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Just like Fords “Edsel” model in the 1950s, Trump administration economist Steve Moore cautioned that electric vehicles (EVs) may be the auto market’s “next big flop.”

“Henry Ford’s son was named Edsel, and this was going to be the great car, all of the executives said, ‘This is the car everybody’s going to want to buy.’ Ford made 500,000 of these new sedan cars, but guess what?” Moore said on “Varney & Co.” Monday. “Nobody bothered to ask consumers whether they wanted the car.” 

“And of course, the Edsel was one of the great flops of all time,” the economist continued. “I’m here to tell you, if these trends continue, we’re going to see the EV market become the next big flop because car buyers don’t want them.”

Moores comments come as the EV push at Ford and General Motors hit a speed bump thats cutting into the automakers profits and causing them to reevaluate their electric plans amid a price war and supply chain challenges.

Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes (EBIT) of $1.33 billion an acceleration after a loss of $1.08 billion in the prior quarter. It added that its cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.

General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs, though it doesnt break out losses from its EV unit in the same way Ford does.

GM CFO Paul Jacobson said that it would abandon an interim goal of building 400,000 EVs from 2022 through mid-2024, instead focusing on a goal of “getting to 1 million EVs of production by the end of 2025 alongside hitting our margin targets.”

“Given the huge losses that these companies like Ford are suffering because of the EV mania, I saw a statistic this morning that Ford is losing something like between $40,000 and $60,000 per car,” Moore reacted. “It’s been a bad bet.”

The economist further argued that auto industry-wide bailouts may be likely amid companies EV losses.

“The federal government is also already offering all of these sweeteners to get people to buy electric vehicles. You get a $7,500, basically, check from the government every time you buy an EV. Let’s not forget that we’re subsidizing the battery companies, all of these things,” Moore noted.

“The taxpayers are paying for these things,” he added. “And yet the most amazing thing is, even with all these sweeteners, Americans are still saying, I don’t want them.”

Speaking to car dealers around the country, Moore reported that their lots “are full of EVs” and only 10% of clients purchase EVs off the lot today.

“I think the car companies would be smart going to hybrids where you can have gas and an electric battery,” the economist and adviser suggested. “But the car companies aren’t making those cars. And the reason they aren’t making them is because the government has increasingly mandate[d] that all cars be EVs.”

FOX Business Eric Revell contributed to this report.

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Sources: Rangers close to hiring Sullivan as coach

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Sources: Rangers close to hiring Sullivan as coach

The New York Rangers are in advanced contract talks to make former Pittsburgh Penguins coach Mike Sullivan their next head coach, sources told ESPN’s Emily Kaplan and Kevin Weekes on Thursday.

The deal is expected to be one of the richest coaching contracts in NHL history, the sources said.

Sullivan would head to New York in a move that is coming together three days after he left his job with Pittsburgh, where he coached for 10 seasons and won back-to-back Stanley Cups in 2016 and 2017.

The Penguins have missed the playoffs for the past three seasons amid a retooling of the roster.

David Quinn, Sullivan’s top assistant in Pittsburgh, is not expected to join him in New York. Quinn will be a candidate for other head coaching vacancies, including Pittsburgh’s, according to sources.

John Tortorella is a strong possibility to rejoin the Rangers organization. Sullivan, Quinn and Tortorella were on the coaching staff for Team USA at Four Nations.

In New York, Sullivan would replace Peter Laviolette, who was fired after the Rangers didn’t make the postseason for the first time since 2021.

Sullivan was selected by the Rangers in the 1987 draft but never played for New York, choosing to stay in college at Boston University before going on to an 11-year NHL playing career with four teams.

Sullivan, 57, previously served as a Rangers assistant coach from 2009 to 2013 on Tortorella’s staff. He also was the head coach of the Boston Bruins for the 2003-04 and 2005-06 seasons.

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Draisaitl, Hellebuyck, Kucherov are Hart finalists

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Draisaitl, Hellebuyck, Kucherov are Hart finalists

Edmonton Oilers star forward Leon Draisaitl, Winnipeg Jets goaltender Connor Hellebuyck and Tampa Bay Lightning standout Nikita Kucherov were named finalists for the 2024-25 Hart Memorial Trophy on Thursday.

The award is presented “to the player adjudged to be the most valuable to his team” and voted on by members of the Professional Hockey Writers Association.

Draisaitl, 29, led the NHL in goals (52), tied for third in points (106) and was a career-best plus-32 in 71 games this season. He won the award in 2019-20 and is a two-time finalist.

Hellebuyck, 31, led the league in wins (47), goals-against average (2.00) and shutouts (eight) and was second in save percentage (.925) among goalies to play at least 25 games. The Vezina Trophy finalist as the best goaltender in the NHL is a first-time Hart finalist.

Kucherov, 31, led the NHL in scoring for the second consecutive season with 121 points (37 goals, 84 assists). He won the Hart Trophy in 2018-19 and is a three-time finalist.

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Injured Scheifele won’t travel with Jets for G6

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Injured Scheifele won't travel with Jets for G6

Winnipeg Jets coach Scott Arniel said Thursday that star center Mark Scheifele will not travel with team ahead of Game 6 against the St. Louis Blues.

Scheifele will remain in Winnipeg after he missed the second and third periods of his team’s 5-3 victory Wednesday against the Blues in Game 5 of the Western Conference quarterfinals.

“You’re hoping for the best that maybe he wakes up today and things are better,” Arniel told reporters before the team flight to St. Louis. “But right now, he won’t be making the trip, and we’ll just go day-to-day moving forward.”

With 13:51 remaining in the opening period, the Jets were in the Blues’ zone when Scheifele had just played the puck along the half wall. That’s when he was instantly checked by Blues captain Brayden Schenn. Scheifele appeared to be concentrating on the puck and looked as if he did not see Schenn, who connected with the top half of Scheifele’s chest and knocked him down to the ice.

Schenn was given a two-minute minor for interference and another two-minute minor for roughing.

A little more than 10 minutes later, Scheifele was involved in another physical sequence. He was just about to reach the Blues’ zone when forward Radek Faksa also checked him and appeared to have struck Scheifele in the same area as the previous hit from Schenn.

Scheifele finished the first period, but Arniel spoke to the officials as both teams were entering the dressing room before first intermission. Blues coach Jim Montgomery confirmed with reporters after the game that Arniel spoke to the officials about the Schenn hit before sharing his thoughts.

“Let’s make it clear: Fifty-five got hurt from the Faksa hit,” Montgomery said. “He played six minutes after the Schenn hit. He didn’t come back after he got rocked by Faksa.”

Upon hearing Montgomery’s comments, Arniel had some thoughts of his own.

“I didn’t know Monty got his medical degree and can say how our player got hurt. He’s way off base and should not make that comment,” Arniel told reporters. “There’s some things that have been going on in this series and that was a repeat of what we’ve seen before: A player leaving his feet and then hitting a player in a very unprotected spot. Like hitting him in the sense, almost blindsiding him. Not happy with how the call was made. A two-minute minor. Not even looking at it is what I was upset about.

“It is something we have talked to the league about for five games.”

On Thursday, Arniel was asked if Scheifele was in concussion protocol.

“I’m not going down that road,” Arniel said.

It’s possible that the Jets could once again turn to Vladislav Namestnikov like they did in Game 5 and elevate him to the top line. The second-line center would take Scheifele’s place on the first line alongside Kyle Connor and Gabriel Vilardi.

Namestnikov, who had 11 goals and 38 points in 78 regular-season games, had his strongest game of the postseason in Game 5. He finished with a goal and two points while logging 17:15 of ice time.

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