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    Former Vice President Pence gets pacemaker implanted, expects full recovery

    U.S. Vice President Mike Pence announces the Trump Administration’s plan to create the U.S. Space Force by 2020 during a speech at the Pentagon August 9, 2018 in Arlington, Virginia.Chip Somodevilla | Getty ImagesFormer Vice President Mike Pence underwent surgery to have a pacemaker implanted after experiencing “symptoms associated with a slow heart rate,” his office said Thursday, NBC News reported.The “routine surgery” was successfully performed Wednesday, according to the statement from Pence’s office, which said the 61-year-old former vice president is “expected to fully recover and return to normal activity in the coming days.”The statement noted that Pence’s medical history included a diagnosis of asymptomatic left bundle branch block. He felt symptoms over the past two weeks and consulted with his doctors before undergoing the procedure at Inova Fairfax Medical Campus in Falls Church, Virginia, the statement said.”I am grateful for the swift professionalism and care of the outstanding doctors, nurses and staff at Inova Heart and Vascular Institute, including Dr. Brett Atwater and Dr. Behnam Tehrani,” Pence said in the statement.”I also appreciate the consultation of my longtime Indiana physicians, Dr. Michael Busk and Dr. Charles Taliercio at Ascension St. Vincent. My family has been truly blessed by the work of these dedicated healthcare professionals,” Pence said.House Minority Leader Kevin McCarthy, R-Calif., tweeted a message of support to Pence later Thursday.Pence is widely rumored to be laying the groundwork for a potential presidential run in 2024. But a candidate’s health and medical history can often factor significantly into a political campaign. For example, former President Donald Trump’s health came under significant scrutiny in the final months of his reelection bid, when he was hospitalized with the coronavirus. Critics had already accused Trump, who is overweight and known to have a poor diet, of being deceptive about his medical records.Campaigns themselves can also be physically and mentally exhausting. In 2016, for instance, then-Democratic nominee Hillary Clinton’s near-fainting episode at a Sept. 11 anniversary ceremony dominated headlines.Sen. Bernie Sanders, I-Vt., had a heart attack in October 2019 during his run for president. He returned to the campaign trail later that month. More

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    So far in earnings season, companies are reporting numbers way above what Wall Street expected

    In this articlePEPA trader works on the floor of the New York Stock Exchange.NYSEEveryone knew earnings were going to be good, but this is really good.”There’s evidence every day that growth is clearly improving around the world, today from the US to Australia,” Ed Hyman, chairman and head of the economic research team at Evercore ISI, said in a note to clients.You can see it in a string of recent economic reports. Everything is stronger than consensus estimates: from March retail sales to weekly initial jobless claims (lowest since March 2020) to April’s Empire and Philadelphia Fed manufacturing reports.And, most importantly, you can see it in the early crop of earnings reports.To date, 34 companies in the S&P 500 have reported first-quarter earnings. Of those, 88% have beaten their 1Q 2021 EPS estimates by an average of 22%, according to the Earnings Scout.Traders have been expecting significant upside to earnings, but this is even stronger than those expectations. Companies on the whole usually report earnings above analyst consensus, but not by 22%. Prior to 2020, the historic average beats were in the 3%-6% range.What happened? “When the companies withdrew their guidance in 2020, the analysts went very conservative,” Nick Raich, who tracks corporate profits at Earnings Scout, told me.Some of the early reporters have beaten by even wider margins:Analysts underestimate earnings(% Q1 beat above consensus)USBancorp 49%JPMorgan 48% Bank of America 25% Citigroup 28% UnitedHealth 17% Pepsi 8%How long will these amazing earnings continue?Will these huge earnings beats continue? Don’t bet on it, Raich tells me.”Analysts cannot see the future. The reason they are so far off is that with no clues from the companies, they get very conservative,” he said. “As companies give more guidance and the pandemic recedes, you will see the analyst estimates start to narrow.”Still, that is not a reason to be pessimistic. What matters for stocks is earnings estimates for future quarters, and here there is also good news.”The majority of the companies that have reported are seeing their second quarter estimates raised, which is very positive” for stocks, Raich said.Some have expressed concerns about higher material costs. Several food companies have recently reported higher costs, and some are trying to raise prices. That could impact profit margins.”Given our view that further upside in the S&P 500 this year must be supported by greater than expected EPS growth, we’ll be keeping a close eye on what companies are saying about margin tailwinds and headwinds in the weeks ahead,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said in a recent report.Still, most are coming to believe that higher costs are either temporary or companies will be able to successfully pass them on so they won’t impact profits.Regardless, Raich said, earnings estimates are continuing to rise, and that is what matters. “If you are going to be bearish, earnings are not the reason. Earnings are sending a very positive signal.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. More

