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We’ve covered plenty of tax incentives and rebates to make electric motorcycles and other EVs more affordable. But this is the first time we’ve seen a country give out EVs for free as a way to replace internal combustion engine (ICE) vehicles.

The title of the first country to make such a bold move goes to Uganda, where President Yoweri Kaguta Museveni made the announcement during his year-end national address.

According to Museveni, the government will provide electric motorcycles as a trade-in for any Ugandans currently riding ICE-powered motorcycles.

The Ugandan government won’t have to fund the large program itself, as news reports quoted the president as attributing the capital to “investors”:

We have agreed with some investors, to take away the petrol ones and give the owners the electric ones. This swap will save motorcycle operators 50% of the cost.

Those investors will reportedly be granted licenses to operate charging and battery swap stations, which would be used to recoup their investment.

zembo motorcycle
An example of a locally-made Ugandan motorcycle from Zembo

The electric motorcycles are domestically-produced Ugandan models that generally retail for around 5 million Ugandan Shillings (approximately US $1,350).

They’re commonly used by boda bodas, which are motorcycle taxis that are popular in much of Africa. Whereas in someplaces you might hail an Uber or Lyft to go meet up with friends, in Uganda, it is common to hop on the back of a motorcycle taxi and be quickly whisked to your destination (though Uber actually also operates a boda boda service in Uganda — go figure).

Many African nations have pushed to electrify these large motorcycle fleets, but Uganda’s announcement marks the single largest program yet designed to replace all ICE-powered motorcycles in a country.

In addition to the obvious environmental benefits, electric motorcycles are likely to help support the independent motorcycle taxi operators with lower operating costs. Ugandan Science and Technology Minister, Dr. Monica Musenero, put the operational cost savings as even higher than the President’s figures:

These bikes are 60% cheaper to operate than the current ones because they don’t take fuel. Charging the motorbike takes a very small fraction. They don’t have a lot of serviceable parts and the operator gets a lot more money. Because they are made here, we are taking care of safety measures and local circumstances. For example, if it is stolen, it will report to us and we will be able to switch it off. If you try to remove parts, it will report. This will enhance security of the motorcycle.

motorcycle battery charging zembo
A battery charging and swap station in Kampala, Uganda

The motorcycles are designed for urban operation and, thus, don’t have very long ranges. A single charge is capable of providing around 70 km (43 miles) of range.

For that reason, the motorcycles rely on a network of charging and battery swap stations. Companies, like Zembo, already operate over a dozen charging and swapping stations in the country’s capital of Kampala.

According to Musenero, additional stations are already going up to reach further out of town.

Three have already been set up along Masaka road in Buwama, Lukaya and Masaka city. The most expensive component of the electric motorcycle is the battery and to this, the rider doesn’t have to own the battery. They will be leasing the batteries. When running low, the rider will go to the next charging station to change it and pay some money to get another one and leave the one which is low at the station.

The model sounds somewhat similar to Gogoro’s well-known battery swapping electric scooters. Riders don’t actually own the battery but, instead, subscribe to Gogoro’s battery swapping plan that allows them to swap at local battery stations.

There are thousands of such battery swap stations in Taiwan, and Gogoro is quickly expanding the model internationally.

Motorcycle taxis are a popular means of transportation in many African countries

Museveni added that other electric vehicles will also be receiving incentives to encourage rapid electrification.

As he explained:

We are working on plans to shift to electric buses, electric cars and electric motorcycles. The shift in transport vehicles is not only in respect of motorcycles. It also involves the buses, cars, mini-buses, pick-ups, etc.

Electrek’s Take

This is an interesting way to create an incentive to replace polluting vehicles with efficient EVs. Instead of incentivizing the end customers with discounts, like we normally see in the West, Uganda is somehow incentivizing the companies that make the motorcycles and operate the battery swap stations.

It’s sort of like the old razor and cartridge model — get the razor handle for free and become a razor cartridge shopper for life. But in this case, it’s sort of a win-win-win, in that Uganda reduces pollution, motorcycle owners reduce their costs, and motorcycle/battery companies get a huge influx of customers to use their battery swapping stations.

I just hope the math works out here because it almost sounds too good to be true.

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Exxon earnings beat, increases fourth-quarter dividend

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Exxon earnings beat, increases fourth-quarter dividend

An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.

Michael M. Santiago | Getty Images

Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
  • Revenues: $90 billion, vs. $93.94 billion expected

The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.

The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.

Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.

This is a developing story. Please check back for updates.

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Chevron beats earnings expectations, returns more than $7 billion to shareholders

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Chevron beats earnings expectations, returns more than  billion to shareholders

Chevron beats earnings expectations, returns more than $7 billion to shareholders

Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.

Shares were up 2.6% in the premarket following the report’s release.

The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.

Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.

Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.51 adjusted, vs. $2.43 expected
  • Revenue: $50.67 billion, vs. $48.99 billion expected

Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.

Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.

The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.

Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.

The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.

Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.

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China’s Zeekr reports EV deliveries in October nearly doubled, clocks its best monthly numbers

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China's Zeekr reports EV deliveries in October nearly doubled, clocks its best monthly numbers

ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.

Chalinee Thirasupa | Reuters

Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.

That beat the prior record of 21,333 deliveries in September, bringing Zeekr’s total for the year to nearly 168,000.

The company has reportedly said that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.

The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.

Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.

Xpeng launched Mona M03 in late August with prices starting at $16,812.

Premium brand Nio said it delivered 20,976 cars in October, including 4,319 vehicles from its lower-priced brand Onvo, which was launched in September.

Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.

BYD and Aito had not yet released their October deliveries as of Friday afternoon.

Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.

The company only launched its first car — the SU7 — in late March.

Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.

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