Latest news with #2035
Daily Mail
6 hours ago
- Automotive
- Daily Mail
8 states planning to ban the sale of gas-powered cars
At least eight states are planning to ban the sale of new gas-powered cars in the next decade - and others are considering joining them. Only zero-emission vehicles can be sold in participating states beginning from the 2035 model year, according to the Advanced Clean Cars II legislation. The rule, which was first adopted by California , means that automakers and dealerships would be banned from selling new gas cars in these states from that point onwards. Americans will not be forced to take their gas-powered cars off the road, however, and will still be able to buy used and secondhand gas vehicles. These states have gone further than the latest federal legislation announced in 2024, where the Biden administration released new rules to gradually phase out gas cars by 2032. The new federal legislation requires automakers to reduce the tailpipe emissions of new vehicles by around 50 percent from model year 2026 to 2032. In order to achieve this, the Environmental Protection Agency (EPA) is targeting 35 percent to 56 percent of vehicles needing to be EVs by 2032, and 13 percent to 36 percent needing to be plug-in hybrids by that date. It was initially proposed that two thirds of all cars sold by 2030 would need to be EVs, but the brakes were put on that plan last week, giving a concession to carmakers and giving them more ways to comply. But carmakers will eventually stop making full gas-powered successors to the beloved muscle cars of the 1960s and 1970s under the new edict. For the time being though, Dodge announced earlier this month that the 2024 Charger will be available as a gas-powered muscle car as well as a new all-electric vehicle. According to personal finance site Money , California was the first state to adopt the Advanced Clean Cars II rule, which will put a complete ban to new sales of gas-powered cars by 2035. Plans in the state, which is run by governor Gavin Newsom , specify that 35 percent of all new car sales will need to be zero-emission by 2026, rising to 68 percent by 2030. Rhode Island was the most recent state to join the list of states pledging to ban the sale of gas-powered cars, joining Maryland , Massachusetts , New Jersey , New York, Oregon and Washington. According to the site, the District of Columbia has also made the commitment. Other states have adopted versions of the legislation, but not yet pledged to ban gas-powered cars entirely by that date. For example, Delaware and Colorado last year finalized rules that would require 82 percent of new cars to be zero-emissions vehicles in 2032, but officials have not adopted 2035 bans. New Mexico , meanwhile, announced in July that it will set annual targets for the sale of zero-emission vehicles and may adopt parts of the Advanced Clean Cars II legislation. But it has not yet endorsed the 2035 ban. As states come out with new plans to ban the sale of gas-powered cars after a certain point, the idea is to pressure automakers to speed up their production of electric and hybrid vehicles. According to Kelley Blue Book, EVs made up 7.6 percent of new car sales in 2023. Although this is up from 3.2 percent in 2021, there is a clear disparity across the country as to who is switching to electric cars. Data earlier this year revealed how Americans in some areas are buying more than 10 times as many electric vehicles than in others. The West Coast - and particularly California - continued to dominate the market last year, according to figures from market research firm S&P Global Mobility. But other places, including the so-called 'Motor City' Detroit - the nation's auto capital - have barely any residents buying electric cars. However some major carmakers are ramping up production of electric cars. General Motors, for example, expects to have completed a full transition to electric vehicle sales by 2035. In San Jose, almost 40 percent of new car registrations last year were electric - the most of any major metro area. In Detroit, however, just 3 percent of registrations were for EVs.
