The Ferrari That Lured Me to the Brink
Dude, get a hold of yourself, I thought. You've got a family, responsibilities. You can't spend the next month just lounging around the pool at the Riverside County jail. And yet there I was, asking for it.
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ACV Announces Second Quarter 2025 Results
Delivered Record Revenue and Adjusted EBITDA Second quarter revenue of $194 million Second quarter GAAP net income (loss) of ($7) million Second quarter non-GAAP net income of $12 million Second quarter Adjusted EBITDA of $19 million Expects 2025 revenue of $765 million to $775 million, growth of 20% to 22% YoY, GAAP net income (loss) of ($51) million to ($47) million and Adjusted EBITDA of $68 million to $72 million BUFFALO, N.Y., Aug. 11, 2025 (GLOBE NEWSWIRE) -- ACV (NYSE: ACVA), a leading digital automotive marketplace and data services partner for dealers and commercial clients, today reported results for its second quarter ended June 30, 2025. 'We are pleased with our second quarter results, delivering record revenue and Adjusted EBITDA, despite challenging market conditions in the back half of the quarter. Results were driven by continued market share gains and strong adoption of our Marketplace Services. Our suite of dealer solutions gained further market traction, and we executed on initiatives to support our commercial wholesale strategy,' said George Chamoun, CEO of ACV. 'The dealer wholesale market grew modestly year-over-year with growth decelerating throughout the quarter, reflecting weakening retail demand and elevated trade retention rates at dealerships. We continue to experience strong adoption across our growing marketplace, however we believe it is prudent to update our revenue guidance to reflect ongoing crosscurrents in the macroeconomic environment. We remain committed to delivering on our profitability objectives and as such, are maintaining the midpoint of our Adjusted EBITDA guidance. We believe ACV remains well positioned to deliver sustainable growth in dealer wholesale, execute on our emerging commercial wholesale strategy, and scale our business model,' concluded Chamoun. Second Quarter 2025 Highlights Revenue of $194 million, an increase of 21% year over year Marketplace and Service Revenue of $176 million, an increase of 22% year over year Marketplace GMV of $2.7 billion, an increase of 12% year over year Marketplace Units of 210,429, an increase of 13% year over year GAAP net income (loss) of ($7) million, compared to GAAP net income (loss) of ($17) million in the second quarter of 2024. Non-GAAP net income of $12 million, compared to non-GAAP net income of $3 million in the second quarter of 2024. Adjusted EBITDA of $19 million, compared to Adjusted EBITDA of $7 million in the second quarter of 2024 Third Quarter and Full-Year 2025 Guidance Based on information as of today, ACV is providing the following guidance: Third Quarter of 2025: Total revenue of $198 million to $203 million, an increase of 16% to 18% year over year GAAP net income (loss) of ($13) million to ($11) million Non-GAAP net income of $11 million to $13 million Adjusted EBITDA of $18 million to $20 million Full-Year 2025: Total revenue of $765 million to $775 million, an increase of 20% to 22% year over year GAAP net income (loss) of ($51) million to ($47) million Non-GAAP net income of $38 million to $42 million Adjusted EBITDA of $68 million to $72 million Our financial guidance includes the following assumptions: The dealer wholesale market is expected to be flat to modestly down year over year in 2025. Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns. Non-GAAP Operating Expense (excluding Cost of Revenue) is expected to increase approximately 11% year-over-year. Third quarter non-GAAP net income guidance excludes approximately $19 million of stock-based compensation expense and approximately $3 million of intangible amortization. Full-year non-GAAP net income guidance excludes approximately $70 million of stock-based compensation expense and $11 million of intangible amortization. ACV's Second Quarter Results Conference Call ACV will host a conference call and live webcast today, August 11, 2025, at 5:00 p.m. ET to discuss the financial results. To access the live conference call participants are invited to dial 877-704-4453 (international callers please dial 1-201-389-0920) approximately 10 minutes prior to the start of the call. A live webcast and replay of the call will be available on the Company's investor relations website at Participants are encouraged to join the webcast unless asking a question. About ACV Auctions ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar. For more information about ACV, visit Information About Non-GAAP Financial Measures ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation and amortization; stock-based compensation expense; interest (income) expense; provision for income taxes; and other one-time non-recurring items, when applicable, such as acquisition-related and restructuring expenses. Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense, (4) it does not reflect other non-operating income and expenses, including interest income and expense, (5) it does not consider the impact of any contingent consideration liability valuation adjustments, (6) it does not reflect tax payments that may represent a reduction in cash available to us,(7) it does not include the amortization of acquired intangible assets but it does include the revenue that these acquired intangible assets contribute to the enterprise, and (8) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA alongside other financial measures, including our net loss and other results stated in accordance with GAAP. Non-GAAP net income (loss), and non-GAAP operating expenses, are financial measures that are not presented in accordance with GAAP, provide investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our continuing operations. We define non-GAAP net income (loss) as net income (loss), adjusted to exclude: stock-based compensation expense, amortization of acquired intangible assets, and other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. We define non-GAAP operating expenses as operating expenses adjusted to exclude the same items that are excluded from non-GAAP net income (loss). In the calculation of non-GAAP net income (loss) and non-GAAP operating expenses we exclude stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period. We exclude amortization of acquired intangible assets from the calculation of non-GAAP net income (loss) and non-GAAP operating expenses. We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition. We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior period nor predictive of future results. Non-GAAP net income (loss) and non-GAAP operating expenses are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (1) they do not consider the impact of stock-based compensation expense; (2) although amortization is a non-cash charge, the underlying assets may need to be replaced and non-GAAP net income (loss) and non-GAAP net income do not reflect these capital expenditures; (3) they do not consider the impact of any contingent consideration liability valuation adjustments; (4) they do not include the amortization of acquired intangible assets but non-GAAP net income (loss) does include the revenue that these acquired intangible assets contribute to the enterprise; and (5) they do not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of non-GAAP net income (loss) and non-GAAP operating expenses may not be comparable to similarly titled measures of other companies because they may not calculate non-GAAP net income (loss) and non-GAAP operating expenses in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider non-GAAP net income (loss) and non-GAAP operating expenses alongside other financial measures, including our net loss, operating expenses, and other results stated in accordance with GAAP. Information About Operating and Financial Metrics We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other GMV - Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Unit transactions. We believe that Marketplace GMV acts as an indicator of our success, signaling satisfaction of dealers and buyers, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted within the applicable period, excluding any auction and ancillary fees. Marketplace Units - Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances have been immaterial to date. Marketplace Units excludes vehicles that were inspected by ACV, but not sold. Marketplace Units have generally increased over time as we have expanded our territory coverage, added new dealer partners and increased our share of wholesale transactions from existing customers. Forward-Looking Statements This presentation contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our financial guidance for the fourth quarter of 2024 and the full year of 2024. In some cases, you can identify forward-looking statements because they contain words such as 'anticipate,' 'believe,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will' or 