An election to determine whether workers unionize an electric vehicle battery manufacturing complex in Kentucky is in limbo Thursday due to a few dozen disputed ballots that could swing the outcome.
The United Auto Workers claimed it secured a narrow victory at the BlueOval SK battery park after the two-day vote that ended Wednesday. Yet the outcome ultimately could depend on 41 challenged ballots that the UAW contended were “illegitimate” and should not be counted. The company urged the National Labor Relations Board, which ran the election, to count each eligible vote because “every voice matters.”
The UAW is hoping to gain another victory at the BlueOval SK complex to expand its foothold in the South at battery factories that will power the next wave of EVs. Unions have struggled to establish a foothold in the South, where organized labor is much weaker.
The election occurred about a week after production began at the EV battery complex, a nearly $6 billion joint venture between Ford Motor Co. and its South Korean partner, SK On. Batteries from this plant will power the all-electric Ford F-150 Lightning pickup and its EV cargo van, the E-Transit.
The tally was 526 votes for the union and 515 against union representation, the NLRB said Thursday, plus the 41 challenged ballots that it said were sufficient to affect the results. The federal agency will review whether those disputed ballots will be counted.
“We believe they are illegitimate and represent nothing more than an employer tactic to flood the unit and undermine the outcome,” the UAW said in a statement. “We will fight these challenges to defend the democratic choices of these workers, as we always do when corporations try to interfere with workers’ democratic choice.”
Gov. Andy Beshear says the complex that sprung up in Glendale — a community of around 2,000 residents an hour south of Louisville — is the single largest economic investment in Kentucky’s history. The battery complex includes two manufacturing plants but production has started at just one of them.
DeepSeek’s namesake chatbot would be used for “AI interaction”, which enables a Tesla EV’s driver to have casual conversations with the system, while also getting the latest news and weather information, according to the updated terms of use posted this month on the US carmaker’s mainland website.
ByteDance’s Doubao large language model (LLM) would facilitate voice commands for navigation as well as in-vehicle media and amenities such as air conditioning, according to the updated terms.
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A user activates the upgraded voice assistant system by saying “Hey, Tesla” or another designated phrase, providing a more intuitive approach than clicking a button on either the EV’s steering wheel or multimedia terminal.
Volcano Engine, the cloud computing services unit of ByteDance, is responsible for the AI systems integration using an encrypted application programming interface, a protocol that enables different software applications to communicate.
Tesla did not immediately respond to a request for comment on Friday.
Visitors check out a Tesla electric vehicle on display at the third China International Supply Chain Expo in Beijing on July 16, 2025. Photo: EPA alt=Visitors check out a Tesla electric vehicle on display at the third China International Supply Chain Expo in Beijing on July 16, 2025. Photo: EPA>
Tesla’s latest initiative reflects the carmaker’s efforts to boost orders on the mainland’s highly competitive EV market, as the AI systems from DeepSeek and ByteDance would appeal to domestic buyers.
Details on when Tesla’s upgraded voice assistant system would be available and on which models remain unknown. Tesla’s recently launched six-seat Model Y L SUV, which supports a voice wake-up feature, will start deliveries next month.
Tesla’s updated terms, meanwhile, cautioned users that AI-generated content “may be incomplete, incorrect or contextually unsuitable”, adding that the technology should not be used to “endanger national security” or “disclose state secrets” as stipulated by China’s laws.
Still, Tesla was nearly half a year late in adopting Chinese AI solutions. As of mid-February, more than a dozen domestic carmakers – including BYD, Geely and Stellantis-backed start-up Leapmotor – had already announced plans to release cars with DeepSeek-enabled AI features.
Total EV deliveries – comprising passenger cars and commercial vehicles like buses – slid 5 per cent from a month earlier to 1.26 million units in July, according to data from the government-backed China Association of Automobile Manufacturers. It was the first month-on-month drop in the Chinese EV market since May.
ByteDance has become a popular AI supplier for carmakers on the mainland. Last year, the TikTok and Douyin owner teamed up with Mercedes-Benz to integrate its LLM into the German carmaker’s in-car systems in China.
The Beijing-based unicorn ByteDance had also formed an “automobile LLM ecosystem alliance” with more than 20 firms that included Geely and Great Wall Motor.
The window to take advantage of clean energy credits is running out.
After three years, the sun is setting on a series of tax credits aimed at lowering the cost of buying electric vehicles, as well as installing solar panels, heat pumps and other clean energy technologies in your home.
That’s because, in July, Congress passed President Trump’s sweeping budget package, known as the One Big Beautiful Bill Act, which phases out the Biden-era clean energy subsidies earlier than originally outlined in the Inflation Reduction Act (IRA) under which they were established.
For example, the Residential Clean Energy Credit originally offered homeowners a 30% tax credit for installing rooftop solar, storage batteries and other qualifying clean energy systems through 2032. Under the new budget law, however, the deadline to install the technology has been moved up to Dec. 31, 2025.
Here’s a list from the U.S. Climate Alliance, a bipartisan coalition of governors, of additional tax credits that are still available under the IRA, along with the new deadline for eligibility.
New electric vehicle: Up to $7,500 for qualifying vehicles purchased before Sept. 30, 2025
Used electric vehicle: Up to $4,000 for qualifying vehicles purchased before Sept. 30, 2025
Keep in mind, there are limits to the total amount of credits you can claim. For example, the Energy Efficient Home Improvement Credit caps homeowner tax credits on clean energy upgrades at $3,200 per year, according to the Internal Revenue Service. There are also caps on individual items, such as a $250 cap on exterior doors and a $500 cap on the cost of multiple doors installed.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
Ford is investing $5 billion to change the way it makes electric vehicles, a move the automaker says will allow it to manufacture models starting at $30,000 — far less than the current average price for an EV.
The Dearborn, Michigan-based company on Monday said it will invest $2 billion to modernize its Louisville Assembly Plant and another $3 billion to build a new battery plant in Michigan, part of its push to produce more affordable EVs.
The company unveiled its new “universal EV platform” at a Monday event, with Ford CEO Jim Farley calling it “the most radical change on how we design and how we build vehicles at Ford since the Model T,” which Ford introduced in 1908.
According to Ford, the new assembly line will be structured more like an “assembly tree,” with three different lines that converge into one, rather than a single assembly belt.
The new assembly line will be formed more like an “assembly tree,” with three different lines that converge into one, rather than a single assembly belt, Ford said Monday.
Ford Motor Company
“This way of building a vehicle, we’re confident, is the first time anyone’s done this anywhere in the world,” said Doug Field, Ford’s EV chief of digital and design, at Monday’s event.
The company said the design will lead to a quicker, smoother assembly process and improve ergonomics for employees through a less obstructive layout.
“Ford’s announcement is very ambitious, because it includes both a new production process and a new vehicle,” said Patrick Anderson, founder of Michigan-based consulting firm Anderson Economic Group, in an email to CBS MoneyWatch. “If they can actually pull off a production line that has 40% fewer workstations and 20% fewer parts, it will be worthy of the ‘Model T moment’ claim.
Ford’s first EV from the new system
The first product of this new production system will be a four-door midsize truck, which will debut in 2027. Farley said on Monday that the new vehicle will accommodate five people and feature a “frunk” — a front storage compartment — as well as a pickup truck bed.
The vehicle will start at $30,000. By comparison, the average price for a new electric vehicle in July was about $56,000, according to Kelley Blue Book.
Field touted the new vehicle’s charging capabilities, referring to the truck as a “mobile power plant.”