Yahoo
4 days ago
- Business
- Yahoo
6 Things Experts Say Could Happen To Social Security Over The Next 10 Years
Social Security benefits are a source of income for 68 million seniors, totaling more than $1.5 trillion in payouts annually, according to the Social Security Administration (SSA). So, the fact that it will become insolvent in 10 years is, to say the least, concerning. Discover More: For You: 2035 isn't all that far into the distant future, and the problem is a tough one to solve, said Chris Orestis, president at Retirement Genius and a national retirement expert. 'To keep these programs sustainable, you need three or more workers paying taxes for every one person collecting benefits. That ratio is shrinking, and the negative fiscal impact is growing,' he said. He added that because this is unsustainable, and such a large problem, a combination of changes to the program is likely on the horizon. So far in 2025, there have been a lot of changes and shake-ups to government spending, agencies and assistance programs. President Trump and his administration have declared they will protect Social Security but have also made claims that could directly contradict that fact. Here are a few key takeaways: Not only is 2035 a very loose deadline, but it also looks like the unfortunate finish line could be getting closer. There have been proposals for sweeping benefit cuts for retired workers and survivor beneficiaries by 2033. The plan to boost some retirees' Social Security checks in the short term would also exacerbate Social Security's long-term cash deficit and expedite the timeline even more. The SSA announced another plan to institute new identity verification procedures for those who wanted to apply for benefits. Once these changes take effect, you'd have to visit a field office instead of doing so over the phone and have someone verify your identity before you could submit your application. This could be quite problematic for older senior citizens who have difficulty getting around. President Trump also reinstated the 100% overpayment recovery rate that had been in place prior to 2024, which enabled the SSA to withhold all of a person's future checks to recoup an accidental overpayment. Here are six potential changes that are coming to Social Security sooner than you think. Find Out: Currently, the income cap on paying into Social Security is set at $175,100. In other words, any earnings over that amount are not taxed for Social Security. 'I think there's a good chance we'll hear more about raising or eliminating the income cap on Social Security taxes,' said Paul W. Carlson, an investment and retirement expert and managing partner at Law Firm Velocity. 'There's a lot of chatter about how higher earners should contribute more,' he said. 'This idea has broad public support and could help ensure that higher earners contribute their fair share.' Right now, the payroll tax rate is set at 12.4%. If you are employed, your employer pays half of this, and you, the employee, pay the other half. If you are self-employed, congratulations, you pay it all. Raising this percentage would, of course, bring in more revenue. 'An increase could help shore up funds,' said Carlson. 'But might not be popular since no one likes higher taxes.' So, count this low on the list of likely changes. These are the small increases in benefit amounts that help Social Security keep pace with inflation. For instance, for 2025, the COLA increase is 2.5%. Reducing or eliminating these would reduce payouts. But, said Carlson, that would be a hard sell. 'Many people depend on these adjustments to maintain their quality of life, especially seniors who often face rising healthcare costs,' he said. 'If cuts were made, we could see a lot of pushback from the public and advocacy groups.' The full retirement age is the age set by the government when workers are eligible to receive their full benefits based on their income history. Taking benefits before that age results in a reduced amount. Both Carlson and Orestis said that any change here would have to be nuanced. 'It's already been pushed back to 67 for those born in 1960 or later,' said Carlson. 'Increasing it further would mean people have to wait longer to receive full benefits. That might not sit well with many who are ready to retire but need those benefits sooner.' Orestis agreed. 'The more likely approach to raise the retirement age would be to issue a reduced benefit and/or increased retirement age schedule targeted at a point in the future that would impact people not yet on the program,' he said. On the campaign trail, then-presidential candidate Donald Trump promised to eliminate income taxes on Social Security. According to the Social Security Administration, about 40% of people who receive Social Security benefits must pay income tax on them, usually because of other income sources increasing their annual earnings. In 2023, that generated nearly $51 billion for the fund. 'In the short term, this plan would offer relief only to high-income seniors. Lower-income seniors who don't meet the income threshold for Social Security taxes would see no benefit as they already don't pay into this tax,' said Orestis. He said it would also increase financial pressure on workers who would likely bear the burden of funding this gap through higher payroll taxes. And worse, it would jeopardize the program's solvency over the long term. So, like many political promises, this one might be conveniently forgotten. This, of course, is the doomsday scenario that everyone wants to avoid: the 20% cut in benefits that insolvency in a decade will force, according to Congress's Ways and Means Committee. 'Honestly, if we don't see any changes, yes, we could be looking at a 20% cut in benefits starting in 2034,' said Carlson. 'People need to understand that once the funds are depleted, the law says they can only pay out what they take in from taxes. So, if nothing is done, everyone's checks will shrink significantly. It's a scary thought for anyone relying on Social Security for their retirement income.' And for better or worse, that nuclear option will likely force a combination of changes. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on 6 Things Experts Say Could Happen To Social Security Over The Next 10 Years Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Mail
