Raphael Stevens

Jeep Grand Wagoneer ConceptFiat ChryslerDETROIT — America’s quintessential SUV brand Jeep wants to change its reputation from gas guzzlers to “green” electrified vehicles to lure new buyers and maintain its off-road leadership amid an influx of new competitors.Jeep is expected to be a key part of growth and electrification plans for Stellantis, its new parent company formed earlier this year through the merger of Fiat Chrysler and French automaker Groupe PSA.The brand currently only has three plug-in hybrid electric vehicles available outside the U.S. and a new PHEV of its flagship Wrangler SUV, a vehicle that will be sold globally, arriving in domestic showrooms throughout spring. These vehicles are just the beginning of the brand’s plans, according to Jeep CEO Christian Meunier.”Our vision is to be the greenest SUV brand in the world,” he told CNBC. “We have a very strong plan to deliver that through a lot of exciting product in the pipeline.”Every new Jeep will offer some form of electrification in the next few years, Meunier has said. Those plans are expected to include all-electric vehicles as well as hybrid and PHEVs that combine electrification with internal combustion engines. The vehicles will be sold with a new “4xe” badge, a play on the brand’s off-road reputation combined with electrification.Jeep on Monday unveiled a new all-electric version of the Wrangler as a concept vehicle called the “Magneto.” It came months after a Grand Wagoneer concept that was a PHEV. Automakers use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand.”It’s a sustainable, stealthy, rock-climbing force,” Jeep North America vice president Jim Morrison said during a media event for the Magneto. “It’s a zero-emissions concept vehicle with Jeep 4×4 capability taken to the next level.”It’s a task Meunier says Jeep is up to achieving. But reputations and products can’t be changed overnight. It will take years to make Jeep’s vision a reality.”Jeep has been way behind in electrification,” said Michelle Krebs, executive analyst at Cox Automotive. “It’s a huge, ambitious leap to think they’re going to jump to the top of the heap. They have a lot of competition in that regard.”Why electrify Jeep?Why electrify Jeep after decades of producing gas-guzzling SUVs? It’s being driven by tightening carbon emissions standards and fuel economy regulations across the globe. Jeep also is facing pressure from upcoming competitors such as EV start-up Rivian and General Motors, which is resurrecting its Hummer nameplate as new off-road, all-electric SUVs and pickups.”Electrification is a big opportunity for us,” Meunier said. “It will open some new dimensions because we’re full speed ahead with it.”The Jeep Wrangler Magneto concept is a fully electric SUV based on a two-door 2020 Jeep Wrangler Rubicon.JeepJeep is by far the best-selling brand for Stellantis in the U.S. Electric and hybrid Jeeps will help the automaker meet fuel economy requirements. The company is spending billions on environmental regulatory credits globally to avoid heftier fines for not meeting carbon emissions.Aside from the regulatory benefits, Jeep executives say it makes sense for the outdoors brand to be more environmentally friendly. Electrification also can boost the performance of the vehicles, specifically in acceleration and even some off-road capabilities.”The DNA of Jeep is very prepared for electrification,” Meunier said. “The brand is one with nature by definition.”‘Significant growth’The Wrangler 4xe PHEV is among a handful of new or redesigned vehicles coming out this year for Jeep, most of which feature traditional internal combustion engines.Following the Wrangler 4xe into dealerships is a new three-row version of Jeep’s best-selling Grand Cherokee as well as a redesigned version of the two-row SUV, including a new PHEV version, later this year. Jeep’s long-awaited Wagoneer and Grand Wagoneer full-size SUVs are expected to arrive in dealer showrooms during the second half of the year as well. It’s also launching a new V-8 version of the Wrangler.The new products are expected to lead to “significant growth” for Jeep in the U.S., Meunier said. “We have a very, very busy year,” he said. “It’s going to be the year of Jeep,” adding it’s the brand’s 80th anniversary this year. Jeep released special-edition vehicles to commemorate the milestone at the end of last year.Meunier’s confidence comes despite increasing competition in crossovers and SUVs. Most notably, Ford Motor is resurrecting its Bronco SUV as a new “family” of vehicles, including a new crossover called a Bronco Sport and upcoming, more traditional SUV models later this year.    “We’re going to have substantial growth,” Meunier said, citing sustainable growth focused on profit margins as well as building loyalty. “We’re going to do it right.” More