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    Virgin Galactic shares erase 2021 gains after Richard Branson's stake sale

    SpaceShipTwo “Unity” on the runway after an aborted spaceflight test on Dec. 12, 2020.Virgin GalacticShares of Virgin Galactic dropped in trading on Thursday, erasing its 2021 gains after founder Richard Branson sold more stock.The space tourism company’s stock has fallen more than 60% from its high above $60 a share in February, with losses accelerating after delays to its test flight program, and share sales by chairman Chamath Palihapitiya last month and now Branson this week.Virgin Galactic shares fell 13.6% in trading to close at $23.06.Branson, and four entities he controls including Virgin Group, sold just over $150 million of Virgin Galactic stock earlier this week.A Virgin Group spokesperson told CNBC that the firm “intends to use the net proceeds from this sale to support its portfolio of global leisure, holiday and travel businesses that continue to be affected by the unprecedented impact of COVID-19.” It’s the second time Branson has sold Virgin Galactic stock to help Virgin Group, as he sold about $500 million of his stake last May.Virgin Galactic continues to work to complete development of the spacecraft that it plans to use to fly people to the edge of space and back. The company suffered a setback in December, when electromagnetic interference caused an early abort of its most recent spaceflight attempt. The next attempt is expected in May.The development delays have pushed back Virgin Galactic’s planned debut of its space tourism service, with CEO Michael Colglazier saying the company does not expect to begin flying commercial flights until early 2022.Virgin Galactic expects to fly four more spaceflight tests with its “VSS Unity” spacecraft, including flying Branson this summer. More

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    Schwab adds 3.2 million new brokerage accounts in first quarter – more than all of 2020

    Pedestrians pass in front of a Charles Schwab bank branch in downtown Chicago, Illinois.Christopher Dilts | Bloomberg | Getty ImagesRetail investing behemoth Charles Schwab added more clients in the first three months of 2021 than in all of 2020.Schwab added a record 3.2 million new clients in the first quarter of 2021. That compares with about 2.4 million new accounts added in all of 2020. Last year’s number excludes 14.5 million new brokerage accounts from the TD Ameritrade merger and 1.1 million accounts obtained from the sale of USAA’s brokerage portfolio to Schwab in May. Schwab said it now operates nearly 32 million brokerage accounts and holds about $7.07 trillion in client assets. Shares of Schwab dipped 2.9% on Thursday.Daily trades at the brokerage rose to an average of 8.4 million, with a single-day peak of 12.3 million. This is four times the trading levels of 2019, when Schwab dropped commissions on these transactions.”Elevated interest in technology and other growth-oriented stocks, as well as heightened market attention to certain names via social media, significantly bolstered trading activity,” CEO Walt Bettinger said in a company release.In January, the major brokers were embroiled in an epic short squeeze in GameStop, which was partially fueled by Reddit-driven retail investors. The trading mania drove millions of new retail investors into the market on platforms like Schwab, Robinhood and Interactive Brokers. Schwab said mobile and web logins topped 1.1 billion in the first quarter.”We have seen multiple days where we handled at least 10 million trades and concurrently accommodated more than 15 million logins across mobile and web,” Bettinger said.Schwab and the other major brokers are coming off of a banner year in 2020, when a record number of investors entered the market during the Covid-19 pandemic.Zoom In IconArrows pointing outwardsSchwab beat expectations on the top and bottom lines of its latest quarterly results. The company earned an adjusted 84 cents per share, topping a Refinitiv forecast of 82 cents per share. Schwab’s revenue came in at $4.72 billion, surpassing an estimate of $4.6 billion. Trading revenue grew 46% quarter-over-quarter to $1.2 billion.Charles Schwab’s stock is up nearly 30% in 2021.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More

