Max Levchin, co-founder of PayPal and chief executive officer of financial technology company Affirm, arrives at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference, in Sun Valley, Idaho.
Drew Angerer | Getty Images
Affirm shares soared 34% on Thursday and were on pace for their best day in almost three years, after the provider of buy now, pay later loans beat on the top and bottom lines in its earnings report.
If the rally holds, it will be the third-biggest rally for the stock since the company’s IPO in January 2021. The stock was trading at $42.17 as of early afternoon.
Following the market close on Wednesday, Affirm said revenue in the fiscal fourth quarter climbed 48% from a year earlier to $659 million, and that its net loss narrowed to $45.1 million from $206 million in the same period a year ago. The company beat estimates for revenue and reported a narrower-than-expected loss.
For the current quarter, Affirm sees revenue in the range of $640 million and $670 million. Analysts polled by LSEG called for revenue of $625 million.
Affirm CEO Max Levchin said in a note to shareholders that the company set a new goal of hitting operating profitability on a GAAP basis by the fiscal fourth quarter of 2025.
Analysts for Mizuho called it a “killer quarter” for Affirm in a note on Thursday, and said the “prospect of turning GAAP operating income-positive” will be “a major milestone.”
Even after Thursday’s rally, Affirm shares are still down about 14% for the year, while the Nasdaq is up 18%. But the stock has been trending higher lately, up 50% in August. Federal Reserve Chairman Jerome Powell signaled Friday that lower interest rates could be coming as soon as September.
Bank of America analysts said in a note last month that rate cuts would be beneficial to Affirm’s funding costs and for gain on loan sales. The company moved its merchants to a 36% APR cap on loans, up from 30% previously, and analysts said this “should remain a tailwind for yields and GMV growth.”
Mizuho projects that a new Apple Pay partnership could add $12 billion to Affirm’s total addressable market once it goes live later this year.
The Tesla Cybertruck is in crisis. The automaker is still sitting on a ton of old inventory, which it is now heavily discounting, and it is throttling down production to try to avoid building up the inventory again.
When launching the production version of the Cybertruck in late 2023, Tesla CEO Elon Musk claimed that the vehicle program would reach 250,000 units a year in 2025:
“I think we’ll end up with roughly a quarter million Cybertrucks a year, but I don’t think we’re going to reach that output rate next year. I think we’ll probably reach it sometime in 2025.”
We are now in 2025, and Tesla is expected to currently be selling the Cybertruck at a rate of about 25,000 units a year – a tenth of what Musk predicted.
Earlier this month, we reported that Tesla began the second quarter with 2,400 Cybertrucks in inventory, valued at over $200 million.
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This is a real problem for Tesla as many of those Cybertrucks are older 2024 model year units not eligible for the federal tax credit, and even some ‘Foundation Series’, which Tesla stopped building in October 2024 – meaning that Tesla is sitting on some 6-month-old trucks in some cases.
Tesla is now offering deeper discounts on the new inventory of Cybertrucks. The discounts can go as high as $10,000, but the average one is closer to $8,000, which is more than the tax credit:
Despite Tesla’s efforts, the automaker has only reduced its Cybertruck inventory by about 100 units since the beginning of the month.
Tesla is now further throttling down production of the Cybertruck at Gigafactory Texas, according to a new report from Business Insider.
According to two Tesla workers speaking with BI, the automaker has reduced its Cybertruck production teams and now operates at a fraction of its original capacity. It also moved some Cybertruck production workers to Model Y production at the plant.
One of the workers said:
“It feels a lot like they’re filtering people out. The parking lot keeps getting emptier.”
When it comes to the Cybertruck program, it sounds like Tesla is lowering production even further.
Last week, Tesla launched a new version of the Cybertruck in an attempt to boost demand, but it has been poorly received due to the automaker’s removal of many essential features.
Electrek’s Take
There are a lot of other automakers that would have already given up on the Cybertruck ith these results, but not Tesla. Musk is not one to admit defeat easily.
