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The Utah Department of Transportation (UDOT) has a plan to replace a narrow, winding highway leading to a popular ski area with an 8-mile-long (13 km) electric gondola ride. The move would make the site accessible via public transportation, removing the need to clog the highway with cars, cut down on traffic accidents, and decrease emissions in the canyon.

The planned route for the gondola passes through Little Cottonwood Canyon, where State Route 210 connects Salt Lake City with four major ski resorts in an area with world-class skiing.

The electric gondola has been proposed as a solution to the major traffic concerns along the highway, which has been described as having traffic that “has gotten so bad, particularly on snowy ‘powder’ days, that the canyon becomes more or less undriveable after 8 a.m. if there is any significant snowfall.”

Avalanches and traffic accidents can also lead to miles-long traffic jams along the highway. SR 210 is known as the most avalanche prone highway in North America, as it sits in the way of 64 active avalanche paths.

UDOT proposed three potential solutions: widening the highway as well as increasing bus routes along the road, laying down a rail network next to the highway, or constructing a gondola to fly passengers above the highway. The gondola plan was ultimately chosen as the most effective, and is currently in discussion stages before seeking final approval.

The proposed Little Cottonwood Canyon Gondola Project is a far cry from an oversized ski lift or cable car. UDOT project manager Josh Van Jura explained that the project would use large climate-controlled gondolas that carry up to 35 passengers and feature heated seats with built-in USB charging, offering just as comfortable of a journey as a car ride. The gondolas would arrive every two minutes, resulting in a maximum theoretical throughput of over 1,000 passengers per hour. The highway currently sees around 7,000 vehicles per day.

The proposal includes building the La Caille base station as the starting point for the zero-emission gondola. Located on the edge of Salt Lake City, the multi-modal hub would include several thousand parking spots and feature rental lockers for ski gear, eateries, and shopping.

A 31-minute gondola ride from the La Caille station would whisk passengers through the canyon, flying above the highway towards the Snowbird station. Passengers remaining on would have another six-minute journey on the gondola to reach the final point at the Alta Station.

The estimated cost is said to be between $391 million to more than $1 billion. As a Utah Department of Transportation project, the gondola would be funded by state capital similarly to other transportation or road projects.

The project is currently open for comment from Utah residents until February 26, after which a decision will be made whether or not to move forward with the project.

Electrek’s Take

I think this is an incredible demonstration of how zero-emission alternatives can be an improvement not just for the environment, but also for daily quality of life.

The current situation is awful, with people frequently stuck in hours-long traffic jams or just being unable to use the road at all — which is itself a safety concern when evacuations are necessary. Adding more buses or lanes would add more noise and pollution to the canyon.

I understand that there are objections to the project, largely based on the money it would take to build or the potential “ruining the view” of the canyon. My response to the NIMBYs is that this is why you have taxes, and that the view would be much worse if they build a bigger highway or put hundreds more buses on it. And if you don’t like seeing cables or gondolas on your mountain, then perhaps you would have preferred stairs instead of a chairlift at your local ski resort? Yeah, I didn’t think so. A few thin cables aren’t going to destroy the view, nor are the support towers that are likely to be nicely camouflaged along the way, just like how cell-phone towers are often built to look like trees in many cities.

Admittedly, the 37-minute trip is longer than a car drive, which takes around 20 minutes without traffic. But when the road is impassible due to traffic jams, accidents or inclement weather, 37 minutes sounds a lot better than canceling a trip or spending hours stuck in an idling car halfway up a mountainside. Plus it’s a beautiful, 37-minute scenic trip through the mountains. Sign me up!

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CNBC Daily Open: Tech sell-off? Investors could just be taking profit and enjoying the summer

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CNBC Daily Open: Tech sell-off? Investors could just be taking profit and enjoying the summer

A Palantir sign at the World Economic Forum annual meeting in Davos, Switzerland, on May 22, 2022.

Fabrice Coffrini | Afp | Getty Images

If you have any U.S. technology stocks in your portfolio (and let’s face it, who doesn’t?), you might want to look away.

For the second day in a row, tech stocks dragged markets lower, with the Nasdaq Composite slipping 0.67%. Juggernauts such as Apple, Amazon and Alphabet were more meh-nificent than magnificent, falling more than 1%.

Palantir — the standout S&P 500 stock, having more than doubled so far this year — had its sixth consecutive day in the red and lost its place among a ranking of the 20 most valuable U.S. companies.

While Palantir’s slide was partly triggered by a report from short seller Andrew Left’s Citron Research, which called the company “detached from fundamentals and analysis,” there was no single trigger for the broader pullback.

Investors could have been spooked by OpenAI CEO Sam Altman’s caution about an AI bubble forming, although some analysts dispute that assertion. “In our view the tech bull cycle will be well intact at least for another 2-3 years,” said Wall Street tech bull Dan Ives.

Or it could be something benign, like traders locking in profits. “Tech stocks,” said Carol Schleif, chief market strategist at BMO Private Wealth, “have had an incredibly strong run – with some up over 80% since the early April lows.”

Summer, after all, is far from over. Some investors might have just wanted to cash out for another round of margaritas.

What you need to know today

And finally…

U.S. President Donald Trump and Russian President Vladimir Putin arrive for a press conference at Joint Base Elmendorf-Richardson on Aug. 15, 2025 in Anchorage, Alaska.

