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<keyword id="20961985" type="General" weightage="20" keywordseo="vehicle-safety" source="keywords">Vehicle safety</keyword> group <keyword id="20581264" type="General" weightage="100" keywordseo="Global-NCAP" source="keywords">Global NCAP</keyword> on Tuesday said it has given one star safety rating to <keyword id="19967472" type="General" weightage="20" keywordseo="Mahindra" source="keywords">Mahindra</keyword> <keyword id="21402082" type="General" weightage="20" keywordseo="Bolero-Neo" source="keywords">Bolero Neo</keyword> for adult and child occupant safety. The UK-based group also accorded two stars to <keyword id="21402083" type="General" weightage="20" keywordseo="Honda-Amaze" source="keywords">Honda Amaze</keyword> for adult and zero stars for child occupant safety. It also gave three stars in adult safety and five stars for child occupants to <keyword id="20774736" type="General" weightage="20" keywordseo="Kia-Carens" source="keywords">Kia Carens</keyword> after the latest round of crash tests. The highest score on a vehicle crash test is five stars, while the lowest score is zero stars. "We were disappointed to see Mahindra's one star rating for the Bolero Neo. This falls well below the safety performance we have come to expect from the manufacturer," Global NCAP Secretary General Alejandro Furas said in a statement. Mahindra &amp; Mahindra said the company is committed to deliver vehicles that ensure the safety and satisfaction of customers and users. Bolero Neo has always complied with safety regulations that have been introduced over time and continues to be fully compliant with the latest Indian safety standards, it said. "As we are constantly innovating and improving our vehicles to exceed safety regulations, we want to assure our customers and stakeholders that Mahindra has significantly enhanced safety features in all our recent launches," the auto major stated. Models like Thar, XUV700, XUV300, and Scorpio-N have been recognised with high safety ratings of 4- and 5-star by the Global NCAP, reflecting the company's ongoing commitment to safety. Furas said there has been an improvement in Kia's rating for the Carens since its original test when the model scored a zero rating for adult occupant protection. "However, we were expecting a better performance in the retest given the Carens is fitted with six airbags as standard," he added. On Honda Amaze, Furas stated: "Regrettably Honda did not take the opportunity to update the Amaze with more safety features which explains its disappointing score." Commenting on the development, Honda Cars India said the South Africa spec second generation Amaze has already been tested as four star by GNCAP in 2019. "The latest test basis new protocol shows that the total score is of five-star level. "However, mainly due to the requirement of certain equipment like electronic stability control and side curtain airbags, it resulted in lower rating," the automaker said in a statement. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Global NCAP accords low safety rating to Bolero Neo, Amaze

<keyword id="42747" type="General" weightage="100" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> on Tuesday said it plans to keep updating its SUV range as it expects the robustly growing segment to remain highly competitive with presence of all leading players. Sports utility vehicles are driving the overall growth of the domestic passenger vehicle segment. As per the latest SIAM data, SUV sales account for 60 per cent of the overall passenger vehicle sales in the country. In an interaction with PTI, Tata Motors Passenger Vehicles Managing Director <keyword id="1890649" type="General" weightage="50" keywordseo="shailesh-chandra" source="Orion">Shailesh Chandra</keyword> said the company has a leadership position in some of the SUV sub-segments and is looking to consolidate in others. "The SUV segment is going to be an intensely fought segment. The top three-four players will have just a few thousand (units) here and there. At some point someone will be number one, sometimes somebody else will become number two," he said. He noted that in such scenarios it is more important to focus on the individual products and whether they are in the top two consideration for buyers. <keyword id="796" type="General" weightage="80" keywordseo="chandra" source="Orion">Chandra</keyword> said Punch and Nexon are market leaders in their respective segments while <keyword id="19169064" type="General" weightage="50" keywordseo="harrier-safari" source="Orion">Harrier Safari</keyword> combo was number two in its vertical. Tata Motors on Tuesday rolled out new versions of <keyword id="1606144" type="General" weightage="80" keywordseo="harrier" source="Orion">Harrier</keyword> and <keyword id="62620" type="General" weightage="80" keywordseo="safari" source="Orion">Safari</keyword> with price starting at Rs 15.49 lakh and Rs 16.19 lakh, respectively. "Going beyond this, we are coming with two more models -- Curvv and Sierra -- in 2024 and 2025, respectively," he stated. So the company's SUV portfolio is going to further strengthen from where it is now, Chandra noted. "We have been number one for quite some time. There have been few new launches by other players. The ranking will keep changing... there is no clear number one here. "Important thing is that we are doing excellent in all these four SUVs that we have. More importantly, we are adding to this portfolio, so our strength in SUV is going to always remain very strong going forward," he added. The updated versions of both Harrier and Safari have received top safety ratings from the vehicle safety group <keyword