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    What early users of SpaceX's Starlink satellite internet think about the service, speed and more

    Elon Musk’s SpaceX rolled out its Starlink early access program to the public six months ago, with the satellite internet service growing to more than 10,000 users in the first few months.To get real-life first impressions of the service, CNBC spoke to more than 50 people who have been using Starlink. Those surveyed included households in Canada and 13 U.S. states: California, Colorado, Idaho, Iowa, Maine, Michigan, Minnesota, Montana, Ohio, Oregon, Washington, Wisconsin and Wyoming.The majority of these Starlink users are in rural or remote areas, such as farmland or wilderness, with limited access to terrestrial broadband options – and a few with no access altogether.”I expect to keep the service long term,” a user in Montana told CNBC. “The price of the beta for the service is more reasonable than any other option we have, and those are worse in performance. I will keep Starlink as long as its the only broadband option available to me.”A Starlink dish in the wild.SpaceXStarlink is the company’s capital-intensive project to build an interconnected internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed internet to consumers anywhere on the planet.SpaceX launched the “Better than Nothing Beta” program for the public in October, and the majority of users CNBC surveyed received invitations to join between November and February. The service is priced at $99 a month in the U.S. under the beta, with a $499 upfront cost for the equipment customers need to connect to the satellites – plus taxes, shipping, and any accessories needed to mount the antenna.CNBC’s surveyed users on total cost, the installation process, what they thought of SpaceX’s equipment, internet speed, reliability of the service, what their service alternatives were, their experience with customer service, any concerns they had, and their overall impressions. Here’s what users said.PricingElon Musk, founder and CEO of SpaceX, participates in a press conference at the Kennedy Space Center on May 27, 2020 in Cape Canaveral, Florida. NASA astronauts Bob Behnken and Doug Hurley were scheduled to be the first people since the end of the Space Shuttle program in 2011 to be launched into space from the United States, but the launch was postponed due to bad weather.Saul Martinez | Getty ImagesSpaceX priced the user equipment well below its actual cost, with the company currently absorbing about two-thirds of the cost of the customer equipment.Users’ upfront costs ranged from $550 to as much as $800 – varying based on taxes, shipping costs, and additional equipment needed such as roof mounts or third-party items for installation.Most users found the services monthly price of $99 to be fair, and oftentimes a discount to other satellite broadband services and terrestrial options – especially given the average speed of Starlink’s service. SpaceX president Gwynne Shotwell last week said the company does not plan to add “tiered pricing to consumers,” emphasizing that it wants “to try to keep it as simple as possible and transparent as possible.”EquipmentThe contents of the Starlink Kit for customers, which includes the satellite antenna dish, a stand, its power supply, and a WiFi router.SpaceXThe “Starlink Kit” that is sent to customers includes four significant parts: The user terminal (also known as the antenna), a tripod mount, a Wi-Fi router, and a power supply. SpaceX also offers rooftop mounting options for an additional cost.Users were largely impressed with quality of the equipment, especially the antenna – which is nicknamed “Dishy McFlatface” in the SpaceX guide.”Barring a massive hailstorm, I don’t see much hurting this thing at all,” one user said.A handful of users were disappointed in the quality of SpaceX’s supplied Wi-Fi router, with several choosing to go with third-party router options. A Montana user described it as “a brick with a wifi signal,” noting that it is quick to setup but lacks configuration options aside from setting the network’s password.”I opted to use my own router and plugged directly into the port their router would have been connected to,” the Montana-based user said.InstallationA Starlink user terminal installed on the roof of a building in Canada.SpaceXThe installation process delivered the widest range of user opinions, as some – mostly those who have performed rooftop equipment installations before – found it a very easy process while others had to spend hours to get the antenna working.”The hardest part was getting up on the roof, mounting the dish and running the wire from the outside to the inside of the house,” a Colorado user said.Obstructions to the antenna’s view of the sky, and therefore connection to overhead satellites, was the most frequent issue for users installing the dish. A mobile application for Starlink users includes an augmented reality feature to check for obstructions and help find the right place to install the antenna.”My trees are really tall and I underestimated the need for the Starlink’s obstruction-detecting app to really show 0 trees,” a user in Oregon said.Internet speedWashington Emergency Management DivisionSpaceX told the Federal Communications Commission in February that Starlink’s internet service is “exceeding” 100 megabits per second download speeds, 20 megabits per second upload speeds, and latency “at or below 31 milliseconds.” Latency is the amount of delay in an internet network, defining how much time it takes a signal to travel back and forth from a destination. Latency and download speeds are key measures for an internet service provider.The company’s report to the FCC matched with what users told CNBC, who reported download speeds ranging between 60 Mbps to 150 mbps – with some even reporting peak speeds near 200. Latency also matched expectations, as most users reported latency of about 30 milliseconds – with some in the low 20 milliseconds.Musk promised earlier this year that Starlink’s performance will continue to improve as the company launches more satellites, saying “speed will double” to about 300 Mbps later this year and latency will be more consistently in the 20 millisecond range.SpaceX has warned that users would experience drops in