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☆ Why are luxury brands waging war on the ‘upcycled’ clothing market?
▼ + stars: | 2024-05-13 | by ( Sarah Kent | ) edition.cnn.com time to read: +10 min

Editor’s Note: This article was originally published by The Business of Fashion, an editorial partner of CNN Style. The design was upcycled from vintage Chanel scarves by stylist Logan Horne, whose brand, J. Logan Home, specializes in refashioning heritage luxury accessories. Fashion brands' legal claims are varied but ultimately boil down to concerns that third parties are free-riding on brands’ valuable IP in ways that could risk confusing consumers, eroding primary sales and tarnishing or diluting carefully cultivated marks. Some big brands, like Prada, Gucci and indeed Levi’s, have already dabbled with upcycling collections and programs of their own. These days, she says she’s having about a conversation a week with brands interested in exploring collaboration, but the industry moves slowly.

Persons: Travis Kelce, Logan Horne, Logan, Webster, They’ve, Chanel, Horne, ”, Susan Scafidi, J, Logan Home’s, Christian Vierig, Louis Vuitton, Levi’s, Jeremy Moeller, Irene Calboli, ” Chanel, des, Batsheva Hay, Monica Schipper, “, Hay, upcycling, I’m, Prada, Gucci, Anna Foster, Gabriela Hearst Organizations: The, Fashion, CNN, NFL, Dua, Law, Paris Fashion, Business of, “, Getty, Logan Home, Texas, M University, Fashion Trust, Business of Fashion, Industry Locations: New York, Texas, Beverly Hills , California, India, Europe

☆ Volkswagen profit drops 20% in first quarter on lower sales
▼ + stars: | 2024-04-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: 1 min

A man polishes a Volkswagen ID GTI Concept car on display at the International Motor Show (IAA) in Munich, southern Germany, on Sept. 5, 2023. German carmaker Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales. Operating profit came in at 4.6 billion euro ($4.9 billion) in the first three months of 2024, the company said, citing lower sales and higher fixed costs as key factors. This is a breaking news story and will be updated shortly.

Organizations: Volkswagen Locations: Munich, Germany

☆ Amazon CEO Andy Jassy says he's committed to cost cutting while investing in AI in shareholder letter
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +41 min

This work diminished short-term revenue, but was best for customers, much appreciated, and should bode well for customers and AWS longer-term. We're also making progress on many of our newer business investments that have the potential to be important to customers and Amazon long-term. Being intentional about building primitives requires patience. Customers building their own FM must tackle several challenges in getting a model into production. Customers' AI models contain some of their most sensitive data.

Persons: Andy Jassy, Jassy, Jeff Bezos, he's, we've, Martha Stewart, Clinique, we're, We've, bode, We're, I've, iterating, We'd, we'd, Fox, affordably, you've, They're, Anthropic, that's, Claude, Dana, debugs, Slack Organizations: Amazon, Services, AWS, Deal, Prime, MGM, Savings, Regions, Citadel, Target, Storage Service, Netflix, Disney, Max, Paramount, CIA, . Intelligence, Amazon Freight, Carrier, Amazon Shipping, Foods, Drones, Amazon Pharmacy, Amazon Clinic, Robotics, Nvidia, Ricoh, NatWest, FMs, Meta, Bridgewater Associates, Farber Cancer Institute, Delta Air Lines, Intuit, KT, Lonely, LexisNexis, Netsmart, Pfizer, PGA, Rocket Companies, Siemens, Media, Inc Locations: North America, U.S, Europe, India, Brazil, Australia, Mexico, Middle East, Africa, Malaysia, New Zealand, Kingdom of Saudi Arabia, Thailand, Berlin, Hulu, Amdocs, Genomics England, GoDaddy, GenAI

☆ The first Apple computer you can buy directly from Walmart is a $700 MacBook Air
▼ + stars: | 2024-03-15 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Walmart is selling Macs directly for the first time, starting at $700 for a MacBook Air. The MacBook Air with an M1 chip is arriving after Apple revamped its laptop lineup. AdvertisementFor the first time, Walmart is selling Apple laptops directly, with the MacBook Air (with an M1 chip) available at a cool $700. AdvertisementAs a result, Apple discontinued its M1 MacBook Air — the one arriving at Walmart. Walmart has previously sold Apple products — including iPhones, iPads, and Apple Watches — but never Macs.