'would' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. The forward-looking statements contained in this presentation are based on ACV's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV's actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties include, but are not limited to: (1) our history of operating losses; (2) our limited operating history; (3) our ability to effectively manage our growth; (4) our ability to grow the number of participants on our marketplace platform; (5) general market, political, economic, and business conditions including any possible impact from new, reinstated or adjusted tariffs; (6) our ability to acquire new customers and successfully retain existing customers; (7) our ability to effectively develop and expand our sales and marketing capabilities; (8) our ability to successfully introduce new products and services; (9) breaches in our security measures, unauthorized access to our marketplace platform, our data, or our customers' or other users' personal data; (10) risk of interruptions or performance problems associated with our products and platform capabilities; (11) our ability to adapt and respond to rapidly changing technology or customer needs; (12) our ability to compete effectively with existing competitors and new market entrants; (13) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; (14) the impact that economic conditions could have on our or our customers' businesses, financial condition and results of operations; and (15) the impact of such economic conditions in the wholesale dealer market included in our guidance for the second quarter of 2025 and full year 2025, and the related impact on the performance of our marketplace and our operating expenses, stock-based compensation expense and intangible amortization. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission ('SEC'), including in the section entitled 'Risk Factors' in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Additional information will be made available in other filings and reports that we may file from time to time with the SEC. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. Investor Contact: Tim Foxtfox@ Media Contact: Maura Dugganmduggan@ ACV AUCTIONS CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Marketplace and service revenue $ 175,995 $ 144,126 $ 341,932 $ 273,940 Customer assurance revenue 17,708 16,498 34,468 32,373 Total revenue 193,703 160,624 376,400 306,313 Marketplace and service cost of revenue (excluding depreciation & amortization) 74,319 64,253 143,721 119,946 Customer assurance cost of revenue (excluding depreciation & amortization) 16,909 14,558 30,886 27,372 Operations and technology 45,801 39,694 89,991 77,763 Selling, general, and administrative 52,972 51,912 111,990 105,765 Depreciation and amortization 10,897 8,848 21,438 16,635 Total operating expenses 200,898 179,265 398,026 347,481 Loss from operations (7,195 ) (18,641 ) (21,626 ) (41,168 ) Interest income 2,152 2,329 4,041 5,360 Interest expense (2,286 ) (606 ) (4,196 ) (1,141 ) Total other income (expense) (134 ) 1,723 (155 ) 4,219 Loss before income taxes (7,329 ) (16,918 ) (21,781 ) (36,949 ) (31 ) 145 334 585 Net loss $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Weighted-average shares - basic and diluted 170,472 164,384 169,415 163,637 Net loss per share - basic and diluted $ (0.04 ) $ (0.10 ) $ (0.13 ) $ (0.23 ) ACV AUCTIONS CONSOLIDATED BALANCE SHEETS(Unaudited)(in thousands) June 30,2025 December 31,2024 Assets Cash and cash equivalents $ 258,365 $ 224,065 Marketable securities 46,368 46,036 Trade receivables (net of allowance of $4,368 and $6,372) 209,880 168,770 Finance receivables (net of allowance of $5,097 and $4,191) 207,068 139,045 Other current assets 16,254 15,281 Total current assets 737,935 593,197 Property and equipment (net of accumulated depreciation of $5,804 and $5,227) 10,135 7,625 Goodwill 183,676 180,478 Acquired intangible assets (net of amortization of $34,998 and $28,972) 86,206 90,816 Capitalized software (net of amortization of $52,842 and $38,499) 75,648 68,571 Other assets 44,673 43,462 Total assets $ 1,138,273 $ 984,149 Liabilities and Stockholders' Equity Accounts payable $ 430,646 $ 345,605 Accrued payroll 12,100 16,725 Accrued other liabilities 19,912 18,836 Total current liabilities 462,658 381,166 Long-term debt 186,500 123,000 Other long-term liabilities 40,332 39,979 Total liabilities 689,490 544,145 Commitments and Contingencies Preferred Stock — — Common Stock 172 168 Common Stock - Class B — — Additional paid-in capital 