Sacramento, CA – January 20: A collision between a Truck and an SUV carrying more than two dozen people near the U.S.-Mexico border Tuesday morning has left 13 dead and several others injured on Tuesday, Mar. 02, 2021 in Holtville, CA.Gina Ferazzi | Los Angeles Times | Getty ImagesThis year should be smooth sailing for Mike Card, president of Combined Transport. The trucking company his dad started in 1980 is busier than ever — trying to meet the nation’s ravenous demand for delivered goods amid a pandemic.   But with some 500 trucks on the road across the nation, Card is constantly thinking about highway safety because just one bad crash could put his company on the brink of bankruptcy. “If someone wins $20 million from the jury, my insurance companies only pay the first $5 [million]. I would have to pay the next $15 million. We couldn’t afford that. We’d have to shut our doors.” Card said. It’s not a unique worry.   According to data analyzed by the National Safety Council, just over 5,000 large trucks were involved in fatal crashes in 2019, a 43% increase from 2010. The number of injuries associated with truck crashes rose 7% that year to 160,000, with the majority being occupants of other vehicles.Jury awards for crashes are also skyrocketing. When considering verdicts of more than $1 million, the average size increased nearly 1,000% from 2010 to 2018, rising from $2.3 million to $22.3 million, according to a study last summer by the American Transportation Research Institute.  US Xpress has about 7,000 trucks. CEO Eric Fuller told CNBC that for comparable accidents, verdict sizes have increased as much as 10 times over the last three or four years.  “When you get into jury trials, there’s very much a feeling of somebody has to pay for this. And it’s often it’s the big pockets,” Fuller said.   The insurance industry calls them “nuclear verdicts” — jury awards that surpass $10 million. Liberty Mutual Insurance blames corporate mistrust, litigation financing and social pessimism, a sense that the system is broken, for excessive jury awards. In lawsuits that went in favor of the plaintiffs, hours-of-service violations, lack of clean driving history and fatigue were commonly cited factors.The trucking industry sees them as unfairly punitive, biased against transportation companies and brought about by aggressive attorneys. It points to high-profile accidents that have resulted in massive verdicts against trucking companies, even when passenger cars are clearly at fault for the accident.  “When you get into jury trials, there’s very much a feeling of somebody has to pay for this. And it’s often it’s the big pockets.”Eric FullerU.S. Xpress CEOOne of the largest stemmed from a 2014 crash in Odessa, Texas, involving Werner Trucking. During a winter storm, the driver of a pickup truck lost control and crossed the median, striking a tractor-trailer head-on. The accident killed a 7-year-old passenger and seriously injured three others. The family successfully sued and was awarded $90 million. The case is currently under appeal. “If an accident like this is the fault of the driver who was hit by the out of control vehicle, think about what that means for every motorist on the roads,” Werner Trucking said in a statement.”In most states there’s a disconnect between your level of negligence and your level of liability,” said Dan Murray, senior vice president of the  American Transportation Research Institute. “There are states where you can be identified as 10% or 15% negligent and still be vulnerable for 100% of the financial liabilities.” Said Fuller: “That’s really the kind of stuff we want to fix in tort reform.” The insurance and trucking industries are lobbying federal and state lawmakers for lower caps on settlements and more restrictions on where, when and how often plaintiffs’ attorneys are permitted to file lawsuits.   They appear to be gaining headway in several states including Texas and Iowa, where bills aimed at limiting a company’s liability or verdict sizes are working their way through state legislatures.And while expensive litigation, jaw-dropping verdicts and settlements are driving up the prices for of all kinds of insurance, for small and medium-size trucking companies the price hikes on liability insurance are becoming unaffordable.  