However, Tesla is running out of options.
The new Cybertruck RWD was a desperate attempt, and I doubt it will work. Now, it sounds like Tesla is further throttling down production – virtually confirming that the new trim didn’t help.
The next step would be a complete production pause.
Again, I don’t think Musk wants to admit defeat, but at some point, it’s inevitable.
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LiveWire, the electric motorcycle brand spun out of Harley-Davidson, has officially launched a new line of electric motorcycles tailored for law enforcement and security use. The move marks another example of electric two-wheelers expanding beyond consumer markets and into professional and government fleets.
The company’s new LiveWire fleet program debuted with its electric motorcycle models adapted to include law enforcement-specific features like sirens, emergency lighting, and reinforced mounting points for gear. They are designed for urban patrol duties, security, and events where agility and low operational noise are critical.
As LiveWire explains, the electric drivetrain offers several advantages over traditional gas-powered police motorcycles, including lower maintenance needs, reduced operational costs, and near-silent operation. Those can be strategic advantages for many law enforcement departments. Instant torque and quick acceleration also give officers a performance edge in dense urban environments.
Additionally, the lack of a clutch and the ability to operate the motorcycle entirely with just the right hand and right foot, as opposed to a traditional motorcycle requiring the use of both hands and both feet, make the bikes ideal for reducing rider fatigue during long shifts and for low-speed operation like motorcade duty.
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Departments will be able to configure bikes with a range of custom options through LiveWire’s fleet division. The fleet program highlights benefits such as regenerative braking for improved efficiency, customizable ride modes, and short recharging times allowing officers to quickly recharge during shifts if needed.
The initiative comes at a time when interest in electric police vehicles is rising. Several major cities have already begun integrating electric vehicles including e-bikes into their fleets to reduce emissions and lower fuel costs. LiveWire’s dedicated police motorcycles could help fill a niche where traditional gas-powered motorcycles are too noisy, high-maintenance, or costly for modern policing needs. That’s exaclty what we’ve seen in the past when the original Harley-Davidson LiveWire electric motorcycle was already drafted into police department use years ago.
For now, LiveWire’s police models are targeting agencies across North America, but given the growing global demand for greener fleets, it’s likely we’ll see broader adoption if the program proves successful.
Electric motorcycles have also proven popular among police departments and security forces both in the US and around the world.
As electric vehicle technology continues to improve and charging infrastructure expands, it’s all but inevitable that more police and security fleets will gradually transition to electric models.
The combination of lower operating costs, easier maintenance, and environmental benefits makes electrification an increasingly practical and attractive option for public safety agencies.
Current battery technology, which generally provides around 100 miles (160 km) of range, positions these electric motorcycles ideally for urban law enforcement roles. This urban setting is precisely where their strengths become most apparent. Quiet operation, zero emissions, and significantly reduced maintenance costs make electric police motorcycles particularly beneficial for high-mileage city fleets.
Imagine landing at JFK or LaGuardia after a fun but taxing vacation, and instead of hailing a two-hour cab ride or asking your brother-in-law to come and get you, you take to the skies in an eVTOL. You’re back on the ground in 15 minutes for a short trip back home to bed. What a time to be alive. eVTOL developer Archer Aviation is making this dream a reality alongside its business partner, United Airlines, offering travelers to NYC a new map of air taxi routes to travel to and from NYC airports.
As you may or may not already know, Archer Aviation ($ACHR) is a Santa Clara, California-based aviation developer specializing in designing and developing electric vertical takeoff and landing aircraft, particularly for use in urban air mobility (UAM) networks such as air taxi services.
Archer remains one of the more exciting eVTOL developers we follow and stays relevant on our news beat with steady announcements of new partnerships with companies worldwide to develop and implement networks of sustainable air travel using its flagship Midnight eVTOL aircraft.
