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After over two years of consistent coverage of Geely’s young, all-electric ZEEKR brand, I finally got the opportunity to see its first two EV models up close and take them both for a spin. As a bonus, ZEEKR also had its purpose-built EV designed for Waymo on display before first deliveries to the robotaxi startup begin.

Since its inception announcement from parent company Geely back in March of 2021, EV brand ZEEKR has held a mainstay on Electrek’s homepage for a number of reasons. For one, with a powerhouse like Geely in its corner, the company has scaled up and done so quickly, producing over 10,000 units of its flagship 001 shooting brake in a mere four months.

It only took ZEEKR 520 days to deliver 100,000 cars, a number that had already surpassed 120,000 as of June 2023. Deliveries should continue to grow as ZEEKR has now introduced a third model called the X, as well as a quad-motor performance variant of the shooting brake called the 001 FR.

Newly appointed CEO of ZEEKR Technology Europe, Giovanni Lanfranchi, joined us at the Monticello Motor Club in New York and talked us through the company’s fast-paced strategy explaining, “ZEEKR is moving faster than a very fast China.”

With two EVs already on the cusp of beginning sales in Europe and plans to expand to 70% of the continent’s markets by 2025, followed by the Middle East, ZEEKR is certainly moving fast. Its EV models are fast too, as I got to take the 001 and 009 out on the track and experience the Chinese automaker’s tech up close for the very first time. Here’s an up-close look at the 001 shooting brake inside and out.

Taking a spin in ZEEKR’s first two EV models

My first ride was in the ZEEKR 001 EV, which in my opinion, is even more sleek in person. As a shooting brake, the 001 offers a much more streamlined profile and simply looks faster than a sedan… and it probably is.

The dual motor Performance AWD version I drove goes 0-100 km/h (0-62 mph) in 3.8 seconds, has continuous damper control (CDC) and delivers 544 hp (400 kW). Pretty impressive considering the EV weighs 2.4 tons. I’ll tell you what – when you’re hitting hairpin turns and accelerating through straightaways, the 001 feels a lot lighter.

It was a joy to ride and only makes me want to experience the 001 FR even more. That will take some time as production just began, but that will happen eventually. Trust me.

Once my adrenaline briefly settled, it was onto the 009 multi-purpose vehicle (MPV). In the states, we simply call it a minivan, but there is nothing mini about this vehicle. The team told us the internet in China has actually dubbed it the “ZEEKR Tank.”

My first impression of the second EV model from ZEEKR was how low it sits, how large its side door is, and how luxurious it looks inside. As you can see from the images above, the rear seats offer some serious incline… just as long as no one large is in the third row, because it looked pretty tight back there.

My first ride was as a passenger, and although it was comfortable, the large leather seats left room to shift around. Granted, most passengers won’t be experiencing a hot lap in the 009, so they should remain relatively still, but even the front seat left room for some shifting at high speeds.

Upon driving the 009 myself, it’s clear that this is a whole new beast altogether. Even at 2.8 tons, the 009 can accelerate 0-100 km/h in 4.5 seconds, but it honestly feels a lot faster than that. Turns weren’t as tight as the 001, which made for a more “thrilling” experience, but after driving and riding in the 009, I’d like to see more of these EVs in the states because they might plow right through the “soccer mom” family car stigma minivans usually have.

The 009 is not only luxurious and comfortable, but its powerful, safe, and loaded with advanced technology. It will be interesting to see how it continues to fare in China’s MPV market and whether it makes it way over to other countries. I personally could see it as an excellent replacement for the Tahoe or Escalade as a livery vehicle.

ZEEKR also showed off its robotaxi built for Waymo

Last but not least during my East Coast visit, ZEEKR surprised us with an up-close look at its purpose-built EV that will soon make its way to Waymo, following an agreement signed back in late 2021.

Although the EV on display was a non-driving prototype, it was cool to get a glimpse of some of the technology and design cues ZEEKR is bringing to the table here. The EV is a bespoke model that will soon be shipped to Waymo, who will add its own technology to enable autonomous robotaxi rides. Essentially, ZEEKR could sell the EV to other commercial operators for different uses, this specific design however, was developed alongside Waymo.

According to ZEEKR, the prototype EVs are being built in China as we speak and will be sent to Waymo shortly. The robotaxi network plans to deploy the purpose-built EVs in five US cities to begin, including San Francisco, Phoenix, and Austin, but there is no clear timeframe on when that will happen.

The version seen above does not include a steering wheel, but the first EVs you may see on city streets will likely have them for regulatory reasons. ZEEKR said that if regulations require the steering wheel, it can add it as necessary.

