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<ul class="summary-list"><li>Car companies are cutting costs heading into the end of the year.</li><li>A price war in China poses a threat to profitability.</li></ul>It's been a busy few days for auto companies.Ford and Volkswagen each pulled back vehicle production plans this week. After the last shift on Friday, November 15, Ford will <a target="_blank" class="" href="https://www.businessinsider.com/ford-pauses-electric-f-150-lightning-production-cuts-manager-bonuses-2024-10">pause F-150 Lightning production</a> until next year, while VW said it is considering historic plant closures in Germany that would lay off hundreds of workers.Meanwhile, Tesla fell behind China's BYD in quarterly revenue for the first time, and GM CEO Mary Barra warned of an unsustainable price war in the Chinese EV market.Amid the flurry of news, two themes stand out: the China threat and <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV slowdown</a> loom large for automakers.<h2 id="26021238-9d8a-4010-bec4-f6bfd9ac81e2">Another EV price war threatens profitability</h2>In China, the world's largest auto market, EV leaders <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a> and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line.But by August, BYD (which also sells hybrid cars) reported its best-ever passenger car sales, driving up revenue 24% in the third quarter to $28.24 billion, topping Tesla for the first time. It's the latest sign that after nearly two years of deflating the value of its cars, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla is finally starting to feel the pinch</a> of a slowdown in the EV market.The Chinese EV market is more competitive than ever, according the GM's Barra, who <a target="_blank" href="https://www.businessinsider.com/general-motors-gm-ceo-mary-barra-ev-china-not-sustainable-2024-10">questioned the sustainability</a> of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles.Inexpensive Chinese EVs have long threatened the US EV market. They aren't just well-priced; many are also good-looking and well-equipped. Ford CEO Mark Ford said last week that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">Chinese-made Xiaomi SU7</a> for six months and doesn't want to give it up.Some car companies already sell <a target="_blank" class="" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5">China-built EVs</a> in the US, but Biden Administration bans on Chinese vehicles keep competitors like BYD from entering the market. Europe is also slapping tariffs on Chinese EVs as these cars upend their retail market.<h2 id="8dfa0b70-314e-4d64-b16a-ce59212e9bed">Companies will have to build fewer cars for now</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Volkswagen loses ground</a> to BYD in Europe, the automotive giant is considering massive production pull-backs, including closing three German factories for the first time in its history.In the US, Ford announced its own EV production pull-backs this week, stopping assembly of its electric F-150 Lightning pickup truck until next year in a bid to improve profitability for its money-losing EV segment.Both companies are coupling these production rationalizations with other cost-cutting measures. At Ford, managerial bonuses tied to quality and manufacturing costs will be slashed to 65% of last year's levels. VW has said it plans to lay off workers and may cut wages.Over-production isn't just <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">a problem for EVs</a>, though. Overall vehicle inventory levels remained elevated at the end of October, driving up manufacturer-funded discounts, according to JD Power. Dealers ended October with about 2 million units in stock, a 4% increase from September and a 25% increase from the previous year.Some companies are more affected by inventory bloat than others. <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Stellantis</a>, which is navigating the toughest year in its short history, is specifically focused on reducing inventory levels in the US, and reported some progress on that effort in the third quarter.

The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<ul class="summary-list"><li>Delayed purchases can lead to a "deflationary spiral" for the automotive industry.</li><li>Increased inventory is already putting pressure on vehicle pricing.</li></ul>It's finally <a target="_blank" href="https://www.businessinsider.com/the-new-car-market-is-a-little-less-brutal-2024-3">getting easier to buy a new car</a>, but shoppers are still hesitant.High interest rates remain a big <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-a-good-credit-score-to-buy-a-car">deterrent for many car shoppers</a>, and price volatility has some car shoppers delaying their purchases in hopes they can get an even better deal in a month or two.That's creating a big problem for the automotive industry, according to one economist.The average price paid for a car ($48,389 in May, according to <a target="_blank" href="https://www.coxautoinc.com/market-insights/may-2024-atp-report/">Cox Automotive</a>) is down from its peak at the end of 2022, thanks to a return to normalcy in automotive production.But with interest rates still averaging between 6.7% and 11.9%, according to Experian, many shoppers are still choosing to put off their purchase.As car shoppers try to wait out interest rates and price changes, Jonathan Smoke, an economist for Cox Automotive, says the industry is on the verge of what economists call a "deflationary spiral."This phenomenon occurs when consumers push out their purchases, reducing demand and causing supply to pile up, putting pressure on prices. As prices continue to fall, it creates a vicious cycle that only encourages shoppers to continue putting off their purchases in hopes of a better price down the road."Both new and used vehicle prices have been declining for two years," Smoke wrote in <a target="_blank" href="https://www.coxautoinc.com/market-insights/deflation-and-feds-lack-of-urgency-are-putting-durable-goods-at-risk/">a recent blog</a>. "Initially, this was a correction and return to normalcy, but the market is at an inflection point because consumers now expect that prices will keep falling."<h2 id="38813eb1-7c0f-4611-bd5a-4855f6364cf6">Durable goods are already in a recession</h2>Cars are "durable goods," or products that do not quickly wear out and are useful over a long period of time. Other durable goods include home appliances, furniture, sports equipment, and even toys.According to Smoke, <a target="_blank" href="https://www.businessinsider.com/high-inflation-goods-durables-deflation-groceries-expensive-federal-reserve-cars-2023-12">durable goods</a> are already in a recession due to deflation."We are no longer in 2023, when pent-up demand, excess pandemic savings and revenge spending kept the economy growing despite the Fed's aggressive tightening," he wrote. "We have been on cruise control in restrictive territory for nine months."While much has been made of a <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">slowdown in electric vehicle demand </a>as consumers become <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6">more frugal</a> and practical, a similar trend is also spreading industry-wide.While vehicle sales are still on the rise, the momentum of growth is decelerating. Higher levels of inventory are putting pressure on vehicle prices, which fell 1% in May, according to Cox. About 41.2% of vehicles sold last month transacted for less than $40,000—up from about 37% a year ago. That's a sign that market demand is shifting to more affordable models.All of it adds up to an uncertain summer ahead for the automotive industry, which Smoke writes could be challenging "if consumers en masse believe they are better off waiting to purchase."

