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EV demand wanes amid high rates, material costs

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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.”

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Ticker News is now live on XumoTV and Xfinity across the U.S.

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Ticker News is now available on Xumo TV and Xfinity, bringing new era of accessibility

Ticker is thrilled to announce a major milestone for Ticker News: we are now available for streaming across the United States on Comcast’s major platforms, Xumo TV and Xfinity.

The development places Ticker News in the company of industry giants like CNN, Fox News, and MSNBC, marking a significant leap forward in our mission to deliver quality news to a wider audience.

With a combined reach of 50 million active users per month, Xumo TV and Xfinity offer an opportunity for Ticker News to expand viewership.

The achievement is particularly special with Ticker’s fifth anniversary on air on August 19.

“Getting Ticker News on these platforms was no small feat,” says Ticker Founder and CEO Ahron Young.

“It took nearly two years of intense negotiations and overcoming various technical challenges. But the journey underscores the resilience and determination of our team, proving that persistence pays off. We are immensely proud of what we have accomplished together,” Ahron says.

Being available on Xumo TV and Xfinity significantly enhances our already robust distribution network.

These platforms provide Ticker with the ability to reach millions of new viewers, further solidifying our presence in the competitive news landscape.

“Our commitment to expanding our reach and improving accessibility remains stronger than ever,” says TIcker’s Global Marketing Director, Kane Ricca.

Looking Ahead

As Ticker celebrates this exciting moment, the media company remains focused on its mission to provide accurate, timely, and engaging news to our audience.

“We are grateful for the ongoing support of our hosts, staff, investors, and viewers. Every moment counts at Ticker, and together, we are building something truly special,” says Ahron.

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‘Frank and constructive’ meeting between Harris and Netanyahu

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Vice President Kamala Harris met with Israeli Prime Minister Benjamin Netanyahu to discuss the humanitarian crisis in Gaza and a cease-fire agreement.

Vice President Kamala Harris highlighted the nature of the discussion describing it as a “frank and constructive”meeting with Israeli Prime Minister Benjamin Netanyahu at the White House.

Harris expressed her concerns about the humanitarian situation in Gaza.

She stressed the need to finalise a cease-fire deal.
Harris described the past nine months in Gaza as devastating.
She urged that the tragedies in Gaza should not be ignored. #trending

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‘Left wing lunatic’: Trump tears into Kamala Harris in major rally

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Donald Trump is ramping up his attacks on Kamala Harris – his new opponent in the November election. But will it be enough to stop her?