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☆ Rivian secures up to $5 billion from Volkswagen, shares soar 40%
▼ + stars: | 2024-06-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian , starting with an initial investment of $1 billion. The additional $4 billion is expected by 2026. Shares of Rivian soared roughly 40% during after-hours trading Tuesday – two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses. The Detroit automaker sold a majority of its Rivian shares by 2023 after walking back a plan to codevelop EVs with the company. Rivian reported $7.86 billion in cash, cash equivalents and short-term investments to end March, with more than $9 billion in total liquidity.

Persons: Rivian, Rivian's Organizations: VW, Volkswagen, Ford Motor, Amazon, Detroit, Scout Motors Locations: California, South Carolina, Illinois, Georgia, Normal , Illinois

☆ Rivian and VW join up to design vehicle software
▼ + stars: | 2024-06-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday. The two automakers did not provide a name for the new joint venture company or name its leadership team. Rivian’s fundamental vehicle software design is expected to provide the basis for the new company’s software. The technologies designed by the company will include both the user-interface software that runs things like the entertainment system and gauges and deeper vehicle software that interacts with things like the vehicle’s motors. VW already has its own vehicle software subsidiary, Cariad, and that company will continue with its work, VW chief executive Oliver Blume said on a conference call.

Persons: CNN —, RJ Scaringe, that’s, ”, Scaringe, it’s, Oliver Blume, what’s, Blume, ” Scaringe Organizations: CNN, Volkswagen Group, VW, Volkswagen, Porsche’s, Porsche Locations: Georgia, Atlanta

☆ Cisco is 'very optimistic' about its expanding business with China EVs
▼ + stars: | 2024-06-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

DALIAN, China — Cisco is "very optimistic" about its growing business with Chinese electric car companies as they expand overseas, the company's Greater China head told CNBC on Tuesday. The EV segment is the U.S. tech giant's second-largest for the region — Cisco generates most of its revenue in Greater China from manufacturing companies, and within that, electric cars form the largest category, said Ming Wong, vice president and CEO of Cisco Greater China. Chinese EV-makers have ramped up their global expansion in the last year as domestic competition intensified. However, trade tensions have escalated, with the U.S. and likely the European Union, increasing tariffs on imports of Chinese electric cars. "At least as of now, we don't hear anything from the [EV] customers saying that, 'Oh, because of this, we need to stop investing, or we need to slow down,'" he added.

Persons: Ming Wong, Wong, It's Organizations: Cisco, CNBC, U.S, European Union Locations: DALIAN, China, U.S, Greater China, Cisco Greater China

☆ Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs
▼ + stars: | 2024-06-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at how AI could completely upend venture capitalism amid a wider shakeup for the industry . The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from). Some of the adjustments aren't novel to the VC industry. ACME Capital; Getty Images, Chelsea Jia Feng/BIThe VC industry might be doomed with or without AI. AdvertisementScott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that half of today's VC firms will shutter in the next decade .

Persons: —, VCs zentilia, Jenny Chang, Rodriguez, Insider's Ben Bergman, Ben, Long, Scott Stanford, Chelsea Jia Feng, BI's Blake Dodge, Hany Nada, Jared Siskin, Bobby Jain's, Jonathan Barton, Jain, Rebecca Zisser, OpenAI, Apple, Elif, Jeff Bezos, Robert Winnett, Will Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, ACME, Getty, ACME Capital, Stanford, BI, Madison, Conservancy, Jain, EV, Ford, European, Regulators, Anadolu Agency, Getty Images, Washington, Harvard, Leagues Locations: today's, Wall, Saudi, Saudi Arabia, Europe, Brazil, Southeast Asia, London, American, Paris, New York, Chicago

☆ Trade between the US and Germany is growing. Concerns over China might be driving the shift.
▼ + stars: | 2024-06-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Trade between the US and Germany was 63.2 billion euros in the first quarter of 2024, edging out the 60 billion euros of trade between China and Germany, according to data from the German government. AdvertisementElectric vehicles are causing riftsAutomobiles are at the center of a new dispute between China and Germany. Nearly a third of German car sales in 2023 came from China, according to Reuters, leaving the industry vulnerable to a trade war. The slump in German exports to China is a sign of vulnerability in trade relations, according to the FT. In 2022, trade between China and Germany was 50 billion euros greater than that between Germany and the US.

