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☆ Elon Musk will face intense competition if he tries to bring Tesla's full self-driving technology to China
▼ + stars: | 2024-04-29 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Elon Musk has moved closer to getting full self-driving technology approved in China, reports suggest. One local EV boss welcomed the move, saying regulators should "let a hundred flowers bloom." Tesla has moved closer to securing approval to operate its full self-driving technology in China, according to multiple reports, after CEO Elon Musk made a surprise visit to the country over the weekend. Getting FSD approved for China would be a massive win for Musk, who has bet Tesla's future on self-driving cars and robotaxis. AdvertisementMany of Tesla's local rivals are rolling out their own versions of Tesla's Autopilot, which is available in China, and full self-driving technology as competition rages in the country's EV market.

Persons: Elon Musk, Tesla, —, Elon, Musk, XPeng's, William Li, Xiaopeng, EVs, Warren Organizations: EV, Service, Huawei, Xiaomi, Weibo, Bloomberg Locations: China, Guangzhou

☆ US oil M&A jumps as private equity unloads shale assets
▼ + stars: | 2023-07-25 | by ( Gary Mcwilliams | ) www.reuters.com time to read: +2 min

HOUSTON, July 25 (Reuters) - U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals. The surge was due in part to energy focused private equity firms EnCap Investments and NGP Energy Capital selling off a combined six portfolio companies. In total, $14 billion in private equity-owned assets have changed hands this year, Enverus said. Private equity firms have moved away from oil deals, with only 10 new exploration and production firm investments this year compared to 100 per year last decade, Enverus said. Most M&A was in the top U.S. shale field as companies looked to add oil acreage, Enverus' Dittmar said.

Persons: Enverus, Andrew Dittmar, Jon Platt, Baker Botts, Dittmar, Gary McWilliams, Nick Zieminski Organizations: EnCap Investments, NGP Energy Capital, Civitas Resources, PDC Energy, Thomson Locations: U.S, Dittmar . U.S

June 20 (Reuters) - Civitas Resources (CIVI.N) said on Tuesday it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. The deal is transformative for Civitas, which until now operated solely in Colorado's Denver-Julesburg (DJ) basin. Under the terms, Civitas has agreed to purchase a portion of Tap Rock Resources' assets and all of Hibernia Energy III's operations. "Simply put, these transactions make Civitas a better company, and we see tremendous opportunity to add value in the Permian that will complement our leading oil position in the DJ basin," Civitas Chief Executive Chris Doyle told analysts. News of the deal, which Reuters was first to report on Monday, sent Civitas' shares 8% lower.

Persons: Civitas, Chris Doyle, Ben Dell, David French, Mrinalika Roy, Shilpi Majumdar, Emelia Organizations: Civitas Resources, NGP Energy Capital Management, Rock Resources, Hibernia Energy, Reuters, Thomson Locations: Colorado's Denver, U.S, Rock, DJ, Texas, New Mexico, Denver, New York, Bengaluru

☆ Civitas Resources shells out $4.7 billion for Permian assets
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

June 20 (Reuters) - Civitas Resources (CIVI.N) said on Tuesday it would acquire oil and gas operations in the Permian Basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. Under the terms of the transactions, Civitas has agreed to purchase a portion of Tap Rock Resources' Delaware Basin assets and all of Hibernia Energy III's Midland Basin assets. Both Tap Rock and Hibernia are portfolio companies of funds managed by NGP. Reuters was the first to report that Civitas was in advanced talks with NGP to buy the Permian Basin-focused assets. Plenty of tier-1 acreage still available, indicating shale oil production will grow through to the end of this decade, HSBC analysts wrote in a June 20 note.

