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Jerome Powell, chairman of the US Federal Reserve, during a roundtable event in York, Pennsylvania, US, on Monday, Oct. 2, 2023.

Ryan Collerd | Bloomberg | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

‘Policy should remain restrictive’
Federal Reserve officials were divided over the necessity of an additional interest rate increase, minutes of the central bank’s September meeting revealed. But they were unanimous on two points. First, they could “proceed carefully” on future decisions; second, that “policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objective.”

Producer prices increased unexpectedly
The U.S. producer price index rose 0.5% for September, more than the expected 0.3% — but still lower than August’s 0.7% increase. On a yearly basis, producer prices increased 2.2%, the largest move since April and a tick above the Fed’s 2% inflation target. Core PPI, which excludes food and energy, rose 0.3% for the month.

Fourth straight winning session
U.S. markets rose Wednesday. All major indexes closed higher for the fourth consecutive session as Treasury yields pulled back slightly. Europe’s Stoxx 600 index inched up 0.15%. Shares of LVMH slipped 6.46% after the company reported third-quarter revenue grew 9% year on year, a sharp drop from 17% last quarter.

Exxon Mobil buys shale giant
Exxon Mobil has agreed to buy Pioneer Natural Resources, a big player in the shale industry, for $59.5 billion. The agreement’s structured as all-stock deal, which works out to $253 per share. This is Exxon’s biggest acquisition since buying Mobil in 1999 for about $75.3 billion at that time. Exxon’s production in the Permian Basin would more than double to 1.3 million barrels per day once the deal closes next year.

[PRO] What’s the SEC doing?
CNBC’s Bob Pisani is in Washington for the annual meeting of the Security Traders Association. There’s one theme dominating the conference this year: Trying to figure out what the Securities and Exchange Commission is doing — and how its actions will affect the future of the trading industry.

The bottom line

Investors shrugged off Fed minutes that tilted hawkish and a hotter-than-expected PPI report to give markets a fourth consecutive winning session.  

Though there were differences in opinion whether the Fed should hike rates one more time, Fed officials who were in favor of a hike outnumbered those who weren’t. “A majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted,” stated minutes of the Fed’s September meeting, with my emphases added.

Chief among Fed members’ concerns was that “policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objective.”

Unfortunately, September’s PPI report came in surprisingly hot. It’s true the PPI report focuses on producer prices, while the Fed tends to scrutinize the consumer side of the equation more. But the PPI, by charting inflation from the perspective of goods producers and service suppliers, serves as a leading indicator of where consumer prices will be in the future.

Hence, even if September’s consumer price index, which comes out later today, shows cooling prices, a hot PPI might persuade Fed officials that inflation isn’t exactly “moving down sustainably,” and compel them to keep policy higher for longer.  

“I think the overall trend of PPI, CPI and today’s Fed minutes are going to push the 10-year Treasury yield higher over the coming months,” said Derek Schug, head of portfolio management at Kestra Investment Management.

But investors weren’t fazed. Notably, yields on U.S. Treasurys actually fell — the 10-year note’s yielding 4.558%, compared with last Friday’s 4.782% — despite the prospect of higher-for-longer rates to combat stubborn inflation.

The S&P 500 rose 0.43%, the Dow Jones Industrial Average added 0.19% and the Nasdaq Composite advanced 0.71%, closing above its 50-day moving average for the first time in almost a month.

Investors could be feeling defiant — or wanting to seize the opportunity to snap up stocks at relatively cheaper prices — after September’s stocks slump. As long as the CPI print doesn’t give too unpleasant a surprise, this optimism might just continue.

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Redditor: my Polestar 2 window stopped a bullet from hitting me [pictures]

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Redditor: my Polestar 2 window stopped a bullet from hitting me [pictures]

This one’s pretty simple, kids – it’s exactly what it says on the tin: a Polestar 2 owner took to the Polestar subreddit this week claiming that the window glass in his new EV actually stopped a bullet from hitting him. Plus, he says he’s got the pictures to prove it. (!)

The brand may be evolving into its own, but the OG Polestar 1 and Polestar 2 were little more than hot electric versions of Volvo cars – and Volvo cars are known throughout the world for their secure, planted feel on the road and absolutely bananas high-tensile steel safety cages. As such, it should come as no surprise that the Polestar 2 is one of the safest sedans on the road today … but is the car really bulletproof?

That’s what one redditor is claiming after his window was hit by what they believed to be a stray bullet just five days after taking delivery.

Polestar stopped a bullet.
byu/CptMerica29 inPolestar

Now, as the growing brand rivalry between Polestar fans and their Tesla-driving counterparts might lead you to expect, some of the comments are pretty pointedly referencing Tesla – and pretty funny. Here are a few of my favorites:

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Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Now, that was fun, sure – but it’s worth noting that a number of commenters claiming alternately that there’s no way this was a .22 caliber bullet (certainly not a .22 WMR) or that it was a stray shot from very far away. The consensus seems to be that a .177 caliber air gun pellet is most likely to blame, but my money is on a small piece of stone or gravel kicked up at a weird angle from a nearby vehicle.

