Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City.
Michael M. Santiago | Getty Images
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.
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.
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.
“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.
For serious fleet buyers, safety isn’t a “nice-to-have,” it’s an absolute must – and Kia’s new PV5 electric van meets that need with a positively stellar, five-star safety rating on the tough European NCAP safety test.
The new “do-it-all” Kia PV5 showed strong performance across a number of key safety categories, including Occupant Protection, Safety Assist/Crash Avoidance, and Post-Crash Safety. The PV5’s robust suite of standard ADAS technologies that includes AEB, Lane Support System, and Speed Assistance System also helped the new electric work van to deliver top marks in the NCAP’s “real world” test scenarios.
The Euro NCAP tests highlighted the strong performance of a number of the PV5’s ADAS features, specifically calling out the following:
Advertisement – scroll for more content
Demonstrated strong responsiveness in vehicle-to-vehicle scenarios
Provides additional protection for pedestrians behind the vehicle
Avoided collisions in most pedestrian and cyclist test cases
The Kia PV5 slots into familiar territory for US buyers, landing roughly in the same size class as the Ford Transit Connect or Ram ProMaster City, with ~180 cubic feet of interior cargo space available, which is plenty to make it attractive for last-mile delivery and trade work in tight urban markets.
Globally, the PV5 is offered with a number of battery options, including a smaller 43.3 kWh Lithium-Iron-Phosphate (LFP) pack, as well as larger Nickel-Cobalt-Manganese (NCM) packs at 51.5 kWh and 71.2 kWh. The longest-range versions are good for about 250 miles of estimated range – more than enough for Kia to make a case for it as a practical, city-focused alternative to much larger (and pricier) electric vans.
Larger vans, by the way, that may not have that 5 star Euro NCAP rating.
Kia PV5
SOURCE | IMAGES: Kia; photo by Scooter Doll.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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.
FTC: We use income earning auto affiliate links.More.
Alphabet-owned Waymo has suspended its driverless ride-hail service in the San Francisco Bay Area after blackouts plagued the city Saturday afternoon.
“We have temporarily suspended our ride-hailing services in the San Francisco Bay Area due to the widespread power outage,” a Waymo spokesperson tells CNBC. “Our teams are working diligently and in close coordination with city officials, and we are hopeful to bring our services back online soon. We appreciate your patience and will provide further updates as soon as they are available.”
Waymo notice of service outage in San Francisco.
Source: Waymo
As power outages spread yesterday, videos shared on social media appeared to show multiple Waymo vehicles stalled in traffic in different parts of the city.
San Francisco resident Matt Schoolfield said he saw at least three Waymo autonomous vehicles stopped in traffic Saturday around 9:45 p.m. local time, including one he photographed on Turk Boulevard near Parker Avenue.
“They were just stopping in the middle of the street,” Schoolfield said.
A Waymo vehicle stuck between Parker and Beaumont, on the north side of Turk Boulevard in San Francisco.
Credit: Matt Schoolfield
The power outages began around 1:09 p.m. Saturday and peaked roughly two hours later, affecting about 130,000 customers, according to Pacific Gas and Electric. As of Sunday morning, about 21,000 customers remained without power, mainly in the Presidio, the Richmond District, Golden Gate Park and parts of downtown San Francisco.
PG&E said the outage was caused by a fire at a substation that resulted in “significant and extensive” damage, and said it could not yet provide a precise timeline for full restoration.
San Francisco Mayor Daniel Lurie said in a 9 p.m. update on X that police officers, fire crews, parking control officers and city ambassadors were deployed across affected neighborhoods as transit service gradually resumed. “Waymo has also paused service,” Lurie said.
Amid the disruption, Tesla CEO Elon Muskposted on X: “Tesla Robotaxis were unaffected by the SF power outage.”
Unlike Waymo, Tesla does not operate a driverless robotaxi service in San Francisco.
Tesla’s local ride-hailing service uses vehicles equipped with “FSD (Supervised),” a premium driver assistance system. The service requires a human driver behind the wheel at all times.
According to state regulators — including the California Department of Motor Vehicles and California Public Utilities Commission — Tesla has not obtained permits to conduct driverless testing or services in the state without human safety supervisors behind the wheel, ready to steer or brake at any time.
