Demand

Canada’s Suncor CEO sees electric vehicles disrupting oil demand as much as coronavirus

TORONTO (Reuters) – The shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the coronavirus pandemic, Suncor Energy Inc’s (SU.TO) chief executive said on Monday.

FILE PHOTO: Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott/File Photo

The comments are a stark prediction in an industry that frequently downplays the impact of electrification and points to forecasts of rising global oil demand to justify new investment and pipeline expansions.

Canada is the world’s fourth-largest oil producer and the sector accounts for 10.6% of the country’s gross domestic product.

“While Canadian oil and gas will remain a significant part of the global energy mix for some time, we have to take advantage of new opportunities that offer attractive growth prospects,” Suncor CEO Mark Little said in an opinion article for Canada’s Corporate Knights magazine.

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Samsung to add new memory chip line in South Korea as COVID-19 boosts demand

FILE PHOTO – The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. Picture taken January 7, 2019. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – Samsung Electronics Co Ltd said on Monday it has begun construction of a new domestic production line for NAND flash memory chips, betting on demand for personal computers and servers as the coronavirus prompts more people to work from home.

The world’s largest memory chip maker is targeting the second half of next year to mass produce the chips, used for storage, on the added line in its plant in Pyeongtaek city, which is within a two-hour drive from the capital Seoul.

Samsung said the additional capacity will also help meet demand for 5G smartphones and other devices, despite recent delays in deployments of 5G networks in Europe and other countries due to the health crisis.

While the company

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Dell beats revenue estimates as remote working lifts workstation demand

(Reuters) – Dell Technologies Inc beat analysts’ estimates for quarterly revenue on Thursday, boosted by demand for its workstations from companies moving more employees to work from home due to the coronavirus crisis.

FILE PHOTO: The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid

Revenue from client solutions group, that accounts for half of the revenue and includes desktop PCs, notebooks and tablets, rose 2% to $11.1 billion in its fiscal first quarter.

Commercial notebooks reported double-digit unit and revenue growth, while mobile workstations posted high-single-digit revenue growth, the company said.

“In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15% to 20%,” Chief Operating Officer Jeff Clarke said in a statement.

But higher spending by companies towards enabling remote work,

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Tesla cuts prices by as much as 6% in North America to boost demand

BEIJING (Reuters) – Tesla Inc (TSLA.O) has cut prices of its electric vehicles by as much as 6% in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease.

FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson

Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).

Auto retail sales in the United States likely halved in April from a year earlier, showed data from J.D. Power. However, sales in May are likely to improve due to pent-up demand and incentives offered by most carmakers, the analytics firm said.

Automakers including General Motors Co (GM.N), Ford Motor Co (F.N)

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