Zoom In IconArrows pointing outwardsThe commercial trucking market has experienced unprecedented increases in commercial insurance rates over the past two years averaging 20% – 25% annually, according to Craig Dancer, U.S. transportation industry practice leader for Marsh & McLennan, the world’s largest insurance broker. He said the price hikes also usually come with an increase in the deductible trucking companies have to pay.  Umbrella or excess liability markets passed on even larger increases — over 75% — causing most trucking companies to purchase less insurance, Dancer says.  According to Murray, the smaller operators think, “If the deductibles are too high, or the insurance premium gets too high I will scale back the amount of coverage I have.” Federal law requires trucks to carry $750,000 in liability coverage.  “That’s not even close to covering the cost for a lot of these accidents,” Fuller said. “So we’d really like to see the insurance minimums go up.” But the cost of insurance is already a top concern for smaller companies, according to Todd Spencer, president of the Owner-Operator Independent Drivers Association. He says the push for higher minimum coverage could drive smaller operators out of business.  “There are proposals on the table that would pretty much increase the minimum required right now by a factor of five. And that would be the death knell for many, many small business truckers,” he said. But a decision to forgo more coverage is also a gamble, putting a company’s survival on the line.  Said Combined Transport’s Card: “We’re struggling to get excess insurance. Getting $5 million or $10 million of insurance has been so expensive that we can’t even afford to buy the extra insurance that we’d like to have.”  That’s the insurance coverage that would protect Card’s company in the event of a severe accident. Without it? “It would be catastrophic for our company. We’d lose. And all of our employees would lose their jobs,” he said.  More

Fueled by Covid vaccines, flexible cancellation policies and people yearning to break free from home, the summer travel season is already booming for some parts of the travel industry.A survey from research company Toluna indicates Americans are gaining confidence to travel with each passing month, with 27% comfortable to travel in April and 42% by July.But a sudden surge in bookings shows many people are locking in reservations and rates before it’s too late.A sharp rise in summer flightsU.S. domestic flight bookings for summer travel sharply rose earlier this month, according to research from the data identity company Adara. Since Feb. 1, domestic hotel bookings have more than tripled.  Domestic flight and hotel bookings for travel between July 1 and Aug. 31, 2021.Courtesy of AdaraInternational flights originating in the U.S., while fewer in number, followed the same upward trajectory, with bookings rising around mid-February. International flight and hotel bookings for travel between July 1 and Aug. 31, 2021.Courtesy of AdaraLeisure travel — particularly family travel (which is outpacing bookings by singles and couples) — is driving the growth, according to Adara’s report. The most popular destinations for summer leisure flights are to:HonoluluDenverChicagoMiamiOrlandoBy comparing summer bookings this year against those in 2019, preferences for smaller, outdoor destinations emerge.  “Best Relative Performance” chart for leisure flights booked between Jan. 1 and March 14 for travel between July 1 and Aug. 31, 2021.Courtesy of AdaraData from the mobile booking app Hopper also shows a strong uptick in summer travel planning, with searches for mid-summer travel increasing 100% in early February. The company expects domestic airfare prices to begin rising in March, and international airfare by mid-May.   We’re forecasting that this will be our highest volume summer on record in the history of the company.Andrew CollinsCEO, Sentient JetAs flights fill, so will terminals, including private ones such as PS at LAX, which caters to Los Angeles’ celebrity and wealthy flyers.The private terminal, which costs $4,500 per year for membership plus per-use fees, reached capacity several times this month and often has a waitlist.”We are cautiously optimistic that this summer will be one of revenge travel,” said co-CEO Josh Gausman. “Travelers will spend more on upgrades, luxury services and unique experiences.””We project overall travel volumes to remain lower than 2019 but spending per trip to increase,” said PS at LAX’s Gausman.Courtesy of PS at LAXMany charter jet companies are expecting a banner summer.”The pandemic has exposed a lot of