will in ev last that long? -- an ev last that long? the technological permits with electric vehicles over the last 10 years, if you drove a nissan least 10 years ago, you would be lucky to get 80, 90 miles of range. today, 250 miles of range is the entry-level. there is so much improvement that ev's will not beco obsolete faster than gasoline powered vehicles. the battery is one part of it. the second question about hydrogen, to bring people up to speed, we are talking about hydrogen as fuel, which they use on spacecraft for power. you do not need batteries, you need a fuel cell to fill it up with hydrogen. they fill up with hydrogen in a few minutes. carmakers have been working on that technology for 20 years. some carmakers think there is hope for gasoline powered vehicles. the reality is, we pretty much have to decide on one infrastructure. it looks like the industry is moving to batteries. fuel cells would likely be in larger vehicles, like 18 wheelers, that require massive batteries. you can put a fuel cell in that is lighter. the

ev one those starboard to pick up his and ev two's safety tether's while ev two stows the three crew lock bags back inside of the airlock. ev one returns to the airlock where both crewmembers aggress and conclude the eva. >> thank you all for your opening remarks. i will turn it over for additional remarks. >> i want to add my thanks to the folks sitting next to me and their teams. we have the flight operations team as well as engineering team and avionics and software office programs have taken a lead on this spacewalk. really, we like to give a heads up to the crew training before they leave as we can and in this case it was a faster turnaround. it was not a quick turnaround, but we did ask for a short turn around and they have done a fantastic job and i wanted to give a shout out to them before we go on to the question and answers. >> we are going to start the q and of the event -- q and a portion of the event. lower your hand of the question has already been asked. please limit yourself to one question and state your name, affiliation, and to whom your question is addressed. we w

, my next -- my last car will be and ev bentley. $7500 rebate.aid, i don't need the $7500. >> greg: thank you connect connect with our audience. >> geraldo: but you see what is happening in terms of the private sector. people are buying. we can score in it, call mind, lithium come all the rest of it. it is changing. it is changing at a pace more rapid than we ever anticipated. here is one thing. electric powered vehicles have 60% efficiency in terms of the conversion of energy to the wheels turning. gas powered is 17%-21%. electric vehicles are three times or energy efficient in terms of making your cargo and gas powered. >> jeanine: yeah, but -- >> geraldo: that alone is enough to dictate this monumental change which is happening regardless. >> jeanine: apparently the message and getting out because americans don't want to buy 'em. but dana, there is also an increase in premiums by insurers because the batteries cannot be repaired. and that doesn't even deal with the fact that the battery is as big as the chassis in the bottom of the car and whe

ev and ice back in 2019 and now we're launching for the first time ev first. it's really fantastic. >> the street, there was a debate a couple of weeks ago about who is going to make an affordable ev other than tesla there's views the american automakers have no interest, they're making expensive pickups. is that a role for your company? >> i think so. we have a long ways to go. we are very, very happy with the sales of our e5, which is on a separate dedicated platform. we're launching the ionic 6, a passenger car, which is also built on the same platform so, there is someone in the industry that has the technology and viability to really develop a competitive ev, that's hyundai, i believe >> tesla is number one in the u.s. for evs are you two or three >> well, we ended last year as number three as a group, hyundai motor group. >> so, that's growing. my question is, what happens now that we have the i.r.a. tax credit you don't qualify for that, not as an american automaker. >> so, we've seen first the industry is softening a little, even in march it was a bett

if we go to ev's, are they clean? if we're mining minerals that are dirty and calling the ev's clean, look at the supply chain to be sure it really is clean. >> brian: jackie taylor says you talk about the cart before the horse. how is this in our national security interest? >> the green push in general, solar panels, a lot of them come from china, as well. you are selling out this country so china can profit from this, it is insane to me. general premise we started with, biden wants to put more emissions on gas-powered vehicles, when you put more regulation on gases themselves, those cars go up and ev average price roughly $65,000 people cannot afford that, a lot of people won't be able to drive. >> steve: exactly. >> brian: point is to get people to drive less, they will not replace gas-powered cars with ev's, you will not be able to afford that. you have to move closer to city and urban environment and you have more government control. >> brian: this kills me, we have the rare earth in our country in minnesota and

right now just 7% of sales are evs.s a gap between what is expected and what the biden administration is pushing for. so you see an influx in the number of assembly plants, battery, cell manufacturing facilities this is just a snapshot of where the industry is right now. this is what's in process. what's being built in this country, everybody i talked with today said that is not enough. that will have to be doubled if we get close to hitting the emission standards with more electric vehicles sold by 2032 tesla no doubt is the beneficiary of the tighter fuel emission standards they have no emissions coming from their vehicles, tail pipe emissions. so it doesn't have to make changes. and as far as the other ev startups as i call them, rivian, lucid, not much of a change in the shares today, guys you might think why not? this should be good news for the all electric auto companies. keep in mind we get the new ev tax incentives kicking in next week and some of the vehicles made by some of the companies may not be able to be