“Outlets in the back can give you high power and let you plug in anything from tools to a refrigerator, and it can provide backup power for your home,” he said.
The midsize electric truck could be produced up to 40% faster than other vehicles at the Louisville Assembly Plant due to the new process, Ford said.
In another effort to lower costs, the auto company is also reducing the number of components that go into each car. Vehicles produced on the “universal EV platform” will have 20% fewer parts than a traditional vehicle, Ford said.
The company will also use smaller cobalt and nickel-free batteries that will allow it to make “cost gains,” according to a video shared by Ford.
Anderson said that Ford has its work cut out for them given that the new truck will need to be competitively priced and economical. According to the auto industry expert, the cost of charging EV trucks currently on the market is often much higher than the price at the pump for gas-powered versions. A report from the Anderson Economic Group shows pickup trucks drivers in New York, California and Michigan face “significantly higher costs” if they rely on an EV.
A successfully lower-cost truck model, however, could spur a new chapter for the company in its manufacturing of EVs.
“If Ford shows the industry it can build and sell a reliable compact EV truck for $30,000, it will sell a lot of them, and open the door to making sedans using the new production process,” Anderson said.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
EREVs have some manufacturing advantages, too, says Steven Ewing, who directs editorial content at Edmunds. Specifics on Scout production are scant, but at least the Ramcharger is using components and technology that Stellantis already puts in other cars. “You’re not introducing this giant new propulsion system,” Ewing says. On the EREV (and PHEV) con side: It’s always going to be expensive to put two powertrains into one vehicle.
An Emissions Win?
Some climate advocates, who hope the world transitions quickly to battery electric vehicles to stave off the worst of climate change, say EREVs could be part of a cleaner transportation system, even if the design still uses gasoline.
“The future is fully electric,” says Kathy Harris, who directs the clean vehicles policy program at the Natural Resources Defense Council, an environmental advocacy group. “But many drivers are worried about going fully electric. While the country continues to build out a robust charging network, EREVs can be a good choice for some of them.”
EREVs might prove less emissions-intensive than their PHEV cousins because drivers cannot simply choose to skip charging and drive on gasoline alone, a phenomenon that some researchers worry is degrading the real-life emissions output of many plug-ins.
Other researchers are less convinced by automakers’ “bridge technology” arguments but say EREVs might be helpful anyway. EREVs are showing up on heavy vehicles like trucks and SUVs because those need more battery power to move, especially when they’re hauling or towing. The tech might obviate the complaints of, say, some Ford F-150 Lightning owners, who say they want to use their all-electric trucks to do work and charge tools but can’t get enough done on one charge. Full battery electric might never be a fit for every person.
“For those drivers who live in rural areas or who have driving patterns where they go long distances every day, a range extender with a very efficient generator may be a great technology,” says Gil Tal, who directs the Electric Vehicle Research Center at UC Davis. “I think that will be the way we get to 100 percent electric.”
Older Tech, New Interest
Technically, the Chevrolet Volt, which in 2010 represented General Motors’ first modern foray into EV tech, was an EREV, though it was marketed as a PHEV. Jaguar intended a 2010 concept car, the C-X75, to go into limited production in 2013 but canceled the project amidt the Great Recession. (A C-X75 appeared in the James Bond film Spectre, and a design firm turned out a gas-powered conversion, but otherwise the car never saw the light of day). A few years later, the BMW i3 EV came with a range-extender option, with a very small generator giving drivers a few extra miles to get to a charger, stat. But that choice didn’t prove popular with buyers, according to Edmunds data.
The EREV story began to change in China. The Chinese automaker Li Auto was a global outlier in 2019 when it unveiled its first model, the Li One, a range-extended SUV. That year, EREVs accounted for 1 percent of all PHEV sales, according to the research firm BloombergNEF. But by 2023, Li Auto had led EREVs to a 28 percent share of PHEV sales—accounting for 9 percent of all electric vehicle sales in China. That’s not a huge share, but the tech has “been transformative in a pretty short amount of time,” says Corey Cantor, an analyst with BloombergNEF who covers electric vehicles. The world might be learning from that experience.
RENO, Nev. — Conservationists and a Native American tribe are suing the U.S. to try to block a Nevada lithium mine they say will drive an endangered desert wildflower to extinction, disrupt groundwater flows and threaten cultural resources.
The Center for Biological Diversity promised the court battle a week ago when the U.S. Interior Department approved Ioneer Ltd.’s Rhyolite Ridge lithium-boron mine at the only place Tiehm’s buckwheat is known to exist in the world, near the California line halfway between Reno and Las Vegas.
It is the latest in a series of legal fights over projects President Joe Biden’s administration is pushing under his clean energy agenda intended to cut reliance on fossil fuels, in part by increasing the production of lithium to make electric vehicle batteries and solar panels.
“One cannot save the planet from climate change while simultaneously destroying biodiversity,” said Fermina Stevens, director of the Western Shoshone Defense Project, which joined the center in the lawsuit filed Thursday in federal court in Reno.
“The use of minerals, whether for EVs or solar panels, does not justify this disregard for Indigenous cultural areas and keystone environmental laws,” said John Hadder, director of the Great Basin Resource Watch, another co-plaintiff.
Rita Henderson, spokeswoman for Interior’s Bureau of Land Management in Reno, said Friday the agency had no immediate comment.
Ioneer Vice President Chad Yeftich said the Australia-based mining company intends to intervene on behalf of the U.S. and “vigorously defend” approval of the project, “which was based on its careful and thorough permitting process.”
“We are confident that the BLM will prevail,” Yeftich said. He added that he doesn’t expect the lawsuit will postpone plans to begin construction next year.
The lawsuit says the mine will harm sites sacred to the Western Shoshone people. That includes Cave Spring, a natural spring less than a mile (1.6 kilometers) away described as “a site of intergenerational transmission of cultural and spiritual knowledge.”
But it centers on alleged violations of the Endangered Species Act. It details the Fish and Wildlife Service’s departure from the dire picture it painted earlier of threats to the 6-inch-tall (15-centimeter-tall) wildflower with cream or yellow blooms bordering the open-pit mine Ioneer plans to dig three times as deep as the length of a football field.
The mine’s permit anticipates up to one-fifth of the nearly 1.5 square miles (3.6 square kilometers) the agency designated as critical habitat surrounding the plants — home to various pollinators important to their survival — would be lost for decades, some permanently.
When proposing protection of the 910 acres (368 hectares) of critical habitat, the service said “this unit is essential to the conservation and recovery of Tiehm’s buckwheat.” The agency formalized the designation when it listed the plant in December 2022, dismissing the alternative of less-stringent threatened status.
“We find that a threatened species status is not appropriate because the threats are severe and imminent, and Tiehm’s buckwheat is in danger of extinction now, as opposed to likely to become endangered in the future,” the agency concluded.
The lawsuit also discloses for the first time that the plant’s population, numbering fewer than 30,000 in the government’s latest estimates, has suffered additional losses since August that were not considered in the U.S. Fish and Wildlife Service’s biological opinion.
The damage is similar to what the bureau concluded was caused by rodents eating the plants in a 2020 incident that reduced the population as much as 60%, the lawsuit says.
The Fish and Wildlife Service said in its August biological opinion that while the project “will result in the long-term disturbance (approximately 23 years) of 146 acres (59 hectares) of the plant community … and the permanent loss of 45 acres (18 hectares), we do not expect the adverse effects to appreciably diminish the value of critical habitat as a whole.”
