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The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.

Anna Barclay | Getty Images News | Getty Images

Oil giant BP is bracing itself for a shareholder backlash at its annual general meeting (AGM) on Thursday, with a chorus of disgruntled investors planning to voice their concerns over the firm’s green strategy U-turn.

A planned resolution on the reelection of outgoing BP Chair Helge Lund has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and the influence of U.S. hedge fund Elliott Management.

Britain’s beleaguered energy major, which has lagged behind more hydrocarbon-focused industry peers in recent years, has sought to resolve something of an identity crisis by launching a fundamental reset.

Seeking to rebuild investor confidence and boost near-term shareholder returns, BP in February pledged to slash renewable spending and ramp up annual expenditure on its core business of oil and gas.

The strategy reset was broadly welcomed by energy analysts, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.

British asset manager Legal & General, a leading shareholder in BP with a roughly 1% stake, said it intends to vote against Lund’s reelection on Thursday — a position that would defy BP’s management recommendation.

Legal & General cited dissatisfaction over major revisions to the firm’s energy strategy, alongside BP’s decision not to allow a shareholder vote on the new direction.

Legal & General’s plans align with those of international asset manager Robeco, U.K. pension funds Nest and Border to Coast, as well as activist investors including Dutch group Follow This — all of which have indicated they will vote against Lund’s reelection.

Norway’s gigantic sovereign wealth fund and a number of U.S. pensions funds, however, have reportedly said they will back Lund’s reelection. Proxy advisors Institutional Shareholder Services and Glass Lewis have also recommended a vote in favor of Lund, according to Reuters.

It paves the way for a shareholder showdown at BP’s AGM, with observers closely monitoring the level of investor opposition to Lund’s reelection. Historically, votes against the chair of BP have remained under 10%.

A BP spokesperson declined to comment when contacted by CNBC.

Energy transition plans

BP’s renewed focus on oil and gas comes at a time when the London-listed energy firm is firmly in the spotlight as a potential takeover target. British rival Shell and U.S. oil giants Exxon Mobil and Chevron have all been touted as possible suitors.

“We value the significant steps BP has taken in recent years regarding its climate-related commitments and efforts, which we have supported through extensive and constructive dialogues, aimed at creating long-term value as the climate transition unfolds,” Legal & General’s investment stewardship team said on April 11.

Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.

Bloomberg | Bloomberg | Getty Images

“However, we are deeply concerned by the recent substantive revisions made to the company’s strategy as announced at the 2025 Capital Markets Day on 26 February, coupled with the decision not to allow a shareholder vote on the newly amended climate transition strategy at the 2025 AGM,” they added.

Legal & General said BP’s announcement earlier this month that Lund will step down, likely next year, was viewed “positively,” but ongoing unease about the firm’s succession plan means it intends to vote against the AGM resolution.

Five years ago, BP became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, BP pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.

The company scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.

Robeco said in its rationale that BP had refused to repeat a so-called “Say on Climate” vote for its strategy revision, despite previously requesting shareholder support for the firm’s previous and “more ambitious” transition goals.

“We have unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter alongside other investors with GBP 5 trillion in assets under management,” said Michiel van Esch, head of voting at Robeco.

“As a result, we have growing concerns over the company’s resilience through the energy transition, and over the consistency of its approach to climate governance, leading us to vote against the chairman and chair of the safety and sustainability committee,” he added.

Governance concerns

Elliott Management, for its part, is widely thought to be putting pressure on BP to minimize low-carbon investments and prioritize oil and gas. It emerged recently that the activist investor has built a near 5% stake in BP, making it one of the firm’s largest shareholders.

Activist shareholder Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change, said the need to vote against Lund had not disappeared following news of his looming departure. The group added that investors concerned with good governance should voice their dissatisfaction.

IEA downgrades 2025 oil demand growth outlook on escalating trade tensions

“Voting against the board is the only way for shareholders to express their dissent over BP’s refusal to allow a vote on its strategy U-turn,” Mark van Baal, founder of Follow This, said in a statement.