will in ev last that long? -- an ev last that long?ical permits with electric vehicles over the last 10 years, if you drove a nissan least 10 years ago, you would be lucky to get 80, 90 miles of range. today, 250 miles of range is the entry-level. there is s improvement that ev's will not become obsolete faster than gasoline powered vehicles. the battery is one part of it. the second question about hydrogen, to bring people up to speed, we are talking about hydrogen as fuel, which they use on spacecraft for power. you do not need batteries, you need a fuel cell to fill it up with hydrogen. they fill up with hydrogen in a few minutes. carmakers have been working on that technology for 20 years. some carmakers think there is hope for gasoline powered vehicles. the reality is, we pretty much have to decide on one infrastructure. it looks like the industry is moving to batteries. fuel cells would likely be in larger vehicles, like 18 wheelers, that require massive batteries. you can put a fuel cell in that is lighter. there is still a lot

can the power grid handle these new evs?ort answer is may be but it could cost quite a bit of money. by 2,030, evs will boost us electricity use from 8% to 13%. most experts agree the utilities will produce enough electricity but there is the question of getting that electricity to homes and businesses. the wall street journal reports that part of the grid needs expensive updates that could in turn increase our electric bills. >> we are looking at electricity supply, they are not looking at the wrong material supply for the batteries for the ev materials and i don't think this is legal. >> reporter: by semester at president biden's goal of building high hundred thousand ev chargers could also fall short of the country's needs as a non-electric vehicle goes by behind need. do vehicles sold, two thirds electric by 2032. some car dealers pushing back saying there are too many roadblocks. >> they have to back down because manufacturers can't produce these cars, consumers don't want them. the infrastructures not in place. is comi

purchasing an ev because they can't wait to get their hands on an ev from gm or ford tesla is a well-knownrand. musk sees cutting prices as a way to keep ahead of the game, to keep the boot on the throats of these competitors to the point where they won't be able to compete and they'll lose a lot of money in the process. >> six times and counting? even ives who you say you agree with says they may not be done and they likely aren't. >> if you look at the big major price cut they did in january, january 13th, there was a huge spike in app downloads for tesla and google searches for tesla on that day any time they've done a search, the downloads have increased all this quarter, q1, the average app downloads and searches are about double of what they were for all of 2022 it's about triple of what it was in 2020. to me that says the more time goes on, the more deliveries there are, the more interest there is in tesla. there's still pent up demand if people are spiking to check out what they can buy the latest tesla for with these price cuts. that's a positive. >> why aren't deliveries going up

and there are more ev drivers.t was a record-breaking year. this year they expect 1 million ev cars will be sold. and when you look at nissan, they say they're investing in this space. part of that is because of u.s. regulation, the push for that all-electric future. you see it in the displays and kind of the focus on ev here, but the u.s. ceo tells us they are also very invested in their gas vehicles as well. take a listen. >> we think at least 40% of our sales in 20 the 30 will be evs. of that means 60% of our sales is going to be combustion engines. our fleet is massively still going to be one of combustion engine. and in the states where there's a bit more of a push, we'll have, again, the offerings that meet the demands. and perhaps those will move faster to evs. >> reporter: and so, liz, i'm glad that you pointed out all this stuff at the top, because subsidies are such an important part of this. the aria does not qualify. the leaf, though, made by nissan does. despite it not qualifying for the subsidies in t

we hit our goal of 1.5 million ev sales two years early. the goal set by then-governor brown a decade ago. if sales keep up, we'll be close to hitting 2 million by the end of this year. so what's the next goal? governor newsom wants 100% of all vehicle sales to be electric by 2035. right now we're at 22%. >> we love helping the environment. we feel that it's a very, like, necessary thing. >> when you're in a hurry, battery need to charge. you need to think about that. >> joining us now, our business and tech reporter scott budman. we're doing pretty well. sales really ramped up these past two years. you're electric. i'm electric. what's the deal? what's with all the progress here? >> reporter: you know, california has a few advantages, raj. i mean we know from living in the bay area, there are electric chargers all over the place, that anyone from the public can use. that's a big advantage for california. it makes it easy to find a place to charge. also california has really high gas prices. nothing moves people when it comes to cars like f

we will go in and ev bentley. >> geraldo: if you go, i will drive you in and ev bentley.t time? there was not a convention last time because covid. the time before coming to you to the dnc or the rnc? >> dana: the rnc. >> greg: but >> jesse: i thinkwe should go te deep dish. >> jeanine: pizza. >> jesse: it's a food play. it is cocky because you don't really need to go to chicago. there is no pickup in chicago. the political play was atlanta, and if you win georgia, you are playing with house money. it is one fault line, which i'm going to be watching, from chicago, as i am broadcasting there, you have, this is obama's city, but you have biden in obama's city, so there is going to be a biden-obama tension that you were going to watch there and i'm going to be interested to see that. it is also now an absolutely progressive city. it is not like a rahm emanuel type daily town. this left-wing kook who is now mayor is a radical. he was endorsed by bernie and warren, and biden is trying to have this image, oh, i am lunch pail joe that gets along with joe the plumber. there is g

