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Electric perfection is enemy of hybrid-car good

HONG KONG (Reuters Breakingviews) - There’s a place for the hybrid electric car. Activists are attacking companies like Toyota for not ditching them fast enough in favour of purely battery-powered cars, while politicians prepare to wind down subsidies for or outright ban motors that mix electricity and gasoline. Purging the internal combustion engine (ICE) is the ultimate goal, but that’s a long way off. Forcing the pace of change could leave middle-class consumers and poor countries behind and even spark a grassroots backlash against clean cars in general. Plenty of major car brands still like hybrids; China’s Li Auto makes nothing else. There were over 5 million of them on the world’s roads in 2021, per International Energy Agency estimates, or 30% of the electric-vehicle (EV) total. Toyota argues that policies banning ICE and hybrid cars are coming too quickly. It even threatened in July to close its UK factories https://nam02.safelinks.protection.outlook.com/?url=https%3A... if the government there follows through on its threat to ban the technology by 2030. That sort of attitude has made the world’s biggest carmaker by vehicles sold unpopular among shareholders and environmentalists alike. New York City’s pension fund was one of several investors to berate the $270 billion Japanese vehicle manufacturer at its June annual meeting for its slow shift to electric vehicles. Greenpeace ranks it worst https://nam02.safelinks.protection.outlook.com/?url=https%3A... of the automakers for decarbonisation efforts. Yet it still has the lowest fleet emissions of any major carmaker excluding Tesla. That’s thanks in no small part to the company’s hybrid collection, led by the Prius series. Launched in 1997, the first mass-produced hybrid vehicle was a hit with eco-conscious consumers; even now it is among the most fuel-efficient mid-priced cars on the road. The 2022 Prius Eco gets 56 miles per American gallon, twice the global average. Hybrids are generally cheaper to manufacture and buy than pure electric models, and getting more so now that battery costs have spiked. In the crucial mass-market segment, they sport better earnings margins. The technology has improved and diversified. Some designs, like the BMW i3 and China’s Li L9, rely more on electricity with a small ICE to extend range. Others are more dependent on petrol and have correspondingly worse greenhouse emissions. Vehicles powered wholly by electric battery, though, are more efficient at converting energy, in addition to having no tailpipe emissions: they use at least 77% of the power provided by the battery to move, whereas some hybrids waste up to 79% https://nam02.safelinks.protection.outlook.com/?url=https%3A... heat and friction. Combine that with a largely fossil fuel-free electricity grid in a small, wealthy country, and 100% electric vehicles make complete sense. They can now account for more than 80% of monthly new car sales in Norway, where hydropower provides virtually all power; hybrid sales have dropped to a single-digit percentage. HALFWAY HOUSE The further away you get from the Norwegian nirvana, though, the more hybrids can continue to play a role. In the United States, pure EVs almost always emit less greenhouse gas than ICE models, even when accounting for the emissions generated by building them. A study https://nam02.safelinks.protection.outlook.com/?url=https%3A... by the Union of Concerned Scientists showed that the average electric vehicle generates emissions equivalent to a hypothetical gasoline model that gets 91 mpg. However, wide regional variations are notable. In Hawaii, the average electric car gets only 52 mpg because the grid itself runs mostly on petroleum. Other areas are worse. The most efficient battery-powered electic vehicle (BEV) on the market will get only 55 mpg in the midwestern region around Wisconsin – worse than a Prius. This highlights an issue for other countries with dirtier power mixes. Coal produces roughly 35% more carbon dioxide than gasoline and is the largest global source of CO2 emissions https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fourworldindata.org%2Fgrapher%2Fco2-emissions-by-fuel-line&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C768a25910ceb494d06b108da7f3851f3%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637962177123465814%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=3JRoKa4SX%2Bw8rz2tt43GtFD1yHuQOPfXrgQnwMtLDrU%3D&reserved=0. While