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☆ Netflix is the king of streaming. But can it last?
▼ + stars: | 2024-01-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at what to expect ahead of Netflix's big earnings report. This story is available exclusively to Business Insider subscribers. And as other streamers scramble to figure out long-term business plans, Netflix has been crowned the winner of the streaming wars thus far. Netflix is so big it even has shows from other streamers, a sign of how ubiquitous it has become. AdvertisementGet in touchinsidertoday@insider.comTo read unlimited articles, subscribe to Business Insider.

Persons: —, It's, Scott Stuber, Stuber, Insider's Lucia Moses, That'll, dealmaking, isn't, Insider's Peter Kafka, Peter, it's, James Leynse, Griffin's, Shaw, Griffin, Gary Weathers, Morgan Stanley, Tesla, Stellantis, Tommy Parker, They're, Oscar, Zazie Beetz, Jack Quaid, They'll, Tim Spector's, Dan DeFrancesco, Diamond Naga Siu, Hallam Bullock, Jordan Parker Erb, Hayley Hudson, Lisa Ryan Organizations: Service, IRS, Business, Netflix, Netflix Films, Traders, Computer Terminals, Goldman, Getty, UBS, Griffin's Citadel, LCH Investments, BlackRock, Los, Peugeot, Chrysler, Dodge, BI, Balyasny, Management, National Baseball Hall of Fame, MLB Network, Procter, Gamble, Electric, Verizon Locations: Goldman Sachs, Los Angeles, Boston, Suez, Panama, New York, San Diego, London, Edinburgh

☆ GM unveils 2025 Chevy Equinox with new rugged design, standard heated seats
▼ + stars: | 2024-01-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTThe 2025 Chevrolet Equinox RS. ChevroletDETROIT — General Motors is redesigning its gas-powered Chevrolet Equinox crossover to look more rugged than its predecessors in an attempt to move the vehicle upmarket and attract new buyers. The 2025 Equinox, which GM revealed Tuesday, will feature additional standard safety and convenience features. The 2025 Chevrolet Equinox RS. ChevroletThe 2025 model will have heated seats and a heated steering wheel standard on all models — a first for the Equinox and many mainstream brands.

Persons: Brad Franz, Franz, we've Organizations: Chevrolet DETROIT —, Motors, GM, Chevrolet

☆ Panasonic puts productivity boost ahead of new EV plant in U.S.
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +3 min

The Panasonic Energy Co. headquarters in Moriguchi, Osaka Prefecture, Japan, on Thursday, Jan. 11, 2024. The battery unit, Panasonic Energy, had previously said it aimed to decide on building the factory by the end of March. Panasonic Energy has a plant in Nevada and has broken ground on a second one in Kansas. The unit expects the Kansas plant to take its annual auto battery capacity to 80 gigawatt hours, or GWh, a year. Given the human resources requirements of a new plant, Kusumi said it was generally better to have fewer production sites.

Persons: Kentaro Takahashi, Yuki Kusumi, Kusumi Organizations: Panasonic Energy Co, Panasonic, EV, Bloomberg, Getty, Panasonic Energy, EVs, General Motors, Ford, U.S Locations: Moriguchi, Osaka Prefecture, Japan, North America, Tokyo, United States, Nevada, Kansas, Oklahoma, Europe

☆ Why China poses a growing threat to the U.S. auto industry
▼ + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.

Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America

☆ Why 2023 Was a Perfect Storm for EVs That Gave China an Edge
▼ + stars: | 2024-01-20 | by ( Graham Rapier | Cadie Thompson | ) www.businessinsider.com time to read: +3 min

"You cannot have EVs that cost $70,000, $80,000, you need to get EVs down to $30,000 or less. But EV prices are still about 28% more expensive than average gas-vehicle prices, an analysis by CarGurus found. AdvertisementLang laid out three reasons China is finding success where competitors are struggling:Scale"The Chinese OEMs are already profiting off a large domestic market," he said. "The Chinese EV players are here to stay," he continued. They may eventually try entering the US market, Lang said, but it might not be easy given all the local competition and incentives to buy domestically.

