Toyota's big battery bet

Toyota doubles its investment in a North Carolina EV battery factory, WeWork shares tumble on bankruptcy reports, and more [View this email in your browser]( [What makes a subscription to The Week so valuable now? Click the banner]( [The Week]( Daily business briefing 1. [Toyota doubles investment in North Carolina battery factory]( Toyota announced Tuesday it would spend another $8 billion to make a plant under construction in North Carolina a hub for battery production, creating 3,000 more jobs. The commitment increases the Japan-based automaker's investment in the facility to nearly $14 billion to help meet rising [demand for hybrid vehicles](. The factory will have 14 assembly lines making batteries for hybrids, plug-in hybrids and fully electric vehicles, with production slated to start in 2025. Toyota said it will be able to shift between making EV and plug-in hybrid batteries, depending on demand. Toyota pioneered hybrids in the late 1990s and has pushed plug-in hybrids recently as a more affordable alternative to fully electric cars. [Axios]( [The Wall Street Journal]( Advertisement by Enbridge [Is hydrogen the key to reducing GHG emissions? Learn more.]( 2. [WeWork shares fall after reports of looming bankruptcy]( WeWork shares plunged 37% in pre-market trading on Wednesday following news reports that the company plans to file for bankruptcy protection as early as next week. The move would cap a stunning decline for the company, which tapped into [shifting work trends]( by offering flexible office space. WeWork, once valued at $47 billion, missed an Oct. 2 interest payment to its bondholders, The Wall Street Journal reported. It now has a 30-day grace period to pay, and would be considered in default if it fails to come up with the money. A WeWork spokesperson declined to comment on the report's "speculation." The company has been trying to renegotiate leases on its spaces with landlords to help it stay afloat. [CNN]( [The Wall Street Journal]( 3. [Bankman-Fried denies telling staff to take FTX customers' money]( Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, denied knowing his company had siphoned away billions from customers during a second day of questioning by a federal prosecutor in his criminal fraud trial. The prosecutor, Danielle Sassoon, asked the 31-year-old former crypto tycoon whether he told underlings to use customers' money to buy real estate and make investments. "I don't recall giving any direction," he replied. Bankman-Fried is accused of orchestrating the theft of up to $10 billion from FTX customers and using the money on luxury real estate and goods, as well as propping up his crypto trading firm, Alameda Research. [The New York Times]( 4. [Jury finds Realtors liable for $8 billion in damages for inflating commissions]( A federal jury in Missouri on Tuesday found the National Association of Realtors and some residential brokerages liable to pay nearly $1.8 billion in damages for inflating home-sale commissions. The verdict could force changes to practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise. "We view it as a tremendous day of accountability for these companies," Michael Ketchmark, the lead attorney for the plaintiffs, told CNN. NAR president Tracy Kasper said the group would appeal. "This matter is not close to being final," Kasper said. [Reuters]( [CNN]( Advertisement by Enbridge [Is hydrogen the key to reducing GHG emissions? Learn more.]( 5. [Stocks struggle ahead of Fed decision]( U.S. stock futures fell slightly early Wednesday as investors braced for the Federal Reserve's statement at the end of its two-day policy meeting. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were down about 0.3% at 7 a.m. ET. The Fed is expected to hold [interest rates]( steady. The decision will be released at 2 p.m., followed by comments by Fed Chair Jerome Powell. Earnings reports are continuing to roll in, too. Shares of Yum China Holdings dropped 12% after the restaurant operator's third quarter revenue came in below estimates. Advanced Micro Devices fell 2% on its disappointing fourth-quarter guidance. Early Wednesday, CVS reported better-than-expected earnings and revenue on strong health services revenue. [CNBC]( [Share to Facebook]( [Share to Twitter]( [Share via email](mailto:?Subject= Stocks struggle ahead of Fed decision &body=Read the story here utm_campaign=business_briefing_newsletter_20231101&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( [Play The Week's daily puzzles]( Popular reads [When is the best time of year to buy a car? 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