it only provides around a fifth of U.S. electricity, it makes up a far larger slice of the pie in the massive Asian economies which now contribute the bulk of new emissions growth https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fworldmapper.org%2Fmaps%2Fco2increase-1990to2015%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C768a25910ceb494d06b108da7f3851f3%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637962177123465814%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=a61Lst0jlBWtJJmtE%2BkDw64zZNhwbr1zB2SbXO1bZ2g%3D&reserved=0. India, the world’s third-largest emitter, runs over half its grid on it. China, the world’s biggest automobile market, relies on coal for nearly two thirds of its electricity, as does Australia; the figure is above 80% in countries like Poland and the Chinese province of Inner Mongolia. In such locations, the relative emissions advantage of BEVs over hybrids shrinks. In addition, surveys show that range anxiety — the fear that EVs will run out of power and strand drivers — is a real issue for consumers. Assuaging that takes time and lots of money. The United States, for example, aspires to have half of new cars sold in the country by 2030 be zero-emissions. To ensure that drivers can change when and where they need without waiting in long lines, the government will have to spend $35 billion on 1.2 million public charging points, McKinsey estimates https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.mckinsey.com%2Findustries%2Fpublic-and-social-sector%2Four-insights%2Fbuilding-the-electric-vehicle-charging-infrastructure-america-needs&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C768a25910ceb494d06b108da7f3851f3%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637962177123465814%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=w5Xql%2Fr9qw7VpTaZwtdEUkdF8X1i6SP%2FjjwbgYIcZ8g%3D&reserved=0, expanding the total current inventory by more than 20 times. It is also human to resist changing habits. Throughout history, environmental activists and technology entrepreneurs alike have underestimated how stubborn the masses can be when it comes to making small changes in behavior. If people can’t be bothered to bring reusable coffee mugs to the local café for a discount, is it any surprise some won’t wait half an hour for their car to charge? And there’s the wealth gap. Pure electric models are more expensive on average, and investors have concentrated on luxury brands like Tesla and China’s Nio. Charging installations around the world are concentrated in high-income areas, the McKinsey survey found, and electricity from those stations could cost five to 10 times more than home outlets. If the clean car movement becomes associated with expensive vehicles, long waits and higher tax bills, it will reduce consumer demand for EVs, corporate interest in making them, and popular support for the public investment needed. Finally, it bears remembering the scope of the problem. Nine of every 10 cars sold are still gas guzzlers, and global emissions continue to rise. Even if the U.S. EV target for 2030 is hit, for example, 85% of vehicles on its roads will still be powered by the internal combustion engine. If cheaper and increasingly more efficient hybrids cannibalise demand for traditional models, however, they will incrementally reduce global fleet emissions - even if they do burn a bit of petrol. When it comes to cars, investors should tolerate different shades of green. CONTEXT NEWS Activist investors including Denmark’s AkademikerPension, the Church of England and the New York City government attacked Toyota in June for continuing to develop hybrid-electric models instead of shifting entirely to battery-powered designs. In 2021 Toyota committed 8 trillion yen ($59 billion) to electrify its cars by 2030, with half of that slated to develop battery-only electric vehicles. It expects annual sales of such cars to reach 3.5 million units by the end of the decade, roughly one third of current total sales. (Editing by Antony Currie and Thomas Shum) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Today’s Big Picture Asia-Pacific equity indexes ended today’s session mixed. Hong Kong’s Hang Seng ended the day down 0.21% and Japan’s