Persons: —, Julie Barber Organizations: Walmart, MacBook Air, Apple, Service, MacBook, Air

Vizio would no doubt love to reclaim its spot, but the brand's new Quantum Pro 4K QLED TV (VQP65C-84) won't get it there. The Quantum Pro has its advantages, including impressive off-axis viewing and competitive gaming and motion response via its 120Hz panel. Vizio 65-inch Quantum Pro QLED 4K TV Vizio's Quantum Pro is a solid midrange 4K QLED TV with impressive viewing angles for its class. Ryan Waniata/Business InsiderMoving the Quantum Pro from the box to your TV console is relatively simple. Ryan Waniata/Business InsiderGaming with the Quantum Pro is mostly a good time, especially for brighter titles like "God of War: Ragnarok."

Persons: Vizio, Hisense, it's, Ryan Waniata, U7K, Harry Potter, there's, that's, There's, isn't Organizations: Business, Google, Quantum, Shop, Walmart, Dolby, Samsung, Sony, SmartCast, Alexa

☆ Bud Light boycott likely cost Anheuser-Busch InBev over $1 billion in lost sales
▼ + stars: | 2024-02-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The world’s largest brewer may have lost as much as $1.4 billion in sales because of the backlash to its brief partnership with a transgender influencer to promote Bud Light beer. Anheuser-Busch InBev (BUD) reported record revenues for 2023 Thursday but said its “full growth potential was constrained” by its US business, where sales were hurt by a boycott of Bud Light over a sponsored Instagram post with Dylan Mulvaney. In North America, organic revenue, seen as the best measure of operating performance, plunged $1.4 billion last year as beer sales by volume tumbled in the region, primarily due to a decline in Bud Light sales in the United States. Bud Light sales tanked after the company’s partnership with Mulvaney sparked an anti-trans backlash and calls for a boycott. The firestorm saw Mexican lager Modelo Especial dethrone Bud Light last May as America’s top-selling beer, a title the brand had held for more than two decades.

Persons: BUD, Bud Light, Dylan Mulvaney, Beer, Mulvaney, Bud, Aarin, Hargreaves, ” Organizations: London CNN, Bud, Anheuser, Busch InBev, Bud Light, Modelo, “, Teamsters, InBev, InBev’s, Budweiser Brewing Company Locations: North America, United States, InBev’s Asia, Hong Kong, South Korea, China

☆ 5 Costco items that are always worth buying—one $10 deal can 'easily feed a family of 4'
▼ + stars: | 2024-02-04 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Note that prices can vary between Costco stores, and that in-store prices tend to be cheaper than what's found online. You also need an annual membership to shop at Costco stores, which can factor into how much you save. Ramhold recommends the four-pound package of Kirkland Signature Premium Sliced Bacon, which can be found for $15.29, she says. Costco's gas prices tend to be cheaper than what you'll find at nearby gas stations. Just be aware that Costco gas stations are popular, so long lines are common, especially on weekends or just before and after work hours on weekdays.

Persons: Julie Ramhold, Bacon Costco, Ramhold, there's, Costco's Kirkland, That's, Bell Organizations: Costco, Signature, CNBC, Kirkland, Walmart, New York Costco Locations: New York

☆ Exclusive-BDT & MSD Partners Explores $5 Billion Sale of Alliance Laundry-Sources
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Anirban Sen(Reuters) - Merchant bank BDT & MSD Partners, the owner of Alliance Laundry Systems, is exploring a sale of the U.S. laundry equipment manufacturer that could value it at nearly $5 billion, including debt, according to people familiar with the matter. BDT & MSD Partners, Alliance Laundry, and Morgan Stanley declined to comment. It supplies laundry systems to U.S. military facilities, laundromat chains, hotels, long-term healthcare facilities and clinics, restaurants, fire stations, residential apartments, and other businesses across sectors. In 2015, Ontario Teachers’ Pension Plan sold its majority stake in Ripon, Wisconsin-based Alliance Laundry to BDT Capital Partners, prior to its merger with MSD Partners. BDT & MSD Partners is run by former Goldman Sachs alumni Trott and Gregg Lemkau.