what of the build up in ev sales from other companies?e have the outlook from general motors with the executive vice president. you updated the market on your sales including 20,000 ev's. how do uc the market share for jim at the moment? >> we had a pretty terrific quarter overall including internal combustion. we finished on top of the market in terms of retail. we are proud of that but its the first quarter we broke through 20,000 electric vehicle sales. that comes in a year where we see it as a pretty good opportunity for us. our battery plans are just coming online in ohio and later on in spring hill, tennessee and in michigan at the same time we start to increase production of cadillac lyric and the hummer truck and suv. we have several launches behind that so we see it as a sign of things to come. caroline: the lyric seals -- sales were less than 1000. went to these numbers become really tangible? >> very soon, we are starting to see lyric shipments from the factory in the pipeline increase dramatically and beyond that, we have a so

and especially on the eve of holy week. when will our efforts and spiritual concentration be needed? in order to prepare yourself for a worthy meeting with the resurrected savior while reading the holy scriptures. amen, i congratulate you on the holiday. hello on channel one news release in the studio maxim shufutdinov and briefly about the main eve before easter today great saturday service in all orthodox churches of the chameleon, believers are waiting for the convergence of the holy fire in jerusalem. a special menu for the field kitchen . a piece of homemade warmth . advancing meter by meter reporting from the battle zone for marinka and after that we will be able to continue moving to take control of the most difficult section of the front with the help of assault groups. oil in the big french fire and plus 2 years before retirement president macron signed the pension law reform, which caused a wave of pogroms throughout the country. according to orthodox believers on great saturday, the last preparations to celebrate

they are making just ev's. if you take out the combustion engine vehicles for all of the other car companies, they are sometimes not making money at all. from that perspective in the ev, the future of the european auto sector, the future of the industry in general, this is not a good sign, but it is a flex from tesla because they are in the position to do it. >> we come to european carmakers, we are talking about the inflation reduction act, that it is encouraging americans to buy america. when it comes to the carmaker in europe, who is left to buy them if not americans? oliver: the question is that a lot of this stuff has been slow moving in europe in terms of the response to the inflation reduction act. you wonder if they wait too long, is it too late for these companies that are making investment decisions? this is definitely one of the major issues, but again, at the beginning of the earnings season when i spoke to all of the auto ceos, i asked if this was going to be a good year or a bad year for the auto

our business and tech reporter scott budman shows us why we're actually ahead of our ev goal. but there are hurdles that remain for everyone to go electric. >> reporter: pretty much everywhere you look in the bay area, you'll see an ev. the same trend holds statewide. >> this is actually our third ev. >> reporter: drivers like betty idson are saying no to gas in favor of an all-electric experience. >> we love helping the environment. we feel that it's a very necessary thing. >> reporter: in fact, california just recorded 1.5 million evs on the road. that exceeds a goal set by governor jerry brown and rereached the goal two full years early. >> no, i'm not surprised. california's very progressive in that regard. >> reporter: polestar is one of the companies benefitting from all those ev sales. >> we've had a lot of the success, especially in the bay area, you know. san jose, silicon valley, marin. >> reporter: while there are still barriers to going electric, like the lack of chargers and the time it takes to charge up -- >> where to charge, i think about that. >> reporter: cal

our ev sales in china last year.icant growth. we went to double sales for mercedes worldwide this year. >> there is no escape in this highly competitive industry. you need to be producing differentiated products that customers can appreciate. that is why we focus on leading technologies in the area. haslinda: nissan is using the shanghai show to unveil its latest ev concepts including the mex out and the arizona suv. the japanese automaker is accelerating efforts to electrify and aims to have 65% of sales in ev's by 2030. joining us from shanghai is the ceo. first, give us a sense of the demand you are expecting from the two models you unveiled. >> china is very important market for us. we were here for the last 50 years and the last 20 years with our partner. it is a great time to be here because we clearly see the shift in the automotive market. more than 30% is going electric. i would name it software driven electric vehicle market. we as nissan decided to launch seven electric vehicles by 2026 and reaching up to

. >>> on the eve of earnings, tesla is slashing prices on two of its most popular models again for the sixth time this year. >>> and talk about a reversal. watching shares of netflix this morning after a mixed earnings report, also marking the end of one of its hallmark services we're going to tell you all about it. >>> plus, regional banks in focus as deposit levels are a surprise to the upside that's coming up. >>> later, uk inflation shocking the street once again with a double digit print a live report from london. that's coming up next. it's when, april 19th, 2023. you're watching "worldwide exchange" right here on cnbc ♪ >>> good morning and welcome to "worldwide exchange. i am frank holland i hope your wednesday morning is getting off to a great start let's get a check on the stock futures after a bit of a mixed session just yesterday right now we're seeing futures sharply in the red we're seeing the dow if it opened up now, it would be early. opening up 100 points lower, alzheimer's the nasdaq we're starting with a benchmark 10-year. this is bouncing off a year low from earlier

