Musk Will Oversee Tesla's Europe, US Sales After Afshar Exit
Afshar had been responsible for sales and manufacturing operations in North America and Europe but the longtime Musk lieutenant left the EV maker last month, the latest senior executive to exit during a difficult time for Tesla as it battles falling sales in most of its major markets.
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Associated Press
22 minutes ago
- Associated Press
How major US stock indexes fared Wednesday, 7/2/2025
U.S. stocks ticked higher to hit another record. The S&P 500 rose 0.5% Wednesday and set an all-time high for the third time in four days. The Dow Jones Industrial Average edged down by less than 0.1%, and the Nasdaq composite gained 0.9%. Tesla rallied following its latest update on deliveries, while Nike and other companies that import a lot from Vietnam rose after President Donald Trump announced a trade deal with the country. Shorter-term Treasury yields held steady ahead of a highly anticipated report coming on Thursday about the strength of the U.S job market. On Wednesday: The S&P 500 rose 29.41 points, or 0.5%, to 6,227.42. The Dow Jones Industrial Average fell 10.52 points, or less than 0.1%, to 44,484.42. The Nasdaq composite rose 190.24 points, or 0.9%, to 20,393.13. The Russell 2000 index of smaller companies rose 28.84 points, or 1.3%, to 2,226.38. For the week: The S&P 500 is up 54.35 points, or 0.9%. The Dow is up 665.15 points, or 1.5%. The Nasdaq is up 119.67 points, or 0.6%. The Russell 2000 is up 53.85 points, or 2.5%. For the year: The S&P 500 is up 345.79 points, or 5.9%. The Dow is up 1,940.20 points, or 4.6%. The Nasdaq is up 1,082.34 points, or 5.6%. The Russell 2000 is down 3.78 points, or 0.2%.
Yahoo
33 minutes ago
- Yahoo
Lucid Announces Q2 Production & Deliveries, Sets Date for Second Quarter 2025 Results
NEWARK, Calif., July 2, 2025 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, today announced production and delivery totals for the quarter ended June 30, 2025. During this period, Lucid produced 3,863 vehicles and delivered 3,309 vehicles. During the six months ended June 30, 2025, Lucid produced 6,075 vehicles and delivered 6,418 vehicles.1 Lucid will host a conference call to discuss its second quarter 2025 financial results on Tuesday, August 5, 2025, at 2:30 pm PT / 5:30 pm ET. Prior to the conference call, the company will issue an earnings press release with a link to the live webcast on its investor relations website, To enhance engagement with the company's shareholder base and facilitate connections with its investors, Lucid is partnering with Say Technologies to allow retail and institutional shareholders to submit and upvote questions, a selection of which will be answered by Lucid management during the earnings call. Starting on July 22, 2025 at 2:30 pm PT / 5:30 pm ET, all shareholders can submit questions by visiting: This Q&A platform will remain open until 2:30 pm PT / 5:30 pm ET on August 4, 2025. Shareholders can email support@ for any support inquiries. Earnings Call Details: Date: Tuesday, August 5, 2025Time: 2:30 pm PT / 5:30 pm ETWebcast: (live and replay) 1 Lucid's net income and cash flow results will be announced along with the rest of its financial performance when Lucid announces second quarter earnings. Lucid vehicle production and delivery numbers represent only one measure of the company's operating performance and should not be relied on as sole indicators of quarterly financial results, which depend on a variety of factors. About Lucid Group Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and new Lucid Gravity deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factory in Arizona. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all. Investor Relations Contactinvestor@ Sign up for investor email alerts: Media Contactmedia@ TrademarksThis communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners. Forward-Looking Statements This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid's expectations related to production and delivery volume outlook and Lucid's finalized production and delivery totals for the quarter ended June 30, 2025. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. View original content to download multimedia: SOURCE Lucid Group 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
35 minutes ago
- Yahoo
Will Trump's big tax bill help or hurt you? Why it could depend on your income
President Donald Trump's tax bill could make future generations "worse off," no matter their income, according to a new report from the Penn Wharton Budget Model. Like other analyses, the nonpartisan research initiative's latest findings suggest most Americans would see tax cuts, with high-income households – which tend to pay more taxes – seeing the largest gains. Long-term, though, the Penn Wharton Budget Lab's July 1 report projects lifetime losses for all income brackets. "It's still higher-income households that are the winners, especially those who are alive today," said Kent Smetters, faculty director of the Penn Wharton Budget Model. The analysis also found the Senate's version of the tax bill, which narrowly passed on July 1, would lead to higher deficits and slower economic growth compared to its counterpart from the House. The bill heads to the House for final approval. Trump has asked for a final version on his desk and ready for signature by July 4, but acknowledged the deadline may be "very hard to do" as some House Republicans voice