Jim Chanos on Bull Market, Carvana and Michael Saylor
Chanos & Co. founder Jim Chanos discusses the outlook for the US stock market, his views on Tesla and why he is betting against Carvana. Speaking with Scarlet Fu on Bloomberg Television, Chanos also responds to Michael Saylor dismissing his recommendation to short the shares of Strategy and buy Bitcoin.
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Politico
27 minutes ago
- Politico
GM's electric future just got way more future
General Motors stunned the auto world four years ago when it pledged to go all electric by 2035. That goal quietly died this week when the company announced a $4 billion investment heavily skewed toward gasoline-powered vehicles, writes David Ferris. The companies' EV target was always more on the aspirational side — and highly dependent on federal policies and market trends, analysts told David. 'It was always a long shot at best,' said auto analyst Sam Abuelsamid. But the goal was emblematic of a burgeoning push toward phasing out gasoline-powered vehicles under former President Joe Biden, who made boosting electric cars and trucks a cornerstone of his climate agenda. GM finds itself in a starkly different world under President Donald Trump, who has raced to dismantle federal tax EV credits, frozen grants for building charges to power them, and implemented high tariffs that make production more expensive. Not even Trump's once-close relationship to Tesla CEO Elon Musk blunted his attacks on EVs. While GM isn't abandoning its electric vehicle portfolio — 'We still believe in an all-EV future,' a spokesperson told David — the auto giant's renewed investment in gasoline-powered cars and trucks means its all-electric future just got much further away. 'GM's doing a better job than many of their competitors, but there's obviously a relatively low ceiling because of the lack of supportive policy,' said Alan Baum, an independent Detroit auto analyst. Earlier this week, GM trumpeted the fact that it sold 37,000 electric vehicles in the first quarter of the year, making it the No. 2 EV maker in the U.S. behind Tesla. But the company has also announced new investments in gasoline-powered production, signaling it plans to make internal combustion engines well behind 2035. It is also a member of the Alliance for Automotive Innovation, which has vociferously opposed California's plans to require all-electric auto sales by 2035. It's Thursday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@ Today in POLITICO Energy's podcast: Alex Guillén breaks down how the Environmental Protection Agency's proposed rollback of a historic Biden-era climate rule for power plants will impact efforts to fight global warming. Power Centers Legal pitfalls in climate rule rollbackEPA's proposal to stop regulating power plant climate pollution is built around a bold claim that the industry emits too little heat-trapping pollution to be worth it, write Jean Chemnick, Niina H. Farah and Lesley Clark. Legal experts say that rationale could create legal stumbling blocks. House approves cuts packageThe House approved a $9.4 billion rescissions package Thursday, a White House priority that would claw back more than half a billion dollars for international disaster aid and clean energy programs, writes Andres Picon. Among other cuts, the bill would repeal the country's entire $125 million contribution to the international Clean Technology Fund for fiscal 2025. In Other News Floodplain buyouts: As floods keep coming, this small city can't afford to let people leave. Submarine warfare: Submarines are hard to detect. Climate change might make it even harder. Subscriber Zone A showcase of some of our best subscriber content. The Trump administration is bailing on a climate summit in Bonn, Germany, that has long served as a stepping stone to broader international talks later in the year. House Republicans are again pushing legislation to rewrite the Clean Air Act, but with a fresh argument: that changes are needed to keep up with the explosive demand for data centers. California energy officials greenlit the country's largest solar and battery project ever via a new permitting process to streamline certain clean energy projects. That's it for today, folks! Thanks for reading.
Motor 1
an hour ago
- Motor 1
Used Car Prices Are Spiking, Except For EVs
Everything is getting more expensive, and that includes used cars. Prices spiked during the COVID-19 pandemic and only started to fall last year. However, new data indicates used car prices are definitely beginning to creep back up . The average one- to five-year-old used vehicle sold for $32,317 last month. That's up 2.0 percent compared to May 2024, or $630 on average, according to the new iSeeCars report. That might not seem like much, but average used car prices increased by 1.0 percent and 1.8 percent in March and April, respectively, indicating an upward trend after a year of steady decreases. The average used car sold for $29,651 in December 2024. Segment Ave. May 2025 Price $ Difference YoY % Difference YoY Overall Used Cars $32,317 $630 2.0% Trucks $39,880 $633 1.7% SUVs $32,880 $1,354 4.3% Passenger Cars/Minivans $27,292 -$555 -2.0% Hybrids $30,702 $538 1.8% EVs $31,110 -$2,993 -8.8% However, used electric vehicle prices are still struggling. They were down 8.8 percent last month compared to May 2024, selling for an average of $31,110, or $2,993 less than before. That's a drastic difference compared to the overall used segment, but an improvement compared to the nearly 30 percent price drop that used EVs experienced last June. Despite that, used EV prices have been above $31,000 since January, according to iSeeCars' data, up from a recent low of $27,345 six months ago. Tesla Price Struggle Leading the vehicles with the largest year-over-year price drops are a pair of Teslas—the Model S and Model Y. They experienced price drops of 16.0 percent and 14.2 percent, respectively, selling for an average of $45,503 and $29,786 in May. The Model X and Model 3 also made