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A car shopper today has their pick of traditional internal combustion engine (ICE) vehicles; mild-hybrid electric vehicles (MHEVs); hybrid electric vehicles (HEVs); plug-in hybrid electric vehicles (PHEVs); fuel cell electric vehicles (FCEVs) and battery-electric vehicles (BEVs), also commonly known as EVs. Here's a breakdown: Internal combustion engine (ICE): A "traditional" vehicle with an engine that's fueled with gasoline or diesel. Hybrid electric vehicle (HEV): Think of the Toyota Prius, a vehicle that has a hybrid powertrain system combined with an engine. Plug-in hybrid electric vehicle (PHEV) : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery. : These vehicles feature an internal combustion engine combined with a hybrid system, including a larger battery than traditional hybrid vehicles as well as a plug to recharge the vehicle's battery.
Persons: Paul Waatti, Heather Seymour, Seymour, Stellantis, Waatti, Michael Wayland, Antonio Filosa, Russell Wager, Jérémie Papin, BEV Organizations: DETROIT —, Pacifica, Toyota, CNBC, Motors, Chevrolet, Kia America, EV, Kia, GM, Detroit, GM Energy, Ford Motor, Auto, Nissan, ICE, Toyota Prius Locations: U.S, Stellantis, St, Johns , Florida, Detroit, Japan, South Korea, Germany
Ford Motor expects to introduce a $30,000 all-electric vehicle that will be profitable in roughly two and a half years, CEO Jim Farley said Friday during the Aspen Ideas Festival. "You have to make a radical change as an [automaker] to get to a profitable EV. Ford's EV unit lost $1.32 billion during the first quarter of this year on 10,000 vehicles wholesaled. Farley said it's crucial for Ford to make profitable EVs in the next five years, as Chinese automakers continue to expand globally. "And if we don't make profitable EVs in the next 5 years, what is the future?
Persons: Jim Farley, Farley, Tesla, Ford, CNBC's Julia Boorstin, they're, Ford's Organizations: Washington , D.C, Ford Motor, Aspen Ideas, Ford, EV Locations: Washington ,, U.S, Canada, North America
A dog looks out the window from a Tesla electric vehicle charging at a Tesla Supercharger location in Santa Monica, California on May 15, 2024. Last year, the U.S. EV leader received a rank of 257 problems per 100 vehicles, compared with 265 problems per 100 vehicles on average for EVs from traditional automakers. Across the broader industry, not just BEVs, Tesla has consistently ranked toward the bottom in initial quality since J.D. BEVs averaged 266 problems per 100 vehicles, 86 points higher than gas- and diesel-powered vehicles, which averaged 180 problems per 100 vehicles, according to the study. "It is not surprising that the introduction of new technology has challenged manufacturers to maintain vehicle quality," Hanley said.
Persons: Tesla, Power, Power Frank Hanley, Hanley, — CNBC's Michael Wayland Organizations: J.D, Tesla, Auto, Apple, Android Locations: Santa Monica , California, J.D ., U.S
Shares of the company remain off by roughly 40% this year amid significant cash burn and slowdown in EV sales. Rivian on Thursday reconfirmed its 2024 guidance that included production of 57,000 vehicles and a path to positive gross profit during the fourth quarter, including regulatory credits. It also outlined longer-term growths, such as plans to achieve positive adjusted earnings before interest, taxes, depreciation and amortization in 2027. Volkswagen is expected to use Rivian's electrical architecture and software stack for vehicles beginning in the second half of the decade, Scaringe said Tuesday. A provided image of Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, founder and CEO of Rivian, as the companies announce joint venture plans on June 25, 2024.
Persons: RJ Scaringe, Rivian, Scaringe, Oliver Blume Organizations: Rivian Automotive, Volkswagen Group, Volkswagen
Much of the growth, from a forecast 21% market share this year, is expected to come outside of China. The rapid expansion of Chinese automakers is a growing concern for legacy automakers and politicians globally. In North America, Chinese automakers are forecast to only achieve a 3% market share, largely in Mexico, where one in five vehicles are expected to be Chinese brands by 2030. In most other major regions of the world, AlixPartners reports that the share of Chinese automakers is expected to exponentially grow. Chinese brands in China also are expected to grow from 59% to 72% in market share, according to AlixPartners.
