â¦Tesla, GM, and Ford delay electric spending Parked and waiting for a buyer (John Paraskevas/Getty Images) [Sponsored by]( Last Weekâs Market Moves Dow Jones
34,283 (+0.65%) S&P 500
4,415 (+1.31%) Nasdaq
13,798 (+2.37%) Bitcoin
$37,348 (+7.50%) Dow Jones
34,283 (+0.65%) S&P 500
4,415 (+1.31%)
Nasdaq
13,798 (+2.37%) Bitcoin
$37,348 (+7.50%) Hey Snackers, The newest streamer in town is... NASA? The space agency [launched]( NASA+, featuring original shows and classic footage, for the out-of-this-world price of $0/month. Netflix is shaking. It was a bullish week for the market: the S&P 500 and the techy Nasdaq notched their longest win streaks in two years as Treasury yields fell, while the Nasdaq popped 2% Friday. Bitcoin hit an 18-month high as investors eyed the possible approval of a spot bitcoin ETF. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. Electric After committing $100B to the EV transition, top carmakers shift out of the fast lane Foot off the electric pedal⦠US automakers have said in recent years that theyâd spend billions on EV production. That seemed like a good bet, especially after the Biden admin introduced financial incentives to aid in its goal that half of all new-vehicle sales should be electric by 2030. But lately theyâve been downshifting: GM, Ford, and even Tesla said theyâd [delay]( spending on electric models and factories, citing slower sales and econ jitters as they put tens of billions in investments on ice. - GM ditched its goal of building 400K EVs by next summer and is delaying the release of some new models as automakers second-guess electric financials. - Ford pushed back its plan to spend $12B on EV factories, saying customers are reluctant to pay extra for e-whips. - Tesla (which accounts for half of all EV sales) might delay building a $1B plant in Mexico. Despite steep price cuts, Teslaâs Q3 sales fell from Q2. Fast but not furious (enough)⦠Last quarter, US EV sales were up 50% from a year ago, growing faster than any other major car category (like: gas, hybrid) and accounting for 8% of all new cars sold. Still, execs expected even stronger growth to validate the major moolah theyâre investing. EV sales growth has cooled, despite price cuts to fuel demand. Not to mention: federal tax credits of up to $7.5K for buyers. - Car cos say theyâre still committed to the electric transition, but intense competition has pushed prices down. - The EV-price-slashing race has cut into profits, while demand (though strong) isnât enough to offset the hits. - FYI: Tesla is the only US carmaker with a profitable EV business, and its profit plunged 44% last quarter after it cut prices by ~25%. THE TAKEAWAY The price is still not right⦠For carmakers, repeatedly dropping prices could be a losing game. For Main Street buyers, prices (and loan rates) are still too high, even with generous govât incentives. The average price paid for an EV in the US last month was about $51K, down from $65K last year. Range anxiety is easing, thanks to investments in charging networks, but price is still the top concern for folks considering going electric. Sponsored by Mode Mobile $martphone Disruptor Reports 32,481%* Three-Year Revenue Growth Rate 𤳠Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? Consumers seem to think so, as the company behind âEarnPhoneâ is officially named the #1 fastest-growing software company in North America by Deloitteâs 2023 Fast 500. The traction has certainly caught the eye of investors for [Modeâs Pre-IPO Offering]( ð¦ According to the Deloitte Technology Fast 500, Mode saw 32,481%* revenue growth from 2019 to 2022, a massive leap that has made it one of Americaâs fastest-growing companies. Mode is on a mission to disrupt the industry with ["EarnPhone," a budget smartphone thatâs helped consumers earn & save $150M+]( for activities like listening to music, playing games, and ... even charging their devices?! Early investors are getting up to 60% bonus stock, and 14,987 shareholders already participated in previously sold-out allocations. [You can now