Persons: Anirban Sen, Morgan Stanley, Michael, Byron, Primus, Goldman Sachs, Trott, Gregg Lemkau, Silver, Armour, Shari Redstone, Chizu Nomiyama Organizations: Reuters, Merchant, MSD Partners, Alliance Laundry Systems, Alliance, Laundry, BDT Capital Partners Locations: Ontario, Ripon , Wisconsin, New York

☆ 12 tricks to make your cheap furniture look more expensive, from interior designers
▼ + stars: | 2024-01-26 | by ( Sophia Mitrokostas | ) www.businessinsider.com time to read: +6 min

Business Insider spoke with interior designers about hacks for upgrading cheap furniture. AdvertisementBusiness Insider asked interior designers to share their favorite ways to make cheap pieces look more expensive. Reupholster your cheap furniture in a nicer fabricReupholstering is a fairly simply DIY project. "You can swap out those generic handles or pulls with more aspirational options that will cost less than an entirely new piece of furniture," Stransky told BI. AdvertisementPaint your old furniture for a fresh lookA fresh coat of paint can elevate a piece of furniture.

Persons: —, Alexandra, Kim Depole, Xi Bai, Depole, Kateryna, Shutterstock Anthony Stransky, Anthony Charles, Nataliia, Stransky, Andy Dean Organizations: Service, Harper, Anthony Charles Interiors

☆ Champagne sales fizzle after hitting Covid-era record highs
▼ + stars: | 2024-01-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Champagne sales have lost some of their pop in 2023 following a few record-breaking years of sales spurred by the end of Covid-19 lockdowns. That marks nearly a return to pre-Covid levels in 2019, when 297.3 million bottles were shipped. During its peak in 2022, sales soared by 33%, when 325 million bottles were shipped. The name Champagne is exclusively reserved for wines harvested and produced by 16,200 growers on 34,300 hectares northeast of Paris. This cost France a total of roughly $2 billion in sales, a recent report said.

Persons: Comité, “, David Chatillon, LVMH Moët Hennessy, Dom Pérignon, CNN’s Anna Cooban Organizations: New, New York CNN Locations: New York, Covid, Champagne, France, Paris

Indeed, studies show that drinking alcohol is less in vogue with younger millennials and Gen Z. Mounting concern around weight loss drugs GLP-1 drugs, which mimic the action of the glucagon-like peptide-1 hormone and stimulate insulin secretion after a meal, lower blood sugar and send feeling of fullness to the brain. What's more, GLP-1 drugs are an overwhelmingly American topic, with most Europeans unaware of them or unwilling to pay high prices. In total, GLP-1 users are only a very small slice of total alcohol consumers, said Spiros Malandrakis, lead alcohol industry researcher at Euromonitor International. The most vulnerable purveyors are those that are trailing the shift in consumption, notably domestic, non-premium beer brands.

Persons: Katie Pell, Pell, wasn't, millennials, Eli Lilly's Mounjaro, Goldman Sachs, Jason English, Nadine Sarwat, Bernstein, Sarwat, Spiros Malandrakis, —, BUD YTD, who'd, Mickey Velado, Brian Sudano, Nell Healy, Healy, she's, Malandrakis, Ryan Brigden, Brigden, Sudano, Joseph Gabelli, Gabelli, Z, there's, it's, Garrett Nelson, They've, seltzer, Nelson, Molson Coors, Bud, he's Organizations: Gallup, Drugs, Nordisk's Ozempic, JPMorgan, CNBC, Euromonitor, Anheuser, Busch Inbev, Beverage Marketing, Constellation, Guinness, Corona, Heineken, Athletic Brewing Company, Heineken Holding, Carlsberg, Constellation Brands, Malandrakis, Beverage, Gabelli, Diageo, Molson Coors, Busch InBev, Molson, Anheuser Busch Locations: Brooklyn, U.S, GLP, imbibing, Angeles, Colorado, Washington, California, North Carolina, San Francisco Bay, Europe, British, Brazil, India

☆ Here were the biggest winners and losers from Black Friday
▼ + stars: | 2023-11-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Despite the seeming rush to shop, this Black Friday ushered in moderately higher promotions over last year and mixed in-store traffic, according to some Wall Street analysts. Black Friday winners Value-focused shopping destinations seemed to win big Friday, based on annual store checks from a slew of Wall Street shops. The Black Friday shopping extravaganza also ushered in some bullish sentiment toward Shopify . Black Friday losers Not every popular retailer seemed to kick off the holiday shopping period on a strong note. While Lululemon drove strong in-store traffic, helped in part by advertising use in Black Friday markdowns, Nike and Under Armour both showed higher promotions, said Piper Sandler's Abbie Zvejnieks.