While experiencing the EVs at speeds well over 100 mph was a huge perk, my first experience with ZEEKR was much more than that. The quality, technology, and plans for expansion are grounds for excitement for this young company. Its growth in a short time and its current valuation of $13 billion is cause for optimism and its support from Geely should only harden that sentiment.

There’s a lot in the works across ZEEKR’s design center in Sweden and production hub in China. Trust that I’ll stay on this beat to keep you in the loop. Hopefully I can get behind the wheel of the aforementioned X and 001 FR EVs next and report back. Stay tuned.

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Why merger mania is coming to the fore in the mining industry

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Why merger mania is coming to the fore in the mining industry

The Rio Tinto Group logo atop Central Park tower, which houses the company’s offices, in Perth, Australia, on Friday, Jan. 17, 2025.

Bloomberg | Bloomberg | Getty Images

The mining sector appears poised for a frantic year of dealmaking, following market speculation over a potential tie-up between industry giants Rio Tinto and Glencore.

It comes after Bloomberg News reported Thursday that British-Australian multinational Rio Tinto and Switzerland-based Glencore were in early-stage merger talks, although it was not clear whether the discussions were still live.

Separately, Reuters reported Friday that Glencore approached Rio Tinto late last year about the possibility of combining their businesses, citing a source familiar with the matter. The talks, which were said to be brief, were thought to be no longer active, the news agency reported.

Rio Tinto and Glencore both declined to comment when contacted by CNBC.

A prospective merger between Rio Tinto, the world’s second-largest miner, and Glencore, one of world’s largest coal companies, would rank as the mining industry’s largest-ever deal.

Combined, the two firms would have a market value of approximately $150 billion, leapfrogging longstanding industry leader BHP, which is worth about $127 billion.

Analysts were broadly skeptical about the merits of a Rio Tinto-Glencore merger, pointing to limited synergies, Rio Tinto’s complex dual structure and strategic divergences over coal and corporate culture as factors that pose a challenge for concluding a deal.

“I think everyone’s a bit surprised,” Maxime Kogge, equity analyst at Oddo BHF, told CNBC via telephone.

“Honestly, they have limited overlapping assets. It’s only copper where there is really some synergies and opportunity to add assets to make a bigger group,” Kogge said.

Global mining giants have been mulling the benefits of mega-mergers to shore up their position in the energy transition, particularly with demand for metals such as copper expected to skyrocket over the coming years.

A highly conductive metal, copper is projected to face shortages due to its use in powering electric vehicles, wind turbines, solar panels and energy storage systems, among other applications.

Oddo BHF’s Kogge said it is currently “really tricky” for large mining firms to bring new projects online, citing Rio Tinto’s long-delayed and controversial Resolution copper mine in the U.S. as one example.

“It’s a very promising copper project, it could be one of the largest in the world, but it is fraught with issues and somehow acquiring another company is a way to really accelerate the expansion into copper,” Kogge said.

“For me, a deal is not so attractive,” he added. “It goes against what all these groups have previously tried to do.”

What's behind the looming copper shortage

Last year, BHP made a $49 billion bid for smaller rival Anglo American, a proposal which ultimately failed due to issues with the deal’s structure.

Some analysts, including those at JPMorgan, expect another unsolicited offer for Anglo American to materialize in 2025.

M&A parlor games

The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. – The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)

William West | Afp | Getty Images

Analysts led by Ben Davis at RBC Capital Markets said it remains unclear whether talks between Rio Tinto and Glencore could result in a simple merger or require the breakup of certain parts of each company instead.

Regardless, they said the M&A parlor games that arose following merger talks between BHP and Anglo American will undoubtedly “start up again in earnest.”

“Despite Glencore once approaching Rio Tinto’s key shareholder Chinalco in July 2014 for a potential merger, it still comes as a surprise,” analysts at RBC Capital Markets said in a research note published Thursday.

BHP’s move to acquire Anglo American may have catalyzed talks between Rio Tinto and Glencore, the analysts said, with the former potentially looking to gain more copper exposure and the latter seeking an exit strategy for its large shareholders.

“We would not expect a straight merger to happen as we believe Rio shareholders would see it as favouring Glencore, but [it’s] possible there is a deal structure out there that could keep both sets of shareholders and management happy,” they added.

Copper, coal and culture

Analysts led by Wen Li at CreditSights said speculation over a Rio Tinto-Glencore merger raises questions about strategic alignment and corporate culture.

“Strategically, Rio Tinto might be interested in Glencore’s copper assets, aligning with its focus on sustainable, future-facing metals. Additionally, Glencore’s marketing business could offer synergies and expand Rio Tinto’s reach,” analysts at CreditSights said in a research note published Friday.

“However, Rio Tinto’s lack of interest in coal assets, due to recent divestments, suggests any merger would need careful structuring to avoid unwanted asset overlaps,” they added.

