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☆ Home flipping profits drop at the fastest pace in over a decade
▼ + stars: | 2022-12-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

It represents the smallest profit since the end of 2019 and the fastest quarterly drop since 2009. With that drop in gross profits, the return on investment fell to 25% from 30% in the previous quarter. With profits shrinking and higher mortgage rates hurting affordability for potential buyers, the share of home sales that were flips fell as well. Mortgage rates have come off their recent highs, but they are still more than twice what they were at the start of this year. Markets that showed the highest flip rates were Phoenix; Spartanburg, South Carolina; Atlanta and Gainesville in Georgia; and Winston-Salem, North Carolina.

☆ How siblings transformed shipping containers into 2 Airbnb getaways that brought in $10,000 in revenue last month
▼ + stars: | 2022-11-27 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Landon and Heather Schlabach run a short-term-rental management firm overseeing 75 properties. Their younger brother, Reece, joined them to flip two shipping containers into secluded retreats. Even Mom is involved — she handles cleaning the two shipping containers between guests. After their initial porch talk, Landon was able to track down a Spartanburg, South Carolina, company that sells shipping containers that come clean and painted with cutouts for windows. The recently opened second container has a small pond and waterfall feature under the home with a chair swing for relaxing evenings.

☆ BMW tests hydrogen burner in Leipzig paint shop, expands battery assembly lines
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LEIPZIG, Germany, Oct 20 (Reuters) - BMW (BMWG.DE) is testing a burner able to operate on both hydrogen and gas in its paint shop in Leipzig, the carmaker said on Thursday, as it also announced an 800-million-euro ($782 million) investment in new battery assembly lines at the plant. The burner, developed together with combustion technology firm Saacke with the aim of reducing carbon emissions in the production process, is able to switch from hydrogen to gas or vice-versa while in use. Carmakers looking to reduce dependence on Russian gas have been struggling to find a solution for how to power their paint shops without the fuel. Register now for FREE unlimited access to Reuters.com RegisterBMW already uses hydrogen in the production process at its Leipzig plant, with a fleet of hydrogen-powered trucks for logistics transport and five storage tanks on the premises. Also on Thursday, BMW said it was adding a third battery assembly line and five cell varnishing lines to the Leipzig plant by 2024, with two more high voltage battery assembly lines to follow after that.

☆ Why BMW really decided to make batteries in the US
▼ + stars: | 2022-10-20 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

That sum included $700 million for the construction of a battery manufacturing plant nearby. It’s one of a number of such announcements in recent months and years as automakers gear up to start producing more electric vehicles. The rules allow consumer tax credits only for electric vehicles that meet increasingly strict goals for US-based manufacturing of the vehicles themselves, as well as their batteries. BMW has never said publicly that it intends to make only electric vehicles after any certain time. “We can easily ramp them up,” Zipse said of increasing regulatory demand for electric vehicles.

☆ Boeing wins support in push to extend MAX certification timetable
▼ + stars: | 2022-10-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

SPARTANBURG, S.C. Oct 19 (Reuters) - Boeing Co (BA.N) won support Wednesday from a Republican senator and a major customer in its bid to convince the U.S. Congress to extend the deadline to win certification of two new 737 MAX variants. The U.S. planemaker faces a late December deadline for the Federal Aviation Administration (FAA) to certify the MAX 7 and MAX 10. Republican Senator Lindsey Graham told Reuters he supports attaching a MAX deadline waiver to a spending bill or another measure before Congress. "We should all be rooting for Boeing," Kirby added, citing its impact on the U.S. economy and exports. loadingEven with a waiver, it is uncertain when MAX planes could be approved.

☆ BMW invests $1.7 bln to build electric vehicles in U.S.
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

An employee works at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. The luxury automaker plans to build at least six fully electric BMW models in the United States by 2030. BMW Group had already announced that four additional battery cell factories will be built in Europe and China to meet its needs. BMW's 30-year-old South Carolina plant has built more than 6 million vehicles, employs more than 11,000 people, and has an annual production capacity of up to 450,000 vehicles. South Carolina awarded a $65 million grant to Spartanburg County to assist with costs related to the project.