Persons: Michael Lasser, Bradley Thomas, Thomas, Kohl's, Morgan Stanley, Alex Straton, Goldman Sachs, Kate McShane, JPMorgan's Matthew Boss, Piper Sandler's Korinne Wolfmeyer, Morgan Stanley's Keith Weiss, Bhavin Shah, shouldn't, Nordstrom, Straton, Lululemon, Armour, Piper Sandler's Abbie Zvejnieks, lululemon Organizations: Adobe Analytics, UBS, Walmart, KeyBanc Capital, Dick's Sporting Goods, Body, Deutsche, Eagle Outfitters, Nike Locations: U.S

☆ Branding’s corporate titans face moment of truth
▼ + stars: | 2023-11-22 | by ( Aimee Donnellan | ) www.reuters.com time to read: +8 min

Now for the first time this century, sales volumes at the big consumer goods manufacturers are falling. In the first nine months of the year, Kraft Heinz said the quantity of its sold items declined by nearly 6 percentage points year-on-year. That’s likely to allow Nestlé, Kraft Heinz and Unilever to see flat or modest increases in 2023 sales, LSEG data shows. Earlier this year, outgoing Kraft Heinz Chief Executive Miguel Patricio said the company lost market share to a branded competitor that spent more. Unilever, Nestlé and Kraft Heinz have all pointed to a slowing of price growth in the coming year.

Persons: Kraft Heinz, Nestlé, ’, Xavier Roger, Kraft, what’s, John Furner, Miguel Patricio, Mars, ”, François, EY, George Hay, Streisand Neto, Thomas Shum Organizations: Reuters, Consumer, Kraft, Unilever, Danone, ’, United Nations, Reuters Graphics Reuters, Nestlé, Kraft Heinz, Target, Reuters Graphics, Obesity, Mondelez, Walmart, “, Thomson Locations: U.S, Europe, Australia, Norway, Chocolat, London

The German auto giant isn't alone in its struggles, according to CNBC's analysis of 10 global car brands. While Volkswagen remains by far a giant in China's car market with around 3 million vehicles sold a year, the German brand hasn't gained much traction in the electric car space. In July, the company opted to invest about $700 million into Chinese electric car start-up Xpeng to jointly develop two cars for China. Toyota , which has struggled in the market transition to electric cars, is set for its worst year of overall China sales since 2020 with about 1.8 million vehicle sales, CNBC found. Tough competitionAlthough China's new energy market is growing quickly, competition is fierce, even for domestic brands.

Persons: Evelyn Cheng, Alvin Liu, Liu, Bernstein, BYD, Tesla, Nio Organizations: CNBC, Volkswagen, Nissan, Hyundai, China Passenger Car Association, Toyota, Canalys, Honda, BYD, Tesla's, Plaid — Locations: Europe, China, North America, Evelyn Cheng BEIJING, Shenzhen, Shanghai, Beijing, German

☆ BYD’s Halloween bonanza spooks rivals
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A BYD U8 is displayed during the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato Acquire Licensing RightsHONG KONG, Oct 31 (Reuters Breakingviews) - BYD (002594.SZ), (1211.HK) is delivering a fright to its rivals. The company founded by Wang Chuanfu is expanding its portfolio of premium brands, adding new models for its flashy Denza marque. For rivals trying to compete with the $95 billion group, though, that’s scant consolation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, It’s, Wang Chuanfu, Bernstein, that’s, Katrina Hamlin, Peter Thal Larsen, Thomas Shum Organizations: Japan, REUTERS, Reuters, Overseas, Investors, BYD’s, X, Vodafone, Thomson Locations: Tokyo, Japan, HONG KONG, HK, China, People’s Republic, BYD’s Shenzhen, Hong Kong, Spain

☆ A fund manager at a $250 billion firm that aims to capture megatrends shares the top 10 stocks pulled from its 12 strategies
▼ + stars: | 2023-09-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Gertjan van der Geer, a senior investment manager at the firm, describes megatrends as large social, economic, political, environmental, or technological transformations that significantly impact the economy, society, cultures, or businesses. Additionally, five criteria must be met before Pictet creates a thematic fund, van der Geer said. When it comes down to picking the right basket of stocks, van der Geer noted that a company's fundamentals are key. And there are a few things that we are looking for in these companies," van der Geer said. And one of the key ways to improve our CO2 footprint globally is to reduce the unnecessary pollution," van der Geer said.