People are delaying buying new cars, creating a deflationary 'spiral' that's bad news for the auto industry       

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Watch anything good over the weekend? True-crime shows remain all the rage over at Netflix, but they come with some legal risks. <a target="_blank" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">That's not stopping the streaming giant</a>, though.In today's big story, America loves its cars. So what do all the different makes and models <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">say about the people driving them</a>?What's on deck:<ul><li>Markets: A way to invest that <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">won't suffer regardless of the election's outcome</a>.</li><li>Tech: Breaking down the <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">war of campaign donations between VCs</a>.</li><li>Business: Prepare for a new "<a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">economic supercycle</a>" that'll mean big changes for everyone.</li></ul>But first, here in my car.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">United States of Automobiles</h2><div type="image" title="Cars like American Flag" height="960" width="1920" msid="114431276" hostid="261" sizebytes="137134"></div>A picture says a thousand words, but what about the car you drive?Your choice of automobile offers some interesting insights into the type of person you are, and we've got the data to prove it.Business Insider embarked on a massive project, combing through 1.7 million listings of different makes and models in the US to <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">better understand what the cars we drive say about us</a>.(Here's a full <a target="_blank" href="https://www.businessinsider.com/methodology-for-car-database-united-states-of-automobiles-2024-10">breakdown of our methodology</a>.)Part of our analysis included figuring out the <a target="_blank" href="https://www.businessinsider.com/america-most-popular-car-models-state-city-county-geography-2024-10">most popular cars in neighborhoods</a> by comparing the vehicle's local popularity to its national average.Some insights weren't surprising. In Palm Beach County, Florida, home to "Wall Street South," Lamborghinis, Porsches, and Bentleys top the list.Others are a bit more unique. Residents of Cadillac, Michigan, take their city's name seriously. The Cadillac DeVille is one of the county's favorite cars. (They also might just be fans of big, luxury cars; the Lincoln Continental ranks high there, too.)Cars also provide a glimpse into <a target="_blank" href="https://www.businessinsider.com/car-models-owned-by-republicans-democrats-american-politics-jeep-2024-10">how their drivers might vote next month</a>.Chevy Silverado and Ford F-150 drivers are more likely to back former President Donald Trump, while Toyota Prius and Audi A4 owners will probably vote for Vice President Kamala Harris. (It's not a one-size-fits-all rule, so please don't email me if you're a Harris-loving Silverado owner or you have a MAGA sticker on your Prius.)But if someone drives a Jeep, your guess is as good as mine. That's the purplest carmaker in America, according to the data, as it has the widest range on the red-blue spectrum.Speaking of colors, <a target="_blank" href="https://www.businessinsider.com/why-car-colors-boring-black-white-gray-cost-cutting-2024-10">cars have also become noticeably less diverse</a>. Instead of a rainbow, America's fleet is mostly black, white, or some shade in between.<div type="image" title="Cars and roads like GPS" height="1000" width="2000" msid="114431278" hostid="261" sizebytes="114016"></div>America's obsession with cars comes with downsides.For one, we have to put them all somewhere. Parking lots <a target="_blank" href="https://www.businessinsider.com/america-parking-lot-spaces-addiction-economy-housing-costs-inflation-2023-4">take up lots of space and aren't cheap</a>.One builder estimates parking stalls in the US cost $27,900 to build. According to some calculations, the US has about 2 billion parking spots in total, which means there are six spots for every registered car.That's despite many Americans wanting to live where they don't necessarily need a car. Homebuyers are willing to pay a premium — <a target="_blank" href="https://www.businessinsider.com/millennials-priced-out-of-cities-into-suburbs-housing-crisis-2024-1">34% more, according to one study</a> — to live in a walkable neighborhood.And for good reason. Living in an area with pedestrian-friendly streets and easy access to shops, restaurants, and parks was <a target="_blank" href="https://www.businessinsider.com/loneliness-happiness-cure-coffee-shops-dense-housing-parks-walkable-neighborhoods-2024-2">positively correlated to well-being and happiness</a>. Car-centric neighborhoods lacking public space <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-blame-loneliness-on-housing-affordability-crisis-2023-4">can also make people feel lonelier</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Trump cooks fries at McDonald's as he attempts to cast doubt on Harris' <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-harris-mcdonalds-fry-cook-economy-election-2024-10">earlier employment at the chain</a>.</li><li>Social media's favorite fake rich kid opens up about his online persona — <a target="_blank" href="https://www.businessinsider.com/the-european-kid-louis-fake-rich-aris-yeager-profile-storytime-2024-10">and his new real-life job</a>.