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Detroit’s Big Three automakers lag industry on fuel economy

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Detroit's Big Three automakers lag industry on fuel economy
© Reuters. FILE PHOTO: An electric vehicle (EV) fast charging station is seen in the parking lot of a Whole Foods Market in Austin, Texas, U.S., December 14, 2016. REUTERS/Mohammad Khursheed/File Photo/File Photo

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By David Shepardson

WASHINGTON (Reuters) -Detroit’s Big Three automakers, General Motors (NYSE:), Ford Motor (NYSE:) Co and Chrysler parent Stellantis lag other automakers in fuel economy performance as they sell a rising number of large trucks and SUVs, a government report released on Friday shows.

The U.S. Environmental Protection Agency said fuel economy for new vehicles hit a high in the 2020 model year at 25.4 miles per gallon but added that projected industry fuel economy for the 2021 model year will decline to 25.3 mpg.

The three U.S. automakers have the lowest fleet wide fuel economy of 14 major car companies.

GM is projected to be the lowest of all automakers in 2021 with a fleet average of 21.5 mpg for all its vehicles, just behind Stellantis at 21.6 mpg, with Ford Motor Co at 22.7 mpg.

The report said since 2004, carbon dioxide emissions have decreased by 24% as fuel economy has improved by 32%.

The report said only Tesla (NASDAQ:) Inc, Subaru (OTC:) and Honda Motor met requirements without using credits. Automakers can either purchase credits or use credits earned from earlier model years.

The report shows GM, Daimler AG (DE:)’s Mercedes and Stellantis all bought significant credits in 2020, while Tesla, Honda and Toyota Motor (NYSE:) all sold credits.

In August, the EPA proposed reversing the Trump-era loosening of vehicle emissions rules with a new plan to boost efficiency 10% in the 2023 model year, aiming for a fleet average of 52 mpg by 2026.

The American Council for an Energy-Efficient Economy said “automakers are producing cars that are barely more fuel efficient on average than what they sold a year ago.”

Dan Becker, director of the Safe Climate Transport Campaign, said the report shows “auto companies have made sky-high promises to turn out clean cars, but the EPA’s report shows they have produced very few.”

He said the 2020 improvement – just 1.9% over 2019 – showed that “with weak rules, automakers will keep pushing gas guzzlers, sticking consumers with high gas bills and plentiful pollution.”

For 2020, GM and Ford both averaged 23 miles per gallon, while Stellantis averaged 21.3 mpg. Tesla, which makes only electric vehicles, led the industry, while Honda averaged 29.1 mpg, which was first among automakers building gas-powered vehicles.

The report showed that over the last five years, GM’s and Ford’s performances barely improved, while Stellantis’ fell by 0.5 mpg.

Stellantis said on Friday it is investing more than $35 billion through 2025 to develop battery electric vehicles but said “consumer and manufacturing incentives and recharging infrastructure” are needed to move the market toward EVs.

The report also showed average vehicle weight in 2020 rose to another all-time high of 4,166 pounds, while average horsepower and size both also set records.

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Huawei is banned in the US: the US has banned the import of equipment from Huawei and several other companies from China

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huawei is banned in us

Huawei is banned in the US. The Federal Communications Commission for the first time recognized products of a lot of Chinese companies banned for import and sale because of national security risks. Commission member Carr said that China threatens U.S. interests through espionage.

Telecommunications and surveillance equipment manufactured by Huawei, ZTE, Hytera and several other Chinese companies are banned from importation and sale in the United States because of “unacceptable risks” to national security. This was announced by the Federal Communications Commission (FCC) on its website.

Huawei banned in the U.S. – what is banned?

The products of the subsidiaries and affiliates mentioned in the list of companies fall under the ban. Brendan Carr, a member of the Federal Communications Commission, called the decision unprecedented and unanimously adopted with the support of both parties in Congress. This is the first time in the history of the agency, he noted, that the distribution of communications and electronic equipment has been banned because of national security reasons.

Carr pointed out that “Communist China and other malevolent actors” are too eager to use loopholes in U.S. electronic systems to obtain sensitive information, they are trying to “compromise American interests through espionage, intellectual property theft, blackmail, foreign influence campaigns and other nefarious activities.”

Two years ago, the commission had already banned using government subsidies to buy equipment from Huawei and other Chinese companies, he recalled, and as a result many operators had refused to cooperate with such firms. But that decision left a loophole for buying equipment with private funds, and it’s time to close it, Carr said.