Persons: —, Biden, EVs, Robert Habeck, Habeck, Oliver Rakau, Martin Wolf Organizations: Service, Business, European Union, Bloomberg, European Commission, BMW, Porsche, Volkswagen, Reuters, EU, European Union Chamber of Commerce, Atlantic Council, Oxford Economics, US, Trump, Biden Locations: China, Germany, Russia, Ukraine, West, Beijing, European, materializing, Red, Europe, Brussels

☆ German automakers worried about their future in China, analyst says
▼ + stars: | 2024-06-24 | 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 EmailGerman automakers worried about their future in China, analyst saysPhillippe Le Corre, senior fellow at the Asia Society Policy Institute, discusses what to expect from China-EU talks over electric vehicle tariffs.

Persons: Phillippe Le Corre Organizations: Asia Society Policy Institute Locations: China

☆ How Chinese EV makers are slowly taking over the world
▼ + stars: | 2024-06-22 | by ( Tom Carter | ) www.businessinsider.com time to read: +14 min

Chinese carmakers accounted for 88% of the EV market in Brazil and 70% in Thailand in Q1, according to ABI Research figures. The EV markets in many of these countries are small now, but they're growing rapidly. This is because Chinese automakers are known for their ability to build electric cars for less than their foreign competitors. Australian Senator and shadow cyber-security minister James Paterson said earlier this year that Chinese EVs pose a growing cybersecurity risk. "India is still a little wary of the Chinese market," said Dylan Khoo, an analyst at ABI Research.

Persons: —, BYD, Joe Biden, Bill Russo, Susan Walsh Sam Fiorani, Luiz Inácio Lula da Silva, São Paulo, Luiz Inacio Lula da Silva, Marcel Martin, Katherine Tai, Elon Musk, SONNY TUMBELAKA, They're, Automobility, Tesla, John Keeble, James Paterson, Fiorani, Indranil Aditya, Dylan Khoo, Warren Buffett, Xpeng, William Li, HECTOR RETAMAL, America's, Russo, WuYuan Organizations: Service, Detroit, EV, Business, Research, Ford, Toyota, Volkswagen, EU, AP, AutoForecast Solutions, Brazilian Electric Vehicle Association, Great Wall Motors, Anadolu Agency, Getty, International Council, Clean Transportation, Chery, Total, China Passenger Car Association, Reuters, Honda, Mitsubishi, International Energy Agency, Federal, of Automotive Industries, SAIC, AutoForecast, BYD, SAIC Motors, India's, ABI Research, Union Locations: Camaçari, Brazilian, Bahia, Brazil, Mexico, Southeast Asia, Europe, Thailand, China, Shanghai, EU, São, Johannesburg, South Africa, Southeast Asia Southeast Asia, Malaysia, Vietnam, Indonesia, Indonesia's West Java, Philippines, Australia, Hangzhou, Queensland, India India, India, Europe Europe, Hungary, France, Spain, Portugal, South Korea

☆ Can I even buy a car? What to know about the massive auto dealer outage
▼ + stars: | 2024-06-21 | by ( Ramishah Maruf | Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

New York CNN —CDK Global is ubiquitous in the auto dealership world – its software is used at 15,000 dealers. Here’s what the CDK Global outage means for both car sellers and shoppers. Post Memorial Day, “this presents increased opportunities for vehicle sales, service and, of course, revenue. It also means that it’s time to roll out your summer Sales and Service marketing campaigns.”Can I still buy a car? Ford also said its dealerships involved in the CDK outage have alternate ways to take care of customers.

Persons: There’s, it’s, CDK, Lisa Finney, ” Finney, aren’t, Jeff Ramsey, ”, Brian Benstock, Ramsey, Ford, ” Ford Organizations: New, New York CNN, CDK Global, CNN, Service, Ourisman Auto Group, Paragon Honda, Paragon Acura, Kia, Toyota, Dodge, Lincoln Locations: New York, United States, Canada, Maryland, Long Island City , New York, Ford

☆ China has spent at least $230 billion to build its EV industry, new study finds
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China spent $230.8 billion over more than a decade to develop its electric car industry, according to analysis published Thursday by the U.S.-based Center for Strategic and International Studies. Last month, the U.S. announced it was raising duties on imports of Chinese electric vehicles to 100%. There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough. But he also noted that the U.S. has not created conditions that are as attractive as China's for developing its own electric car industry. "There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough," he said.