</li><li>Why a hedge fund <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/elliott-podcast-southwest-airlines-activism-communication-reach-retail-investors-directors-2024-10">made a podcast</a> about a shake-up it's pushing for at Southwest Airlines.</li><li>Elon Musk is flexing his wealth and political power<a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10"> unlike any of the richest men before him</a>.</li><li>Netflix keeps getting sued over true-crime shows. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">It's thirsty for more</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Silhouette of Donald Trump" height="3813" width="5720" msid="114431274" hostid="261" sizebytes="158652"></div><ol><li>The curious case of the presidential betting markets. Most polls have the race between Donald Trump and Kamala Harris as a dead heat. But the prediction markets have moved decisively in the former president's favor since the start of the month. Some have speculated a series of bets totaling $30 million <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-whale-kamala-harris-polls-betting-markets-2024-10">was meant to tip the scales in Trump's favor</a>.</li><li>Building an election-proof portfolio. With just over two weeks away from the big day, investors are covering all the angles. National debt, economic growth, and immigration reform are <a target="_blank" href="https://www.businessinsider.com/election-investing-prepare-your-portfolio-top-concerns-risks-trump-harris-2024-10">among the top concerns of money managers</a>. And a technical strategist shared <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">how to set up your portfolio for success</a> regardless of who wins.</li><li>Wall Street remains unimpressed with China's stimulus. The latest measure is focused on the country's struggling property market, including quicker access to credit for developers and renovations in run-down urban areas. But, experts said the plan <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-property-stimulus-economic-growth-goldman-sachs-2024-10">lacks details and doesn't address broad market issues</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Keith Rabois, Vinod Khosla, Marc Andreessen, Reid Hoffman" height="1500" width="2000" msid="114431280" hostid="261" sizebytes="441370"></div><ol><li>Venture Capital is going to war over the election. VCs have plowed tens of millions of dollars into this election cycle, according to FEC data. We broke down <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">who is donating and where it's headed</a>.</li><li>Constant job cuts are Big Tech's new normal. After major layoffs in 2022 and 2023, Meta reorganized some of its biggest businesses last week, cutting staff in the process. It's a move that signals <a target="_blank" href="https://www.businessinsider.com/meta-job-cuts-indicate-tech-companies-like-recurring-layoffs-2024-10">Big Tech companies are more willing to make recurring cutbacks</a> — and one that could hurt worker morale in the long run.</li><li>America can't get free from subscriptions. Companies are good at trapping customers on the treadmill of recurring charges as things have gotten more digitized. A new rule from the FTC is meant to address the issue, but it might not be enough. The result is Americans <a target="_blank" href="https://www.businessinsider.com/america-subscriptions-nightmare-recurring-payments-cancellation-company-tricks-trap-customers-2024-10">paying more for products and services they don't use</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Quarter that is spinning" height="960" width="1920" msid="114431282" hostid="261" sizebytes="124792"></div><ol><li>Welcome to a new economic era. The staples of the past 15 years were weak demand and low interest rates. But going forward the new "economic supercycle" will keep <a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">growth, inflation, and geopolitical instability high</a>. In the chaotic new environment, investors, lenders, and entrepreneurs must adapt or risk falling behind.</li><li>A networking group for executive women just cut some staff. Chief, which was valued at $1.1 billion in 2022, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chief-layoffs-networking-organization-executive-women-restructuring-2024-10">cut staff across the company</a> amid a restructuring. A spokesperson for Chief told BI the layoffs will give the company "more agility" moving forward.</li><li>Pharmacies are disappearing. Last week, Walgreens announced it'd be shuttering 1,200 stores over the next three years, making it the latest pharmacy to cut down on retail locations. External factors, like the rise of e-commerce and the convoluted way American pay for healthcare, are forcing them to close shop — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">turning the country into a shopping wasteland</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Trial begins with jury selection for Daniel Penny, who was charged with manslaughter for fatally choking New York subway rider Jordan Neely.</li><li>Microsoft CEO Satya Nadella speaks at Microsoft UK AI Tour London event.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London.

Your car reflects your personality, and data proves it. But America's auto obsession brings hidden downsides.

