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It’s taken a while, but most Americans have finally come to realize that the new tariffs imposed on imported goods are in fact paid by US companies, not the countries where they are manufactured. What many still don’t realize, though, is how those same tariffs are actually crushing the American manufacturing they were ostensibly designed to promote.

It might sound counterintuitive. Even if misguided, the Trump administration’s tariffs are intended to encourage manufacturing in the US instead of sending those manufacturing jobs overseas.

The problem is that the tariffs often have the exact opposite effect. Take the nascent electric moped and light e-motorcycle manufacturing industry in the US, for example. Such 30-40 mph (48-64 km/h) electric mopeds offer street-legal rides that are significantly more affordable than larger motorcycles. These light electric motorbikes and e-mopeds are easier to produce than larger flagship street bikes, but still require specialized skills and significant investment in manufacturing capabilities.

Companies like Spark Cycleworks in Cincinnati, Ohio, have spent years making those investments, helping the company produce nearly 600 electric mopeds in its small US-based factory. However, despite building its vehicles in the US with American labor, the company is still feeling the crushing weight of tariffs that threaten its future.

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The problem is that despite manufacturing occurring in the US, there is no domestic supply chain for many of the materials used in the mopeds.

Components like batteries, controllers, motors, and other critical parts are all produced in Asia – many of them in China. Spark Cycleworks Matt Schell explained that there’s simply no alternative and that such components are a huge part of the cost of production.

“Those components make about 50% of the cost of producing that bike and there’s no other option,” said Schell. “I’ve got nowhere else to go. I have to account for the tariffs on those parts.”

One of his last containers was hit with higher 45% tariffs after the initial wave of Trump tariffs, and the next container with his batteries will now see 145% tariffs.

While some might suggest that US manufacturers should just switch to producing components like battery packs locally, even these components are made with imported subcomponents.

“There are no domestic options for our motors, our controllers, and our batteries. We can make batteries by hand in the US, but all of those cells are going to be imported. So it doesn’t matter if we make the batteries here, they’re still going to get that tariff,” Schell added.

Spark Cycleworks’ electric mopeds were previously priced at around US $4,500 but Schell says that the new tariffs will force the price up to around $7,000. With that pricing uncertainty scaring off consumers, the company hasn’t sold a single bike in around five weeks.

via: WFSB

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Sources state BYD is targeting half its vehicle sales to come from outside China by 2030

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We’ve said it before and will say it again: Build Your Dreams (BYD) is coming. The Chinese automaker continues to gain momentum in global NEV sales and does not expect to hit the brakes anytime soon. According to multiple sources, BYD aims to have half of its vehicle sales come from other markets outside China within the next five years.

Most of the time we’re covering BYD, we’re either talking about low-cost BEVs with advanced technology, or marveling at the pace at which the Chinese automaker is becoming one of the most innovative and fast-growing companies in its respective segment.

BYD has already expanded its market reach throughout Asia and into new markets with sales and localized production around Europe, South America, and (maybe) North America. 2024 marked a record year for BYD’s financial results, tallying over $100 billion in sales. With Q1 of 2025 now behind us, BYD’s momentum has done everything but falter.

Through the first three months of 2025, BYD had sold over one million New Energy Vehicles (NEVs), up 60% from the 626,263 sold in Q1 2024. This led a tech research firm to predict once again that the Chinese automaker will finally overtake Tesla in total BEV sales this year.

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In April, BYD outsold both Tesla and Mercedes-Benz in the UK and has seen its overseas sales double. If these trends continue, BYD could very well become the most recognizable vehicle badge on roads worldwide, and according to recent reports, that’s precisely what it is targeting.

BYD sales
A BYD BEV on display at the Shanghai Auto Show / Credit: Scooter Doll

BYD looks to become a global player in EV sales by 2030

As reported by Reuters, four people familiar with BYD’s business strategy state that the Chinese automaker has set a goal of having half of its vehicle sales come from outside its native China by the end of the decade. While brands like BYD remain deterred from entering a potentially fruitful market in the US due to trade tensions and tariffs, quick adoption and growth in South America and Europe provide evidence that BYD could reach its target.

If BYD did enter North America, more specifically the United States, its odds of garnering at least half its sales from other markets seem inevitable. However, that’s a pipe dream right now, given the current political and economic climate broiling between the US and China.

Per one of the sources, BYD has been sharing its 2030 sales target with small groups of investors since late 2024, citing continued expansions into Europe as a vital factor in said strategy. A second source attended a private event with BYD executives at the Shanghai Auto Show and relayed that BYD’s confidence in achieving the astronomical uptick in global sales comes from its speedy growth among Chinese consumers. For reference, nine out of every 10 vehicles sold by BYD last year came from a local Chinese buyer.

With such success at home in the last five years, BYD now feels confident it can adapt those learnings and find additional success in new markets overseas. If successful, BYD would become a major player in the global automotive discussion, rubbing elbows with household names like Toyota, Ford, and GM. That feat seems even greater when considering it would be the first Chinese automaker to reach such prominence.