people to private aviation who might never have considered or tried it under normal circumstances,” said Megan Wolf, COO of Flexjet. “This has allowed the private jet travel industry to better weather the storm.”Sentient Jet, which sells “jet cards” for 25 flying hours, is predicting it will fly 30%-50% more volume than in pre-pandemic summers, owing to new customers acquired during the pandemic. Between April and September of 2020, two out of three card purchases came from new clients, a ratio that was reversed prior to the pandemic, said CEO Andrew Collins.”We’re forecasting that this will be our highest volume summer on record in the history of the company,” Collins told CNBC Global Traveler.No vacancy: Hotels that are filling fastLocated in New York’s Catskill Mountains, The Roxbury at Stratton Falls opened in February of 2020, just before the pandemic hit the U.S. “Last year our reservations were dismal for the summer at this time,” said co-owner Greg Henderson. “This year we’re facing the opposite problem …. demand is so high that by mid-April there will be no weekend availability left all the way into October.”His advice for weekend travelers: “Now is the time” to book.The Roxbury at Stratton Falls has themed mansion rooms and tower cottages.Courtesy of The Roxbury at Stratton FallsAnother New York hotel, The Inns of Aurora, is fully booked on select weekends in July and August, said Alex Schloop, the hotel’s creative director. The hotel, comprising five boutique inns in the Finger Lakes region, doesn’t typically have this many summer bookings, he said.”In the past, we’d usually see summer bookings pick up … closer to end of April or early May,” Schloop said.Club Wyndham, the member-based vacation company, said three of its resorts in Myrtle Beach, South Carolina are nearly fully booked in July. The beachfront Club Wyndham SeaWatch is 99% full in June, and 95% full in July, the company said.  Club Wyndham Ocean Boulevard resort is 93% booked in July, according to the company.Courtesy of Club WyndhamAn uptick in bookings is keeping travel companies busy too.”InteleTravel experienced several record-breaking days last week where we booked more transactions in a single day than ever in our 30-year history,” said James Ferrara, the company’s president. “In Mexico, we’re … seeing an emerging preference for ‘swim-out’ suites found at some all-inclusive resorts, so travelers have less contact during their vacation.”Last December, Sandals opened this style of suite at its South Coast resort in Jamaica. These “suites are essentially sold-out for the next 12 months,” Adam Stewart, executive chairman of Sandals Resorts International said.The Rondoval swim-up suites at Sandals South Coast, which come with river pool access and butler service, are sold out for the next year.Courtesy of Sandals ResortsThree Sandals’ resorts in Jamaica are fully booked on various dates in June and July, and all three of the brand’s family-themed Beaches resorts — two in Jamaica and one in Turks and Caicos — are sold out from mid to late June.The surge in bookings is causing some hotels to raise prices for remaining rooms.After a big uptick in summer bookings, The Foundry Hotel in Asheville, North Carolina, decided to increase rates, said Julie Bivings, the hotel’s revenue manager.”We feel confident in our rate structure to price both weekdays and weekends at higher levels than usual because of this increase in demand,” she said.Where home rentals are hottestAirbnb is reporting travelers are looking to rent homes near small beach towns and state and national parks this summer. Vacationers are searching for patios, backyards and barbecue areas (for Fourth of July gatherings) at higher rates than before.  Vacation home rentals and villas are in high demand due to social distancing concerns and growing demand for “bubble travel,” said Inteletravel’s Ferrara, who cited Florida, Las Vegas, Puerto Rico and Hawaii as domestic hotspots.Though travelers are largely expected to travel domestically this year, Americans are searching summer home rentals in Aruba; the U.S. Gulf Coast; Tulum, Mexico; and Reunion, Florida, according to HomeToGo’s “2021 Summer Travel Forecast.”Massive availability issues … are going to play out … as the weather warms up.Jonathan WeinbergCEO, AutoSlashThe travel search engine named Orlando, Florida; the Upper Peninsula of Michigan, and New York City as the most searched “most affordable” locations. With a $234 average nightly rental rate, the inclusion of New York City on a budget list illustrates the lack of travelers to the once-thriving metropolitan areas in the United States.This year, only 12% of summer travel searches are for urban destinations, according to HomeToGo.   