. >>> and the chinese ev maker not being drawn into the ongoing price war in evs >>> later, elon musk details the chatgpt rival. one he calls truth gpt >>> choice words for microsoft and google it is tuesday, april 18th. you are watching "worldwide exchange" on cnbc. >>> good morning good morning i'm frank holland. let's get a look at the markets and your money u.s. stock futures here are modestly higher this morning this comes after a day where we saw modest gains in the market we are watching bond yields as we always do it is important to watch as the 2-year treasury yield is above 4% the 2-year treasury is about 3.6. this is a big bounce from the low that happened this month at 3.25 a 30 basis point move to the upside with the 10-year. >>> oil is a little bit down this morning down slightly. down .50% for wti and brent crude. brent crude at $84.25 this iscoming after oil saw th worst day since mid march yesterday. >>> we also watch bitcoin below $30,000 and ethereum above $2,000 after the upgrade >>> apple is opening the first retail store in india and a live report in mumbai comin

you know, i mean, hvsh ev— absolutely. you know, i mean, hvsh ev ehh— absolutely.g there. otherwise, they're definitely going to be there and shes— definitely going to be there and shes going— definitely going to be there and shes going he— definitely going to be there and she's going to be— definitely going to be there and she's going to be there with hev. — she's going to be there with hev. vvevsv— she's going to be there with her. frowsy joan _ she's going to be there with her. frowsy joan collins walk as if her. frowsy joan collins walk as h she-s— her. frowsy joan collins walk as if she's sashaying_ her. frowsy joan collins walk as if she's sashaying down, down uh— if she's sashaying down, down some, uh , exhibiting herself some, uh, exhibiting herself hevh— some, uh, exhibiting herself down some cat— some, uh, exhibiting herself down some cat walk. i mean, heheshv— down some cat walk. i mean, heheshv .— down some cat walk. i mean, heheshv , veu— down some cat walk. i mean, honestly , you know, the, the honestly, you know, the, the heeh— honestly, you know, th

the average price of a new ev, is $58,000. who is buying ev's. the average house old income for a buyer is $140,000 a year. that's surprise the national average household income. this is a class issue. it's not just about the affordability of the vehicles themselves but the upgrades to the grid we will have to pay for through taxes. the biden administration is talking about charging stations. most people don't have the ability to charge this car at home. it will require massive upgrades to the electric bid that will be rate based. these upgrades will be very expensive because the grid is not ready to handle this new demand. >> jason: yes. i used to have a tesla. i loved driving it. i had to pay $500 to put in a little charging station and hire an elblelectriccian for anr $500. i sold it. the average person can't out fit their home. there is no game plan. i don't know how many trillion dollars they will spend to do this. >> it will be a massive cost, jason. i studied the grid for a long time. i wrote a piece a few days ago talking about the cost o

you know, i mean, hvsh ev— absolutely. you know, i mean, hvsh ev ehh— absolutely.g there. otherwise, they're definitely going to be there and shes— definitely going to be there and shes going— definitely going to be there and shes going he— definitely going to be there and she's going to be— definitely going to be there and she's going to be there with hev. — she's going to be there with hev. vvevsv— she's going to be there with her. frowsy joan _ she's going to be there with her. frowsy joan collins walk as if her. frowsy joan collins walk as h she-s— her. frowsy joan collins walk as if she's sashaying_ her. frowsy joan collins walk as if she's sashaying down, down uh— if she's sashaying down, down some, uh , exhibiting herself some, uh, exhibiting herself hevh— some, uh, exhibiting herself down some cat— some, uh, exhibiting herself down some cat walk. i mean, heheshv— down some cat walk. i mean, heheshv .— down some cat walk. i mean, heheshv , veu— down some cat walk. i mean, honestly , you know, the, the honestly, you know, the, the heeh— honestly, you know, th

for more details on the ev maker is bloomberg's alex webb.d from elon musk saying the priority is volumes over margins. we know they are cutting prices not just in the u.s., but china as well, what have those done to these results? >> we have seen certificate decline in the operating margin. the profit margin was 19% a year ago, 16% in the previous quarter. it has now gone down to 11%. tesla frames this as getting share from competitors at a time when we have more generous operating margins than they do, so we can essentially afford to do it. don't forget that tesla nunnally has been expanding its capacity significantly over the past few years in shanghai, berlin and texas. it needs to run those at a certain capacity to be profitable. it also is essentially valued on growth. but that growth is predicated on being profitable. that is why it is able to trade at 50 plus times multiples of forward earnings. if you are massively discounting your vehicles and the margin is coming down, one part of that thesis starts to fall apart a little bit. manu