Persons: they're, Gertjan van der Geer, Pictet, van der Geer, It's, Van der Geer Organizations: Microsoft, Apple, Pictet, Management, Premium Brands, Security, Health, Schneider, Clean Energy, Nordisk, Asml, Roper Technologies, Kla Corp, Republic Services Locations: megatrends

☆ Indian winemaker Sula not losing sleep over foreign rivals - CEO
▼ + stars: | 2023-09-15 | by ( Biplob Kumar Das | ) www.reuters.com time to read: +2 min

BENGALURU, Sept 15 (Reuters) - India's largest winemaker, Sula Vineyards (SULA.NS), is expanding its production capacity and counting on a pricing sweet spot to fend off foreign rivals in its home turf. Last year, the Indian government slashed import duties for some Australian winemakers as part of a foreign trade agreement (FTA) between the two nations. But among all the Indian wine companies, Sula has the least to fear," Chief Executive Officer Rajeev Samant told Reuters. He is counting on Sula's pricing strategy to thwart rivals. Wine consumers are getting "turned on" by the 800 rupee-plus category, he said, adding that the rise in demand for premium wines was largely limited to India's big cities.

Persons: Rajeev Samant, Samant, Grover Zampa, Biplob Kumar Das, Dhanya Skariachan, Gerry Doyle Organizations: Reuters, Grover, Diageo, Spirits, Heineken, United Breweries, Thomson Locations: BENGALURU, Sula, India, Mumbai, Bengaluru

☆ Acura is late to the EV party — but its first electric SUV looks like a winner
▼ + stars: | 2023-08-17 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX. The 2024 Acura ZDX.

Persons: Mercedes, Tesla, Lexus's Organizations: Acura, Cadillac, BMW, Audi, Mercedes, Morning, Elon, General Motors, Honda, EV, Acura Acura, Google, Tesla Locations: fashionably

☆ Campbell Soup Company buys Sovos Brands, maker of Rao’s for $2.7 billion
▼ + stars: | 2023-08-07 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

New York CNN —Iconic canned soup company Campbell is expanding its reach in the Italian food market. Campbell (CPB) announced Monday that it would acquire Sovos Brands, maker of the popular Italian food brands like Rao’s sauces and Michael Angelo’s frozen entrees, as well as noosa yogurt, in a deal worth $2.7 billion. But Campbell said Rao’s sauces attract a different consumer set than Prego’s. “Rao’s is the premium, market-leading sauce and it strengthens and diversifies our Meals & Beverages portfolio, complementing the core, mainstream portfolio,” the company told CNN. Sovos Brands founder and head Todd Lachman called the acquisition a “momentous occasion.”“We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand,” he said in a statement included in Campbell’s news release.

Persons: Campbell, Angelo’s, “ We’re, ”, Mark Clouse, Rao’s, Michael Angelo’s, Todd Lachman Organizations: New, New York CNN, Campbell, Sovos Brands, Beverages, CNN, “ Locations: New York, noosa, “ noosa

☆ How America fell out of love with ice cream
▼ + stars: | 2023-07-16 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +9 min

Ice cream is “the ultimate comfort food.”Drinkers swapped a pint for a scoop, and for ice cream makers, Prohibition was a boon. “In fact they say that the ice cream business is bound to increase in volume from year to year as more people are using ice cream since the coming in of nation-wide prohibition and the going out of the saloon.”The interest in ice cream continued in World War II, buoyed by the government’s use of the frozen dessert to help boost morale. Margaret Bourke-White/The LIFE Picture Collection/Shutterstock“We built pop-up ice cream factories on the front lines, delivered individual ice cream cartons to foxholes and spent more than a million dollars on a floating ice cream barge that patrolled the Pacific delivering ice cream,” Siegel said. Scoops of Falooda ice cream are placed on top Blueberry Lavender ice cream at Pints of Joy in Sunnyvale, California. Today, she teaches aspiring ice cream entrepreneurs how to make ice cream.