Bookings at luxury travel agency Virtuoso are gaining steam each month, said Misty Belles, the company’s managing director of global public relations. Villas of Distinction, one of Virtuoso’s partners, is adding villa rentals in the Florida Panhandle, North and South Carolina, Connecticut, Massachusetts, Arizona and Hawaii, she said.”Hotels with villas are also pacing well, particularly those with strong drive-to markets like Southern California,” she said.One location was mentioned by nearly everyone who spoke to CNBC for this report — Florida.Fourteen of the 24 locations with the biggest growth in booking interest (defined as searches and clicks) on VacationRenter are in Florida, the company said. The home rental website, which aggregates home rentals from VRBO, Booking.com and other websites, highlighted Key West and Orlando, as having nearly tripled in booking interest from last year.Train and rental car shortagesTrain tour operator Vacations By Rail is expecting Alaska, Colorado and the U.S. national parks to be the most popular destinations for train travelers.”This is not unusual for us, but the demand is huge,” said the operator’s president Heather Leisman, who added the company “is working hard to add capacity to meet the overwhelming demand.”Additional departure dates are being added to Mount Rushmore, Yellowstone National Park, Glacier National Park and on the company’s “Great Parks of the Southwest” tour, which includes the Grand Canyon.Guided tour operator Trafalgar is reporting a 56% increase in travel to Alaska this summer.Dagny Willis | Moment | Getty ImagesCar rental shortages may be a bigger problem.”Massive availability issues … are going to play out … as the weather warms up,” said Jonathan Weinberg, CEO of rental car website AutoSlash. He said there was a “de-fleeting” by rental car companies (selling of cars or deferring or canceling plans to buy new ones) last year and the difficulty and cost to buy new cars this year due to vehicle production and semiconductor shortages.Car rental shortages are already occurring in the metro Phoenix area, Las Vegas, Denver, Hawaii (especially Maui and the Big Island) and “the entire state of Florida,” said AutoSlash’s Weinberg.RUSS ROHDE | Cultura | Getty ImagesLast weekend, 18 out of 20 commercial airports in Florida had zero availability, and off-airport locations “were similarly slammed,” said Weinberg, who said those who could rent cars were paying upwards of $500 a day.”It’s almost a certainty that it’s going to get worse before it gets better, and it’s likely going to be the back half of the summer into the fall before things truly return to ‘normal,'” he said.Weinberg’s advice: “Book early – way earlier than you would ever think. You can make a pay-later reservation where you don’t have to even give your credit card.”Camping and outdoor travelPart of the pleasure of camping is getting away from crowds and sold-out scenarios. But, that may change now that outdoor travel is one of the hottest travel trends of 2021.  Reservations for the yurts — or rounded tents — at Snow Mountain Ranch in Granby, Colorado opened in January and are now nearly fully booked, the company said.”The yurts are very popular for guests as a glamping option, and this year the demand to get outdoors and out of the city is even higher,” Trueman Hoffmeister, the ranch’s general manager said.At $104 a night, the 24 yurts at Snow Mountain Ranch are dog-friendly and popular for those who prefer to camp “light,” said Snow Mountain Ranch’s Hoffmeister.Courtesy of YMCA of the RockiesCampgrounds have more availability, however, ones located near top national parks are filling up, according to booking website Kampgrounds of America. The West Glacier KOA Resort, near Glacier National Park, is mostly full for summer and is already taking reservations for the 2022 travel season, the company said.Another booking website Campspot said campgrounds in the U.S. Great Plains and Rocky Mountain states are booking the fastest, with reservations for cabins, RV sites and tents all having increased from last year.Read more7 lesser-known destinations to consider when it’s safe to travel again More