let's talk about ev's. kia is unveiling it's all electric ev 9 suv.out all of it with kia executive vice president and coo. the ev 9, the suv, who is it wanting to compete with? steve: right now it is not going to eat with everyone because it has cleared space at the top of the suv market. perhaps in the coming years some other vehicle such as the chevy blazer might be a competitor, but this is a full dies suv with six or seven passengers with a targeted 300 mile range. there's not anything like that on the market right now. ed: the biggest question is pricing. lots of models coming online in north america. everyone has their eyes set on tesla. the price that ev to make it competitive? steve: good question. kia has added a lot of new vehicles. the telluride has single-handedly changed the upgrade. we have been attracting newer customers that are purchasing the car well into the $60,000 range. that has paved the way for ev 9. while we are not ready to announce pricing, it will be priced beginning with the high end telluride and then upward from there w

i think they're credible gm's had a low price ev. i don't think it's competitive in offering and certainly as tesla cars but certainly lower price than tesla we've had some koreans come in with attractive ev offerings again, this is -- the auto industry has historically had four returns for oems, in large part, because it's a very competitive industry you now have the entire industry focused on developing evs. yes, tesla's had a head start. i think it still has some advantages versus its peers. clearly, peers are gaining on them there are 150 new evs coming out globally this year there's just tremendous focus on this part of the marketplace though, you know, tesla may get there first, but there are lots of other players who are pushing hard with ev introductions and are coming out with better and better offerings. >> thank you for the time today. feeling vindicated today with the stock down 8%. appreciate it. >>> still to come this hour, two earnings exclusives, the ceo of regional bank synovus, total deposits increasing, bucking the

what up the difference between regular car and an ev -- an ev pickup is almost 3,000 pounds heavier thanal pickup. start to put those in high-rise cities all across america. we do not have infrastructure support. can you imagine the brooklyn bridge during the evening commute full of ev's? we don't know if our infrastructure can handle it. is america is not ready for these things we want to push paradigm for this energy, but the kicker is that ev does not support a better environment. co2 emissions for creating an ev are worse! >> charles: like windows and everything else. >> you take that and it's worse on the environment. >> charles: batteries never catch fire. >> harris: it's that kind of specific signs, and you are a scientist by trade -- that's what we are missing from the conversation. it >> amy: it is important. >> harris: i don't know why people on the left don't want that, because it would help their cause, for forcing people to do it's not even potentially unconstitutional in the first place: tow forces took a -- that is even potentially constitutional in the first place, which

electric vehicles, evs, make up 7% of new car sales. now the biden administration wants to accelerate the green revolution with tougher emission standards, and industry sources say requiring that evs make up at least 54% of automakers' new car sales by 2030, two-irds of sales by 2032 >> running on a cleaner grid, making and inventing the technology is going to power the future. >> reporter: automakers are already investing billions to transition from gas to electric general motors' ceo mary barra -- >> the quicker we can bring everyone along to evs, the better it's going to be for climate. >> reporter: we've seen the green revolution firsthand, from the assembly line, 3,000 pounds of lithium-ion cells helping the hummer to accelerate from 0 to 60 in 3 seconds to the front line eventually, they want to take their whole fleet electric just two years ago automakers agreed that evs would make up half their sales by 2030. now the industry says the new white house goals aren't realistic, writing in a statement, this requires a massive 100-yea

tesla is the world's largest ev maker.s is the largest and fastest growing ev market in the world. we don't know what happened. in the -- there is an incident here. a consumer that claim to be an owner of the model three climbed on top of the display car and told the world that one of her family members almost got killed because of the alleged car failure. the company announced a second one in a few months. that is shaping up to be a very vicious price competition in the industry. small players were pushed against the wall. profit margins are shrinking. share prices in a freefall. that is making a lot of investors worry. it is a good time to be a consumer. this is not necessarily a good time to be an ev car shareholder. >> pick up a car while you're there. nobody will notice. our next guest is washing the car show closely after the men -- after the demand for ev materials. what are you seeing there? when you getting out of watching this auto show? >> i mean this is a spotlight event currently happening. it attracts market

evs?rk, tesla has a plant in buffalo but elon musk requested a meeting with guess who yesterday, the president of south korea because yoon suk-yeol was in dc. information moments ago, that meeting yesterday, information reporting today tesla put its time on director in charge. stuart: elon musk can talk to anybody wants. what do you say on this? >> the problem with congress, you don't have 10 who understand the internet. they don't know how to put the framework in place or draft legislation. it's going to have to be a consortium of lot elon musks of the world who say this is where the guardrail should be. stuart: the federal trade commission says their approach to ai regulations send them on civil rights and equal -- >> that won't do it, that won't solve the problem. stuart: brent bozell is with us. ai regulations, civil rights and income any quality. >> it means put on your seatbelts and be very very afraid about what is about to happen. if you think the world information is governed by t