Tesla is vying to become a robotaxi titan, but does not yet operate commercial, driverless services. Tesla’s Robotaxi app allows users to hail a ride; however, its vehicles currently have human safety supervisors or drivers on board, even in states where the company has obtained permits for driverless operations.
Waymo, which leads the nascent industry in the West, is Tesla’s chief competitor in AVs, along with Chinese players like Baidu-owned Apollo Go.
The outage-related disruptions in San Francisco come as robotaxi services are becoming more common in other major U.S. cities. Waymo is among a small number of companies operating fully driverless ride-hailing services for the public, even as unease about autonomous vehicles remains high.
A survey by the American Automobile Association earlier this year found that about two-thirds of U.S. drivers said they were fearful of autonomous vehicles.
The Waymo pause in San Francisco indicates cities are not yet ready for highly automated vehicles to inundate their streets, said Bryan Reimer, a research scientist at the MIT Center for Transportation and co-author of “How to Make AI Useful.”
“Something in the design and development of this technology was missed that clearly illustrates it was not the robust solution many would like to believe it is,” he said.
Reimer noted that power outages are entirely predictable. “Not for eternity, but in the foreseeable future, we will need to mix human and machine intelligence, and have human backup systems in place around highly automated systems, including robotaxis,” he said.
State and city regulators will need to consider what the maximum penetration of highly automated vehicles should be in their region, Reimer added, and AV developers should be held responsible for “chaos gridlock,” just as human drivers would be held responsible for how they drive during a blackout.
Waymo did not say when its service would resume and did not specify whether collisions involving its vehicles had occurred during the blackout.
Tesla and the National Highway Traffic Safety Administration did not immediately respond to requests for comment.
This is a developing story. Please check back for updates.
— CNBC’s Riya Bhattacharjee contributed reporting.
The Dahon K-Feather is one of those electric bikes that makes a lot more sense the longer you ride it. On paper, it looks rather low-power and low-capacity compared to the spec sheets for most e-bikes. In practice, especially when used exactly as intended, it turns out to be a remarkably well-executed urban commuter that still feels refreshingly different years after its release.
Launched earlier this year by Dahon, a brand best known for decades of folding bike experience, the K-Feather was never meant to compete with high-power folding e-bikes loaded with throttles, suspension, and giant batteries.
Instead, it aims for something far simpler: a super lightweight folding bike that just happens to have electric assist.
A lightweight e-bike, even by light e-bike standards
At around 26 lb (11.8 kg), the K-Feather is shockingly light for an electric bike, even by today’s standards. Pick it up and it barely registers as an e-bike at all. That’s largely thanks to its extremely minimalist design, highlighted by the cleverly hidden battery integrated into the seatpost.
Advertisement – scroll for more content
The 24V 5Ah battery offers roughly 120 Wh of capacity, which is undeniably small, but it also avoids the bulky look and awkward weight distribution that many early e-bikes suffered from.
The result is a bike that feels balanced, easy to carry, and genuinely pleasant to live with in an urban environment. Folding it up is quick and intuitive, and carrying it up stairs or onto public transport doesn’t feel like a chore. For apartment dwellers, train commuters, or anyone combining cycling with other forms of transportation, this matters a lot.
I’m not sure how else to say this without beating a dead horse, but it is just incredibly lightweight. When you pick it up, your brain just sort of short-circuits as it fails to compute that this is still an electric bike.
Simple, subtle electric assist
Power comes from a 250W rear hub motor that provides pedal assist only. There’s no throttle, no complex display, and no attempt to turn the K-Feather into something it isn’t. The assist tops out around 15.5 mph (25 km/h), aligning more with European-style pedelec limits than US Class 2 or Class 3 expectations.
For those accustomed to American-style electric bikes, that may sound quite slow. And if you’re trying to keep up with traffic on the shoulder of a busy road, it is slow. But this e-bike is more designed for bike lane cruising, where 15 mph means you’re easily keeping up with, or passing, most pedal bike riders.
The assist itself is quiet and unobtrusive. It doesn’t leap forward when you start pedaling, and it doesn’t overpower the ride. Instead, it feels like a gentle push that smooths out stop-and-go city riding and takes the edge off short climbs and headwinds. You still feel like you’re riding a bike, just a slightly stronger version of yourself.