<ul class="summary-list"><li>Grand Theft Auto 6 is set to release in Fall 2025, according to Take Two.</li><li>Take Two's CEO expressed confidence in Rockstar and expects a high commercial impact from the game.</li></ul>"Grand Theft Auto 6," perhaps the most anticipated game of the last decade, finally has a release date after reports of possible delays.Take Two Interactive, the company behind Rockstar Games — which creates "Grand Theft Auto" — announced that "GTA 6" will get a release date sometime in Fall 2025."We are highly confident that Rockstar Games will deliver an unparalleled entertainment experience, and our expectations for the commercial impact of the title continue to increase," Take Two CEO Strauss Zelnick told analysts during an earnings call on Thursday, according to <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/grand-theft-auto-6-fall-2025-release-1235901707/">The Hollywood Reporter</a>.Fans have shown monumental enthusiasm as hype builds for the game's release. In February, old <a target="_blank" href="https://www.businessinsider.com/grand-theft-auto-6-netflix-games-streaming-2024-2">"Grant Theft Auto" games soared to the top of Netflix's gaming platform</a> as news began to surface about "GTA 6." Footage of the new game was also leaked online in 2022 after a teen hacker in the UK <a target="_blank" href="https://www.businessinsider.com/gta-6-hack-teen-sentenced-to-indefinite-hospital-confinement-2023-12">hacked into Rockstar games</a>.News of the 2025 release was greeted with disappointment by the market. Shares of Take Two were down in post-market trading. But a 2025 release is actually sooner than some in the industry had expected. Previous <a target="_blank" href="https://www.businessinsider.com/gta6-release-date-delayed-grand-theft-auto-rockstar-rto-mandate-2024-3">reports of delays at Take Two</a> suggested that back-to-work mandates were slowing the development of "GTA 6" and could push its release all the way into 2026.When asked about a more specific release date, Zelnick said, "I think we're going to leave it there for now," according to <a target="_blank" href="https://variety.com/2024/gaming/news/grand-theft-auto-6-release-date-fall-2025-take-two-earnings-1236006589/">Variety</a>. "That announcement will come from Rockstar and be consistent with the way they are marketing the title."

'Grand Theft Auto 6' gets release date in Fall 2025

<ul class="summary-list"><li>Rockstar Games' return to office mandate is raising concerns of a delay in the release of "GTA 6."</li><li>Rockstar told employees they will no longer be able to work from home starting in April.</li></ul>Back-to-work mandates at Rockstar Games are prompting concerns that "Grand Theft Auto 6" might get a later release date than expected.In December, Rockstar Games announced that "GTA 6" would come out in 2025. The announcement of the game itself was a significant online event. The title's first trailer <a target="_blank" href="https://www.youtube.com/watch?v=QdBZY2fkU-0&amp;t=9s">set YouTube's record for views</a> for a non-music video release.Take Two Interactive, Rockstar's parent company, said in a recent earnings call that it expects to bring in $7 billion in revenue for Fiscal Year 2025. Still, news that a "GTA 6" release date was so far in the future caused stock prices for <a target="_blank" href="https://www.businessinsider.com/gta6-grand-theft-auto-vi-vice-city-take-two-stock-2023-12">Take Two to dip</a> as much as 7% in December.Now, <a target="_blank" href="https://kotaku.com/gta-6-development-2026-delay-rockstar-office-release-1851359831">Kotaku</a> reported that sources close to the game's development say that progress is slowing and the game's release could "slip" into 2026.News of a possible lag in progress on "GTA 6" follows reports of a coming mandate from Rockstar that employees return to the office five days a week, which <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-28/-grand-theft-auto-maker-tells-staff-to-return-to-office-five-days-a-week">Bloomberg first reported</a> in February. The company plans to ask remote employees to come back to the office starting in April, according to the outlet. The move has since sparked speculation that Rockstar is behind schedule and trying to amp up productivity.Jenn Kolbe, the company's head of publishing, in fact, told staff in an email that Rockstar made the decision for productivity and security reasons, according to Bloomberg. On the security side, Rockstar has faced several leaks of footage for "GTA 6," including <a target="_blank" href="https://www.businessinsider.com/gta-6-leaks-may-have-come-from-rockstar-employees-kid-2023-12">clips of the game released on TikTok</a> shortly before its trailer release that were believed to have come from an employee's child.Some Rockstar employees <a target="_blank" href="https://aftermath.site/rockstar-return-to-office-grand-theft-auto-vi-crunch">told Aftermath</a> they learned they would no longer be able to answer Slack messages and use other work communication tools from home. Employees noted that they were worried that Rockstar could be trying to start "quiet layoffs" by making relocating costs unmanageable for people hired remotely, according to the outlet."If you make it so that [people] can no longer work effectively at the company, then they have no choice but to leave," one employee told the outlet."<a target="_blank" href="https://www.businessinsider.com/quiet-workplace-word-of-2023-quiet-quitting-hiring-promotion-firing-2023-2">Quiet firing</a>" is when bosses make moves that, intentionally or not, make a worker's job less appealing, which encourages them to leave. Signs of quiet firing can include managers failing to provide clear expectations, feedback, support, career development, and recognition for an employee in a way that makes them feel ignored, <a target="_blank" href="https://www.businessinsider.com/quiet-firing-white-collar-workers-to-avoid-layoffs-2023-2">according to experts</a>.Sources close to the game told Kotaku that Rockstar is still "aiming" for a "GTA 6" release date in the Spring of 2025 but that later in the year is more likely, and a 2026 release could be a "fallback plan."Rockstar did not immediately return a request for comment from Business Insider.