id="2032193" type="General" weightage="80" keywordseo="global-ncap" source="Orion">Global NCAP</keyword>. "With their 5-star GNCAP rating and highest scores by any Indian vehicle to date, our SUVs are the safest spaces on Indian roads," Chandra said. In a separate statement, Global NCAP said it has given five-star safety ratings to the new versions of <keyword id="595044" type="General" weightage="50" keywordseo="tata-safari" source="Orion">Tata Safari</keyword> and Harrier SUVs. Both models have achieved the highest ever score for adult and child occupant safety in the crash tests done by Global NCAP on Indian cars so far, it stated. Global NCAP rates vehicles from zero to five based on their safety features and automobiles with a higher rating are considered safer for occupants. "This is a very strong result... the top adult and child safety score in our testing to date confirms the manufacturer's strong commitment to developing safer vehicles, which we warmly welcome and applaud," Global NCAP Secretary General Alejandro Furas said in a statement. Global NCAP's crash test protocols assess frontal and side impact protection for all models, as well as electronic stability control. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms" target="_blank">Smartphone makers should be a worried lot as global shipments decline to a decade low</a><a href="https://www.businessinsider.in/business/auto/webstories/honda-goes-aggressive-as-cb300r-sees-a-37000-price-cut/slidelist/104492746.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/honda-goes-aggressive-as-cb300r-sees-a-37000-price-cut/slidelist/104492746.cms" target="_blank">Honda goes aggressive as CB300R sees a ₹37,000 price cut</a><a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-review/articleshow/104487460.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-review/articleshow/104487460.cms" target="_blank">Motorola Edge 40 Neo review – feature-packed, affordable device with average camera</a>

SUV segment to see intense competition among players: Tata Motors

<ul class="summary-list"><li>The European Union just made its first cut to interest rates in five years.</li><li>The European Central Bank lowered its main interest rate from 4% to 3.75%.</li></ul>The European Union has become the latest global economy to cut its benchmark interest rate.The <a target="_blank" href="https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240606~2148ecdb3c.en.html">European Central Bank</a> announced on Thursday that it would lower its main interest rate from 4% to 3.75%, marking its first reduction since 2019. Canada cut its key policy rate from 5% to 4.75% on Wednesday.Neil Birrell, the chief investment officer at Premier Miton Investors, said in a research note to clients:"In one of the most flagged central bank interest rate decisions for some time, the ECB followed Canada into the rate cutting cycle. However, the path for further cuts is unlikely to be as predictable or smooth.""Eurozone inflation is proving more resilient than hoped, as it is in the US and UK, which has to influence the ECB, although they will be keen to keep providing stimulus to the economy, it needs it. As has been the case all the way through the cycle, they have a tight rope to walk," he said.Economies worldwide have <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">raised interest rates</a> significantly over the past two years after inflation surged because of the COVID-19 pandemic.For example, US inflation surged to a 40-year high of more than 9% in the summer of 2022. The US central bank has responded by <a target="_blank" href="https://www.businessinsider.com/federal-reserve-hikes-interest-rates-inflation-higher-costs-loans-mortgages-2022-3">hiking interest rates</a> from nearly zero in early 2022 to more than 5% and has yet to make its first cut.Central banks raise interest rates to cool inflation, as higher rates make it more attractive to save instead of spend or invest, and deter companies from hiring by raising the interest payments on their debts. The result is usually less overall demand in the economy, which helps to relieve upward pressure on prices.But consumers and businesses in Europe, the US, and elsewhere have faced a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-jpmorgan-consumer-inflation-rates-banking-crisis-2023-4">painful combination</a> of historic inflation and sharp rate increases. They're now paying significantly higher prices for food, fuel, housing, and other essentials, and also higher monthly payments on their cars, mortgages, credit cards, and other debts.The cost-of-living crisis has heaped pressure on central banks to cut rates, but stubborn inflation has made it a tough decision for the likes of the ECB's president, Christine Lagarde.Indeed, annualized inflation in the EU ticked up from 2.4% in April to 2.6% in May — above the ECB's 2% target. At the same time, the EU is only expected to <a target="_blank" href="https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/spring-2024-economic-forecast-gradual-expansion-amid-high-geopolitical-risks_en">increase its gross domestic product</a> by 1% this year, fueling calls to stimulate growth by lowering rates."Since the Governing Council meeting in September 2023, inflation has fallen by more than 2.5 percentage points and the inflation outlook has improved markedly," the ECB said in its press release."Underlying inflation has also eased, reinforcing the signs that price pressures have weakened, and inflation expectations have declined at all horizons," it continued.The central bank did, however, note that "domestic price pressures remain strong" and "inflation is likely to stay above target well into next year," signaling that markets shouldn't expect a flurry of cuts in the months ahead.

