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☆ Opinion: The actual hidden truth about UFOs
▼ + stars: | 2024-01-26 | by ( Peter Bergen | ) edition.cnn.com time to read: +11 min

CNN —A former Pentagon official — driven, he says, by his duty to the truth — goes public with an explosive allegation. Facing a scrum of TV cameras and members of Congress, this official claims that the US government has been keeping crashed alien spaceships under wraps for decades. Crashed alien spacecraft and dead extraterrestrials, right there in the Congressional Record. Because, for decades, UFO true believers have been telling us there’s a US government conspiracy to hide evidence of aliens. But — if you believe Kirkpatrick — the more mundane truth is that these stories are being pumped up by a group of UFO true believers in and around government.

Persons: Peter Bergen, ”, Erik German, “, CNN —, David Grusch, he’d, Grusch, must’ve, Sean Kirkpatrick, Kirkpatrick, Tom Williams, ” Kirkpatrick, Naval Intelligence Scott Bray, Kevin Dietsch, It’s, you’ve, Harry Reid, Robert Bigelow, ’ ”, Sen, Chip Somodevilla, Reid, Bigelow, ” Reid, “ I’m, who’d Organizations: New, Arizona State University, Apple, Spotify, CNN, Pentagon, Air Force, SPAN, US Department of Defense, Defense, National Security, Foreign Affairs, Naval Intelligence, Intelligence, Capitol, Roswell Army Air Field, Army, Newspapers, Roswell, US Air Force, NASA Voyager, Walker, Roswell AAF, Reuters, Nevada Democrat, Bigelow Aerospace, US Defense Intelligence Agency, New York Times Locations: New America, Roswell, New Mexico, Florida, Nevada, Washington ,

☆ Take a look at the silent X-59 aircraft, NASA's experimental attempt at creating a supersonic jet with a quieter sonic boom
▼ + stars: | 2024-01-24 | by ( Lauren Frias | ) www.businessinsider.com time to read: +1 min

What happens during a sonic boomAn artist's concept shows the X-59 in flight, a design being developed by NASA and Lockheed Martin to create a faster-than-sound plane with a quieter sonic boom. NASA/Lockheed MartinA sonic boom occurs when an aircraft exceeds the speed of sound. That shock wave is what you hear as a sonic boom. A sonic boom can generate sounds of up to 110 decibels, similar to a thunderclap or explosion strong enough to shatter windows and cause tremors. The Quesst mission seeks to reduce "the loudness of a sonic boom reaching the ground to that of a gentle thump, if it is heard at all," the agency said.

Persons: Lockheed Martin, Concordes Organizations: NASA, Lockheed, Concorde Locations: France, New York, London

☆ How to find a hobby
▼ + stars: | 2024-01-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +7 min

But if that's not for you — or if you're struggling to find something to do outside of work — experts shared how to find a hobby. The big storyA guide to finding a hobbyRobyn Phelps/InsiderHaving a hobby can help people tackle their work and personal life with more energy. Treat finding a hobby like a projectYou likely won't find the perfect fit immediately, Laura Vanderkam, the author of "168 Hours: You Have More Time Than You Think," told me. Or if they're also trying to find a hobby, ask what the people around them do for fun. Be patient but proactiveAdvertisementVanderkam told me that finding a hobby just takes a bit of time, experimentation, and being open to different things.

Persons: —, that's, Robyn Phelps, I've, Alexis Haselberger, Laura Vanderkam, It'll, Vanderkam, Haselberger, they're, she's, Joey Hadden, andresr, Kornmesser NASA's James Webb, Gen, Patrick Pleul Organizations: Service, Business, Orient, Express, Volkswagen, Ford, Tesla, LinkedIn, ESO, ESA, Hubble, Kornmesser NASA's James Webb Space Telescope, IKEA, Getty, Ikea Locations: Venice, Brandenburg, Schönefeld, Dahme

SEOUL, South Korea (AP) — North Korea on Monday claimed it flight-tested a new solid-fuel intermediate-range missile tipped with a hypersonic warhead as it pursues more powerful, harder-to-detect weapons designed to strike remote U.S. targets in the region. There are also concerns about an alleged arms cooperation between North Korea and Russia as they align in the face of separate, intensifying confrontations with Washington. The Biden administration said it has evidence that missiles provided by North Korea to Russia had been used in the war in Ukraine. In a joint statement last week, the U.S., South Korea and their partners said the missile transfer supports Russia’s war of aggression and provides North Korea with valuable technical and military insights. North Korea earlier this month fired a barrage of artillery shells near the disputed western sea boundary with South Korea, prompting the South to conduct similar firing exercises in the area.

