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Toyota Motor is standing by its electric vehicle strategy, including hybrids like the Prius, following criticism.
Toyota CEO Akio Toyoda said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles for the foreseeable future.
Toyota plans to invest roughly $70 billion in electrified vehicles, including $35 billion in all-electric battery technologies over the nine years.

A Toyota bZ4X on display at the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC

LAS VEGAS – Toyota Motor is standing by its electric vehicle strategy, including hybrids like the Prius, following criticism by some investors and environmentalist groups that the company is transitioning too slowly to EVs.
Toyota CEO Akio Toyoda, who has built a corporate strategy around the idea that EVs aren’t the only solution for automakers to reach carbon neutrality, said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles for the foreseeable future – ranging from hybrids and plug-ins to all-electric and hydrogen electric vehicles.

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“Everything is going to be up to the customers to decide,” he said through a translator during a small media roundtable, a day after addressing the company’s Toyota dealers at their annual conference in Las Vegas.
Toyoda addressed the need to convince skeptics of the company’s strategy, including government officials focusing regulations on all-electric battery vehicles, saying the automaker will “present the hard facts” about consumer adoption and the entire environmental impact of producing EVs compared with hybrid electrified vehicles.
Since the Prius launched in 1997, Toyota says it has sold more than 20 million electrified vehicles worldwide. The company says those sales have avoided 160 million tons of CO2 emissions, which is the equivalent to the impact of 5.5 million all-electric battery vehicles.
Toyoda’s remarks echoed comments he made to thousands of Toyota dealers and employees on Wednesday, saying the company will play “with all the cards in the deck” and offer a wide-array of vehicles for all customers.

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“That’s our strategy and we’re sticking to it,” Toyoda, who has described himself as a “car guy or car nerd,” said in a recording of the remarks shown to reporters.

Toyoda doubled down on company expectations that all-electric vehicle adoption will “take longer to become mainstream” than many think. He said it will be “difficult” to fulfill recent regulations that call for banning traditional vehicles with internal combustion engines by 2035, like California and New York have said they will adopt.
Toyota executives, while increasing investments in all-electric vehicles, have argued such cars and trucks are one solution, not the solution, to meet tightening global emissions standards and achieve carbon neutrality. Toyota continues to invest in alternative solutions as well as hybrid vehicles such as the Prius, which combine EV technology with traditional internal combustion engines.

The company has said its strategy is justified, as not all areas of the world will adopt EVs at the same pace due to the high cost of the vehicles as well as a lack of infrastructure.
Toyota’s strategy has been criticized by environmental groups such as the Sierra Club and Greenpeace, which has ranked the Japanese automaker at the bottom of its auto-industry decarbonization ranking the past two years.
Toyota plans to invest roughly $70 billion in electrified vehicles, including $35 billion in all-electric battery technologies over the nine years. It plans to offer about 70 electrified models globally by 2025.
Toyota plans to sell about 3.5 million all-electric vehicles annually by 2030, which would only be around a third of its current annual sales.

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SpaceX and billionaire astronaut Jared Isaacman are teaming up with NASA to study whether a private mission could extend the life of the famed Hubble telescope.
NASA signed an agreement with Elon Musk’s company to study the possibility of using a SpaceX spacecraft to dock with the telescope and change its orbit in an effort to further its lifetime.
Though the study doesn’t guarantee a mission to Hubble, it opens the door to a potential SpaceX flight.

This 1990 photograph shows the Hubble Space Telescope being deployed from the space shuttle Discovery on mission STS-31.
Source: NASA

SpaceX and billionaire astronaut Jared Isaacman are teaming up with the National Aeronautics and Space Administration to study whether a private mission could extend the life of the famed Hubble telescope.
NASA signed an agreement with Elon Musk’s company and the Polaris Program, which Isaacman leads, to study the possibility of using a SpaceX spacecraft to dock with the telescope and change its orbit in an effort to further its lifetime, the parties announced Thursday.

NASA’s science chief Thomas Zurbuchen said during a press call that SpaceX approached NASA with the idea “a few months ago.”
“Hubble is amazingly successful — it’s healthy, it’s doing great science as we speak,” Zurbuchen said.
NASA expects that the Hubble telescope would be retired by the end of this decade based on its current decline in orbit. The spacecraft has three gyroscopes stabilizing it, according to the agency. If Hubble were moved to a higher altitude, closer to where it began its time in space, NASA estimates the telescope could operate for another 15 to 20 years.
“It’s wholly appropriate for us to look at this because of the tremendous value this research asset has for us as well as others,” Zurbuchen said.
Zurbuchen said the agreement between NASA and SpaceX doesn’t involve any “transfer of funds” and that “SpaceX are funding their own participation.”

