Latest news with #Chevys
Yahoo
6 days ago
- Business
- Yahoo
From toys to cars, tariffs hit companies' bottom lines
The numbers are in: Big toy and auto companies are reporting just how much tariffs are costing them. Toymaker Hasbro said in its quarterly earnings call Wednesday that it recorded a $1 billion hit for consumer products just in the second quarter as a result of tariff impacts and its long-term outlook. Though the company is projecting growth overall in 2025 with games performing well, it's expecting consumer products revenue to drop 5%-8% this year because of the import taxes. It anticipates tariffs will make a $60 million dent this year. To mitigate the tariff impacts, Hasbro is working to reduce the U.S. toys and games it gets from China from around 50% now to less than 40% by 2027. And it's planning to bring more production to the United States — something President Donald Trump has pushed companies to do. Meanwhile, its competitor Mattel anticipates tariffs could make a dent this year of up to $100 million. The company said it has adjusted pricing — but didn't specify what the price increases were, which products were affected or when the changes took effect. 'It is the price that is necessary to offset some of the headwinds in addition to the array of a multitude of other actions that we're taking,' Mattel Chief Financial Officer Paul Ruh said. The company says it's working to broaden its supply chain faster and improve on its product sourcing to help mitigate tariff impacts. It doesn't expect any more price hikes this year. And tariffs aren't just affecting toy companies — they're also hitting some of the biggest automakers in the world. General Motors said this week tariffs cost it $1.1 billion in the second quarter. And it's expecting tariffs overall this year could cost it $4 billion to $5 billion. So far, the automaker that produces Chevys, Cadillacs and other brands has eaten that cost, and it's trying to offset some of the impact through cost cuts and investments in the U.S. 'Many of the manufacturing announcements that we made earlier in the quarter about onshoring production here into the U.S. with $4 billion of capital initiatives are going to have an effect as we get 18 to 24 months down the road,' GM CFO Paul Jacobson told CNBC. Stellantis, the maker of Jeep, Chrysler and Dodge, said it expects a $2.7 billion loss in the first half of this year, in part from tariffs. And Volvo just reported a big decline in its second quarter operating profit. It's now planning to add its best-selling XC60 SUV to the production line of its South Carolina plant next year. The auto industry is currently subject to 25% tariffs on imported cars and parts and 50% on steel and aluminum. It's part of an ever-changing patchwork of tariffs as the Trump administration seeks deals with trading partners around the world ahead of its Aug. 1 tariff deadline. The latest: an agreement with Japan setting tariffs at 15% on Japanese imports, less than the 25% Trump had threatened. The American Automotive Policy Council, an industry group representing the Detroit Three automakers General Motors, Ford and Stellantis, is worried that the Japan deal could hurt companies making cars across North America. The 15% Japan tariffs are lower than the 25% on Canada and Mexico, where many American car brands manufacture their cars, trucks, vans and SUVs. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' Matt Blunt, president of the American Automotive Policy Council, said in a statement. Commerce Secretary Howard Lutnick pushed back against complaints that U.S. automakers could face higher tariffs than companies making cars fully in Japan. 'That's just so silly,' he said in a CNBC interview. 'The American manufacturers are going to do extremely well in America as long as they build it in America.' Car companies haven't really upped prices yet as a result of tariffs, but that may change. 'What the challenge is going to be for the back half of the year is to figure out, will they continue absorbing a majority of the tariff impact or will we start to see that increase in consumer pricing as they start to try to pass along some of the impact,' said Erin Keating, Cox Automotive executive analyst. Cox Automotive anticipates car prices may rise 4%-8% by the end of the year. It also found that inventory of both new and used cars dropped in July. And tariffs might mean fewer toys on the shelves this holiday season. Hasbro reports some retailers are pausing or slowing down imports of holiday inventory. 'A lot of hot products are going to likely be out of stock this holiday because we're just not going to be able to replenish them because we didn't have the upfront inventory for them,' Hasbro CEO Chris Cocks said. 'So like a Play-Doh Barbie, a Nano-Mals, a Baby Evie. If you're a mom or a dad, you're probably going to want to go and buy that early.' This article was originally published on