Regardless, it seems like CptMerica29 is A-OK, and their Polestar 2 hardly seems worse for wear, either. Here’s hoping it’s the last time we have to have a debate about what kind of bullet was being fired at an EV driver for a long time.

If you’d like to try your hand at driving a Polestar 2 through a volley of flying debris and other assorted projectiles and letting us know how you do, click the link below to score a great deal on one near you (while you still can):

Disclaimer

I would like to believe this is obvious, but there’s a “do not use batteries as toothpaste” sticker on this pack of Duracell batteries for a reason, so I’m going to err on the side of caution here and tell any of you reading the above and taking it seriously that: I am kidding. That was a joke.

To be clear, it is my position that NO VEHICLE this side of a Mercedes-Benz EQS GUARD or Inkas Armored S Class is actually bulletproof – and that, yes, a .22 is a real gun with plenty of lethal stopping power and, also yes, a pellet gun can and has killed a lot of people. DO NOT SHOOT AT CARS, and do not sit in your cars and let others shoot at you if you can at all avoid it.

As getsome75 so eloquently puts it:

Comment
byu/CptMerica29 from discussion
in
Polestar

Stay safe out there, kids.

SOURCE | IMAGES: CptMerica29; featured image via Polestar.

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Slate emerges with customizable EV pickup available for under $20k [Video]

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Slate emerges with customizable EV pickup available for under $20k [Video]

After about a month of speculation and subtle hints from industry insiders, American EV startup Slate has emerged from stealth to share its flagship model with the world. This simplified all-electric pickup arrives with over 100 accessories, a five-seat SUV configuration kit, and get this… crank windows. Even better, this no-nonsense pedigree of EV is priced refreshingly low, starting below $20,000 after US tax incentives.

As we pointed out last month, there was much more we didn’t know than we could confirm about a new EV brand called Slate. The American automaker was verified as an official business on LinkedIn as of March 5, giving us a sparse trail of breadcrumbs to follow to learn more.

According to the page, Slate had already established a team of 200 to 500 employees, and 46 additional open roles were listed. Some open jobs, such as plant manager and suspension engineer, hinted that Slate has been working on at least one EV.

Aside from promising “the next generation of innovation in the industry” (despite not confirming what industry), Slate’s website stated that we would learn more on April 24. We had heard rumblings that the Troy, Michigan-based startup was on the cusp of debuting a simple, all-electric pickup.

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However, that wasn’t confirmed until two days ago, when the first real-world images of the EV emerged ahead of Tesla’s earnings call. Our readers pointed out that “Slate” is an anagram of “Tesla,” which offers interesting fodder to the conspiracy theory scene at best.

While Slate’s name may be a tongue-in-cheek nod to reimagining an EV industry Tesla championed early on, the name seems more rooted in the fellow American company’s clean slate approach to EV design. From what we’ve now seen, Slate is breaking from the trend of other startups kicking off market entry with top-tier, luxe models starting in the $80-$100k range.

Instead, it has created a no-nonsense EV pickup that starts at a super low price, leaving the upgrades and customizations to the customer. Better still, if you US customers prefer a five-seat option, Slate also offers that. See below:

Slate debuts EV that can be 2-seat pickup or 5-seat SUV

Slate has officially arrived and, in my opinion, is a welcome breath of fresh air (because of no emissions, of course) to an American EV industry that is growing by the day, but has yet to reach critical mass in adoption.

Much of that struggle relates to pricing (not to mention lackluster local charging infrastructure). Most EVs are not affordable enough for the average consumer yet, and to get an electric pickup like Slate is now offering, for example, you have to opt for a model from Ford, GM, or Rivian that will cost at least $63,000 and will easily go up from there with added features like range.

Instead of coming out swinging against the big boys, Slate has dug itself a nice little niche in simplified affordable EVs that are modular and customizable. Slate’s first CEO, Chris Barman, elaborated:

The definition of what’s affordable is broken. Slate exists to put the power back in the hands of customers who have been ignored by the auto industry. It is a radical truck platform so customizable that it can transform from a 2-seat pickup to a 5-seat SUV.

Steel wheels, HVAC knobs, and crank windows – Slate is most certainly taking a clever approach to affordable US EVs for all. Designed to be “approachable and timeless,” the startup flagship model is truly a black slate canvas that puts the brush in the hands of its customers.

The company shared it will offer over 100 accessories, available a la carte or in a bundle, available from your initial order or years down the road. The dash also includes a universal phone mount with USB power, enabling you to use whatever smart device and OS you’d like. Have it custom wrapped by the Slate team or do it yourself, Slate is not only offering variety to customization, but also the process by which it is achieved.