Persons: Civitas, NGP, Chris Doyle, Mrinalika Roy, Shilpi Majumdar Organizations: Civitas Resources, NGP Energy Capital Management, Rock Resources, Hibernia Energy, Midland, NGP, Reuters, Civitas, HSBC, Thomson Locations: Rock, Delaware, Hibernia, Texas, New Mexico, Denver, Bengaluru

☆ Exclusive: Civitas Resources nears $5 bln deal to expand into Permian-sources
▼ + stars: | 2023-06-19 | by ( David French | ) www.reuters.com time to read: +2 min

The deal would transform Civitas, currently valued at $5.6 billion, expanding its operations beyond Colorado's Denver-Julesburg (DJ) basin into the lucrative Permian basin in Texas and New Mexico, considered the heart of the U.S. shale industry. Civitas is in advanced discussions with NGP to buy Hibernia Resources as well as much of Tap Rock Resources, the sources said. Civitas, NGP, Tap Rock and Hibernia did not respond to requests for comment. Hibernia, which does not disclose the level of its production, operates in the Midland part of the Permian basin in Texas. Cashing out on Tap Rock and Hibernia would help NGP with its bid to raise its 13th natural resources fund - the first flagship fund from the firm since 2018.

Persons: NGP, David French, Sonali Paul Organizations: Civitas Resources Inc, NGP Energy Capital Management, Civitas, Hibernia Resources, Rock Resources, Hibernia, Reuters, Thomson Locations: Colorado's Denver, Texas, New Mexico, U.S, Hibernia, Denver, Delaware, Midland, New York

☆ China's Xpeng expands self-driving capability to Beijing, eyes wider expansion
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 16 (Reuters) - Chinese electric vehicle maker Xpeng Inc (9868.HK) on Thursday expanded its self-driving capability to Beijing as part of the automaker's expanded launch of City NGP (Navigation Guided Pilot) across the mainland. City NGP is now available in Guangzhou, Shenzhen, Shanghai and Beijing, with plans to expand it to dozens of cities within this year, Xpeng said in a statement. Xpeng said the latest launch made the company China's first Advanced Driver Assistance System (ADAS) available in the urban areas of Beijing and applicable on the major ring roads and expressways. City NGP can be accessed on some Xpeng models including G9 Max, P7i Max, and the P5 P version, it added. Reporting by Donny Kwok; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, P7i Max, Tesla, Donny Kwok, Stephen Coates Organizations: Xpeng, HK, Thomson Locations: HONG KONG, Beijing, . City, Guangzhou, Shenzhen, Shanghai, China

☆ The messy, high-stakes world of private equity's fossil-fuel dilemma
▼ + stars: | 2023-04-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Most major private-investment firms are working to cut down on emissions their portfolio companies send into the atmosphere. It's also set targets to get three-quarters of its majority-owned power-and-energy portfolio companies' emissions that they generate directly and indirectly covered by Paris-aligned climate goals by 2025. A growing number of private-equity firms' pension-fund limited partners are under pressure themselves to either invest around environmental, social, and governance matters or shun investing through those lenses altogether. Firms' plans with their upstream investments tend to draw the most attention because they're involved in drilling for new oil and gas. If you're a private-equity firm and you continue to make new upstream investments, I don't believe you have a Paris-aligned plan.

Dallas-based NGP is working with investment banks to sell the oil producers, Tap Rock Resources and Hibernia Resources, in auction processes that are expected to kick off in the coming weeks, the sources said. Efforts to cash out on the assets come as higher energy prices boost valuations of oil producers. The oil firm could fetch NGP around $5 billion, according to the sources. Hibernia, which operates in the Midland part of the Permian basin in Texas, could be worth upwards of $2 billion, the sources added. The buyout firm, which has deployed more than $20 billion in energy investments, began raising its NGP Natural Resources XIII fund late in 2022.

☆ Xpeng expands assisted driving tech coverage to Shanghai, something Tesla doesn’t offer in China
▼ + stars: | 2023-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

SHANGHAI — Chinese electric car company Xpeng announced Friday it will be rolling out its latest assisted driving software to users in the metropolis of Shanghai, something its U.S. rival Tesla does not offer in China. Previously the technology was only available for Xpeng drivers in Shenzhen and Guangzhou. The company already offers assisted driving on highways in China. But the company has tried to make its assisted driving technology a selling point for consumers. "Tesla doesn't really pump Autopilot in China and they don't offer Full Self Driving (FSD) in China, whereas Xpeng really leaned into its NGP as a difference maker for the China market," said Tu Le, founder of Beijing-based advisory firm Sino Auto Insights.

