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Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City.

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This report is from today’s CNBC Daily Open, our 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

Stocks advance
Wall Street
rose as minutes from the Federal Reserve meeting and revision to payrolls raised hopes of a rate cut. The S&P 500 edged up 0.42% and is within 1% of its all-time record close. The Nasdaq Composite advanced 0.57%. Both the indexes notched their ninth positive day of 10. The Dow Jones Industrial Average rose 55.52 points. Meanwhile, the yield on the 10-year Treasury fell, while U.S. oil prices dropped 1.7% to below $72 a barrel.

Fed rate cut imminent?
The Federal Reserve officials at their July meeting moved closer to an anticipated interest rate cut, indicating that a September reduction was quite probable. “The vast majority” of members “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the summary of the minutes from the Fed’s last meeting showed. Markets are fully pricing in a September rate cut. Some officials were inclined to start easing at the July meeting rather than waiting until September, citing progress on inflation and the unemployment rate. Separately, nonfarm payroll growth was revised down by 818,000, making a case for rate cuts.

Ford EV shift
Ford Motor is postponing production of a next-generation electric pickup truck and canceling plans for a three-row electric SUV, instead prioritizing hybrid models. The move will result in a $400 million charge and up to $1.5 billion in additional expenses. Ford will lower its EV capital expenditure from 40% to 30% as it responds to slower-than-expected EV adoption and profitability challenges.

China hits out
China criticized the European Union’s tariffs on electric vehicle imports after the bloc lowered duties on several automakers. China’s Ministry of Commerce accused the EU of reaching “pre-set conclusions” in its subsidy investigation and promoting unfair competition. “China will take all necessary measures to resolutely defend the legitimate rights and interests of Chinese companies,” a commerce ministry spokesperson said, according to a Google translation. The EU lowered tariffs for Tesla, BYD, Geely, and SAIC.

Microsoft Recall
Microsoft plans to introduce its controversial Recall AI search feature for Windows users to test in October. Recall captures screenshots of on-screen activity, raising security concerns about potential exposure of personal information to hackers. While the feature will be disabled by default and Microsoft has committed to enhancing security, the company has not provided a timeline for a wider release of Windows featuring Recal.

[PRO] Crypto to data
Morgan Stanley sees potential for crypto miners to boost profits by converting their facilities into data centers, citing significant upside potential. Here are the miners that could possibly benefit

The bottom line

Ford‘s decision to slow the pace of its electric vehicle expansion and shift to hybrid technology probably shouldn’t come as a surprise. Consumers aren’t particularly enamored by the prospect of paying premium prices for vehicles with limited range, whose value plummets drastically compared to combustion engine vehicles. 

Amid EV hurdles, the road to net zero emissions by 2050 seems full of potholes. While Ford isn’t alone, OPEC and the International Energy Agency are at odds over when peak oil demand will materialise. The IEA, advisor to rich industrialised nations, brought its prediction forward to 2029. OPEC, on the other hand, doesn’t see a peak in oil demand in its long-term forecast.

OPEC projects that demand will rise to 116 million barrels per day by 2045, while the IEA predicts a peak at 105.6 million barrels within the next five years. OPEC Secretary General Haitham Al Ghais criticized the IEA’s report as “dangerous commentary,” warning that it could lead to unprecedented energy market volatility, particularly for consumers.

Amid stretched forecasts and slack EV take-up, Aramco, the Saudi oil giant, bought a 10% stake in engine manufacturer Horse Powertrains, a partnership between France’s Renault and China’s Geely. The joint venture anticipates that half of the vehicles on the road by 2040 will still be powered by combustion engines.

With Horse Powertrains car manufacturers can stop producing their own engines and instead source them from the company. Horse CEO Matias Giannini told the Financial Times, “If you are a car company today and you are focusing 100% on EVs and all of a sudden you realize that in one region your customers want a hybrid vehicle, you could partner with Horse Powertrains.”

