Raphael Stevens

More stories

  • 150 Shares159 Views

    in Finance

    Stocks making the biggest moves midday: Lockheed Martin, Hasbro, Facebook and more

    Hasbro board games.
    Justin Sullivan | Getty Images

    Check out the companies making headlines in midday trading.
    Lockheed Martin — Shares of the defense contractor tumbled 11.8% after it reported a quarterly revenue miss and lowered its expectations for next year. Lockheed anticipates a “slight reduction in revenue in 2022 and roughly flat to low-single-digit growth rates in both revenue and segment operating profit over the next few years, with increasing growth opportunities in the years that follow.”

    Raytheon Technologies — The aerospace and defense company’s shares slumped 2.3% after Raytheon Technologies’ third-quarter revenue came in at $16.21 billion, below the $16.37 billion expected, according to Refinitiv. The company’s intelligence & space division showed flat sales year over year. Raytheon Technologies beat estimates for earnings per share.
    Facebook — The social media giant fell 3.9% after Facebook missed estimates for revenue and monthly active user growth for the third quarter. Several Wall Street analysts cut their price target on the stock after the report, though they kept their buy ratings. Facebook’s earnings per share of $3.22 beat estimates by 3 cents, according to Refinitiv.
    Nvidia — The chipmaker rose 6.7% and was among the top gainers in the S&P 500 Tuesday as Street analysts showed enthusiasm for Facebook’s projected spending on data and network infrastructure as a positive for chipmakers.
    United Parcel Service — The shipping company soared nearly 7% after the firm reported better-than-expected quarterly earnings and revenue. The company boosted its full-year adjusted operating margin target to about 13% from roughly 12.7%, ahead of the holiday season.
    The RealReal — Shares of The RealReal gained 3.5% after Raymond James upgraded the luxury resale stock to outperform from market perform. The firm said resale could benefit in the near-term from global supply challenges.

    Tesla — Tesla fell less than a percent, reclaiming losses from earlier in the session, after the stock soared more than 12% in the previous session to reach a $1 trillion market cap for the first time. Monday’s rally came after news that Hertz is ordering 100,000 vehicles to build out its electric vehicle rental fleet by the end of 2022.
    Corning — The glass and specialty materials maker fell more than 5% after reporting earnings of 56 cents per share, which missed estimates by 2 cents, and missed revenue forecasts. Corning said the production slowdown in the auto industry affected its results.
    Hasbro — The toymaker’s shares gained more than 3% after it reported quarterly earnings of $1.96 per share, which beat consensus forecasts by 27 cents. Hasbro also matched analysts’ projections on revenue.
    General Electric — The energy giant’s stock climbed more than 2% after reporting a quarterly profit of 57 cents per share, beating analysts’ estimates by 14 cents, and revenue that missed forecasts. GE also reported better-than-expected free cash flow.
    Centene Corp — Shares of the health care company gained 4.4% after reporting quarterly results. Centene recorded earnings of $1.26 per share, beating FactSet’s estimates by 2 cents. It also reported $32.4 billion in revenue, compared to estimates of $31.6 billion.
    — CNBC’s Jesse Pound, Yun Li and Hannah Miao contributed reporting

    WATCH LIVEWATCH IN THE APP More

  • 100 Shares169 Views

    in Finance

    How the auction of our NFT cover went

    IN SEPTEMBER our “Alice in Wonderland” themed cover sent Alice down the rabbit hole, into the weird world of non-fungible tokens (NFTs), cryptocurrencies and blockchains. The new technology, the accompanying story argued, contained promise for all sorts of digital and financial activities. To grasp it better, we resolved to follow Alice down the rabbit hole. On October 25th we began an auction of an NFT of that cover. Just over a day later, after a flurry of late bids, the auction closed. It had raised 99.9 ether, equivalent to nearly $422,000 (see chart). The winning bid, less fees, transaction costs and potential tax liabilities, will be donated to The Economist Educational Foundation, an independent charity that teaches young people to analyse current affairs. It turns out that the cover’s description of this new world was bang-on. We asked @9x9x9, the alias of the successful bidder, to comment after the sale. They began trading and collecting NFTs almost three months ago, spending many hours a day researching and buying different tokens. One of the main reasons they bought the cover, which seeks to capture the sense of adventure and novelty of this world, was the aptness of the phrase “Down the rabbit hole”. The market for NFTs, which are records of digital media on a blockchain, is burgeoning. Last year it was worth just $340m. In August the total value of NFTs held on the Ethereum blockchain was in the region of $14bn, according to DappRadar, a research firm. The use of the tokens, already evolving, could expand well beyond collectables, into the realm of high finance. We will have more to say on the potential of this new technology, and how easily it can be applied to activities in the real world, in the coming days. In the meantime, delve into the coverage of our journey so far.The market for non-fungible tokens is evolvingWhy are we selling our cover as an NFT?What is an NFT? More

  • 100 Shares189 Views

    in Business

    'Dune' sequel greenlit by Legendary and Warner Bros.