Nikkei fell 0.88% while Taiwan’s TAIEX rose 0.20%, Australia’s ASX All Ordinaries gained 0.26%, China’s Shanghai Composite advanced 0.32% and South Korea’s KOSPI 0.42%. India’s markets are closed today to celebrate the Islamic New Year which marks the start of the year 1444 AH on the Hijri calendar. By mid-day trading, European equity indices are down across the board and U.S. futures point to a muted open later this morning. With little on the economic data docket today, the more than 350 companies slated to report their quarterly results will take the stock market’s reins today. Ahead of the back-to-back July inflation reports due tomorrow (CPI) and Thursday (PPI) and the impact it could have on interest rate hike expectations, it wouldn’t be surprising to see investor activity today more muted than usual, with the markets in a bit of a holding pattern. At 10 AM ET, President Biden is expected to sign the CHIPS and Science Act. It provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development. This includes $39 billion in manufacturing incentives, including $2 billion for the legacy chips used in automobiles and defense systems, $13.2 billion in R&D and workforce development, and $500 million to provide for international information communications technology security and semiconductor supply chain activities. It also provides a 25 percent investment tax credit for capital expenses for the manufacturing of semiconductors and related equipment. It’s not going to undo years of offshoring overnight, but it is a step in the right direction towards what we’ll call silicon independence. Data Download International Economy Readers should take a pause to enjoy the fact that there are no market moving economic data points being published today for the international markets. Tomorrow it’s back to business with a number of Consumer Price Indices being published. Domestic Economy The NFIB Small Business Optimism Index edged higher to 89.9 in July, up from June’s 89.5, which was the lowest reading since January 2013. 37% of business owners reported that inflation was their most important problem and 49% had job openings they could not fill. At 8:30 AM ET, the 2Q 2022 preliminary figures for Productivity and Unit Labor Costs will be published. Productivity is expected to be -4.5% vs. -7.3% in 1Q 2022 while Unit Labor Costs are expected to ease to 9.3% vs. 12.6% in the prior quarter. Markets The past few days have resulted in some relatively tame results for markets as investors wait for more updates on inflation and inflation-related economic releases. True, there have been some individual names that have shown earnings-related volatility like yesterday’s Nvidia (NVDA) negative pre-announcement, but for the most part, we seem to be tip-toeing our way toward consensus on Fed moves and their impact. Aside from the Russell 2000’s 1.01% return yesterday, markets ended the day almost flat as the Dow rose 0.09%, the Nasdaq Composite declined a mere 0.12% and the S&P 500 ended the day only 0.10% down. Here’s how the major market indicators stack up year-to-date: Dow Jones Industrial Average: -9.65% S&P 500: -13.14% Nasdaq Composite: -19.18% Russell 2000: -13.54% Bitcoin (BTC-USD): -51.01% Ether (ETH-USD): -54.16% Stocks to Watch Before trading kicks off for U.S.-listed equities, Avaya Holdings (AVYA), Bausch Health (BHC), Capri Holdings (CPRI), Ceva (CEVA), Emerson (EMR), EVgo (EVGO), Global Foundries (GFS), Hyatt Hotels (H), Planet Fitness (PLNT), Ralph Lauren (RL), Spirit Airlines (SAVE), Sysco (SUU), and Warner Music Group (WMG) will be among the companies issuing their latest quarterly results and guidance. With the anticipated grants and credits made possible by the CHIPS and Science Act, Micron Technology (MU) announced plans to invest $40 billion through the end of the decade to build leading-edge memory manufacturing in multiple phases in the U.S. Micron also shared that due to macroeconomic factors and supply chain constraints it has seen a broadening of customer inventory adjustments leading to softer DRAM and NAND expectations since it reported its June 2022 quarterly results. For the current quarter, Micro now sees its revenue at or below the low end of the $6.8-$7.6 billion revenue guidance it provided during its last earnings call. June quarter results at Global Foundries (GFS) bested top and bottom line expectations, and the company