The torque sensor definitely does its job, coming on quickly and effectively without being lurchy, though it’s hard for a 250W motor to feel lurchy anyway. But with an effective torque sensor instead of a laggy pedal assist sensor, the minimal assist still feels nice and natural, as if you’re simply always pedaling with a tailwind.
That riding feel is a big part of the K-Feather’s charm. It doesn’t try to impress you with acceleration or brute force. It simply makes urban cycling easier, calmer, and more approachable. It’s not a powerhouse, but rather a sensible commuter.
Where the limitations show up
There’s no getting around the fact that the K-Feather’s small battery and modest motor define its limits. Range is typically quoted at around 15 to 20 miles (25 to 40 km), and that’s realistic if you’re riding on relatively flat terrain and contributing a reasonable amount of pedal effort. Start pushing hills hard or riding aggressively, and that number will drop.
There aren’t multiple pedal assist levels, so it’s not like you can drop it into lower pedal assist power to save battery. Instead, range largely comes down to your weight, your riding, speed, and how hilly your terrain proves to be.
Similarly, steep climbs will quickly reveal the bike’s low power output. This is not a hill crusher, and it’s not pretending to be one. The single-speed drivetrain reinforces that reality, keeping things simple and low maintenance but limiting flexibility when terrain gets demanding.
The V-brakes look old-school, sure. But I wouldn’t actually ding them here because they seem to work great. I had rim brakes for a long, long time. And while I enjoy the stopping power and low maintenance of hydraulic disc brakes, I can’t ignore the fact that when I yank on these stoppers, I quickly find myself stationary. So yeah, pooh-pooh them all you want for being older tech, but they work.
And lastly, I do wish the tail light and headlight were powered by the main e-bike battery. Instead, they have their own dedicated rechargeable batteries. It works, but it’s one more thing to remember to charge every now and again.
For riders coming from American-style, high-powered e-bikes, these constraints might feel significant. But context matters here, and that’s the thing to keep in mind for anyone considering an ultra-lightweight e-bike like this. The K-Feather isn’t trying to replace a car or handle long suburban commutes. It’s designed for short urban trips, last-mile riding, and compact living situations, and in that role, its limitations feel more like trade-offs than flaws.
In its element: city commuting
The key takeaway for me is that the K-Feather works best as a runabout in a dense city environment, which is where it makes perfect sense. Short trips between neighborhoods, errands, commuting a few miles to work, or riding to a train station are exactly what it excels at. Its light weight makes it easy to carry inside rather than locking up outside, and its discreet appearance doesn’t scream “expensive e-bike.”
In fact, at around US $1,299 depending on current pricing and sales, that’s a pretty darn good price for an ultra-lightweight e-bike. We’re used to seeing e-bikes in this price range fetch higher figures in the $3,000 to $4,000 range (and sometimes even much more) from exotic frame materials and obscure drivetrains. But the K-Feather just uses clever engineering that tracks with Dahon’s decades of design legacy to create something light yet stiff, and without breaking the bank.
The small wheels and compact geometry make it nimble in traffic, and the assist smooths out frequent starts and stops at intersections. You arrive less sweaty and less fatigued, but still feel like you actually rode a bike rather than being carried by a motor.
This is also a bike that appeals to riders who want electric help without fully committing to the idea of an e-bike. It’s unintimidating, visually understated, and mechanically simple. For many people, that’s a feature, not a drawback.
Final thoughts
The Dahon K-Feather isn’t for everyone, and it certainly isn’t trying to be. If you want high speed, long range, or hill-dominating power, this is not the bike for you. I’d recommend that you look elsewhere (and be prepared to lift several more kilos).
But if you want a genuinely lightweight folding e-bike that integrates electric assist in a subtle, elegant way, it still holds up remarkably well. And folds up remarkably well, too.
Used in its intended environment as a city-focused commuter and last-mile bike, the K-Feather works exactly as promised. It’s simple, refined, and quietly effective, and that’s a combination that remains surprisingly rare in the e-bike world.
FTC: We use income earning auto affiliate links.More.