Andrew Harnik | Getty Images

Red carpet for Putin, trade relief for China, penalties on India: Inside Trump’s peculiar policy playbook

U.S. President Donald Trump is pursuing an unusual strategy — courting Russian President Vladimir Putin, holding fire on Beijing, all the while turning the screws on India.

Despite India being one of the earliest nations to engage in negotiations with the Trump administration, there is still no sign of it sealing a deal with America. New Delhi is now also staring at a secondary tariff of 25% or a “penalty” for its purchases of Russian oil that is set to come into effect later this month.

— Anniek Bao

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CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don’t let it ruin your summer

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CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer

Palantir Technologies signage on an options contract ticker as traders work on the floor of American Stock Exchange at the New York Stock Exchange in New York, U.S., on Friday, June 20, 2025.

Michael Nagle | Bloomberg | Getty Images

If you have any U.S. technology stocks in your portfolio (and let’s face it, who doesn’t?), you might want to look away.

For the second day in a row, tech stocks dragged markets lower, with the Nasdaq Composite slipping 0.67%. Juggernauts such as Apple, Amazon and Alphabet were more meh-nificent than magnificent, falling more than 1%.

Palantir — the standout S&P 500 stock, having more than doubled so far this year — spent its sixth consecutive day in the red and lost its place among a ranking of the 20 most valuable U.S. companies.

While Palantir’s slide was partly triggered by a report from short seller Andrew Left’s Citron Research, which called the company “detached from fundamentals and analysis,” there was no single trigger for the broader pullback.

Investors could have been spooked by OpenAI CEO Sam Altman’s caution about an AI bubble forming, although some analysts dispute that assertion. “In our view the tech bull cycle will be well intact at least for another 2-3 years,” said Wall Street tech bull Dan Ives.

Or it could be something benign, like traders locking in profits. “Tech stocks,” said Carol Schleif, chief market strategist at BMO Private Wealth, “have had an incredibly strong run – with some up over 80% since the early April lows.”

Summer, after all, is far from over. Some investors might have just wanted to cash out for another round of margaritas.

What you need to know today

Fed officials divided over inflation and employment worries. Central bank governors generally agreed there were risks on both sides. But a couple — breaking from the majority — saw the labor market woes as more pressing, according to minutes of the Fed’s July meeting.

Trump likely to pick Kevin Hassett as next Fed Chair. The director of the National Economic Council firmly led the pack, according to a CNBC Fed Survey. However, respondents think the president “should” pick former Fed Governor Kevin Warsh.

No new solar or wind power projects, Trump says. Renewable energy projects will no longer receive approval, Trump posted Wednesday on Truth Social. His comment comes after the administration already tightened federal permitting last month. 

Fourth day of losses for the S&P 500. Investors continued selling off technology stocks on Wednesday, with Palantir having its sixth straight losing day. The U.K.’s FTSE 100 closed at another high despite inflation in July coming in hotter than expected.

[PRO] The Fed is expected to cut just as markets trade at highs. This is what tends to happen when both factors coincide, according to Goldman Sachs research.

And finally…

United States President Donald Trump participates in a Multilateral Meeting with European Leaders in the East Room of the White House in Washington, DC, US. Picture date: Monday August 18, 2025.

Aaron Schwartz – Pa Images | Pa Images | Getty Images

Trump has snapped up more than $100 million in bonds since taking office

U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office in January, investing in debt issued by local authorities, gas districts and major American corporations.

Across 33 pages of filings with the U.S. Office of Government Ethics, or OGE, dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday.

— Chloe Taylor

Correction: This report has been updated to correct the spelling of Kevin Hasset’s name.

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Tesla offers used car leases with $0 down as it desperately tries move cars

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Tesla offers used car leases with alt=

Tesla has started offering leases of certified pre-owned cars, which is relatively rare in the industry, with $0 down as it desperately tries to move vehicles before the end of the quarter.

With the federal tax credit for electric vehicles set to expire at the end of the quarter, automakers in the US are all trying to optimize EV sales, as demand is being pulled forward.

This also applies to used EVs, as the $4,000 federal incentive for used electric vehicles will also expire on September 30th.

Now, leasing used vehicles is much less common than leasing new cars, but some automakers, or mainly dealers, do offer it.

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Tesla is getting into this business for the first time.

In California and Texas, Tesla is now offering leases on certified pre-owned (aka used) Model 3 and Model Y vehicles.

These are reasonably priced and can be as low as $215 per month with $0 down for a 24-month lease and 10,000 miles per year.

Tesla also offers a 12-month lease and up to 15,000 miles annually. While there’s no down payment needed, there’s an “Acquisition Fee” of $695.

That, and the first month, is all you need to get in a used Tesla for the next year or two.

This is undoubtedly the cheapest way to get into a Tesla vehicle right now.

Tesla is trying to sell as many vehicles as possible in the US this quarter, as demand for EVs has been pulled forward due to the end of the tax credit. This is expected to result in a record quarter in the US, but it also going to create a few difficult ones in the future.

With demand being pulled forward and future buyers feeling like they missed out on EV discounts, the US EV market is expected to experience a significant slowdown over the next 12 to 18 months.

Tesla sales are down about 13% globally so far this year. While this quarter is expected to be better, many analysts still anticipate Tesla’s year-over-year performance to be down.

This year alone, Tesla added more than 50,000 electric vehicles to its inventory.

Used cars have also been piling up.

Tesla owners rushed to sell their vehicles as Tesla’s brand perception dived following its CEO’s involvement in politics.

We previously reported that the average used Tesla sale price has recently dipped below the overall average used car sale price in the US.

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