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“Make Bitcoin Great Again” hats displayed for sale at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Saturday, July 27, 2024. Former US President Trump used to be a crypto critic but in recent weeks adopted a much friendlier stance alongside the sector’s emergence as an influential player in the 2024 presidential election through big donations to a political action committee.

Bloomberg | Bloomberg | Getty Images

With the 2024 election hitting its homestretch, the leading pro-crypto super PAC has funneled a big chunk of its final donations to close House races as part of an effort to push candidates favorable to the group’s agenda over the top.

Fairshake, which has been one of the top spenders across any industry this election cycle, doled out nearly $29 million in September, according to Federal Election commission data released to the public on Sunday. Of that sum, $20 million went to two affiliated PACs — $15 million to the Defend American Jobs PAC, a single-issue committee focused on cryptocurrency and blockchain policy that’s favored Republicans, and $5 million to Protect Progress, which has only supported Democrats.

The remaining $8.8 million spent by Fairshake last month mostly went to House races in New York, Nevada and California, according to FEC data compiled by crypto market and blockchain analyst James Delmore and verified by CNBC. 

Several of those races are considered toss-ups by the Cook Political Report. Among the recipients were Southern California Republicans David G. Valadao and Michael Garcia, who are both in tights contests to keep their seats. They’ve received $1.3 million and $1 million, respectively.

“The Fairshake donations to the California candidates in toss-up districts are important not only to get pro-crypto candidates elected in House seats that could go either way, but also because a lot of crypto companies are still located in California,” Delmore said. “California needs all of the pro-crypto politicians they can get.”

Additionally, Fairshake gave more than $1.9 million to Rep. Patrick Ryan (D-NY), over $1.7 million to Rep. Steven Horsford (D-Nev.) and almost $1 million to Rep. Angela Dawn Craig (D-Minn.). The remaining cash went to a mix of candidates in Illinois, Colorado, Oregon, Iowa and Arkansas.

Of the House donations, $6.2 million went to Democratic candidates and $2.3 million to Republicans. In the September window, Protect Progress gave more than $10 million apiece to Democrats running for Senate in Arizona and Michigan.

For the 2024 cycle, political donations from or supporting the crypto industry reached around $190 million, with contributions coming from some of the biggest names in the sector. A report from Public Citizen in August found that crypto companies have accounted for nearly half of all donations made by corporations this election cycle.

Crypto groups have spent over $130 million in congressional races for this year’s election, including the primaries, according to FEC data.

Delmore told CNBC that donations to Fairshake have been tepid the last few months.

In September, the group added around $1.1 million, with $800,000 coming from crypto firm Consensys, which was sued by the SEC in June, and $1,000 from Moonsong Labs CEO Derek Yoo.

In total, Fairshake has raised more than $160 million and disbursed over $37 million to support House candidates and to run ads opposing Democrat Katie Porter, who lost in the California Senate primary. More than $84 million was transferred to Fairshake’s affiliate PACs.

WATCH: Crypto PAC money backs Utah Senate candidate and others across U.S.

Crypto PAC money backs Utah Senate candidate and others across U.S.

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Genesis wants a bigger slice of the US luxury market with new EVs en route

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Genesis wants a bigger slice of the US luxury market with new EVs en route

If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.

Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.

In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.

According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.

A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.

After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.

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2026 Genesis Electrified GV70 update (Source: Genesis)

Genesis eyes a bigger share of the US luxury market

Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).

Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.

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Genesis at the 2024 LA Auto Show (Source: Hyundai Motor Group)

Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.

The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”

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Genesis GV60 Magma EV concept global debut at Goodwood (Source: Genesis)

Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.

It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.

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Genesis G80 EV Magma Concept (Source: Genesis)

In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.

The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.

Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.

The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.

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No, BYD is not taking over NIO as fake rumors claim

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No, BYD is not taking over NIO as fake rumors claim

A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.

BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.

According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.

Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.

Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.

Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.

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NIO Onvo L60 electric SUV at the 2024 Guangzhou International Auto Show (Source: NIO Onvo)

NIO denies rumors that BYD is taking over the company

This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.

BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.

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BYD Dolphin (left) and Atto 3 (right) Source: BYD

After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.

October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.

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Onvo L60 electric SUV models (Source: NIO Onvo)

NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.

Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”

NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.

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Hyundai recalls more than 145,000 EVs

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Hyundai recalls more than 145,000 EVs

Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.

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2025 Hyundai IONIQ 5 (Source: Hyundai)

It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.

If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.

To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.

Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.


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