NBC News
6 days ago
- Business
- NBC News
From toys to cars, tariffs hit companies' bottom lines
The numbers are in: Big toy and auto companies are reporting just how much tariffs are costing them. Toymaker Hasbro said in its quarterly earnings call Wednesday that it recorded a $1 billion hit for consumer products just in the second quarter as a result of tariff impacts and its long-term outlook. Though the company is projecting growth overall in 2025 with games performing well, it's expecting consumer products revenue to drop 5%-8% this year because of the import taxes. It anticipates tariffs will make a $60 million dent this year. To mitigate the tariff impacts, Hasbro is working to reduce the U.S. toys and games it gets from China from around 50% now to less than 40% by 2027. And it's planning to bring more production to the United States — something President Donald Trump has pushed companies to do. Meanwhile, its competitor Mattel anticipates tariffs could make a dent this year of up to $100 million. The company said it has adjusted pricing — but didn't specify what the price increases were, which products were affected or when the changes took effect. 'It is the price that is necessary to offset some of the headwinds in addition to the array of a multitude of other actions that we're taking,' Mattel Chief Financial Officer Paul Ruh said. The company says it's working to broaden its supply chain faster and improve on its product sourcing to help mitigate tariff impacts. It doesn't expect any more price hikes this year. And tariffs aren't just affecting toy companies — they're also hitting some of the biggest automakers in the world. General Motors said this week tariffs cost it $1.1 billion in the second quarter. And it's expecting tariffs overall this year could cost it $4 billion to $5 billion. So far, the automaker that produces Chevys, Cadillacs and other brands has eaten that cost, and it's trying to offset some of the impact through cost cuts and investments in the U.S. 'Many of the manufacturing announcements that we made earlier in the quarter about onshoring production here into the U.S. with $4 billion of capital initiatives are going to have an effect as we get 18 to 24 months down the road,' GM CFO Paul Jacobson told CNBC. Stellantis, the maker of Jeep, Chrysler and Dodge, said it expects a $2.7 billion loss in the first half of this year, in part from tariffs. And Volvo just reported a big decline in its second quarter operating profit. It's now planning to add its best-selling XC60 SUV to the production line of its South Carolina plant next year. The auto industry is currently subject to 25% tariffs on imported cars and parts and 50% on steel and aluminum. It's part of an ever-changing patchwork of tariffs as the Trump administration seeks deals with trading partners around the world ahead of its Aug. 1 tariff deadline. The latest: an agreement with Japan setting tariffs at 15% on Japanese imports, less than the 25% Trump had threatened. The American Automotive Policy Council, an industry group representing the Detroit Three automakers General Motors, Ford and Stellantis, is worried that the Japan deal could hurt companies making cars across North America. The 15% Japan tariffs are lower than the 25% on Canada and Mexico, where many American car brands manufacture their cars, trucks, vans and SUVs. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' Matt Blunt, president of the American Automotive Policy Council, said in a statement. Commerce Secretary Howard Lutnick pushed back against complaints that U.S. automakers could face higher tariffs than companies making cars fully in Japan. 'That's just so silly,' he said in a CNBC interview. 'The American manufacturers are going to do extremely well in America as long as they build it in America.' Car companies haven't really upped prices yet as a result of tariffs, but that may change. 'What the challenge is going to be for the back half of the year is to figure out, will they continue absorbing a majority of the tariff impact or will we start to see that increase in consumer pricing as they start to try to pass along some of the impact,' said Erin Keating, Cox Automotive executive analyst. Cox Automotive anticipates car prices may rise 4%-8% by the end of the year. It also found that inventory of both new and used cars dropped in July. And tariffs might mean fewer toys on the shelves this holiday season. Hasbro reports some retailers are pausing or slowing down imports of holiday inventory. 'A lot of hot products are going to likely be out of stock this holiday because we're just not going to be able to replenish them because we didn't have the upfront inventory for them,' Hasbro CEO Chris Cocks said. 'So like a Play-Doh Barbie, a Nano-Mals, a Baby Evie. If you're a mom or a dad, you're probably going to want to go and buy that early.'