Saudi Arabia, however, does not want to miss out on EVs, and is also investing in pure electric ventures, such as Lucid Group, which recently received a much-needed $1.5 billion investment. Additionally, the country is developing its own EV brand, Ceer, in collaboration with Foxconn.

Ford’s decision to slow its EV expansion was well-received by investors, boosting the stock by 1.6%. As for the broader market, it shook off earlier losses and rose after Fed’s minutes from their July meeting signaled a possible rate cut. 

With the nonfarm payroll data revised sharply lower, LPL Financial chief economist Jeffery Raoch suggests the Fed may opt for a larger interest rate cut in September

“A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting,” Roach said. “A weaker-than-expected job market could pave the way for the Fed to cut by a half percentage point in September.”

CNBC’s Jeff Cox, Alex Harring, Samantha Subin, Pia Singh, Jordan Novet, Michael Wayland, Melissa Repko and Spencer Kimball contributed to this report.

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Volkswagen’s Tesla Robotaxi rival gets put to the test in Wolfsburg

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Volkswagen's Tesla Robotaxi rival gets put to the test in Wolfsburg

Volkswagen is putting its Tesla Robotaxi rival through its paces in Wolfsburg, Germany, where the self-driving Gen.Urban research vehicle is now driving autonomously in real urban traffic – without a steering wheel or pedals!

VW’s Gen.Urban research project sets out to explore how passengers experience riding in a self-driving vehicle on real roads, among real drivers, and without a traditional steering wheel or pedals, and what those requirements might mean for future vehicle concepts.

Some of the key questions VW is asking include:

  • How do people spend their time in a self-driving vehicle?
  • Which digital features best support work, entertainment, or relaxation?
  • How should interaction between the vehicle and passengers be designed, particularly for older people or children?
  • Most importantly: Do people feel comfortable?

“The technology for autonomous driving is making rapid progress,” explains Dr. Nikolai Ardey, Head of Volkswagen Group Innovation. “With our Gen.Urban research vehicle, we want to understand exactly how passengers experience autonomous driving. Because: The key to a positive customer experience is to build trust – through meaningful interaction, a relaxed atmosphere, and intelligent assistance systems that respond precisely to the needs of passengers. Ultimately, technology should fit people, not the other way around. We will benefit from these insights across the entire Group in the long term.”

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Not QUITE fully autonomous


Gen.Travel concept; via VW, 2022

It’s important to note here that, while Volkswagen designed the Gen.Urban without a steering wheel or pedals, the vehicles participating in these test have a trained safety driver monitoring the vehicle from the passenger seat, ready to step in to control the vehicle using a specially developed control panel with a joystick – which means we’re still a long way from the 2022 Volkswagen Gen.Travel concept (above).

Even so, Volkswagen’s autonomous driving efforts have been in public testing phases since at least 2023, when the company unveiled a fleet of ten specially modified VW.Buzz AD electric vans. Tests with those vans have gone well enough, at least, to lead Volkswagen to announce plans for large-scale production.

The current test phase is limited to Volkswagen Group employees as riders, and is planned for a period of several weeks. If results are satisfactory, VW could expand its rider base by the end of Q1.

SOURCE | IMAGES: Volkswagen.


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Past classic that deserves an electric update: Honda Element

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Past classic that deserves an electric update: Honda Element

Ask anyone who owned or owns one, and they’ll tell you that Honda Element was ahead of its time, delivering a flexible interior, car-like ride, and SUV-levels of visibility – and, if Honda really wanted to, they could roll out an all-new, all-electric Element riding on an Ultium-style electric skateboard tomorrow.

Honda’s first Element made its debut way back in 2003, when it was still a bit strange to think of companies like Cadillac, Volkswagen, and Porsche selling anything as big and clunky as an SUV. It earned plenty of fans, however, and for all the same reasons, they’ll love an electric Element even more.

Consider the following:

Car-like handling


Ultium chassis; via GM.