'Grand Theft Auto 6' production delay might be behind Rockstar Games' return to office mandate

<ul class="summary-list"><li>20-year-old 'Grand Theft Auto' games are dominating Netflix's gaming platform right now.</li><li>Take Two Interactive said excitement for "GTA 6" has had a "halo effect" on the franchise.</li></ul>People are so excited for "<a target="_blank" href="https://www.businessinsider.com/unreleased-gta-6-game-rockstar-videos-leaked-online-2022-9">Grand Theft Auto 6"</a> that <a target="_blank" href="https://www.businessinsider.com/gta-6-leak-videos-confirmed-real-rockstar-games-hacked-2022-9">decades-old GTA games</a> are shooting to the top of Netflix's gaming platform.During an earnings call this week, Take Two Interactive chief executive Strauss Zelnik said the "Grand Theft Auto Trilogy" led Netflix's gaming platform in downloads after the company announced "GTA 6" was coming.Take Two owns Rockstar Games, which makes the "Grand Theft Auto" franchise.The "Grand Theft Auto Trilogy" — released in 2021 — combines three classic titles from the series: "Grand Theft Auto III," "Grand Theft Auto: Vice City," and "Grand Theft Auto: San Andreas." All three games were initially released between 2001 and 2004.Netflix launched Netflix Games in 2021 as a mobile game platform designed to create a "stickier service" that would keep users engaged, according to <a target="_blank" href="https://www.investors.com/news/technology/video-games-netflix-has-high-hopes-for-new-market/#:~:text=Netflix%20added%20mobile%20video%20games,AAPL)%20iOS%20smartphones%20and%20tablets.">Investor's Business Daily</a>. After Netflix Games added the "Grand Theft Auto Trilogy" to its platform, it quickly became their top games, according to <a target="_blank" href="https://www.netflix.com/tudum/articles/grand-theft-auto-trilogy#:~:text=Rockstar%20Games%27%20sprawling%20crime%20epics,on%20your%20phone%20or%20tablet.">Netflix</a>.Zelnik said the announcement of "Grand Theft Auto 6" in December has had a "halo effect across the entire franchise.""All things GTA, you know, lead to more excitement," he said during the earnings call.Take Two CFO Lainie Goldstein said sales of "Grand Theft Auto V" also "exceeded expectations" last quarter. The game has sold more than 195 million units since its launch in 2013.Take Two said the highly anticipated "GTA" sequel would be released in 2025. News that the release date was so far in the future caused the <a target="_blank" href="https://www.businessinsider.com/gta6-grand-theft-auto-vi-vice-city-take-two-stock-2023-12">publisher's stock price to dip</a> as much as 7%.The announcement that the game was even coming, however, was a significant online event. The title's first trailer, posted in December, set YouTube's record for views for a non-music video, Zelnik said. The <a target="_blank" href="https://www.youtube.com/watch?v=QdBZY2fkU-0&amp;t=9s">trailer had more than 170 million views</a> at of time of writing.Zelnik called Rockstar's partnership with Netflix to launch the "GTA Trilogy" on its platform a "resounding success." He said Take Two is considering launching other games on Netflix Games."We'd love to do more with Netflix," Zelnik said. "Who wouldn't? As long as the consumers are happy to be there and as long as the economics of those arrangements make good sense."Take Two is poised to have a potentially "transformative" next few years as it plans the launch of dozens of new titles, according to <a target="_blank" href="https://www.nasdaq.com/articles/where-will-take-two-interactive-stock-be-in-3-years#:~:text=Overall%20sales%20are%20expected%20to,key%20part%20of%20that%20pipeline.">Nasdaq</a>.Goldstein said during the call that the company expects "a little above" $7 billion in revenue for fiscal year 2025.

The 'Grand Theft Auto 6' halo effect is causing decades-old GTA games to dominate on Netflix

