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Miami Herald
an hour ago
- Miami Herald
A startup promised EV jobs to struggling towns. They're still waiting.
A startup promised 45,000 EV jobs to struggling towns. They're still waiting. They came with promises of transformation: thousands of jobs, surging salaries, and a foothold in the booming electric vehicle market. Imola Automotive USA, a Boca Raton, Florida-based startup, pitched officials in small, struggling towns in Georgia, Oklahoma, and Arkansas on a bold vision. The company planned to build six EV plants, create 45,000 jobs - and help these impoverished communities secure a place in America's green future, Floodlight reports. But over 18 months later, the company hasn't broken ground on a single site. And its top executive - whose background is in television and athletic shoes, not automotive manufacturing - has gone silent. A Floodlight investigation did not uncover lost taxpayer money in Fort Valley, Georgia; Langston, Oklahoma; or Pine Bluff, Arkansas, where Imola has sought free land, municipal financing, and other incentives for its shifting proposals. But an economic development watchdog said the episode illustrates how the frenzy to land electric vehicle jobs can leave economically distressed towns vulnerable to empty promises. Imola CEO Rodney Henry declined requests for an interview. He responded to Floodlight's inquiries with a short statement, insisting the company had not given up on its plans, which have included a partnership with an Italian manufacturer of two-seat electric vehicles. "Our timetable has been modified due to matters outside of our control," Henry said in a statement. "We are highly focused on bringing our goals into alignment. Due to proprietary consideration as well as NDA (nondisclosure) agreements, we are not at liberty to discuss specifics at this juncture." That's a stark shift from the company's earlier promises. In a press release issued in January 2024, Henry claimed the company had already secured land in multiple states to build half a dozen plants and create tens of thousands of jobs. Could someone with no experience in car manufacturing really deliver that? "It's ludicrous," said Greg LeRoy, CEO of Good Jobs First, a nonprofit that tracks and analyzes economic development projects. Building large auto plants, he said, requires "a great deal of capital, a great deal of management skill, a great deal of engineering and marketing chops. And obviously, Tesla developed those, but they didn't do it overnight, right?" Langston, Fort Valley, and Pine Bluff weren't the only towns swept up in the competition to attract electric vehicle plants. Spurred by federal policies like the Inflation Reduction Act, which unlocked billions in private investment and expanded government incentives, local officials across the country scrambled to land high-paying manufacturing jobs and a slice of the booming clean energy economy. Since the IRA passed in 2022, more than 150 EV plants have been announced in the United States, according to E2, a nonpartisan group of business leaders who advocate for economic development good for the environment. But that rush may be grinding to a halt. The recently passed "One Big Beautiful Bill," which rolls back many federal tax credits and incentives for electric vehicles, is already throwing the EV sector into turmoil - threatening to stall or shrink the kinds of ambitious projects towns like Langston, Fort Valley and Pine Bluff were counting on. E2 reports that plans for 14 EV-related plants have been canceled this year. Bold promises, then silence In three towns where Imola pledged massive investment, there's no sign of construction and little more than confusion. Langston - a town of 1,600 where more than 35% of residents live in poverty - never saw Imola's plans take shape. A 2023 letter to the city council from former Imola chief operating officer Eric Pettus stated that the company had run into "multiple obstacles," including trouble acquiring enough land. "In order for us to continue moving forward on the project, we are requesting that the City of Langston convey to us any and all vacant properties owned by the city," Pettus wrote. Langston City Council member Magnus Scott said the company also asked the town to issue municipal bonds to help them build their plant. But before any land changed hands or bonds were issued, a company representative delivered unexpected news: The deal had been canceled. "I guess maybe they ran into financial problems," Scott said. Reached by phone, Pettus, of south Florida, said he's no longer employed by Imola but instead works as a consultant for the company. Citing a nondisclosure agreement, he declined to discuss Imola's plans. Fort Valley gave its backing in early 2024 to Imola's ambitious plan to build an EV plant that would employ 7,500 workers. A year later, with no sign of progress on the plant, the company came back to the Georgia town with an entirely different proposal. This time, instead of building an EV plant, they pitched a high-tech lighting system for the town. One city council member balked. "You want us to sign an agreement for 99 years before you bring us the car company," said council member Laronda Eason, according to minutes of the March 2025 meeting. "It feels like a bait and switch." Eason did not respond to emails and text messages seeking comment on the Imola proposal. In Pine Bluff, where per capita income last year was just over $21,000, city officials were initially all in. Writing to Henry in August 2024, then-Mayor Shirley Washington said the city of 39,000 stood ready to buy land, build infrastructure, and