The original Element rolled around on a lot of bits originally developed for the Honda Civic – widely regarded as a fun-to-drive, great-handling little car. That car-based chassis earned it some mockery among automotive journalists who, more than two decades ago, still widely believed that an SUV had to have some off-road chops to it.

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Today, we’re a more enlightened bunch. In 2025, an SUV needs to be practical above all else, emphasizing the “Utility” aspect. With a low-slung, low-cg, and low-intrusion electric skateboard underneath its boxy body (more on that in a minute), a modern Element would be than more than capable of delivering a “car-like” ride with plenty of sporty acceleration, as well.

Flexible interior


Honda Element
Element interior; via Honda.

Remember that comment about the low-intrusion nature of the Ultium EV chassis? Without a transmission tunnel to get in the way, Honda was able to offer a massive, flat floor that made the Element ideal for moving, camping, beach days, tailgating, antiquing, and (not to put too fine a point on it) drive-in movies – which we still had those in Florida until at least 2010.

In an EV, all that flat-floor goodness is still there, with the added benefit of being able to offer a flat floor without a transmission tunnel ruining the bedroom cargo bay.

Add a bit of extra width inherited from the Prologue, toss in a friendly ASIMO interface to keep the investment class happy, and offer a full range of inflatable tents, dog beds, and other overlanding, pet, or surf-friendly accessories, and Honda could watch the money roll in. At the very least, if Honda had built a modern Element instead of the Prologue on GM’s skateboard, they might have an easier time moving them in post-rebate America, I think. What do you guys think?

You guys are smart, so I’m sure you’ll be able to find all the problems with this particular take – and I can’t wait to hear them! Should it be FWD only? A plug-in hybrid? Ship with a tent? Scroll on down to the comments and let me know what you think it would take to make a battery-powered Honda Element revival make sense to you.

Original content from Electrek.


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Chinese Buick Electra EV may be coming to the US after all

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Chinese Buick Electra EV may be coming to the US after all

File this under “wishful thinking” if you want, but a fresh trademark filing for the Buick Electra name could mean that the storied nameplate is set for a return to US shores.

GM Authority reports that Buick parent company General Motors has renewed its trademark for the Buick Electra name in the US in a filing from 09DEC2025 with the United States Patent and Trademark Office (USPTO), and received an assigned serial number 99538079. The application carries a Goods and Services of, “Motor land vehicles, namely, automobiles.”

Electra a nameplate that holds a long history with the near-luxe Buick brand and has generally been believed to be one that’s especially relevant to Buick’s electrification strategy in the US. That’s a notion that seems especially true when you consider the following two facts:

  1. the Buick Electra nameplate is already featured on a number of hugely successful GM products being sold in the ultra-competitive Chinese market
  2. 2027 is the fortieth anniversary of the Buick Grand National, and GM’s marketers are way too smart to let that moment slide

It’s worth noting, of course, that this most recent renewal for the Buick Electra trademark is a long, long way from a confirmation of a new all-electric Buick for the US market and even further from a confirmation that we’re getting the hot, sexy Electra GM sells in China. If anything, it’s likely just a matter of course legal thing that GM needs to protect its IP in China while, at the same time, preventing some kind of disastrous Sierra Mist scenario from playing out at home (which– yeah, I get that it’s not true, but you got the idea).

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That said, I want to believe.

Electrek’s Take


I’m a huge fan of GM, GM’s EVs, and the way Mary Barra has managed the General over the past several years. I also think a big, sexy sedan is sorely missing from GM’s lineup, and the fast, flashy electric sedan formula might play better at the Buick store than at the Cadillac brand.

Combine that with an overwhelming desire to see a new-age Buick Grand National parked in my garage next Christmas and you can see that I’m not to be trusted. So, what say you? Head on down to the comments and let us know what you think of an American Electra revival just in time for the 2027 model year.

SOURCE | IMAGES: GM Authority; GM.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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