issued upside guidance with EPS of $0.59-0.65 vs. the $0.44 consensus and revenue of $2.04-$2.07 billion vs. $1.99 billion for the current quarter. For those unfamiliar with Global Foundries, its end market exposure is 49% smart mobile devices, 17% communications infrastructure and data center, 17% home and industrial IoT, 8% automotive, and 4% personal computing. While Blink Charging (BLNK) reported a 164% increase in quarterly revenue to $11.5 million that included a 154% jump in its Service revenue, its adjusted EBITA swelled to a loss of $15.6 million vs. $8.1 million in the year ago quarter. The company ended the quarter with $85.1 million in cash and 5,631 charging stations contracted, deployed, or sold during the quarter. Fintech company Upstart (UPST) top and bottom line consensus expectations for its June quarter and guided the current quarter below consensus expectations as well. Revenue for the June quarter rose 17.6% YoY to $228 million as its bank partners originated 321,138 loans, totaling $3.3 billion, across the company’s platform up 12%YoY. The conversion on rate requests was 13% in 2Q 2022 down from 24% YoY. For the current quarter, Upstart sees EPS of -$0.11 vs. the $0.20 consensus and $170 million in revenue vs. the $246.58 million consensus. Shares of insurance company Lemonade (LMND) soared in after hours trading last night after reporting its June quarter revenue and EPS topped consensus expectations. The company also reported a 31% increase in customer count YoY alongside an 18% YoY increase in premium per customer to $290. Lemonade issued upside guidance for both the current quarter and 2022. Shares of Allbirds (BIRD) sunk in aftermarket trading after the company slashed its full-year guidance and shared it would be cutting its workforce by ~8%. For the full year, the company now sees $305-$315 million in revenue vs. its prior guidance of $335-$345 million. Shares of Tyson Foods (TSN) fell as the company reported weaker-than-expected quarterly earnings and warned of supply constraints and reduced demand for high-priced beef. Tesla (TSLA) sold 28,217 China-made vehicles in July, down 14.41% YoY and 64.24% MoM. For context, wholesale sales of new energy passenger vehicles in China during July were 564,000 units, up 123.7% YoY and down 1.1% MoM, according to the CPCA. IPOs As of now, no IPOs are slated to be priced this week. Readers looking to dig more into the upcoming IPO calendar should visit Nasdaq’s Latest & Upcoming IPOs page. After Today’s Market Close Akami (AKM), Alarm.com (ALRM), Arlo Technologies (ARLO), Axon (AXON), Celsius (CELH), Coinbase Global (CON), Inter Parfums (IPAR), InterActive Corp. (IAC), Plug Power (PLUG), Rackspace Technology (RXT), Roblox (RBLX), SailPoint (SAIL), The RealReal (REAL), The Trade Desk (TTD), and Wynn Resorts (WYNN) are expected to report their quarterly results after equities stop trading today. Those looking for more on which companies are reporting when, head on over to Nasdaq’s Earnings Calendar. On the Horizon Wednesday, August 10 Japan: Producer Price Index - July China: Consumer Price Index, Producer Price Index - July Germany: Consumer Price Index - July Italy: Consumer Price Index - July US: Weekly MBA Mortgage Applications US: Consumer Price Index – July US: Wholesale Inventories - June US: Weekly EIA Crude Oil Inventories Thursday, August 11 Germany: Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August US: Weekly Initial & Continuing Jobless Claims US: Producer Price Index – July US: Weekly EIA Natural Gas Inventories Friday, August 12 Japan: Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August China: China Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August Eurozone: Industrial Production - June US: Import/Export Prices – July US: University of Michigan Consumer Sentiment Index (Preliminary) – August Thought for the Day “When I eventually met Mr. Right I had no idea that his first name was Always.” ~ Rita Rudner Disclosures SailPoint (SAIL) is a constituent of the Foxberry Tematica Research Cybersecurity & Data Privacy Index Plug Power (PLUG), Allbirds (BIRD), Tesla (TSLA), Blink Charging (BLNK) are constituents of the Tematica BITA Cleaner Living Index Plug Power (PLUG), Allbirds (BIRD), Tesla (TSLA), Blink Charging (BLNK) are constituents of the Tematica BITA Cleaner Living Sustainability Screened Index