secondly, i think evs are inevitable. we are going that way. you cannot stop it.able than it has been, for instance, a chevy volt, which was 41,000, the standard model, is now 33,000 because of dramatic price cuts and everyone that makes these evs including tesla, major price cuts. $7500 rebate is only for u.s. u.s.-made evs. i think it is inevitable. i think we need charging stations everywhere. this shouldn't be rural counties getting discriminated against. progress is our most important product. >> dana: would you put your 16-year-old daughter and a chevy bald? >> geraldo: sure, she drives a mini now. a bolt is not a bad car. >> dana: you have the bentley. >> jeanine: how much does your bentley way? >> geraldo: might bentley weighs more than three -- >> kat: i will probably never be able to answer that question on behalf of myself. coming up, bill barr calls out the shocking truth about woke culture. >> brian: we all have homer's. ♪ ♪ the real secret to success? better sleep. purple is different. soft and firm, in all your right places. the gelflex grid keeps y

we more than doubled our ev sales in china last year.looking at significant growth this year of ev's in china and around the world. we want to double our sales worldwide this year. china is a very competitive market, most of the dynamics have been in the volume segment, lower segments where mercedes is not represented. you can now see in the premium and luxury segments, it is starting to take off as well. we are launching a whole host of models to make sure we participate in the growth. david: am i correct to assume that you, at your price point in this market, you are not feeling the pressure of the price wars going on in different segments? >> and an intense competition going on in the segment below 300,000. the price competition is very intensive at the moment. i think it would be wrong to say that it doesn't have any effect on the rest of the market, but so far, we have archly been able to resist that. manus: ceo of mercedes-benz they're speaking to yvonne and david. joining us from the auto show in shanghai, where the ceo of mercede

everybody wants that lower priced ev.le years >> you have given us a lot to look for >>> after the break, we're live on the floor breaking down earnings trends. plus speaking of earnings, two more big interviews here tomorrow phillip morris, all that in the 11:00 a.m. hour tomorrow as we continue to monitor earnings trends, especially better than expected earnings numbers and whether growth is holding up in revenues we'll be right back. >>> a couple hours into trading. i managed to sneak down to join you. >> it's like old times come on over here. this is something you're not going to see very often. this is called a low beta stock. it almost never moves 6% this is one of the biggest moves in many years. this is a dow component. this is the main reason the dow isn't even down more that alone is 75 points on the dow jones industrial average we always talk about the reporting about the storms that are happening, the wind storms and hailstorms that's the company that has all the exposure this is one of the biggest property an

it isn't going away even if tesla has initiated an ev price war. >> you know, speaking of evs and tesla, bryn, what do you want to say about this stock where price targets, at least ten of them, were cut today on the margin concerns they continue to cut prices. analysts suggest they probably aren't done doing it >> i'm mostly surprised that these analysts were surprised. it's like tesla's team has been crystal clear they're cutting prices to me the eye of the prize is not in the u.s we like to think we're the most important consumer as it relates to evs, it's china. europe is 24%. china is 60% elon has -- he's the number one ev maker in spades in the u.s. tesla has to compete very heavily to stay in china and china is going to have 9 million evs this year estimated. 2.5 million more than last year. he needs to spend, spend, spend to make sure he's getting people in those cars. i think operating margins came in, to me the biggest losers in the u.s. are ford and gm whose margins, and jim can correct me if i'm wrong, are 5% to 6% and i believe those will be falling because while internal c

but here we have the government eling the us it has to be an ev -- telling us it has to be an ev.can you do? >> through legislation, we can. there are steps that we can take to curb this. but this is -- you've got to recognize that this is a concerted effort by this administration. the government is incrementally moving us in this direction, and it's going to be very difficult to start to stop. but we can. we can do all we -- a lot of different things to slow down this movement in this direction. stuart: let's hope you can succeed there, sir. we appreciate you being with us, congressman. i hope you can come again, keep us up to speed with what's going on with the ev market. good stuff. thank you, sir. >> thank you, stuart. stuart: it's # 1:55, and that means it's time for the wednesday trivia question. it's a good one. how many degrees can an owl twist its neck? 240, 270, 300, 330? what is it? the answer after this. ♪ ♪ ♪ . . bodyarmor lyte. more than a sports drink. stuart: it was a good question. i don't know the answer but i probably will guess. how many degrees can an owl twis

metalsso evs are very material intensive. two hundred kilograms, logram according to the international energy agency. cobalt copper. let's talk about copper, lithium, manganese, nickel. but the really problematic cobal issue is cobalt. every evy holds contains about coirteen kilos, about twenty five pounds of cobalt, which is mined in the congo.s in terrible conditions. siddharth kara has a greatcondit new book on this called cobalt red , in which he documents the how many people are dying in these cobalt mines in the congo. and again, that market is almost completely controlled by china. so from an energy security standpoint, jason , this makests no sense at all. and i'm not a china basher. you know, china's will attack china and look out for china. it doesn't need to be this way. i was just in phoenix overe of the weekend and price of gas was nearly five dollars a gallon. and i don't think it's a coincidence that this administration make that big of that thi an announcement. isd then also there's really super expensive gas.