service during the beta, given it does not yet have its full satellite fleet in orbit. In a 24 hour period, most users saw a handful of downtimes between three and five minutes. Sometimes downtimes were as short as 20 seconds, while a few users reported downtimes between 10 and 20 minutes. The Starlink application also gives users a countdown to when the next satellite is expected to reconnect service.”The service is quite reliable, there are a few outages once in a while,” a Maine user said. “We mostly use it to watch Netflix, Hulu, and Youtube. We do a bit of gaming as well on the system with no issues.”Users who spoke to CNBC said they use multiple devices without any impact on the service’s quality or speed.”We are online all day, every day on meetings. It sustains that easily. We also use streaming services. Combined with my in-laws, we have at least 25 devices (smart phones, laptops, desktops, iPads, smart tv, smart home devices, etc.,),” a user in Minnesota said.In addition to the reliability of the internet service itself, users said the Starlink equipment has held up well in the elements. Users reported the Starlink antenna continuing to work in the midst of heavy winds, rainfall, and snowstorms. Additionally, as some users’ remote locations require they pay close attention to power consumption, the equipment does not draw too much power, with a user in California saying that “it’s about the same consumption as the flood light bulb that lights our driveway.”What they switched fromUsers reported a wide variety of prior services that they had before Starlink, ranging from other satellite broadband companies to low-speed wired networks to cellular hotspots – and some with no prior service at all.Starlink users most commonly switched for one of three reasons: Price, speed and data restrictions (also known as “caps”). A user in Ohio said they paid $180 per month to a local service provider that advertised faster speeds, but found Starlink to be faster on average. A California user previously had satellite service they said “was slightly more reliable” in terms of outages, but download speeds were 1 Mbps with a latency of around 1000 milliseconds.”I keep asking my local [telecommunications technicians] if fiber will ever roll out in my town, and they say ‘5 years to never’ each time,” a Montana user said.A user in Canada said their area has two local “high speed” internet service providers but that the cost was far too high by comparison.”Both require substantial investment in hardware (towers, dishes, etc), have pretty restrictive data-caps and do not guarantee speeds. In short, they are s–t,” the Canadian user said.Customer serviceA Falcon 9 rockets launches a Starlink mission on January 20, 2021.SpaceXSpaceX’s core business to date has been launching rockets, so the customer service aspect of becoming an internet service provider is new to the company. Only a handful of users had reached out about issues, but each were happy with how SpaceX responded.One user in Oregon said they were “unable to connect initially” when setting up their Starlink service.”I opened a support case and they responded, and then called me, within a few hours. They had to adjust something on their end, and the issue was resolved that afternoon,” the user said.Another user in Minnesota said “support responses have been great,” noting that “usually within 1-2 hours I’ll hear back from someone” at SpaceX.ConcernsThe biggest concern voiced by those surveyed centered around the possibility of SpaceX introducing data restrictions in the future. A few expect restrictions to be inevitable, and one user said they “will immediately be cancelling service without hesitation if there are any data caps.”Asked what restrictions they’d find acceptable, users said they would be satisfied with data caps between 750 gigabytes to 1 terabyte per month.The installation process, and the apparent “lacking of grounding for lightning” in the equipment, was a concern for a California user.”Running the cable into the house probably won’t be easy for the general public,” the user said.That user said they had not integrated the Starlink equipment into their home network due to the grounding concern, saying “I don’t want an errant strike to blow up all my network gear and server.””I’d like to think that SpaceX has thought about that but it doesn’t seem to be called out in documentation anywhere, so to minimize the risk I’m keeping everything separate for now,” the California user said.Overall60 Starlink satellites deploy into orbit after the company’s 17th mission.SpaceXStarlink users were fairly ecstatic in their overall impressions with the service, with nearly all expecting to keep it long-term.”The experience has been great, support from Starlink has been awesome, and updates keep getting pushed to the Starlink app,” a Maine user said. “I’m extremely happy with everything.”Users also emphasized a key point that SpaceX itself has said, which is that the service is a boon for those in rural areas but not a replacement for the existing internet service of people in cities.”This a game changer for rural America,” a Montana user said. “I think there is a lot of people who now have options to work remotely due to the pandemic that will utilize this service.”While SpaceX has begun accepting pre-orders for service, with more southern parts of the U.S. expected to get access in the year ahead, the company does not yet have a timeframe for when Starlink will exit the beta phase and begin full commercial service. SpaceX’s Shotwell said earlier this month that the company has “a lot of work to do to make the network reliable,” a fact emphasized by a user in Wyoming.”Be prepared – it’s beta. Outages are to be expected, tech support may be slow. This is not meant for consumers wanting to do full production without interruption or delayed support,” the Wyoming user said.For now, even with Starlink’s limitations, many users are simply excited to have access to a new high-speed service.”I’m downright giddy to have real internet after living without for 14 years,” an Oregon user said. “I can just watch a show, without worrying about whether I’ll hit my bandwidth cap. I can download a new game when I want to, instead of having to take my laptop to a friend’s house. It’s a bit of a lifestyle change.” More