Fanatics Founder/Executive Chairman Michael Rubin attends Fanatics Super Bowl Party at College Football Hall of Fame on February 2, 2019 in Atlanta, Georgia.Mike Coppola | Getty ImagesSports merchandise powerhouse Fanatics isn’t finished raising money just yet.The company recently raised $320 million in new funding, giving it a valuation of $12.8 billion, up from $6.2 billion last August. According to a person familiar with the company’s planning, Fanatics will use the funds to expand its vertical commerce division, explore additional mergers and acquisitions and expand internationally.The round was backed by current investors including private equity firm Silver Lake, Fidelity Investments, Franklin Templeton, Neuberger Berman, Thrive Capital and Major League Baseball. Though Fanatics initially said the Series E would be the last funding round, investors came to the company with the offer.Fanatics backers are attracted to its growth and ability to reach 80 million sports consumers. The firm will use the data collected from customers to leverage other business ventures. Sales for Fanatics global e-commerce operation is up 30% year over year, and it expects to eclipse $3 billion in sales this year.Last month, the company started its Fanatics China operation, joining investment firm Hillhouse Capital, an Asia-focused private equity fund with companies in Asia’s e-commerce and retail sectors. Fanatics expects its China operation will be worth over $1 billion.Fanatics used funds from its $350 million raise last August to acquire rival firms, including Minnesota-based WinCraft, which sells home, office and automotive sports-themed merchandise.The National Football League and MLB invested $150 million in Fanatics in 2017. Both leagues received $100 million equity increases in their holdings in Fanatics in the 2020 raise. Speculation continues to suggest the firm will eventually seek an IPO.Asked about going public, a company spokesperson said on Feb. 25: “While an IPO is clearly an available path to us, there is no update on any timeline.”Fanatics is run by executive chairman Michael Rubin, who is also a part of the Philadelphia 76ers ownership group. More

choja | E+ | Getty ImagesA coal mine turned waste depot in the northeast of England is to undergo a retrofit that will utilize a range of sustainable technologies and design features, with those behind the project hoping over 1,000 metric tons of carbon dioxide will be saved annually thanks to the changes. The £8.3 million ($11.37 million) project to update the Morrison Busty depot in County Durham will center around the construction of a 3 megawatt solar farm that will power the site’s operations.In addition, electric vehicle charging points will be integrated into the development’s design, while a battery storage system will also be built.Natural gas heating will be replaced with air source heat pumps — devices which, as the Energy Saving Trust puts it, “absorb heat from the air” — while office buildings will, among other things, benefit from new windows and doors as well as LED lighting. Breaking the funding down, £5 million will come from the European Regional Development Fund, with £3.3 million sourced from Durham County Council’s Invest to Save fund.In a statement issued Tuesday, Carl Marshall, who is the council’s cabinet member for economic generation, said the project would be “a national showcase of how a depot can be transformed to substantially reduce its reliance on fossil fuels.” The depot, which is located in the village of Annfield Plain, traces its roots back to the 1920s, when it was known as the Morrison Busty Colliery. The coal mine closed down in 1973. Today, the site hosts equipment stores and houses fleet vehicles for services such as household waste collection, street lighting and road maintenance. It’s also home to, among other things, a household waste recycling center and horticultural nursery.The U.K. has a long association with coal mining, but the industry’s decline has hit many communities hard and is an emotive subject.In recent times, plans for a new coal mine in Cumbria, in the northwest of England, have generated a great deal of debate, not least because the U.K. is set to host the COP26 climate change summit later this year. The project’s fate is still to be determined.And when it comes to coal-fired power generation, change is also afoot. A consultation on “phasing out unabated coal-fired generation” in 2024 rather than 2025 ended on February 26, with a response from the government set for publication “in due course.”On Monday, EDF said it would close its West Burton A power station — a coal-fired facility in Nottinghamshire, England — in September 2022.According to the company, West Burton A is able to produce enough electricity for around 3.7 million homes and employed 750 people at its peak. Today, its workforce amounts to roughly 170. More