Europe's central bank cuts interest rates for first time in 5 years

Earlier this month, <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>’s Tesla unveiled its do-it-all humanoid <keyword id="23629407" type="General" weightage="20" keywordseo="Optimus-Gen-2" source="keywords">Optimus Gen-2</keyword>. Lest it hog all the spotlight, Chinese scientists have built a new <keyword id="21410831" type="General" weightage="100" keywordseo="humanoid-robot" source="keywords">humanoid robot</keyword> called <keyword id="23629408" type="General" weightage="20" keywordseo="STAR1" source="keywords">STAR1</keyword> that can reportedly run at a speed of nearly 13 kilometres per hour, making it the fastest of its kind so far. At first glance, both of their designs appear similar — but that’s where the similarities seem to end, for these humanoids appear to have been built with very different purposes in mind. Here’s a comparison of the two humanoids! <h2>Built different </h2>Tesla’s Optimus Gen-2 stands at 5 feet 8 inches (173 cm) and weighs about 125 pounds (57 kg). STAR1 comes off as stout in comparison, being 5 feet 7 inches (171 cm) tall and weighing 143 pounds (65 kg). Tesla’s Optimus Gen-2 has 28 degrees of freedom, which gives it superior flexibility and a wider range of motion, particularly in tasks that require delicate manipulation and precise movements. STAR1 has 12 degrees of freedom, allowing for moderate flexibility and a relatively humanoid range of motion. <h2>STAR1 wears sneakers, Optimus Gen-2 doesn’t</h2>STAR1 is the latest breakthrough in <keyword id="23629409" type="General" weightage="20" keywordseo="humanoid-robotics" source="keywords">humanoid robotics</keyword>, boasting a top speed of about 3.6 metres per second, making it the fastest <keyword id="21301848" type="General" weightage="20" keywordseo="bipedal-robot" source="keywords">bipedal robot</keyword> built so far. However, this speed can be credited to the sneakers it had on. Yes, its creators gave it a pair of sneakers to test its speed on various terrains, from paved roads to gravel, in the Gobi Desert. The results were impressive: STAR1 maintained its top speed for an astonishing 34 minutes. To our knowledge, the Optimus Gen-2 does not own a pair. In fact, STAR1 even surpassed previous speed records set by Unitree's H1, which managed 12.2 kilometres per hour (3.3 m/s) earlier this year. STAR1's design focuses on mobility, possibly positioning it for future applications in rescue missions, sports, or military operations, where rapid movement across diverse terrains is crucial. <div type="Article" hostid="261" msid="114156188" title="Elon Musk wants to take humanoid robots mainstream with Optimus. Making them &amp;#39;the biggest product ever&amp;#39; will be tough." mstype="2" mssubtype="0"></div> <h2>Utility</h2>STAR1's focus on mobility, positions it for future applications in rescue missions, sports or military operations, where rapid movement across diverse terrains is crucial. Unlike STAR1’s high-speed focus, Optimus Gen-2 is designed with human environments in mind, with <keyword id="19999884" type="General" weightage="20" keywordseo="AI-capabilities" source="keywords">AI capabilities</keyword> that enable it to handle repetitive tasks that require precision and fine motor skills and interact safely with humans. Tesla envisions a future where Optimus replaces humans in mundane or dangerous jobs, contributing to industrial and domestic automation. <h2>AI-driven processing power</h2>On the AI front, STAR1’s 275 TOPS give it the edge in real-time processing, allowing for quick decision-making and terrain adaptability. Tesla has not disclosed the exact TOPS rating for Optimus, but its AI system is integrated into Tesla’s existing AI architecture, which powers its self-driving cars. Optimus likely has strong AI capabilities, especially in perception and decision-making, focused more on task execution rather than extreme mobility like STAR1. The difference between STAR1 and Optimus Gen-2 highlights two distinct paths in humanoid robotics. Whether it's racing across risky terrain or helping on factory floors, one thing’s for certain, these machines are paving the way for a new era of automation. <div type="Article" hostid="261" msid="114140259" title="How much will Elon Musk’s do-it-all Optimus Gen 2 humanoid cost you? And is it worth it?" mstype="2" mssubtype="0"></div>

Chinese scientists just built the “fastest robot in the world”. Here’s how it differs from Elon Musk’s Optimus Gen-2

Union Minister for Road Transport and Highways, <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> on Tuesday launched <keyword id="3367686" type="General" weightage="100" keywordseo="bharat-ncap" source="Orion">Bharat NCAP</keyword>, India's own crash testing safety programme, saying that it was a historic day for the country and that requests have been received for crash testing of 30 models. Addressing a gathering following the launching of Bharat NCAP, <keyword id="6361025" type="General" weightage="80" keywordseo="gadkari" source="Orion">Gadkari</keyword> said: "Today is a very important day in the history of Indian automobile industry but even also it is important for the society. I really appreciate the way in which the Indian automobile industry cooperates and because of their cooperation today it is a time for all of us that we are launching the Bharat NCAP programme." Regarding the programme, the Minister said: "It was a mission of the government. Cost