as i mentioned, it is not the sex y part of the business what people are focused on is ev sales.ng prices because of stiff competition because of electric vehicle manufacturers. this plant will not produce batteries for ev production, but it solidifies the supply chain tesla built in china when it comes to electric vehicle manufacturing and battery manufacturing. that is the core of the growth in china and asia. worldwide terms, i get the question from people on a regular basis. where does tesla compare to other manufacturers in global sales. not in the u.s. where they have 2/3 of the market globally, they were the leader with 17% market share. byd is catching up quickly 12%. you see vw and gm with a sizable operation with lower priced evs in china you look at shares of tesla and keep in mind this is a company which announced last week, basically thursday night, it would cut ev prices here in the u.s. with the base model y coming in at $49,990 they are cutting prices by $2,000 the model 3 prices are dropping by another $1,000 down to $41,990. this is important, frank you have the

all this on the heels of aggressive ev price pwar.ped the price on the models six times in the u.s. tesla cost cutting will payoff in the long term >> we believe we are laying the ground work here instead of shipping a large number of cars at a lower more begin and harvest that margin in the future as we perfect autonomy >> for more on the results, i'm joined by seth goldstein great to have you here >> thanks for having me. >> seth, you have a price target of 215 after the results, does that change >> it does i lowered my fair estimate from 215 to 225 due to lower margins which will persist through 2023. we saw the first quarter results operating margining for the company which focuses on 11% that was the low i thought they would be i thought they would be at 13 or 14% for the year still a compression from last year, but due to the price cuts as tesla did cut earlier this month, i think we will see lower margins persist through the year more importantly, if you look over the long term, i see no change to tesla's story. they will pursu

bottom line is this, guys, we're in midst of an ev price war. we're definitely seeing it in china and some semblance of that here in north america and you're seeing it also in europe. >> sacrificing margin for market share, how does a 19% margin compare with for example ford or gm >> well, you got to -- let's take operating margins, their operating margins they're probably double what you could get for ford or gm right now so, yes, they're still among the industry leaders and really among the mass automarket players they're the industry leader that said, the reason the stock is under pressure is because there's very few on wall street who can say with confidence where they believe the margins will settle out. at 18% 17%? does it down go to 15% >> obvious math tells you that if you cut costs and you do don't -- if you cut price and you don't costs your margin is going to go lower? maybe there are cost cuts that he could effect in. >> well, that's a tricky area. look, they already have among the lowest costs of goods among any of the automakers in

nissan and subaru will also be promoting their evs.he new york japan office says new car sales in the u.s. fell almost 8% in 2022 from the previous year. that was mainly due to rising interest rates. a nissan north america official said the proportion of evs in the u.s. market has been rapidly increasing. he says tax incentives are sure to boost sales. >>> and one of the latest additions to tokyo's skyline is set to open in the capital kabukicho district next saturday. it's better known to one of the largest entertainment areas than skyscrapers. the group started the construction of the tower in 2019. now, the building has 48 stories and five basement floors. it opened to the media on thursday. dining and drinking establishments are arranged in alleys on the second floor resembling side streets in the neighborhood outside. a luxury hotel occupies the upper floors. entertainment facilities include a live music venue and a nightclub on the basement floors. the tokyo group says bus services linking the tower with hanida and narita airplan

on the eve of the real persecution, the schismatics seized the cathedral in the zhytomyr region in the kiev region, for unknown reasons, the temple burned down, upts. well, in the meantime. in the new russian regions , quietly preparing for the solemn divine services from the lugansk people's republic report by aleksey iva. lord of the people's republic, in the week before easter, in addition to ordinary parishioners and a huge number of russian military personnel , the kostroma and ivanovo paratroopers. in the spacious building of the church, it instantly became crowded, most of these guys straight from the battlefield. many of them will be on the front lines during easter, which is why it is so important to confess and take communion with the priest on the eve of the bright holiday. pascha rector, father aleksey compares those 8 years when the village, the lugansk region was under the control of the armed forces and the present times then according to him , people in uniform. there were almost no churches , and therefore everything that is happening with churches in ukraine now does

