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Just like Fords “Edsel” model in the 1950s, Trump administration economist Steve Moore cautioned that electric vehicles (EVs) may be the auto market’s “next big flop.”

“Henry Ford’s son was named Edsel, and this was going to be the great car, all of the executives said, ‘This is the car everybody’s going to want to buy.’ Ford made 500,000 of these new sedan cars, but guess what?” Moore said on “Varney & Co.” Monday. “Nobody bothered to ask consumers whether they wanted the car.” 

“And of course, the Edsel was one of the great flops of all time,” the economist continued. “I’m here to tell you, if these trends continue, we’re going to see the EV market become the next big flop because car buyers don’t want them.”

Moores comments come as the EV push at Ford and General Motors hit a speed bump thats cutting into the automakers profits and causing them to reevaluate their electric plans amid a price war and supply chain challenges.

Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes (EBIT) of $1.33 billion an acceleration after a loss of $1.08 billion in the prior quarter. It added that its cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.

General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs, though it doesnt break out losses from its EV unit in the same way Ford does.

GM CFO Paul Jacobson said that it would abandon an interim goal of building 400,000 EVs from 2022 through mid-2024, instead focusing on a goal of “getting to 1 million EVs of production by the end of 2025 alongside hitting our margin targets.”

“Given the huge losses that these companies like Ford are suffering because of the EV mania, I saw a statistic this morning that Ford is losing something like between $40,000 and $60,000 per car,” Moore reacted. “It’s been a bad bet.”

The economist further argued that auto industry-wide bailouts may be likely amid companies EV losses.

“The federal government is also already offering all of these sweeteners to get people to buy electric vehicles. You get a $7,500, basically, check from the government every time you buy an EV. Let’s not forget that we’re subsidizing the battery companies, all of these things,” Moore noted.

“The taxpayers are paying for these things,” he added. “And yet the most amazing thing is, even with all these sweeteners, Americans are still saying, I don’t want them.”

Speaking to car dealers around the country, Moore reported that their lots “are full of EVs” and only 10% of clients purchase EVs off the lot today.

“I think the car companies would be smart going to hybrids where you can have gas and an electric battery,” the economist and adviser suggested. “But the car companies aren’t making those cars. And the reason they aren’t making them is because the government has increasingly mandate[d] that all cars be EVs.”

FOX Business Eric Revell contributed to this report.

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Resident doctors in England consider whether new offer is enough to call off five-day strike in run-up to Christmas

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Resident doctors in England consider whether new offer is enough to call off five-day strike in run-up to Christmas

Doctors in England planning to go on strike in the run-up to Christmas are considering a new offer from the government to end the long-running dispute.

Resident doctors, formerly junior doctors, will walk out from 7am on 17 December until 7am on 22 December.

Health Secretary Wes Streeting has appealed to doctors to accept the government’s latest package.

The British Medical Association (BMA) said it will consult members by surveying them online on whether or not the deal from the government is enough to call off next week’s walkout.

The poll will close on Monday – just two days before the five-day strike is set to start.

The number of people in hospital with flu in England is at a record level for this time of year. File pic: PA
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The number of people in hospital with flu in England is at a record level for this time of year. File pic: PA

The union said the new offer includes new legislation to ensure UK medical graduates are prioritised for speciality training roles.

It also includes an increase in the number of speciality training posts over the next three years – from 1,000 to 4,000 – with more to start in 2026.

Funding for mandatory Royal College examination and membership fees for resident doctors is also part of the deal.

It does not address resident doctors’ demand for a 26% salary rise over the next few years to make up for the erosion in their pay in real terms since 2008 – this is on top of a 28.9% increase they have had over the last three years.

Mr Streeting warned a resident doctors’ strike over Christmas would have a “much different degree of risk” than previous walkouts.

It coincides with pressures facing the NHS, with health chiefs raising concerns over a “tidal wave” of illness and a “very nasty strain of flu”.

A new strain of the flu virus is thought to be much more infectious than previous strains and has already led to a record number of patients needing urgent hospital care.