Persons: —, That's, Nikolaus Lang, Kelley, CarGurus, Lang Organizations: Service, Business, Boston Consulting Group, Economic, American, EV Locations: Davos, Switzerland, China, Europe, America

☆ Stellantis CEO says automaker won't sell EVs at a loss like other carmakers
▼ + stars: | 2024-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Carlos Tavares, CEO of Stellantis, poses during a presentation at the New York International Auto Show in Manhattan, New York, on April 5, 2023. Stellantis won't sell electrified vehicles such as hybrids and all-electric models at a loss like other automakers have, CEO Carlos Tavares said Friday. "Being in Europe as much as in the U.S., we are making money with the electrified vehicles," Tavares said during a roundtable Friday. "We are making money, and it is in our discipline to make sure that whatever we sell we make money with because, if not, then the company will not be sustainable." Stellantis currently has 25 EVs available globally and expects to launch another 23 through the end of this year.

Persons: Carlos Tavares, Stellantis, Tavares Organizations: New York, Auto, Fiat Chrysler, Jeep Locations: Manhattan , New York, Europe, U.S

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ Ford cuts electric F-150 Lightning truck production — again
▼ + stars: | 2024-01-19 | by ( Graham Rapier | ) www.businessinsider.com time to read: +2 min

Read previewFord plans to cut production of its electric F-150 Lightning pickup truck once again, it said Friday, citing a problem nearly all automakers have struggled with in the past year: falling demand. About 1,400 employees will be impacted as the plant where Ford's flagship electric truck is produced, the Rouge Electric Vehicle Center, transitions to just one shift per day starting on April 1, Ford said. AdvertisementFord sold fewer than 25,000 of the F-150 Lightning pickup in 2023 as it scaled back production. That still notched it a spot in the top 10 EVs by sales but is dwarfed by traditional F-150 sales of more than 700,000. Ford has also struggled to get dealers on board with its electric sales program, requiring a substantial investment on their part to install chargers and receive new training.

Persons: —, Ford, Tesla Organizations: Service, Business, Rouge Electric Vehicle Center Locations: Wayne, Michigan

☆ Ford's move to cut F-150 Lightning production will help the automaker optimize profitability
▼ + stars: | 2024-01-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Ford announced Friday it's reducing production of its F-150 Lightning all-electric pickup truck, starting April 1, due to slowing demand for EVs. The automaker said the Lightning cuts are being made to achieve the "optimal balance of production, sales growth and profitability." But since Ford is cutting back EV production, the automaker's goal of scaling up its EV buildout could be delayed. In fact, the Maverick Hybrid sales exceeded the F-150 Hybrid last year with a 67% increase to more than 52,300 vehicles. A Ford F-150 Lightning pickup truck is shown at the Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.

Persons: Ford, Jim Cramer, Tesla, Jim Cramer's, Jim, Bill Pugliano Organizations: Rouge Electric Vehicle, Plant, CNBC, Ford, ICE, Ford Blue, Rouge Electric Vehicle Center, Getty Locations: Dearborn , Michigan, Michigan, Wayne, Rouge, EVs

☆ Huawei sets up new smart car company in Shenzhen, China as it gets more serious about autos
▼ + stars: | 2024-01-18 | by ( Michelle Toh | Wayne Chang | ) edition.cnn.com time to read: +5 min

The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd on Tuesday in the southern Chinese city of Shenzhen, where Huawei is based. The news marks another milestone for Huawei, which has accelerated its automotive ambitions in the past three years. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. The unveiling coincided with a launch by Chinese rival Xiaomi of its own first electric car, showing how competition between the two companies has spilled over to another sector. In November, a subsidiary of Changan, a Chinese state-owned automaker, disclosed that it had partnered with Huawei to form a new company created to provide smart car systems.

Persons: Elon Musk’s Tesla, Warren Buffett Organizations: Taipei CNN, Huawei, Intelligent Technology Co, Elon, Chongqing Changan Automobile Co, Changan, Shenzhen Yinwang, Automotive, Ministry of Industry, Information Technology, Economic Locations: Hong Kong, Taipei, Shenzhen, China, Changan, Chongqing, United States, Davos, Switzerland

In frigid temperatures, it can take a half hour to warm the battery so it's ready to charge, Westlake said. Bansal, who has had her Tesla for only a week, didn't know about preconditioning the car before charging, but she does now. So she told the car she was going to the charging station and it was ready by the time she arrived and plugged in. The car, she said, will tell you where charging stations are and how much range you have left. Burney said she loses roughly 15% to 20% of her battery range in cold weather, but it gets dramatically worse in cold snaps like the one this week.