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    Pfizer CEO says third Covid vaccine dose likely needed within 12 months

    In this articlePFEPresident Joe Biden listens to Pfizer CEO Albert Bourla speak at the Pfizer Kalamazoo Manufacturing Site February 19, 2021, in Portage, Michigan.Brendan Smialowski | AFP | Getty ImagesPfizer CEO Albert Bourla said people will “likely” need a booster dose of a Covid-19 vaccine within 12 months of getting fully vaccinated. His comments were made public Thursday but were taped April 1.Bourla said it’s possible people will need to get vaccinated against the coronavirus annually.”A likely scenario is that there will be likely a need for a third dose, somewhere between six and 12 months and then from there, there will be an annual revaccination, but all of that needs to be confirmed. And again, the variants will play a key role,” he told CNBC’s Bertha Coombs during an event with CVS Health.”It is extremely important to suppress the pool of people that can be susceptible to the virus,” Bourla said.The comment comes after Johnson & Johnson CEO Alex Gorsky told CNBC in February that people may need to get vaccinated against Covid-19 annually, just like seasonal flu shots.Researchers still don’t know how long protection against the virus lasts once someone has been fully vaccinated.Pfizer said earlier this month that its Covid-19 vaccine was more than 91% effective at protecting against the coronavirus and more than 95% effective against severe disease up to six months after the second dose. Moderna’s vaccine, which uses technology similar to Pfizer’s, was also shown to be highly effective at six months.Pfizer’s data was based on more than 12,000 vaccinated participants. However, researchers say more data is still needed to determine whether protection lasts after six months.Earlier Thursday, the Biden administration’s Covid response chief science officer, David Kessler, said Americans should expect to receive booster shots to protect against coronavirus variants.Kessler told U.S. lawmakers that currently authorized vaccines are highly protective but noted new variants could “challenge” the effectiveness of the shots.”We don’t know everything at this moment,” he told the House Select Subcommittee on the Coronavirus Crisis.”We are studying the durability of the antibody response,” he said. “It seems strong but there is some waning of that and no doubt the variants challenge … they make these vaccines work harder. So I think for planning purposes, planning purposes only, I think we should expect that we may have to boost.”In February, Pfizer and BioNTech said they were testing a third dose of their Covid-19 vaccine to better understand the immune response against new variants of the virus.Late last month, the National Institutes of Health started testing a new Covid vaccine from Moderna in addition to the one it already has, designed to protect against a problematic variant first found in South Africa.Moderna CEO Stephane Bancel told CNBC on Wednesday that the company hopes to have a booster shot for its two-dose vaccine available in the fall. More

