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EIA: Crude oil demand returns faster than supply, increasing prices and reducing inventories

Green Car Congress

The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). Refineries use crude oil as a feedstock to produce petroleum products. million b/d.

Oil 417
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Marathon Petroleum, ADM to form soybean oil JV to support renewable diesel production

Green Car Congress

MPC) and ADM announced an agreement to form a joint venture for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel. When complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. Marathon Petroleum Corp.

Oil 334
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Phillips 66 taking 16% stake in synthetic graphite supplier NOVONIX; building US-based battery supply chain

Green Car Congress

Phillips 66 has entered into an agreement to acquire a 16% stake in NOVONIX Limited, an Australia-based company that develops and supplies synthetic graphite materials for lithium-ion battery anodes. This strategic investment enables Phillips 66 to directly support the development of the US battery supply chain.

Supplies 186
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Lucid launches ‘Stealth Look’ to bring new personality to Air EV

Teslarati

Lucid Group launched a new “Stealth Look” option exterior design theme for its Air electric vehicle that brings a new “darker and overtly sporting personality” to the car. It will be a $6,000 increase in price, and is not yet in production. Lucid will not be offering the Stealth Look free of charge.

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Comment on Nio reaches deal with local firm for production of SiC modules by nov22

CN EV Post

Just like BMW, NIO likes to use unique technology and innovative auto parts for maximum performance, while LI AUTO assembles its product line on mature technology and generic auto parts, just like Honda Civic. As a result, Li Auto doesn't need to worry much about supply chain because multiple supply options.

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Stellantis and LG Energy Solution to form JV for Li-ion battery production in N America; 40 GWh plant

Green Car Congress

Targeted to start by the first quarter of 2024, the plant aims to have an annual production capacity of 40 gigawatt hours. I want to warmly thank each person involved in this strategic project. Together, we will lead the industry with benchmark efficiencies and deliver electrified vehicles that ignite passion.

Li-ion 305
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Fisker and Foxconn to collaborate on EV project; start of production of Project PEAR in Q4 2023

Green Car Congress

Highlights of the proposed collaboration, codenamed “Project PEAR” (Personal Electric Automotive Revolution): Fisker and Foxconn to jointly develop a breakthrough new segment vehicle. Projected start of production is Q4 2023; this will be the second vehicle introduced by the Fisker brand, following the launch of the Ocean SUV in Q4 2022.

Fisker 243