The study will last six months as SpaceX examines how its Crew Dragon capsule could dock with the telescope and what, if any, modifications would be needed, while NASA collects technical data from Hubble.

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Isaacman, founder of payments company Shift4, flew on the first private SpaceX flight to orbit last year and purchased three more flights from Elon Musk’s company – dubbed Polaris.
Though the study doesn’t guarantee a mission to Hubble, Isaacman said that potential flight would “certainly fit within the parameters we established for the Polaris Program.”
“[Hubble is] probably one of the greatest exploration assets of all time,” Isaacman said, adding “this study has broad applicability.”
NASA’s Hubble launched more than 30 years ago and remains in operation, having helped astronomers make numerous discoveries over the decades. Notably, NASA flew five missions of astronauts out to repair and replace parts on the complex spacecraft, using the agency’s own Space Shuttle vehicles.

The Polaris Dawn mission crew, from left: Medical officer Anna Menon, pilot Scott Poteet, commander Jared Isaacman, and mission specialist Sarah Gillis.
Polaris Program / John Kraus

The first mission of Isaacman’s program, called Polaris Dawn, is scheduled for March, with Isaacman again leading a crew of four to orbit in a Crew Dragon capsule. The culmination of the program is expected to be the third mission, which would be the first crewed launch of SpaceX’s Starship rocket.
Isaacman has previously outlined three objectives for the Polaris Dawn mission: to reach the highest orbit around Earth that humans have ever flown, to conduct a spacewalk outside of the Dragon spacecraft, and to use Starlink internet satellites to communicate.
Currently, the Polaris Dawn crew is training in preparation to launch, with CNBC recently joining Isaacman to experience how his team uses fighter jets from his personal fleet to prepare for the spaceflight.

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CNBC’s Jim Cramer on Thursday said that there are three crucial areas where inflation needs to come down for the Federal Reserve to stop inflicting pain on the stock market.
“They’re not winning on food, they’re not winning on housing, and they’re not winning on wages and they need to hit that trifecta before this will end,” he said.

CNBC’s Jim Cramer on Thursday said that there are three crucial areas where inflation needs to come down for the Federal Reserve to stop inflicting pain on the stock market.
“They’re beating inflation in so many places. Unfortunately, they’re not winning on food, they’re not winning on housing, and they’re not winning on wages and they need to hit that trifecta before this will end,” he said.

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Persistent inflation this year driven by Russia’s invasion of Ukraine, Covid shutdowns and worker shortages has pushed up prices for everything from gas at the pump to food at the grocery store. The food index has climbed 11.4% over the last year. Home prices in July remained up year-over-year, even as its upward pace cooled. 
At the same time, companies have raised worker wages, sometimes by a significant amount, to account for the impact of inflation on their employees. Jobless claims fell last week to their lowest level in months, indicating the labor market is still strong.
“The good news? The Fed wants to get this done real fast and real quick and I think they will,” Cramer said.
He added that while the stock market will continue to experience pain, it shouldn’t scare investors away from making carefully selected purchases.
“We’ve got so many stocks of companies with healthy balance sheets and good dividends, and you have my blessing to buy them,” he said.

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It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Sherwin-Williams Co: “The price-to-earnings multiple is still way too high on that stock. … I think the stock goes lower.”

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Cassava Sciences Inc: “This is the kind of company that could strike gold or not, but you’ve got to understand you could lose everything.”

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Boeing Co: “Right now, you’ve still got to avoid the stock.”

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Seagen Inc: “I think Merck has to buy it. I would not sell this stock here, I’d be a buyer.”

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CNBC’s Jim Cramer on Thursday told investors that used car retailer CarMax’s recent earnings shortfall is good news for the Federal Reserve’s quest to tamp down inflation.
“When you look at this quarter from CarMax, it tells you the Fed’s been incredibly successful at eroding consumer confidence,” he said

CNBC’s Jim Cramer on Thursday told investors that used car retailer CarMax’s recent earnings shortfall is good news for the Federal Reserve’s quest to tamp down inflation.
“When you look at this quarter from CarMax, it tells you the Fed’s been incredibly successful at eroding consumer confidence,” he said. “[Fed Chair] Jay Powell doesn’t want people to spend their money on big-ticket items.”