    Legendary Entertainment and Warner Bros. have greenlit a sequel to “Dune.”
    Denis Villeneuve’s adaption of Frank Herbert’s novel tallied $41 million at the domestic box office over the weekend. Globally, the film hauled in $220 million.
    The film was also made available on HBO Max at the same time.

    Timothee Chalamet stars in Warner Bros.’ “Dune.”
    Warner Bros.

    Denis Villeneuve will get the chance to create the second film of his planned two-part adaptation of Frank Herbert’s “Dune,” Legendary Entertainment and Warner Bros. said Tuesday.
    The news comes after Villeneuve’s “Dune” tallied $41 million at the domestic box office during its debut over the weekend, a solid haul considering the film also launched on HBO Max Friday. Globally, the film hauled in $220 million.

    While Warner Bros. seemed keen to greenlight a second film for Villeneuve, Legendary owns the cinematic rights to the novel and had to be onboard in order to continue the story on the big screen.
    The second film is expected to follow Paul Atreides (Timothee Chalamet) as he joins the Fremen and works to bring peace to the desert planet of Arrakis.
    “Dune: Part Two” will debut Oct. 20, 2023.

    WATCH LIVEWATCH IN THE APP More

  • 238 Shares179 Views

    in Business

    Stocks linked to Trump — DWAC and Phunware — sink after ex-president touts social media plans

    Two stocks linked to Donald Trump dropped shortly after the ex-president detailed plans for one of the companies, and the other firm said it would sell additional shares to raise capital.
    The big pullbacks for the SPAC Digital World Acquisition Corp., and Phunware came after both companies saw massive gains in their stock values last week.
    DWAC, which is a special purpose acquisition company, plans to merge with the new social media company Trump Media & Technology Group.
    Trump’s plans for a social media app come months after he was banned by Twitter and Facebook for inciting the deadly Jan. 6 Capitol riot by his supporters.

    Former U.S. President Donald Trump attends a rally in Perry, Georgia, U.S. September 25, 2021.
    Dustin Chambers | Reuters

    Loading chart…

    On Tuesday, an hour before trading began, Trump issued a lengthy statement about his plans for the new social media app he intends to roll out and other aspects of his new company.

    “To take on Big Tech censorship, we are creating a ‘Big Tent’ platform: Truth Social,” Trump said. “We are inviting people of all political stripes, and all different viewpoints, to come and participate once again in the great American debate. That’s what our country is supposed to be about.”
    “Unlike with the Big Tech platforms, there will be no shadow-banning, throttling, demonetizing, or messing with algorithms for political manipulation,” he added. “We will not be treating users like lab rats for social experiments, or labeling alternative views as ‘disinformation.'”
    Trump also said the new company will launch an on-demand video streaming service “that competes with the increasingly ‘woke’ and politicized ‘entertainment’ programming created by Big Tech and Big Media players,” and sees “opportunities to create ‘cancel-proof’ alternatives in other key areas ranging from web services to payment processing.”
    However, Trump has a long history of overpromising on new businesses and those ventures failing. Among his biggest busts were several casinos in Atlantic City, New Jersey, Trump Airlines, Trump University, a Trump mortgage company and Trump steaks.

    Trump’s plans for a social media app come months after he was banned by Twitter and Facebook for inciting the deadly Jan. 6 Capitol riot by his supporters.
    Also Tuesday, Phunware said it will sell up to 5.6 million additional shares “at the market offering,” which would bring its total stock outstanding to nearly 90 million, the company said in a regulatory filing Tuesday.