Persons: KCNA, Kim Jong Un, ” KCNA, Kim, Choe Sun Hui, Sergey Lavrov, Biden, Yoon Suk Yeol, Donald Trump, Trump Organizations: South, Korean Central News Agency, North, Korea’s, Chiefs, Staff, U.S, Russian Locations: SEOUL, South Korea, North Korea, North, Korean, Pyongyang, Guam, Japan, Pacific, United States, Seoul, Tokyo, Russia, Washington, North Korean, U.S, Korea, Ukraine

☆ Electric cars are having more problems, but not because they’re electric
▼ + stars: | 2023-12-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles have 79% more problems than other vehicles, according to Consumer Reports’ latest annual auto reliability survey. The problems arise because electric cars are mostly new models, and recently-introduced car models generally tend to have more issues, regardless of what propels them. Besides that, electric vehicles tend to be higher priced models with more sophisticated technology features, from additional safety sensors to more gadgets and doo-dads. Electric pickup trucks, in particular, tended to fare the worst in Consumer Reports’ reliability survey. Not all electric vehicles are so unreliable, though, according to Consumer Reports’ survey data.

Persons: Jake Fisher, haven’t, ”, Fisher, that’s, It’s, That’s Organizations: New, New York CNN —, Consumer, EV, Tesla, Ford, Nissan, Hyundai, Toyota, Honda, Kia Locations: New York

☆ Car dealers are worried about an EV reckoning. I asked our transportation reporter what's going on.
▼ + stars: | 2023-11-30 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

Car dealers sent a letter urging Biden to "tap the brakes" on an electric vehicle mandate. Two-thirds of new cars must be EVs by 2032 — but dealers say EV sales are slumping, and hurting them. Local car dealers have a lot of political influence; Biden could look to expand tax incentives. AdvertisementCar dealers aren't happy with President Joe Biden's mandate to have two-thirds of all new cars be electric vehicles by 2032. I was surprised to hear about this letter from car dealers, because I thought that electric vehicles were in hot demand.

Persons: Biden, —, Joe Biden's, Axios, Nora Naughton, Biden —, Tesla, There's, Bolt, That's Organizations: Local, Service, EV, Business, Government, National Automotive Dealers Association, Car, Tesla, Ford Locations: Detroit, Washington ,

☆ Virginia's 'Data Center Alley' residents say an eerie hum is keeping them up at night
▼ + stars: | 2023-11-27 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +9 min

At the beginning of this year, she started hearing an eerie hum that got louder at night. Virginia has had explosive growth in data centers since the early 2000s, when Loudoun County started allowing data centers to be built. Loudoun County residents say the noise started this past winter and gets louder at night when it's cooler. In Loudoun County, residents said they could hear the data center even with their windows closed. Unlike previous data centers, the new ones use so-called free air cooling , designed to leverage lower temperatures to use less electricity than most data centers.

Persons: Stephanie Brookes, Brookes, Les Blomberg, he's, Mike Turner, Ted Lewis, Turner, Eric Lee, Jeff Mach, Mach, Katy Hancock, Hancock, Chris Crosby, Blomberg, it's, Lewis, Arline Bronzaft, Wire Blomberg Organizations: Business, Compass, Pollution, The Washington Post, county's, Supervisors, Loudoun County's, Public, Lehman College Locations: Loudoun County , Virginia, Virginia, Loudoun County, Leesburg, New York, Ashburn, Loudoun, Loudoun County's

☆ Boom Supersonic says it will conduct the first test flight of its ultra-speedy 'baby boom' prototype aircraft later this year
▼ + stars: | 2023-11-26 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

Colorado startup Boom Supersonic is developing a faster-than-sound jet called Overture. Boom hopes to conduct its first XB-1 flight by the end of this year. The engines on Boom's XB-1 supersonic test plane. To prepare for its first XB-1 flight, Boom said its test pilots had completed hundreds of hours of flight training in a simulator and a trainer aircraft. AdvertisementA pilot sitting in the cockpit of the Boom Supersonic experimental aircraft.