“Now, the board has unilaterally changed course without asking shareholder support with a vote. This raises serious governance concerns. It seems BP’s leadership is afraid of its own shareholders,” he added.

Shares of BP are down nearly 10% year-to-date.

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Waymo poaches top Tesla audio engineer

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Waymo poaches top Tesla audio engineer

Waymo has poached a top Tesla audio engineer to lead the In-car Audio and Infotainment experience inside its autonomous vehicles.

Tesla and Waymo have a sort of rivalry as they are both working toward deploying autonomous driving systems.

Earlier this year, there was a little back and forth about having the biggest service area in Austin, even though the competition was sort of unfair since Waymo has been opreating a true level 4 autonmous driving system in the Texas capital while Tesla’s Robotaxi system is still being supervised by employees inside the vehicles.

But the competition is also for talent.

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Last year, Waymo hired Tesla’s head of vehicle programs and the company has continued to hire some vehicle engineers and technicians since.

Now, we learn that Waymo has poached ­Nikhil ­Satish, a top audio engineer from Tesla.

He announced on LinkedIn last week:

I’m happy to share that I’m starting a new position as Technical Leader of Audio Systems at Waymo!

Satish already had an extensive career in audio engineering with NVIDIA and Amazon before joining Tesla in 2021.

At Tesla, Satish led the audio engineering of the Cybertruck, which has been praised for its audio system.

The company even noted it yesterday:

More recently, he also led audio engineering on Tesla’s semi truck and humanoid robot programs, according to his LinkedIn profile.

Now, he will be the technical lead for in-car audio and infotainment experience at Waymo.

While Waymo’s core technology is autonomous driving, the audio and video experience is expected to be increasingly important as passengers can put their attention toward other things than driving.

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GM’s feeling the heat after the US pulled the plug on the $7,500 EV tax credit

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GM's feeling the heat after the US pulled the plug on the ,500 EV tax credit

GM is suddenly shaking up electric vehicle production plans after issuing a stark warning. The automaker warned that new US policy changes, including killing off the $7,500 EV tax credit, will cost it at least $1.6 billion.

GM shifts plans as the EV tax credit expires

Although GM set another record by delivering 66,501 electric vehicles in the third quarter, it’s bracing for a much different market over the next few months.

In an SEC filing on Tuesday, GM said that “following recent US Government changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow.”

Although it didn’t reveal specifics, GM said the policy changes “have caused us to reassess our EV capacity and manufacturing footprint.”

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The changes do not impact Chevy, GMC, and Cadillac electric vehicles currently in production, and GM expects they will remain available for buyers.

The “strategic realignment” will cost it at least $1.6 billion. GM said $1.2 billion of the charges will be non-cash as it adjusts EV capacity. The other $400 million is primarily due to contract cancellation fees and “commercial settlements associated with EV-related investments,” according to GM’s filing. That will have a cash impact.

Chevy-Equinox-EV-tax-credit
2025 Chevy Equinox EV LT (Source: GM)

GM is also reassessing investments in battery manufacturing. The company said discussions are still ongoing, adding that it’s “reasonably possible” it will absorb additional costs due to the changes.

The charges, which were approved by the board on October 7, will be included in GM’s third-quarter earnings. We will learn more when GM reports Q3 earnings results next week on October 21.

Cadillac-Optiq-EV-tax-credit
Cadillac Optiq EV (Source: Cadillac)

Although GM and crosstown rival Ford were planning to launch programs designed to extend the $7,500 EV credit, both have since abandoned those plans. Instead, GM will provide about $6,000 of its own cash for a limited time to support EV leasing.

Electrek’s Take

Through the first nine months of 2025, GM sold 144,688 EVs, more than double the amount it sold in the same period last year.

The Chevy Equinox EV has been GM’s biggest hit, ranking as the third best-selling EV behind the Tesla Model Y and Model 3. Cadillac was the leading EV luxury brand in Q3 with three of the top 10 most popular models in the segment: the Lyriq (#2), Optiq (#5), and Vistiq (#6).