Persons: AlixPartners, Mark Wakefield Organizations: Auto Guangzhou, China Import, Export, Visual China, Getty Images, AlixPartners, General Motors, Nurphoto, Getty Locations: Guangzhou, Guangdong Province of China, China, Japan, North America, U.S, AlixPartners, Mexico, Central, South America, Southeast Asia, East, Africa, Bangkok, Nonthaburi Province, Thailand
A data center. The industry is about to be hit with a "wave of data tsunami," said Merima Dzanic, head of strategy and operations at the Danish Data Center Industry Association. A "whole different approach to how we build, design and operate data centers," is required, Dzanic added. Eco launchASCEND's goal was to explore the potential and comparative environmental impact of space-based data centers to aid Europe in becoming carbon-neutral by 2050. Yet Dzanic warned the somewhat "fringe" idea of space-based data centers doesn't fully solve the issue of sustainable energy usage.
Persons: Erik Isakson, Damien Dumestier, Dumestier, Merima Dzanic, Dzanic, Michael Winterson, Andrey Semenov Organizations: DigitalVision, Thales Alenia Space, European Commission, CNBC, International Energy Agency, Danish Data Center Industry Association, International Space, European Data Centre Association, Istock, Getty Locations: Europe, Japan
CNN —President Joe Biden and his predecessor, Donald Trump, are set to make history on CNN Thursday night as they meet for their first 2024 debate. Thursday’s debate will be the earliest in the election cycle that a presidential debate featuring the major parties’ nominees has taken place in modern history. That’s why Trump’s advisers and allies have urged the former president to focus on issues like the economy, crime and inflation as he debates Biden. The Biden campaign knows all this, of course, so it will be interesting – and instructive – to hear his message and analyze where it’s being targeted. The Trump campaign distanced itself, in part, from the plan, noting that the advisers who wrote it are not on the payroll.
Persons: Joe Biden, Donald Trump, It’ll, Biden —, , Trump, Hunter, Jake Tapper, Dana, insurrectionists, Biden, parry, Wade, Roe, , CNN’s Erin Burnett, won’t Biden, ” Biden, , Lincoln, Benjamin Netanyahu, Vladimir Putin, Putin, ” He’s Organizations: CNN, United States, Trump, Capitol, GOP, Biden, NATO, Reuters, Kyiv, Republicans, UFC Locations: New York, Georgia’s, Atlanta, Washington , Florida, Georgia, Russia, Israel, Gaza, Ukraine, Moscow, Kyiv, Western Europe, United States
Most of its residents are millennials, with its residents' median age being 33.6 years. As with Atlanta, most of its residents are millennials, with its residents' median age being 33.1 years. The median age of San Diego residents is 35.8 years. But it's also true that housing in San Diego trends toward the pricier end. San Diego, along with four other Californian cities, was marked as "impossibly unaffordable," according to the 2024 Demographia International Housing Affordability report.
Persons: , Josh Altman, Altman, Sean Pavone, Eric Johnson, Pengyu Cheng, Michael Warren, Wager, it's, Altman didn't Organizations: Service, Business, Getty, Dallas, Texas, Popular, Disney, San Locations: Atlanta, Dallas, Orlando, Phoenix, San Diego, Texas, California, San Francisco, Eola, Miami, Arizona's, San Diego , California, Los Angeles, US
Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian , starting with an initial investment of $1 billion. The additional $4 billion is expected by 2026. Shares of Rivian soared roughly 40% during after-hours trading Tuesday – two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses. The Detroit automaker sold a majority of its Rivian shares by 2023 after walking back a plan to codevelop EVs with the company. Rivian reported $7.86 billion in cash, cash equivalents and short-term investments to end March, with more than $9 billion in total liquidity.
Persons: Rivian, Rivian's Organizations: VW, Volkswagen, Ford Motor, Amazon, Detroit, Scout Motors Locations: California, South Carolina, Illinois, Georgia, Normal , Illinois
DETROIT – General Motors' Cruise autonomous vehicle unit on Tuesday announced former Amazon and Microsoft executive Marc Whitten as its new CEO. His appointment comes at a crucial time for Cruise, which is testing and relaunching its autonomous vehicles on public roadways. Following the incident, several key leaders, including Cruise CEO and co-founder Kyle Vogt, departed the company. The probe also investigated allegations of a cover-up by Cruise leadership, but investigators did not find evidence to support those claims. Cruise was a crucial part of GM's plan to double revenue to $280 billion by the end of this decade.