    CNBC Politics

    Read more of CNBC’s politics coverage:

    The offering would raise up to $48.54 million for Phunware based on a price of $8.74 per share —more than $4 more than the level that the stock was trading at early Tuesday.
    In a filing with the Securities and Exchange Commission on Tuesday announcing the offering, Phunware said, “The trading price of our Common Stock has recently increased significantly, possibly due to recent revenue guidance, our acquisition of Lyte Technology Inc. and/or speculation regarding our ties to the Trump re-election campaign.”
    Before last week’s explosive rally, the stock was trading around 90 cents apiece. 
    Despite the plunge in DWAC’s price, the stock is still trading around $60 per share, six times higher than the SPAC IPO price of $10.
    DWAC also was still being heatedly debated on Reddit’s WallStreetBets chatroom on Tuesday with the ticker among the top five most popular mentions on the platform, according to alternative data provider Quiver Quantitative.
    One of the most commented-on posts Tuesday said, “how are my $DWAC bag holders doing?”

    WATCH LIVEWATCH IN THE APP More

  • 125 Shares199 Views

    in Business

    CDC extends Covid restrictions for cruise ship industry into January

    The CDC has allowed cruise ships to operate with conditions since October 2020, requiring masks onboard and vaccinations or testing of passengers and crew, among other safety precautions.
    Though the agency planned to lift the order by Nov. 1, the extension will become a voluntary measure for cruise operators on Jan. 15.

    People come out to watch the new Carnival Cruise Line ship Mardi Gras as it departs on its maiden voyage, a seven-day cruise to the Caribbean from Port Canaveral, Florida on July 31, 2021.
    Paul Hennessy | Anadolu Agency | Getty Images

    The Centers for Disease Control and Prevention extended into January restrictions on the cruise ship industry that were set to expire next week, citing concerns over the highly contagious delta variant and breakthrough cases among vaccinated travelers.
    The CDC has allowed cruise ships to operate with conditions since October 2020, requiring masks onboard and vaccinations or testing of passengers and crew, among other safety precautions. Though the agency planned to lift the order by Nov. 1, Monday’s extension will become a voluntary measure for cruise operators on Jan. 15.

    “The procedures put in place to resume passenger operations have successfully averted overwhelming onboard medical facilities and burdening shoreside hospital resources,” the CDC said in a statement Monday. “However, CDC decided to temporarily extend the Order due to the continued spread of the Delta variant.”
    All foreign-flagged cruise ships that carry at least 250 passengers must abide by the order and provide the CDC access to their vessels and passenger health records upon request to ensure compliance. Cruise lines that fail to secure a Covid-19 Conditional Sailing Certificate from the CDC will be barred from operating in U.S. waters.

    CNBC Health & Science

    To secure a certificate, cruise operators are required to train their crews on Covid prevention tactics and implement their own testing and quarantine standards. They must also “provide a hospital level of care” by stocking their ships with ventilators, masks and other protective equipment for Covid patients “without the immediate need to rely on shoreside hospitalization,” according to the order.
    The CDC’s conditional cruise order also requires cruise operators to test passengers and personnel for Covid before embarking, ban any suspected Covid patients from boarding and isolate those infected away from other travelers and staff. Cruise ships must also allow for proper social distancing during dining and entertainment and comply with all federal hygiene standards for masking and sanitation.

    WATCH LIVEWATCH IN THE APP More

  • 125 Shares199 Views

    in Finance

    Democrats’ plan may raise childcare costs for some middle-class families

    Democrats are aiming to reform the U.S. childcare system by raising pay for workers and offering subsidies to make care more affordable.
    But some middle-class households wouldn’t be eligible for financial assistance as the program ramps up. They could be on the hook for higher costs, which some estimate to be thousands of dollars a year.
    However, that’s not a foregone conclusion. Other aspects of the legislative package, like tax cuts, would likely defray any increase.

    Photo by Mike Kline (notkalvin) | Moment | Getty Images

    A package of social reforms Democrats are hashing out on Capitol Hill would pump federal money into the U.S. childcare system, with the aim of improving pay for workers and making care more accessible and affordable for all Americans.
    While the program is poised to deliver free or low-cost care for poorer households with young kids, some fear its structure may inadvertently raise costs for many middle-class families, perhaps by thousands of dollars a year.

    But that outcome isn’t guaranteed. Much depends on how lawmakers ultimately craft the legislation, which is still in flux, and other variables. Higher costs may also be defrayed by budget-saving aspects of Democrats’ plan — like a tax cut for families with childcare expenses and free universal preschool.