Eater
02-07-2025
- Automotive
- Eater
A Tiny Barbecue Diner in North Los Angeles County Hides Inside a Chevy Dealership
It's beach season, and many weekend warriors driving State Route 126 between northern Los Angeles County and Ventura may not know they're cruising past some of the best barbecue in Southern California. But Randy and Ashlyn Balades of R+Q Kitchen, ensconced within the Bunnin Chevrolet dealership in Fillmore, aim to make their two-year-old restaurant a barbecue destination — and not just a highway pit stop — one smoked brisket, tri-tip, and batch of pulled pork at a time. Although not the first Southern California restaurant housed in an auto dealership (the Horseless Carriage Restaurant has been open at Galpin Motors in North Hills for more than five decades), the Baladeses are going above and beyond typical barbecue and diner fare, making the biscuits, to the jams, sauces, dressings and gravy on the premises using seasonal and local produce whenever possible. After working his first kitchen on the old Fillmore Western Railway during high school, Randy studied culinary arts at the now-closed Art Institute in Santa Monica. He and Ashlyn, a Ventura native, met while both working on opening a Yard House in Oxnard in 2013. Since then, the two learned and honed both back- and front-of-house operations during stints at the San Ysidro Inn and Rabalais Bistro in Santa Paula, where Randy served as the head chef for several years. The duo made the leap as full-time restaurateurs, opening R+Q Kitchen, which stands for Randy and the Queen's Kitchen, in April 2023. They currently lease the space from the dealership, which previously operated its own restaurant. It's a quirky location, and Ashlyn felt uncertain it would resonate with locals at first. But once they crunched the numbers against other restaurant locations in Ventura County, the dealership space made the most sense for their budget. A compact kitchen, a hand-built, train-shaped outdoor smoker in the car lot, and a dozen four-top tables sit behind the showroom that showcases both newer and classic Chevys. But with an elaborate and detailed process, R+Q's smoked meats can stand toe-to-toe against the top barbecue styles across the country. Randy Balades' brisket is the restaurant's top seller. When they opened, they would use three to four briskets, roughly 15 pounds each, a week; now they're up to 15. He smokes Harris Ranch beef once or twice a week outdoors, depending on the demand. (If it's a rainy week, they're taken off the menu.) The cuts of brisket undergo a 24-hour, multistep process before going into dishes like brisket omelettes ($19) or stacked sandwiches ($22). 'We lather it in Worcestershire and mustard first, and then, we do a heavy coat of pepper. That pepper sticks on there and creates a really good crust,' Randy says. Next, he adds his own brisket seasoning, a combination of brown sugar, Lawry's Seasoned Salt, onion, granulated garlic, and kosher salt. Ashlyn says that while they're riffing off Texas-style barbecue, often only seasoned with just salt and pepper, R+Q's approach with spices and sugar presents a 'Cali twist.' 'We let it marinate overnight,' Randy says. 'I put them in the smoker from 2:30 a.m. to about 5:30 p.m. When it passes a certain temperature, I add more tallow and then spray it with a combination of pickle juice, apple cider vinegar, and Worcestershire.' He wraps the brisket in butcher paper and lets it rest for three-and-a-half hours, and again wraps the brisket and paper in plastic wrap to steam in the warmer overnight. Then, and only then, is it ready to slice and serve. The tri-tip and tender pulled pork shouldn't be overlooked either: Tri-tip is usually the first item to sell out when the Balades participate in local street fairs in nearby Santa Paula. 'Tri-tip is a roast. You don't throw it on the grill real quick,' Randy says. 'And I feel like ours becomes more tender because we smoke it at a very low temperature, which gets it that smoke ring, but it's still super rare in the middle.' Born and raised in Fillmore, Randy's father still owns a small ranch that supplies the restaurant with citrus, including oranges for one of their three signature barbecue sauces. He grew up smoking meats for friends and family and calls barbecue his 'first love.' (Ashlyn doesn't disagree.) Ashlyn, who runs the front-of-house, credits their previous work for teaching them the importance of customer service and attention to detail. That's why R+Q's plating — like deftly sprinkled parsley, pink pickled onions, and shaved jalapeños that top some of the sandwiches — or the local fresh-squeezed orange juice for the mimosas sets R+Q apart from other roadside diners. 'We're not just a barbecue spot,' Ashlyn says. 'We have Atlantic salmon and tiger shrimp seared in a saute pan, grilled, or blackened.' They also serve a prime-grade New York steak for the steak and eggs ($22) in the morning and for the steak frites ($24) later in the day, the latter accompanied by charred scallion chimichurri. R+Q currently serves breakfast and lunch, plus catering, with a small selection of beer and wine. An expansion into dinner service is in the works. With the Baladeses' dedication to their craft, the barbecue joint is already a bright spot along the 126 highway, beckoning even without the spotlights of the auto dealership. R+Q Kitchen is open Tuesday through Sunday from 8 a.m. to 3 p.m., and closed Mondays. It's located at 1024 West Ventura Street, Fillmore, CA, 93015, inside the Bunnin Chevrolet dealership. See More:
Axios
23-06-2025
- Axios
Blowing cars apart to piece crimes together
IU Indianapolis student Vanesa Linge had an absolute blast during one of her summer classes. Why it matters: Hoosiers like Linge are taking part in an IU program blending car bombs and academic curiosity to support a new era of crime scene investigations. What they're saying:"I'm very grateful for the opportunity, because it is outside the classroom and something we might face in our professions in real life," Linge said. "And I don't think a majority of kids can say they've got this experience." Zoom in: Led by retired IMPD Sgt. Stephen Davis, the two-session course offered through the O'Neill School at IU Indianapolis has students sifting through the aftermath of a bombing to understand the cause and motive. The program came to life in 2007 when a professor looked to create a new class to keep students engaged during the summer. "It's really rewarding," Davis said. "It's a great opportunity to carry on to the next generation when it comes to policing and crime fighting." The intrigue: The class is open to all IU students regardless of field of study. How it works: During last week's "detonation day," students met with members of the IMPD Bomb Squad, the Indianapolis Fire Department, and federal partners at the old Eagle Creek Pistol Range on North High School Road. After a morning meeting, the students made their way to a grassy area where two Chevys outfitted with explosives awaited them. After the blast, students are split into two groups and given a 25-gallon tub full of tools. They're provided some background information about the case and sent into the field to begin their analysis. Yes, but: Getting the size of the blast just right is an important part of the experience. These aren't movie scene explosions, but there have been instances of going "too big" in the past. Davis said when that happens, the explosion has the potential to damage the evidence students need to complete their work. Bomb Squad members told Axios that one solution to contain the blasts is putting old IV bags inside the vehicles to quickly "quench" the explosions and preserve the evidence. Between the lines: The explosions take just a moment, but the investigation that follows can take hours. Every student has a different role to play, from setting up a perimeter to taking photos and writing up a police report or probable cause affidavit that explains what they found. For Davis, opening the class to all students instead of focusing on just criminal justice majors is more representative of the varied skill sets needed in a modern police department.
Yahoo
15-05-2025
- General
- Yahoo
Ken Bungo, Youngstown, Ohio
YOUNGSTOWN, Ohio (MyValleyTributes) – Ken Bungo, formerly of Howland, Ohio and Janesville, Pennsylvani, passed away peacefully at Gateways to Better Living in Youngstown, Ohio, on Friday, May 2, 2025, where he resided since 2008. Ken was born January 18, 1951, in Philipsburg, Pennsylvania, the son of Chuck and Mary Strutzel Bungo. Find obituaries from your high school At the age of nine months he was diagnosed with cerebral palsy. His projected live span was only his teens. Although Ken had very limited speech and mobility he was very alert, active and ALWAYS smiling. His parents devoted their entire lives to Ken's care which afforded him a very fulfilled life. Ken spent his time listening to county music, building with his Lincoln Logs and enjoying all his model cars. His favorite outings were attending car shows and bike nights throughout the area. (Both of his brothers owned 1957 Chevys which Ken loved to ride in.) Ken was preceded in death by his parents and many loving family members who played such an important part of his life. He leaves to cherish his memory, his twin brothers, Steve (Karen) Bungo of Fairfield Glade, Tennessee and Ed (Kathy) Bungo of DuBois, Pennsylvania; niece, Marilyn Bungo Mills (Andy) of Kentucky; nephews, Patrick (Kara) Bungo of Florida and Greg (Stephanie) Bungo of Pennsylvania. He also is survived by two great-nephews and five great-nieces. The family would like to thank all his extended family and friends for all the love they showered on Ken during his life. Also a special thanks to all the staff at Gateways to Better Living for the excellent care he received during the 17 years that he was under their care. Cremation has taken place and Ken will be laid to rest with his parents at Holy Trinity Catholic Church's cemetery in Ramey, Pennsylvania. Arrangements handled by Peter Rossi & Son Memorial Chapel. To send flowers to the family or plant a tree in memory of Ken Bungo, please visit our floral 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
