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BILITI Electric has teamed up with e-commerce company JUMIA to deploy its three-wheeled electric vans for parcel delivery.

California-based commercial electric vehicle maker BILITI Electric and pan-African e-commerce giant JUMIA recently inked a partnership that will see these electric three-wheelers roll out first in Kenya.

There the electric tuk-tuks will be integrated into JUMIA’s existing fleet of delivery vehicles.

While we often see flashy new electric vehicles launching in the US or Europe, many areas of the world that often rely on smaller (and fewer-wheeled) vehicles are forced to play second fiddle.

In Africa, electrification has often leap-frogged traditional four-wheeled cars and trucks, instead targeting some of the most beneficial vehicles: two- and three-wheelers.

In this case, BILITI’s electric trikes will prove to be potent tools in helping JUMIA reduce the emissions of its delivery fleet.

Kenya is also uniquely positioned to help kickstart this type of electric vehicle adoption. In 2020, over 90% of the electricity used in the country was generated from renewable sources such as hydropower, geothermal, solar PV and wind. A year earlier, Kenya also reduced the import duty for fully electric vehicles followed by releasing a comprehensive strategy to increase the adoption of EVs.

As CEO of JUMIA Kenya Juan Seco explained:

“Leveraging technology to improve everyday lives in Africa is the first pillar of JUMIA’s sustainability strategy. We are committed to building a supply chain that will minimize the environmental impact of our operations. The introduction of these EVs to our last-mile delivery fleet of 3000+ vans is an integral milestone in our journey towards realizing our ESG objectives.”

The news comes after the successful completion of a pilot program by JUMIA, which resulted in the larger purchase of more BILITI Electric delivery vans.

And as BILITI Electric’s co-founder and co-CEO Rahul Gayam continued, it’s about saving costs as much as saving on emissions:

“We are thrilled about this partnership as JUMIA is a growing entity on its path to profitability. Last mile delivery costs account for 53% of the total cost of shipping. EVs help save on major costs compared to any internal combustion engine vehicle.”

A BILITI Electric Taskman designed for US import

The vehicles in question, BILITI Electric Taskman commercial delivery vans, are designed with large swappable battery packs.

They offer a range of 100 km (62 miles) per charge, and then the battery can be swapped out at a depot in less than a minute for a freshly charged battery.

The vehicles travel at speeds of 50 km/h (31 mph) and can carry large payloads of up to 500 kg (1,100 pounds).

Across BILITI’s entire production, the Taskman has completed over 35 million kilometers (22 million miles) and delivered over 24 million shipments around the globe.

The vehicles are currently being used by large companies such as Amazon, Walmart, BigBasket, Zomato, JioMart, Wasoko, and others. They’re currently in use in over 15 countries including the US, France, the UK, Portugual, Germany, Japan, Uganda, Kenya, Dubai, and India.

Miami, Florida residents may have even seen some blue BILITI Electric Taskmans rolling around with The Rounds sustainable home-goods delivery service after getting their US debut at last year’s LA Auto Show.

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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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