Ford Motor on Thursday said it is temporarily halting production of the Detroit automaker’s F-150 Lightning pickup truck until 2025 amid waning consumer demand for electric vehicles.
Ford will pause manufacturing of the EV at its Rouge Electric Vehicle Plant on November 15 and resume on January 6.
“We continue to adjust production for an optimal mix of sales growth and profitability,” the company said in a statement to CBS MoneyWatch.
Ford also said it will furlough roughly 730 hourly employees, although it noted that not all workers will be sidelined for the duration of the production freeze.
Ford launched the F-150 Lighting, which MotorTrend named its truck of the year in 2023, two years ago, underlining the car maker’s push into EVs. With sales sluggish, Ford last year slashed the vehicle’s price by thousands of dollars.
For the third quarter, Ford reported a $1.2 billion loss on Model e, its separate EV unit. The company projects losses of $5 billion for Model e for all of 2024, attributing the financial hit in part to “industrywide pricing pressure.”
Earlier this year, Ford scrapped plans for an all-electric, three-row SUV to focus on hybrid models. At the time, the company said its plan was to “speed customer adoption” of more affordable vehicles with longer driving ranges. That includes developing a new family of three-row, hybrid SUVs.
Electric vehicle prices are tumbling as cars pile up on lots amid cooling consumer demand. The average price of a new EV in May was $56,648, according to Kelley Blue Book, down roughly 15% from two years earlier, when the average price was $65,000.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
There can be unpleasant surprises at the end of a leasing term, Wallcraft added. The vehicle will be examined carefully for any damage, and if you exceeded the mileage outlined in the contract, you’ll be hit with fees. “It can be a pretty surprising amount at the end of the whole thing,” Wallcraft said, “and there’s no way to get out of it.”
When to buy a car in Canada
When you finance a car to own it, however, you start with negative equity—you owe more on the car than it’s worth to sell—but after a certain amount of time, that equity turns in your favour. “It takes a few years, depending on the length of the financing term,” Wallcraft said. “It takes some time where you’ve paid off enough of the car that you can then sell it for what it’s worth.”
For car lovers who want a fresh ride every three or four years, financing to own still has merits over leasing, Wiebe said. “Even with purchasing vehicles every three years, you can still come out ahead by purchasing and reselling, because at least you are building some equity by creating ownership of the car that you’re paying for,” he said.
“But for most young people, buying and owning for a longer period is going to really free you up to be able to put money elsewhere, especially towards longer-term savings.”
Pros and cons of leasing an EV
As for leasing an electric vehicle (EV), Wallcraft called the financial pros/cons analysis “less predictable” in this relatively new market. Residual values of EVs have yet to be fully understood, she said—the value the car holds over time, which lease payments are based on. But lease contracts are very hard to break, Wallcraft noted. So if you don’t like the EV lifestyle and all it entails, you’re stuck or punished.
“I can’t imagine how difficult it would be to try to offload an EV lease and try to find somebody who wants to take that over when there’s really only 10% of the market that’s showing a strong interest in EVs today,” Wallcraft said. “That will change over time, but that would be extremely difficult. Better to finance at a rate you can afford, and then, even if you haven’t fully paid it down, at least the car is yours to make the decision about what to do with it.”
So who is leasing for?
Wealthy customers, mostly. There’s less drama with a new vehicle under warranty, Wiebe pointed out. “Let’s say you’re getting into a high-paying profession that demands a lot of your time,” he said. “You’re not having to deal with buying and selling a vehicle. You sign up, have that simple payment, everything’s under warranty, and you kind of take back both the time and having to think about that area of your life.”
BERLIN — Volkswagen has informed employee representatives that it wants to close at least three plants in Germany, the head of the company’s works council said Monday.
Employee council chief Daniela Cavallo said at a meeting with Volkswagen workers at the company’s Wolfsburg headquarters that management also plans cuts at other sites, and pledged to resist the plans, German news agency dpa reported. She said that “all German VW plants are affected by these plans. None is safe.”
There was no immediate comment from the company itself.
Volkswagen said in early September that auto industry headwinds mean it can’t rule out plant closures in its home country, and must drop a job protection pledge in force since 1994 that would have barred layoffs through 2029. CEO Oliver Blume cited new competitors entering European markets, Germany’s deteriorating position as a manufacturing location and the need to “act decisively.”
European automakers are facing increased competition from inexpensive Chinese electric cars. Volkswagen said last month that the company’s half-year results indicated it would not achieve its target of 10 billion euros ($10.8 billion) in cost savings by 2026.
Volkswagen has some 120,000 employees in Germany, where it has 10 plants — six of them in the northern state of Lower Saxony, including Wolfsburg.
The IG Metall industrial union sharply criticized VW’s reported closure plans. “We expect that, instead of cutback fantasies, sustainable concepts for the future be sketched out by Volkswagen and its management at the negotiating table,” regional union leader Thorsten Gröger said.
Pay negotiations between Volkswagen and the union are due to resume on Wednesday.
Credit where it’s due, former Renault-Nissan boss Carlos Ghosn—the man who was later smuggled out of Japan in a double bass case—was quick to identify electrification as the key paradigm shift in the 21st-century car industry. Cue the cute Renault Zoe, forward-thinking in terms of design and propulsion, but perhaps too aloof to capture hearts and minds.
The new Renault 5 EV is unashamedly nostalgic in look, mining a design trend that’s been around so long that retro is almost retro. Yet when you see it in the flesh for the first time resistance is futile. Here, surely, is the electric car that will demolish any lingering preconceptions, a surprisingly sophisticated conduit for all-round feel-good vibes that’s packed with big-car tech.
Current Renault boss Luca de Meo is certainly bullish. “Some products are magical,” he notes. “You don’t have to hold endless discussions, everybody is always in agreement on what needs to be done. And they do it. There’s no inertia.”
Courtesy of Renault
As one of the masterminds of the noughties Fiat 500 revival, De Meo has solid instincts on this stuff. Even if you’d never driven one, you knew what the classic Cinquecento stood for. The same applies to the Renault 5: It arrived into an early ’70s world in which the Middle East was in convulsions, energy was suddenly scarce, and conspicuous consumption was unfashionable. Context matters, and this one has a distressingly familiar feel.
Design Winks
The new R5 aims to brighten your day via its candy colors, and an exterior and interior design that prompts an expertly executed Proustian rush. The silhouette might be familiar, but the new car has fuller proportions and imaginative postmodern touches galore.
There’s a cheeky little four-corner graphic in the headlights that “winks” as you approach. The fog-lights below mimic that motif, while the vertical taillights are another echo of the original. They’re now designed for a degree of aerodynamic efficiency that would have boggled the minds of Renault’s engineers back in the day.
The chunky wheel arches call to mind the mid-engined R5 rally car, and the new car’s roof can be had in a variety of treatments. It’s a five-door car but the rear door handles are cleverly hidden away. And the old car’s hood vent reappears here as a state-of-charge indicator. Each strip represents 20 percent of the available energy.
Unlike in most three-row SUVs, sitting at the back of the Buzz was a comfortable experience for my 6-foot-3 body. We also piled four WIRED colleagues into the van for a long loop around the neighborhood, and everyone had plenty of room.
With all the seats in use, the cargo space behind the third row is 18.6 cubic feet. That’s enough for a large grocery haul or several peoples’ luggage. The third row of seats can be folded down to make a flat surface in the back, and VW offers an insert for the rear cargo area that comes with two handy drawers. If you need more space, the third row can be removed entirely.