issue industrial revenue bonds to support Imola's vision. "With an anticipated employment base of more than 8,000 jobs," Washington wrote, "we firmly believe this investment will marshal a pivotal turning point in our community." But a year later, the project hasn't moved. "We never did get off the ground with that," Washington said in a brief phone interview. LeRoy said Imola's pitch fits a troubling pattern. "It grabs me as an example of how the craze among governors and mayors to get the next big thing has caused some sloppy vetting," he said of the struggling communities courted by Imola. Such towns, he said, are "easy prey. …They're desperate." Grand vision, missing details Henry, who lives in Florida, touts a background as a longtime TV executive producer and the founder of Protégé, an athletic footwear brand. He claims on his IMDB profile that Protégé donated a million pairs of shoes to African nations. But despite announcements of partnerships and promises of good-paying jobs, his EV company has yet to show any tangible progress. Floodlight found the website for Imola - named after the Italian city where Tazzari EVs are made - is no longer accessible without a password. A search of the Tazzari website found no mention of plants in the United States. But a 2024 version of the Imola site mentions the tiny vehicles "coming soon to America." In early 2024, Imola Automotive USA and the Tazzari Group - an Italian firm best known for its electric two-seater micro cars - jointly announced plans for a partnership. The EVs that Tazzari makes in Italy aren't designed for highway driving. Top speed on the company's Opensky Sport model is about 56 miles per hour, while maximum speed on the Opensky Limited is about 37 mph, according to the company's webpage. Tazzari didn't respond to email messages from a Floodlight reporter. Henry said at that time that the company chose Langston and Fort Valley because of their universities. "Both of these locations are ideal," he said in the January 2024 news release, "as their proximity to communities with institutions of higher learning, will allow residents and students career opportunities in the fast growing EV Technology and Innovation Industry." Many local officials in Fort Valley, Langston and Pine Bluff did not respond to interview requests. Few documents were provided in response to Floodlight's public records requests. But it's clear from available records that Imola's promises stirred hope. Langston Mayor Michael Boyles called the proposal "transformative" in a January 2024 news release. But some local leaders soon began to question the details. Erica Johnson, a real estate agent and former member of Langston's economic development commission, said parts of the plan didn't add up. How, for instance, would the company house more than 1,000 workers in such a small town? And how were they going to build such a large plant on land without utilities or water? Her doubts deepened when she learned that Imola wanted to lock down land agreements without putting up any earnest money. "My early feeling was that, 'Something is not quite okay with this,' " she said. "But I think the hope for our community kind of outweighed the ability to just take things slow and look at them for where they are and what they are - versus where you hope them to be." Eventually, the promise fizzled. "It was disappointing," Johnson said. "...We could have had our energy and time focused on something that seemed more valid and more substantial." Still waiting for the shovels Some residents in Fort Valley are still holding out hope. Mayor Jeffery Lundy said early last year that it was a "priority for my administration to land a company like Imola Automotive USA." Local officials, he said, were looking forward to the economic boost the plant would bring. At the time, Imola claimed it would break ground on a 195-acre site by the third quarter of 2024 and open the plant within 20 months, according to a report in the Macon Telegraph. During a February 2024 town hall meeting, Imola officials told residents that the plant would pay employees an average of $45 an hour, according to a Facebook post. Commenters buzzed with excitement, with one writing: "Application me !!!!" Pettus told a local TV station that most jobs would require only a high school diploma. In early 2024, Fort Valley rezoned land to accommodate the plant, and the city council signed off on the deal. But more than 15 months later, there's still no sign of construction. Council members were told that Georgia Power couldn't provide sufficient power for the EV company, according to minutes of their March 2025 meeting. A spokesman for Georgia Power said that while the utility doesn't discuss economic development projects, "We're prepared and ready to meet the energy needs of any new customer." Makita Driver, one of the Facebook commenters who'd voiced excitement about the proposed EV plant, said there's no doubt she would have applied for one of the jobs there - had the facility ever been built. "The pay rate was really what got my attention," she said. As a medical assistant, Driver said she earns far less than what Imola had promised. But she eventually concluded the promises were too good to be true. "Who really makes that kind of money starting out?" she asked. In a brief interview with Floodlight on July 11, Mayor Lundy said he's still in contact with Henry. "We are patiently waiting for that groundbreaking," Lundy said. Floodlight is a nonprofit newsroom that investigates the powers stalling climate action. This story was produced by Floodlight and reviewed and distributed by Stacker. © Stacker Media, LLC.