Persons: —, Blake Scholl, Henry Harteveldt, Boom, Charles, Chuck, Yeager, Doc, Shoemaker Organizations: Service, Federal Aviation Administration, eventual, FAA, Business, Boom's, United Airlines, American Airlines, Electric, Pratt & Whitney, GE, Honeywell, Safran Aircraft, Royce, CFM International, Atmosphere Research, Mojave Air, Space Port Locations: Colorado

Ford said it would restart construction of the factory near Marshall, Michigan, after being paused two months ago. Ford is pushing for the U.S. Treasury Department to approve lithium-iron, or LFP, batteries made at the Michigan factory to qualify for Inflation Reduction Act EV subsidies. Ford now plans to cut the Michigan battery plant's capacity to 20 gigawatt hours and reduce hiring to 1,700 jobs. Ford said in October that it would cut future electric vehicle investments overall by $12 billion compared to previous plans. The company has previously postponed construction of a battery factory in Kentucky and another in Turkey.

Persons: Ford, CATL, Mark Truby, Truby, Joe White, Anil D'Silva Organizations: DETROIT, CATL, United Auto Workers, U.S . Treasury Department, Ford, Blue, Battery Park Michigan, Michigan, Thomson Locations: Michigan, U.S, Marshall , Michigan, Kentucky, Turkey

☆ Rivian is the real winner in Elon Musk's latest drama
▼ + stars: | 2023-11-21 | by ( Nora Naughton | Grace Kay | ) www.businessinsider.com time to read: +5 min

Some Tesla owners said they'd ditch his car company in favor of Rivian as a result. AdvertisementAs Tesla CEO Elon Musk once again courts controversy on his social media platform X, rival EV startup Rivian stands to gain from the fallout. Other angry Tesla owners we spoke with also mentioned considering legacy brands like Ford's Mustang Mach-E or Volkswagen's ID.4. AdvertisementIn response, earlier this year some Tesla owners began putting bumper stickers on their EVs denouncing the CEO . In January, a handful of Tesla owners told Business Insider they'd ditched Tesla over Musk's antics .

Persons: Elon Musk, Tesla, —, Musk, Ross Gerber, Robert Kuhn, Kuhn, I've, Rivian, Joe Biden, they'd, Dan Ives, Ives, – Organizations: Rivian, Service, EV, Business, Tesla, Bloomberg, Twitter

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, Boeing, Tesla, Dell, Microsoft & more
▼ + stars: | 2023-11-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Raymond James reiterates Nvidia as strong buy Raymond James said it's bullish heading into Nvidia earnings on Tuesday. Bernstein reiterates Tesla as underperform Bernstein said it's standing by its underperform rating on Tesla as EV growth is slowing. JPMorgan upgrades Dutch Bros to overweight from neutral JPMorgan said the coffee chain has "strong available liquidity" to continue to grow. " JPMorgan downgrades Krispy Kreme to neutral from overweight JPMorgan downgraded the stock mainly on valuation. " Melius initiates Dell as buy Melius Research initiated Dell with a buy and said it's an "inexpensive" way to play AI.