Persons: Earl Leaf, Michael Ochs, Baskin Robbins, —, Matt Siegel, ” Siegel, Yuengling, ”, Margaret Bourke, “, Siegel, John Robbins, Robbins, Burt Baskin, Robbins ’, ” Robbins, Robbins “, Deepak Chopra, Marianne Williamson, Lucas Fuess, Richard B, Levine, Levine Roberts, Fuess, John Crawford, “ There’s, Circana, Aric Crabb, Talenti, Earl Grey, ” Crawford, Bryan Olin Dozier, Deborah Lee Organizations: New, New York CNN, US Department of Agriculture, Michael Ochs Archives, Food, Anheuser, Busch, Manufacturers, Cream, Baskin, New York Times, Rabobank, MediaNews, East Bay Times Locations: New York, NY, American, USS Maryland, Chicago , Illinois, Circana, Joy, Sunnyvale , California, Van Leeuwen, North Carolina

☆ RBC: Nike should have a strong earnings print due to markdowns and promotional activity
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBC: Nike should have a strong earnings print due to markdowns and promotional activityPiral Dadhania, Executive Director of European Luxury & Premium Brands at RBC Capital Markets, discusses what to expect from Nike earnings.

Organizations: RBC, Nike, European, Premium Brands, RBC Capital Markets

☆ Aston Martin pulls out of slow lane in EV race
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, –, Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson

☆ New technologies hurt car quality as EV brands fare poorly, J.D. Power says
▼ + stars: | 2023-06-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Power's Initial Quality Study released Thursday. "The automotive industry is facing a wide range of quality problems, a phenomenon not seen in the 37-year history of the [Initial Quality Study]," said Frank Hanley, senior director of auto benchmarking at J.D. The 2023 Initial Quality Study found industry-wide problems per 100 vehicles rose by 12 to 192, on average. The top mass-market brands for initial quality were Dodge, Ram and Buick. The company conducts separate surveys to rank brands by long-term dependability, the appeal of their new vehicles' features and car buyers' purchasing experiences across brands.

Persons: Frank Hanley, Tesla, — Dodge, Ram, Alfa Romeo —, Polestar, General Motors, Korea's, Alfa, aren't, Power, It's Organizations: Volvo, Tesla, U.S, General, Chevrolet, GMC, Buick, Cadillac, Ford, Lincoln, Korea's Hyundai, Kia, longtime paragon, Toyota, Porsche Locations: .

☆ Amazon to collect expiring 2,000-rupee notes from Indian customers
▼ + stars: | 2023-06-21 | by ( Tanvi Mehta | ) www.reuters.com time to read: +1 min

NEW DELHI, June 21 (Reuters) - Amazon (AMZN.O) said on Wednesday it will collect soon-to-be-withdrawn 2,000 rupee ($24) notes from customers in India and credit them to online wallets to help people struggling with the exchange process. Amazon said its customers can hand over up to 50,000 rupees' worth to delivery agents for orders meant for payment via cash. The amount will then be credited to their Amazon Pay wallets. "Don't stress if stores are refusing to accept 2,000 rupee notes for payments," the e-commerce giant said in a statement. "The facility to top up your Amazon Pay balance with cash handed to delivery agents at your doorstep is one of our unique services in India," Vikas Bansal, whole-time director at Amazon Pay India, said in a statement.

Persons: Amazon, Vikas Bansal, Tanvi Mehta, Andrew Heavens, Andrew Cawthorne Organizations: Amazon Pay, Thomson Locations: DELHI, India

☆ Volvo Cars launches EX30 electric SUV with focus on affordability
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The EX30, launched in Milan, is the smallest SUV to date from the Sweden-based manufacturer and follows the unveiling of the larger electric EX90 in November. Volvo Cars' CEO Jim Rowan has said the group didn't need to follow Tesla on EV price cuts as market demand was healthy. "Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents," it said. It said that, based on initial data in two markets, the total cost of ownership for the new model was lower than that of any other of its fully electric cars and of most competitors in the electric, small SUV segment. The EX30's entry price is comparable to that of the EV version of Jeep's (STLAM.MI) Avenger small SUV.

Persons: MILAN, Tesla, Jim Rowan, Giulio Piovaccari, Marie, Mark Potter Organizations: NMC, Volvo, Tesla, EV, BMW, Mercedes, Audi, Marie Mannes, Thomson Locations: Milan, Italy, Sweden, U.S, Europe, Stockholm

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