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July 4th - A Reuters survey showed that OPEC crude oil production rebounded sharply in June, increasing by approximately 3.3 million barrels per day to 19.43 million barrels per day, a significant rebound from the more than two-decade low reached in May, but still far below quota levels. This production increase was mainly driven by the resumption of supply from Gulf countries, with Kuwait seeing the largest increase, followed by Iran, Saudi Arabia, and Iraq. Nigeria and Libya also saw slight increases in production. The UAE withdrew from OPEC on May 1st and is no longer included in the statistics. The report noted that the previous war with Iran and the de facto blockade of the Strait of Hormuz had caused supply disruptions, but the subsequent lifting of restrictions on ships at Iranian ports by the United States helped to restore some production. Although OPEC+ had planned to increase production in June, it could not be fully implemented due to the war. Overall, global crude oil supply is recovering, but has not yet returned to normal levels.Iranian Parliament Speaker Ghalibaf: The United States must "accept the established realities in the trade arena."Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.On July 4th, Labour politician Andy Burnham stated that if he succeeds Starmer as Prime Minister, he will not dissolve Parliament early and call a new general election. Instead, he will continue to implement Labours campaign promises from the 2024 general election, including maintaining the triple lock on pensions. He also outlined several policy positions: advocating for stronger regulation in the public service sector, even considering nationalization in some industries; supporting further improvements in UK-EU relations; willing to negotiate with countries including Afghanistan to repatriate rejected asylum seekers; supporting electoral reform; ensuring adequate funding for defense investment programs; and explicitly stating continued firm support for Ukraine. If the party nomination proceeds smoothly and without competition, he could become Labour leader in mid-July and subsequently become Prime Minister.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.

Toyota Lowers Troublesome Electric Vehicle Leasing Rate to Increase Demand

Aria Thomas

Oct 26, 2022 14:13

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On Wednesday, Toyota Motor (NYSE:TM) Corp. began leasing orders for its first mass-produced electric vehicle (EV) in Japan, eliminating a one-time fee to promote interest in a car that was recalled two months after its market launch.


In its home market, where consumers prefer not to worry about battery life and resale value, the bZ4X crossover is only available for leasing.


When it debuted the vehicle in May, Toyota charged a one-time application fee of 770,000 yen ($5,175) and 107,800 yen each month for the first four years of a 10-year contract.


On Wednesday, the application fee will be 385,000 yen and the monthly fee will be 1,100 yen. KINTO, the Toyota business that leases, president Shinya Kotera said early signups get a discount.


He added that the EV will be available for commercial lease starting Wednesday.


The pricing is "painful" and unlikely to boost sales, but KINTO will still make a profit, the former Toyota executive told Reuters in an Oct. 19 interview that was released Wednesday.


After discovering that quick corners and sudden braking could lose a hub bolt, the company recalled the bZ4X and stopped production two months after its sale. Production resumed October 6.


The model was the centerpiece of a late global EV plan by a corporation once lauded by environmentalists and green investors for its groundbreaking hybrid petrol-electric technology but now ridiculed for its late adoption of all-electric vehicles.


On Monday, Reuters reported that Toyota is considering a new start one year into its $38 billion electric vehicle (EV) plan to compete in a market growing faster than expected.


Due to the recall and a cautious approach to electric vehicles in a country without charging infrastructure, Kotera said Toyota would struggle to lease 5,000 bZ4X crossovers in the current fiscal year.


"I don't believe we are in an environment where people would rush at the chance to purchase the bZ4X," he said. Thus, we must persevere.

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