Persons: Wolfe, ChargePoint, Jefferies, it's bullish, Raymond James, it's, Stifel, Wells, Bernstein, Tesla, underperform Bernstein, BTIG, Morgan Stanley downgrades Chegg, Morgan Stanley, LT, Hewlett Packard Evercore, Goldman Sachs, Krystal, Goldman, Penn, Energizer, Sherwin, Williams, Dell, Oppenheimer, OpenAI's Sam Altman, Sam Altman Organizations: Cedar Fair, SIX, Nvidia, Resources, MNR, ARM, Acorn, Apple, JPMorgan, Deutsche Bank, Boeing, Deutsche, Bros, Brands, Hewlett, Krystal Biotech, " Bank of America, of America, ESPN, PENN Entertainment, ESPN Bet, Citi, UBS, Kosmos Energy, Bank of America, CSN, HSBC, Caterpillar, BMO, Wedbush, Research, Microsoft Locations: NVDA, China, ENR, Brazil, Australia, Vale, 2024e

☆ These dealers love their EVs. They just don't know how to convince shoppers.
▼ + stars: | 2023-11-18 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

These dealers who switched to EVs love their cars. Being an EV owner helps these dealers talk to their staff and customers about the cars. "People know what electric vehicles are, they know the pluses and the minuses – we're past that," Ricart said. The changing EV shopperDealers like Sheehy and Ricart have started warning manufacturers that a big shift in EV customers is going to change their business. While there may be interest in an electric car, these shoppers almost always land on a hybrid or a gas-powered car.

Persons: —, Rhett Ricart, he's, Ricart, Vince Sheehy, Sheehy Organizations: Service, Business, Depot Locations: Ohio, Washington, DC, Washington ,

☆ A reporter drove a Rivian to 126 EV fast-chargers in LA and found out-of-order signs on dozens of them
▼ + stars: | 2023-11-16 | by ( Haley Tenore | ) www.businessinsider.com time to read: +3 min

A reporter with The Wall Street Journal visited over 100 non-Tesla fast-charging stations across LA. She said 27% of the 126 fast-charging stations she visited did not work for various reasons. Tesla will allow cars from other brands to use its charging stations in the next year. During his drive, he stopped at three different charging stations before he was able to find one that was compatible with his car. The move will make electric vehicle charging more widely available to EV owners and may help address range anxiety among some non-Tesla owners.

Persons: —, Joanna Stern, Stern, Axios, Dan Primack, Primack Organizations: Wall Street Journal, Service, Tesla, US, Tesla EV, Wall Street, Consumer, Ford, General Motors, Toyota, Hyundai, EV Locations: LA, Los Angeles, Boston, New York City

☆ Elon Musk started a price war that Tesla can't win
▼ + stars: | 2023-11-12 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Elon Musk has started an electric-vehicle price war that Tesla can't finish. In April, Ford CEO Jim Farley said Tesla's cuts could start an unsustainable price war. If it slides back into the red because of its price cuts, expect investors to run in another direction. In China, Tesla's price cuts even sparked protests among owners who paid more for their vehicles. Waging price war during a downturn is a challenge unlike any Tesla has faced before.

Persons: Elon Musk, Tesla, Mark Schirmer, crumb, John Zhang, Musk, —, he's, hasn't, — it's, Frederic J . Brown, Ford, John Lawler, Schirmer, I've, it's, Jim Farley, Elon, Oliver Zipse, Zhang, they're, they'd, Zach Kirkhorn, Linette Lopez Organizations: Cox Automotive, —, Revenue, Wharton School, Ford, BMW, Getty, GM, Mercedes, EV, Hyundai Locations: AFP, China

☆ Ford is losing dealers' trust after a rocky year for the EV transition
▼ + stars: | 2023-11-07 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Nearly half of Ford dealers said they have "no trust" in their franchise in new survey. Ford dealers have had a tough year balancing EV demand. AdvertisementAdvertisementIt's been a tough year for Ford dealers, and it's becoming clear some are losing patience. Ford came in dead last in a recent survey on dealers' level of trust in their franchises, with 46% of Ford dealers surveyed by Kerrigan Advisors saying they had "no trust" in their franchise. This breakdown in trust and pessimism about the future shouldn't come as too much of a surprise after the year Ford dealers have had.

