Jan 10, 2017

GM will make more money this year because of cheap gas

Christopher Matthews

A better economy is boosting American's ability to spend on cars, but another reason for optimism is cheaper gas. Since oil prices cratered in 2014, the public has gotten used to paying less at the pump, making consumers more comfortable with buying gas-guzzling crossovers, light trucks and SUVs, which are also more profitable for automakers. GM expects the share of those vehicles to rise from 36% over the past six years to 52% between 2017 and 2020.

Quick Take: Expect this dynamic to affect automakers stance toward fuel efficiency standards. The Obama Administration has rushed to tighten fuel efficiency standards to go into effect between 2022 and 2025 before the president leaves office. Automakers will push hard to have this implementation reversed this year.

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Fadel Allassan

Mark Cuban criticizes "arrogant" 3M on respirator production

Photo: Axios Events

Businessman and Dallas Mavericks owner Mark Cuban said during an Axios virtual event Friday that 3M is "arrogant" for not speaking up about respirator production in the midst of the coronavirus outbreak.

What he said: Cuban criticized the company for "making more globally than domestically," echoing a similar line from President Trump now that the U.S. is the epicenter of the pandemic. "You can't ghost the American people," he told Axios CEO Jim VandeHei from Dallas.

Go deeperArrow4 mins ago - Economy & Business
Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 1,056,777 — Total deaths: 55,781 — Total recoveries: 221,262 — Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 257,773 — Total deaths: 6,069 — Total recoveries: 9,311 — Map.
  3. Politics latest: Lawmakers on both sides of the aisle are worried about the difficulties of delivering the $2.2 trillion in stimulus aid.
  4. Jobs update: The U.S. lost 701,000 jobs in March, but the new report doesn't reflect the height of the virus' impact on the economy.
  5. World update: About half of the deaths worldwide are in Italy and Spain, with fatalities exponentially increasing across Europe.
  6. Social media: Bored athletes take to Instagram to connect with fans during coronavirus shutdown.
  7. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 50 mins ago - Politics & Policy
Joann Muller

Coronavirus puts ambitious plans for self-driving cars on the shelf

Illustration: Sarah Grillo/Axios

In two weeks, the coronavirus has brought the entire U.S. auto industry to a screeching halt. When it finally sputters back to life, many companies may be forced to change, defer — or even abandon — their ambitious plans for self-driving vehicles.

The big picture: Auto factories are shut down across North America to prevent the spread of the virus among workers, while stay-at-home orders have kept car shoppers away from showrooms. The resulting financial shock means carmakers have shifted their focus to survival, not investing in expensive technologies with no clear payoff.

Go deeperArrow51 mins ago - Economy & Business