Fuel

The Biden administration on Dec. 13 released a federal strategy to build 500,000 charging stations for electric vehicles across the country and bring down the cost of electric cars with the goal of transforming the U.S. auto industry.

Volkswagen AG will invest 2 billion euros in a planned battery hub in Germany as part of a decision to create a dedicated company for the carmaker’s battery business.

President Joe Biden will direct federal agencies on Dec. 8 to spend billions on electric cars, clean electricity and upgraded buildings with the goal of reaching net-zero carbon emissions by 2050, the White House said.

Petroleos Mexicanos could end up spending about $1.6 billion to take over Royal Dutch Shell Plc’s Deer Park refinery, more than twice the price announced in May, even as its finances are so dismal the government is injecting billions of dollars into the state oil producer.

The Biden administration sought to thread the needle between warring oil and renewable fuel interests Dec. 7 by proposing modest quotas for the use of plant-based fuels while moving to block exemptions for dozens of oil refineries.

Pilot Co. opened a travel center location in Faucett, Mo., the company announced Dec. 6.

Tesla Inc.’s Elon Musk spoke out in opposition to President Joe Biden’s signature economic package, questioning the need for legislation that would support electric car adoption due to concerns government spending is out of control.

LG Energy Solution plans to raise as much as $10.8 billion in what would be South Korea’s biggest-ever initial public offering, defying concerns over fires involving its batteries that led to a mass recall of Chevrolet Bolt electric vehicles.

The national average price for diesel slipped 4.6 cents to $3.674 a gallon, according to Energy Information Administration data released Dec. 6.

Lucid Group Inc. disclosed it has become the latest electric vehicle maker to come under U.S. investigation following a merger with a blank-check company, sending its shares plummeting.