of testing from abroad is Rs 2.5 crore and in India under the Bharat NCAP it is Rs 60 lakhs. And with global standards your market is going to increase. I am really happy that it is helpful for the consumers. By the star rating people can understand the quality of the product and now we are going to create awareness in the mind of the people." He also said that there is a huge demand for higher star rating vehicles. "People are cautious about safety, pollution. People want to use different type of fuel. If anywhere there is a new alternative available then they are ready to use," he said. "Today we have got a request to test and certify 30 models from several manufacturers. We have received 30 vehicles for the rating under Bharat NCAP and I am happy with the response." Gadkari also highlighted that India is facing two important challenges -- one is road accidents and another is air pollution, and "in some way our Ministry is responsible for that". He said that every year 5 lakh accidents and 1.5 lakh deaths takes place in India. "Every day 1,100 accidents and 400 deaths and every hour 47 accidents and 18 deaths. 70 per cent death is of 18 to 34 years and loss of GDP is 3.14 per cent." He also said head on collisions killed 27,000 people, while 18,000 died due to side collisions. Emphasising on saving lives, Gadkari said that "this is the time we have highest priority for how we can save the lives of the people and road safety is the most important thing for that". "But it is not that only the automobile industry is responsible, somewhere road engineering is a big problem." The Minister further said that at the same time the other important factor is automobile engineering. But these are the things we need to improve. He also said that now the market is not only cost-centric but quality centric. "Now the most important thing which I feel is that the market, the market is not cost centric, but it quality centric. The automotive market in India has been changing lately with consumer's focus shifting from being cost-centric to quality-centric," he said. He also said that "our dream is to make Indian Automobile industry above Rs 15 lakh crore". "When I had taken charge as the Minister, our industry in the world was at number seven. Now just two to three months before we have surpassed Japan and now are at number three. First is China and second is US." Gadkari also said that many of the Indian brands of two wheelers are already exporting 50 per cent of their production and there is also a lot of technologically changes particularly in the form of using different type of fuels. "I am very sure about it that as far as cost is concerned we are very very competitive in the world and in the quality point of view if you are equal to that anywhere whatever the cost maybe in US even I am confident that a day will come that we will be equally reasonable with China also and day will come that people will prefer cost wise and quality wise that they will prefer our vehicle first," he said, adding that for that reason there is huge potential available for the export. "The dream of Prime Minister (<keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>) to make India a 5 trillion economy is the basic backbone of the automobile industry, which is one of the largest employers, biggest export and biggest tax payer sector for the government. This industry is giving maximum GST to the state and the Central government. He also asserted that the mission is to make India number one in manufacturing hub in the world." SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/how-to-find-unclaimed-bank-deposits-using-udgam-portal/articleshow/102830161.cms">Have unclaimed bank deposits? Here’s how to find it using UDGAM portal</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/apps/news/gboard-checkout-upcoming-features-of-google-app/articleshow/102649444.cms">Gboard to onboard AI for stickers, proofreading and more</a>

Nitin Gadkari launches Bharat NCAP, India's car crash test programme

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.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">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</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. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Memorials are being <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/middle-east-israel-iran-lebanon-high-alert-october-anniversary-attacks-2024-10">held across Israel today</a> to mark the one year anniversary of the October 7 terror attacks.In today's newsletter, earnings season is upon us. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Here's what to look out for</a>.What's on deck:<ul><li>Markets: The 49 fintech startups worth keeping an eye on, <a target="_blank" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">according to VCs</a>.</li><li>Tech: Amazon's Prime Day kicks off tomorrow, and there are some deals on <a target="_blank" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">surprising items</a>.</li><li>Business: Activist investor Starboard has informed Pfizer it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake</a>.</li></ul>But first, let's double-click on that for a second.