Persons: Ford, —, Kerrigan, Elon Musk, Cameron Johnson, Martin French Organizations: Ford, Service, Kerrigan Advisors, Survey, Magic City Auto Group, Nissan, Lincoln, Toyota, Lexus, Subaru Locations: Virginia

☆ This $1,600 speaker system makes your electric truck sound like it has a V8 engine. People joked it's the EV equivalent of sticking a playing card in your bike spokes.
▼ + stars: | 2023-11-02 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +4 min

A demo of the system shows a Ford F-150 Lightning making V8 engine sounds. After all, though Ford's electric truck might have a massive frunk, its motor is far quieter than its gasoline-powered counterparts. Borla, a company that designs and manufactures exhaust systems, is now selling a $1,600 aftermarket "active performance sound system for EV." Another company called Thor Tuning sells an "electric exhaust system" for EVs. And car companies like Hyundai and Dodge have gotten in on the action too, producing electric cars with built in electric exhaust sound systems.

Persons: —, TFLstudios, Borla Organizations: Service, Shelby Mustang, Kufatec, Hyundai, Dodge Locations: TikTok

☆ I'm a car dealer who only sells electric cars. This is what everyone else is getting wrong — and the advice I give prospective EV buyers.
▼ + stars: | 2023-10-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

Alex Lawrence is the CEO and cofounder of an all-electric used car dealership in Utah. AdvertisementAdvertisementAlex Lawrence is a 49-year-old entrepreneur and the CEO of EVAuto, an all-electric used car dealership in Bountiful, Utah, which he co-founded in 2019. EVAuto sells a variety of electric cars, from Tesla to Porsche to Rivian. We wanted to be the largest seller of used electric vehicles in America. Now that they're going to be on the Supercharger network, that helps solve the charging problem.

Persons: Alex Lawrence, Alexa St, John, —, EVAuto, Price, I'm, I've, they've, they're, Lorenzo Di Cola, It's, you'll, We've, Tesla, it's, Tim Levin Organizations: Service, Porsche, Ford, Chevrolet, GMC, Plaid Locations: Utah, Bountiful , Utah, America, Italy

☆ Ford shares fall after pulling full-year forecast, wider losses in EV unit
▼ + stars: | 2023-10-27 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. The company's quarterly report added to the gloom around the EV market, which has seen inflation-wary consumers pull back on some purchases. Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. The automaker has lost about $4.32 billion in market cap throughout the duration of the strike, according to LSEG data. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Ford, BEV, Wells, Wolfgang Rattay, John Lawler, Shivansh Tiwary, Nathan Gomes, Krishna Chandra Organizations: Ford Motor, Detroit, United Auto Workers, UAW, REUTERS, EV, Reuters, Ford, General Motors, Thomson Locations: Kentucky, Frankfurt, Germany, Bengaluru

☆ Ford misses on earnings, as warranty costs move carmaker back near the penalty box
▼ + stars: | 2023-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Ford (F) reported weaker-than-expected earnings on Thursday as warranty costs ate into profits. Earnings before interest and taxes (EBIT) increased 22% from last year to $2.2 billion but fell short of the $2.7 billion analysts forecasted. Ford shares moved more than 3% lower in after-hours trading in reaction to the disappointing quarter. Ford said the strike has caused Ford to trim about 80,000 units from its plan, reducing 2023 EBIT by $1.3 billion. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Ford, we've, Jim Farley, John Lawler, Jim Cramer's, Jim Cramer, Jim, James Farley, Emily Elconin Organizations: Ford, United Auto Workers union, LSEG, UAW, Ford Model, Management, Ford Pro, United Auto Works, CNBC, Ford Motor Co, Rouge Electric Vehicle, Bloomberg, Getty Locations: EVs, Dearborn , Michigan, U.S

SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.

Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, ”, Farley, Kumar Galhotra, “, Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit

☆ Auto execs are coming clean: EVs aren't working
▼ + stars: | 2023-10-26 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Dealers have been warning of slowing EV demand for months. While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Just a few months after dealers have started coming forward to warn of slowing EV demand, manufacturers appear to be catching up to that reality. In July, the company extended its self-imposed deadline to hit annual electric vehicle production of 600,000 by a year, and abandoned a 2026 target to build 2 million EVs . In scrapping plans with GM to co-develop sub-$30,000 EVs, Honda CEO Toshihiro Mibe said the shifting EV environment was difficult to gauge.