Persons: EVs, ”, Neil Dasgupta, “, Ann Arbor, Bansal's Tesla, Bansal, Bruce Westlake, Westlake, Tesla, Kim Burney's Tesla, Burney, Dasgupta Organizations: University of Michigan, University, Michigan, Bruce, Eastern Michigan Electric Vehicle Association Locations: PITTSFIELD, Mich, Chicago, Texas, Brook , Illinois, Ann Arbor , Michigan, Pittsfield Township , Michigan, Ann, Ann Arbor, Westlake

☆ Tesla slashes car prices across Europe after similar cuts in China
▼ + stars: | 2024-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Tesla on late Tuesday trimmed prices for its Model Y cars across several countries in Europe, a week after announcing similar price cuts for its Model 3 and Model Y cars in China. In France, Tesla lowered prices on its Model Y cars by as much as 6.7%, while in the Netherlands, Tesla reduced prices for the Model Y by up to 7.7%. The reductions come after Tesla announced price cuts for its Model 3 and Model Y cars in China. The company has reduced prices for its cars aggressively in China over the past year or so, undercutting local competitor BYD. Tesla trimmed prices of the Model 3 by 6% compared to December last year, also taking prices for the Model Y down by 11%, according to data from JL Warren Capital.

Persons: Tesla, Warren Buffet Organizations: BYD, JL Warren Capital, Volkswagen, U.S Locations: Europe, China, Germany, France, Norway, Netherlands, Red, Iran, Berlin, Brandenburg

Early analyst calls on Wednesday included a downgrade to a legacy automaker and a rerating for a crypto mining stock that won big last year. "As we have parsed through our numbers, we think the road to recovery will be tougher for SEDG from the perspectives of top line, gross margins, and market share," analyst Christine Cho said. Morgan Stanley stock has slipped nearly 8% this year. The firm downgraded Ford to neutral from buy in a Tuesday note and reiterated a $12 per share price target. Ford shares have struggled this year, losing 6%.

Persons: BTIG, Wall, Joseph Spak, Spak, — Brian Evans, Barclays downgrades SolarEdge, Christine Cho, Cho, SolarEdge, JPMorgan downgrades Morgan Stanley, Morgan Stanley, Ted Pick, Kian Abouhossein, UBS downgrades Ford, Ford, Jim Farley's, Gregory Lewis, Lewis, MARA 1Y, MARA, Fred Imbert Organizations: CNBC, UBS, Ford Motor, Barclays downgrades, Barclays, SolarEdge, Enphase Energy, JPMorgan, Ford, U.S, General Motors, Crypto, Marathon, Marathon Digital, BTC Locations: U.S, Tuesday's

☆ Robots Are Looking Better to Detroit as Labor Costs Rise
▼ + stars: | 2024-01-15 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Robots weld the body of a Model Y electric vehicle at Tesla’s factory near Berlin. Photo: Patrick Pleul/dpa/picture alliance/Getty ImagesAutomakers are looking to an old friend to help offset rising labor costs: robots. For decades, car companies have increased automation inside their factories. Now, auto executives are looking more closely at this approach, to address a rising labor bill and take advantage of more sophisticated technology.

Persons: Patrick Pleul Organizations: Getty Locations: Berlin

☆ 10 years in, GM CEO Mary Barra has built her legacy on change and crisis. 2024 will be no different
▼ + stars: | 2024-01-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.

Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, —, Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington

☆ Ford could do 2 things to really shine in a challenging 2024 for the auto industry
▼ + stars: | 2024-01-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Underscoring our optimism, total hybrid sales last week came in strong for the fourth quarter and the year. They grew 55.5% for the quarter while EV sales rose 27.5%. With higher-margin hybrid sales topping the quarter and the year, the Maverick Hybrid was the best performer, with a 67% increase in 2023 sales from the year-ago period. Morgan Stanley and Wells Fargo analysts are taking a pretty pessimistic view of the auto industry in the year ahead. F 1Y mountain Ford 1 year Reflecting that apprehension, the late-2023 upswing in Ford stock has been reversing a bit in the new year.