CarMax missed earnings estimates by 43% in its fiscal second quarter results reported on Thursday, citing macroeconomic issues including inflation and soaring interest rates. 
Shares of Carmax tumbled nearly 25%, notching a new 52-week low. The stock also dragged down shares of other used car dealers including Carvana and AutoNation, which fell 20% and 10%, respectively.
One factor that showcases the used car market’s downturn is a decline in vehicle prices, according to Cramer.
The Manheim Used Vehicle Value Index, a pricing trend indicator, has steadily declined this year even as each monthly reading was up from the year before due to earlier price increases. However, it’s likely there’ll be a year-over-year decline in prices next month, he said.
“That represents real progress in the war against inflation,” Cramer said.

He added that while some investors tried to bottom fish in the used car space before CarMax reported its quarter, they should have known better than to do so in the current inflationary environment.
“The used car stocks looked cheap, but that was a trap because they simply can’t meet Wall Street’s earnings estimates in this environment,” he said.

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Alisa Bowen has been tapped to take on the top mantle of the Disney+ subscription service.
She is expected to lead Disney+’s launch of its ad-supported tier as well as the promotion of the service and its slate of content.

In this photo illustration, a hand holding a TV remote control in front of the Disney Plus logo on a TV screen.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images

The Walt Disney Company has named its Alisa Bowen president of Disney+.
On Thursday, the company said Bowen, who had been its executive vice president of business operations for Disney streaming, will immediately take over as the lead executive at its Disney+ subscription service.

Michael Paull previously served as president of Disney+ in addition to the company’s other streaming brands.
In the new standalone role, Bowen is expected to lead the launch of Disney+’s ad-supported tier as well as the promotion of the service and its slate of content. She will continue reporting to Michael Paull, Disney’s president of direct-to-consumer division.
Disney announced its new ad-supported Disney+ tier in March, saying that it would launch in the U.S. later this year. The new offering will expand internationally in 2023.
In August, the company unveiled a new pricing structure that incorporates an advertising-supported Disney+ as part of an effort to make its streaming business profitable. Starting Dec. 8 in the U.S., Disney+ with commercials will be $7.99 per month — currently the price of Disney+ without ads. The price of ad-free Disney+ will rise 38% to $10.99 — a $3 per month increase.
“Alisa has been an indispensable member of our leadership team since the inception of Disney+,” said Paull. “She possesses a rare and valuable combination of deep institutional knowledge, forward-thinking innovation, and global vision rooted in a strong focus on our consumer, that is perfectly suited for this critical role, and I am confident that she will have an immediate and positive impact on the business.”

Bowen joined Disney in 2017 as its senior vice president of digital media and chief technology officer of the company’s international operations. Previously, she worked as the chief technology officer of News Corp Australia.
Clarification: This story has been updated to clarify that Michael Paull previously served as president of Disney+ in addition to the company’s other streaming brands. Alisa Bowen assumes a new standalone role as president of Disney+ specifically.

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Buybuy Baby, a rare bright spot for Bed Bath & Beyond, posted a sharp sales decline in the most recent quarter as it faced tough comparisons versus a year earlier.
The baby gear chain was recently a target for acquisition and a key subject in an activist investor dispute.
The retailer said it has several growth initiatives underway, including the launch of its first private label, the debut of a new baby registry program and more store events.

A customer carries a Buy Buy Baby shopping bag in New York, US, on Thursday, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images

Buybuy Baby has been a rare bright spot for struggling Bed Bath & Beyond.
On Thursday, however, the baby gear chain reported a steep quarterly sales drop — raising eyebrows and prompting concerns that it may also be losing customers.