Persons: Scott Kennedy, Kennedy, Tesla Organizations: Workers, SAIC, GM, Future Publishing, Getty, Strategic, International Studies, CSIS, U.S, Ministry of Finance, Bank of America, Western, EV Locations: Qingdao, Shandong, BEIJING, China, U.S

☆ Teamsters President Sean O’Brien to speak at Republican National Convention
▼ + stars: | 2024-06-21 | by ( Chris Isidore | Arit John | ) edition.cnn.com time to read: +4 min

York CNN —Teamsters President Sean O’Brien will speak to the Republican National Convention in Milwaukee in July, a sign that former President Donald Trump’s campaign is hoping to peel off the support of union members from President Joe Biden. But unlike other speakers at the RNC, O’Brien’s appearance does not represent an endorsement of Trump, according to Teamsters union spokesperson Kara Deniz. O’Brien has requested the opportunity to also speak at the Democratic National Convention in Chicago in August. “Our GREAT convention will unify Americans and demonstrate to the nation’s working families they come first,” Trump wrote. “This is truly unprecedented since it will be the very first time a Teamsters General President has addressed the RNC,” she said in an email.

Persons: Sean O’Brien, Donald Trump’s, Joe Biden, Trump, Kara Deniz, O’Brien, Deniz, ” Trump, “, ” Deniz, ”, ” “, John Palmer, Biden, Sen, Markwayne Mullin, Bernie Sanders, Matt Hill, – CNN’s Gregory Krieg, Kristen Holmes Organizations: York CNN, Republican National Convention, RNC, Teamsters, Democratic National Convention, DNC, United Auto Workers, National Labor Relations Board, AFL, UAW, National Education Association, Democratic, Republican Locations: York, Milwaukee, Chicago, Lago, Oklahoma

☆ Chinese tariff retaliation a real threat to EU automakers, analyst says
▼ + stars: | 2024-06-20 | 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 EmailChinese tariff retaliation a real threat to EU automakers, analyst saysMaite Bezerra, a principal analyst for automotive at Informa, discusses the electric vehicle market in Europe.

Persons: Maite Bezerra Organizations: EU Locations: Europe

☆ I drove a Tesla for the first time. It's perfectly fine — but still left me underwhelmed.
▼ + stars: | 2024-06-19 | by ( Chris Johnston | ) www.businessinsider.com time to read: +5 min

Read previewRegular readers of Business Insider know that we write rather frequently about Elon Musk and Tesla, his electric car maker. That's because he's a fascinating character, Tesla is a fascinating company — and we know you like reading about both. I downloaded the Tesla app on my iPhone and the owner added me to his account, meaning no physical key was needed. The trunk of the Tesla Model 3 could fit quite a lot of luggage. If I had to sum it up in a sentence, it'd be this: the Tesla was just a bit boring.

Persons: —, Elon, Tesla, I'd, Elon — I'm Organizations: Service, Business, BI, Oxford, Radcliffe, UCG, Tesla, Elon, Ford Locations: Atlanta, London, America, Oxford

☆ Citroën CEO says the company is 'very much able' to compete with China's automakers
▼ + stars: | 2024-06-19 | 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 EmailCitroën CEO says the company is 'very much able' to compete with China's automakersCitroën CEO Thierry Koskas discusses the launch of the company's new C3 Aircross model and explains the impact of EU tariffs on Chinese competition.

Persons: Thierry Koskas

☆ Chinese official slams EU probe into EV subsidies as 'selective'
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"The Commission considers that the sample was selected in accordance with the WTO rules and the corresponding EU legislation in this regard," he said. "The Volkswagen Group confidently accepts the growing international competition, including from China, and sees this as an opportunity. The NDRC's Jin added that the EU anti-subsidy probe does not appear to be based off an industry or business complaint. "Consequently, the Commission has reached out to Chinese authorities to discuss these findings and explore possible ways to resolve the issues identified in a WTO-compatible manner," the EU statement said. The Biden administration in May announced it would raise tariffs on imports of Chinese electric cars from 25% to 100%.

Persons: Olof Gill, Gill, BEV, Oliver Zipse, Elon, Jin, EU's Gill, BEV producers, Biden Organizations: CNBC, WTO, Major, Volkswagen Group, EU, Volkswagen, U.K, BMW Group, BMW, SAIC, EV, EVs Locations: Union, China, Germany, Europe, Western Europe, Shanghai, EU, WTO

☆ Electric SUV maker Fisker files for bankruptcy
▼ + stars: | 2024-06-18 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Fisker, a US electric vehicle startup, said Tuesday it had filed for bankruptcy. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company. Its sole product is the Fisker Ocean electric SUV. The Ocean was also the subject of a review that month by American YouTuber Marques Brownlee titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. Fisker filed for bankruptcy Monday, choosing the common Chapter 11 route, which allows companies to try to resolve their financial problems through reorganization.