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Steph Curry, Tom Brady and other celebrities excluded from most FTX investor claims, judge rules

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Stephen Curry #30 of the Golden State Warriors drives to the basket in the second quarter against Dyson Daniels #11 of the New Orleans Pelicans at Chase Center on April 12, 2024 in San Francisco, California. 

Kavin Mistry | Getty Images

A Florida federal judge has dismissed most of the claims against high-profile celebrities and YouTubers who promoted the now-defunct cryptocurrency exchange FTX, including stars like Tom Brady, Gisele Bündchen, Kevin O’Leary, and Stephen Curry.

The ruling narrows the scope of a sprawling multidistrict litigation accusing them of using their fame to market a fraudulent platform.

In an order filed Wednesday, U.S. District Judge K. Michael Moore ruled that the plaintiffs, a group of FTX investors, failed to demonstrate that the celebrities had sufficient knowledge of FTX and CEO Sam Bankman-Fried‘s misconduct to be held liable for promoting the exchange.

The lawsuit stemmed from FTX’s catastrophic collapse in November 2022, which wiped out billions of dollars in customer funds and triggered investigations worldwide. The plaintiffs accused the stars of being paid millions of dollars to endorse FTX without disclosing their financial incentives, a violation of federal and state advertising laws.

The judge dismissed nearly all of the claims against the “Celebrity Defendants,” which include Shohei Ohtani, Larry David, the Golden State Warriors, Udonis Haslem, David Ortiz and Naomi Osaka.

Read more about tech and crypto from CNBC Pro

The court also cleared the “YouTuber Defendants,” including influencers who allegedly marketed FTX through social media, of most claims.

Moore wrote that the plaintiffs “fail to adequately plead causation” and “fail to plausibly allege Defendants’ knowledge of FTX’s fraud.” He added that while the celebrities may have been “uninformed, negligent, or even reckless,” the plaintiffs did not show they “had any knowledge of FTX’s fraud” or “had the requisite intent to deceive or defraud investors.”

The judge also cleared defendants of related civil conspiracy claims, writing that “defendants cannot be found liable for civil conspiracy for merely receiving payments and other monetary benefits in exchange for their promotional content.”

The decision significantly reduces the celebrities’ legal exposure, though two claims against them remain active: Violations of state securities laws in Florida and Oklahoma, which prohibit the sale of unregistered securities.

Plaintiffs may still amend their complaint and try again, the judge wrote, but will need to present stronger evidence directly linking the stars to FTX’s alleged wrongdoing.

The ruling comes after a protracted legal battle in which plaintiffs alleged that the celebrities and influencers were liable for promoting unregistered securities and engaging in deceptive practices.

Brady and his ex-wife, Bündchen, were among the most prominent faces of FTX, appearing in a high-profile commercial for the exchange in 2022. Curry and the Golden State Warriors also had an endorsement deal with FTX, while David starred in a widely viewed Super Bowl commercial for the platform.

Late last month, NBA star Shaquille O’Neal settled with a group of FTX investors who accused him of enabling the failed exchange’s fraud as a celebrity promoter.

While plaintiffs had sought $21 billion in total damages from O’Neal and other promoters, the terms of his settlement were not disclosed.

FTX founder Sam Bankman-Fried appeals fraud conviction

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NYC could soon kick electric bikes out of Central Park

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NYC could soon kick electric bikes out of Central Park

After going car-free on Central Park’s main drives in 2018, the NYC Department of Parks and Recreation has been preparing to wrap up a study on electric bike usage in Central Park. The results will help decide whether those electric bicycles will still be permitted inside the park.

A bill is now sitting in wait before the New York City Council that would ban the use of electric scooters and bikes with electric assist in any park in the city, including Central Park.

It follows a city pilot launched in 2023 to allow any bicycles, e-bikes, and e-scooters that are legal to operate in NYC streets to also ride on park drives, including the Central Park and Prospect Park loops. The pilot also allowed those e-bikes, bicycles, and e-scooters to ride on greenways such as the Brooklyn Waterfront Greenway.

A decision will be made this summer, though some e-bike proponents see hope in a recent statement from NYC Parks. “We are committed to ensuring our public spaces can safely accommodate the diverse ways that New Yorkers engage with them, including electric micromobility devices like e-bikes and stand-up e-scooters,” explained a spokesperson.

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Feedback from the public has been requested, and those interested can share their opinion on e-bike use in Central Park and other greenways in the city.

While critics argue that e-bikes pose a safety risk to pedestrians and disrupt the slower pace of movements in parks, advocates counter that electric micromobility devices are essential for making green spaces more accessible, especially for older riders, people with limited mobility, and those using cargo bikes to transport children or groceries. As the city strives to promote car-free or reduced-car transportation and expand access to low-emission mobility, banning e-bikes in parks could be seen as a step backward.

Central Park, with its iconic loop and sprawling paths, has long been a haven for cyclists and joggers alike. But it’s also a key corridor for commuters and delivery workers who rely on e-bikes for their livelihoods. Restricting access could force more riders back onto congested streets, potentially increasing conflicts with cars and reducing the appeal of sustainable transportation options.

The final decision could set an important precedent for other cities grappling with the rise of electric micromobility. As e-bikes become more common and cities look to balance recreation with transportation, how New York navigates this issue could shape policy far beyond the park’s stone gates.

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