971,390 944,891 Accumulated deficit (524,430 ) (502,315 ) Accumulated other comprehensive income (loss) 1,651 (2,740 ) Total stockholders' equity 448,783 440,004 Total liabilities and stockholders' equity $ 1,138,273 $ 984,149 ACV AUCTIONS CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(in thousands) Six months ended June 30, 2025 2024 Net loss $ (22,115 ) $ (37,534 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 21,449 16,682 Stock-based compensation expense, net of amounts capitalized 32,028 29,794 Provision for bad debt 3,111 5,055 Other non-cash, net 2,266 119 Changes in operating assets and liabilities, net of effects from purchases of businesses: Trade receivables (41,714 ) (19,158 ) Other operating assets (1,059 ) 3,036 Accounts payable 85,423 37,641 Other operating liabilities 950 11,856 Net cash provided by operating activities 80,339 47,491 Net increase in finance receivables (71,564 ) (1,851 ) Purchases of property and equipment (4,205 ) (2,872 ) Capitalization of software costs (17,932 ) (14,855 ) Purchases of marketable securities (24,833 ) (21,607 ) Maturities and redemptions of marketable securities 24,888 69,699 Sales of marketable securities — 122,698 Acquisition of businesses (net of cash acquired) — (155,209 ) Net cash used in investing activities (93,646 ) (3,997 ) Proceeds from long term debt 220,000 340,000 Payments towards long term debt (156,500 ) (345,000 ) Payment of debt issuance costs (1,457 ) (1,702 ) Proceeds from exercise of stock options 531 6,812 Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders (17,636 ) (13,110 ) Proceeds from employee stock purchase plan 2,534 1,998 Other financing activities (74 ) (23 ) Net cash provided by (used in) financing activities 47,398 (11,025 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 209 (68 ) Net increase in cash, cash equivalents, and restricted cash 34,300 32,401 224,065 182,571 $ 258,365 $ 214,972 The following table presents a reconciliation of non-GAAP net income (loss) to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Stock-based compensation 15,454 14,965 32,028 29,794 Amortization of acquired intangible assets 2,591 3,013 5,364 5,226 Amortization of capitalized stock based compensation 1,504 980 2,967 1,908 Acquisition-related costs — 1,187 403 3,306 Litigation-related costs (1) — — 1,100 1,553 Other — 145 — 189 Non-GAAP Net income (loss) $ 12,251 $ 3,227 $ 19,747 $ 4,442 (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Adjusted EBITDA Reconciliation Net income (loss) $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Depreciation and amortization 10,904 8,880 21,450 16,682 Stock-based compensation 15,454 14,965 32,028 29,794 Interest expense (income) 134 (1,723 ) 155 (4,219 ) Provision for income taxes (31 ) 145 334 585 Acquisition-related costs — 1,187 403 3,306 Litigation-related costs (1) — — 1,100 1,553 Other (586 ) 687 (870 ) 1,180 Adjusted EBITDA $ 18,577 $ 7,078 $ 32,485 $ 11,347 (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance The following table presents a reconciliation of Non-GAAP total operating expenses (excluding cost of revenue) to GAAP total operating expenses, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Total operating expenses $ 200,898 $ 179,265 $ 398,026 $ 347,481 Non-GAAP Adjustments: Marketplace and service cost of revenue (excluding depreciation & amortization) 74,319 64,253 143,721 119,946 Customer assurance cost of revenue (excluding depreciation & amortization) 16,909 14,558 30,886 27,372 Stock-based compensation 15,173 14,759 31,442 29,339 Amortization of acquired intangible assets 2,591 3,013 5,364 5,226 Amortization of capitalized stock-based compensation 1,504 980 2,967 1,908 Acquisition-related costs — 1,187 403 3,307 Other — 145 1,100 1,743 Non-GAAP Total operating expenses (excluding cost of revenue) $ 90,402 $ 80,370 $ 182,143 $ 158,640 The following table presents a reconciliation of non-GAAP net income (loss) to GAAP net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in millions): Three months ended September 30, 2025 Year ended December 31, 2025 Non-GAAP net income (loss) to net income (loss) guidance Reconciliation Net income (loss) ($13) - ($11) ($51) - ($47) Non-GAAP Adjustments: Stock-based compensation $19 $70 Intangible amortization $3 $11 Amortization of capitalized stock-based compensation $2 $6 Other — $2 Non-GAAP net income $11 - $13 $38 - $42 Error in retrieving data Sign in to access your portfolio Error in 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Ford to invest $5 billion in EV production. Here's what to know.
