Latest news with #SherwoodNews
Yahoo
15-07-2025
- Automotive
- Yahoo
Slate CEO says 5 types of car shoppers are interested in its low-cost EV pickup
Slate Auto CEO Chris Barman described five types of buyers interested in the company's low-cost electric truck. The demographic groups included fresh college graduates, newly-licensed drivers, and retirees, she told Sherwood News. The Jeff Bezos-backed company initially promised a truck "under $20,000," but shifted to a "mid-twenties" expected price tag. Slate Auto's new electric vehicle is expected to be unusually cheap, priced in the mid-twenty-thousand-dollar range. Given its anticipated price point, Slate says it has seen interest from five different consumer segments as it prepares to enter the market, CEO Chris Barman said in a recent interview with Sherwood News. First, Barman said that "everyday Americans" are interested in the vehicle, mostly because "it's just an affordable vehicle and a lot of utility and value for the money." Barman also said that "young professionals" fresh out of college or trade school are interested. "They're looking for value for the money, and what they love is the fact that it's an EV and they love the customization," she said. Electric vehicle ownership has long veered younger, according to a March Gallup poll, with 64% of 18-34-year-olds surveyed interested in owning an EV, compared to just 41% of those ages 55+. Barman is eyeing an especially young demographic: newly licensed drivers. "Parents like the fact that there are only two passengers, it doesn't have an infotainment for distraction, it has really high safety standards, and it's affordable," Barman told Sherwood. Among the older set, Barman points out that "contemporary seniors" are interested in the vehicle. " "They're individuals who are semiretired or retired and are interested in an electric vehicle, but have been intimidated by all the other technology that has been in an EV," she said. "They just want a simpler form of driving." Finally, auto junkies are interested in tricking the car out, the CEO added. Slate's electric pickup truck's "mid-twenties" price target remains relatively inexpensive, a feat especially important as the EV market floods with Chinese competitors outside of the US. The Jeff Bezos-backed EV producer originally said that its truck would be "under $20,000" after federal incentives. That price would have made the truck substantially cheaper than its EV competitors, like the Nissan Leaf, which starts at $28,140. When $50 reservations opened in April, the company reported receiving more than 100,000 requests in the first three weeks. President Donald Trump's "One Big Beautiful Bill Act" is set to eliminate many of the country's clean energy incentives, including the $7,500 tax credit for new US-built EVs, which Slate had been counting on to hit the sub-$20,000 pricing threshold. After Trump's spending bill was signed into law on July 4, Slate Auto changed the expected price online from "under $20,000" to "mid-twenties," where it remains. Read the original article on Business Insider
Business Insider
15-07-2025
- Automotive
- Business Insider
Slate CEO says 5 types of car shoppers are interested in its low-cost EV pickup
The electric vehicle owner demographic has centralized around some common traits. EV owners tend to be high earners and lean left politically. But Slate Auto's new electric vehicle is expected to be unusually cheap, priced in the " mid-twenties." Given its price, Slate says it has seen interest from five different consumer segments as it prepares to enter the market, CEO Chris Barman said in a recent interview with Sherwood News. First, Barman said that "everyday Americans" are interested in the vehicle, mostly because "it's just an affordable vehicle and a lot of utility and value for the money." Barman also said that "young professionals" fresh out of college or trade school are interested. "They're looking for value for the money, and what they love is the fact that it's an EV and they love the customization," she said. Electric vehicle ownership has long veered younger, according to a March Gallup poll, with 64% of 18-34-year-olds surveyed interested in owning an EV, compared to just 41% of those ages 55+. Barman is eyeing an especially young demographic: newly licensed drivers. "Parents like the fact that there are only two passengers, it doesn't have an infotainment for distraction, it has really high safety standards, and it's affordable," Barman told Sherwood. Among the older set, Barman points out that "contemporary seniors" are interested in the vehicle. " "They're individuals who are semiretired or retired and are interested in an electric vehicle, but have been intimidated by all the other technology that has been in an EV," she said. "They just want a simpler form of driving." Finally, auto junkies are interested in tricking the car out, the CEO added. Slate's electric pickup truck's "mid-twenties" price target remains relatively inexpensive, a feat especially important as the EV market floods with Chinese competitors outside of the US. The Jeff Bezos-backed EV producer originally said that its truck would be "under $20,000" after federal incentives. That price would have made the truck substantially cheaper than its EV competitors, like the Nissan Leaf, which starts at $28,140. When $50 reservations opened in April, the company reported receiving more than 100,000 requests in the first three weeks. President Donald Trump's "Big Beautiful Bill," however, is set to eliminate many of the country's clean energy incentives, along with the $7,500 tax credit for new US-built EVs. After the spending bill was signed into law by Trump on July 4, Slate Auto changed the price online from "under $20,000" to "mid-twenties," where it remains.