The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Today’s Big Picture Asia-Pacific equity indexes ended today’s session down across the board. India’s Sensex ended the day essentially flat, down 0.06%, China’s Shanghai Composite and Australia’s ASX All Ordinaries declined 0.54% and 0.55%, respectively while Japan’s Nikkei fell 0.65%, Taiwan’s TAIEX dropped 0.74% and South Korea’s KOSPI declined 0.90%. Hong Kong’s Hang Seng led the way, down 1.96% on a broad selloff led by Health Technology and Health Services names while Transportation and Communications sectors provided the only relief. By mid-day trading, major European equity indices are down across the board and U.S. futures point to a positive open later this morning. At 8:30 AM ET, the much anticipated July Consumer Price Index (CPI) report was released: The headline figure for the month was expected to fall to 8.7% from June’s blistering 9.1% reading with core CPI that excludes food and energy ticking higher to 6.1% in July vs. 6.0% the prior month. The actual numbers show that inflation hit 8.5%, and core inflation was 5.9%. With the national average retail price for a gallon of gas falling through late June and July from its June 14 high of $5.016 per gallon per data from AAA, forecasters had expected the month over month decline in the headline CPI for July. The July Employment Report also showed wage inflation ran hotter than expected during the month. Let’s also keep in mind that we will be facing a “wash, rinse, repeat” cycle when it comes to inflation data and expectations for the Fed given tomorrow’s July Producer Price Index report. Data Download International Economy Producer prices in Japan rose by 8.6% YoY in July, compared with market forecasts of 8.4% and following an upwardly revised 9.4% the prior month. While marking the 17th straight month of producer inflation, the latest reading was the softest since last December. China's annual inflation rate rose to 2.7% in July from 2.5% in June and compared with market forecasts of 2.9% but even so the July figure marked the highest reading in the last year. The country’s Producer Price Inflation figure for July eased to a 17-month low of 4.2% YoY from 6.1% the prior month and less than the market consensus of 4.8%. Annual inflation rate in Germany was confirmed at 7.5% YoY for the month of July, down slightly from June’s 7.6% reading but still above the March and April figures of 7.3%-7.4%. The annual inflation rate in Italy slowed to 7.9% YoY in July from June’s 8% reading matching expectations for the month. While energy prices declined, prices for food and transportation rose at a faster pace. Domestic Economy This morning we have the usual Wednesday weekly reports for MBA Mortgage Applications and Crude Oil Inventories from the U.S. Energy Information Administration. At 10 AM ET, Wholesale Inventories for June will be published, and the figure is expected to rise 1.9%. While investors and economists will keep more than a passing interest in those reports and data, as we discussed above, it will be the July Consumer Price Index report at 8:30 AM ET that will shape not only how the US stock market opens today, but also expectations for the Fed’s next course of monetary policy action. The U.S. Energy Information Administration (EIA) expects domestic production of crude oil, natural gas and coal will all increase next year compared with this year. It forecast US crude production rising 6.7% to an all-time annual high 12.7M bbl/day in 2023 from 11.9M bbl/day in 2022, US natural gas output climbing to 100B cubic feet (cf)/day from 97B cf/day, and US coal production inching up to 601M short tons in 2023 from an expected 599M this year. The EIA also modestly increased its 2022 average nationwide gasoline price forecast to $4.07/GALLON vs. $4.05 if called for last month. It now also sees 2023 prices at $3.59/GAL vs. its previous forecast of $3.57. Markets Stocks continued in their holding pattern waiting for the latest CPI print save for some fundamental stories pushing Technology names and small caps around. The Dow and the S&P 500 were down slightly at 0.18% and 0.42%, respectively while the Nasdaq Composite dropped 1.19% and the Russell 2000 closed down 1.46% on the day. Energy names led the way yesterday but were overpowered by Technology and Consumer Discretionary sectors. Here’s how the major market indicators stack up year-to-date: Dow Jones