claim an exclusive 60% bonus at $0.16/share before it's gone](. ð¨ [Only 4 Days Remain to Lock in a $0.16/share Allocation]( - Round Closes 11/17 Events Coming up this week âTis the holiday decor szn⦠Wall Street thinks Walmart's stocking could have more treats than Targetâs when both report this week. In August the grocery leader upped its annual sales forecast as its low prices attracted thrifty shoppers, lifting quarterly profits up 53% to $7.8B. Meanwhile, Target cut its outlook after sales fell 5%. Now it plans to roll out more affordable store brands to lure festive shoppers. And for good reason: US holiday retail spend is expected to hit a record $966B as folks snap up eggnog and reindeer pillows. If Xiâs going to San Francisco⦠he likely wonât wear flowers in his hair. Chinaâs president is visiting the US this week for the first time since 2017. He and Biden are set to meet Wednesday in the SF area for a chat that could help thaw an icy rivalry. Biz-related topics could include Western firms pulling $$ out of China, and US sanctions on exporting advanced tech to China. Xiâs also expected to be the guest of honor at a dinner with top US biz execs, who just canât turn their backs on the worldâs No. 2 economy. Zoom Out Stories weâre watching 55 burgers, 55 fries⦠Booths are going the way of the McDLT as fast-food chains pour $$ into drive-thru innovation (which apparently didnât peak with the second window). Drive-thru visitors rose 30% from 2019 to 2022, while indoor dining dropped 47% from 2019. Now chains are in a to-go space race. McDonaldâs and Taco Bell have opened drive-thru-only stores. Chick-fil-A is building a drive-thru highway: a four-lane location that serves 75 cars at once. And AI chatbots have taken orders at chains like Carlâs Jr. and Wendyâs. Mine your business⦠Bitcoin transaction fees are up 1,000% since August as a boom in NFT minting on the OG blockchain (aka ordinals) drives on-chain action. For publicly traded miners like Marathon Digital, Riot Platforms, and Hut 8, higher transaction fees = more $$. Hut 8âs earnings tomorrow could provide a clue whether those fees are meaningful enough to cushion the blow of next yearâs bitcoin [halving]( â when the # of BTC that miners earn for the same amount of work will be cut in (you guessed it) half. What else we're Snackin' - [Fuel]( AI data centers are electricity guzzlers. Now Amazon, Microsoft, and Google are looking for alt-energy sources as the AI boom strains the grid (AI could consume up to 3.5% of the world's electricity by 2030). - [Clash]( ~300 factories in Bangladesh have closed as thousands of workers who make clothes for brands like H&M and Zara parent Inditex protest over wages as low as $75/month. Theyâre seeking a 3X pay increase. Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: ð¬ [Hollywood strikes a deal]( ⢠Nov 10, 2023
ð¤ [Deepfake 2024]( ⢠Nov 9, 2023
ðï¸ [BNPL gets picky]( ⢠Nov 8, 2023 [Subscribe to the Daily]( Snack Fact Of the Day Before 1941, Thanksgiving was observed on whatever date the president decided [Read more]( This Week - Monday: Asia-Pacific Economic Cooperation summit. Earnings expected from Tyson Foods and Grindr - Tuesday: October consumer-inflation report. Earnings expected from Home Depot, Getty Images, and Sonder - Wednesday: Earnings expected from Target, TJ Maxx, and Cisco - Thursday: Earnings expected from Alibaba, Walmart, Macyâs, Warner Music Group, Dole, Ross, and Gap - Friday: Earnings expected from BJâs Wholesale Club Authors of this Snacks own bitcoin and shares of: Alphabet, Amazon, GM, Microsoft, Riot Platforms, Tesla, Walmart, Warner Music, and Yum Brands *Source: [Deloitte](. Advertiser's disclosure: Please read the offering circular and related risks at [invest.modemobile.com](. This is a paid advertisement for Mode Mobileâs Regulation CF Offering. Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( ⢠[Our Editorial Principles]( ⢠[Contact Us](mailto:hellosnacks@sherwoodmedia.com) ⢠[Privacy Policy]( ⢠[Advertise with us](mailto:advertising@sherwoodmedia.com)
[Unsubscribe](