Yahoo
04-03-2025
- Business
- Yahoo
Why are potato chips still so expensive?
In recent years, an increasing number of consumers have been abandoning their favorite brand-name potato chips for cheaper, generic options. That's because chip prices are on the rise, primarily due to inflation (one could call it 'potato-flation,' even) and extreme weather. Last July, Matt Phillips of Sherwood News reported that 'prices for a 16-ounce bag of chips are up 30.6% since the end of 2020, outpacing the 20.6% increase in the consumer price index.' That's roughly 'a decade to 15 years worth of price increases in around three years,' Phillips added, considering that price increases for potato chips 'have typically been between 1%-2% a year.' 'Shoppers are no longer willing to swallow high prices for brand-name potato chips, and salty snack makers are loath to roll back the highly profitable price increases of recent years,' Phillips wrote in a report titled 'High-priced potato chips are ticking off Americans.' That trend prevails in the new year as potato chip prices continue to skyrocket nationwide. Ten years ago, the average price for a 16-ounce bag of chips was $4.27, according to the U.S. Bureau of Labor Statistics. By the end of 2024, it was $6.32. The price hikes are, in part, due to inflation. Per the U.S. Department of Agriculture (USDA), the all-items Consumer Price Index (CPI) for food increased 0.6% from December 2024 to January 2025. And food prices, overall, were up 2.5% in January 2025 compared to last year. But climate change is also a factor in driving the high cost of potatoes. As of 2024, Idaho (which produced 32% of the crop, according to Potato News Today) and Washington (which produced 24% of the crop) remain the top two potato-producing states in the country. However, warmer weather has been threatening potato production in both states. Idaho experienced its third warmest year on record in 2024, while Washington had its 15th warmest year, according to The Cool Down, an online news source covering all things climate and sustainability. The impact of rising temperatures on the snack industry is best seen in Pennsylvania, where there are 'more potato chip factories than any other state in the Union,' Nathan Tallman, CEO of the Pennsylvania Cooperative Potato Growers, told The Allegheny Front. Unlike Idaho and Washington, Pennsylvania does not produce the bulk of potatoes in the U.S. But chip-makers based in the state prefer getting the crop from local farmers, especially in the wake of inflation and high transportation costs. 'It's cheaper to ship potatoes from farms in Pennsylvania to, say, Hanover [Snyder's of Hanover snack company, based in Pennsylvania] versus coming from Florida, Michigan or Alliston, Ontario,' Tallman explained. Pennsylvania experienced its warmest year on record in 2024, meaning potatoes were also difficult to grow. Potatoes grow best in cool weather, when soil temperatures are between 60 to 65 degrees Fahrenheit during the day. They'll stop growing completely if the soil reaches 85 degrees. According to the Pennsylvania State Climatologist at Penn State University, daytime temperatures in Pennsylvania have been at 85 degrees or above in recent decades in many parts of the state.'If the climate is changing, and changing kind of rapidly, we have to develop potatoes that are adapted to the new climate,' Walter DeJong, a professor at Cornell University, told The Allegheny Front. DeJong added that it's not sustainable for Pennsylvania chip-makers to rely on potatoes from Florida and the northwest. 'Do they have the water to sustainably use to grow all those potatoes indefinitely out West?' he asked. 'I think the answer to that is 'no.' There's increasing water use issues in the West.' In the wake of rising potato chip prices, more consumers have been turning to private-label, less-expensive store brand options. The New York Times reported back in October 2023 that 'private-label foods and beverages have crept up to a 20.6 % share of grocery dollars from 18.7% before the pandemic,' citing market research from Circana. Potato chips are just another food item that inflation-weary consumers are either abandoning or seeking cheaper alternatives for. Consumers did the same with fast food which led to several chains, including McDonald's, Burger King and Wendy's to release their own rendition of value meals.