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    Mercedes-Benz unveils new flagship EQS electric sedan to take on Tesla

    In this articleDAI-DEMercedes-Benz believes its new EQS sedan will redefine the all-electric luxury vehicle segment as it competes against Tesla and a growing number of emerging start-ups and legacy automakers.The 2022 Mercedes-Benz EQS, unveiled Thursday, marks a new era for the German automaker as it pivots to EVs. The car will be part of its large S-Class car family when it arrives in U.S. showrooms in the fall.”The EQS is designed to exceed the expectations of even our most discerning customers,” said Mercedes-Benz and Daimler CEO Ola Kaellenius in a 63-page press release for the car. “That’s exactly what a Mercedes has to do to earn the letter ‘S’ in its name. Because we don’t award that letter lightly.”Most notably, the interior of the vehicle looks like a cockpit out of a futuristic spacecraft more than a car. It has screens across nearly the entire dashboard of the vehicle. In total, it features three screens under a single 56-inch curved glass surface, including a passenger screen that will not be visible to the driver.The automaker did not release pricing for the EQS, however industry experts expect it to easily top $100,000. The starting price on the 2021 Mercedes-Benz S-Class ranges between $94,000 and $160,000. Its Mercedes-Maybach S models can top $200,000.”They started at the top,” Jessica Caldwell, executive director of insights at Edmunds.com. “This is similar to what we’ve seen with some of the other automakers. It’s their most expensive vehicle that is going to come out first.”The price range for Tesla’s Model S large sedan ranges from around $79,990 to $149,990, including a new high-end performance model, Model S Plaid.2022 Mercedes-Benz EQS EVMercedes-BenzAnti-TeslaThe interior of the EQS is essentially the opposite of Tesla models that feature modern simplistic interiors. Some Tesla models have just one large screen in the center of the instrument panel that controls nearly all aspects of the vehicle.The EQS “is going to have to have a hallmark to stand out. I think giving people that very futuristic feel that you’re actually driving something different will be appealing for some buyers,” Caldwell said. “But I think the simplistic design for Tesla has made a lot of people very happy.”The exterior of the EQS features a similar design to its traditional S-Class siblings, but a bit more aggressive regarding the front of the vehicle. A special “Edition One” unveiled by the company features a two-tone black and silver paint job across the entire car.2022 Mercedes-Benz EQS EVMercedes-BenzThe car is the first EV on a new vehicle platform for Mercedes-Benz. It also features a fresh generation of batteries with significantly higher energy density, which allows for more range.The first models arriving to the U.S. will offer up to 516 horsepower and 611 pound-foot of torque. The all-electric range of the vehicles is expected to be about 478 miles (770 kilometers).For tech, the vehicle features a suite of safety and convenience features, including a new driver-assist system that can control the speed and braking of the vehicle as well as assist in other functions such as switching lanes or keeping the car in its lane. The system is more driver-controlled than other systems from Tesla and General Motors.The EQS also will include an available augmented reality system, including head-up display, that projects three-dimensional graphics such as arrows onto the screens to show drivers where to go.2022 Mercedes-Benz EQS EVMercedes-BenzEVsThe EQS is part of Mercedes-Benz’s “Ambition 2039″ initiative that includes more than half the cars it sells to feature electric drive systems, including fully electric vehicles and plug-in hybrids.Mercedes-Benz is in a race with other legacy automakers to launch new EVs to catch up with industry-leader Tesla, which accounted for a majority of all-electric sales in the U.S. They’re also anticipating a host of new competitors such as Lucid, which plans to launch a luxury EV later this year.”I think Mercedes Benz is going to do a great job on EVs,” said Brian Moody, executive editor at Autotrader. He said they should be a formidable competitor to Tesla, which he attributes to really showing the auto industry “what people actually wanted when it comes to electric cars.””They didn’t want some economy box,” he said. “They want a performance car, with lots of luxury and they’ll pay for it.”2022 Mercedes-Benz EQS EVMercedes-Benz More

