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Bullboard - Stock Discussion Forum Suncor Energy Inc T.SU

Alternate Symbol(s):  SU

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 production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks... see more

TSX:SU - Post Discussion

Suncor Energy Inc > Meanwhile
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Post by Obscure1 on Aug 22, 2024 11:12am

Meanwhile

China now accounts for 1/3 of the world wide market for new auto sales. 

Three months ago, EV's made up 39% of new auto sales

In June, the EV share jumped to 51%

Last month, the EV share jumped to 55%

The transition in China is almost complete.  

I know, nobody cares about China.  After all, the west will continue to protect the dying legacy auto industry as per:  

1) Europe announced this wee that they would be slapping up to a 36% duty on Chinese made cars.  Tesla is only getting charged a 9% duty which I'm guessing has to do with European content.  Those new duties are on top of the existing 10% duty.  

2) the USA has imposed a 100% import duty on Chinese made EV's

The US election in November will induce lots of political posturing.  Job protection will be an issue, but the outcome is inevitable. The public will only put up with higher prices and lower qualtiy for so long.  In a few years $15,000 cars will be filling our roads.  Higher end cars will be $25,000 to $30,000. 

The only unknow is where will those EV's be made. 

Why do I assume they will EV's?.  Simple.  You can't make $15,000 gas powered cars with $80 per hour all-in labour costs and the outrageous costs of a dealership network. 

The new batteries powering EV's last about 5x longer than gas powered cars. EV driving expenses are about 1/8 the cost of driving gas cars if you can plug in at home. My best guess is that within 5 years, you will be able to plug in for free at work or while shopping. 

Everyone here thinks I'm nuts.  You might be right, but that doesn't change the facts or the inevitability of what is coming.  I think Suncor will be ok with its tar sands projects and refineries for  awhile yet, but what are they going to do with 1,500 gas stations?  My buddy who owns an Esso station is exiting the industry in 2027 when his leases run out.  How many more will do the same?

Comment by meritmat on Aug 22, 2024 1:40pm
Sooooooo who's going to be paying for that free power?    EV are part of the future but the tech is not there yet  lol I find it's funny that we're trying to save the world from the climate change scam......but we won't let cheap EV into the country because it might cost some votes 
Comment by Experienced on Aug 22, 2024 7:47pm
merimat....good point!! Successful politican = hypocrite
Comment by mrbb on Aug 22, 2024 3:58pm
you're very short sighted, hence why you don't brag about your past prediction because they are all underwater, you just move onto new ones and hope next one stick.  you see, it's likely some indian dude name Apu would take it over and turn it into a Kwik Mart + gas station. Changing ownership doesn't hurt IMO or SU petro sales.  
Comment by mrbb on Aug 22, 2024 4:11pm
funny i notice you had changed your spin from tesla to now chinese EVs. what happen to the next generation tesla model 2 that you were yapping about that's gonna wreck ICE sales? What happen to the cybertruck that suppose to destroy ICE truck sales? In 2019, Elon boasted $39.99k CT Then the cheapest CT went on sale for 61k, not 39.99k Now tesla no longer offer the 61k CT in their ...more  
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