A mining truck carries a full load of coal at Glencore Plc operated Tweefontein coal mine on October 16, 2024 in Tweefontein, Mpumalanga Province, South Africa.

Per-anders Pettersson | Getty Images News | Getty Images

From a cultural perspective, analysts at CreditSights said Rio Tinto was known for its conservative approach and focus on stability, whereas Glencore had garnered a reputation for “constantly pushing the envelope in its operations.”

“This cultural divide might pose challenges in integration and decision-making if a merger were to proceed,” analysts at CreditSights said.

“If this materializes, it could have broader implications for mega deals in the metals [and] mining space, potentially putting BHP/Anglo American back in play,” they added.

— CNBC’s Ganesh Rao contributed to this report.

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Go West, young brand – GreenPower Motor Company sells 11 more BEAST buses

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Go West, young brand – GreenPower Motor Company sells 11 more BEAST buses

GreenPower Motor Company says it’s received three orders for 11 of its BEAST electric Type D school buses for western state school districts in Arizona, California, and Oregon.

GreenPower hasn’t made the sort of headline-grabbing promises or big-money commitments that companies like Nikola and Lion Electric have, but while those companies are floundering GPM seems to be plugging away, taking orders where it can and actually delivering buses to schools. Late last year, the company scored 11 more orders for its flagship BEAST electric school bus.

As far as these latest orders go, the breakdown is:

  • seven to Los Banos Unified School District in Los Banos, California
  • two for the Hood River County School District in Hood River, Oregon
  • two for the Casa Grande Elementary School District in Casa Grande, Arizona

Those two BEAST electric school buses for Arizona will join another 90-passenger BEAST that was delivered to Phoenix Elementary School District #1, which operates 15 schools in the center of Phoenix, late last year.

“As school districts continue to make the change from NOx emitting diesel school buses to a cleaner, healthier means of transporting students, school district transportation departments are pursuing the gold standard of the industry – the GreenPower all-electric, purpose-built (BEAST) school buses,” said Paul Start, GreenPower’s Vice President of Sales, School Bus Group. “(The) GreenPower school bus order pipeline and production schedule are both at record levels with sales projections for (2025) set to eclipse the 2024 calendar year.”

GreenPower moved into an 80,000-square-foot production facility in South Charleston, West Virigina in August 2022, and delivered its first buses to that state the following year.

Electrek’s Take

GreenPower electric school buses
BEAST and NanoBEAST; via GreenPower Motor Company.

Since the first horseless carriage companies started operating 100 years ago (give or take), at least 1,900 different companies have been formed in the US, producing over 3,000 brands of American automobiles. By the mid 1980s, that had distilled down to “the big 3.”

All of which is to say: don’t let the recent round of bankruptcies fool you – startups in the car and truck industry is business as usual, but some of these companies will stick around. If you’re wondering which ones, look to the ones that are making units, not promises.

SOURCE | IMAGES: GreenPower Motors.

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Harbinger electric truck brand gets real with $100M Series B funding raise

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Harbinger electric truck brand gets real with 0M Series B funding raise

While some recent high-profile bankruptcies have cast doubt on the EV startup space recently, medium-duty electric truck maker Harbinger got a shot of credibility this week with a massive $100 million Series B funding round co-led by Capricorn’s Technology Impact Fund.

It’s been a rough couple of weeks for fledgling EV brands like Lion Electric and Canoo, but box van builder Harbinger is bucking the trend, fueling its latest funding round with an order book of 4,690 vehicles that’s valued at nearly $500 million. Some of the company’s more notable customers including Bimbo Bakeries (which owns brands like Sara Lee, Thomas’, and Entenmann’s) and THOR Industries (Airstream, Jayco, Thor), which is also one of the investors in the Series B.

Other prominent investors include Tiger Global, the Coca-Cola System Sustainability Fund, and ArcTern Ventures.

As for what makes Harbinger such an attractive investment prospect, Dipender Saluja, Managing Partner of Capricorn Investment Group’s Technology Impact Fund explains that, “Harbinger has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies … the market has been impressed by their ability to develop large portions of the vehicle in-house to drive down unit costs, while remaining capital efficient.”

The company plans to use the funds to ramp up to higher-volume production capacity and deliver on existing orders, as well as build-out of the company’s sales, customer support, and service operations.

“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform,” said John Harris, co-founder and CEO. “These funds catalyze significant revenue generation. We’ve developed a vehicle for a segment that is ripe for electrification, and there is a strong product/market fit that will help fuel our upward trajectory through 2025 and beyond.”

The company has raised $200 million since its inception in 2021.

SOURCE | IMAGES: Harbinger.

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