<ul class="summary-list"><li>President Joe Biden denounced political violence in an NBC News interview following the Trump rally shooting.</li><li>Biden said he and Donald Trump had a cordial call after Trump survived an assassination attempt.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-rally-shooting-democracy-message-election-2024-7">President Joe Biden</a> said there's no place for violence in American politics and criticized the media in a roughly 20-minute interview that aired on NBC on Monday night.Biden sat down with NBC News's Lester Holt at the White House earlier on Monday, two days after former <a target="_blank" class="" href="https://www.businessinsider.com/trump-shot-dead-if-he-did-not-tilt-head-2024-7">President Donald Trump survived an assassination attempt</a>.Biden, who is still trying to recover from a disastrous <a target="_blank" class="" href="https://www.businessinsider.com/biden-fumbles-but-harris-does-her-best-at-looking-presidential-2024-7">debate performance</a> last month, was soft-spoken and at times appeared unable to finish articulating his thoughts, resulting in some rambling answers. He reiterated that he's staying in the race despite calls from some Democrats to step down.During the interview, Biden described his conversation with Trump following the rally shooting on Saturday as "very cordial" and said that the former president thanked him for calling."There's no place at all for violence in politics in America. None. Zero," he said.Holt said the shooting had sparked conversations about the rhetoric used in American politics, noting Biden had recently called Trump an "existential threat" and said that it was time to put Trump in the "bull's-eye."Biden responded that he "didn't say crosshairs" and that what he was trying to say was "there was very little focus on Trump's agenda."Holt then pointed out the word was "bull's-eye," not "crosshairs.""It was, it was a mistake to use the word," Biden said. "I didn't mean — I didn't say cross-hairs. I meant bull's-eye, I meant focus on him. Focus on what he's doing."When Holt pressed Biden on whether he'd done any soul-searching since the debate about the rhetoric he uses, the president pointed at Trump's rhetoric and his refusal to accept the results of the 2020 election."How do you talk about the threat to democracy, which is real, when a president says things like he says? Do you just not say anything because it may incite somebody?" Biden said."Look, I am not engaged in that rhetoric," he continued. "Now, my opponent's engaged in that rhetoric."Biden then cited comments Trump made about pardoning January 6, 2021, rioters and that it would be a "bloodbath" for US auto industry jobs if he lost the election. He also noted the jokes Trump made after Democratic Rep. Nancy Pelosi's husband was attacked.At several points in the interview, Biden expressed frustration with how the media has covered Trump.When Holt pressed Biden on his debate performance, the president asked why there wasn't more coverage of lies told by Trump during the debate."Where are you on this? Why didn't the press ever talk about that? 28 times, it's confirmed, he lied in that debate," Biden said.Fact-checkers from many outlets reported on false claims made during the debate, with <a target="_blank" class="" href="https://www.cnn.com/2024/06/27/politics/fact-checking-the-cnn-presidential-debate/index.html">CNN</a> saying Trump made over 30 while Biden made at least nine.At the end of the interview, Biden asked Holt to come and talk to him sometime about "what we should be talking about.""The issues," he said.Another interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=XJP2zlH2nt8">Complex</a>, which took place on Friday — before the attempted assassination of Trump — was published on Monday. Similarly, in that interview, Biden was soft-spoken and misspoke at times.Meanwhile, in Milwaukee, Biden's opponent was formally nominated as the GOP candidate for president. Earlier Monday, Trump <a target="_blank" class="" href="https://www.businessinsider.com/why-trump-selected-jd-dance-running-mate-vice-president-2024-7">announced</a> that he had chosen Sen. JD Vance of Ohio as his vice presidential running mate. Vance gave his <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-first-interview-donald-trump-vice-president-2024-7">first interview</a> as a vice presidential candidate Monday night.Campaigns for Biden and Trump did not immediately respond to a request for comment from Business Insider.

Biden denounced political violence and said using 'bull's-eye' was a mistake during an interview with NBC News