the top ten, with Tesla accounting for four of the five EVs on the list. Another EV is the Porsche Taycan , with prices down 12.7 percent last month. Big Price Jumps With used car prices spiking, some models saw bigger increases compared to others last month. Prices for the BMW 4 Series were up nearly 20 percent in May, with examples selling for $6,649 more than they did in May 2024. Infiniti QX60 prices also increased by 16.5 percent. Porsche 718 Boxster prices increased by 15.7 percent, while Cayman prices jumped by 15.7 percent. Used Chevrolet Trax prices also rose. They're up 15.5 percent, with buyers paying around $2,600 more than a year ago. This is likely a result of increased demand for cheap, affordable vehicles , a trend that's appearing across the industry even as prices continue to rise. Pricing: Used Tesla Prices Are Plummeting Study: Used EV Prices Are Cratering Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: iSeeCars Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
an hour ago
- Yahoo
Impeachment? Deportation? Crazy? 6 takeaways from the wild feud between Trump and Elon Musk
WASHINGTON – Elon Musk, who led a scorched-earth strategy in recommending the dismantling of federal agencies and laying off tens of thousands of workers, continued burning bridges after leaving his special White House job advising President Donald Trump. Musk's lobbying days before the blowup to kill Trump's centerpiece tax bill spurred the president to voice his disappointment June 5. Trump later said on social media his adviser 'just went CRAZY!' Trump threatened to cancel billions in federal contracts with Musk's companies. Meanwhile, Musk endorsed a third Trump impeachment. Not satisfied with predicting Trump's tariffs would lead to a recession, Musk later accused Trump of consorting with accused sex trafficker Jeffrey Epstein. Trump's political adviser and former White House aide Steve Bannon suggested the president should deport Musk back to his native South Africa. Here are six takeaways about the feud and where it might lead: Musk has called the cost of Trump's legislative package of tax and spending cuts a 'disgusting abomination,' and urged lawmakers to kill it. Trump responded during an Oval Office meeting with German Chancellor Friedrich Merz by saying he was disappointed with Musk. Trump blamed Musk's criticism on the legislation aiming to end incentives for electric vehicles, which Musk's company Tesla manufactures, and for discarding his choice to head the National Aeronautics and Space Administration, which works with Musk's SpaceX rockets. "I'm very disappointed with Elon," Trump said. 'I can understand why he's upset." "Elon and I had a great relationship," Trump added later. "I don't know if we will anymore." When someone else suggested on social media that Trump should be impeached and replaced by Vice President JD Vance, Musk replied, 'Yes.' The House impeached Trump during his first term. Once was for his urging Ukraine's President Volodymyr Zelenskyy to investigate his Democratic rival, Joe Biden. The second time was for inciting the riot Jan. 6, 2021, at the Capitol. The Senate acquitted Trump both times after failing to get a two-thirds majority for conviction. Musk upped the ante by predicting Trump's tariffs – the centerpiece of his economic policy – would cause a recession. 'The Trump tariffs will cause a recession in the second half of this year,' Musk wrote on social media. Trump has argued the tariffs would bring the government billions in revenue and force manufacturers to bring jobs back to the U.S. He has also used tariffs as leverage to negotiate trade deals with other countries. Jeffrey Epstein was a financier charged federally with sex trafficking. He died by suicide in a New York jail cell in August 2019. Conspiracy theorists have speculated that powerful people silenced Epstein rather than have their secrets exposed. Trump and Epstein were filmed and photographed together at parties. In 2002 Trump praised the wealthy businessman as a "terrific guy' but he has since distanced himself from him. Attorney General Pam Bondi said she would declassify the government's files on Epstein but about 200 pages released Feb. 27 implicated no one else. "Time to drop the really big bomb," Musk said in a June 5 post on X. "@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" The White House responded that Musk was unhappy with Trump's legislative package. 'This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted,' White House press secretary Karoline Leavitt said. 'The President is focused on passing this historic piece of legislation and making our country great again.' Trump later threatened on social media to cancel Musk's government contracts and subsidies. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump said. "I was always surprised that Biden didn't do it!" Tesla's shares dropped 14%, losing about $150 billion in market share, on June 5. Trump's legislative package seeks to end government subsidies for electric vehicles. Musk's SpaceX also relies on billions in contracts to transport people and supplies to the International Space Station. The government must rely on private rockets or the rockets of other countries for such trips after retiring the space shuttle program. 'In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately,' Musk wrote. One of Trump's informal advisers, Steve Bannon, told the New York Times he was urging the president to launch several investigations into Musk, including whether he should be deported. Musk came to the U.S. on a student visa and has since become a naturalized citizen, but critics have raised questions about whether Musk overstayed the terms of his original visa. 'They should initiate a formal investigation of his immigration status, because I am of the strong belief that he is an illegal alien, and he should be deported from the country immediately,' Bannon said. This article originally appeared on USA TODAY: 6 takeaways from Trump and Musk's ruptured relationship and wild feud