To help keep items from sliding around, the Buzz is equipped with velcro partitions that are stored in the walls of the cargo area. The center console is removable and moveable. You can move it from between the front seats to the second row in vehicles equipped with captain’s chairs. Or just pull it out entirely. One nice touch: The dividers in the center console double as a bottle opener and an ice scraper.
Meanwhile, VW has gone full USB-C. Every seat gets at least one charging port. There are seven ports in total. There’s also one 15-watt USB port near the rearview mirror to accommodate a dash cam. A 110-volt, 150-watt power outlet is available under the passenger seat.
This all before you get into the world of aftermarket add-ons, where you are sure to find a plethora of options for the Buzz. It’s all very clever, and a reminder that the VW bus is a canvas for your lifestyle.
Finally, the issues that have famously been plaguing VW’s infotainment system for years have been solved. The 12.9-inch display was easy to use, navigate, and more importantly, had little in the way of latency. VW has added ChatGPT integration for the voice assistant, but that requires a network connection, and I wasn’t able to fully test it, since most of the drive was in areas where cell service was spotty or absent. When I was able to test it, it returned a solid answer in a timely fashion.
Weirdly though, as an adventure vehicle, the Buzz does not ship with a dog or camping mode. When asked about this, Volkswagen said it was looking into it. More than a few journalists inquired about these features, which are found in Rivians and Teslas and make all sorts of sense for the Buzz. So don’t be surprised if those modes show up in an OTA software update.
How Much Again?
Which brings us to the second sticking point of the ID Buzz. The RWD Pro S model starts at $59,995, and this is because Volkswagen essentially offers a mid-level trim as the entry-level model. For example, this starting configuration ships with 12-way adjustable heated and vented front seats with a massage feature. Heated seats are also standard for the second row. It has three-zone climate controls.
All those USB ports are also standard. So is that 110V outlet. For those late night raves, a 30-color ambient lighting feature is standard.
Volkswagen is building all its ID Buzzes at a single factory in Hanover, Germany. This means US buyers cannot claim an EV purchase tax credit, since the Inflation Reduction Act requires vehicles to be assembled in North America to qualify for the tax break. If the automaker offers a lease, then the van does become eligible.
Volkswagen is aware this is a niche vehicle. While the buzz around the Buzz has died down, it will still likely sell out in its first year. VW would not comment on whether it will offer a cheaper trim option in the future or whether it plans to expand its production to the US.
Yet even with its lack of a true entry-level price and a range that, while underreported, is less than anticipated, the ID Buzz is exactly what it should be. It is a fun-to-drive nostalgia machine with enough storage and utility to make it a solid weekend hauler for families who enjoy an active lifestyle. And your five children will be quite comfortable in the back as you bore them to tears with your Summer of Love playlist.
DERRY — The future of school buses is electric, and thanks to a multimillion-dollar grant, the majority of the district’s diesel fleet will be replaced with new, battery-powered buses.
The Derry Cooperative School District and its transportation provider, First Student, celebrated a $8.6 million grant received from the U.S. Environmental Protection Agency’s Clean School Bus Program. The money will be used to purchase 25 zero-emission school buses for the district.
“It’s the movement forward,” said Superintendent Austin Garofalo. “We’re all looking at hybrids or looking at electric vehicles. The fact that they can do that with a bus, it’s just amazing.”
Local and state officials, school district staff, and representatives from the EPA and First Student gathered outside West Running Brook Intermediate School on Wednesday to celebrate the clean future of school buses.
Students from the school’s Kid’s Care Club, an organization devoted to community service, attended the event. Three of the students spoke about how excited they are to have the new buses.
“I think it’s really cool that our school is doing something to help the environment,” said Henry Fournier, a sixth-grader. “I’m proud to be part of a school that cares about the future.”
David Cash, the EPA’s New England regional administrator, said the new buses will be better for everyone.
“This is, again, all about your future and all about your health,” Cash told the students. “This new bus right here will help protect your health, be better for the bus drivers, be better for the teachers, and be better for the school district.”
In May, the EPA and First Student announced that Derry would receive the grant and 25 zero-emission school buses. The program has brought $31 million to New Hampshire for 110 new school buses.
Derry was awarded the most money out of any New Hampshire community that applied and tied with Pembroke for receiving the most school buses.
School Board Chairman David Clapp said this was one less worry for taxpayers in Derry.
“The education funding in New Hampshire is tough and when you get grants like this to help, every little bit counts,” Clapp said. “Usually, we’re trying to figure out how to mitigate issues. Now, we’ve got something that we won the lottery in and it’s awesome.”
Clifton Dancy, the school district’s director of information services and transportation coordinator, said he was proud to celebrate such a remarkable moment for the district.
“We are overjoyed to have received the largest grant in New Hampshire – more than $8.6 million from the EPA’s Clean Bus rebate program,” Dancy said. “This generous funding will enable us to acquire 25 zero-emission buses. To put that into context, we have 29 buses, 25 of them will be electric.”
First Student representatives said the goal is to have the electric buses on the road for the 2025-26 school year.
Ben Henry, First Student’s general manager for Northern New England, said the money will go toward updating the First Student bus station in Derry so it can accommodate the new buses, including adding charging ports for the vehicles.
The new buses were part of a bipartisan initiative championed by U.S. Sen. Maggie Hassan, D-N.H., and U.S. Rep. Chris Pappas, D-N.H., who also spoke at the celebration.
“This is about making sure that we’re responding to the needs of our communities,” Pappas said. “The health benefits are there, the energy benefits are there, the cost benefits are there. So this is a huge win-win situation.”
Hassan said this was a moment where Derry residents did not have to decide between taking care of the environment and taking care of their wallets. She said this is one time where her constituents can have it both ways.
“This is one of those examples, too, where it isn’t just about choosing between costs and the environment. This both addresses climate change and lowers costs,” Hassan said. “This is about saving money and investing in the future. It’s a really, really good day for Derry and New Hampshire and our country.”
The Biden-Harris administration announced plans Tuesday to provide up to $750 million in direct funding to semiconductor developer and manufacturer Wolfspeed. The money will be used to support the company’s new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York.
In addition to the government grant, a group of investment funds led by Apollo, The Baupost Group, Fidelity Management & Research Company and Capital Group plan to provide an additional $750 million to Wolfspeed, the company said. Wolfspeed also expects to receive $1 billion from an advanced manufacturing tax credit, meaning the company in total will have access of up to $2.5 billion.
Wolfspeed stock surged Tuesday on the announcement of the combined $1.5 billion in funding. Shares were up 3 points, or 30%, as of noon ET.
Wolfspeed’s use of silicon carbide enables the computer chips used in electric vehicles and other advanced technologies to be more efficient. The North Carolina-based company’s two projects are estimated to create 2,000 manufacturing jobs as part of a more than $6 billion expansion plan.
“Artificial intelligence, electric vehicles, and clean energy are all technologies that will define the 21st century, and thanks to proposed investments in companies like Wolfspeed, the Biden-Harris administration is taking a meaningful step towards reigniting U.S. manufacturing of the chips that underpin these important technologies,” Commerce Secretary Gina Raimondo said in a statement.
The new Wolfspeed facility in Siler City could be a critical symbol in this year’s election, as it opened earlier this year in a swing state county that is undergoing rapid economic expansion in large part due to incentives provided by the Biden-Harris administration.
Vice President Kamala Harris, the Democratic nominee, is making the case to voters that the administration’s mix of incentives are increasing factory work, while former President Donald Trump, the Republican nominee, says the threat of broad tariffs will cause overseas factories to relocate in the United States.
