Ford Motor Company CEO Jim Farley warned of an impending downturn in the electric vehicle market, which was confirmed by a $4.8 billion loss, while the Trump administration moved to dismantle climate regulations and the housing market showed signs of a shift, according to multiple news reports. The news comes as the latest jobs report painted a mixed picture, and six GOP representatives defied Trump on tariffs.
Farley had predicted a significant contraction in the EV market, anticipating that the expiration of federal tax credits would cut sales in half, according to Fortune. He cited the end of the $7,500 consumer incentive as a "game-changer," expecting a drop from the current level of roughly 10-12% of the industry to around 5%. JD Power estimated that EVs were 6.6% of new retail sales in January, suggesting Farley's prediction was accurate.
The Trump administration's actions also drew attention. The administration was poised to dismantle a key climate regulation, which considers climate change a threat to Americans' health, according to Vox. This move is expected to trigger lawsuits.
Meanwhile, the housing market was experiencing a shift, with homebuilders aggressively cutting prices on new homes, a first in recent history, according to Fortune. This was driven by an affordability crisis and high mortgage rates. This trend, coupled with existing-home price reductions, suggests a potential buyer's market, although affordability remained strained for many due to high down payment requirements and economic challenges.
The latest US jobs report, released yesterday, presented a mixed picture, according to Vox. Senior editor Benjy Sarlin described the situation as a "both/and" scenario.
Furthermore, six Republican House representatives defied Trump to block Canadian tariffs, according to NPR News.
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