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Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022.

Anadolu Agency | Anadolu Agency | Getty Images

China and Saudi Arabia stressed the importance of global oil market stability and Riyadh’s role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping.

“The People’s Republic of China welcomed the Kingdom’s role as a supporter of the balance and stability in the world oil markets, and as reliable major exporter of crude oil to China,” said a joint statement published by Riyadh’s state-owned Saudi Press Agency.

China is the world’s largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers’ alliance.

Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The talks have so far resulted in the signing of a “comprehensive strategic partnership agreement” and 12 agreements and memoranda of understanding in topics including hydrogen, direct investment and economic development.

The two countries on Friday affirmed they will continue to “firmly support each other’s core interests,” sovereignty and territorial integrity, further pledging joint cooperation to ensure the “peaceful nature of Iran’s nuclear program” and urging Tehran’s cooperation with the International Atomic Energy Agency.

The Chinese head of state has extended an invitation for King Salman to visit China “at a mutually convenient time,” the statement said.

Xi arrived in Riyadh on Dec. 7 for a three-day visit at a time when Beijing seeks to revitalize its economy, while Saudi Arabia nurtures eastern relations after an energy policy conflict with the U.S.

Washington closed a rift with Riyadh on Dec. 6 with the District of Columbia federal court dismissal of a lawsuit against Saudi Crown Prince Mohammed bin Salman, accused with the killing of dissident U.S-based journalist Jamal Khashoggi. The decision followed a recommendation from U.S. President Joe Biden’s administration that the prince should receive sovereign immunity, after his appointment as Saudi prime minister through an exemption of Riyadh’s governing code, weeks prior.

Saudi-U.S. energy interests continue to diverge. Washington has repeatedly urged OPEC+ to release further crude supplies into the markets and ease the toll on consumers that contend with limited energy access in the wake of Russia’s Ukraine invasion and resulting sanctions. The OPEC+ October decision to reduce production quotas by 2 million barrels per day starting in November, which was upheld on Dec. 4, led to a brief war of words between U.S. and Saudi officials.

KraneShares: Xi's Saudi Arabia trip critical for China's international diplomatic relations

The timeline of China’s economic rebound frames the demand outlook in the crude markets, which remain rattled by concerns over broader global appetite for transport fuels amid mounting inflation rates and recessionary signals.

On the supply side, energy markets await further clarity on the Russian production impact of an EU ban that came in force on Dec. 5. Alongside it’s implementation was a program by the G-7 largest global economies that seeks to facilitate shipping and transport services for non-G7 Russian purchases transacted under a price cap.

The Brent crude contract for February delivery was trading at $76.13 per barrel at 11:55 a.m. London time Friday morning, down by 2 cents from the Dec. 8 settlement. The front-month Nymex WTI contract was at $71.79 a barrel, adding 33 cents from Thursday’s close price.

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Volvo announces world’s first A30 Electric articulated haul truck

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Volvo announces world's first A30 Electric articulated haul truck

Volvo CE arrived at bauma 2025 in Munich, Germany with a groundbreaking (Ha!) electric line of heavy equipment options that includes the new A30 Electric articulated haul truck – a world’s first from the Swedish equipment brand!

Volvo CE is calling its bauma display a milestone moment in sustainable innovation, raising the bar with its first-ever zero-emission only lineup at the Munich-based show.

The star of the show, hoever, is the game-changing reveal of the never-before-seen A30 Electric articulated hauler, representing the first vehicle of its kind in what is both a key industrial segment for Volvo and a world’s first for a series production BEV in its class.

“This zero-emission lineup is a marker of our commitment to drive change,” explains Melker Jernberg, President of Volvo CE. “Together with our pioneering service, solutions and updated portfolio of conventional machine variants, we show that we stand alongside our customers to support them across every stage of their journey. We show that we are committed to our ambitions, not just because we can, but because it is the right thing to do.”