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">EBITDA for everybody</h2><div type="image" title="trader at desk" height="1500" width="3000" msid="114018838" hostid="261" sizebytes="186350"></div>It's beginning to look a lot like earnings season.The numbers are being crunched and talking points prepared as companies get ready to report their financials and discuss expectations for the final stretch of 2024.Business Insider's Matthew Fox has a rundown of the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">biggest themes investors are watching this earnings season</a>.This crop of earnings is particularly important. It follows the first interest-rate cut in more than four years as the economy is on the cusp of nailing its soft landing. Meanwhile, the S&amp;P 500 gained 5% in the third quarter while trading near record highs.That translates into big expectations from investors, with Wall Street analysts looking for the S&amp;P 500 to see year-over-year earnings growth of 4.6%.Luckily for us, we'll get a sense of where things are headed early on. Big banks begin reporting at the end of the week, with JPMorgan and Wells Fargo kicking things off. The sector can act as a proxy for the wider market, with its insight into the health of consumers and corporations.But the true test will come in a few weeks when Big Tech reports, offering another update on how its massive bets on AI are paying off (or not at all).<div type="image" title="Jerome Powell Photo illustration" height="600" width="1200" msid="114018843" hostid="261" sizebytes="29880"></div>We've already got one indication companies are in good shape: <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">Friday's blockbuster jobs report</a>.The US economy added 254,000 jobs in September (the consensus forecast was 147,000), and unemployment dropped to 4.1% (estimates were it would stay at 4.2%).Considering the jobs market is the top priority of the Fed now that inflation is under control, that's good news … sort of.If you were banking on another jumbo rate cut next month, <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">those hopes have been dashed</a>. (One firm thinks there's still a chance, pointing to a low response rate on the survey that <a target="_blank" href="https://www.businessinsider.com/september-jobs-payroll-report-fed-rate-cut-outlook-labor-market-2024-10">could lead to a revision down</a>.)Philipp Carlsson-Szlezak, Boston Consulting Group's global chief economist, told me he expects the Fed to stick with the standard 25-basis-point cuts.But another blowout report — 250,000 jobs added and at least 4% wage growth — could lead the Fed to reconsider its easing policy."Just wait and see how this is going. This is so strong. There's no need to cut. We need to restrain the economy a little. Let's just pull back on the pace," he said.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">speaks at Donald Trump's rally</a> in Pennsylvania.</li><li>'Trump is going to win': Latino voters explain <a target="_blank" href="https://www.businessinsider.com/texas-latinos-shifting-right-trump-harris-gop-democrats-starr-county-2024-10">why they're moving to the right</a>.</li><li>Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money. <a target="_blank" href="https://www.businessinsider.com/harris-tax-deduction-plan-small-business-startup-cost-2024-10">It won't</a>.</li><li>Jamie Dimon: <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">No, I haven't endorsed Donald Trump</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="divorced elderly couple collaged with money and scribbles" height="900" width="1200" msid="114018835" hostid="261" sizebytes="221900"></div><ol><li>A major curveball in retirement preparedness. Divorce can derail the best-laid retirement plans, particularly for baby boomers (especially older women). <a target="_blank" href="https://www.businessinsider.com/divorced-boomers-lower-retirement-savings-401ks-social-security-income-2024-10">An analysis by BI shows</a> divorcees often have lower incomes and savings than married people.</li><li>The future of fintech. More than two dozen VCs nominated <a target="_blank" rel="noopener" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">49 fintechs they believe are on the rise</a>. The startups, which haven't raised beyond a Series C, are focused on everything from AI (of course) to disrupting the insurance and healthcare industries.</li><li>More bad news for Trump Media. The No. 2 executive at former President Donald Trump's social media company resigned last week, with one report alleging his exit is tied to a whistleblower complaint. That follows a major shareholder selling their stake. <a target="_blank" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">But don't expect shares to crater</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Shopping bags with the Amazon logo in front of an orange grid background" height="1000" width="2000" msid="114018840" hostid="261" sizebytes="82008"></div><ol><li>Amazon Prime Day may look a little different this year. In addition to the usual Prime Day gadgets, like TVs and Airpods, Amazon is dishing out deals on tents, pocket knives, and chainsaws. It's a way for Amazon to market those items, typically sold at steep end-of-season discounts, as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">early holiday deals</a>.</li><li>Microsoft told customers it lost log data for key security products. According to an update viewed by BI, <a target="_blank" href="https://www.businessinsider.com/microsoft-tells-customers-it-lost-log-data-key-security-products-2024-10">a software bug caused inconsistent collection of log data</a> for several important cloud services. Affected products included Microsoft Entra and Sentinel, though there's no evidence of cyberattacks stemming from the incident.