America Should Travel Fast
I conducted a financial analysis of the California high-speed rail with some Harvard Business School colleagues more than a decade ago, and we came to two conclusions: It will cost more than they say, and it will still cost less than expanding highways or airports. The rail project should be reformed, not tanked.
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Business Wire
a few seconds ago
- Business Wire
Faraday Future to Announce Major Breakthrough of its Bridge Strategy on August 16 in Pebble Beach and will Host Various Experiential and Online Activities During Monterey Car Week
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, today announced that a major strategic upgrade for the Company will be announced on August 16th, at Pebble Beach, to kick off the second chapter of FF's Bridge Strategy. This will not only be a major milestone in the evolution of FF's Bridge Strategy, but FF expects that it will also open up a new growth curve for FF. The Announcement will be part of a series of activities that FF and the FX brand will host and participate in, centered around the famed 2025 Monterey Car Week, held in Pebble Beach from August 14-17. Activities will include: Company update and announcement Location: Pebble Beach, CA Date: Saturday August 16 FF & FX Futurists' Experience Monterey Car Week Vehicles included: FF 91 2.0 + FX Super One Event: Monterey Car Week Location: Pebble Beach, CA Date: Friday, August 15 to Sunday, August 17 Online Campaigns Join the Ride — On the Road or Online FF invites you to witness FF 91 and FX Super One as they embark on their scenic journey from Los Angeles to Monterey. FF encourages the public to capture and share their encounters with the FF 91 and FX Super One along the route or during the event in Monterey. Selected photography and video content may be featured across FF and Faraday X official social platforms, offering contributors the opportunity to be part of this exciting event. FX Super One F.A.C.E. Co-Creation Challenge The FX Super One made its first global debut in Los Angeles on July 17, revealing the world's first Super EAI F.A.C.E. (Front AI Communication Ecosystem). FF cordially invites the public to join its Co-Creation initiative: Design Its Face. Define Its Soul. Unleash your imagination and upload your creative designs for the Super EAI F.A.C.E. Create your own unique vehicle EAI Avatar for the future—and give every vehicle a soul, emotion, and personality. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Super One MPV, Super EAI F.A.C.E., and EAI Embodied AI Agent 6x4 architecture, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.
Washington Post
2 minutes ago
- Washington Post
Apple CEO gifts Trump glass statue with 24-karat gold base
Politics Apple CEO gifts Trump glass statue with 24-karat gold base August 7, 2025 | 4:48 AM GMT Apple CEO Tim Cook gifted President Donald Trump an inscribed piece of Apple-produced glass made in Kentucky that sits upon a 24-karat gold base on Aug. 6.
CBS News
2 minutes ago
- CBS News
Higher U.S. tariffs officially in effect on dozens of nations
Washington — President Trump officially began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy. The White House said that starting just after midnight EDT, goods from more than 60 countries and the European Union began facing tariff rates of 10% or higher. Products from the European Union, Japan and South Korea are being taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are being taxed at 20%. Mr. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S. He immediately took to his Truth Social platform to hail the levies, saying, "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" About an hour before that, he posted, "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" "I think the growth is going to be unprecedented," Trump said Wednesday afternoon. He added that the U.S. was "taking in hundreds of billions of dollars in tariffs," but he couldn't provide a specific figure for revenues because "we don't even know what the final number is" regarding tariff rates. Despite the uncertainty, the Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a U.S. economy that changed in April with Trump's initial rollout of tariffs, an event that led to market drama, a negotiating period and Trump's ultimate decision to start his universal tariffs on Thursday. After April, economic reports show that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline, said John Silvia, CEO of Dynamic Economic Strategy. "A less productive economy requires fewer workers," Silvia said in an analysis note. "But there is more, the higher tariff prices lower workers' real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences." Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly. "We all want it to be made for television where it's this explosion - it's not like that," said Brad Jensen, a professor at Georgetown University. "It's going to be fine sand in the gears and slow things down." Trump has promoted the tariffs as a way to reduce the persistent trade deficit. But importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year, and the factory jobs promised by Trump have so far resulted in job losses. The lead-up to Thursday fit the slapdash nature of Trump's tariffs, which have been variously rolled out, walked back, delayed, increased, imposed by letter and frantically renegotiated. The process has been so muddled that officials for key trade partners were unclear at the start of the week whether the tariffs would begin Thursday or Friday. The language of the July 31 order to delay the start of tariffs from Aug. 1 said the higher tax rates would start in seven days. On Wednesday morning, Kevin Hassett, director of the White House National Economic Council, was asked if the new tariffs began at midnight Thursday, and he said reporters should check with the U.S. Trade Representative's Office. Trump on Wednesday announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing their total import taxes to 50%. He has said that import taxes are still coming on pharmaceutical drugs and announced 100% tariffs on computer chips, meaning the U.S. economy could remain in a place of suspended animation as it awaits the impact. The president's use of a 1977 law to declare an economic emergency to impose the tariffs is also under challenge. The impending ruling from last week's hearing before a U.S. appeals court could cause Trump to find other legal justifications if judges say he exceeded his authority. Even people who worked with Trump during his first term are skeptical that things will go smoothly for the economy, such as Paul Ryan, the former Republican House speaker, who has emerged as a Trump critic. "There's no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions," Ryan told CNBC on Wednesday. "I think choppy waters are ahead because I think they're going to have some legal challenges." Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months. As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously. "There's one person who can afford to be cavalier about the uncertainty that he's creating, and that's Donald Trump," said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. "The rest of Americans are already paying the price for that uncertainty." (Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.) 8/7/2025 12:02:21 AM (GMT -4:00)