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The articulated hauler segment is especially meaningful to the engineers at Volvo CE, as the company invented the class with the launch of “Gravel Charlie,” the industry’s first articulated haul truck back in 1966.

60-years since Volvo revolutionised the construction industry with the launch of Gravel Charlie, the world’s first articulated hauler, Volvo now brings its latest game-changing articulated hauler solution to the market: the A30 Electric – the world’s first battery powered articulated hauler in its class. Fully electric and zero-emissions – contributing to a significant reduction in energy costs and maintenance – the A30 Electric delivers all the unrivalled off-road performance, operator comfort and durability you expect from Volvo, ready to bring electrified hauling to a range of segments including quarrying, mining and construction.

VOLVO CE

The new Volvo A30 Electric offers a 64,000 lb. (32 ton)/23.3 cubic yard payload capacity and “full day” operation thanks to its 245 kWh li-ion battery.

In addition to the new A30 Electric haul truck, Volvo CE brought a number of new or updated models to the show. All of the equipment assets, as well as Volvo’s brand-agnostic telematics and fleet management solution, Site Operarions, can be experienced at Volvo CE’s interactive Solutions Bar all this week at bauma Munich.

Volvo CE at bauma 2025

Volvo EWR150 Electric wheeled excavator; via Volvo CE.
  • a revamped EC230 Electric excavator, which now provides a full day of operation
  • an updated compact electric range, ensuring customers are more empowered to drive down emissions while elevating business opportunities 
  • the recently upgraded PU500 Power Unit to enable rapid mobile charging of both Volvo and non-Volvo electric machines, trucks and tools
  • the newly launched EWR150 Electric, the company’s first battery-powered wheeled excavator
  • the EW240 Electric Material Handler grid-connected excavator

Electrek’s Take

We love learning more about big electric machines and the massive amounts of emissions that they don’t spit out into the places we live, work, and play in. Back in October, we interviewed Sylvie Binder from the New York City Mayor’s Office about a similar effort in NYC backed by the newly launched North American Electric Construction Coalition (NAECC) is committed to decarbonizing the construction industry.

You can check out that interview, above, then let us know what you think of Volvo’s role in decarbonizing the world’s job sites in the comments.

SOURCE | IMAGES: Volvo CE.

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Tesla stops taking Model S and Model X orders in China amid new tariffs

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Tesla stops taking Model S and Model X orders in China amid new tariffs

Tesla has stopped taking orders for its Model S and Model X flagship electric vehicles in China – seemingly in reaction to new tariffs.

In China, Tesla produces Model 3 and Model Y vehicles locally at Gigafactory Shanghai for the domestic market and some exports.

Model S and Model X are exclusively produced in the US at Tesla’s Fremont factory in California. The automaker imported the vehicles from the US into China.

Amid President Trump’s new trade wars, the US is now imposing 145% tariffs on all Chinese goods, and China responded by implementing 84% tariffs on US goods, including vehicles.

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This would almost double the cost of US vehicles imported in China, including Tesla’s Model S and Model X.

In the middle of the night, Tesla shut down its Model S and Model X online configurations in China – meaning that Chinese customers can’t place new orders for the electric vehicles.

This isn’t expected to significantly impact Tesla’s business, considering the automaker delivered just over 2,000 Model S and Model X vehicles in China in 2024.

Tesla is still selling what it has in inventory already in China. Still, after a quick inventory check, it appears to have very low new Model S inventory and virtually no Model X.

Electrek’s Take

One of the first victims of the trade war in the EV space. It kills a relatively small market of about 2,000 vehicles for Tesla in China, but those are profitable vehicles, which is not the case for most vehicles Tesla sells in the country these days.

90% of the vehicles Tesla delivers in China are Model 3 and Model Y RWD, which are low-margin vehicles that Tesla has to subsidize 0% financing on to move. It results in the automaker making little to no profit on those vehicles.

In the case of Model S/X in China, we are only talking about roughly $170 million in potential lost revenue for Tesla, but at least the company was making some profits on those.

