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The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by U.S. oil majors, according to a list seen by Bloomberg.

The Department of Energy terminated $7.5 billion in grants for 223 projects approved by the Biden administration including Paccar Inc.’s SuperTruck 3 program and two hydrogen hubs.

Tesla introduced new versions of its top-selling models priced at under $40,000, making its main vehicles more affordable to counteract the loss of U.S. incentives for electric cars.

Germany’s ruling coalition confirmed it will extend a tax exemption for new EVs as part of a broader effort to support the nation’s key car industry in the transition to more climate-friendly technologies.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

Car companies are stepping in to preserve discounts and smooth the sell-down of existing EV inventory after the federal EV subsidy phased out Sept. 30.

The EPA proposal published Sept. 30 applies to everything from residential air conditioning to retail food refrigeration and semiconductor manufacturing.

But work on some renewable energy projects will halt.

The elimination of a $7,500 consumer tax credit and softening of emissions rules by the Trump administration will sharply curtail EV demand in the U.S., Jim Farley said.

Tesla urged U.S. environmental regulators to maintain ambitious tailpipe emissions standards that were put in place to push the industry to sell electric vehicles in larger numbers.