Speaking late last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
Brandon Bell | Getty Images
Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors.
The international relief charity said the companies’ tax practices undermine the public’s interest in a fair tax system — especially in Global South countries “with the greatest tax revenue needs.”
“Exxon, Chevron, and ConocoPhillips’s threadbare tax disclosures leave investors, watchdog groups, and the general public in the dark about the companies’ secretive tax practices,” Daniel Mulé, policy lead on extractive industries and tax at Oxfam America, said in a statement.
Chevron, Exxon Mobil and ConocoPhillips were not immediately available to comment when contacted by CNBC.
It comes amid a broader push for greater tax transparency from large corporations, particularly as people around the world feel the squeeze of a cost-of-living crisis.
Oil majors have been repeatedly criticized for their global tax operations. And, in recent months, energy giants have faced growing calls for a windfall tax after raking in record-breaking profits thanks to a surge in the price of oil and gas following Russia’s invasion of Ukraine.
If oil and gas projects are alleviating poverty, why hide the numbers?
Daniel Mulé
Policy lead on extractive industries and tax at Oxfam America
Speaking late last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices, accusing energy giants of “war profiteering.”
“Oil companies’ record profits today are not because they’re doing something new or innovative,” Biden said on Oct. 31. “Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.”
Together, Exxon Mobil, Chevron and ConocoPhillips reported third-quarter profits in excess of $35 billion.
“Oil and gas companies frequently point to their contributions to the tax base in producer countries as a justification for their continued operations, particularly in poor countries, but secretive tax practices make it impossible to verify whether the companies actually contribute to shared prosperity,” Oxfam America’s Mulé said.
“If oil and gas projects are alleviating poverty, why hide the numbers?” he added.
‘Let the sunlight in’
Oxfam said the tax practices of Exxon Mobil, Chevron, and ConocoPhillips create a risk for investors who want to safeguard against potential reputational damage and the possibility of “shelling out millions due to lawsuits, blocked projects, and renegotiation of fiscal terms.”
To rectify this, Oxfam called on the companies to publish reports detailing their tax practices in line with the tax standard of the Global Reporting Initiative, which includes public country-by-country reporting of financial, tax and worker information.
A report from the Tax Justice Network published earlier this month showed that public country-by-country reporting could reduce tax revenue losses due to cross-border profit shifting by at least $89 billion.
Oxfam says the oil and gas sector is recognized as a particularly high-risk sector for corporate tax avoidance — and reaffirms the point that the burning of fossil fuels is the chief driver of the climate emergency.
Chevron last month reported its second-highest quarterly profit ever.
“US extractive companies Hess and Newmont publish GRI-aligned tax reports, as do international oil companies including Shell, BP, and Total,” said Ian Gary, director of the Financial Accountability and Corporate Transparency Coalition, an international transparency advocacy group.
“Exxon, Chevron, and ConocoPhillips are seriously lagging behind their peers,” Gary said.
The resolutions were expected to be put to shareholders at Exxon Mobil, Chevron and ConocoPhillips at their annual general meetings in May next year.
“Shareholders need a full understanding of potential risks,” said Jason Ward, principal analyst at the Centre for International Corporate Tax Accountability and Research.
“Corporations should respect shareholders and lead the way to let the sunlight in,” he added.
Sony Honda Mobility has introduced its AFEELA 1 EV at the Consumer Electronics Show, finally giving a (nearly) full unveil to the car that’s expected to go on sale in California in 2026.
Sony has been teasing us with an EV project for years now, starting back in 2020 with a surprise unveil at its CES keynote. At the time, it was called the VISION-S project and we thought there was no way it would happen… but later Sony partnered with Honda, then the car got the name “AFEELA” in 2023, and a 2026 release date.
Today Sony gave us another annual update of its AFEELA vehicle, though focused its keynote less on it than it has in the past. The roughly 6 minute segment of its CES keynote dedicated to the car didn’t tell us a whole lot of new information compared to past years, but it did give us perhaps the most important information yet: pricing and availability.
The big news today is that the car will be called the AFEELA 1, and reservations are now open at $200 a pop, with a base price of $89,900 for the “Origin” trim, and $102,900 for the “Signature” trim.
Sony didn’t tell us much more about the difference between these trim levels, but there is a short rundown available on the AFEELA website. The additional $13k for the Signature trim gets you more color choices, rear screens (which you can see in our hands-on of the vehicle prototype), a camera rear-view mirror, and larger wheels.
But, perhaps more importantly, it also gets you the car a year earlier, in “mid 2026,” whereas the Origin series is only available in 2027 (strangely, the original cars will not have the origin trim).
But we may learn more later, as the site also claims that “features may vary.” This is certainly not a full spec sheet, so we’re expecting to learn more as time goes on.
In previous keynotes, Sony has touted its expertise in software and entertainment and said that that will help them make a vehicle that better integrates vehicle software to provide entertainment for passengers and guidance for drivers through its “AFEELA personal agent” and electronic drivers aids (and 45 sensors for potential autonomous driving tasks).
One of tonight’s demos included Sony Honda Mobility CEO Yasuhide Mizuno showing off Sony’s “personal agent” features by talking to the car through his phone, after which the car came out on stage, and later left stage in the same manner. Last year, Sony drove the car on stage with a PS5 controller. Sony didn’t promise that this would become a production feature, merely referring to it as a tech demo.
