. It follows the Bao 5 and Bao 8, both hybrid SUVs.

What do you think of the Tai 3? Would you buy one for under $20,000? Let us know what you think of it in the comments.

Source: CnEVPost, Fang Cheng Bao

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Tesla Cybertruck split in half in crash with G Wagon

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Tesla Cybertruck split in half in crash with G Wagon

A Tesla Cybertruck was split in half after another vehicle crashed into it in Frisco, Texas, a few days ago. Images of the aftermath are impressive.

On Friday, the driver of a Mercedes-Benz G Wagon lost control and crashed into seven vehicles parked on the side of the road.

The G Wagon driver was taken to the hospital in an unknown condition. He is believed to have had a medical emergency, which led to the loss of control. He was the only one injured, as no one was in the parked vehicles.

The accident is getting some attention for the aftermath.

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It looks like the first vehicle hit by the driver was a Tesla Cybertruck, and it appears to have been cleanly cut in half at the bed from the impact:

At short of 6,000 lbs, a G Wagon is undoubtedly heavy, and it’s not clear at what speed it was going at the time of the impact.

There’s no doubt that it had a significant impact, but it is still surprising to see the Cybertruck’s bed ripped straight off the truck’s frame.

Some are pointing to Tesla’s use of aluminum in the Cybertruck’s frame.

Despite Tesla’s claim that the Cybertruck is “bulletproof” and made out of an “exoskeleton,” the electric vehicle’s build is actually much closer to a traditional unibody system rather than an “exoskeleton.” Most of the visible body parts, which would be part of the chassis in an exoskeleton build, are actually trims attached to the body.

Furthermore, while Tesla touts its “ultra-hard stainless steel exoskeleton,” it mostly uses stainless steel on external parts, while many parts of the frame are made of aluminum.

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