As we previously reported, Tesla’s biggest concerns amid this trade war are the tariffs on Chinese battery cells entering the US, which support its Megapack and Powerwall energy business, and Chinese buyers turning away from American brands.

If the trade war with China escalates even more, Tesla could even start worrying about the status of its factory in Shanghai, which is a rare auto factory wholly owned by a foreign automaker in China.

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Lucid acquires Nikola’s factory, some assets, and offer jobs to workers

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Lucid acquires Nikola's factory, some assets, and offer jobs to workers

Lucid Motors has announced that it acquired some of Nikola Motor’s assets out of its bankruptcy, including its factory, and it will offer jobs to over 300 of its employees.

Nikola, a manufacturer of electric and hydrogen trucks, went bankrupt earlier this year after several tumultuous years.

Now, Lucid Motors, an electric vehicle manufacturer, has announced that it purchased some of Nikola’s assets out of a bankruptcy auction.

The company wrote in a press release:

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Lucid Group, Inc. (Nasdaq: LCID), maker of the world’s most advanced electric vehicles, today announced it has reached an agreement to acquire select facilities and assets in Arizona previously belonging to Nikola Corporation, subject to approval by the U.S. Bankruptcy Court for the District of Delaware. The transaction does not include the acquisition of Nikola’s business, customer base, or technology related to Nikola’s hydrogen fuel cell electric trucks.

In Arizona, Lucid’s Casa Grande factory, where it produces the Air and Gravity EVs, is only about 25 minutes away from Nikola’s Coolidge factory, where it used to assemble its trucks.

Lucid confirmed that it is taking over this facility and Nikola’s headquarters in nearby Phoenix:

As part of the agreement, Lucid will take over Nikola’s former Coolidge manufacturing facility (680 E Houser Rd, Coolidge, AZ), as well as the Phoenix facility (4141 E Broadway Rd, Phoenix, AZ) previously used as Nikola’s headquarters and product development center. These buildings collectively add more than 884,000 square feet to Lucid’s Arizona footprint. Most of this space is comprised of state-of-the-art manufacturing and warehousing buildings, which executes against Lucid’s prior planned expansion in Arizona. These facilities also include development equipment with extensive battery and environmental testing chambers, a full-size chassis dynamometer, machining equipment, and more.

The deal is valued at $30 million in cash and non-cash considerations.

As it takes over those facilities, Lucid plans to offer “more than 300 former Nikola employees” jobs in Arizona:

Additionally, Lucid plans to offer employment to more than 300 former Nikola employees in roles across Lucid’s Arizona facilities. These offers will encompass various technical salaried and hourly positions including manufacturing engineering, software, assembly, vehicle testing, and warehouse support as Lucid welcomes employees with strong backgrounds in EV technology and further supports its local community.

Marc Winterhoff, Interim CEO at Lucid, commented on the announcement and hinted that the new facilities and workforce would help Lucid toward bringing its next vehicle platform to production:

“As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community. We are delighted to extend employment offers to more than 300 former employees, who bring valuable industry experience, and together with our outstanding teams, will continue powering Lucid’s industry-leading innovation.”

Lucid is mainly known for the Air, a super-efficient and long-range electric luxury sedan, and it recently launched the Gravity, an SUV based on the same platform.

Now, it plans to develop a new vehicle platform to deliver smaller and cheaper vehicles.

Electrek’s Take

This makes sense. While Lucid has a lot of operations in California, they were neighbors in Arizona when it came to manufacturing operations.

It may be able to utilize some of Nikola’s manufacturing equipment and quickly put the former Nikola workers to work, reducing the bankruptcy’s impact on local employment.

Lucid has its own financial problems as it’s not yet profitable and relies on raising more capital, but it is undoubtedly in a much more solid financial situation than Nikola has been over the last few years.

Also, $30 million in cash and non-cash considerations is pretty cheap.

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