Sony also specified that its “personal agent” and autonomous drive features will be subscription-based, with a 3-year “complimentary subscription” included along with the car, but no information on how much it would cost after that. Sony said that this is “subject to change” – and given the negative public reaction that some car subscription fees have gotten, we think there’s a reasonable chance that change will come.
But there’s one more catch from today’s presentation: so far, reservations are only open in California.
This is something a lot of companies have done before, because California is the state with the most EVs – and also the strictest emissions rules.
Those strict emissions rules require more EV sales than many other states, so companies often choose to sell EVs in California to help offset the emissions of their other, more polluting gas vehicles. This has led to the phrase “compliance car,” referring to compliance with California’s EV rules, to describe cars that are focused more on meeting regulations than on being a serious 50-state effort by an automaker.
While Sony doesn’t have any emissions to offset, Honda does. Honda only recently started selling EVs in the US with the Prologue, which is selling quite well across many states, not just California.
So, it’s a bit weird that either of these companies would focus solely on California, as it doesn’t seem like either of them have to worry about compliance. We reached out to figure out what the timeline would be for other states, and will update you if we find out anything new.
Charge your electric vehicle at home using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*
FTC: We use income earning auto affiliate links.More.
Thomas Built Buses just launched the second generation of its Saf-T-Liner C2 Jouley electric school bus originally unveiled in 2017 – here’s what’s new.
A Smarter powertrain with Accelera’s eAxle
The second-gen Jouley is all about being more efficient, better performance, and being easier to service. At the heart of it is the 14Xe eAxle from Accelera, Cummins’ zero-emissions brand. This piece of tech combines the motor, transmission, brakes, and rear-drive gear into one compact unit on the rear axle. By ditching the traditional driveshaft, the eAxle is lighter, simpler, and more efficient. It sends power straight to the wheels, which means smoother rides, better acceleration, and improved torque.
Proterra’s 800-volt battery ramps up performance
The Jouley’s new 800-volt Proterra battery helps the bus handle steep hills, accelerate more quickly, and integrate extras like air conditioning and heating without sacrificing performance. This means it can easily handle all terrains, from flat roads to mountainous routes.
Easier to fix and keep running
Thomas Built’s next-gen electric school bus doesn’t just drive better; it’s also easier to maintain. The eAxle’s simplified design means fewer moving parts and centralized components, which cuts down on repair time and costs.
Technicians will appreciate updates like a new 12-by-12-inch floor panel, which gives direct access to high-voltage connectors without having to remove the battery packs. Plus, a relocated heating loop surge tank makes everyday maintenance even simpler. The focus here is to get buses back on the road faster.
Room for more passengers
The second-gen Jouley offers a new 219-inch wheelbase, letting it carry up to 60 passengers, a feature many operators have been asking for. The shorter eAxle also makes the bus easier to maneuver, whether it’s navigating tight school parking lots or fitting into smaller service bays.
A tech-forward driver experience
Drivers will notice the sleek new LCD digital dash, which feels more like a modern car than a traditional school bus. It displays more detailed diagnostics and operational data, with animations that make key info easy to understand. Software updates will roll out new features over time so the bus stays up-to-date without needing hardware changes.
The 219-inch wheelbase version of the Jouley is already in production at Thomas Built’s High Point, North Carolina factory, with more wheelbase options set to roll out in 2025.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. 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. They have 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 Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
For a while it seemed like a bit of a hail mary, as many thought that most of the industry was already committed to the SAE CCS standard for fast charging.
For a time, though, VW was a holdout. It wasn’t until December 2023 – half a year after Ford’s announcement – that VW committed to switching to NACS in 2025 (though really, they were just waiting for SAE’s certification of the standard, which was completed a few days prior).
Well, now we’re here in 2025, and VW says they’re ready to step up.
Today at CES, VW PR director Mark Gillies confirmed to PC Magazine that “we get access to the network in June/July, when we have an official VW adapter.”
Currently, VW isn’t even listed on Tesla’s NACS page, which mentions that Ford, Rivian, GM, Volvo, Polestar, and Nissan vehicles can all charge on Tesla’s charging network. The only manufacturer currently listed as “coming soon” is Mercedes-Benz, and generally manufacturers have spent a few months on that page before gaining access.
So this is a bit of a surprise announcement from VW, but certainly welcome. Then again, we have witnessed miscommunications in this respect before, so maybe Tesla just didn’t want to jump the gun again, like it did with Nissan. (Update: It turns out VW jumped the gun this time, as a previous version of this article quoted VW saying it will get access in March, not June).
VW’s confirmation today doesn’t specify whether its sub-brands, Audi and Porsche, would be on the same timeline. But since the three brands committed to NACS in a joint announcement, it stands to reason that they could be on the same timeline to get access and adapters.
Update: A previous version of this article stated that VW cars will get access in March, and adapters in June. It turns out, both access and adapters will come in June.
Electrek’s Take
Given that VW was one of the last manufacturers to officially adopt NACS, it’s nice to see them keeping to their timeline – and possibly beating some other manufacturers to the punch too.
This could also be a sign that we’ll start seeing more of a flood of manufacturers getting access soon. The transition is supposed to happen “throughout 2025” after all, and, well, that’s where we are. But the casual nature with which VW has confirmed this timeline suggests that perhaps this transition is really about to get on a roll.
So, look forward to having a lot more interesting sights to see at Superchargers, as the menagerie gets more varied throughout the year.
But when you’re charging at *home*, charge your electric vehicle using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*
FTC: We use income earning auto affiliate links.More.