5 days ago
- Automotive
- Daily Mail
Report: Electric cars lose more than half their value in two years
Electric cars are losing more than half their value within two years, according to a new report. Analysis by Cox Automotive has suggested that a 24-month-old battery car sold to the trade in April on average retained just 47 per cent of its original new cost. However, two years earlier, an EV of the same age profile was - on average - holding on to 83 per cent of its new price. The dramatic acceleration in depreciation is being blamed on manufacturers who are caught in an unprecedented catch 22 scenario currently playing out in the automotive sector. With car makers being forced to increase their sales of EVs to meet Government-mandated targets, they are offering huge discounts on new models to make them more attractive to new customers in order to meet their quotas. But this is having a significant knock-on impact for residual prices, as drivers are seeing more value for money buying new rather than opting for a nearly-new second-hand EV, which has seen used prices tumble. The Zero Emission Vehicle (ZEV) mandate introduced to law last January requires mainstream car manufacturers to sell an increasing share of EVs every year between now and 2035. Failure to adhere to these quotas can result in significant fines of £12,000 for every car sold below the required threshold for that year. In 2024, the minimum quota was for 22 per cent of all deliveries by manufacturers to be zero-emission electric cars. However, the target jumps to 28 per cent this year, 33 per cent in 2026 and 80 per cent by 2030. Officials reported that every mainstream brand achieved last year's 22 per cent EV sales mix - though at a huge cost to car companies. The Society of Motor Manufacturers and Traders (SMMT) reported that makers lost a collective £4billion in discounted prices as they tried to make electric cars appear more attractive to petrol and diesel counterparts. Mike Hawes, chief exec at the trade body, described the scale of these discounts as 'unsustainable'. Labour's decision to force EV owners to pay car tax for the first time from April has also dampened demand for new models - and triggered further manufacturer discounts. Both Vauxhall and Abarth - the performance division of Fiat - have recently reduced prices of their electric cars so that they sit below a £40,000 expensive car tax supplement being imposed on new EVs starting from next year. But Cox Automotive Europe discounts are now having a huge knock-on effect on the second-hand market, because 'nearly new' used EVs are falling in value as a direct result. Second-hand electric vehicle prices are also taking a hit from the huge acceleration in available models coming to market, with March seeing a record 69,313 new electric cars entering the road. A rapid development of battery technology is also stinging the value of quickly outdated older EVs, while the emergence of new cheaper brands - predominantly from China - is also pushing second-hand values lower. As such, a two-year-old electric car today is now holding just 53 per cent of its original price. In contrast, the average diesel car selling to trade with the same age profile is retaining 30 per cent of its new value. When second-hand EV values were at their peak in 2022 - as a result of supply constraints around the Covid-19 pandemic - a two-year-old electric car was losing only 17 per cent of its showroom price. Philip Nothard, insight director at Cox Automotive Europe, said: 'The current performance of nearly-new EVs in the used market is still much lower than we would anticipate for vehicles in this age profile. 'The heavy discounts offered on new vehicles mean that consumers can pick up a brand-new model for the same price as a nearly-new model. 'This gives consumers very little incentive to consider them, which is a real blow to a market that needs all the incentives it can get its hands on.' On the flipside, EVs between three to five years old are performing much better. At auction, these vehicles have seen only a modest price drop of 15 per cent on average in the same time period as they aren't impacted as severely by heavy manufacturer discounts and tend to attract a different driver. Last month, Prime Minister Sir Keir Starmer was forced to water down Britain's electric vehicle sales targets in response to Donald Trump's watershed tariff announcement. The PM's new measures included additional leniencies in the ZEV mandate in a bid to 'support car makers'. And only last week, a leaked letter from transport minister Lilian Greenwood revealed that the Government is considering dumping the expensive car supplement - widely being referred to as the 'Tesla Tax' - for new electric cars in an effort to stir up more demand for green vehicles.
Yahoo
19-05-2025
- Business
- Yahoo
Can a $10,000 Investment in Palantir Technologies Turn Into $1 Million by 2035?
