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California Gov. Gavin Newsom is promising to step in with a state electric-car tax credit if President-elect Donald Trump repeals a federal subsidy after he takes office next year.

Tesla didn’t disclose specifics, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.

Tesla Inc.’s post-election stock surge has more to do with market exuberance than actual improvement in the fundamentals of its business, UBS Group AG analysts cautioned in a report.

The move caps months of talks with owners, customers and creditors to find a way for Europe’s rare homegrown maker of EV batteries to continue operations.

Hexagon Agility opened an assembly and installation plant in Rialto, Calif., on Nov. 21, a move designed to double the natural gas fuel system supplier’s production capacity, it said.

Exxon has signed a preliminary agreement to provide battery metal lithium to an LG Chem plant in the U.S., strengthening the oil major’s role in the domestic critical minerals supply chain.

Still, because EVs account for a small percentage of new car sales, removing the credit would have little impact on gasoline demand.

A new Gold Rush is taking shape on a quiet stretch of Kansas prairie. There, a clutch of startups backed by the likes of Bill Gates are searching below the surface for hydrogen.

The incoming Trump administration is looking to slash fuel-efficiency requirements for new cars and light trucks as part of plans to unwind Biden policies he has blasted as an “EV mandate."