Persons: Mercedes, —, Mary Barra, Bolt, GM doesn't, Tesla's Elon Musk, Harald Wilhelm, Mercedes isn't, Ford, Toshihiro Mibe, Mibe Organizations: EV, Dealers, Service, GM, Barra, Benz, Honda, Bloomberg Locations: Detroit

☆ Tesla faces Justice Department probe of range claim
▼ + stars: | 2023-10-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The Justice Department is investigating whether or not Tesla cars can live up to the EPA’s official estimates of how far they can go on a single charge. But Consumer Reports has conducted tests that it said shows Tesla vehicles fall well short of the advertised range, no matter the weather. The organization conducted its own range tests on the Tesla Model Y as well as the Volkswagen ID.4, the Hyundai Ioniq 5 and the Ford Mustang Mach-E. The ID.4 and Mach-E both did slightly better than claimed in warm weather, the Ioniq 5 got within two miles of the claim of a 256-mile range. It went 274 miles in warm weather in the Consumer Reports test, compared to the official EPA stated range of 326 miles.

Persons: “, ” Organizations: New, New York CNN, The Justice, SEC, DOJ, Tesla, Volkswagen, Hyundai, Ford, Consumer, EPA, Justice Department Locations: New York

☆ Russia's Kinzhal ballistic missile performs poorly, despite Putin's hype they're unstoppable, says UK intel
▼ + stars: | 2023-10-21 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

Putin recently said Russia will begin patrolling the Black Sea using jets carrying Kinzhal missiles. Russia has much hyped the Kinzhal missile, but experts have said its capabilities are exaggerated. Ukraine said it shot down a Kinzhal missile with a US-made Patriot interceptor in May. Days later, it claimed it shot down an unprecedented six Russian Kinzhal missiles over Kyiv. AdvertisementAdvertisementThe destruction of the Kinzhal missiles was seen as a psychological blow for Russia.

Persons: Putin, —, Vladimir Putin, Kinzhal, Sergey Shoigu, Ryan Pickrell Organizations: MoD, Service, UK's Ministry of Defense, UK Ministry of Defense, Russian Locations: Russia, Ukraine, Moscow, Russian

☆ $20,000 repair bills and other hidden costs that could sneak up on EV buyers
▼ + stars: | 2023-10-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

The switch to electric vehicles is still hampered by the high cost compared to gas cars. The higher upfront costs don't consider several less obvious costs that can hit after buying an EV. AdvertisementAdvertisementThose premiums are driven by higher repair costs. According to Mitchell, a collision repair software company, the average repair cost for a non-Tesla EV is $269 higher than the average for all vehicles. If people interested in used EVs are worried about replacing an expensive battery, the resale value will take a big hit.

Persons: —, Johnny Bacigalupo, Sandy Munro, Bankrate, Mitchell, Mark Matousek, Kevin Tynan, Davis, Power Organizations: Service, Edinburgh, EV, Washington Post, Insurance, Anderson Economic Group, Ford, Bloomberg, Toyota, University of California Locations: Scotland, skyrocket, Canada, Edmunds

☆ The auto industry overestimated EV demand this year. Now companies are scrambling.
▼ + stars: | 2023-10-20 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The EV segment has enjoyed a long period of exponential growth. AdvertisementAdvertisementCar companies talk a big game about the transition to electric cars. He currently has enough electric cars to last for 100 days across all brands. Though the EV share of some automakers' businesses is small, the EV segment has been enjoying a long period of exponential growth. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.

Persons: carmakers, EVs, —, Ford, General Motors, it's, It's, Vince Sheehy, " Sheehy, Cameron Johnson, Sheehy, Tesla, Eric Freshee, Stewart Stropp, Power, Stropp, Martin French Organizations: Service, General, Ford, Hyundai, Volkswagen, GMC, Magic City Auto Group, ICE, EV, Tamaroff Locations: Volta, Washington, D.C, Virginia, headwinds, Midwest, EVs

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