    Why might there be higher costs?

    The tension could arise from two policy levers: Higher wages for childcare workers, which providers may pass on to parents, and an inability of some families to get subsidies, which puts them on the hook for those higher costs.
    The typical childcare worker made $12 an hour (about $25,000 a year) in 2020. Democrats would generally raise their wages to those of elementary school teachers (who made more than $60,000 a year on average in 2020, or nearly two-and-a-half times the salary of a childcare worker).
    “People who care for children shouldn’t be living in poverty,” said Melissa Boteach, the vice president for childcare and early learning at the National Women’s Law Center.
    This pay boost would also help increase the low supply of available childcare, proponents said.

    More from Personal Finance:Billions in aid still available to struggling rentersCollege enrollment notched the largest two-year decline in 50 yearsSenate Democrats push for tax on billionaires to help fund spending plan
    Meanwhile, the average family pays anywhere from roughly $11,000 to $16,000 a year on childcare, depending on a child’s age, according to the Center for American Progress, a left-leaning think tank. (That’s about 21% of median income, at the high end, for a family of three, the Center said.)
    Democrats’ plan would offer subsidies and cap costs at up to 7% of a family’s income. As a result, working families may see costs fall between $5,000 and $6,500, according to Rasheed Malik, associate director of research for early childhood policy at the Center for American Progress.
    But here’s where the tension arises: Subsidies would phase in over a three-year period, based on income.
    Families ineligible for federal assistance during that period would be on the hook for cost increases. Matt Bruenig, the president of think tank the People’s Policy Project estimates their unsubsidized cost of quality infant care would rise about $13,000 a year, to almost $29,000. (That higher cost would be due to the wage increases for childcare workers.)

    “I am open to the possibility that the number will be higher or lower than that,” Bruenig wrote of the analysis, signaling that many variables influence the figure. “But whatever the number, it’s clear that it’s higher than $0, and not by a little.”
    Per the House bill, families would be ineligible for subsidies if they earn more than 100% of a state’s median income in 2022; more than 115% in 2023; and more than 130% in 2024. All families would be eligible in 2025. (For context, the median U.S. household income was $67,521 last year.)
    “The costs have to be borne by someone, and that’s the parents,” Linda Smith, who directs the Bipartisan Policy Center’s early childhood initiative, said of expenses that aren’t paid by the federal government.
    It may not just be in the early years, either. Senate Democrats may leave costs uncapped for households earning more than 150% or 200% of a state’s median income, depending on how negotiations shake out.
    In most states, the 200% demarcation would equate to families making more than $180,000 a year, Malik said. And such a policy would still “guarantee free or affordable, quality childcare for more than 80% of young children,” he wrote.

    Not a foregone conclusion

    However, a dramatic price spike isn’t a likely or foregone conclusion, according to policy proponents.
    For instance, required wage increases for childcare workers kick in after three years, meaning they may not rise dramatically in the short term. And that pay bump will likely vary significantly from state to state, and according to a worker’s credentials. Cost increases would also depend on how much the supply of childcare workers increases, too.
    Malik called the notion of some households paying an extra $1,000 a month “completely outrageous.”
    “I honestly don’t believe that will happen,” he said. “Providing care for [poorer households] and welcoming them into the system wouldn’t be a zero-sum loss for the middle class.”
    Analyses showing dramatic cost jumps are “alarmist,” Boteach said.

    Plus, childcare costs have been spiking for middle-class and other families despite Democrats’ proposed legislation, she said. Inflation-adjusted costs have risen more than 50% since 1993, according to Freddie Mac.
    The Build Back Better legislation would also provide an enhanced child and dependent care tax credit to families. They would get a tax break on childcare costs of up to $4,000 for one kid and up to $8,000 for two or more. And, the enhanced credit would be fully refundable.
    (The credit starts to fall in value for families who earn more than $125,000, and fully phases out beyond $500,000 of income.)
    And, since the legislation is also poised to offer free, universal pre-K, families who pay for childcare for an infant would then would save money once the child enrolls in this program, Boteach said.

    WATCH LIVEWATCH IN THE APP More

  • 138 Shares119 Views

    in Business

    GM unveils new high-performance Chevy Corvette Z06 ahead of EV push

    The 2023 Corvette Z06 — an important track-focused model — will be powered by a new 5.5-liter V-8 naturally aspirated engine, ahead of expected plans for an electrified version.
    The car is expected to begin production next summer at GM’s Bowling Green Assembly plant.
    When asked about an electric Corvette, the car’s head engineer said he’s “pretty sure” the company is reaching the limits of a V-8 engine with the new Z06.