In 2023, President Joe Biden spoke at Wolfspeed to promote his economic agenda, saying it would help the United States outcompete China. Trump narrowly won North Carolina during the 2020 presidential election and has talked about bringing back the state’s furniture manufacturing sector.
The Biden administration helped shepherd the 2022 CHIPS and Science Act through Congress amid concern after the pandemic that the loss of access to chips made in Asia could plunge the U.S. economy into recession. Lawmakers at the time expressed concern about efforts by China to control Taiwan, which accounts for more than 90% of advanced computer chip production.
The Biden-Harris administration’s argument is that the government support encourages additional private investments, a case that appears to apply to Wolfspeed.
Wolfspeed CEO Gregg Lowe told The Associated Press that the United States currently produces 70% of the world’s silicon carbide — and that the investments will help the country preserve its lead as China ramps up efforts in the sector.
Lowe said “we’re very happy with this grant” and that the Commerce Department staff awarding funds from the CHIPS Act was “terrific.”
LOS ANGELES (AP) — Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before they are available.
CEO Elon Musk pulled up to a stage at the Warner Bros. studio lot in one of the company’s “Cybercabs,” telling the crowd that the sleek, AI-powered vehicles don’t have steering wheels or pedals. He also expressed confidence in the progress the company has made on autonomous driving technology that makes it possible for vehicles to drive without human intervention.
“We’ll move from supervised Full Self-Driving to unsupervised Full Self-Driving. where you can fall asleep and wake up at your destination,” he said. “It’s going to be a glorious future.”
Tesla expects the Cybercabs to cost under $30,000, Musk said. He estimated that the vehicles would become available in 2026, then added “before 2027.”
The company also expects to make the Full Self-Driving technology available on its popular Model 3 and Model Y vehicles in Texas and California next year.
“If they’re going to eventually get to robotaxis, they first need to have success with the unsupervised FSD at the current lineup,” said Seth Goldstein, equity strategist at Morningstar Research. “Tonight’s event showed that they’re ready to take that step forward.”
When Tesla will actually take that step, however, has led to more than a little anxiety for investors who see other automakers deploying similar technology right now. Shares of Tesla Inc. tumbled 9% at the opening bell Friday.
Waymo, the autonomous vehicle unit of Alphabet Inc., is carrying passengers in vehicles without human safety drivers in Phoenix and other areas. General Motors’ Cruise self-driving unit had been running robotaxis in San Francisco until a crash last year involving one of its vehicles.
Also, Aurora Innovation said it will start hauling freight in fully autonomous semis on Texas freeways by year’s end. Another autonomous semi company, Gatik, plans to haul freight autonomously by the end of 2025.
“Tesla yet again claimed it is a year or two away from actual automated driving — just as the company has been claiming for a decade. Indeed, Tesla’s whole event had a 2014 vibe, except that in 2014 there were no automated vehicles actually deployed on public roads,” Bryant Walker Smith, a University of South Carolina law professor who studies automated vehicles, told The Associated Press in an email. “Now there are real AVs carrying real people on real roads, but none of those vehicles are Teslas. Tonight did not change this reality; it only made the irony more glaring.”
Tesla had 20 or so Cybercabs on hand and offered event attendees the opportunity to take rides inside the movie studio lot — not on Los Angeles’ roads.
At the presentation, which was dubbed “We, Robot” and was streamed live on Tesla’s website and X, Musk also revealed a sleek minibus-looking vehicle that, like the Cybercab, would be self-driving and can carry up to 20 passengers.
The company also trotted out several of its black and white Optimus humanoid robots, which walked a few feet from the attendees before showing off dance moves in a futuristic-looking gazebo.
Musk estimated that the robots would cost between $28,000-$30,000 and would be able to babysit, mow lawns, fetch groceries, among other tasks.
“Whatever you can think of, it will do,” he said.
The unveiling of the Cybercab comes as Musk tries to persuade investors that his company is more about artificial intelligence and robotics as it labors to sell its core products, an aging lineup of electric vehicles.
Tesla’s model lineup is struggling and isn’t likely to be refreshed until late next year at the earliest, TD Cowen analyst Jeff Osborne wrote in a research note last week.
Osborne also noted that, in TD Cowen’s view, the “politicization of Elon” is tarnishing the Tesla brand among Democrat buyers in the U.S.
Musk has endorsed Republican presidential candidate Donald Trump and has pushed many conservative causes. Last weekend he joined Trump at a Pennsylvania rally.
Musk has been saying for more than five years that a fleet of robotaxis is near, allowing Tesla owners to make money by having their cars carry passengers while they’re not in use by the owners. Musk said that Tesla owners will be able to put their cars into service on a company robotaxi network.
In addition, the U.S. National Highway Traffic Safety Administration forced Tesla to recall Full Self-Driving in February because it allowed speeding and violated other traffic laws, especially near intersections. Tesla was to fix the problems with an online software update.
Last April in Snohomish County, Washington, near Seattle, a Tesla using Full Self-Driving hit and killed a motorcyclist, authorities said. The Tesla driver told authorities that he was using the system while looking at his phone when the car rear-ended the motorcyclist. The motorcyclist was pronounced dead at the scene, authorities said.
NHTSA says it’s evaluating information on the fatal crash from Tesla and law enforcement officials.
WASHINGTON — The Biden-Harris administration announced plans Tuesday to provide up to $750 million in direct funding to Wolfspeed, with the money supporting its new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York.
Wolfspeed’s use of silicon carbide enables the computer chips used in electric vehicles and other advanced technologies to be more efficient. The North Carolina-based company’s two projects are estimated to create 2,000 manufacturing jobs as part of a more than $6 billion expansion plan.
“Artificial intelligence, electric vehicles, and clean energy are all technologies that will define the 21st century, and thanks to proposed investments in companies like Wolfspeed, the Biden-Harris administration is taking a meaningful step towards reigniting U.S. manufacturing of the chips that underpin these important technologies,” Commerce Secretary Gina Raimondo said in a statement.
The new Wolfspeed facility in Siler City could be a critical symbol in this year’s election, as it opened earlier this year in a swing state county that is undergoing rapid economic expansion in large part due to incentives provided by the Biden-Harris administration.
Vice President Kamala Harris, the Democratic nominee, is making the case to voters that the administration’s mix of incentives are increasing factory work, while former President Donald Trump, the Republican nominee, says the threat of broad tariffs will cause overseas factories to relocate in the United States.
In 2023, President Joe Biden spoke at Wolfspeed to promote his economic agenda, saying it would help the United States outcompete China. Trump narrowly won North Carolina during the 2020 presidential election and has talked about bringing back the state’s furniture manufacturing sector.
The Biden-Harris administration’s argument is that the government support encourages additional private investments, a case that appears to apply to Wolfspeed.
In addition to the government grant, a group of investment funds led by Apollo, The Baupost Group, Fidelity Management & Research Company and Capital Group plan to provide an additional $750 million to Wolfspeed, the company said. Wolfspeed also expects to receive $1 billion from an advanced manufacturing tax credit, meaning the company in total will have access of up to $2.5 billion.
Wolfspeed CEO Gregg Lowe told The Associated Press that the United States currently produces 70% of the world’s silicon carbide — and that the investments will help the country preserve its lead as China ramps up efforts in the sector.
Lowe said “we’re very happy with this grant” and that the Commerce Department staff awarding funds from the 2022 CHIPS and Science Act was “terrific.”
Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024.
Getty Images
With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.
For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they’ll face, the mergers they’ll be allowed to pursue, and the taxes they’ll pay.
During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he’s expected to push again if he wins a second term.
In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval. Most business executives expect Harris to broadly continue President Joe Biden‘s policies, including his war on so-called junk fees across industries.
Personnel is policy, as the saying goes, so the ramifications of the presidential race won’t become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.
CNBC examined the stakes of the 2024 presidential election for some of corporate America’s biggest sectors. Here’s what a Harris or Trump administration could mean for business:
The result of the presidential election could affect everything from what airlines owe consumers for flight disruptions to how much it costs to build an aircraft in the United States.
The Biden Department of Transportation, led by Secretary Pete Buttigieg, has taken a hard line on filling what it considers to be holes in air traveler protections. It has established or proposed new rules on issues including refunds for cancellations, family seating and service fee disclosures, a measure airlines have challenged in court.
“Who’s in that DOT seat matters,” said Jonathan Kletzel, who heads the travel, transportation and logistics practice at PwC.
The current Democratic administration has also fought industry consolidation, winning two antitrust lawsuits that blocked a partnership between American Airlines and JetBlue Airways in the Northeast and JetBlue’s now-scuttled plan to buy budget carrier Spirit Airlines.
The previous Trump administration didn’t pursue those types of consumer protections. Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.
On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.
Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China. That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.
Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.
Big banks such as JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.
Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in. The fate of all of those measures is at risk if Trump is elected.
Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.
“The Biden administration’s regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,” said Tobin Marcus, head of U.S. policy at Wolfe Research.
Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.
“It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it’s a Republican sweep” in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.
Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.
Trump’s vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry.
Bankers also say that Harris won’t necessarily cater to traditional Democratic Party ideas that have made life tougher for banks. Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they’re considered partisan picks, experts note.
“I would not write off the vice president as someone who’s automatically going to go more progressive,” said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.
Electric vehicles have become a polarizing issue between Democrats and Republicans, especially in swing states such as Michigan that rely on the auto industry. There could be major changes in regulations and incentives for EVs if Trump regains power, a fact that’s placed the industry in a temporary limbo.
“Depending on the election in the U.S., we may have mandates; we may not,” Volkswagen Group of America CEO Pablo Di Si said Sept. 24 during an Automotive News conference. “Am I going to make any decisions on future investments right now? Obviously not. We’re waiting to see.”
Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.
If elected, he’s also expected to renew a battle with California and other states who set their own vehicle emissions standards.
“In a Republican win … We see higher variance and more potential for change,” UBS analyst Joseph Spak said in a Sept. 18 investor note.
In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration’s signature Inflation Reduction Act.
Harris hasn’t been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040. Still, auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden’s EV policy.
They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.
Both Harris and Trump have called for sweeping changes to the costly, complicated and entrenched U.S. health-care system of doctors, insurers, drug manufacturers and middlemen, which costs the nation more than $4 trillion a year.
Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.
Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF.
Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries.
But many of Trump’s efforts to lower costs have been temporary or not immediately effective, health policy experts said. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said.
Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare. Harris cast the tie-breaking Senate vote to pass the law in 2022.
Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs.
Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time. Drugmakers fiercely oppose those price talks, with some challenging the effort’s constitutionality in court.
Trump hasn’t publicly indicated what he intends to do about IRA provisions.
Some of Trump’s prior efforts to lower drug prices “didn’t really come into fruition” during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.
For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded.
Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults. In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it “much, much better and far less money,” though he has provided no specific plans.
He reiterated his belief that the ACA was “lousy health care” during his Sept. 10 debate with Harris. But when asked he did not offer a replacement proposal, saying only that he has “concepts of a plan.”
Top of mind for media executives is mergers and the path, or lack thereof, to push them through.
The media industry’s state of turmoil — shrinking audiences for traditional pay TV, the slowdown in advertising, and the rise of streaming and challenges in making it profitable — means its companies are often mentioned in discussions of acquisitions and consolidation.
While a merger between Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.
“We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,” Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.’s annual Sun Valley conference.
Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.
Still, it’s unclear how the regulatory environment could or would change depending on which party is in office. Disney was allowed to acquire Fox Corp.’s assets when Trump was in office, but his administration sued to block AT&T’s merger with Time Warner. Meanwhile, under Biden’s presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon’s acquisition of MGM was approved.
“My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,” said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.
When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.
“Overall, the government and FCC have always been most concerned with having a diversity of voices,” said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment. “But then [Elon Musk’s purchase of Twitter] happened, and it’s clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,” he said.
Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving “amnesty” to previously suspended accounts, including Trump’s, which had been suspended following the Jan. 6, 2021, Capitol insurrection. Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.
Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. “As you can see, I’m not just MAGA, I’m Dark MAGA,” Musk said at a recent event. The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.
During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations. Under Biden, the White House has been notably more amenable to journalists.
Also top of mind for media executives — and government officials — is TikTok.
Lawmakers have argued that TikTok’s Chinese ownership could be a national security risk.
Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban. TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment. The platform has sued the government to stop a potential ban.
While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed. However, he has more recently switched to supporting the platform, arguing that without it there’s less competition against Meta’s Facebook and other social media.
Both Trump and Harris have endorsed plans to end taxes on restaurant workers’ tips, although how they would do so is likely to differ.
The food service and restaurant industry is the nation’s second-largest private-sector employer, with 15.5 million jobs, according to the National Restaurant Association. Roughly 2.2 million of those employees are tipped servers and bartenders, who could end up with more money in their pockets if their tips are no longer taxed.
Trump’s campaign hasn’t given much detail on how his administration would eliminate taxes on tips, but tax experts have warned that it could turn into a loophole for high earners. Claims from the Trump campaign that the Republican candidate is pro-labor have clashed with his record of appointing leaders to the National Labor Relations Board who have rolled back worker protections.
Meanwhile, Harris has said she’d only exempt workers who make $75,000 or less from paying income tax on their tips, but the money would still be subject to taxes toward Social Security and Medicare, the Washington Post previously reported.
In keeping with the campaign’s more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area’s pay floor. Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.
“In the short term, if [restaurants] have to pay higher wages to their waiters, they’re going to have to raise menu prices, which is going to lower demand,” said Michael Lynn, a tipping expert and Cornell University professor.
Whichever candidate comes out ahead in November will have to grapple with the rapidly evolving artificial intelligence sector.
Generative AI is the biggest story in tech since the launch of OpenAI’s ChatGPT in late 2022. It presents a conundrum for regulators, because it allows consumers to easily create text and images from simple queries, creating privacy and safety concerns.
Harris has said she and Biden “reject the false choice that suggests we can either protect the public or advance innovation.” Last year, the White House issued an executive order that led to the formation of the Commerce Department’s U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic.
Trump has committed to repealing the executive order.
A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents. The White House said in January that more transparency “will incentivize corporate executives to invest in cybersecurity and cyber risk management.”
Trump’s running mate, Vance, co-sponsored a bill designed to end the rule. Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.
Also at stake in the election is the fate of dealmaking for tech investors and executives.
With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.
Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.
Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November. Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump’s running mate — that Khan was “doing a pretty good job.”
Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.
Snubbed by Tesla, Mexico’s new president pledged Friday to create a Mexican-made small, affordable electric car to compete with vehicles imported from China.
President Claudia Sheinbaum said Teslas were too “onerous,” or expensive, for the Mexican market anyway. Tesla’s cheapest car, the Model 3, costs about $30,000.