Persons: Ford, Jim Farley, Jim Cramer, Morgan Stanley, Wells, Tesla, Wells Fargo, Jim Cramer's, Jim, Michael Nagle Organizations: Ford, ICE, General Motors, Federal Reserve, Management, CNBC, New York, Auto, Bloomberg, Getty Locations: New York, U.S

☆ Hertz makes 'agile' decision to shift strategy and sell EVs, Teslas
▼ + stars: | 2024-01-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021. "The reality of EVs and Tesla's being the best-selling car will, at some point, render them the best rental car," Scherr said. Hertz said it would be selling about 20,000 electric vehicles. Tesla's recent decision to lower the price of its vehicles also weighed into Hertz's decision given the impact on deprecation, Scherr added. Hertz had previously set a goal to have a quarter of its fleet be EVs by the end of 2024.

Persons: Hertz, Tesla, Stephen Scherr, CNBC's Jim Cramer, GM EVs, Tesla's, Scherr, Tom Brady, Dan Ives Organizations: Hertz, Hertz Corporation, Nasdaq, General Motors, Honda Motor, EV, GM Locations: New York City, U.S, EVs

☆ Hertz dumping 20,000 EVs is a warning to electric-car owners everywhere
▼ + stars: | 2024-01-12 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The car-rental firm said it's selling 20,000 EVs — about one-third of its electric fleet of Teslas, Volvos, Polestars, and more — partly due to repair and maintenance costs. AdvertisementIt's also a warning about the cost of EV ownership to drivers thinking about switching from gas to electric. Mitchell, which supplies data for insurance and repair companies, has found EVs — and particularly Teslas — are more expensive than gas-powered cars to repair. Among all EVs, Tesla's Model 3 has the best resale value, falling by only 42.9% in five years.

Persons: Hertz, —, Adam Jonas, Morgan Stanley, It's, Jonas, Mitchell, Kelley, Power, iSeeCars Organizations: EV, Service, Automotive, Energy Innovation, Insurance, quicken Locations: West Coast

☆ China's EV stocks start 2024 in reverse gear as price wars pressure profitability
▼ + stars: | 2024-01-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"We expect competition within the domestic market to remain intense and put pressure on pricing and profitability," Bernstein analysts said in a report on China's EV industry earlier this month. Morgan Stanley also highlighted competitions concerns in its note on Wednesday: "Investors remain cautious as China's auto market has had a volatile start to the year as competition and macro uncertainties persist." In mainland China, passenger EV sales growth fell to 28% in the third quarter of 2023, from 108% in the same period a year earlier, according to China Association of Automobile Manufacturers data quoted by Fitch Ratings. The growth slowdown will deepen in 2024, according to Fitch Ratings. "We expect China's domestic passenger car demand to increase modestly in 2024 to nearly 22 million units amid economic uncertainty," said Fitch Ratings.

Persons: Li Auto, Bernstein, Morgan Stanley, Fitch Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, China Association of Automobile Manufacturers, Fitch Locations: Shanghai, Hong Kong, Nio, BYD, Zhejiang, China

☆ From transparent TVs to ChatGPT-powered pet companions, here’s some of the buzziest tech of CES 2024
▼ + stars: | 2024-01-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +10 min

Here’s a look at some of the buzziest products announced this week:Loona companion robot is the world's first consumer robot equipped with ChatGPT AI technology. From Beijing KEYi Technology Co. Ltd.AI companionsAI companions are one of the biggest trends to emerge from the show this year. Samsung’s buzzy Ballie robot, which was first shown off at CES in 2020, received a refresh. BaracodaAI task robotsBeyond companions, AI has made its way into nearly every appliance and gadget you could think of this year. LG was one of the first leaders in transparent TVs; one of its earlier prototypes impressed the show floor back in 2020.