    2023 Chevrolet Corvette Z06

    DETROIT — General Motors on Tuesday unveiled a new high-performance Z06 version of its famed American sports car that brings it back to its roots.
    The 2023 Chevrolet Corvette Z06 — an important track-focused model — will be powered by a new 5.5-liter V-8 naturally aspirated engine with 670 horsepower and 460 pound-feet of torque. It’s the most powerful engine of its kind in any production car, according to GM.

    It’s a return to normal for ‘Vette enthusiasts. The previous Z06, which was last produced for the 2019 model year, was the only one in its history — dating back to 1963 — to feature a V-8 engine with a supercharger. The supercharger pumps up performance of an engine but is heavier and can be viewed as a shortcut to boosting power.

    2023 Chevrolet Corvette Z06

    “We didn’t think we could go any farther regarding naturally aspirated, which is when we did the supercharged,” Tadge Juechter, Corvette executive chief engineer, told CNBC. “But this time we started with a blank sheet of paper. This car is more blank sheet of paper than we’ve ever done for a Z06.”
    Officials declined to release specific pricing but said it would be comparable to the 44% premium between the last-generation Z06 and the base model. That would put the starting price at about $86,400.
    The 2023 Corvette Z06 is expected to begin production next summer at GM’s Bowling Green Assembly plant, according to GM.

    ‘Defines the American supercar’

    The new Z06, including a hardtop convertible version, is wider than the current mid-engine Corvette Stingray and features a freshened exterior that includes larger grilles for air circulation as well as wider wheels. Additional packages to increase aerodynamics and track performance also will be available.

    “The new Corvette Z06 defines the American supercar,” GM President Mark Reuss said in a statement. “It builds on the distinctive design and groundbreaking dynamics introduced with the mid-engine Corvette and elevates them to deliver refined but uncompromising track capability with world-class performance.”

    2023 Chevrolet Corvette Z06

    The car is expected to achieve 0-60 mph in as fast as 2.6 seconds, making it the fastest Corvette to date. That’s comparable to other supercars that cost hundreds of thousands of dollars from Lamborghini and others, but slower than some Tesla all-electric cars, such as the Model S Plaid at under two seconds.
    The company said other details about the Z06 such as top speed and fuel economy will be released closer to the car going on sale.
    Sales of Z06 models hit as much as 30% of Corvette’s sales, according to Steve Majoros, vice president of Chevrolet marketing. He said he expects that to continue, if not be higher, with the new version.
    “There’s just a couple things in our portfolio that you can, to use an overused term, you can ‘lean into’ and really be magnets for the brand. And Z06 is certainly one of them,” he told CNBC.

    GM unveiled the 2023 Corvette Z06 online Tuesday before an ad for the car is scheduled to air during the first game of the World Series later in the day.
    This is the fifth generation of the Z06. It is the first Z06 since GM debuted the Corvette as a mid-engine car in 2019. Before then, the engine was located under the front hood.

    Finale before electric Corvette?

    GM plans to become an all-electric automaker by 2035, ending production of light-duty trucks and cars with internal combustion engines, which would include the Corvette.
    While GM has said little to nothing to confirm an electric Corvette, rumors and reports about the vehicle — potentially an electrified hybrid named E-Ray — have been swirling for years. Most notably, President Joe Biden has at least twice said he’s been told an electric version of the sports car is coming.

    2023 Chevrolet Corvette Z06

    When asked about an electric Corvette, Juechter said, “Only the future will tell.” He later said that he’s “pretty sure” the company is reaching the limits of a V-8 engine and that the Z06 could be the coup de grace for the traditional gasoline-powered car.
    “Nobody’s investing in this space anymore,” he told CNBC. “We’re bucking the trend here. I don’t know how long we’ll do it, but we’re happy to be doing it right now.”
    Auto forecasters expect at least one hybrid version of the Corvette ahead of an electric version of the car and potentially an electric Corvette SUV as early as 2025. AutoForecast Solutions expects a hybrid variant as early as the 2023 model year, while LMC Automotive expects an all-electric Corvette crossover SUV in mid- to late 2025.