<ul class="summary-list"><li>Stellantis laid off 400 workers through video calls after ordering them to work remotely. </li><li>Workplace experts say this tactic is "cold" and personal news shouldn't be shared so "impersonally."</li></ul>The owner of Jeep and Dodge recently laid off 400 white-collar workers after ordering them to work remotely for the day, per reports from <a target="_blank" href="https://www.wsj.com/economy/jobs/chrysler-parent-stellantis-laying-off-about-400-employees-in-us-8d8c2991">The Wall Street Journal</a> and <a target="_blank" href="https://www.cnbc.com/2024/03/22/chrysler-parent-stellantis-laying-off-400-salaried-us-workers.html">CNBC</a>.The move by Stellantis, worth $88 billion, has sparked fresh discussions on the etiquette around how to execute layoffs.The car company joins several <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023">major firms that have conducted job cuts through digital avenues,</a> including informing them via emails or by locking people out of internal systems.<a target="_blank" href="https://www.businessinsider.com/google-layoffs-job-employment-blunt-emails-termination-sundar-pichai-2023-2">Google</a> is one such example. It laid off 12,000 staffers in early 2023 via email. <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> was also criticized for his handling of layoffs in the months <a target="_blank" href="https://www.businessinsider.com/did-elon-musk-buy-twitter-acquisition-details">after he took over Twitter</a>. Some <a target="_blank" href="https://www.businessinsider.com/twitter-staff-discover-layoffs-when-locked-out-email-laptop-report-2023-2">employees</a> only found out they'd lost their jobs after they couldn't access their company laptops and emails.Experts say that virtual and remote-style layoffs aren't the best solution — it shows a lack of empathy and consideration for the workers affected and might push remaining workers to leave.So why do companies conduct layoffs virtually?<h2>Employers want to maintain control over the situation </h2>Part of the reason employers may choose to carry out difficult conversations over a video call is that it's easier to maintain control over the situation, especially when many staff are affected. Ben Hardy, a clinical professor of organizational behavior at London Business School, told Business Insider that a remote video call might be an easy way of "laying off a lot of people very quickly." "The sheer logistics of 400 people at once is difficult," he explained. "If you call them in one by one, it takes days — or an army of managers or HR to do it. If you do it in one big meeting, you would have a room full of people who are all upset/angry, and that could turn ugly." Amanda Jones, senior lecturer in organizational behavior and human resources at King's College London, told BI that it's also a way to control "the information flow.""Using this method would mean that everyone had the best chance of accessing the call and that they could also all receive the information at the same time," she said.Jones said employers might also be trying to create distance between themselves and employees to avoid dealing with emotional outbursts when they break the bad news.When employees feel the <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">"psychological contract" between themselves and their employers</a> is "violated," they may resort to extreme reactions, Jones said.<h2>There is an etiquette to carrying out layoffs </h2>Companies carrying out layoffs are most likely thinking about their bottom line, <a target="_blank" href="https://www.businessinsider.com/tech-layoffs-stock-market-reaction-meta-spotify-wall-street-investors-2024-2">the opportunity to cut costs</a>, and increasing organizational efficiency, but they need to keep workers in mind, too."If an employee has had a long-term relationship with the organization and feels that they have been a loyal employee, they are likely to feel that the organization 'owes' them more compassion," Jones said."If you compare this to a romantic relationship, it could feel akin to ending a marriage via video call, which most people would consider unkind and rather cold," she added.Muhammad Umar Boodoo, an associate professor at Warwick Business School, told BI that the most <a target="_blank" href="https://www.businessinsider.com/layoffs-firings-tech-hr-tiktok-cloudflare-employee-morale-bad-business-2024-1">empathetic way to handle layoffs</a> is "to place each employee at the heart of the process" and collaborate with them on severance pay, notice period, and exploring other opportunities for career advancement.Laying off employees in one go through a video call suggests "a lack of empathy" as they're likely feeling helpless at home and are left without a counselor to alleviate their anxieties, he said. This could also hurt the morale of remaining employees and<a target="_blank" href="https://www.businessinsider.com/layoffs-quitting-remaining-coworker-resign-turnover-left-behind-contagion-research-2023-1"> increase attrition</a>, according to Boodoo. "Employees who weren't laid off might feel sympathy for their best friend and former colleague, leading to a gradual disengagement from the company." "Research suggests that following a layoff, there's an increase in voluntary turnover among remaining employees. Further studies indicate a decline in job satisfaction, organizational commitment, and even job performance, including sales performance and research and development," he added.

An $88 billion auto giant laid off 400 workers remotely in a move likened to ending a marriage by video call