Persons: Marc Whitten, Whitten, Kyle Vogt, Marc, Mary Barra, Cruise, Rowe Price, Nick Mulholland, Craig Glidden, Glidden, Grant Dixton, Dixton, Mary Organizations: DETROIT, Motors, Amazon, Microsoft, Cruise, GM, Honda Motor, Walmart, Rivian, Activision Blizzard, Boeing Locations: San Francisco, Phoenix , Houston, Dallas, Dubai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Michael Widmer: Most central banks aim to increase gold holdingsMichael Widmer, Bank of America head of Metals Research, joins 'Money Movers' to discuss BofA's bullish call for gold as the bank projects the commodity to hit $3,000 in value.
Persons: BofA's Michael Widmer, Michael Widmer Organizations: Bank of America, Metals Research
Cars sit on a Chevrolet dealership's lot on June 20, 2024 in Chicago, Illinois. DETROIT – U.S. auto sales through the first half of the year are expected to be up by 2.9% compared to a year ago, but there are concerns that the auto industry may not be able to continue the momentum during the last six months of the year. Vehicle inventory levels are growing, incentives are increasing and there's growing uncertainty during the second half of the year surrounding the economy, interest rates and U.S. presidential election, according to Cox Automotive. The auto data and research firm expects sales growth to slow during the second half of the year to end 2024 at 15.7 million units, roughly a 1.3% increase compared to 2023. And, unlike in recent years, growth is coming from commercial sales compared to more profitable sales to consumers.
Persons: we're, Cox, Jonathan Smoke Organizations: CDK, DETROIT, Cox Automotive Locations: Chicago , Illinois, United States, Canada, DETROIT – U.S
Volkswagen on Tuesday announced updates for its 2025 Jetta sedan to boost sales amid industry-wide affordability concerns. The entry-level version of the Jetta with an automatic transmission will start at $21,995 when it goes on sale, expected by the end of the third quarter, the company said. That model will replace the current lower-priced model of the Jetta, which has a manual transmission and has seen limited sales since many drivers only know how to drive vehicles with an automatic transmission. The changes come amid concerns around vehicle affordability and growing vehicle inventories following years of constraints due to the coronavirus pandemic and supply chain issues. The Jetta's new starting price compares with the average transaction price of a new car sold in May of $47,455, according to Cox Automotive.
Organizations: Volkswagen, Jetta, Cox Automotive
Americans of both parties routinely express deep concern about the state of the country’s democracy. This fall, many voters may have a chance to do something about it, by voting on state ballot measures related to the nuts and bolts of elections and governance. Eight states, including Ohio and seven others largely in the West, appear all but certain to field ballot measures that would either overhaul redistricting or rewrite election rules to discourage hyper-partisanship and give voters a greater voice in choosing candidates. Redistricting ballot measures are not uncommon, but since the advent of citizen-backed ballot initiatives in the early 1900s no other year has had more than three election-system initiatives, according to the online elections database Ballotpedia. It creates the perception that we’re living in a democracy, when maybe we’re not.”
Persons: , Kathy Cunningham, Locations: Ohio, Cincinnati
CNN —The Biden campaign is blasting former President Donald Trump over abortion rights in a new TV ad coinciding with the two-year anniversary of the Supreme Court’s decision overturning Roe v. Wade and days ahead of the first presidential debate. “He’s now a convicted felon,” Joshua says in the ad as an image of Trump in court flashes across the screen. States where abortion is most limited report higher rates of maternal and infant mortality, as well as greater economic insecurity. The Biden campaign and White House are also bracing for a major Supreme Court decision on emergency abortion access. While Biden prepares for the debate, his campaign is hosting more than 50 events across the country around Monday’s anniversary of the Dobbs decision.
Persons: CNN —, Biden, Donald Trump, Roe, Wade, Kaitlyn Joshua, Wade ”, “ He’s, ” Joshua, Trump, “ Trump, I’m, , Joshua, Doug Emhoff, Joe Biden’s, , Donald Trump’s, ” Biden, ” “ Donald Trump, ” Trump, Michael Tyler, Trump “, Dobbs, Jill Biden, Harris, Kamala Harris, CNN’s Michael Williams Organizations: CNN, Biden, Camp, Trump Locations: Louisiana, Michigan, Atlanta, Pennsylvania, Maryland, Arizona
CNN —Jupiter’s iconic Great Red Spot is a massive storm that has swirled within the atmosphere of the largest planet in the solar system for years. The Great Red Spot is a massive vortex within Jupiter’s atmosphere that is about 10,159 miles (16,350 kilometers) wide, which is similar to Earth’s diameter, according to NASA. Vincenzo Pinto/AFP/Getty ImagesWhile the first two scenarios resulted in cyclones, they differed in shape and other characteristics witnessed in the Great Red Spot. But the researchers believe that the persistent atmospheric storm cell, which resulted from intense wind instability, produced the Great Red Spot. Previous research, published in March 2018, has shown that the Great Red Spot is growing taller as it shrinks in size overall.
