News

EV demand wanes amid high rates, material costs

Published

2 years ago

October 26, 2023

Despite electric vehicle (EV) sales continuing to grow, there are mounting concerns about slowing demand for electric vehicles.

High-interest rates have thrown a wrench into the ambitious plans of climate regulators and automakers to accelerate the transition to electric vehicles. This concern was underscored on Wednesday by the abrupt termination of a GM-Honda partnership and a warning issued by a battery manufacturer.

Electric vehicle sales are still on the rise, but they are failing to keep up with the expectations of car manufacturers and other companies that have poured billions of dollars into the EV sector. The anticipation of persistently high-interest rates has led companies to rethink their strategies as they cautiously approach the year 2024.

Lee Chang-sil, the Chief Financial Officer at South Korean battery maker LG Energy Solution (373220.KS), expressed concerns on Wednesday, stating that EV demand for the upcoming year may fall short of expectations due to global economic uncertainties.

Lower cost EV

On the same day, Honda (7267.T) and General Motors (GM.N) announced the abandonment of their $5 billion joint venture aimed at developing lower-cost EVs, just one year after the initiative was revealed. GM also stated that it would focus its short-term EV efforts on meeting demand rather than pursuing specific volume targets.

GM CEO Mary Barra told analysts, “We’re taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth.”

Investors have reacted to this shift in the outlook. Over the past three months, the iShares Self-Driving EV and Tech exchange-traded fund has witnessed a more than 24% decline, significantly greater than the 8.3% drop seen in the MSCI All-World Index (.MIWD00000PUS), a representation of global equities.

Despite the concerns, EV sales are still growing. In the third quarter, EV sales surpassed 300,000 units in the United States for the first time, according to a Cox Automotive report. In September, they rose by 14.3% in the European Union and 22% in China, the world’s largest EV market.

Elon Musk, CEO of Tesla (TSLA.O), raised concerns last week regarding the impact of the high-interest rate environment on car purchases. During Tesla’s earnings conference call, Musk stated, “I am worried about the high interest rate environment that we’re in. The vast majority of people buying a car consider the monthly payment. If interest rates remain high or increase further, it becomes that much harder for people to buy a car.”

News

U.S. envoys head to Moscow as Ukraine peace talks accelerate

U.S. envoys to meet Putin, signaling a potential shift in Ukraine war diplomacy.

Published

21 hours ago

January 22, 2026

Harvey Vargas

U.S. envoys to meet Putin, signaling a potential shift in Ukraine war diplomacy.

Senior U.S. envoys are preparing to meet Russian President Vladimir Putin as diplomatic efforts around the war in Ukraine gather pace. The visit comes after Russia formally requested high-level talks, signalling a potential shift in momentum.

Special Envoy Steve Witkoff and Jared Kushner are set to travel to Moscow following months of behind-the-scenes discussions. The move underscores Washington’s willingness to engage directly as negotiations enter a more decisive phase.

With global attention fixed on the outcome, the meeting could shape the next chapter of the conflict — and determine whether diplomacy can finally overtake military escalation.

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News

Trump drops tariff threat after Greenland framework deal

Trump announces Greenland deal, easing tariff threats amid trade tensions, boosting US markets and sparking Arctic diplomacy debate.

Published

22 hours ago

January 22, 2026

Harvey Vargas

Trump announces Greenland deal, easing tariff threats amid trade tensions, boosting US markets and sparking Arctic diplomacy debate.

U.S. President Donald Trump has announced a framework deal involving Greenland, stepping back from earlier threats to impose tariffs on Europe. The shift comes after heightened global concern over trade tensions and geopolitical stability.

The announcement followed Trump’s appearance at the World Economic Forum in Davos and discussions with NATO’s Secretary General.

Denmark’s Foreign Minister has since weighed in, responding to speculation surrounding Greenland’s future and the implications of US involvement.

Markets reacted positively, with US stocks rallying after Trump signalled he would abandon the tariff threats.

While Trump reiterated he would not use force to acquire Greenland, the move has sparked renewed debate about diplomacy, trade, and influence in the Arctic region.

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#DonaldTrump #Greenland #USTrade #Tariffs #GlobalMarkets #USPolitics #WorldNews #Ticker

News

Coalition cracks deepen as Nationals break ranks over Labor reforms

Nationals senators defy party lines, voting against Labor’s reforms as Coalition faces internal rifts and leadership concerns.

Published

2 days ago

January 21, 2026

Harvey Vargas

Nationals senators defy party lines, voting against Labor’s reforms as Coalition faces internal rifts and leadership concerns.

A rift has emerged in the Coalition after three Nationals senators crossed the floor to vote against Labor’s post-Bondi hate group reforms, defying party lines and raising questions about their future in the shadow cabinet.

Their proposed amendment calling for greater scrutiny was rejected, and Labor’s legislation passed the Senate 38 votes to 22, cementing the reforms into law despite opposition pushback.

Coalition leadership will meet Wednesday to assess the political fallout, though some MPs consider the issue minor in terms of potential resignations. The incident highlights growing tensions within the party as internal discipline comes under pressure.

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#AustralianPolitics #Coalition #Nationals #Labor #Senate #PoliticalDrama #TickerNews #BreakingPolitics