Forbes
an hour ago
- Forbes
Walmart Radioactive Shrimp Recall: Smarter Grocery Shopping With Cash-Back Cards
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. A recent U.S. Food and Drug Administration (FDA) advisory prompted Walmart to recall certain lots of frozen shrimp due to safety concerns over potential radioactive contamination. While the situation may affect only specific products, it's a reminder that relying on one big-box store for discounts isn't the only way to save. Smaller grocers, local markets and smart credit card use can help you stretch your food budget without compromising your peace of mind. Many shoppers head to Walmart for one reason: low prices. But it's worth looking at alternatives to recalls, crowded aisles and, sometimes, limited options. Regional supermarkets, warehouse clubs and farmers' markets often run competitive weekly promotions. Combine those deals with the right cash-back credit card, and you can create savings that rival, or even beat, Walmart's everyday discounts. If grocery shopping takes up a significant chunk of your budget, pairing the right store with a high-earning cash-back card can give you an immediate rebate. If you're ready to hop on the bandwagon, here are some of the best cash-back credit cards that stand out. Blue Cash Everyday® Card from American Express rates & fees : This card earns 3% cash back at U.S. supermarkets, U.S. online retail purchases, and U.S. gas stations (on up to $6,000 in each category per year in eligible purchases, then 1%), and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at checkout. Cardholders are also eligible for a $200 statement credit after spending $2,000 on purchases within the first 6 months. It's an ideal choice if groceries make up a large share of your monthly spending. rates & fees This card earns 3% cash back at U.S. supermarkets, U.S. online retail purchases, and U.S. gas stations (on up to $6,000 in each category per year in eligible purchases, then 1%), and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at checkout. Cardholders are also eligible for a $200 statement credit after spending $2,000 on purchases within the first 6 months. It's an ideal choice if groceries make up a large share of your monthly spending. Capital One Savor Cash Rewards Credit Card : This Capital One card earns 3% cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart® and Target®), 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel, 8% cash back on Capital One Entertainment purchases, and 1% on all other purchases. It also offers a $200 cash bonus after spending $500 on purchases within the first 3 months from account opening, plus a $100 credit to use towards flights, stays and rental cars booked through Capital One Travel during your first cardholder year. This Capital One card earns 3% cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart® and Target®), 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel, 8% cash back on Capital One Entertainment purchases, and 1% on all other purchases. It also offers a $200 cash bonus after spending $500 on purchases within the first 3 months from account opening, plus a $100 credit to use towards flights, stays and rental cars booked through Capital One Travel during your first cardholder year. Citi Double Cash® Card : Cardholders earn 2% cash back on all purchases—1% when purchases are made and another 1% when they're paid off, and earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel. It also offers a welcome bonus of $200 cash back after spending $1,500 on purchases in the first 6 months of account opening, fulfilled as 20,000 ThankYou® Points. With no categories to track or caps on rewards to worry about, this card is best for anyone who prefers a set-it-and-forget-it approach to earning solid rewards. Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. With grocery prices still climbing, making your money go further is more important than ever. Here are a few strategies to keep in mind when shopping and cooking for your family: Mix and match stores. You don't have to rely on just one chain. Smaller neighborhood markets may offer weekly specials that beat national retailers. You don't have to rely on just one chain. Smaller neighborhood markets may offer weekly specials that beat national retailers. Use store loyalty programs. Digital coupons and app-based discounts can stack with your credit card's cash-back rewards. Digital coupons and app-based discounts can stack with your credit card's cash-back rewards. Plan meals around sales. Instead of shopping with a fixed recipe list, check weekly flyers and build your meals around what's discounted. Instead of shopping with a fixed recipe list, check weekly flyers and build your meals around what's discounted. Don't waste leftovers. Turning last night's dinner into tomorrow's lunch can cut down on both food waste and grocery runs. The Walmart shrimp recall is a timely reminder that chasing the lowest price isn't always the best move. Shopping at smaller local grocers and using the right cash-back card can also help lower your grocery bill while offering more choice and flexibility. Whether you prefer the category boosts of the Blue Cash Everyday® Card from American Express or Capital One Savor Cash Rewards Credit Card, or the simplicity of the Citi Double Cash® Card, the right card ensures that every grocery run pays you back. To view rates and fees for the Blue Cash Everyday® Card from American Express please visit this page. Was this article helpful?
Yahoo
2 hours ago
- Yahoo
Novo Nordisk Soars After 50% Ozempic Discount, Liver Treatment Approval
Cash truly is king. On Monday, shares in Novo Nordisk jumped 4% after the drugmaker announced that US customers who pay out-of-pocket will be able to buy its blockbuster diabetes drug Ozempic for less than half the list price. In a year of struggles against copycats, an emboldened chief rival and political pressure over high prices, executives are no doubt hoping the discount will prove a crowning achievement. READ ALSO: SoftBank Acquires a 2% Stake in Embattled Intel and Brokers Chafe Under Abrupt Expansion of Steel, Aluminum Tariffs A Letter from Washington Without insurance, Ozempic can set back US customers roughly $1,350 a month, or enough to rent a one-bedroom apartment in Kansas City (where the local barbecue might have you in need of a GLP-1 prescription). That hefty price tag has led to a bipartisan pushback in Washington, including from President Donald Trump, who sent a letter to Novo last month demanding executives lower prices for their company's treatments. Trump also urged drugmakers to develop direct-to-consumer sales models for their medicines. Americans spent $98 billion out of pocket on prescriptions last year, a 25% cumulative increase over five years, according to IQVIA, while a majority worry that prescription costs are unaffordable, according to KFF polling. Meanwhile, Novo has its own incentives to lower prices. For one, customers flocked to cheaper copycat drugs that exploded in popularity during a multi-year GLP-1 shortage, one that the FDA declared over earlier this year. And the company's chief rival in the GLP-1 space, Mounjaro- and Zepbound-maker Eli Lilly, has been binge-eating market share. Last month, the pressure prompted Novo to slash its sales and profit forecasts, prompting a massive selloff on Wall Street (shares are down 37% this year). On Monday, the company signalled it will defend its turf: Novo said cash-paying Americans can now buy Ozempic for $499 per month through its official website, its patient assistance program, its newly launched direct-to-consumer online pharmacy, or through discount telehealth platform GoodRx. The move follows Novo's decision to halve the price of weight-loss treatment Wegovy in March. Its price reductions follow similar cuts from Eli Lilly, which slashed the prices of both its weight loss and obesity GLP-1 drugs in March. David Ricks, Eli Lilly's CEO, said at the time that about 10% of the 1 million people who bought Zepbound did so from the company's website. MASHing Success: Monday's news came on the heels of a Friday victory for Novo, when Wegovy received FDA approval to treat metabolic dysfunction-associated steatohepatitis (MASH), a liver condition that affects roughly 5% of US adults, potentially opening up a market of millions of new customers. It was the first GLP-1 treatment to be approved for MASH, giving Novo a leg up against its biggest competitor. Rival Lilly, meanwhile, has run trials, inked deals and even made an acquisition earlier this year with an eye to rolling out MASH treatments. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