Persons: Giovanni Domenico Cassini, Ann Ronan, Cassini, , Agustín Sánchez, Lavega, , updrafts, Donato Creti, Vincenzo Pinto, Michael Wong, ” Wong Organizations: CNN, Research, NASA, University of, Visitors, Vatican Museum, University of California Locations: Italian, Basque, Bilbao, Spain, AFP, Berkeley
Social media is awash with pictures of jaw-dropping libraries, elaborately styled home bookshelves and all manner of drool-worthy Library Porn. But for understated dazzle, it’s hard to compete with a wall in the new basement galleries of the Folger Shakespeare Library in Washington, D.C.For decades, the library’s 82 copies of Shakespeare’s First Folio — the largest collection in the world — were locked away in a vault, with access granted only to select scholars. But now, anyone can enter the public galleries and see them displayed in a special wall case, laid flat with spines out. In the dim, curatorially correct lighting, they glow like some kind of mysterious dark matter. But during a preview of the building, which reopens this weekend after a four-year, $80 million expansion, the Folger’s director, Michael Witmore, reached for a sunnier metaphor.
Persons: Michael Witmore Organizations: Folger Shakespeare Library Locations: Washington ,
Jon Stewart takes on the upcoming election
  + stars: | 2024-06-18 | by ( Michael Wade Sanders | ) edition.cnn.com   time to read: 1 min
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Read previewA woman has accused star real estate broker Tal Alexander and his brother Alon of raping her at a Manhattan apartment in 2012. Earlier this year, two other women filed separate lawsuits accusing Alon and a third brother, Oren Alexander, of rape. Tal and Oren Alexander cofounded the luxury real-estate brokerage Official. An attorney for Tal Alexander did not immediately return an email Tuesday seeking comment on the allegation. They also developed a reputation in the brokerage business for their aggressive approach in courting wealthy clientele and elbowing other brokers out of transactions.
Persons: , Tal Alexander, Alon, Oren Alexander, Angelica Parker, Tal, Oren, Parker, vaginally, Sean Zanni, Patrick McMullan, Isabelle Kirshner, Kirshner, Michael Willemin, Angelica, Willemin, Douglas Elliman, Rebecca Mandel, Kate Whiteman, Evan Torgan, Mandel, Whiteman, everyone's, they'll, it'll Organizations: Service, Business, Partners, Hamptons Locations: Manhattan, New York, SoHo, NY
DETROIT – The traditional Detroit automakers – General Motors , Ford Motor and Stellantis – should exit the Chinese market "as soon as they possibly can," Bank of America's top automotive analyst said Tuesday. Murphy, who has previously asked General Motors about exiting the market, said the "D3" automakers need to focus on their core products and more profitable regions. It's a prospect that would have been unthinkable for the automakers, specifically GM, just a few years ago, but the rise of local Chinese automakers such as BYD and Geely has put growing pressure on the companies. While the Detroit automakers need to rethink the way their doing business in China, Murphy said it's slightly different for U.S. electric vehicle leader Tesla . Murphy said Tesla, like Chinese companies, has a roughly $17,000 cost advantage in EV components compared to the traditional Detroit automakers to assist it in the Chinese market, allowing it to have "more room to run."
Persons: John Murphy, Murphy, Geely, Joe Biden, it's, Tesla Organizations: Automobile Works, FAW, Haima, Co, Detroit, , Motors, Ford Motor, Bank, BofA Securities, Automotive Press, GM, Ford Locations: China, Haikou, Hainan Province, DETROIT, Detroit
Henrik Fisker stands with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA in Manhattan Beach, California. The new filing comes after the Fisker company failed to secure an investment from a big automaker to keep afloat. The automaker, unlike most of its peers, contracted a third-party manufacturer to build the Fisker Ocean crossover. Déjà vuFor Henrik Fisker, a renowned automotive designer credited with designing the BMW Z8 and Aston Martin DB9, it's déjà vu. His first namesake company – Fisker Automotive – filed for bankruptcy protection in 2013, shortly after he left the company.