Ford is investing $5 billion to change the way it makes electric vehicles, a move the automaker says will allow it to manufacture models starting at $30,000 — far less than the current average price for an EV. The Dearborn, Michigan-based company on Monday said it will invest $2 billion to modernize its Louisville Assembly Plant and another $3 billion to build a new battery plant in Michigan, part of its push to produce more affordable EVs. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You The company unveiled its new "universal EV platform" at a Monday event, with Ford CEO Jim Farley calling it "the most radical change on how we design and how we build vehicles at Ford since the Model T," which Ford introduced in 1908. According to Ford, the new assembly line will be structured more like an "assembly tree," with three different lines that converge into one, rather than a single assembly belt. "This way of building a vehicle, we're confident, is the first time anyone's done this anywhere in the world," said Doug Field, Ford's EV chief of digital and design, at Monday's event. The company said the design will lead to a quicker, smoother assembly process and improve ergonomics for employees through a less obstructive layout. "Ford's announcement is very ambitious, because it includes both a new production process and a new vehicle," said Patrick Anderson, founder of Michigan-based consulting firm Anderson Economic Group, in an email to CBS MoneyWatch. "If they can actually pull off a production line that has 40% fewer workstations and 20% fewer parts, it will be worthy of the 'Model T moment' claim. Ford's first EV from the new system The first product of this new production system will be a four-door midsize truck, which will debut in 2027. Farley said on Monday that the new vehicle will accommodate five people and feature a "frunk" — a front storage compartment — as well as a pickup truck bed. The vehicle will start at $30,000. By comparison, the average price for a new electric vehicle in July was about $56,000, according to Kelley Blue Book. Field touted the new vehicle's charging capabilities, referring to the truck as a "mobile power plant." "Outlets in the back can give you high power and let you plug in anything from tools to a refrigerator, and it can provide backup power for your home," he said. The midsize electric truck could be produced up to 40% faster than other vehicles at the Louisville Assembly Plant due to the new process, Ford said. In another effort to lower costs, the auto company is also reducing the number of components that go into each car. Vehicles produced on the "universal EV platform" will have 20% fewer parts than a traditional vehicle, Ford said. The company will also use smaller cobalt and nickel-free batteries that will allow it to make "cost gains," according to a video shared by Ford. Anderson said that Ford has its work cut out for them given that the new truck will need to be competitively priced and economical. According to the auto industry expert, the cost of charging EV trucks currently on the market is often much higher than the price at the pump for gas-powered versions. A report from the Anderson Economic Group shows pickup trucks drivers in New York, California and Michigan face "significantly higher costs" if they rely on an EV. A successfully lower-cost truck model, however, could spur a new chapter for the company in its manufacturing of EVs. "If Ford shows the industry it can build and sell a reliable compact EV truck for $30,000, it will sell a lot of them, and open the door to making sedans using the new production process," Anderson said. Derek and the Dominos co-founder Bobby Whitlock dies Artisan bakers sparking sourdough boom At least 1 dead, dozens injured and others trapped in U.S. Steel plant explosion in Pennsylvania Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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FACT FOCUS: Trump exaggerates, misstates facts on Washington crime
WASHINGTON (AP) — President Donald Trump said Monday that his administration will take over policing the nation's capital city in what the Republican said is an effort to bring down rising crime rates in Washington, D.C. But Trump exaggerated or misstated many of the facts surrounding public safety in Washington, where the crime rate has fallen in recent years, while leaving out much of the context. Here's a closer look at the facts: Statistics rebut Trump's claims about violence crime in Washington TRUMP: 'It's getting worse, not getting better. It's getting worse.' THE FACTS: Statistics published by Washington's Metropolitan Police contradict the president and show violent crime has dropped in Washington since a post-Pandemic peak in 2023. According to the data, homicides, robberies and burglaries are down this year when compared with this time in 2024. Overall, violent crime is down 26% compared with this time a year ago. A recent Department of Justice report shows that violent crime is down 35% since 2023, returning to the previous trend of decreasing crime that puts the district's violent crime rate at its lowest in 30 years. That report shows that when compared to 2023 numbers, homicides are down 32%, armed carjackings are down 53% and assaults with a dangerous weapon are down 27%. The city's statistics have come into question, however, after authorities opened an investigation into allegations that officials altered some of the data to make it look better. But Mayor Muriel Bowser stands by the data and said Trump's portrait of lawlessness is inaccurate. 