The union’s mandate to strike is set to expire shortly, but Mr Streeting has offered to extend it to allow the medics to take action later in January if they reject his offer.

He called the union’s decision not to take it up “inexplicable”.

Last week, NHS England chief executive Sir Jim Mackey branded the decision by doctors to strike as “something that feels cruel” and which is “calculated to cause mayhem at a time when the service is really pulling all the stops out to try and avoid that and keep people safe”.

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BMA resident doctors committee chair Dr Jack Fletcher said the latest government offer “is the result of thousands of resident doctors showing that they are prepared to stand up for their profession and its future”.

“It should not have taken strike action, but make no mistake: it was strike action that got us this far,” he said.

“We have forced the government to recognise the scale of the problems and to respond with measures on training numbers and prioritisation.

“However, this offer does not increase the overall number of doctors working in England and does nothing to restore pay for doctors, which remains well within the government’s power to do.”

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Hundreds of ‘high-value’ artefacts stolen from museum in Bristol as police issue appeal

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Hundreds of 'high-value' artefacts stolen from museum in Bristol as police issue appeal

More than 600 artefacts have been stolen from a building housing items belonging to a museum in Bristol.

The items were taken from Bristol Museum’s British Empire and Commonwealth collection on 25 September, Avon and Somerset Police said.

The force described the burglary as involving “high-value” artefacts, as they appealed for the public’s help in identifying people caught on CCTV.

It is not clear why the appeal is being issued more than two months after the burglary occurred.

The break-in took place between 1am and 2am on Thursday 25 September when a group of four unknown males gained entry to a building in the Cumberland Road area of the city.

Detectives say they hope the four people on CCTV will be able to aid them with their enquiries.

This breaking news story is being updated and more details will be published shortly.

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Poland resubmits vetoed crypto bill with ‘not even a comma’ changed

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Poland resubmits vetoed crypto bill with ‘not even a comma’ changed

Polish lawmakers have doubled down on crypto regulation rejected by President Karol Nawrocki, deepening tensions between the president and Prime Minister Donald Tusk.

Polska2050, part of the ruling coalition in the Sejm — Poland’s lower house of parliament — reintroduced the extensive crypto bill on Tuesday, just days after Nawrocki vetoed an identical bill.

The bill’s backers, including Adam Gomoła — a member of Poland2050 — called Bill 2050 an “improved” successor to the vetoed Bill 1424, but government spokesman Adam Szłapka reportedly declared that “not even a comma” had been changed.

The division over Poland’s crypto bill comes amid the rollout of the European Union’s Markets in Crypto-Assets Regulation (MiCA) across member states ahead of a July 2026 compliance deadline for EU crypto businesses.

Critics say Bill 2050 is “exactly same bill”

The new version of Poland’s draft crypto bill provides an 84-page-long document that essentially replicates the original Bill 1424, aiming to designate the Polish Financial Supervision Authority as the country’s primary crypto asset market regulator.

Crypto advocates like Polish politician Tomasz Mentzen previously criticized Bill 1424 as “118 pages of overregulation,” particularly in comparison to shorter versions in other EU member states like Hungary or Romania.

“The government has once again adopted exactly the same bill on cryptoassets,” Mentzen wrote in an X post on Tuesday.

Source: Tomasz Mentzen

He also mocked Tusk’s claim that the president’s earlier veto was tied to the alleged involvement of the “Russian mafia,” saying: “The bill is perfect, and anyone who thinks otherwise is funded by Putin.”

Government spokesman Szłapka reportedly claimed that Nawrocki will likely not veto the proposed bill this time, following a classified security briefing in parliament last week and “now has full knowledge” of the implications on national security.

The issue with MiCA: Local versus centralized EU oversight

Poland’s debate over its crypto bill sets an important precedent for implementing the EU-wide MiCA regulation, as the proposed legislation would place responsibility for market supervision on the local financial regulator.

The issue is particularly significant amid calls from some member states for more centralized MiCA supervision under the Paris-based European Securities and Markets Authority (ESMA).