One of Archer’s long-standing partners has been Stellantis, which signed an agreement to become the exclusive manufacturer of Archer’s eVTOL technology at a new facility in the US, specifically Covington, Georgia. Last summer, Archer announced that a new US facility had completed construction, and Midnight eVTOL production was scheduled to begin in early 2025.
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In addition to Stellantis, plenty of other big names have invested in Archer and/or signed agreements with the eVTOL specialist, including Boeing and ARK Invest. Aviation companies like Southwest and Soracle in Japan have signed ventures to establish eVTOL air taxi networks in major metropolitan areas like Tokyo, Los Angeles, and Chicago – the latter of which comes via a landmark agreement with Signature Airlines signed in June 2024.
Another partner is United Airlines, which is working alongside Archer to establish a new eVTOL air taxi network around the NYC metropolitan area, connecting Manhattan to several nearby airports. You can see the NYC air taxi route map below:
Source: Archer
Archer unveils eVTOL air taxi routes coming to NYC
Archer Aviation unveiled the initial route map for air taxi operations in NYC this morning alongside details of its ongoing partnership with United Airlines. The pending air taxi network includes vertiports at JFK, LaGuardia, and Newark Airports around NYC and a presence at regional airports and three helipads in the city itself.
Per Archer, the goal is to provide travelers with a new, safe, and sustainable method of transportation in which they can visit a nearby heliport and fly 5 to 15 minutes in a Midnight eVTOL to their destination as opposed to potentially sitting in hours of NYC traffic. Archer founder and CEO Adam Goldstein elaborated:
The New York region is home to three of the world’s preeminent airports, serving upwards of 150 million passengers annually. But the drive from Manhattan to any of these airports can be painful, taking one, sometimes two hours. We want to change that by giving residents and visitors the option to complete trips in mere minutes. With its existing helicopter infrastructure, regulatory support and strong demand, I believe New York could be one of the first markets for air taxis in the United States.
Thanks to its partnership with United, Archer said its future passengers can book air taxi flights in NYC as an “add-on” to their existing itinerary. As an example, the eVTOL developer said a customer would be able to take a Midnight eVTOL, which is designed to transport four passengers plus a pilot, from a vertiport downtown to the Newark Airport in less than ten minutes, then go through security and board their commercial flight as normal, saving tons of time along the way.
Source: Archer
As a long-term investor and customer in Archer’s eVTOL technology, United Airlines intends to work alongside its partner to help make these air taxi routes around NYC a reality. Andrew Chang, Head of United Airlines Ventures, also spoke:
At United, our focus is on driving innovation, reimagining the future of air travel and enhancing the customer experience every step of the journey. Our strategic collaboration with Archer will be key to our efforts to build and optimize the infrastructure – such as real estate development, air space management, and safety and security protocols – necessary to bring advanced air mobility to our customers.
Here is the full list of planned vertiports for air taxi travel around the NYC metropolitan area:
Major Airports: John F. Kennedy International Airport, LaGuardia Airport, Newark Airport
NYC Helipads: East 34th Street Heliport, Downtown Skyport, West 30th Street Heliport
Regional Airports: Westchester County Airport, Teterboro Airport, Republic Airport
The NYC network is a part of Archer’s more extensive plans to establish eVTOL air taxi travel across populated and traffic-dense areas in the US, including additional networks in San Francisco and Los Angeles. Archer shared it is currently working through the final stages of FAA approval to get those routes up and running.
A representative for the company shared the following update when asked when we might see Archer air taxi operations in the New York City area:
We’re taking a step by step approach for any new market we’re launching in, starting with a few aircraft on a few routes. We’ll ramp commercial operations upon receiving Type Certification from the FAA. We’re in the final stages of FAA type certification for Midnight, and once complete, we’ll be ready to begin commercial operations. We will start slowly, with a “crawl, walk, run” approach with Midnight’s roll-out. In the U.S., we’ve identified New York, Los Angeles, and San Francisco as our initial markets.
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