<ul class="summary-list"><li>Automakers are scrambling to react to a shift in demand for expensive battery-powered vehicles.</li><li>The EV segment has enjoyed a long period of exponential growth.</li></ul>Car companies talk a big game about the transition to electric cars. But behind the scenes, many of these automakers are scrambling to react to a change in demand for expensive battery-powered vehicles.Take the last few weeks for example: <a href="https://www.wsj.com/business/autos/ford-considers-cutting-shift-at-f-150-lightning-pickup-plant-uaw-memo-says-91075154" target="_blank" rel="noopener">Ford temporarily dropped an F-150 Lightning production shift</a> (despite <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2023/08/01/ford-restarts-expanded-rouge-electric-vehicle-center--f-150-ligh.html" target="_blank" rel="noopener">upping capacity for the electric pickup</a> just months earlier), and said it would renew its focus on hybrids. <a href="https://www.cnbc.com/2023/10/17/gm-to-delay-ev-truck-production-at-michigan-plant.html" target="_blank" rel="noopener">General Motors said it would postpone some of its electric truck production</a> by a year.All the while, the <a href="https://www.businessinsider.com/electric-vehicle-startups-trouble-insiders-reveal-layoffs-production-manufacturing-2022-8">once bustling EV startup industry is shrinking by the day</a>, with former Wall Street darlings like Lordstown, Volta, and Lucid folding or missing predictions.Electric-car shoppers have more options than ever before, a turning point many in the industry hoped would draw more buyers away from gas-powered cars into the battery-powered segment. But the first real test of a fully-loaded EV market <a href="https://www.businessinsider.com/electric-vehicle-revolution-hits-delays-production-sales-tesla-china-2023-4">isn't going so well</a>. Electric vehicle inventories are <a href="https://www.businessinsider.com/dealers-turning-away-evs-velectric-cars-demand-cools-inventory-2023-8">building up on dealer lots</a> quickly. While the companies argue this bloat is normal for a new vehicle ramp-up, it's still <a href="https://www.businessinsider.com/electric-vehicle-inventory-most-least-dealerships-availability-hyundai-kia-2023-6">taking dealers longer to sell these cars</a>, sending <a href="https://www.businessinsider.com/electric-vehicle-incentives-at-dealerships-high-affordability-price-parity-2023-10">EV discounts to an all-time high</a>. "It's always been the 'build it and they will come' strategy," Vince Sheehy, a car dealer in the Washington, D.C. area, told Insider. "And they're just not coming."Sheehy, who sells a stable of brands including Ford, Hyundai, Volkswagen, and GMC, says electric cars are the slowest sellers on his lots right now. He currently has enough electric cars to last for 100 days across all brands.Though the <a href="https://www.coxautoinc.com/wp-content/uploads/2023/10/Q3-EV-share-chart.jpg" target="_blank" rel="noopener">EV share of some automakers' businesses is small</a>, the EV segment has been enjoying a long period of exponential growth. Hovering for years around under 1% of the total US market, EV sales hit a record of 300,000 last year and, through September 2023, the segment accounts for 9% of all sales, according to JD Power.But that pace of growth – easy to achieve in such a small segment – is showing clear signs of slowing. That begs the question as to whether automakers pushed their transition just a little early."It's not necessarily bad news, it's just a matter of, they over-anticipated," said Cameron Johnson, CEO of Magic City Auto Group, a Virginia dealership group selling mostly domestic brands. "The customer and the dealer started to say, 'Can you turn off the faucet or can you at least slow these things down?' Because they're coming so fast. We're not able to fill all the seats," he said. <h2>A perfect storm for EVs</h2>As tons of highly-anticipated electric models hit dealer lots, the entire auto industry was hit with <a href="https://www.businessinsider.com/car-loan-vehicle-shoppers-denied-what-to-do-2023-7">a wave of macroeconomic changes</a>. It's a perfect storm of headwinds for the plug-in market, with high interest rates, difficulty getting loans, and monthly payments at record highs making the already-expensive vehicles hard to justify for the average driver.Sheehy is seeing this play out on his lots. With the wealthy early adopters largely sated at this point, he says the profile of the average EV shopper has changed dramatically even in the last six months."People are no longer evaluating EVs as 'I'm gonna buy an EV, but which one?' It's, 'I'll buy an EV depending on the value proposition relative to a plug-in hybrid, a hybrid, or a traditional ICE vehicle," Sheehy said. "When you look at it that way, you almost invariably don't choose the electric vehicle."The industry is trying to react to this change, lathering on discounts and taking advantage of <a href="https://www.businessinsider.com/tesla-tax-credit">new federal programs</a> to bring the average price paid for an EV in September to $50,683, down from more than $65,000 a year ago. But even that is still a price point unobtainable for many, and, as automakers like <a href="https://www.businessinsider.com/tesla-price-cuts-ford-mach-e-discounts-angry-customers-different-approaches-2023-1">Ford and Tesla have found out</a>, price <a href="https://www.businessinsider.com/teslas-price-cuts-margins-ever-musk-not-giving-up2023-7">cuts cut deeply into the margins of already-unprofitable vehicles</a>. Price parity between EVs and gas-powered cars is getting closer in the luxury market, but the same can't be said yet for mass-market cars, which cost<a href="https://www.businessinsider.com/electric-vehicles-pricing-mass-market-luxury-parity-2023-10"> an average of $16,000 more than their fossil-fueled counterparts</a>. "The one glaring issue," Eric Frehsée, president of the Tamaroff Group of dealerships said, "is frankly, the unrealistic timelines that are being set. I don't know if that means we need to change some of the timelines."<h2>Understanding the new EV shopper</h2>All of this is a sign that fully-electric cars – and even their hybrid counterparts – are likely to be relegated to the luxury and ultra-luxury segment for several years to come while the industry inches more slowly toward mass-market affordability.Stewart Stropp, executive director of EV intelligence at JD Power, said the firm is still forecasting significant increases in EV share moving forward, but the rate of that growth will depend on external factors like improvements to charging infrastructure and a proliferation of EVs that stack up more evenly against their gas-powered counterparts in terms of price and performance."Those are absolutely essential elements that need to be in place in order for us to shift out of the early adoption phase," Stropp said.High-spending, early adopters are harder to come by some 10 years after Tesla reshaped the segment. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.One Ford dealer in the Midwest, who turned away Mustang Mach-E allocation earlier this year, said the electric options on his lot aren't matching up with what his customers are looking for – or even what they can afford. Fully-loaded Mach-Es sit on his lot for weeks and months at a time because customers can't justify the hefty price tag – especially while <a href="https://www.businessinsider.com/tesla-model-3-model-y-less-than-average-gas-car-2023-10">Tesla keeps dropping its prices.</a>Martin French, managing director at automotive consultancy Berylls, says the transition to EVs is coming. But the inflection point is at least five years off because the industry still hasn't done enough to make an electric car an attractive alternative to a gas-powered car, he said."The future is definitely going to be EVs," French said, "but the future for EVs is 2030."

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Biden denounced political violence and said using 'bull's-eye' was a mistake during an interview with NBC News

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An $88 billion auto giant laid off 400 workers remotely in a move likened to ending a marriage by video call

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