Industrial Average: -9.81% S&P 500: -13.51% Nasdaq Composite: -20.14% Russell 2000: -15.83% Bitcoin (BTC-USD): -52.08% Ether (ETH-USD): -55.38% Stocks to Watch Before trading kicks off, CyberArk (CYBR), Fox Corp. (FOXA), Jack in the Box (JACK), Nomad Foods (NOMD), Vita Coco (COCO), Tufin Software (TUFN), and Wendy’s (WEN) will be among the companies issuing their latest quarterly results and guidance. At 9 AM ET, Samsung (SSNLF) will hold its Galaxy Unpacked 2022 at which it is expected to introduce new Galaxy foldable smartphone models, a new Galaxy Watch, and Galaxy Buds. Shares of advertising technology platform company The Trade Desk (TTD) jumped after the company reported quarterly results that topped expectations and guided current quarter revenue above the consensus forecast. The RealReal (REAL) reported a smaller than expected bottom line loss for its June quarter as revenue for the period rose 47.2% YoY to %154.44 million, topping the $153.99 million consensus. However, the company issued downside guidance for both the current quarter and 2022. Revenue for the September quarter is now expected to be $145-$155 million vs. the $164.3 million consensus; for the full year of 2022, revenue is forecasted to be $615-$635 million vs. the $653.7 million consensus. Shares of Coinbase Global (COIN) moved lower after it reported June quarter results that missed top and bottom line expectations. Revenue for the quarter fell 63.7% YoY as Total trading volume fell 53.0% YoY and 29.8% sequentially to $217 billion. Monthly Transacting Users (MTUs) grew 2.3% YoY but fell 2.2% sequentially to 9.0 million. For the current quarter, Coinbase sees the number of MTUs trending lower sequentially and total trading volume to be lower compared to the June quarter. Shares of Sweetgreen (SG) tumbled in aftermarket trading last night after the company missed quarterly revenue expectations, lowered its 2022 forecast, announced it will lay off 5% of its workforce, and downsize to smaller offices. ChipMOS TECHNOLOGIES (IMOS) reported its July revenue was $65.1 million, a decrease of 19.4% YoY and down 7.7% MoM. Taiwan Semiconductor (TSM) reported its July revenue increased 49.9% YoY to NT$186.76 billion, which equates to a 6.2% MoM improvement. Electric vehicle subscription startup Autonomy placed a $1.2 billion order for 23K electric vehicles with 17 global automakers, including BMW (BMWYY), Canoo (GOEV), Fisker (FSR), Ford (F), General Motors (GM), Hyundai (HYMTF), Lucid Group (LCID), Mercedes-Benz (DDAIF), Polestar (PSNY), Rivian (RIVN), Stellantis (STLA), Subaru (FUJHY), Tesla (TSLA), Toyota Motor (TM), VinFast, Volvo Car (VLVOF) and Volkswagen (VLKAF). IPOs As of now, no IPOs are slated to be priced this week. Readers looking to dig more into the upcoming IPO calendar should visit Nasdaq’s Latest & Upcoming IPOs page. After Today’s Market Close Bumble (BMBL), CACI International (CACI), Coherent (COHR), Dutch Bros. (BROS), Red Robin Gourmet (RRGB), and Walt Disney (DIS) are expected to report their quarterly results after equities stop trading today. Those looking for more on which companies are reporting when, head on over to Nasdaq’s Earnings Calendar. On the Horizon Thursday, August 11 Germany: Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August US: Weekly Initial & Continuing Jobless Claims US: Producer Price Index – July US: Weekly EIA Natural Gas Inventories Friday, August 12 Japan: Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August China: China Thomson Reuters Ipsos Monthly Global Primary Consumer Sentiment Index - August Eurozone: Industrial Production - June US: Import/Export Prices – July US: University of Michigan Consumer Sentiment Index (Preliminary) – August Thought for the Day “The release date is just one day, but the record is forever.” ~ Bruce Springsteen Disclosures Tufin Software (TUFN), CyberArk (CYBR) are constituents of the Foxberry Tematica Research Cybersecurity & Data Privacy Index Canoo (GOEV), Fisker (FSR), Lucid Group (LCID), Rivian (RIVN), Tesla (TSLA), Vita Coco (COCO) are constituents of the Tematica BITA Cleaner Living Index Canoo (GOEV), Fisker (FSR), Lucid Group (LCID), Rivian (RIVN), Tesla (TSLA), Vita Coco (COCO) are constituents of the Tematica BITA Cleaner Living Sustainability Screened Index The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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