Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc. > You might not want to watch this

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Post by Obscure1on Mar 30, 2023 1:21am

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Post# 35368444

You might not want to watch this

I know, the EV guys are dreaming. ICE cars and trucks are going to be around for a generation or more. Right!

Auto sales in China now make up about 38% of the automotive industry in the world.

Many of the legacy auto makers (Volkswagen and GM for example) have been making over half of their profits from their Chinese operations for years.

EV sales in China made up 6% of sales in 2020, 15% in 2021, and 30% in 2022.

Apparently (I have yet to find confirmation of this other than what I saw in the video below), China has or is introducing new environmental rules that will take effect in July that basically make it impossible to sell new ICE vehicles in China.

There are currently 4 million ICE vehicles sitting on dealer lots in China that either have to be dumped (he is suggesting that they are selling at 40% to 50% off) in the next 3 months or get moved offshore. Compounding the problem in China is that even if you buy an ICE vehicle, it is becoming very difficult to get an ICE vehicle registered.

Unlike America, the auto dealerships in China actually own the cars on their lots and 80% of the ICE dealerships have already closed. Any ICE inventory on surviving dealership lots are being sent to auction where the only buyers will be from offshore.

The claims in the video seem hard to believe. I have been following this guy for about a year and his work has been very credible. I hope the guy is wrong in regards to timing as the effects will be felt around the world.

There is no disputing that the $1.3 trillion of assets on the balance sheets of legacy automakers are rapidly becoming worthless.

Don't believe it? Why has VW announced a $195 billion buildout of its new EV platform?
Why did Ford just split into 3 companies and is rapidly building out Blue Oval city in Tennesee?
Why did GM just offer 58,000 white collar workers a buyout with the message that if they don't take the offer, layoffs would follow.

What has this got to do with you and I in our comfortable lives in Canada? Nothing.....YET.