BRUSSELS (Reuters) – Electric vehicles made up 8% of car sales in Europe in the first half of 2020, putting them on track to triple their market share this year, according to analysis by the NGO Transport & Environment (T&E).

FILE PHOTO: A battery charger sign for electric cars is painted on the ground of a parking ground near the soccer stadium in Wolfsburg, Germany, April 6, 2016. REUTERS/Kai Pfaffenbach

While the novel coronavirus pandemic has seen overall car sales plummet, sales of electric cars – which T&E defined as both battery and plug-in hybrid models – have increased.

This saw electric cars more than triple their market share in the European Economic Area (EEA), compared with the first half of last year, T&E said.

Outright sales of such vehicles are expected to roughly double this year, to one million units, it said.

T&E attributed the sales increase to tougher

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Federal investigators say a Coppell man fraudulently applied for dozens of federal stimulus PPP grants and received more than $17 million that he spent buying real estate and luxury cars such as a Bentley and a Corvette.

A coalition of federal agencies charged Dinesh Sah, 55, of Coppell, with applying for $24.8 million in PPP loans for 15 businesses that claimed to have more than 500 employees, but in fact, many of the businesses were registered after the CARES Act was passed and did not have any employees, according to court documents detailing the indictment.

“Mr. Sah exploited this terrible pandemic for personal gain — and he should be held accountable to the American people for that behavior,” said U.S. Attorney Erin Nealy Cox in a statement. “COVID-19 has devastated the finances of hardworking business owners across the nation. PPP funds should be reserved for those who really need them

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When a woman named Tracy received a car from the nonprofit Vehicles for Change, a nonprofit that awards affordable, used cars to low-income families, she was able to triple her income. Before, she had only been able to work minimum-wage jobs that were within walking distance of her house or accessible by bus. With the car, she could travel further for work and landed a job at a telecom company, which paid her enough to allow her to afford to rent her own apartment.

Other Vehicles for Change awardees told Nicholas Klein, a regional planning professor at Cornell University who interviewed 30 of its recipients for a recently published paper, that a car saved them up to two hours of travel time; they could use that time to cook dinner and help their kids with homework. A car allowed people to choose a doctor with better hours or lower fees

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cars
Credit: CC0 Public Domain

For one low-income woman, not having a car meant long commutes on public transit with her children in tow, sometimes slogging through cold or inclement weather. But after buying a subsidized car through a Maryland-based nonprofit, she was able to move to a home located farther from bus stops, send her children to better schools and reach less expensive medical services.


“So many different things open up to a person that is mobile,” the woman told Nicholas Klein, assistant professor of city and regional planning at Cornell University.

In “Subsidizing Car Ownership for Low-Income Individuals and Households,” published in the Journal of Planning Education and Research, Klein reports insights from interviews with 30 people who gained access to inexpensive, reliable cars through the nonprofit Vehicles for Change (VFC).

He found that the cars conferred wide-ranging benefits, not only shortening commutes and opening opportunities for higher-paying

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The Ventura City Council has again extended a program in which five blocks of downtown Main Street are closed to motor traffic to allow small businesses hammered by COVID-19 restrictions to expand their operations outside.

Watch: Ventura launches ‘Main Street Moves’ initiative

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The Temporary Outdoor Business Expansion Program, also known as “Main Street Moves,” launched June 16 for 30 days and was initially extended by the council until Sept. 15. The latest extension is until Feb. 15, or until the county’s coronavirus pandemic emergency health order expires, whichever comes first.

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Under the program developed by Downtown Ventura Partners, the business association for downtown merchants, Main Street from the San Buenaventura Mission to Fir Street is only open to pedestrians and cyclists.

Also closed under the program to motor traffic is one block of South California Street between Main and Santa Clara streets.

The

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SEOUL (Reuters) – South Korea’s LG Chem, an electric car battery supplier for Tesla Inc and GM said on Thursday it plans to separate its battery business into a new company as the electric vehicle market takes off.

The move came after LG Chem swung to a profit in its car battery business in the latest quarter. It expects further profitability thanks to growing demand from European car makers and more sales of cylindrical batteries used in Tesla cars.

LG Chem, South Korea’s top petrochemicals maker, has long bet on car batteries as a new growth engine, but it has never made an annual profit in the business since it started making them about a decade ago.

But expectations are growing for its car battery business as automakers push for more electric vehicles, fuelled by Tesla’s rise and tougher emissions regulations in Europe.

LG Chem said the timing was right

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a person holding a camera: A private-public partnership led by Trevo to scale up car-sharing economy could potentially generate more than RM90 million annual income for 10,000 participating Malaysians. - NSTP/ROHANIS SHUKRI


© Provided by New Straits Times
A private-public partnership led by Trevo to scale up car-sharing economy could potentially generate more than RM90 million annual income for 10,000 participating Malaysians. – NSTP/ROHANIS SHUKRI

KUALA LUMPUR: A private-public partnership led by Trevo to scale up car-sharing economy could potentially generate more than RM90 million annual income for 10,000 participating Malaysians.

Transport Minister Datuk Seri Dr Wee Ka Siong said the programme held great promise for Malaysians as it provides extra income for them.

“This is timely as we see that unemployment rate in July standing at 4.7 per cent with 745,100 out of work compared to 3.2 per cent unemployment in January 2020 with 511,700 people.

Wee said before the Covid-19 pandemic, the car-sharing market was projected to reach a value of USD4 billion worldwide by 2030.

“With many worried commuters (over Covid-19) moving away from public transit to private vehicles

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By Lucia Mutikani

WASHINGTON (Reuters) – U.S. consumer prices rose solidly in August, with the cost of used cars and trucks accelerating by the most in more than 51 years likely as Americans shunned public transportation because of fears of contracting COVID-19.

The report from the Labor Department on Friday also showed a firming in underlying inflation last month, putting fears of deflation to rest. Deflation, a decline in the general price level, is harmful during a recession as consumers and businesses may delay purchases in anticipation of lower prices.

Still, stirring inflation is unlikely to discourage the Federal Reserve from pumping more money into the economy to aid the recovery from the COVID-19 recession amid considerable labor market slack. The U.S. central bank in August rewrote its framework, putting new emphasis on the labor market and less on worries about too-high inflation.

“Consumer prices are rebounding from the pandemic

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  • Over the course of about two decades, Tesla has established a micro-monopoly over the electric car market.
  • But to survive, it has had to charge a lot for its vehicles, which runs counter to CEO Elon Musk’s master plan to kill off the internal-combustion engine.
  • It’s possible that Tesla will never face meaningful EV competition, despite numerous companies jumping into the action.
  • But eventually, Tesla could end up monopolizing data, and that would lead to problems for the company.
  • Visit Business Insider’s homepage for more stories.

Silicon Valley’s biggest problem is that it hates competition. And by hates, I mean structurally despises it, from soup to nuts: venture capitalists pretty much want to invest only in startups that promise to completely dominate markets, raking in as close to 100% of potential gains as possible.

It wasn’t always like this: The first wave of technology firms, from Hewlett-Packard to Apple to

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Updated


FRANKFURT, Germany (AP) — The market share of electric cars in Europe increased during and immediately after the worst of the pandemic lockdowns, industry figures showed Thursday, even as overall sales of vehicles of all

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