</li><li>Hard times a-falling on the influencer middle class. Marketers are turning away from the small-time creators and micro influencers in favor of big stars and celebrities, a new survey found. It's a tough draw for those with less than 500,000 followers; the survey found more and <a target="_blank" href="https://www.businessinsider.com/micro-influencer-campaigns-decline-marketers-turn-to-big-stars-2024-10">more deals are going to those with audiences of millions</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A man sits at a bar while being surrounded by dogs." height="1000" width="2000" msid="114018845" hostid="261" sizebytes="76756"></div><ol><li>It's not just you. Dogs are everywhere. Fewer adults may be having children, but that's not the case for pet ownership. Americans are spending more time and money on their "fur babies" — and public spaces are becoming more welcome to dogs. <a target="_blank" href="https://www.businessinsider.com/rise-of-dogs-and-childless-adults-shaping-real-estate-urban-amenities-2024-10">It might be the new normal</a>.</li><li>Starboard Value has its next target: pharma giant Pfizer. The activist investor has informed Pfizer that it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake in the drugmaker</a>, people familiar with the matter told BI. It comes after Pfizer's stock dropped significantly since it reached record highs in 2021 during the rollout of its COVID-19 vaccine.</li><li>The great stuff transfer. Baby boomers are starting to pass their wealth to younger generations, but it doesn't end there. They're also handing down their decades-old collection of prized possessions and <a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">leaving Gen Xers, millennials, and Gen Zers to deal with the mess</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Tim Tully taught himself to code at age 6 and still codes daily. Here's how computer science <a target="_blank" href="https://www.businessinsider.com/menlo-ventures-partner-tim-tully-invests-in-generative-ai-startups-2024-10">took him from startups to AI investing at Menlo Ventures</a>.</li><li>There are 3 signs that generative AI might be reaching peak market froth — <a target="_blank" href="https://www.businessinsider.com/generative-ai-market-froth-openai-cerebras-meta-2024-10">and it's not just OpenAI</a>.</li><li>China's stimulus won't fix its economy, <a target="_blank" href="https://www.businessinsider.com/china-stimulus-wont-fix-economy-xi-jinping-isnt-done-yet-2024-10">but Beijing isn't done yet</a>.</li><li>Why so many entry-level jobs <a target="_blank" rel="noopener" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">aren't entry-level.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Kamala Harris' "60 Minutes" interview airs on CBS at 8 p.m. EDT.</li><li>ASEAN summit continues in Vientiane, Laos.</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. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Earnings season kicks off after a blowout jobs report upended investors' hopes of another interest-rate cut

<ul class="summary-list"><li><keyword id="19969321" type="General" weightage="100" keywordseo="EV-charging" source="keywords">EV charging</keyword> is so bad it's driving people back to <keyword id="19951339" type="General" weightage="20" keywordseo="fossil-fuels" source="keywords">fossil fuels</keyword>.</li><li>Lack of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> is already a barrier for many would-be EV buyers.</li></ul>Difficulty charging and other issues are leading some EV buyers to consider switching back to fossil fuels — the latest bad sign for the <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5" target="_blank">EV transition</a>. A recent consumer study conducted by <a href="https://executivedigest.sapo.pt/wp-content/uploads/2024/06/Mobility-Consumer-Pulse-2024_Overview.pdf" target="_blank">McKinsey</a> found that 46% of US EV owners surveyed said they were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents in 9 major countries said the top reason for potentially ditching their EVs was<a href="https://www.businessinsider.com/electric-car-ev-road-trip-toyota-bz4x-genesis-gv60-charging-2023-8" target="_blank"> a lack of charging infrastructure</a>, something the US has historically <a href="https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-vehicle-charging-infrastructure" target="_blank">lagged</a> behind other nations in building. Other charging issues high on the list included a lack of charging at home and the impact of long-distance driving. <keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> and access to charging infrastructure have long been considered <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-charging-availability-cost-automakers-tesla-supercharger-advantage-2023-2">one of the top barriers to electric vehicle adoption</a>, but the revelation that these same issues may drive current <keyword id="22369439" type="General" weightage="20" keywordseo="battery-powered-car-owners" source="keywords">battery-powered car owners</keyword> back into <keyword id="20635927" type="General" weightage="20" keywordseo="gas-powered-cars" source="keywords">gas-powered cars</keyword> is a new blow for the already rocky <keyword id="20729481" type="General" weightage="20" keywordseo="EV-transition" source="keywords">EV transition</keyword>. Despite the challenges facing the segment, EVs accounted for a record 7.6% of all cars sold in the US in 2023 while the number of charging stations hit 61,000. While the rate of growth has slowed, industry experts and executives have said they expect some EV share to grow to 8% in 2024 as new models continue to hit the market, helping to keep their <a href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6" target="_blank">average price falling.