Tesla CEO Elon Musk said in July the company had “paused” plans for a plant in Mexico, citing Donald Trump’s remarks about possible auto tariffs.
Sheinbaum said her government will try to bring together Mexican companies and researchers to produce a “compact, cheap electric car.”
“The idea is to use Mexican companies and Mexican researchers’ ingenuity, to bring them together to assemble this electric car,” Sheinbaum said. “The idea is to create production chains so that this entire electric car is made in our country.”
She cited electric vehicles from China and India — some of which are already flooding into Mexico — as examples. Small electric motorbikes from China have flooded Mexican streets in recent months, but Sheinbaum said motorbikes, which in Mexico are often ridden by three people at a time, were too dangerous.
The plan faces a number of problems, including the fact that Mexico doesn’t produce any lithium, the key ingredient for batteries, nor any mass quantity of batteries. High domestic electricity rates could also be a roadblock.
There are some clay-encased lithium deposits in northern Mexico, which the government nationalized under the last administration. However, Sheinbaum said the techniques for mining that lithium weren’t currently commercially viable, and that production from those sources was “a little bit more long term.”
And anybody seeking to charge a battery at home could face punishingly high bills. Mexico subsidizes low-level domestic power consumption at about 10 cents per kilowatt hour, a bit lower than the U.S. average.
But a vastly higher rate kicks in for any electricity consumption above the minimal level, which is basically just enough to power a dozen light bulbs, a washing machine and a refrigerator.
Moreover, Mexico’s decrepit power lines and transmission facilities are barely able to keep up with current demand, let alone widespread at-home charging of vehicle batteries.
Sheinbaum did not say what sales price Mexico was aiming at for its ultra-small electrical car, but that could be another problem.
Some Mexican discount stores are offering a tiny mail-order Chinese electric car for about $1,000. It would be very hard for Mexican manufacturers to compete with that motorcycle-level price.
Musk said in July “I think we need to see just where things stand after the election. Trump has said that he will put heavy tariffs on vehicles produced in Mexico. So it doesn’t make sense to invest a lot in Mexico if that is going to be the case.”
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NEW YORK — U.S. stocks are rising toward records Friday as big banks rally on a rush of reassuring profit reports.
The S&P 500 was 0.4% higher in afternoon trading and on track to top its all-time high set earlier this week. The Dow Jones Industrial Average was up 268 points, or 0.6%, and also heading toward a record, as of 12:56 p.m. Eastern time. The Nasdaq composite was lagging the market with a gain of 0.2% after a slide for Tesla kept it in check.
Wells Fargo jumped 6% after reporting stronger profit for the latest quarter than analysts expected. It benefited from better results from its venture-capital investments and higher fees for investment-banking services, among other things.
Banks and other financial giants traditionally kick off each earnings reporting season, and BlackRock and Bank of New York Mellon also climbed after delivering results that topped analysts’ forecasts. BlackRock, the investment giant, said it ended the summer managing a record $11.5 trillion in total assets for its customers.
JPMorgan Chase, the nation’s biggest bank, rose 4.9% and was the strongest single force pushing upward on the S&P 500 after it reported a milder drop in profit than analysts feared. CEO Jamie Dimon said the bank is still buying back shares of its stock to send cash to investors, but the pace is modest “given that market levels are at least slightly inflated.”
The gains for banks helped make up for the drag of Tesla, which tumbled 7.7% and was the heaviest weight on the market. The electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night, but critics highlighted a lack of details about its planned rollout.
Following the unveiling of the “Cybercab,” potential rival Uber Technologies jumped 9.6% and was one of the strongest forces lifting the S&P 500. Lyft rose even more, 10.1%.
Another automaker, Stellantis, saw its European-traded shares sink 2.8% after it announced some significant leadership changes, including the timing of CEO Carlos Tavares’ retirement. Its chief financial officer is also departing as the company formed by the merger of PSA Peugeot and Fiat Chrysler struggles to revive sales in North America.
In the bond market, Treasury yields were holding relatively steady after the latest updates on inflation at the wholesale level and on sentiment among U.S. consumers.
Prices paid by producers were 1.8% higher in September than a year earlier. That was an improvement from August’s year-over-year inflation level, but not as much as economists expected. Analysts said it likely helped calm worries stirred a day earlier, when a separate report showed inflation at the consumer level wasn’t cooling as quickly as economists expected.
A separate report suggested sentiment among U.S. consumers is weakening by more than economists feared. But the preliminary reading’s decline was still within the margin of error, according to Joanne Hsu, director of the University of Michigan’s Surveys of Consumers.
After Friday’s reports, traders were holding onto their bets that the Federal Reserve would cut its main interest rate by a quarter of a percentage point at its next meeting, according to data from CME Group.
They’ve pared back their expectations from earlier this month, when some were betting on the possibility for another larger-than-usual cut of half a percentage point in November. A run of stronger-than-expected data on the economy wiped out such calls.
Regardless of how much the Fed cuts rates by at its next meeting, the longer-term trend for interest rates is still downward, according to Solita Marcelli, chief investment officer Americas, at UBS Global Wealth Management. That should benefit stock prices generally.
The yield on the 10-year Treasury was holding at 4.07%, where it was late Thursday. The two-year yield, which more closely tracks expectations for the Fed’s upcoming moves, edged down to 3.93% from 3.96%.
In markets abroad, stocks fell 2.5% in Shanghai for their latest sharp swing ahead of a briefing scheduled for Saturday by China’s Finance Ministry. Investors hope it will unveil a big stimulus plan for the world’s second-largest economy.
South Korea’s Kospi slipped 0.1% after its central bank cut interest rates for the first time in more than four years in hopes of boosting its economy.
___
AP Business Writers Matt Ott and Zimo Zhong contributed.
Los Angeles — Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before it’s available.
CEO Elon Musk pulled up to a stage at the Warner Bros. studio lot in one of the company’s “Cybercabs,” telling the crowd the sleek, AI-powered vehicles don’t have steering wheels or pedals. He also expressed confidence in the progress the company has made on autonomous driving technology that makes it possible for vehicles to drive without human intervention.
Tesla CEO and X owner Elon Musk rides in Tesla’s robotaxi at an unveilling event in Los Angeles on Oct. 10, 2024 in this still image taken from video.
Tesla / Handout via REUTERS
Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.
“We’ll move from supervised Full Self-Driving to unsupervised Full Self-Driving, where you can fall asleep and wake up at your destination,” he said. “It’s going to be a glorious future.”
Tesla expects the Cybercabs to cost under $30,000, Musk said. He estimated that the vehicles would become available in 2026, then added “before 2027.”
The company also expects to make the Full Self-Driving technology available on its popular Model 3 and Model Y vehicles in Texas and California next year.
“If they’re going to eventually get to robotaxis, they first need to have success with the unsupervised FSD at the current lineup,” said Seth Goldstein, equity strategist at Morningstar Research. “Tonight’s event showed that they’re ready to take that step forward.”
Tesla had 20 or so Cybercabs on hand and offered event attendees the opportunity to take rides inside the movie studio lot – not on Los Angeles’ roads.
At the presentation, which was dubbed “We, Robot” and was streamed live on Tesla’s website and X, Musk also revealed a sleek minibus-looking vehicle that, like the Cybercab, would be self-driving and can carry up to 20 passengers.
The company also trotted out several of its black and white Optimus humanoid robots, which walked a few feet from the attendees before showing off dance moves in a futuristic-looking gazebo.
