General Electric CEO Larry Culp said Tuesday that management will move as quickly as it can to split up into three companies but it will focus on doing it right.
“We know looking at spins elsewhere that the focus and the accountability always increase,” Culp said on CNBC’s “Squawk on the Street.” “We think we have an opportunity here as well to have sharper capital allocation and greater strategic flexibility.”
The aviation unit will keep the GE name after spinning off the health-care unit by early 2023 and the energy unit by early 2024. Culp told CNBC’s David Faber that the health-care business is the first to get spun off because the company still has some of the preparation from when it considered an initial public offering for the division a few years ago.
GE also announced Tuesday it expects it will have paid down $75 billion in debt from its 2018 peak by the end of the year. Culp said the debt repayment has helped make the split possible.
Culp also said the health-care business is facing some backlogs, while its aviation division is in the midst of its recovery from the pandemic.
“All in all, we cannot complain about this demand environment,” he said.
Some investors and Wall Street analysts have been pushing for years for the company to break up. The stock has underperformed against the market for the last two decades. Another benefit of the spinoffs could be investor bases that are better geared toward those three businesses, according to Culp.
Under Culp, GE has been selling off parts of the company — like its home appliance business and its embattled financial services arm — in an effort to simplify its business. Culp will hold his titles as chairman and CEO of GE until the energy unit is spun off, when he will become head of the aviation business. He will also serve as the non-executive chairman of the health-care business after its spinoff.
Culp said GE will keep updating investors and employees as the process progresses.
“There are far more questions today than we have answers for,” Culp said.
Tenways launches new Wayfarer e-bike with 85-mile range, Apple Find My, and $577 savings at $1,899
Running alongside its ongoing Early Black Friday Sale, Tenways has launched its Wayfarer e-bike that comes with $277 in FREE gear at $1,899 shipped, after using the on-page code EARLYBIRD300 at checkout. This new model will go for $2,199 at full price once these launch savings end, which is getting a significant $300 markdown that sets the bar for future discounts, while also getting $277 in FREE add-on gear. That gear includes mudguards, a kickstand, and a rear cargo rack to bring some extra versatility. As always with this brand, folks who are medical providers, military, first responders, students, or teachers can receive an extra $100 discounts upon verification.
Whereas Tenways is known for its throttle-less commuters that have smaller motor and battery combos that add to their lightweight designs, the brand’s Wayfarer e-bike is flipping the script as it not only comes with a throttle, but also a larger Bafang 500W rear hub motor (peaking at 750W) powered by a 720Wh battery. This pairing gives you up to 85 miles of pedal-assisted support (with a torque sensor) and up to 35 miles of throttle-led full electric power, maxing out at either 20 or 28 MPH (depending on your local laws).
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Among its features, you’ll find hydraulic disc brakes with power cut-off, Kenda EPS all-terrain puncture-resistant tires, an 8-speed Shimano derailleur, an LED headlight, a brake-activated taillight with turn signaling, a TFT LCD screen for setting adjustments, and more. We’re even seeing some app-based support come in the form of a live dashboard for settings and performance, navigation services, and even Apple Find My integration so you always know where it is. You can learn even more in our original launch coverage.
Score an exclusive $1,750 savings on Jackery’s Explorer 3000 V2 solar bundle with 2x 200W panels at a new $1,249 low
We’ve secured an exclusive deal on the Jackery Explorer 3000 V2 (HomePower 3000) Portable Power Station bundled with two 200W solar panels at $1,249 shipped, after using the exclusive code 9TO5BFJACK at checkout. This solar-expanded package usually goes for $2,999 in full, which we’ve seen regularly keeping down at $1,599 since mid-September, and has only gone as low as $1,499 up until today. It’s starting off with an initial price cut to that $1,499 rate that we only saw once before during Prime Day, with the exclusive bonus savings taking things lower than ever with a combined $1,750 markdown to a new all-time low price.
For the rest of the day, save $325 on Anker’s black SOLIX C1000X Gen 2 power station at $475
As part of its Deals of the Day, Best Buy is offering the very first discount we’ve spotted on the Anker SOLIX C1000X Gen 2 Portable Power Station to $474.99 shipped. Normally going for $800 at full price, this is the first time we’ve seen discounts on this black colorway, as opposed to the standard grey colorway that is sold direct from the brand (currently $449), Amazon (currently $450), and other retailers. For the rest of the day only, you can pick it up with a $325 markdown off the going rate. Keep in mind that this is identical to the standard grey model we’ve seen go as low as $379, and is only notable for folks who would prefer the darker color. You can also browse the newer SOLIX C2000 Gen 2 power station launch deals here.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s ‘flying’ Roadster, Elon’s pay package, new EVs unveiled at Japan’s mobility show, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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Just in time for next week’s SEMA show in Las Vegas, Brian Kim Designs has dressed up the all-electric Hyundai IONIQ 5 in a wild concept body with wings, flared fenders, wild colors, and a whole lot more – perfect for Halloween!
Based on the ultra-high performance Hyundai IONIQ 5 N, Brian Kim Designs’ IONIQ EVO concept considers one of the directions high-performance electric vehicles could take as the tuner cars of the future, and explores (what Kim calls) the, “untapped potential of EVs” in the broader aftermarket and customization space.
The colors, too – in a high-energy matte finish, were carefully chose to set help the IONIQ EVO apart from its more pedestrian cousins. You can take a look, below:
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The Kim-designed aerodynamics-enhancing concept also incorporates fin-type side skirt trims, a deep chin splitter, and outlet designs that extract dirty air generated by the wheels. A massive, roof-mounted spoiler with full-length aero fin for enhanced stability at triple digit speeds is, of course, also included.
Of course, all the spoilers in the world won’t make a car faster. For that, you need power – but it’s not quite as easy to get “more” power out of an electric motors as it can be from an ICE. Luckily, the IONIQ 5 N has power and torque to spare. That means that the best way to improve performance isn’t necessarily having more horsepower, but having fewer lbs. for each of the car’s horses to pull aruond.
Kim’s website calls the IONIQ EVO exterior design, “an in-house customization concept by Hyundai Motor Company.” Here’s hoping the two get to collaborate again, soon.
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