Price is one of the biggest barriers to EV adoption. But thanks to a new type of battery, General Motors plans to slash the cost of some of its rechargeable vehicles.
The battery, which has been under development for a decade, uses more of the cheaper elements like manganese and far less cobalt and nickel than current lithium-ion cells. That will cut the cost of battery packs in models like the Chevrolet Silverado EV, GMC Hummer and Cadillac Escalade by more than $6,000, a GM executive told Forbes.
And while GM currently falls behind Tesla as the largest seller of EVs in the U.S., that could change as Elon Musk’s firm struggles.
FIRST UP
As the stock market rebounds, Chime, America’s largest digital bank, has filed publicly with the SEC for an initial public offering, revealing its detailed financials. Chime has catered largely to younger Americans earning between $35,000 and $65,000 and has built a sticky business by requiring customers to set up direct deposit to get access to a growing list of features.
Donald Trump is considering accepting a plane from Qatar, a gesture from the energy-rich monarchy that plays directly to the billionaire’s ego. Trump has long preferred oversized planes, personalizing airliners too big to land in some airports over the more nimble jets that most executives prefer. Alan Marcus, a communications consultant who used to ride on Trump’s old Boeing 727, compared it to a stereotypical debate over the size of one’s male anatomy.
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BUSINESS + FINANCE
Prices rose less than economists expected in the first inflation report since President Donald Trump unveiled his “Liberation Day” tariffs. But while it was the most moderate inflation reading in over four years, the data doesn’t capture the full impact of tariffs on consumers—and the frequent changes in the tariff rates make it difficult to gauge what that will look like.
In a move that could provide relief to ecommerce firms like Shein and Temu, the White House said it lowered tariffs on packages from China valued at less than $800 from 120% to 54%. Packages under that value were previously exempt from tariffs or customs duties through the “de minimis” loophole, which Trump eliminated, then reinstated, then eliminated again.
WEALTH + ENTREPRENEURSHIP
After Forbes uncovered financial problems and layoffs at Wondermind, the mental health startup cofounded by actor and business mogul Selena Gomez, it set off a debate over how much Gomez is really worth. Forbes found that Gomez is very wealthy, but not a billionaire, worth roughly $700 million—though she still ranks among the wealthiest self-made women entrepreneurs in the country.
MONEY + POLITICS
A key court hearing took place Tuesday, as a coalition of small businesses are seeking to block President Donald Trump’s “Liberation Day” tariffs as legal challenges against the import taxes move forward. It’s unclear how the court will rule, and it’s only the first step in what’s likely to be a lengthy legal process, as multiple lawsuits have been filed.
WORLD
President Donald Trump met with Syrian President Ahmed al-Shara in Saudi Arabia on Wednesday, a day after announcing plans to lift U.S. sanctions on Syria, a significant boost to the country’s new leadership as it attempts to shore up international support after a nearly a decade and a half-long civil war. Addressing the leaders of the Gulf Cooperation Council, Trump said he “felt very strongly” that dropping the “really crippling” sanctions would give Syria a chance.
TRENDS + EXPLAINERS
Operations at Newark Airport appear to have normalized after two weeks of chaos that included equipment failures in which air traffic controllers lost communication with pilots three times. The airport was under a ground delay Tuesday, but there were markedly fewer canceled and delayed flights, according to data from FlightAware.
DAILY COVER STORY
After a decade-long beef with the SEC as well as bipartisan opposition in Congress, the world’s largest meatpacker was finally given the green light in late April to be listed on the New York Stock Exchange.
The U.S. listing of the Brazil-based JBS has been delayed several times over the past decade due to a deluge of scandals involving the top shareholders and their holding company—including bribes to Brazilian meat inspectors, kickbacks to government financiers and illegal campaign contributions to more than 1,800 Brazilian politicians. That is in addition to accusations in the U.S. of JBS and companies it owns of price-fixing, wage-manipulating and violating child labor laws, plus allegations of discrimination and harassment.
Over the past two decades, brothers Joesley and Wesley Batista have turned their family’s South American meat business into a global goliath with more than $77 billion in annual revenue. Its major U.S. brands include Swift, Pilgrim’s Pride, Primo, Blue Ribbon and Certified Agnus Beef.
The Batista brothers are the company’s largest shareholders, and Forbes estimates that Joesley and Wesley are worth $4.8 billion each. They have also been personally charged with foreign corruption in the U.S. as well as insider trading allegations in Brazil.
But the Batistas’ fortune changed when Donald Trump returned to the White House in January. The long-delayed SEC approval for JBS’ dual-listing came just two days after it was revealed in a public filing with the federal election commission that the largest donor to the Trump Inaugural Committee was the JBS subsidiary, chicken processor Pilgrim’s Pride. A JBS spokesperson denied any link in the timing of the donation.
WHY IT MATTERS
In addition to the extensive bribery scheme, JBS has also faced allegations of environmental damage, particularly that it knowingly buys cattle that have been raised on ranchland created by deforesting the Amazon, though a JBS spokesperson denies that. Now that the public listing is approved, it will give JBS access to U.S.-only investors, pensions and stock indices. The share price is expected to take off, with Carlos Laboy, a managing director who heads up Latin American food coverage including JBS at HSBC, estimating JBS could double in value. That would give JBS “more resources to solve the environmental issues that need to be solved.”
MORE
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FACTS + COMMENTS
The U.S. faces substantial potential economic losses as a Canadian travel boycott continues to intensify. Canadians comprise the single largest cohort of foreign inbound tourists to the U.S.:
35%: The decline in the number of Canadians road-tripping to the U.S. last month, compared to a 20% drop for air travel
$20.5 billion: How much Canadian travelers spent in the U.S. in 2024
140,000: The number of jobs that would be jeopardized by just a 10% reduction in Canadian inbound tourism, the U.S. Travel Association warned
STRATEGY + SUCCESS
In times of economic uncertainty, many employers turn to layoffs—but there are hidden costs associated with cutting positions. Beyond the expenses like providing severance and increased administrative work, employee productivity can plummet, and studies have shown that voluntary turnover often increases as well. If it’s necessary to cut back, try to optimize management layers, reduce the workforce through natural attrition, and if you must lay off employees, be sure to treat them with dignity.
QUIZ
Disney will launch an upgraded ESPN streaming service this fall, offering it as a bundle, or for what price per month as a standalone service?
A. $9.99
B. $39.99
C. $29.99
D. $49.99