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If President-elect Donald Trump makes good on his threat to kill federal tax credits for electric vehicle purchases , it’s likely that fewer buyers will choose EVs. Yet tax credits or not, auto companies show no intention of retreating from a steady transition away from gas-burning cars and trucks, especially given the enormous investment they have already made: Since 2021, the industry has spent at least $160 billion on planning, designing and building electric vehicles, according to the Center for Auto Research. In campaigning for the presidency, Trump condemned the federal tax for EV buyers — up to $7,500 per vehicle — as part of a “ green new scam ” that would devastate the auto industry. His transition team is reportedly working on plans to abolish the tax credits and to roll back the more stringent fuel-economy rules that were pushed through by the Biden administration. It is far from clear, though, that the Trump administration could actually rescind the credits. Trump’s argument — one that most economists dispute — is that a rapid U.S. shift toward electric vehicles would lead to most EVs being made in China and would swell prices for America’s auto buyers. He has said he would redirect federal revenue recaptured from a canceled tax credit to build roads, bridges and dams. | Ending the credits, which were a key provision of President Joe Biden’s Inflation Reduction Act, almost certainly would reduce EV sales, which have been growing in the United States this year, though not nearly as fast as automakers had expected. The slowing growth has forced nearly all auto companies to scale back EV production and delay construction of battery factories that are no longer needed to handle a more gradual transition. Jonathan Chariff, an executive at Midway Ford in Miami, one of the company’s top EV-selling dealers, said he thinks ending the tax credits would severely hurt sales. The credits reduce monthly payments, he noted, making an EV closer in price to a gasoline counterpart. “It becomes more affordable,” he said. “Otherwise, those individuals won’t be able to afford the payments.” Chariff calculated that the $7,500 credit could shrink a buyer’s monthly payment by between $200 and $250, allowing many to afford an EV. On average, electric vehicles sell for about $57,000, compared with around $48,000 for a gasoline vehicle, according to Cox Automotive. (Though they cost more up front, EVs generally are cheaper to operate because maintenance costs are lower, and in most cases electricity is much cheaper than gasoline.) To qualify for the credits, EVs must be built in North America. EVs that contain battery parts or minerals from China or any other nation that is deemed an economic or security threat to the United States qualify for only half the federal credit. Because of that restriction, most of the 75 EV models on sale in the U.S. are not eligible for the full credit. All EVs, though, can receive the full credit toward a lease — a benefit that Trump likely will target. Some plug-in gas-electric hybrids qualify for the credits, too. Asked about the president-elect’s opposition to EV tax credits, Trump’s transition team would say only that he has “a mandate to implement the promises he made on the campaign trail.” Elon Musk , a close adviser to Trump and co-leader of a commission that intends to identify ways to vastly shrink the federal government , appears to be aligned with the president-elect in canceling the tax credits. Musk, the billionaire CEO of Tesla who spent an estimated $200 million to help elect Trump, has said that ending the credits would hurt his rival companies more than it would Tesla, the U.S. sales leader in EVs by far. “I think it would be devastating for our competitors and would hurt Tesla slightly,” he said. Even so, it might prove difficult for Trump to rescind the credits without help from the new Republican-led Congress, many of whose members represent districts where the EV credit is popular. Trump has floated the idea of using a constitutional theory by which a president could decide whether or not to spend money Congress has appropriated. The president-elect has promoted the concept of “impoundment,” under which congressional appropriations set a ceiling — but not a floor — for spending federal money. John Helveston, an assistant professor at George Washington University who studies electric vehicles and policies, said that in his view, the impoundment theory wouldn’t apply in this circumstance because the EV tax credits affect government revenue and are not an appropriation. In any case, Helveston said he doubts Trump could persuade Republican lawmakers to remove the credits from the Inflation Reduction Act because so many congressional districts benefit from the tax breaks. “Cutting the EV tax credit makes it harder for the battery factory in their town to sell their product,” he noted. A 1974 federal law bars a president from substituting his own view of spending programs, said David Rapallo, associate law professor at Georgetown University. If Trump cancelled the tax credits, Rapallo said, it would be challenged in court. Research by J.D. Power shows that once people know about the tax credits, they’re far more likely to consider an electric vehicle. In the meantime, federal subsides, not only for buyer tax credits but also for converting factories to EV production, are helping General Motors, Ford and Stellantis make the enormously expensive transition away from gasoline vehicles. It’s also helping Detroit’s Big Three compete with foreign rivals, notably Chinese automakers that received government subsidies and had a head start in developing EVs, said Sam Fiorani, a vice president at the consultancy AutoForecast Solutions. At present, Ford and GM, while profitable overall, are losing money on EVs, unlike Tesla, though both expect their electric-vehicle operations to generate positive earnings in the coming years as costs ease and more vehicles are sold. Eliminating the federal tax credits, Fiorani suggested, would “hurt the Detroit Three in the long run as they become less competitive against global players making the technological leaps” for electric vehicles. GM, Ford and Stellantis all declined to comment, though their executives have said in the past that they will continue to develop EVs while still selling gasoline vehicles and hybrids. The Alliance for Automotive Innovation, a trade group that represents most automakers, has written to Trump in support of the tax credits, arguing