Both BP and Ferrari joined the ranks of carbon-intensive energy producers and automakers reporting bumper profits.
| The old-world economy of fossil fuels and fast cars looks to be throbbing with life, as both BP and Ferrari joined the ranks of carbon-intensive energy producers and automakers reporting bumper profits.
Only 17 per cent of the cars that Ferrari shifted were hybrid, while the rest were of the standard petrol-guzzling variety. But even as wealthy consumers spend their pandemic savings, most people in Europe are feeling the pinch from soaring energy prices, which are feeding through into extraordinary increases in the cost of household gas and electricity.
Although some analysts expect the oil price in particular to begin easing before the year’s end, BP said it expected its cash flows and balances to sustain its ambitious program of dividend increases and annual share buybacks.Despite the short-term bonanza from fossil fuel prices and demand for combustion engines, the hydrocarbon economy stalwarts were all keen to emphasise their longer-term green-transition credentials.
“It’s a bigger move than peers have made, which adds some extra risk, but nonetheless is one that’s certainly commendable,” he said. Ferrari, meanwhile, highlighted its recent announcement that it had installed a 1-megawatt solid oxide fuel cell plant and a slate of rooftop solar panels at its Maranello factory, a first step towards becoming carbon neutral by 2030.
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