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Crypto companies outspend Big Oil and banks in 2024 elections

Republican presidential nominee Donald Trump is pumping the Trump Organization’s new crypto platform, which has just been rebranded from “The DeFiant Ones,” to “World Liberty Financial.”

In a post to his 90 million followers on X, the former president shared a video of himself with voiceover: “This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet. They want to choke you. They want to choke you out of business. We’re not going to let that happen.”

It was unclear who Trump meant by “they,” and a Trump campaign spokesman did not immediately respond to questions about the announcement from CNBC.

In his post, Trump tagged a verified X account called “World Liberty Fi,” or WLFI. The account has more than 20,000 followers and a handful of posts that began on Aug. 22.

The project also involves Trump’s sons, Donald Trump Jr. and Eric Trump.

“Excited to announce the launch of @WorldLibertyFi! A new era in finance is here,” Eric said Wednesday in a post on X.

The crypto project’s accompanying Telegram channel, which has also been renamed World Liberty Financial, had more than 52,000 subscribers as of Thursday morning, and climbing.

The announcement came a day after Trump launched a new round of his NFT trading cards.

Collect Trump Cards

Source: Collecttrumpcards.com

Like the crypto platform, the NFTs are a private Trump family enterprise in the digital currency space, and are not officially connected to Trump’s presidential campaign.

But the campaign and the private businesses dovetail, in that the NFTs and the crypto platform are promoted as part of Trump’s political brand, and they are marketed to his supporters.

For Trump, these private crypto enterprises offer an opportunity to both lure crypto voters and donors, and to make money.

The Republican nominee has been leaning into being the pro-crypto candidate for president, delivering increasingly bullish talking points on the industry.

Donations and endorsements from the crypto voting bloc have followed. The latest tally from the Trump camp put the total crypto-related raise at $25 million. CNBC has not been able to independently verify that figure.

Few details about World Liberty

Read more CNBC politics coverage

“I think there has been a lot of inequality in that only certain people can get financing […] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked,” Donald Trump Jr. said in the interview on Locals.

Eric meanwhile told the New York Post the project involved digital real estate, which could mean tokenizing real-world assets or refer to selling digitized versions of assets in the metaverse.

The former president described the project last week to his 7.5 million followers on Truth Social as a way to “take a stand — together.”

“For too long, the average American has been squeezed by the big banks and financial elites,” Trump wrote.

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BYD’s low-cost Seagull EV now starts at under $8,000 in China

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BYD's low-cost Seagull EV now starts at under ,000 in China

BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.

BYD cuts Seagull EV price to under $8,000 in April

Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.

The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).

After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.

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BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.

BYD-seagull-EV-$8,000
BYD cuts vehicle prices in April 2025, including the Seagull EV (Source: BYD)

At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.

BYD-Seagull-EV-$8,000
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)

The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.

BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.

BYD Seagull EV trim Starting Price Range
(CLTC)
Vitality Normal: $9,500 (69,800 yuan)
Now: $8,000 (56,800 yuan)
190 mi
(305 km)
Freedom $10,300 (75,800 yuan) 190 mi
(305 km)
Flying $11,700 (85,800 yuan) 252 mi
(405 km)
BYD Seagull EV prices and range by trim in China

Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.

Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.

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Tesla already has new Model Y inventory available today in the US – demand is terrible

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Tesla already has new Model Y inventory available today in the US – demand is terrible

Tesla has new Model Y inventory available today in the US, just days after opening orders for what is supposed to be its most popular model.

This proves that demand is terrible and Tesla is trying to hide it.

On Friday, Tesla launched the new non-Launch Edition Model Y in North America.

Prior to the launch, only a fully loaded $60,000 Launch Edition Model Y was available to order since January, and had been delivered since early March.

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Now, North American buyers are able to buy a much cheaper version of the new Model Y for $49,000.

Only the Model Y Long Range AWD is available for now, but that’s Tesla’s most popular model in North America.

At the time, we noted that this is a great demand test for Tesla in the US amid some critical brand issues due to CEO Elon Musk.

We only have a few metrics to track the demand of the new Model Y in the US:

  • Delivery timelines on new orders
  • Available inventory
  • Discounts/incentives

For most US zip codes tested by Electrek with different Model Y configurations (wheels and paint colors), Tesla quotes delivery within “1-3 weeks”.

But we also found several zip codes on both the West Coast and the East Coast where Tesla claims it can deliver the new vehicle “today”:

This would point to Tesla already having vehicles in inventory despite launching it just 4 days ago.

But Tesla is hiding the inventory.

If you search for Model Y in Tesla’s new inventory, you can’t find any in the US at the time of writing:

However, Tesla is showing some units in inventory to people configuring new Model Ys.

Some potential buyers are reporting that Tesla has a tab that pops up and directs them to some new inventory available (via TroyTeslike on Patreon):

This confirms that Tesla already has new non-Launch Edition Model Y in inventory available for sale in the US – pointing to Tesla having no backlog of demand for the new vehicle.

Electrek’s Take

This is much worse than I thought. I thought that Tesla would build a backlog of demand for the new Model Y in the US from people who didn’t want the fully loaded version, but it looks like that backlog lasted 4 days.

Of course, it’s all because of Tesla and Elon, and brand destruction.

Many people who invested in the stock market lost a lot of money over the last few weeks, and these people often happen to be people who buy new cars.

Now, the only thing left is for Tesla to start offering discounts and subsidies financing – the latter likely coming first, as it is already the case with new Model 3 orders in the US.

The good news for Tesla is that if Trump continues to crash the stock market, the Fed will likely have to reduce rates, making Tesla’s 0% financing cheaper to subsidize.

That’s a fun balancing act.

Either way, I wouldn’t be surprised to see Tesla offer incentives on the new Model Y in the US within the next 2 weeks – way ahead of schedule.

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Kia’s new EV9 and EV6 qualify for the $7,500 EV tax credit — except this one trim

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Kia's new EV9 and EV6 qualify for the ,500 EV tax credit — except this one trim

The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.

Do the Kia EV6 and EV9 qualify for the federal tax credit?

Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.

The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.

Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.

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We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.

Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.

According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.

If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.

Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.

Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.

With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.

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