frustrations with changes made in the Senate. Trump's big tax bill is a win. It could also be a big problem for GOP The legislation, dubbed the 'One, Big Beautiful Bill' by Trump, would make the 2017 tax cuts from Trump's first term permanent, increase the child tax credit and introduce other tax cuts, including no taxes on tips or overtime wages. To help pay for the cuts, the government would reduce spending on the Supplemental Nutrition Assistance Program, formerly known as food stamps, and make cuts to Medicaid, a program that provides health insurance to more than 71 million low-income Americans. The version in the Senate has some key differences from the House bill, including: Permanent tax breaks for corporations that allow businesses to deduct the full cost of qualifying investments and research projects immediately, rather than over a number of years. In the House's bill, these tax breaks were in effect from 2025 to 2029. Permanently enhancing the standard deduction, adding $750 for single filers, $1,125 for heads of households and $1,500 for married couples starting in 2025. There was a temporary adjustment in the House's version that added $1,000 for single filers, $1,500 for heads of households and $2,000 for couples from 2025 to 2028. Permanently raising the child tax credit to $2,200 starting in 2026, compared to a temporary increase to $2,500 through 2028 in the House bill. "The Senate one makes things more permanent," Smetters told USA TODAY. "On the one hand, we don't have to revisit the same politics in four years. On the other hand, there's a fiscal cost associated with that. That means more debt and more burdens inherited by future generations." More Americans would also lose Medicaid under the Senate's version, according to the nonpartisan Congressional Budget Office, with an estimated 11.8 million people uninsured by 2034, compared to previous estimates of 10.9 million people under the House's proposal. 5 takeaways: Trump asserts dominance with 'big, beautiful bill' Senate passage Various analyses suggest Trump's tax bill would reward higher-earning Americans more than their lower-earning counterparts. A June analysis of the House bill by the Congressional Budget Office, for instance, found resources for the poorest would decrease by about $1,600 per year under the legislation, largely due to cuts to Medicaid and food aid ‒ which would be more aggressive under the Senate bill. Meanwhile, the wealthiest would gain about $12,000 on average. Another June report from the Yale Budget Lab suggests the bottom fifth of earners would lose about $560 per year while the top 20% would gain $6,000. But all future generations, no matter their income, would experience lifetime losses, according to the Penn Wharton Budget Model. High-income households are set to lose $5,700 under the Senate's bill, while low-income households would lose $22,000. The report points to a reduced social security net and lower wages as the main drivers. Under the House bill, the Penn Wharton Budget Model projected lifetime losses ranging from $500 for high-income households to $15,800 for low-income households. "The future generations, they're going to be worse off. It doesn't matter where on the income bracket they fall," Smetters said. "Ultimately, someone has to pay for (the tax bill), and we're basically passing it on to the next generation." While the House version showed a 0.4% gain in GDP by year 10, according to the Budget Model's previous analysis, the Senate's version would yield a 0.3% loss. After 30 years, GDP would drop 4.6% under the Senate bill compared to a 1.5% drop under the House version. Primary deficits are projected to increase $3.1 trillion over the next decade through the Senate's tax bill, compared to roughly $2.7 trillion under the House bill, according to the Penn Wharton Budget Model. Other reports have also found a higher debt load under the Senate bill. The Congressional Budget Office projects it would add $3.3 trillion to the national debt over the next decade, $800 billion more than the House's bill. And a July report from the Yale Budget Lab says the Senate's bill would add $3 trillion to the debt by 2034, compared to an estimated $2.4 trillion under the House bill. According to the most recent Penn Wharton Budget Model analysis, the lowest-earning households stand to lose after-tax-and-transfer income in both the short- and long-run, while higher earners would see gains under the Senate bill. Those earning less than $18,000 would lose $235 on average in 2027 and $1,380 by 2033. Those earning between $18,000 and $52,999 would lose $75 in 2027 and $1,625 by 2033. Those earning between $53,000 and $95,999 would gain $1,350 in 2027 but lose $130 by 2033. Those earning between $96,000 and $178,999 would gain $3,880 in 2027 and $2,825 by 2033. Those earning between $179,000 and $271,999 would gain $6,615 in 2027 and $4,985 by 2033. Those earning between $272,000 and $400,999 would gain $9,360 in 2027 and $7,670 by 2033. Those earning between $401,000 and $1,019,999 would gain $20,605 in 2027 and $18,645 by 2033. Those earning between $1,020,000 and $4,450,999 would gain $36,020 in 2027 and $29,430 by 2033. Those with an income above $4,451,000 would gain $290,485 in 2027 and $82,255 by 2033. Smetters said figures may be slightly adjusted as more information on specific amendments becomes available. This article originally appeared on USA TODAY: Will Trump's tax bill help or hurt you? It may depend on your income