'We are not experiencing a spike in crime," Bowser said on MSNBC Sunday. "In fact, we're watching our crime numbers go down.' Murders in 2023 in Washington were high, but not the highest ever TRUMP: "Murders in 2023 reached the highest rate, probably ever. They say 25 years, but they don't know what that means because it just goes back 25 years." THE FACTS: In 2023, the District of Columbia recorded 274 murders in a city of about 700,000, its highest number in 20 years. But the city's own crime statistics from the 1970s, 80s and 90s, when the population was smaller, show much higher numbers of homicides. In 1990, for instance, the city reported 498 homicides. The next year saw 509, and 460 in 1992. Decades of statistics on crime in the city is available online. Washington murder rate compared to international capitals TRUMP: 'The murder rate in Washington today is higher than that of Bogota, Colombia, Mexico City. Some of the places that you hear about as being the worst places on Earth, much higher. This is much higher." THE FACTS: It's true, but Trump isn't telling the whole story. Washington does have a higher homicide rate than many other global cities, including some that have historically been considered unsafe by many Americans. But Trump is leaving out important context: the U.S. in general sees higher violent crime rates than many other countries. While Washington is one of America's most dangerous big cities, others have higher crime rates. Trump blames cashless bail for crime without evidence TRUMP : "This dire public safety crisis stems from a public safety crisis that is directly from the abject failures of the city's local leadership. The radical left City Council adopted no cash bail. By the way, every place in the country where you have no cash bail is a disaster." THE FACTS: Data has not determined the impact of cashless bail on crime rates. Studies, many of which focus on recidivism of defendants rather than crime rates, have shown mixed results. A 2024 report published by the Brennan Center for Justice saw 'no statistically significant relationship' between bail reform and crime rates. The nonprofit looked at crime rate data from 2015 through 2021 for 33 cities across the U.S., 22 of which had instituted some type of bail reform. Researchers used a statistical method to determine if crime rates had diverged in those with reforms and those without. Ames Grawert, the report's co-author and senior counsel in the Brennan Center's Justice Program, said this conclusion 'holds true for trends in crime overall or specifically violent crime.' Similarly, a 2023 paper published in the American Economic Journal found no evidence that cash bail helps ensure defendants will show up in court or prevents crime among those who are released while awaiting trial. 'I don't know of any valid studies corroborating the President's claim and would love to know what the Administration offers in support,' Kellen Funk, a professor at Columbia Law School who studies pretrial procedure and bail bonding, told The Associated Press in a July 25 fact check. 'In my professional judgment I'd call the claim demonstrably false and inflammatory.' The Trump administration has cited a 2022 report from the district attorney's office in Yolo County, California, that looked at how a temporary cashless bail system implemented across the state to prevent COVID-19 outbreaks in courts and jails impacted recidivism. It found that out of 595 individuals released between April 2020 and May 2021 under this system, 70.6% were arrested again after they were released. Funk, contacted Monday, noted that Washington D.C. reformed its cash bail system in the 1990s. 'What the President is declaring to be an 'emergency' is a system that has functioned much better than cash-based bail systems for nearly thirty years now, including during the recent historic lows in reported crime in the District,' he said, adding that 'the D.C. bail system has served as a model for bipartisan bail reform efforts in New Jersey and New Mexico over the past decade.' ___ Associated Press writer Melissa Goldin in New York contributed reporting. ___ Find AP Fact Checks here:
