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A Rivian-backed startup developing small electric vehicles was valued at $1 billion in a new investment from Greenoaks Capital, according to people familiar with the matter.

The latest production forecast for this year represents a drop of about 50,000 barrels a day from the Energy Information Administration’s previous projections in June.

A spokesperson said the Michigan facility is on schedule to open next year and will ultimately employ 1,700 workers as the company had projected when it downsized the project in late 2023.

As one of the top expenses for trucking companies of all types and sizes, tires go a long way toward determining a motor carrier’s profitability and success.

Daimler Truck will buy back $2.34 billion of its own shares, continuing a policy of returning cash to shareholders while managing the transition to low-emission vehicles.

U.S. stockpiles of diesel products have dropped to the lowest for the time of year since 1996, while in Europe benchmark futures are signaling a tight market.

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

The Trump administration’s plan to scrap federal incentives for EVs will be a major speed bump for battery-powered transportation in the U.S., but not a brick wall, according to forecasts.

Some customers have secured the fuel their tractors need. Others parked the trucks as court proceedings play out. All continue to work the phones in search of more amenable solutions.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.