Energy/Automotive News Roundup

London, 24 April 2024, (Oilandgaspress): — The electric vehicle, Artificial Intelligence, power infrastructure and automation boom will drive at least 10 million metric tons of additional copper demand by 2035 Read More

Scientists have developed a battery capable of charging in just a few seconds.

A team from South Korea made the breakthrough with next-generation sodium batteries, which are both cheaper and safer than the conventional lithium-ion batteries found in smartphones and electric cars.Sodium (Na) is also 500 times more abundant than lithium, while also holding the potential for greater charge and efficiency than its Li-ion counterpart. Read More

Tesla announced details of 2,688 job cuts at its factory in Texas, where it makes the Cybertruck and Model Y cars, and another 3,332 in California. The company posted sales of £17billion for the three months to the end of March.The group delivered 386,810 vehicles in the three months to the end of March, down by more than fifth from the previous quarter and around 9 per cent less than in the same period of 2023. Profits slumped 55 per cent to £910million compared to £6.4billion a year ago. Read More

CarStore has announced plans to close 16 UK sites and cut 250 jobs.
Four remaining CarStore sites will be kept open and refranchised, while seven CarStore pods will become Evans Halshaw Direct sites. US firm Lithia Motors confirmed consultations with affected staff are already underway. Lithia agreed to buy CarStore, Evans Halshaw and Stratstone from Pendragon in last year, with the £397million takeover completing in February 2024. Read More

Elon Musk has pledged to unveil “more affordable” models to add to its popular range of electric vehicles within months as the brand sees profits slump.

Speaking on an investors call yesterday, the billionaire founder and CEO promised to deliver cheaper cars, just weeks after reports circulated that the Model 2 EV had been ditched, which Musk said would be low-cost. Tesla’s chief has tried to reposition the company, pitching it as not simply another EV manufacturer but as a leader in self-driving technology. Read More

Dana Incorporated (NYSE: DAN) announced today that its board of directors has declared a dividend on its common stock. The board declared a quarterly dividend of $0.10 per share, payable May 31, 2024, to holders of Dana common stock as of May 10. Dana will release its 2024 first-quarter financial results on Tuesday, April 30, 2024. Read More

Saab has received an order from the Swedish Defence Materiel Administration (FMV) to support future development of the Gripen system. The order is valued at SEK 540 million and pertains to work during the 2024 business year.
The order from FMV is an extension of the existing contract and enables continued development of the Gripen system for the Swedish Armed Forces and other Gripen users around the world. The order includes operation and support of test aircraft and sophisticated equipment, such as rigs and simulators, which will be used when Saab develops new future capabilities for Gripen C/D and Gripen E, as well as for upgrades of existing systems.

“Gripen is designed for continuous upgrades to meet current and future threats. Continued development requires sophisticated simulators and rigs that are easy to operate, cost-effective to maintain, and quick to adapt for new capabilities. This order ensures that Gripen will remain at the forefront for a long time to come,” says Lars Tossman, Head of Saab’s Aeronautics business area. The work will primarily be carried out at Saab’s facilities in Linköping, Gothenburg, Järfälla, and Arboga. Read More

Nissan Formula E Team is ready to take on the legendary Circuit de Monaco as the series stops off at the principality for Round 8 of Season 10, with Oliver Rowland and Sacha Fenestraz both looking for further success at the venue.

The 3.337-kilometre circuit features some of the best-known sections in world motorsport, including the Grand Hotel Hairpin, the high-speed swimming pool chicane and the tricky La Rascasse at the end of the lap. Well-known for being a difficult track to overtake on, Formula E has disproved this theory in recent seasons, although qualifying will still be an important session.

Ahead of the race, Nissan Formula E Team has released the next edition of its ‘Sounds of Season 10’ playlist – a music track that perfectly captures the culture and atmosphere of glamorous Monte Carlo. This comes as part of a special collaboration with German contemporary composer Mathias Rehfeldt for the 2023/24 season, infusing the essence of Formula E into a series of vibrant soundtracks titled “Electric Legacy”. The series reflects the diverse global nature of the Formula E calendar and will be released in localized adaptations for key race cities – all carefully crafted to reflect the cultural nuances, fan attitudes, and spirit of each unique city. You can listen to the Monaco edition, as well as previous Tokyo and Misano versions, on the full playlist hereOpens in a new tab..

The entire event takes place on Saturday 27 April, with the race set to being at 15:00 CEST (UTC +2). . Read More

U.S. Environmental Protection Agency announced the launch of the nearly $1 billion Clean Heavy-Duty Vehicles Grant Program to fund the replacement of certain polluting heavy-duty vehicles with zero-emission vehicles. Funded through the Inflation Reduction Act under President Biden’s Investing in America Agenda, EPA will award competitive grants for projects that will reduce climate and air pollution from heavy-duty vehicles, support good-paying jobs and improve air quality for communities across the country, particularly those overburdened by air pollution. The 2024 Clean Heavy-Duty Vehicles Grant Program will support the adoption and deployment of eligible Class 6 and 7 zero-emission vehicles while also funding zero-emission vehicle fueling infrastructure and workforce development and training. Across the nation, over 3 million Class 6 and Class 7 vehicles are currently in use, spanning a wide variety of vehicle types and vocations, including school buses, refuse haulers, and utility and delivery trucks. Read More

Are more owners trying to sell their Range Rovers?
There have been various reports claiming owners are trying to offload their Land Rover vehicles as soon as possible to escape unaffordable premiums.

Car selling website Motorway said the Range Rover was the most-sold car in February – ahead of more common models including the VW Golf and Mini.

But to suggest there’s a flood of these cars being advertised for sale in recent months isn’t the case.

Auto Trader, the nation’s biggest online car marketplace and leading second-hand vehicle sales website, provided February figures to This is Money that suggest there hasn’t been a dramatic increase in the number of cars advertised compared to a year ago.

In fact, there has either been a slight rise or in some cases fewer listed in February 2024 than the same month a year ago.

For instance, there were 4,853 Range Rover Sports available on Auto Trader in February 2023. In the same month this year, there were 4,991 – just 138 (2.8 per cent) more.

In the case of the full-fat Range Rover and Land Rover Discovery, there were more on sale a year ago than last month, while Range Rover Velar and Land Rover Discovery Sport numbers for sale remained relatively flat. The biggest increase in availability was the Range Rover Evoque – up from 5,800 in February 2023 compared to 6,144 last year, which is an uplift of almost 6 per cent. The data shows that availability of the modernised Land Rover Defender has grown by 12.5 per cent on the used market. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$82.98Down
Crude Oil (Brent)USD/bbl$88.14Down
Bonny LightUSD/bbl$88.87Up
Saharan BlendUSD/bbl$88.40Up
Natural GasUSD/MMBtu$1.71Down
Murban CrudeUSD/bbl$89.02Up
OPEC basket 22/04/24USD/bbl$88.17Up
At press time 24 April 2024

Baker Hughes Rig Count: : U.S. +2 to 619 Canada -14 to 1271
U.S. Rig Count is up 2 from last week to 619 with oil rigs up 5 to 511, gas rigs down 3 to 106 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 14 from last week to 127, with oil rigs down 10 to 60, and gas rigs down 4 to 67.

International Rig Count is up 13 rigs from last month to 971 with land rigs up 1 to 736, offshore rigs up 12 to 235.

The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.

RegionPeriodRig CountChange
U.S.A19 April 2024619+2
Canada19 April 2024127-14
InternationalMarch 2024971.+13
Baker Hughes


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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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