Another example is Slate’s flat pack SUV Kit, which turns the EV pickup into a 5-seat SUV, complete with a roll cage, airbags, and rear seat. Again, you’ll have the choice to have Slate integrate it in Michigan or do it yourself, adding a bit of a DIY “gearhead” philosophy the EV segment has lacked since day one.

“But Scooter, what about specs?” Don’t worry my friends, we got you:

  • Dimensions:
    • Length: 174.6 inches
    • Wheelbase: 108.9 inches
    • Width: (w/o mirrors): 70.6 inches
    • Height: 69.3 inches
    • Pickup Interior Volume: 55.0 ft3
    • SUV Interior Volume: 80.5 ft3
    • Frunk Cargo Volume: 7 ft3
    • Bed Cargo Volume: 37 ft3
    • SUV Cargo Volume (behind seats): 34 ft3
  • Weights:
    • Curb Weight: 3602 lbs.
    • Max Payload: 1433 lbs.
    • Max towing: 1,000 lbs.
  • Power and Battery:
    • Powertrain: Single motor, RWD
    • Battery: 52.7 kWh (standard) or 84.3 kWh (add-on)
    • Power: 150 kW (201 hp)
    • Torque: 264 Nm (195 lb-ft)
    • Acceleration (0-60 mph): 8 seconds (est.)
    • Top speed: 90 mph
  • Charging and Range:
    • Onboard charger: 11 kW
    • Level 1 AC: 3.6kW / 20-100% in 11 hrs.
    • Level 2 AC: 11kW / 20-100% in under 5 hrs.
      Level 3 DC: 120kW / 20-80% in under 30 mins.
    • Charging Configuration: NACS
    • Standard Range (52.7 kWh) (est.): 150 miles
    • Large Pack Range ((84.3 kWh) (est.): 240 mi.
    • Combined city/highway (est.): 96 MPGe
  • Bed Dimensions (Pickup):
    • Bed width (between wheel wells): 42.9 inches
    • Bed Width Min./Max.: 50.0 inches /54.9 inches
    • Bed Length: 60.0 inches
    • Bed Length (Tailgate Down): 81.6 inches

According to Slate, its flagship EV will be sold directly to consumers and is available to reserve now with a $50 deposit. The trucks will be built in the US and start at an MSRP below $20,000 (after federal tax incentives). No timeline on when production may begin, but a representative for Slate told Electrek that initial customer deliveries are… slated to begin in Q4 2026. Not too shabby.

While we await more details regarding this new American brand, here’s a better look at Slate’s first EV from a video it provided below:

Source: Slate

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Port of Long Beach shows off electric service fleet for Earth Week

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Port of Long Beach shows off electric service fleet for Earth Week

Earth Week may be winding to a close, but with electric vehicles being de rigueur at the busy west coast Port of Long Beach, it should come as no surprise that they’ve got put their EV fleet front and center at municipal events all week long.

The Port of Long Beach has been leading the charge for electrification and clean air for years, becoming a hot bed of electric vehicle deployment from terminal tractors to semi trucks to material handlers. Along the way, the busy port has found itself at the center of a number of highly visible DC fast charging hubs and hydrogen fueling stations, as well – becoming a quiet, clear-skied example of what an America port could and should sound and smell like.

One of those projects is the Long Beach Container Terminal (LBCT) in Long Beach, California has received a $34.9 million grant from the FHWA to replace 155 on-site commercial trucks and buses with zero-emission vehicles (ZEV). The grant will fund both the purchase of new electric trucks and the necessary charging infrastructure to support them.

To celebrate those achievements and further publicize the California port authority’s successful decarbonization efforts, the Port of Long Beach took to social media to highlight the variety of electric vehicles it employs.

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From the images shared (above), it looks like the Port of Long Beach fleet includes electric lawn mowers, street sweepers, parking enforcement vehicles, and the more expected work trucks and SUVs like the Chevy Silverado EVs, Ford E-Transit vans, and Acura ZDX. Which, hey – if they’re good enough for one of the hard-working port authorities in the country, these EVs might be good enough for your business.

Electrek’s Take

Port of Long Beach EV fleet; via Port of Long Beach.

Back in 2018, Power Progress reported that the Port of Long Beach had plans to install zero-emissions cranes and cargo handling equipment at its terminals. True to its word, the port has invested more than $2.5 billion to convert its cranes and terminal tractors vehicles to electric equipment. Which is great, but is it news?

Not really – but the Port of Long Beach is a standard bearer in the electrification movement, having advanced the art of both battery-electric and hydrogen fuel cell projects in recent years both by providing a ready market for manufacturers to sell into and by proving, beyond question, that EVs are up to any challenge the freight and logistics industries can throw at them … and do so quietly and cleanly, too.

As such, I think they deserve their victory lap. I’m just the guy who gets to give it to them.

SOURCE | IMAGES: Port of Long Beach.

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