Huawei was put on U.S. sanctions lists more than three years ago, in May 2019. Washington accused the company of industrial espionage, stealing technology and threatening the U.S. economy. In February 2020, The Wall Street Journal, citing statements from U.S. officials, reported that Huawei had covert access to cell phone networks around the world.

The CIA believes Huawei was funded by Chinese intelligence, the Chinese Armed Forces and the Republic’s National Security Central Committee, sources told The Times. At the same time, the FBI believes that Huawei equipment installed on cellular towers near US military bases can jam and intercept Defense Department communications, including those used by the US Strategic Command, which is responsible for nuclear weapons.

Earlier, we reported that Bloomberg named the most profitable stock market in 2022.

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What is the most profitable stock market? Bloomberg called it the most profitable stock market in 2022

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What is the most profitable stock market? The stock market of Turkey, which is the most profitable stock market in the world, has become the growth leader this year, ahead of U.S., European and Asian platforms, Bloomberg wrote. The benchmark index Borsa Istanbul 100 (BIST 100) since the beginning of the year rose 78% in dollar terms.

In lira terms, the index, which includes shares of the 100 largest Turkish companies listed on the Istanbul Stock Exchange, has risen by more than 150% since January. This was the best result since 1999, the publication calculated. Most European financial markets have shown negative dynamics this year.

What is the most profitable stock market?

Turkey’s stock market hit an all-time high in November 2022 as private investors invested in Turkish assets to protect against high inflation. The Borsa Istanbul 100 index rose to a new record high of 4,784 points in trading on Nov. 16. During trading on Tuesday, Nov. 22, the BIST 100 index gained 3.6 percent to trade at 4,734 points.

Domestic investors are investing in stocks as Turkey’s central bank pursues a policy of lowering interest rates to spur economic growth, even as the country’s inflation rate exceeds 80 percent. Despite high inflation, the country’s regulator has conducted monetary policy easing cycles in 2021, which goes against current monetary policy. The rate cut has helped weaken the Turkish lira and turned equities into one of the few income-generating havens for investors.

Inflation in Turkey surpassed 85% in October for the first time in 25 years, and while the country’s central bank predicts it could fall to 65.2% by year’s end, price growth remains among the highest in the world.

Stocks have become favorites of Turkish investors. The number of stock trading accounts opened by private investors rose 32% this year to 3.1 million as of Nov. 18, according to Turkey’s Central Securities Depository.

According to Evren Kirikoglu, founder of Istanbul-based Sardis Research Consultancy, Turkish stocks are likely to remain attractive to investors for at least the first half of next year, even as inflation in the country begins to decline.

Earlier we reported that the U.S. stock market was up more than 1% for the day.

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US stock market news today: U.S. stock market closed with more than a percent gain

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US stock market news today. U.S. stock indices closed Tuesday, trading up more than 1 percent in anticipation of the Federal Reserve’s (Fed) November meeting minutes.

US stock market analysis

The Dow Jones Industrial Average gained 397.82 points (1.18 per cent) and was up 34098.1 points. Intel Corp (NASDAQ:INTC) and Salesforce (NYSE:CRM) Inc (+3%) were the top gainers among the index components. Only three of the 30 companies in the index’s calculation finished with losses, including shares of Walt Disney Co (NYSE:DIS), which fell 1.4 percent.

Standard & Poor’s 500 rose 53.64 points (1.36%) to 4,003.58 points. The Nasdaq Composite added 149.9 points (1.36%) to 11174.41 points.

The Fed minutes will be released tonight. At its last meeting, the Fed once again raised the rate by 75 basis points and hinted at the possibility of a slowdown in rate hikes at later meetings.

On Monday, Federal Reserve Bank of Cleveland and San Francisco governors Loretta Mester and Mary Daly signaled that the Fed would slow the pace of interest rate hikes next month, while stressing that the need for further policy tightening remains.

Senior strategist at B. Riley Wealth Management Art Hogan recalled that the U.S. market will be closed Thursday due to the Thanksgiving holiday, and many traders will take Friday off, so trading volumes this week will be lower than usual.

“Under such conditions, moves in both directions are often particularly pronounced,” he said.

Market participants were also assessing corporate news.

Earlier we reported that stock markets in Europe are changing in different directions.

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