Chevron Infamous in EV World

Chevron Corporation (NYSE: CVX) is Infamous in the EV world

Chevron is currently on EV.com’s Infamous list for two reasons:

(1) Chevron is currently squelching all access to large NiMH batteries through its control of patent licenses in order to remove a competitor to gasoline (hybrid and electric vehicles). These actions culminated in a lawsuit against Panasonic and Toyota over production of the EV-95 battery used in the Toyota RAV4 EV, in which they were able to not only get out of previously agreed upon licensing contracts made by a company they purchased, but were awarded funds as well thus unduly damaging the EV manufacturing participants. However, the Lithium-ion battery finally appears to be slowly making up for this despite Chevron’s best efforts, however, at a much higher price, thus still hindering the introduction of electric vehicles (EVs).

(2) Chevron’s participation in the Great American Streetcar Scandal

In 1950, Chevron then “Standard Oil” along with General Motors and Firestone were charged and convicted of criminal conspiracy for their part in the Great American streetcar scandal. The scandal included purchasing streetcar systems throughout the United States then dismantling and replacing them with buses, in order to increase their sales of petroleum, automobiles and tires.

Chevron Corporation (NYSE: CVX) was founded in 1879 as Standard Oil of California, and is an American multinational energy corporation, as of 2010 annual revenue was $204.928 billion USD and employed 62,000 employees.

Headquartered in San Ramon, California, and active in more than 180 countries, it is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world’s six “supermajor” oil companies. For the past five years, Chevron has been continuously ranked as one of America’s 5 largest corporations by Fortune 500.