Persons: London CNN —, Fisker, American YouTuber Marques Brownlee, ”, Henrik Fisker, BYD, Tesla Organizations: London CNN, Automotive News, Hyundai, Kia, Ford, General Motors, International Energy Agency Locations: American, EVs, United States, Europe, “

☆ Top BofA auto analyst says Detroit automakers need to exit China as soon as possible
▼ + stars: | 2024-06-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The traditional Detroit automakers – General Motors , Ford Motor and Stellantis – should exit the Chinese market "as soon as they possibly can," Bank of America's top automotive analyst said Tuesday. Murphy, who has previously asked General Motors about exiting the market, said the "D3" automakers need to focus on their core products and more profitable regions. It's a prospect that would have been unthinkable for the automakers, specifically GM, just a few years ago, but the rise of local Chinese automakers such as BYD and Geely has put growing pressure on the companies. While the Detroit automakers need to rethink the way their doing business in China, Murphy said it's slightly different for U.S. electric vehicle leader Tesla . Murphy said Tesla, like Chinese companies, has a roughly $17,000 cost advantage in EV components compared to the traditional Detroit automakers to assist it in the Chinese market, allowing it to have "more room to run."

Persons: John Murphy, Murphy, Geely, Joe Biden, it's, Tesla Organizations: Automobile Works, FAW, Haima, Co, Detroit, –, Motors, Ford Motor, Bank, BofA Securities, Automotive Press, GM, Ford Locations: China, Haikou, Hainan Province, DETROIT, Detroit

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy car payments are so high right nowCar payments have skyrocketed in recent years - a result of a mix of high interest rates and high prices. But larger structural factors are too. For years customers have been clamoring for fancier cars, and automakers have raked in the profits. In the short term, rising incentives and falling prices may provide some relief. But insiders wonder what the car market will look like over the next decade.

☆ Broadcom should replace Tesla in the 'Magnificent 7,' says Interactive Brokers' Sosnick
▼ + stars: | 2024-06-17 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Broadcom's rise in 2024 is cause for the chipmaker to replace Tesla in the "Magnificent Seven," according to Interactive Brokers Chief Strategist Steve Sosnick. "Broadcom captures the whole zeitgeist of the moment right now," Sosnick told CNBC's " Squawk on the Street " on Monday. "It's an AI stock much more so. Even though Tesla might be one in the future, Broadcom is one now." AVGO TSLA YTD mountain Broadcom and Tesla stock year to date Sosnick's comments come as Tesla struggles in 2024.

Persons: Steve Sosnick, Sosnick, CNBC's, Tesla, FOMO, Hock Tan Organizations: Tesla, Interactive Brokers, Broadcom, Technology, Nasdaq

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy tariffs might not stop Chinese EVsChina makes enough cars to supply half the world's demand. And it has its eyes on the United States. President Biden slapped Chinese automakers with stiff tariffs - effectively doubling the price of a Chinese export EV, which can otherwise be as cheap as $11,500. Watch the video to learn more about how China has become one of the strongest car manufacturing countries in the world and why some insiders say the tariffs may do more harm than good.

Persons: Biden Locations: China, United States

☆ Why tariffs on Chinese EVs may not work
▼ + stars: | 2024-06-15 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

The Chinese auto sector is increasingly making global automakers and politicians hot under the collar. In the early 1980s, the Chinese auto industry barely existed. President Joe Biden last month introduced stiff tariffs on Chinese EVs, effectively doubling the list price, which can otherwise be as cheap as $11,500. The administration says Chinese firms have benefited from unfair government support, and Chinese EV imports threaten the Biden administration's big investments in EVs. But a few auto industry insiders are skeptical that tariffs will be able to hold off Chinese imports for long.

Persons: Dunne, Michael Dunne, Joe Biden, Sen, Sherrod Brown, Tesla, Elon Musk, Bill Russo, Donald Trump, Russo Organizations: Volvo, EV, Biden, Chrysler Locations: China, U.S, Sweden, EVs, Ohio, Shanghai, Beijing

☆ How Tesla Shareholders Upheld Elon Musk’s Sky-High Pay
▼ + stars: | 2024-06-14 | by ( Lily Boyce | Jason Karaian | ) www.nytimes.com time to read: +5 min

How Tesla Shareholders Upheld Elon Musk’s Sky-High PayTesla shareholders on Thursday voted to reaffirm a roughly $48 billion compensation package for Elon Musk, which was originally approved in 2018 and was nullified by a judge early this year. Mr. Musk’s pay package helped him become one of the richest people in the world. Thursday’s vote arose from a court case in Delaware, where the company is incorporated, that voided Mr. Musk’s pay package. California Public Employees’ Retirement System, or CalPERS, the largest pension fund in the United States, also opposed the pay package. The debate about Mr. Musk’s compensation raised questions about the limits of executive compensation and the accountability of Silicon Valley billionaires whose wealth gives them vast influence.