Shares of Palantir are up nearly 20-fold since the start of 2023. Its Artificial Intelligence Platform is driving strong sales growth outside of its core government customer base. Here's how much Palantir shares could reasonably be worth by 2035. 10 stocks we like better than Palantir Technologies › Palantir Technologies (NASDAQ: PLTR) has been one of the biggest winners of the artificial intelligence (AI) boom of the last few years. If you had invested $10,000 in the stock at the start of 2023, you'd have about $200,000 worth of the company, as of this writing. At its current rate, it seems like only a matter of time until that $10,000 investment turns into $1 million. But can investors reasonably expect a $10,000 investment in Palantir today to turn into $1 million by the end of 2035? Here's what it'll take for Palantir to 100x over the next decade. Palantir has seen fantastic growth in its business, mostly thanks to the success of its Artificial Intelligence Platform (AIP). The AIP makes its software, which takes big data sets and draws actionable insights for enterprises and governments, accessible to almost anyone by leveraging natural language processing. Instead of having to get nitty-gritty with the data, a user can easily interact with proprietary data with the help of AI to build new applications and workflows and make decisions. AIP expands Palantir's user base beyond data scientists and specialists. It also allows an enterprise to incorporate Palantir's software into more parts of its business where users might not be as technically savvy. As a result, Palantir has seen extremely strong growth, particularly among U.S. commercial customers. U.S. commercial revenue climbed 71% year over year last quarter. Management expects revenue to come in between $3.89 billion and $3.902 billion for 2025. That's a growth rate of about 36% for the year, accelerating from last year's 29% growth. As the fast-growing U.S. commercial revenue continues to become a bigger part of its business, growth could continue accelerating for some time. If Palantir keeps up an average 35% revenue growth pace through 2035, it'll generate over $75 billion in annual revenue that year. Considering the high margins of software-as-a-service (SaaS) businesses, that could be an extremely profitable business. For example, Salesforce (NYSE: CRM), a much bigger SaaS company, has an operating margin exceeding 20% at roughly $38 billion in annual revenue. It's not unreasonable to expect a company twice that size to produce 25% or even 30% operating margin. As such, Palantir could be generating over $20 billion in operating profits in 2035 if it remains on the current growth trajectory. Those are lofty projections, but not completely outside of the realm of possibility for a company with the potential of Palantir. But that's a bullish case. To turn $10,000 into $1 million, Palantir will need to increase in value 100-fold. Today, the company is worth about $300 billion. That means it needs to be worth $30 trillion in 2035. Keep in mind, the most valuable companies today are worth $3 trillion. So, $30 trillion is a big ask. Further working against Palantir is its current valuation. The stock currently trades for a price-to-sales ratio exceeding 100. Even on a forward-looking basis, the price is more than 75 times expected sales. Likewise, Palantir's enterprise-value-to-EBITDA multiple is extraordinarily high at about 160 times forward estimates. By comparison, Salesforce trades for 7.5 times sales and about 25 times EBITDA. It's unlikely Palantir will be able to maintain that valuation as it grows larger. High expectations are already baked into the stock. Hence, when management raised its full-year revenue outlook by 4 percentage points earlier this month, the stock actually fell. Even if Palantir maintains its outrageously high valuation multiple next decade, its growth won't be enough to turn $10,000 into $1 million. If its valuation comes down to Salesforce levels, it might be worth double its current value in 10 years, and that's based on a relatively bullish outlook for the business. Doubling your investment in 10 years would translate to a compound annual return of just 7.2% over the next decade, which is below the S&P 500's historic average. That's probably not what Palantir investors are looking for. So, not only is Palantir unlikely to turn $10,000 into $1 million over the next decade, it might even underperform the market. And that's almost entirely due to its extremely high valuation today. Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor's total average return is 975% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Adam Levy has positions in Salesforce. The Motley Fool has positions in and recommends Palantir Technologies and Salesforce. The Motley Fool has a disclosure policy. Can a $10,000 Investment in Palantir Technologies Turn Into $1 Million by 2035? was originally published by The Motley Fool
Bloomberg
14-05-2025
- Business
- Bloomberg
Silicon States: US Data Center Expansion in the AI Era
The rise of AI data centers is reshaping the outlook for US power markets. Forecast to account for nearly a 10th of all US electricity demand by 2035, data centers are gobbling up power more quickly than electric vehicles, hydrogen or any other demand class this decade. A profound concentration of capital has allowed for this rapid expansion, which is now exerting influence over energy infrastructure and planning investment. But what forms do data centers take, and what are the factors and strategies that influence associated decision making? On today's show, Tom Rowlands-Rees is joined by BloombergNEF's Head of US Power, Helen Kou, and Senior Associate Nathalie Limandibhratha to discuss their recent note 'US Data Center Market Outlook: The Age of AI'.