the football league of europe on the eve of the first matches of the 1/4 finals in the central meeting stage of the tournament manchester united hosted in sevilla, where we saw four goals, and all these goals were scored by the players from england, the saraform scored the stupid own goals of malasia, and the macguira brought nothing to the spaniards, 2 :2 and the nord at home won 1:0. roma is already mourine, with the same score juventus coped with the portuguese sporting, but in the bayer union match, the saudis recorded a final draw 1:11, the return games here will take place in a week in the conference league. at the same stage of the tournament, another club from britain, west ham, failed to play genta, 11 basel drew with nice 22. fiorentina almost guaranteed themselves a place in the semi-finals, defeating them easier 4:1. and another belgian club of andrey 2.0 did it. smarom games in response are also waiting for us on april 22. the coach must regularly improve in this confident participants of the two-day seminar for swimming instructors in minsk on the basis of the bgufk, spec

that, he is involve in the issuance of tha certification, his testimony was permitted by the judge eve though he claimed attorney client privilege and the judge explicitly said, without casting by the way any sense that corcoran is at faul here but simply said a client canno use an attorney to perpetrat criminal conduct so she permitted that veil o the attorney client privileg to be pierced, and require testimony. it is an unusual situation it is tough for the lawyer t continue representing th client in something like this. >> the heart of the matter her and really the central matte for this case for trump is not so much but he took thes documents, it's that h obstructed the recovery of them. in the case of everett corcoran, prosecutors do seem to b interested in this letter that he drafted in june and in that letter he said tha he had, quote, done a diligent search and did not uncover an classified documents of, course that was not true or maybe the search wa diligent but the fbi did retrieve hundreds of classified documents from mar-a-lago afte that so is there an indication here tha

gm and ford, they are concerned about the transition to evs and make anything like the kind of moneyhey make now. looking for otto stock, i consider vw the german automaker, stop trades pretty cheaply. another play is freeport mcnamara and copper demand could rise sharply in the next decade. jack otter: you've looked at analysts thinking this could be the beginning of a nice season. jack hough: i am commodity confused. am i going along, palladium, short, the naked butter friend future spread, is that a thing, i speak with john laforge, the head of real asset strategy, investment institute, very simple thesis on commodities. they tend to go through bull and bear super cycles the last 10 years or longer. there have been 10 since the american revolution. we are in the seventh one now, commodity prices broadly up 80%. the average run is 250%. you don't need a hot economy or stock market. jack otter: how can investors get access? jack hough: i share gfci commodity dynamics. there is an actively managed blackrock commodity strategies, the shares are too expensive, look for the institutiona

effectively force automakers to ditch most gas-powered cars and trucks and put the pedal to the metal on evs. >> today's action will accelerate our ongoing transition to a clean vehicle future. >> reporter: right now fully electric vehicles make up just 7% of new car sales. the biden administration is trying to supercharge that to more than half by 2030, and two-thirds by 2032. major u.s. automakers are rapidly ramping up production of evs, but there are concerns about the supply of raw materials for the batteries and whether the nation's power grid can handle charging demands. >> and that's ultimately going to determine whether we can reach these levels. >> reporter: john bazela remembers the auto industry. >> this is clearly ambitious. is it realistic? >> there is no question automakers know how to make electric vehicles. it's going to require a complete transformation of the automotive industrial base if we're going to be truly successful here. >> reporter: getting americans to go electric is key to the biden administration's climate goals. in the u.s., transportation is the largest contr

small business expert jean marks weighs in later and shopping figures on how to make biden's ev dream a reality. who will front the bill to get the infrastructure needed? economist greg valliet warns that well might be running pretty dry, and elon musk says ai has the potential to destroy civilization but he's reportedly planning his own ai start-up to rival open.ai. we have those details and why he's getting back in to artificial intelligence. all that and much more on out making money. banking crisis? what banking crisis? america's biggest banks kicking off earnings season with a bang. jpmorgan, wells fargo, and citigroup, all posting strong first quarter profits, as did one of the largest regional banks in the country that is pnc remember it was only last month that three u.s. banks collapsed. here now charles schwab chief investment strategist, liz ann s aunders. financials are the only sector in the green today as the market sells off. are there signs of trouble from the report cards that we saw from the banks today in your view? >> no, no significant signs of trouble, but this w

day before ability to cope spectacularly did not convert a penalty in the match with bayern on the eve of the second leg of the champions league quarter-finals, but in the second half the norwegian performed a masterful attack 1:0 shortly. before that, there was an interesting episode of yupami, kano burned on the holland, servo one-on-one and arbiter-terpene. he immediately showed the defender of the hosts a red card, however, he immediately canceled it after a prompt from the video assistant of the obsadion of the norwegian goalkeeper sadio mane , and he did not say that munich had taken root and worked for his club. penalty. judge it took var and then kimmich showed class and composure 11 on aggregate two boys of barcelona company stepped into the semi-final there to play against. reala is similar. poster, i admire, because the citizens of the royal club have a huge playing potential, manchester's mentor guardiola became his first coach in history. who managed to reach the semi-finals of the champions league 10 times four times with barcelona and three times with bayern. city real m