GMC is on pace for its best year ever, with the new Sierra EV rolling out and demand for the Hummer EV picking up. With the $7,500 EV tax credit now expired, GM, like most automakers, is preparing for slower EV adoption in the US.

The policy changes, including dropping the $7,500 tax credit, will only put the US further behind China, South Korea, and others leading the global push for electric vehicles.

We should learn more about GM’s updated EV production plans next week when it reports Q3 earnings on October 21. Check back for updates.

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Flying electric boat to showcase cutting commute times in half in Washington D.C.

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Flying electric boat to showcase cutting commute times in half in Washington D.C.

What if your morning commute didn’t involve gridlock on the 395 or the Orange Line crawl, but instead meant silently flying over the Potomac River at 30 knots? That’s exactly what Stockholm-based Candela is bringing to Washington D.C. this week with the U.S. demo debut of its flying electric boats.

While it doesn’t appear to be a permanent route nor make use of the company’s latest flagship commercial vessel, the P-12 shuttle, the demonstration set up near the Swedish embassy will illustrate just how effective the alternative commuting method truly is.

Starting October 17th, Candela will be showcasing media test rides on the Potomac using its C-8 flying vessel to demonstrate how its revolutionary electric hydrofoil ferry – the Candela P-12 – could transform city commutes. With wings hidden beneath the water and a high-tech flight controller regulating the ride, the P-12 lifts out of the water and literally flies above the surface, reducing drag by 80% and gliding without creating a wake.

The demonstration underscores how this level of speed and efficiency could actually change how people move around the D.C. metro area. A typical commute from Georgetown to Reagan Airport? By car, that’s around 20 minutes. On public transit, 37. On the P-12? Just six minutes. Similarly, a water ride from Alexandria to The Wharf would be a quick and quiet 10-minute journey – likely faster than your rideshare app can even find a driver during rush hour.

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The Candela P-12 is more than just a speedy commuter; it’s also quiet, clean, and surprisingly comfortable. Its computer-controlled hydrofoils make for a ride that’s smooth enough to prevent seasickness, and the onboard C-POD electric motor hums along with no noise or vibration. With no slamming into waves and no diesel fumes to choke on, the whole thing feels more like riding a luxury train than a boat.

And while this might sound like the kind of futuristic tech you’ll hear about once and never again, Candela is already proving this model works. In Stockholm, the P-12 has already been integrated into the city’s public transport system, where it’s cut some routes’ travel times in half and delivered a quieter, cheaper, and greener commute. Similar projects are in the works for Lake Tahoe, Mumbai, Thailand, and Saudi Arabia – with more than 40 boats already on order, making it the best-selling electric passenger vessel in the world.

Candela says operating costs are about 60% lower than diesel-powered vessels, which puts them in line with land-based mass transit options like buses. In cities like D.C., where shoreline erosion and speed restrictions limit traditional ferries, the P-12’s wake-free cruising means it can get exemptions and run at high speeds even in no-wake zones. That opens up a whole new layer of transport.

“We’re not merely replacing diesel ferries — we’re enabling a new layer of transport by utilizing the underused waterways,” said Gustav Hasselskog, Candela’s founder and CEO. “We’re already in discussions with several U.S. companies that see the potential of using flying electric vessels to bypass congestion.”

The Washington D.C. demo is timed to coincide with the Swedish Green Transition Summit, a forum focused on sustainable innovation, and will run through October 23rd from a launch site adjacent to the Swedish Embassy. It’s part marketing, part diplomacy, and part real-world proof of concept that urban waterborne transit doesn’t have to be slow, loud, or dirty.

For a city surrounded by rivers and plagued by congestion, Candela’s pitch is clear: don’t pave more roads – just fly over the water. If the P-12 delivers in D.C. the way it has in Sweden, this could be the start of an entirely new commute for many more U.S. cities.

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