that they help ensure that the U.S. “continues to lead in manufacturing critical to our national and economic security.” Hyundai, the Korean automaker, which has spent more than $7 billion on an EV factory in Georgia , could also suffer. The company sped up construction of the huge plant near Savannah and is now building EVs in the United States to try to capitalize on the tax credits for buyers. In the end, most automakers say their ambitious plans for transitioning to electric vehicles won’t change regardless of policy changes in Washington. “We plan for the long term, so political considerations aren’t a factor in how we approach product development or capital investments,” said David Christ, vice president of Toyota North America, which is building a battery factory in North Carolina. —Tom Krisher, Associated Press auto writer Fatima Hussein and Jeff Amy contributed to this report. The application deadline for Fast Company’s World Changing Ideas Awards is Friday, December 6, at 11:59 p.m. PT. Apply today.NWSL Championship game 2024: Time, TV and how to watch Pride vs. Spirit
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Apple’s investment in the UK over the last five years has now surpassed £18 billion, with the technology giant’s engineering teams in the country doubling in that time, the iPhone maker has said. The US tech giant said it now supported 550,000 jobs in the UK through direct employment, its supply chain and the economy around its App Store – with app developers having earned nearly £9 billion since it launched in 2008. Apple said its engineering teams were carrying out critical work on the firm’s biggest services, including key technology within Apple Intelligence, the iPhone maker’s suite of generative AI-powered tools which are expected to launch in the UK for the first time this week. Elsewhere, the firm said its growing TV empire, spearheaded by its Apple TV+ streaming service and production arm, had also helped boost its investment in the UK with Apple TV+ production in this country tripling in the last two years, the company said. “We’re thrilled to be growing our Apple teams here, and to keep supporting the extraordinary innovators, creators, and entrepreneurs who are pushing the boundaries of technology in so many ways.” The Chancellor Rachel Reeves said companies such as Apple were “intrinsic” to the UK’s prosperity by boosting jobs. “This government is laser focused on creating the right conditions for growth to help put more money in people’s pockets. “That’s what underpins the Plan for Change and is what has driven £63 billion worth of inward investment in the UK through our first international investment summit. “Companies like Apple are intrinsic to the success of our nation’s prosperity – helping deliver jobs, innovative technology, and boost infrastructure.”
LOS ANGELES--(BUSINESS WIRE)--Nov 26, 2024-- Just in time for the holiday shopping season, Charlie , banking* for 62+ Americans, launched CharlieSaver , the most comprehensive source for senior discounts nationwide. CharlieSaver has scoured stores all across America to identify over 20,000 senior discounts across 1,000 shopping centers. CharlieSaver is free to use and available to all older Americans, not just Charlie customers. Senior discounts are an excellent way for older Americans to stretch their budget and make the most of the hard work they've put in over the years. This is especially true given that nearly half of older Americans live paycheck-to-paycheck, and over 17 million American adults over 65 are economically insecure. At the same time, there are thousands of senior discounts available to this population that are difficult to find and impossible to keep track of. Older Americans could be missing out on hundreds of dollars in savings each year because there is no way to know about all the discounts available to them, and many retailers only offer a discount when asked directly by a customer. CharlieSaver does the important work of gathering all senior discounts in one simple-to-search website. CharlieSaver will continue to expand as new deals are discovered and more stores and restaurants join in to offer these valuable discounts. Charlie is also encouraging the public to share any discounts they find that are not listed on the platform and invites retailers to reach out if they want their senior discount included in CharlieSaver. CharlieSaver is Charlie’s latest effort to empower older Americans to make the most out of their money and keep it safe. Last week, Charlie announced Family FraudShield , a first-of-its-kind financial conversation guide aimed at helping people discuss financial fraud with their older parents and relatives. In June, Charlie introduced SpeedBump , a proprietary combination of pauses, alerts, and real-time education introduced at the exact moments customers are most vulnerable to fraud. In November 2023, Charlie launched FraudShield , a comprehensive, personalized suite of fraud protection tools built exclusively for the unique needs of 62+ Americans. *Charlie is not a bank, banking services provided by Sutton Bank; Member FDIC. About Charlie Charlie is the place for older Americans to get the most out of their money and keep it safe. Charlie uses machine learning technology and an expert, US-based customer service team to study older Americans’ unique financial habits, needs, and vulnerabilities. These insights inform the features and functions Charlie designs to provide them with financial flexibility and protection. With faster access to their Social Security check, groundbreaking fraud protection, competitive earnings on deposits, no monthly fees or minimums, and intuitive, age-optimized product design, Charlie customers have the financial peace of mind they deserve. Banking services provided by Sutton Bank; Member FDIC. To learn more, visit Charlie.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241126462777/en/ CONTACT: Julie Halpin Julie@charlie.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: DISCOUNT/VARIETY ELECTRONIC COMMERCE SENIORS TECHNOLOGY OTHER RETAIL DIGITAL MARKETING RESTAURANT/BAR CONSUMER PERSONAL FINANCE ONLINE PRIVACY RETAIL MARKETING FINANCE COMMUNICATIONS SECURITY BABY BOOMERS BANKING PROFESSIONAL SERVICES INTERNET ONLINE RETAIL SOURCE: Charlie Copyright Business Wire 2024. PUB: 11/26/2024 03:25 PM/DISC: 11/26/2024 03:25 PM http://www.businesswire.com/news/home/20241126462777/enNone
Apple’s UK engineering teams have ‘doubled in size in five years’
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