</a> While there are plenty of shoppers interested in an electric vehicle, the options on sale today are often too big, too expensive, or not practical enough to replace a gas-powered car. Car companies are already <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">scrambling to adjust</a> to a sudden change in the electric vehicle market in order to draw more new customers. The slowdown in electric vehicle sales growth has rocked everyone from Ford to <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>, denting sales and forcing executives to rethink their long-term plans for electric vehicles. While the industry has made great strides in electric vehicle range and battery charging times, <a target="_blank" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">huge holes in the infrastructure</a> make certain areas nearly impossible to navigate without a gas-powered engine. McKinsey's study found this issue to be particularly acute in the US, which had the second-highest rate of respondents say they're considering ditching their EV. (In first place was Australia, with 49% of respondents saying they are likely to switch back.) America's high placement shouldn't come as too much of a surprise. <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">Charging infrastructure here has long been a hot-potato issue</a>, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. But that effort in reality has played out slowly so far, with only a handful of stations going live since the funding was approved two years ago. Addressing charging infrastructure is already high on the industry's list of priorities when it comes to removing barriers to adoption, but the fact that it might also drive existing EV owners away only amplifies the issue. Correction: July 9, 2024 — An earlier version of this story misidentified where respondents who said they were considering switching back to gas-powered cars because of charging issues were located. They were in 9 countries, not only the US.

EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds

<ul class="summary-list"><li>Texas' economy is growing faster than California's as it woos big companies and new residents.</li><li>While California still has the highest GDP in the US, Texas is close behind.</li></ul>California may boast the <a target="_blank" class="" href="https://www.businessinsider.com/california-economy-ranks-5th-in-the-world-beating-the-uk-2018-5">top economy</a> in the country, but Texas is close on its heels.Since 2020, big-name companies and hundreds of thousands of residents have ditched California for Texas, and the Lone Star State's economic growth has surpassed that of its coastal counterpart.California's economy, while still on the up and up, has grown "relatively slowly" in recent years, according to an October 2024 <a target="_blank" class="" href="https://www.ppic.org/publication/californias-economy/?utm_source=ppic&amp;utm_medium=email&amp;utm_campaign=epub">fact sheet</a> from the Public Policy Institute of California, averaging an uptick of 2.3% annually from 2020 to 2023. That figure is down from a 3.9% average increase in California's gross domestic product in the prior four years, according to the nonprofit research institute.Meanwhile, Texas has seen its GDP grow at a rate of 3.9% since 2020, according to the Public Policy Institute. That figure is even stronger for the fourth quarter of 2023, which saw Texas' GDP grow at an annual rate of 5% — a jump that Texas Gov. Greg Abbott <a target="_blank" class="" href="https://gov.texas.gov/news/post/texas-economy-again-expands-faster-than-nation#:~:text=%E2%80%9CTexas%20is%20again%20outpacing%20the,America%2C%E2%80%9D%20said%20Governor%20Abbott.">attributed</a> to the state being "the best business climate" in the country.The margins between the behemoths are close and growing closer. California's economy ranks 5th internationally, per the report. Its $3.9 trillion GDP accounts for 14% of the national GDP, according to the report. But Texas isn't far behind, comprising 9% of the country's total economy and coming in eighth internationally, according to <a target="_blank" class="" href="https://www.bea.gov/news/2024/gross-domestic-product-state-and-personal-income-state-4th-quarter-2023-and-preliminary">data</a> released by the Bureau of Economic Analysis earlier this year.California and Texas, which rank first and second in US population, respectively, have both seen their economies grow faster than the nation's overall economy in the last quarter-century. Since 1998, the US economy has increased 75%, while California's has jumped 111%, according to the Public Policy Institute of California.But Texas has them both beat with growth of 128% over that same time period, per the fact sheet.