Rebecca Elliott of The Wall Street Journal tells her readers that Tesla delivered about 1.81 million vehicles worldwide in 2023, hitting its full-year target, but its growth rate slowed slightly. She writes: Chinese automaker BYD for the first time topped Tesla as the world’s largest seller of electric vehicles on a quarterly basis, a sign of China’s emerging strength in the global market for battery-powered cars. BYD reported selling more than 526,000 fully electric vehicles in the fourth quarter of 2023, compared with Tesla’s sales of nearly 485,000 for the same period. Tesla … [Read more...]
World Governments Agree to Transition Away from Fossil Fuel
Matthew Dalton, Stacy Meichtry, and Sha Hua of The Wall Street Journal are reporting that the United Arab Emirates has brokered a compromise that calls for a clean energy shift to accelerate this decade. They write: More than 190 governments at the United Nations climate conference approved an agreement Wednesday calling for the world to transition away from fossil fuels, sending an unprecedented signal to the global economy that governments are intent on cutting back on coal, oil and natural gas in the fight against global warming. The deal, the result of two weeks of negotiations, calls … [Read more...]
Berkshire Hathaway vs. Pilot Corp.: A $1.2 Billion Dollar Fencing Match
Jonathan Weil of The Wall Street Journal reports that as much as $1.2 billion is at stake in an argument over a seemingly obscure accounting method between Warren Buffett and truck-stop mogul Jimmy Haslam. He writes: Warren Buffett and truck-stop mogul Jimmy Haslam are fighting over a seemingly obscure accounting method. What’s really at stake: possibly as much as $1.2 billion. Buffett of course is chairman and chief executive of Berkshire Hathaway BRK.B 0.43%increase; green up pointing triangle. Haslam, who owns the Cleveland Browns football team with his wife Dee, built his father’s … [Read more...]
New EV Rules Leave Wiggle Room for Chinese Suppliers
Andrew Duerhren reports that new requirements still likely mean fewer options for car buyers hoping to claim $7,500 tax credit for EV purchases. He writes in The Wall Street Journal: The Biden administration is moving to jolt the domestic electric-car industry out of its reliance on China. But much-awaited rules released Friday appear to leave some room for U.S. companies to work with Chinese partners. The new requirements will likely reduce the number of electric-vehicle models that consumers can buy and qualify for a $7,500 tax credit. How many vehicles are eligible will hinge on … [Read more...]
Connecticut Concedes the Fallacy of Banning Internal Combustion Engines
Connecticut Governor Ted Lamont attempted to align his state with California's unworkable goals of eliminating internal combustion engine (ICE) powered vehicle sales in the state by 2035 but has now conceded defeat after Connecticut's legislature wouldn't support the measures. Jason Cannon of CCJ Digital reports: “The tide is turning as state officials across the country wake up to the reality that California's electric-truck mandates are bad policy that carry serious political consequences," said American Trucking Associations President and CEO Chris Spear. "Technically unachievable … [Read more...]
World’s Largest Container Shipper Sued for Exploitative Pandemic Behavior
Costas Paris of The Wall Street Journal is reporting that the bankruptcy estate for Bed Bath & Beyond wants the world’s biggest ocean container mover to pay for pandemic disruptions. He writes: The bankruptcy estate of Bed Bath & Beyond has filed the largest ever lawsuit with the Federal Maritime Commission, seeking around $300 million from Mediterranean Shipping Co. for allegedly overcharging to move its cargo during the pandemic. The bankrupt retailer wants Geneva-based MSC, the world’s largest boxship operator in terms of capacity, to pay around $150 million for damages and an … [Read more...]
First Class Mail Takes Backseat to Amazon Packages
Caroline O'Donovan and Jacob Bogage of The Washington Post tell their readers that carriers who previously had delivered dozens of small parcels a day plus paper mail suddenly had to deliver between 300 and 500 boxes previously handled by UPS. First Class mail has taken the back seat to Amazon deliveries and has been delayed for days. They write: When Delbert Mikelson’s mail started showing up late — and sometimes not showing up at all — he blamed it on the opening of deer season. “I thought my carrier was out hunting,” Mikelson said over a breakfast of eggs and pancakes at … [Read more...]
Ford Tapping the Brakes with Slower EV Demand
Mike Colias of The Wall Street Journal tells his readers that Ford has restarted the construction of a battery plant it paused back in September, but downsized the scope of the project. He writes: Ford Motor F 0.20%increase; green up pointing triangle is moving forward on construction of a battery plant in Michigan but at a reduced size from original plans, citing a pullback in the outlook for future electric-vehicle demand. Ford in September paused work on the factory, in Marshall, Mich. At the time, the company said it was reassessing its ability to competitively operate the plant, … [Read more...]
Truckers Choosing Hydrogen Fuel Over Batteries
Paul Berger writes that some operators say hydrogen fuel allows trucks to drive farther and faster, but the technology is far behind the development of battery-cell electric vehicles. He continues: Jim Gillis is making a big bet on hydrogen-powered big rigs. Gillis, president of the Pacific region for Collierville, Tenn.-based IMC, will take delivery in the coming weeks of his first hydrogen electric fuel-cell Nikola trucks long before the technology is proven and a refueling network is set up. “I am always worried about first-generation technology,” said Gillis, who expects to be … [Read more...]
Canadian Pension Fund Acquires Stake in Indian Logistics’ Unicorn
Manish Singh of Tech Crunch reports that the Ontario Teachers' fund is backing Xpressbees, an Indian logistics firm. He writes: Xpressbees, an Indian logistics firm that works with several e-commerce firms in the country, has raised $80 million in a new funding round led by Ontario Teachers’ late-stage venture growth fund amid a surge in the country’s online shopping activity. The Canadian pension fund has acquired a stake in the Pune-headquartered startup at about $1.4 billion valuation, the same value at which the startup raised a Series F tranche earlier. With the latest investment … [Read more...]
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