Persons: Henrik Fisker, Patrick T, Fallon, Fisker, Nikola, Faraday, It's, Henrik Fisker's, Tesla, Sam Abuelsamid, Magna, Abuelsamid, Geeta Gupta, Gupta, Stephanie Valdez Streaty, Aston Martin, Organizations: Manhattan, Los Angeles Auto, AFP, Getty, Lordstown Motors, Guidehouse, Software, U.S, Canadian, Apple, Adobe, SAP America, Manpower, Systems, CNBC, Cox Automotive, Fisker, Inc, BMW Z8, Aston, Aston Martin DB9, China's Wanxiang Locations: Manhattan Beach , California, EVs, U.S, North America, Europe
Under current federal law, an undocumented person who enters the United States and marries a US citizen must first request parole before applying for legal residency. Lawful permanent residency, commonly known as obtaining a green card, allows immigrants to live and legally work in the United States. Some Democrats in the Senate praised Biden’s executive order while those in vulnerable seats tried towing a line. Sen. Bob Casey, a Democrat in a vulnerable seat, also declined to say if he supports Biden’s executive order. However, he did praise Biden’s executive order from earlier this month aimed at restricting border crossings.
Persons: Washington CNN —, Biden, Barack Obama, Donald Trump, Biden’s, it’s, Donald Trump’s unforgivable, ” Biden, Julie Chavez Rodriguez, , , ” Todd Schulte, ” Muzaffar Chishti, John Thune, ” Thune, they’ll, ” Sen, Thom Tillis, Tillis, Sen, Elizabeth Warren, , Sherrod Brown, Bob Casey, “ I’ve, – I, CNN’s Sam Fossum, Kayla Tausche, Lauren Fox, Morgan Rimmer, Manu Raju Organizations: Washington CNN, CNN, Migration Policy Institute, Republican, Congress Locations: Arizona , Nevada, Georgia, United States, Ohio
Obama enacted DACA; Trump tried to end itThe DACA policy was enacted after bipartisan, comprehensive immigration reform efforts failed for the umpteenth time. Nearly 600,000 people have sought protected status under the program, which defers but does not necessarily end any immigration action against them. The Trump administration tried to end the DACA program in 2017, but the effort eventually failed at the Supreme Court in 2020. Instead, Trump hit pause on new applications, something the Biden administration then reversed. The much more modest bipartisan effort pushed by Biden earlier this year would not have helped the undocumented spouses of citizens and their children.
Persons: Joe Biden, Donald Trump’s playbook, Biden’s, , Biden, Trump, Michael Williams, Read Williams, “ I’m, ” Chad Wolf, Adriano Espaillat, CNN’s Brianna  Keilar, , ” Espaillat, Obama, DACA, Ruth Bader Ginsburg, Amy Coney Barrett, John Roberts Organizations: CNN, White, American Civil Liberties Union, Department of Homeland Security, New York Democrat, Supreme, Trump Locations: United States, Texas
One day after a shooting in a splash park in suburban Detroit injured nine people, including children, residents on Sunday were struggling to process what happened, with bafflement, fear and shock. It’s hard to function this morning,” said Alex Roser, a 33-year-old pharmacy technician who said he grew up in the area. On Saturday afternoon, a gunman opened fire at a splash pad — a play area for children with blue cylinders that spray water — in Rochester Hills. The police identified the shooter as Michael William Nash, 42, and said that the handgun recovered at the scene was legally purchased in 2015 and registered to him. Mr. Nash was found dead with what appeared to be a self-inflicted gunshot wound later on Saturday in his home nearby, they said.
Persons: , Alex Roser, Michael William Nash, Nash Organizations: Detroit, Sunday, Authorities Locations: Rochester Hills
The firefighters were gone, the police were on their way, and all around was the aftermath of whatever had happened a couple hours ago. Sabrina Rudin and her father peered at a video on her phone’s screen for some clue. She’d opened the Spring Cafe Aspen on West 4th Street in Greenwich Village three years ago, a bright corner spot for fresh juices, coffee, breakfast, lunch and dinner. But now, early on the morning of May 17, the place was a wreck. Inside the cafe, a film of white chemical from fire extinguishers covered the countertops, the floor, the fruit and vegetables.
Persons: Sabrina Rudin, peered, She’d Organizations: Greenwich Village Locations: Aspen, Greenwich
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