<h2 id="9e346c45-d5ad-41de-84b8-ba0fb92f4093">Texas has wooed major money-makers</h2>Texas' speedy financial growth comes as the state has increasingly <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-moving-spacex-x-texas-headquarters-california-law-2024-7">marketed itself as a corporate haven</a> for businesses and an economic refuge for people seeking a more affordable cost of living.Many of the businesses and people who have flocked to Texas come directly from California.A wave of large companies, including <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-wants-move-spacex-x-headquarters-texas-tesla-california-2024-7">Tesla</a>, Charles Schwab, and Oracle, have ditched The Golden State for Texas in recent years. <a target="_blank" class="" href="https://www.businessinsider.com/texas-company-headquarters-hq-tesla-chevron-charles-schwab-california-economy-2024-8">Chevron</a>, which had been in California since 1879, is the latest business to leave for Texas after California sued the company last year over fossil fuel risks.Gov. Abbott welcomed Chevron to the state last month with a clear message: "Drill baby drill," he tweeted.Corporate fans of Texas, chief among them billionaire Elon Musk, say the <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-texas-because-california-regulations-too-tough-on-business-2024-2">state offers lower taxes and less regulation</a>. The Tesla CEO moved the company's HQ from Palo Alto, California, to Austin in 2021.Since then, several major corporations have followed suit. As of 2024, Texas is <a target="_blank" class="" href="https://www.visualcapitalist.com/map-the-number-of-fortune-500-companies-in-each-u-s-state/">home</a> to 52 Fortune 500 companies, according to <a target="_blank" class="" href="https://fortune.com/ranking/fortune500/search/?statename=California">Fortune</a>.While California still has Texas beat with 55 Fortune 500 companies based in the state, including tech giants like Apple, Alphabet, Meta, and Nvidia, the state's lead is growing ever thinner. According to CBRE, a global real estate company that itself moved from California to Texas in 2020, <a target="_blank" class="" href="https://www.cbre.com/insights/local-response/the-shifting-landscape-of-headquarters-change-among-the-fortune-500">found</a> that eight Fortune 500 companies left California from 2018 to 2023, seven of which moved to Texas.<h2 id="baf0885e-765f-4f23-b1e6-69005786fc91">Some Texas residents are less happy</h2>As Texas' economy soars, some residents are feeling <a target="_blank" class="" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">increasingly fed up and priced out.</a>Hundreds of thousands of Americans <a target="_blank" class="" href="https://www.businessinsider.com/moved-california-to-texas-will-never-go-back-expensive-2023-5">flocked to Texas</a> in the years since the COVID-19 pandemic began, many seeking cheaper living and <a target="_blank" class="" href="https://www.businessinsider.com/conservative-moved-california-to-texas-back-orange-county-dallas-2024-7">pandemic and political freedoms</a>. Between 2021 and 2022, the state gained 668,000 new residents, according to the US Census Bureau <a target="_blank" class="" href="https://www.census.gov/data/tables/time-series/demo/geographic-mobility/state-to-state-migration.html">data</a>.During that same period, however, <a target="_blank" class="" href="https://www.businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">Texas also lost nearly half a million people</a>, per census data.Some people <a target="_blank" class="" href="https://www.businessinsider.com/california-moved-texas-homeless-want-to-go-back-2024-9">who left California for Texas</a> in recent years ended up returning to the Golden State, telling BI that the <a target="_blank" class="" href="https://www.businessinsider.com/couple-moved-california-texas-back-santa-cruz-rosenberg-2023-11">intense weather</a> and <a target="_blank" class="" href="https://www.businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">politics</a> in Texas were too much for them. Others told Business Insider they were dismayed to discover that the <a target="_blank" class="" href="https://www.businessinsider.com/moved-california-to-texas-not-cheap-politics-2024-8">cost of living in Texas </a>didn't meet their expectations.In the Dallas, Fort Worth, and Arlington areas, consumer prices have jumped 25% over the last five years, <a target="_blank" class="" href="https://fred.stlouisfed.org/series/CUURA316SA0">according</a> to the Bureau of Labor Statistics.The state's big cities have primarily been the site of these small-scale exoduses, Business Insider's Jennifer Sor previously reported. Dallas has seen a slight population decline over recent years, losing about 5,000 people from mid-2020 to mid-2023, according to <a target="_blank" class="" href="https://www.census.gov/data/tables/time-series/demo/popest/2020s-total-cities-and-towns.html">census data. </a>Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">Austin</a> ranks as the fifth most moved-out-of city in the US year to date, according to a May <a target="_blank" class="" href="https://www.pods.com/blog/moving-trends">analysis</a> from moving firm PODS.Texas realtors also told BI that the <a target="_blank" class="" href="https://www.businessinsider.com/home-prices-falling-florida-texas-us-housing-market-pandemic-boomtowns-2024-10">housing market has cooled</a> amid less demand. Median home prices, meanwhile, have fallen about 7% from the mid-2022 highs, according to <a target="_blank" class="" href="https://www.redfin.com/state/Texas/housing-market">data</a> from Redfin previously <a target="_blank" class="" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">cited</a> by BI.

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