Tesla’s Optimus robots dance at an unveiling event in Los Angeles on Oct. 10, 2024, in this still image taken from a video.
Tesla / Handout via REUTERS
Musk estimated that the robots would cost between $28,000-$30,000 and would be able to babysit, mow lawns and fetch groceries, among other tasks.
“Whatever you can think of, it will do,” he said.
The unveiling of the Cybercab comes as Musk tries to persuade investors that his company is more about artificial intelligence and robotics as it struggles to sell its core products, an aging lineup of electric vehicles.
Tesla’s model lineup is struggling and isn’t likely to be refreshed until late next year at the earliest, TD Cowen analyst Jeff Osborne wrote in a research note last week.
Osborne also noted that, in TD Cowen’s view, the “politicization of Elon” is tarnishing the Tesla brand among Democratic buyers in the U.S.
Musk has endorsed former president and Republican presidential candidate Donald Trump and has pushed many conservative causes. Last weekend, he joined Trump at a Pennsylvania rally.
Musk has been saying for more than five years that a fleet of robotaxis is near, enabling Tesla owners to make money by having their cars carry passengers while they’re not being used by their owners.
But he’s acknowledged that past predictions for the use of autonomous driving proved too optimistic. In 2019, he promised the fleet of autonomous vehicles by the end of 2020.
The announcement comes as U.S. safety regulators are investigating Full Self Driving and Autopilot based on evidence that it has a weak system for making sure human drivers pay attention.
In addition, the U.S. National Highway Traffic Safety Administration forced Tesla to recall Full Self-Driving in February because it enabled speeding and violated other traffic laws, especially near intersections. Tesla was to fix the problems with an online software update.
Last April in Snohomish County, Washington, near Seattle, a Tesla using Full Self-Driving hit and killed a motorcyclist, authorities said. The Tesla driver told authorities he was using the system while looking at his phone when the car rear-ended the motorcyclist. The motorcyclist was pronounced dead at the scene, authorities said.
NHTSA says it’s evaluating information on the fatal crash from Tesla and law enforcement officials.
The Justice Department also has sought information from Tesla about Full Self-Driving and Autopilot, as well as other items.
Tesla’s Robotaxi Day event is set to take place at a Hollywood studio Thursday night, and expectations are high. Too high for some analysts and investors.
The company, which began selling software it calls “Full Self-Driving” nine years ago that still can’t drive itself, is expected to show off the so-called “Cybercab” vehicle, which may not have a steering wheel and pedals.
The unveiling comes as CEO Elon Musk tries to persuade investors that his company is more about artificial intelligence and robotics as it struggles to sell its core products, an aging lineup of electric vehicles.
But some analysts are predicting that it will be a historic day for the Austin, Texas, company as it takes a huge step toward a long-awaited robotaxi service powered by AI.
“We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla,” Daniel Ives, managing director and senior equity analyst for Wedbush Securities, said in a research note. “We continue to believe Tesla is the most undervalued AI name in the market and we expect Musk & Co. to unveil some ‘game changing’ autonomous technology at this event.”
But others who track self-driving vehicles say Musk has yet to demonstrate Tesla’s system can travel safely without a human driver ready to step in to prevent crashes.
“I don’t know why the headlines continue to be ‘What will Tesla announce?’ rather than ‘Why does Tesla think we’re so stupid?’” said Bryant Walker Smith, a University of South Carolina law professor who studies autonomous vehicles.
He doesn’t see Tesla having the ability to show off software and hardware that can work without human supervision, even in a limited area that’s well-known to the driving system.
“We just haven’t seen any indication that that is what Tesla is working toward,” Walker Smith said. “If they were, they would be showcasing this not on a closed lot, but in an actual city or on an actual freeway.”
Without a clear breakthrough in autonomous technology, Tesla will just show off a vehicle with no pedals or steering wheel, which already has been done by numerous other companies, he said.
“The challenge is developing a combination of hardware and software plus the human and digital infrastructure to actually safely drive a vehicle even without a steering wheel on public roads in any conditions,” Walker Smith said. “Tesla has been giving us that demo every year, and it’s not reassuring us.”
Some industry analysts share Walker Smith’s skepticism.
While, TD Cowen’s Jeff Osborne expects Musk to reveal the Cybercab and perhaps the Model 2, a lower-cost electric vehicle, he said he doesn’t expect much of a change on self-driving technology.
“We expect the event to be light on details and appeal to the true long-term believers in Tesla,” Osborne wrote in a note. Musk’s claims on the readiness of Full Self Driving, though, will be crucial “given past delays and ongoing scrutiny” of the system and of Tesla’s less-sophisticated Autopilot driver-assist software.
“Politicization of Elon”
Tesla’s model lineup is struggling and isn’t likely to be refreshed until late next year at the earliest, Osborne wrote. Plus, he wrote that in TD Cowen’s view the “politicization of Elon” is tarnishing the Tesla brand among Democrat buyers in the U.S.
Musk has endorsed Republican presidential candidate Donald Trump and has pushed many conservative causes. Last weekend he joined Trump at a Pennsylvania rally.
Musk has been saying for more than five years that a fleet of robotaxis is near, allowing Tesla owners to make money by having their cars carry passengers while they’re not in use by the owners.
But he has acknowledged that past predictions for the use of autonomous driving proved too optimistic. In 2019, he promised the fleet of autonomous vehicles by the end of 2020.
“We, Robot” robotaxi event
However, Wedbush’s Ives, who is bullish on Tesla stock, wrote that the robotaxi event, dubbed “We, Robot,” by the company, will be a new chapter of growth for Tesla.
Ives expects many updates and details from Tesla on the robotaxi, plus breakthroughs in Full Self Driving and artificial intelligence. He also is looking for a phased-in strategy for rolling out the robotaxis within the next year, as well as a Tesla ride-sharing app, and demonstrations of technology “designed to revolutionize urban transportation.”
Ives, whose organization will attend the invitation-only event at the Warner Bros. studio, wrote that he also expects updates on Tesla’s Optimus humanoid robot, which the company plans to start selling in 2026.
“We believe this is a pivotal time for Tesla as the company prepares to release its years of Robotaxi R&D shadowed behind the curtains, while Musk & Co. lay out the company’s vision for the future,” Ives wrote.
The announcement comes as U.S. safety regulators are investigating Full Self Driving and Autopilot based on evidence that it has a weak system for making sure human drivers pay attention.
In addition, the U.S. National Highway Traffic Safety Administration forced Tesla to recall Full Self-Driving in February because it allowed speeding and violated other traffic laws, especially near intersections. Tesla was to fix the problems with an online software update.
Last April in Snohomish County, Washington, near Seattle, a Tesla using Full Self-Driving hit and killed a motorcyclist, authorities said. The Tesla driver told authorities that he was using the system while looking at his phone when the car rear-ended the motorcyclist. The motorcyclist was pronounced dead at the scene, authorities said.
NHTSA says it’s evaluating information on the fatal crash from Tesla and law enforcement officials.
The Justice Department also has sought information from Tesla about Full Self-Driving and Autopilot, as well as other items.
What time is Tesla robotaxi event?
Tesla’s robotaxi event will be held at Warner Bros. Studios in Burbank, California, on Thursday, October 10. Tesla will livestream the event on X at 7 p.m. PT and 10 p.m. ET.
A countdown to the event can be found on the Tesla homepage. “This counter will come to a close as the opening remarks of the event begin. Later on, Elon Musk’s presentation and Robotaxi demonstrations will follow,” according to Tesla Oracle.