    2023 Chevrolet Corvette Z06

    WATCH LIVEWATCH IN THE APP More

  • 163 Shares129 Views

    in Business

    Americans are buying Teslas, not EVs, but experts say that's about to change

    Tesla has sold a majority of the EVs in the U.S. in recent years.
    But that market share is expected to quickly deteriorate as so-called traditional automakers invest billions in a slew of new electric vehicles to compete against Tesla.
    Sales of electric vehicles are expected to represent less than 4% of U.S. sales in 2021, according to industry forecasters.

    The logo marks the showroom and service center for the US automotive and energy company Tesla in Amsterdam on October 23, 2019.
    John Thys | AFP | Getty Images

    Americans aren’t buying electric vehicles, they’re buying Teslas.
    That’s been a relatively true statement for U.S. consumers in recent years, with Tesla accounting for the majority of EVs sold, including 79% in 2020, according to IHS Markit. But that’s starting to change as so-called traditional automakers and start-ups invest billions in a slew of new electric vehicles to compete against Tesla.

    The influx of EVs — from a couple dozen today to estimates of hundreds of new models by 2025 — are expected to eat away at Tesla’s market share in the coming years. The new EVs are planned as larger automakers, such as General Motors and Volkswagen, transition to build electric vehicles almost exclusively over the next decade or so.

    “It’s no surprise that Tesla’s still dominating electric vehicle sales because they’re the only ones that really have viable products in full swing,” IHS Markit associate director Michael Fiske said. “In a growth market, it’s extremely challenging to maintain majority market share, regardless of industry. … As we start to move toward a larger and really significant number of manufacturers that are going to be playing in the space, Tesla has to lose share.”
    Tesla’s market share of all-electric vehicles this year is already expected to drop to 56% in 2021, as new vehicles such as the Ford Mustang Mach-E and Volkswagen ID.4 have been introduced, IHS Markit said.
    The research and forecasting company expects Tesla’s U.S. market share of all-electric vehicles to be 20% in 2025, which also is when LMC Automotive expects General Motors to surpass Tesla as the country’s largest EV seller.

    2021 vs. 2030

    Tesla’s current dominance is over a relatively insignificant market. Despite the amount of attention and hype surrounding EVs, sales of all-electric and plug-in hybrid electric vehicles — which include electric motors as well as an internal combustion engine — remain miniscule. Sales of electric vehicles, including plug-in hybrids, are projected to be less than 4% of U.S. sales this year, according to industry forecasters. Of those, all-electric models — such as Teslas — are only at 2.6% of the market, or about 394,000 vehicles, according to LMC.

    “As you progress forward, it doesn’t take long to get some pretty big volume and share growth,” LMC president of the Americas Jeff Schuster said. “For the auto industry, this is a massive pivot and growth.”
    LMC expects electric vehicles to make up 34.2% of new U.S. vehicle sales by 2030, with all-electric at 30.1% and plug-in hybrids at 4.1%. Some of the most pessimistic estimates, from AutoForecast Solutions, predict electric vehicles will make up about 23% of the market by 2030, with 18.6% of U.S. sales going to all-electric cars and trucks. IHS Markit expects electric vehicles to make up about 40% of the U.S. industry by 2030.

    Biden’s goal ‘highly optimistic’

    While analysts and forecasters differ on how many EVs will be sold this decade, they agree the adoption will be rapid, but likely won’t meet an President Joe Biden’s executive order for half of new vehicles sold in the country to be electric vehicles.

    “It’s highly optimistic to reach 50% by then,” J.D. Power managing director of automotive analytics and advisory Tony Salerno said, citing challenges such as consumer education, charging infrastructure and support from the U.S. electrical grid. “I think it will eventually get there from a utility standpoint, but It’s still early though and there are a lot of pieces to the puzzle that we need to figure out to get there.”
    When Biden announced the order earlier this year, which has been characterized more as a “friendly goal,” automakers weren’t completely on board. Many, including the Detroit automakers, said they aim “to achieve sales of 40-50 percent of annual U.S. volumes of electric vehicles” by 2030.
    “It won’t happen. Mainly because it’s an unexplored market. Nobody really knows how much is there,” AutoForecast Solutions vice president of global forecasting Sam Fiorani said. “Nobody really knows how deep the market is right now. If you take Tesla out of the picture, the market is less than 1% EVs.”

    WATCH LIVEWATCH IN THE APP More