☆ BMW investing $1.7 bln to build electric vehicles in U.S.
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SPARTANBURG, South Carolina Oct 19 (Reuters) - BMW AG (BMWG.DE) said on Wednesday it will invest $1.7 billion to build electric vehicles in the United States, the latest announcement from major automaker about plans to ramp up U.S. EV production. "It's the biggest single investment we've done so far," BMW Group Chairman Oliver Zipse told Reuters in an interview. The luxury automaker plans that at least six fully electric BMW models will be built in the United States by 2030. BMW Group has already announced four additional battery cell factories will be built in Europe and China to meet its needs. BMW's 30-year-old South Carolina plant has built more than 6 million vehicles, employs more than 11,000 people, and has an annual production capacity of up to 450,000 vehicles.

☆ BMW plans to invest $1.7 billion in U.S. to produce electric vehicles
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

BMW Group plans to invest $1.7 billion in its U.S. operations to build electric vehicles and batteries, the company announced Wednesday. The German automaker expects to produce at least six fully electric models in the U.S. by 2030. The Spartanburg facility, where the investment announcement took place, currently produces BMW "X" SUVs and lithium-ion battery modules for its two plug-in hybrid electric vehicles. "Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030," BMW Chair Oliver Zipse said in a release. In April, the company announced plans to spend $2 billion to build a second U.S. plant in Kentucky.

☆ U.S. senator to hold EV battery hearing if GOP takes control
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SPARTANBURG, South Carolina Oct 19 (Reuters) - U.S. Republican Senator Lindsey Graham on Wednesday said he will hold a hearing on electric vehicle batteries and sourcing issues if his party takes control after the November midterm elections. Graham, who would be Budget Committee chair under GOP control, said the hearing would look at the impact of the shift to EVs on automakers and the oil industry. Graham asked at an event to mark BMW's $1.7 billion EV investment in South Carolina. The new law includes raising the percentage of battery components that must originate from North America based on value. Graham wants to know if there are other alternatives to EVs.

☆ Automakers need more time to meet U.S. minerals requirements for EVs -execs
▼ + stars: | 2022-10-19 | by ( Ben Klayman | ) www.reuters.com time to read: +5 min

"We believe it's unfair," he added, pointing out that none of the South Korean automaker's EVs qualify for the credit. Munoz said U.S. legislators should offer companies investing in the United States some type of waiver or a longer transition period. Automakers are trying to figure out how their vehicles will meet the new law's requirements to qualify for EV tax credits. Details of the act are still being ironed out and the U.S. Treasury is currently taking comments on how to implement the rules around the EV tax credits. "We're pretty well positioned," he said at the Reuters conference, citing the Detroit automaker's four U.S. battery plants the company has announced and its raw materials supply deals.

☆ South Carolina authorities say man confessed to killing 5 after he'd been on meth for days
▼ + stars: | 2022-10-12 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

A man who authorities said confessed to killing five people and told them he'd been high on methamphetamines for days has been arrested in the fatal shootings in South Carolina. The scene of the shootings in Inman, S.C. Google MapsDrayton lived at the home for two weeks, the sheriff’s office said in a statement. Thomas Ellis Anderson, 37; Adam Daniel Morley, 32; Mark Allen Hewitt, 59; and Roman Christean Megael Rocha, 19, were killed, the sheriff’s office said. Authorities responded to the house at 7:45 p.m. Sunday and found four people fatally wounded, the sheriff's office said. Someone that hadn’t slept in four days — they’re probably not thinking.”It wasn't clear when Drayton would be extradited to South Carolina.

☆ Five dead in shooting at a South Carolina home, officials say
▼ + stars: | 2022-10-10 | by ( The Associated Press | ) www.nbcnews.com time to read: 1 min

INMAN, S.C. — Five people died Sunday night in a shooting at a home in northern South Carolina, authorities said. Spartanburg County deputies and emergency workers found them with gunshot wounds at a house in Inman, Spartanburg County Coroner Rusty Clevenger said in a statement. Four people died at the scene and a fifth died on the way to the hospital, authorities said. Spartanburg County deputies said they won’t release any additional information on the shooting until the coroner has identified the people killed and notified their families. Clevenger said his office is performing autopsies and trying to identify the victims on Monday.

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