Oil Prices April 2023
After a couple of months of steady decreases in prices for petrol and diesel at the pumps, yesterday, Oil prices around the world increased after OPEC Nations surprised markets by announcing that they would voluntarily cut production even further this year. The US quickly reacted by calling the move unadvisable, arguing the world needs lower oil prices to support economic growth.
Other non-OPEC producers said they would voluntarily cut output over the same time period. The 7,000,000 barrels per day drop is about 4% of the world’s demand. Goldman Sachs forecast a 7% jump in oil prices from May 2023.
Tesla, record deliveries after price cuts
Tesla posted record quarterly deliveries this weekend; the electric car giant delivered over 422,000 vehicles for the first three months of the year; This was up 4% from the previous quarter and more than 1/3 higher than a year ago.
Tesla’s performance was closely monitored by investors wanting to see if Musk’s gamble to cut prices in January paid off. The automaker started an industry price war when it slashed prices globally by as much as a fifth.
Worldwide sales of the Model 3 and Model Y vehicles rose 6% in the first three months of the year; compared to the previous quarter.
The carmaker broke a production record, but it still underperformed expectations. Some leading annalysts expected around 432,000 deliveries in the quarter. Analyst also predicted Tesla could now be under pressure to lower prices even further; now that rival auto makers have matched to tesla’s price cuts.
Indonesia Lowers VAT on Electric Vehicles
The current government led incentive came comes into force in April until the the end of 2023, the 10% drop from 11% to 1% VAT. It applies to BEV domestic vehicles and electric buses.
Incentive comes as Indonesia is stepping up efforts to lure investment into domestic production of EV batteries and EV,s vehicles; In an attempt to encourage manufacturers to utilise the rich reserves of Nickel; It is processed in the production of batteries.
South Korea’s Hyundai I have already started construction plans to assemble the batteries, Government officials have already talked with Tesla China’s BYD auto group. However, unregulated tin mining in parts of Sumatra are an issue and must be addressed; as EV manufacturers don’t want to have tainted supply chains.
EV Sales in India expect to hit 1.6 million units.
According to sources in New Delhi, cumulative sales of electric vehicles in India until the end of March 2023 have hit the million milestone for the first time in a fiscal year.
With a significant 154% year on year increase, there is an acknowledgement that in the face of high fuel prices, EVs are appealing to India increasing automotive market.
The two fastest growing areas in India market are the two and three wheelers, which are leading the drive towards electric sales; At the moment the two wheelers have been the most successful, accounting for 61.5% of all EV sales in India; an increase of 183% year on year.
Provinces are competing for financial assistance to increase the number of charging stations, the same issues all over the world.
Welsh EV Charging Strategy -Embarrassing.
According to the BBC, a cross party Senedd committee looking at the Welsh government plans to develop a network of charging points for Wales has been described as “embarrassing”.
In defence, the Welsh government stated; Wales has seen the biggest growth in charger and rapid charging provisions in the UK. This information apart; Wales was the worst in Great Britain there are currently 37,000 public charging devices in the UK and only 2,400 in Wales, according to the SMMT.
Currently, one rapid charger per 15,000 people in Wales compared to one in every 11,000 people in the UK as a whole.
The rural grid is one of the reasons given for the slow progress; this however, is the key to success for Wales, as it is precisely the rural nature of Wales that attracts people to the country; and also range anxiety, is at its highest when driving in the countryside. So come on Wales we need more Green traffic.