Persons: Elon Musk, Elon, Kimbal, Tesla, Musk, Eli Lilly, Nvidia Berkshire Hathaway Apple Tesla, Bernstein Organizations: Tesla, Elon, Sky, The New York, Mr, Norges Bank Investment Management, California Public, Broadcom, Chase Amazon, Nvidia Berkshire, The New York Times, Silicon, SpaceX, Fortune Locations: Delaware, United States, Texas, Austin

☆ Toyota has been rocked by a string of scandals — but analysts are unfazed
▼ + stars: | 2024-06-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan. Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them. Toyota took the crown with 10.7% market share, while Germany's Volkswagen came in second with a 6% market share. But for Toyota, the top automaker by market share in the world, the latest safety scandal is not the first time it's being investigated for false test data. In April last year, Daihatsu said it had rigged side-collision safety tests carried out for 88,000 small cars, most of those sold as Toyotas.

Persons: Akio Toyoda, Tomohiro Ohsumi, Germany's Volkswagen, that's, Toyota —, Suzuki, Toyoda, Hino Organizations: Toyota Motor Corp, Toyota, Getty, Germany's, Honda, country's Ministry of Land, Transport, Mazda, Suzuki Motor, Yamaha Motor, Corolla Fielder, Corolla, Daihatsu, Citi Locations: Tokyo, Japan, Infrastructure, Tourism

☆ Chinese automakers overtake U.S. rivals in sales for the first time, report shows
▼ + stars: | 2024-06-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Chinese brands, led by Shenzhen-based BYD, sold 13.4 million new vehicles last year, while American brands sold about 11.9 million, the data showed. Japanese brands led with 23.59 million sales. "Negligence from legacy automakers, which has resulted in consistently high car prices, has inadvertently driven consumers toward more affordable Chinese alternatives," Jato senior analyst Felipe Munoz said in the report. Brands from China have made particular inroads in emerging economies, where Jato said one in five new car sales were made last year amid increased global demand. That is more than the total sales in the U.S. or Europe during the year," said Munoz.

Persons: Felipe Munoz, Jato, Munoz Organizations: Automotive, Jato Dynamics, Brands Locations: Lianyungang Port, Jiangsu Province, China, U.S, Shenzhen, Europe

☆ Elon Musk says Tesla shareholders have re-approved his pay package worth billions that a judge struck down
▼ + stars: | 2024-06-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

New York CNN —Elon Musk said late on Wednesday that Tesla shareholders have re-approved a pay package worth billions that was already thrown out by a Delaware judge earlier this year in a vote that also approved moving Tesla to Texas. “Both Tesla shareholder resolutions are currently passing by wide margins! He famously bought social media platform Twitter for $44 billion in 2022, selling $22.9 billion of his Tesla shares to help fund that purchase. But perhaps a more serious concern among Tesla shareholders is the pioneering electric car company itself. Even with Musk’s pay package again endorsed by shareholders, the Delaware court could still have the final say.

Persons: New York CNN — Elon Musk, Musk, ”, Tesla, Chancellor Kathaleen McCormick, Antonio Gracias, Musk’s, Todd Maron, “, McCormick, ” Tesla, Robyn Denholm, Elon, ” Denholm, Cathie Wood, Ark, Ron Baron, Baron Capital, “ Elon, ’ ”, he’s, X, retweeted Organizations: New, New York CNN, Securities and Exchange Commission, SpaceX, Neuralink, Boring Company, Elon, Ark Invest, Baron, California, Fund, Twitter, Tesla Locations: New York, Delaware, Texas, Norwegian, Tesla

☆ A conservative way to get long legacy auto stocks as they rebound from EV troubles
▼ + stars: | 2024-06-13 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

Geologist M. King Hubbert developed the "peak oil" theory in the 1950s. He famously projected that U.S. oil production would peak between 1965 and 1970, which seemed accurate as U.S. oil production did peak around 1970. Hubbert's prediction about the U.S. oil production peak was largely accurate for conventional oil production. Still, global oil production has not followed Hubbert's anticipated timeline due to discoveries, technological advancements, and new extraction techniques. Hydraulic fracturing (fracking) and deep-water drilling have significantly increased oil production beyond what was initially thought possible.

Persons: M, King Hubbert, Hubbert, Hubbert's, I've, Ford Organizations: Federal Electric Vehicle, ICE, GM, Ford, Trade Locations: United States, California

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