☆ JPMorgan upgrades Philip Morris, says shares look attractive for a leader in the shift to healthier nicotine alternatives
▼ + stars: | 2023-03-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

The growth potential for Philip Morris International 's heated tobacco technology known as IQOS Iluma is prompting JPMorgan to get more bullish on shares. Analyst Jared Dinges upgraded the cigarette maker to overweight from neutral, saying the recent de-rating of the stock marks an attractive entry point for a global leader spearheading the shift to healthier alternatives to nicotine. Dinges added Philip Morris' 12-month forward price-to-earnings ratio trades below its five-year historical average. Philip Morris shares are down 6.4% year to date. Dinges lifted the bank's price target to $116 a share from $109, reflecting 22% upside from Wednesday's close.

☆ Check out the pitch deck Dandelion Energy, a green-energy company that began at Google's research division X, used to raise $70 million
▼ + stars: | 2022-11-29 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Dandelion Energy came out of a project that started years ago at X, Google's research effort. Dandelion Energy could provide a way for homeowners to defray these costs. In 2015, Dandelion Energy started as a project of what was then known as Google X, now just X, Google's research arm. Dandelion Energy has raised a total of about $136 million, according to PitchBook, from investors including LenX, the venture division of the homebuilding company Lennar, according to the company. Take a look at the pitch deck Dandelion Energy used to raise $70 million in new funding.

☆ An ex-Shopify employee used her severance to found a new startup after getting laid off with 1,000 others. Here's why that can be a smart move in a downturn.
▼ + stars: | 2022-11-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Stella Alexandrova was one of 1,000 employees laid off by e-commerce giant Shopify in July. She saw the layoff and five months of severance as an opportunity to launch a business. Alexandrova was one of 1,000 employees laid off at the e-commerce giant this summer. Shopify offered her five months of severance after being laid off, effectively "paying for me to be able to start my own thing," she said. A week after being laid off, Alexandrova started her travel app Mave to help people plan trips in minutes.

☆ Chinese EV maker Xpeng debuts most advanced semi-autonomous driving system to rival Tesla
▼ + stars: | 2022-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Chinese electric carmaker Xpeng on Monday revealed its most advanced semi-autonomous driving system as it looks to boost appeal for its vehicles amid rising competition. Xpeng took the wraps off XNGP, its latest advanced driver-assistance system, or ADAS. XNGP replaces Xpeng's Xpilot ADAS system. XNGP is Xpeng's most advanced ADAS to date. City NGP allows the car to semi-autonomously navigate complex urban environments with features such as lane switching.

☆ Chinese EV maker Xpeng launches rival to Tesla's semi-autonomous driving system
▼ + stars: | 2022-09-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The Chinese start-up announced Monday that it was piloting a feature known as City NGP, which stands for navigation guided pilot. City NGP is being trialed with some users of the premium version of it P5 sedan in the southern Chinese city of Guangzhou, where the company is headquartered, it said. City NGP was first announced last year, when Xpeng released Xpilot 3.5, the latest version of its advanced driver-assistance system, or ADAS. Charles Zhang, vice president of Xpeng, told CNBC on Monday that the pilot of City NGP brings the company "one step closer to full autonomy." Xpeng said that those trialing City NGP will need to download it via an update.

☆ XPeng Motors vice-president discusses Biden's A.I. chip curbs
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXPeng Motors vice-president discusses Biden's A.I. chip curbsCharles Zhang of XPeng Motors discusses the outlook and challenges for the company after it launched a city-level NGP (navigation guided pilot) system that can handle "complex driving scenarios" in the city.

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