Persons: it’s, Loona, Rosie, Samsung’s, Dipanjan Chatterjee, ”, Volkwagen, Mercedes Benz, Chatterjee, ” Honda, VinFast, “ There’s, Jon Erensen, EssilorLuxottica, Francesco Milleri, Evie, Steve Jobs, Cook, Christoph Dernbach, “, Jitesh Ubrani, ” Ubrani, CNN’s Peter Valdes, Dapena Organizations: CNN — Tech, Consumer Electronics, Beijing KEYi Technology, ., LG, CES, Forrester Research, Walmart, Nvidia, AMD, Honda, VinFast, Fiat, Samsung, Gartner, Media, Apple Vision, Steve, Apple, IDC, Sony, Qualcomm Locations: Las Vegas, Beijing, USA, Cupertino, Cupertino ., Apple's, United States

☆ Hertz is selling 1/3 of its electric cars to buy gas cars instead
▼ + stars: | 2024-01-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Hertz, which has made a big push into electric vehicles in recent years, has decided it’s time to cut back. And EV price declines in the new car market have pushed down the resale value of Hertz’s used EV rental cars. Simply put, people are generally willing to pay a certain amount less for a used car than for a new one. Tesla makes up about 80% of Hertz’s EV fleet, and, altogether, EVs make up about 11% of Hertz’s total rental fleet. Again, Teslas, which make up 80% of Hertz’s EV rental fleet, are mostly the problem in both these areas, he has said.

Persons: CNN — Hertz, Hertz’s financials, ” Hertz, Stephen Scherr, Tesla, ” Scherr, Hertz, EVs, “, Scherr, ” Organizations: CNN, SEC, EV, Hertz, GM Locations: EVs

☆ Biden to head to Michigan and Nevada to ramp up outreach to key base voters
▼ + stars: | 2024-01-10 | by ( Mike Memoli | ) www.cnbc.com time to read: +5 min

US President Biden arrives to board Air Force One at Joint Base Andrews in Maryland on December 20, 2023, as he departs for Milwaukee, Wisconsin. Biden could be courting Latino voters in Nevada while simultaneously negotiating a border funding bill that includes stricter immigration policies that are opposed by Hispanic leaders. The Biden campaign has argued that as important as immigration is, public polling and its own research show the economy as the top concern of Latino voters. In 2020, Biden carried both Nevada and Michigan, but by less than 3 percentage points. Only Pennsylvania, Wisconsin, Arizona and Georgia were closer among states Biden carried.

Persons: Biden, Joe Biden's, It's, Joe Biden, Quentin Fulks, Biden's, Fulks, Donald Trump's, we'll, Kamala Harris, Harris, — Organizations: Air Force, Joint Base Andrews, Democratic, Israel, Culinary Workers, United Auto Workers, Big Three, UAW Locations: Maryland, Milwaukee , Wisconsin, South Carolina, Nevada and Michigan, Iowa, New Hampshire, Nevada, Michigan, surrogates, Carolina, South Carolina . Michigan, Atlanta, Mandalay Bay, Pennsylvania, Wisconsin, Arizona, Georgia

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ A surge of Russian demand has made China the world's biggest car exporter
▼ + stars: | 2024-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Automakers Geely and Great Wall Motor similarly saw a sharp uptick in car sales to Russia. A combination of soaring prices, weak consumer sentiment, and dwindling supply has sent domestic car sales crashing to roughly a quarter of pre-war times. "Russians are just buying less cars, period," researcher Steven Tian said in an interview with Business Insider at the time.

Persons: —, Geely, BYD, Steven Tian Organizations: Service, Wall, Business, China Passenger Car Association, Chery, Elon Musk's, Yale Locations: Ukraine, Moscow, China, Japan, Russia

☆ Why America's Electric Car Push Isn't Working
▼ + stars: | 2024-01-03 | by ( Paris Marx | ) www.businessinsider.com time to read: +12 min

Electric vehicles were supposed to be inevitable. Auto execs who were once trumpeting the potential of electric cars are even publicly acknowledging that EVs aren't working . In September, 87% of new-vehicle sales were fully electric vehicles. Plus, heavier electric vehicles are harder on roads, produce more air pollution, and pose a greater safety risk for pedestrians. Time for a rethinkThe shift from gas-powered cars to electric vehicles is an opportunity to rethink how Americans get from place to place.

Persons: Joe Biden, Tesla, EVs —, EVs, Edward Niedermeyer, Niedermeyer, Ipsos, CarGurus, bode, Ketan Joshi, Joshi, Benjamin Sovacool, it's, Paris Marx Organizations: EV, Ford, General Motors, Honda, Auto execs, Industry, Tesla Motors, EVs, Cox Automotive, Strategic, Cox, Statistics Norway, Transportation Locations: Mexico, America, California, United States, Norway, Oslo, Norwegian, Paris

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