Buybuy Baby’s comparable sales declined by a high-teens percentage compared with a year ago in the three-month period ended Aug. 27. At Bed Bath & Beyond’s namesake stores and website, comparable sales dropped by 28% year over year.
Retail sales got a lift last year from government stimulus, including from child tax credits. Interim CEO Sue Gove said Thursday that Buybuy Baby faced tough comparisons in the quarter because of that, but has maintained market share in the category.
Buybuy Baby has been one of its parent company’s strongest businesses and most valuable assets. As Bed Bath & Beyond namesake stores have shuttered, the company has opened more Buybuy Baby locations. Its banner also caught the attention of activist investor Ryan Cohen, co-founder of Chewy and chair of GameStop, who pushed for a sale of the higher-performing banner. It reportedly drew interest from potential buyers, too.
Bed Bath, which agreed to explore strategic options for Buybuy Baby as part of a truce with Cohen, has said it is focused on driving sales and refreshing the business, including the baby registry. (Several other companies, including Walgreens and Kohl’s, have also cited a chillier market for mergers and acquisitions, causing them to postpone or end potential deals.) Cohen has since sold his entire stake in Bed Bath.
Buybuy Baby Brand President Patty Wu told investors on Thursday’s call that the banner plans to return to growth in the back half of the year. She spoke about ambitions to become the go-to place for parents during pregnancy and beyond, pointing to several initiatives underway.

She said Buybuy Baby will launch its first private-label brand in November, which will include apparel, furniture and decor for infants to toddlers at good value. It will carry popular holiday items, such as matching pajamas for families, and offer related resources on its website, such as tips about travel gear that makes for a smoother flight or road trip over the holidays.
Plus, she said, it will relaunch its baby registry in time for early next year and expand the number of store events.
“We’re going to turn our stores into parenting hubs by bringing product and education together,” she said.

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The PGA Tour countersued LIV Golf, alleging anti-competitive practices from the upstart league.
LIV Golf has already filed antitrust suits alleging similar practices against the PGA Tour.
Both groups have lobbied against the other in Congress.

Signs are posted at the LIV golf tournament on Thursday, Sept. 15, 2022, at Rich Harvest Farms in Sugar Grove, Illinois.
Brian Cassella | Tribune News Service | Getty Images

The PGA Tour filed a countersuit against LIV Golf late Wednesday, alleging that the Saudi-backed upstart league is guilty of anti-competitive practices.
The suit is the latest volley in the battle between the legacy PGA Tour and upstart LIV, which is backed by Saudi Arabia’s deep-pocketed Private Investment Fund and has been aggressive in wooing talent.

Several high-profile golfers, including Phil Mickelson and Bryson DeChambeau, have signed massive contracts to join LIV Golf. Tiger Woods reportedly turned down an LIV offer worth almost $800 million.
The PGA Tour upped its prizes and player benefits in August, widely seen as an attempt to match LIV’s enticing contracts. The tour also secured loyalty agreements from its top players, as fears of poaching remain.
Both leagues have claimed that the other’s player contracts and policies limit restrict golf talent and prevent proper competition.
“LIV has signed golfers to multi-year contracts containing obligations that are far more restrictive than anything in the [PGA Tour] Regulations, including a prohibition on participation in conflicting events that, unlike the TOUR’s conflicting event rules, does not allow for any request for release,” the PGA Tour said in its filing Wednesday.
The PGA Tour declined to comment on its countersuit.

The tour has been lobbying in Washington D.C. against LIV Golf. In turn, LIV Golf CEO Greg Norman, a former PGA Tour star, visited Capitol Hill in mid-September to “educate members on LIV’s business model and counter the Tour’s anti-competitive efforts.”
LIV Golf, Phil Mickelson and other players filed a suit against the tour when LIV-affiliated players were suspended from tour events. Mickelson and three others dropped out of the suit Tuesday, but LIV Golf remains a plaintiff in the case.
“The Tour has made these counterclaims in a transparent effort to divert attention from their anti-competitive conduct, which LIV and the players detail in their 104-page complaint,” said Jonathan Grella, LIV Golf’s top spokesperson. “We remain confident that the courts and the justice system will right these wrongs.”
The Justice Department began probing the PGA Tour in July in search of possible anti-competitive behavior.
LIV Golf still lacks a U.S. media partner and has streamed this year’s tournaments on its website and YouTube instead airing them on linear on TV. Reports have said that Amazon and Apple turned down a streaming rights deal with the league.
Most recently, Golfweek reported that LIV Golf was planning to pay Fox Sports to broadcast its 2023 season. Typically, channels pay leagues for the right to air competitions, not the other way around.
“Recent reports about media rights have been incomplete and inaccurate,” Grella told CNBC in response to the Golfweek report. “LIV Golf is just beginning its process and is in active discussions with several companies about broadcasting the LIV Golf League. We caution that no one should draw any conclusions about potential media rights given that we are still in the middle of negotiations with several outlets.”

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