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    Hyundai enters U.S. pickup market with new Santa Cruz 'Sport Adventure Vehicle'

    In this article.FKRX3002022 Hyundai Santa CruzHyundaiHyundai Motor is entering the U.S. pickup market with the Santa Cruz, a small SUV-like vehicle that’s scheduled to go on sale this summer.Hyundai is calling the 2022 Santa Cruz a “Sport Adventure Vehicle.” It has many characteristics of a compact SUV or crossover, but the bed of a pickup truck. That type of vehicle style has come and gone several times throughout the American auto industry. Most notably, the Ford Ranchero and Chevrolet El Camino starting in the 1950s and 1960s, and, more recently, the Subaru Baja from the 2000s.The Santa Cruz is expected to lure car or crossover buyers more than those who have owned a larger, more traditional pickup, according to industry analysts. They say specifically buyers from outdoor-oriented brands such as Jeep and Subaru.”I think it could do really well,” said Brian Moody, executive editor at Autotrader. “It feels like the research from automakers is indicating that people are wanting more and more types of vehicles that can take you off-road.”2022 Hyundai Santa CruzHyundaiHyundai said pricing for the Santa Cruz will be announced closer to its arrival in dealer showrooms in the summer. Moody said pricing of the vehicle is going to be important because it needs to cheaper than the starting price of a midsize pickup such as a Toyota Tacoma, which starts at about $27,000.The Santa Cruz shares design elements, including the front grille and headlights, of the recently redesigned Hyundai Tucson SUV. It’s also produced on the same vehicle platform, or base, of the SUV.The inside of the vehicle includes an eight- or 10-inch center infotainment touch screen as well as an optional 10-inch digital driver cluster screen instead of traditional physical gauges. It also offers a suite of safety and convenience features that have become commonplace for new vehicles.”Santa Cruz, with its bold styling, breaks open all new segment territory, both for Hyundai and the industry as a whole,” Jose Munoz, Hyundai Motor North America CEO, said in a statement.2022 Hyundai Santa CruzHyundaiSmaller vehicles with pickup beds haven’t typically fared too well in the U.S., where large full-size pickups have been the bestselling vehicles for decades. Most recently, the Subaru Baja was only sold for about four years before being discontinued. Even larger models such as a version of the Ford Explorer SUV called the “Sport Trac” only lasted a decade.”It’s definitely a bit of a gamble and because this segment has been tried over the years and I don’t think anyone really achieved much success,” Jessica Caldwell, executive director of insights at Edmunds.com, said. “But I do think that it’s definitely probably the best time to try considering how hot trucks are now.”Caldwell said such vehicles are “quite practical and useful” but also “quirky” and a niche segment in the U.S. auto industry.The Santa Cruz will be assembled through a process the auto industry calls “unibody” construction. The process, which is how cars are produced, is where the frame/body of the vehicle are one. That compares to “body-on-frame” construction for most pickups and some vans and SUVs, which combines the body and frame of the vehicles toward the end of production.2022 Hyundai Santa CruzHyundaiThe most notable unibody pickup currently on the market is the Honda Ridgeline. Such construction typically allows for a smoother ride, however less capability than trucks such as the Ford F-150 or Chevrolet Silverado that are body on frame. The Jeep Gladiator, a Wrangler SUV-based midsize pickup, also is body on frame.The Santa Cruz will come standard with a 2.5-liter in-line four-cylinder engine with an estimated 190 horsepower and 180 foot-pounds of torque. A more powerful 2.5-liter direct-injected turbocharged engine with an estimated 275 horsepower and 310 foot-pounds of torque also is available. Both are paired to an eight-speed automatic transmission.The Santa Cruz will be produced at Hyundai’s plant in Montgomery, Alabama, alongside several other Hyundai models, including its bestselling Tucson SUV.2022 Hyundai Santa CruzHyundai More