(SANT’AGATA BOLOGNESE, Italy) — Enthusiasts scoffed, guffawed and protested when Porsche, maker of the venerated 911 sports car, launched its Cayenne sport utility vehicle in 2002. The large SUV boosted the marque’s sagging sales, winning over Porsche loyalists.
The Italians took notice.
These days, Lamborghini factory workers in Sant’Agata Bolognese, Italy, are busy filling orders for the Urus, a high-performance SUV that has attracted new customers and electrified sales.
Demand for the Urus eclipses the company’s slinky Huracan and Aventador supercars, accounting for more than half of the company’s deliveries. Lamborghini sold 5,367 Urus units last year compared to 3,113 Huracans and 753 Aventadors — a record for the Italian brand.
Lamborghini recently added the Urus Performante model, which bolts from 0 to 62 mph in 3.3 seconds and packs 657 horses under a twin-turbo V8 engine. The 5,314-pound Performante rides like a luxury SUV on highways and masterfully maneuvers twisty back roads in Sport mode.
More than 20,000 Urus units have been sold since its launch. A hybrid version will be unveiled at the end of 2024.
“When we originally announced in 2012 our intention to create an SUV, we were absolutely convinced we would reach unprecedented volumes,” Andrea Baldi, CEO of Automobili Lamborghini America, told ABC News. “Since its debut in 2017, customer feedback has been exceptional. Within the vehicle’s first four years to market, over 80% of Urus customers have been new to the brand.”
He added, “The demand for Urus remains above supply and insensitive to the macroeconomics trends.”
The popularity of SUVs, though loathed by sports car aficionados, can actually benefit companies and drivers alike, argued Ed Kim, president and chief analyst at AutoPacific.
“Porsche is flush with capital because of the Cayenne and Macan SUVs,” he told ABC News. “We’ve seen some amazing and insane sports cars from Porsche recently. If you look historically at sports car brands introducing SUVs, the same predictable thing keeps happening: the SUV ends up being the big revenue generator. They help provide the funding to develop the sports cars these brands are known for.”
The “Ferrari faithful” may have “clutched their pearls” when the storied Italian marque finally acquiesced to consumer demand and said it was developing an SUV, Kim said. Ferrari has already begun production of the Purosangue, an exclusive and expensive new model that challenges the Urus and Cayenne Turbo. The wait-list is deep; a spokesperson told ABC News production is sold out for two years.
“The Purosangue ensures the viability of Ferrari of generations to come,” Kim said. “There was an unmet need among Ferrari customers for an SUV-type vehicle. People will want this.”
Sports car brands can no longer snub the SUV, said Autoweek editor Natalie Neff, who pointed to the upcoming Corvette SUV from Chevrolet.
“To be successful, you need to be in the SUV segment,” she told ABC News.
And a high-performance SUV does not mean the thrill of driving a sports car ends, she noted.
“The Urus is a really good example. It still has the Lamborghini feel and delivers the same type of performance you’d expect from a sports car,” she said.
Italian automaker Maserati now has two SUVs on the market: the handsome Levante, which debuted in 2016, and the all-new Grecale, a compact crossover.
“We’ve evolved a bit from a sedan-based company to a purveyor of luxury performance SUVs and supercars,” Bill Peffer, CEO of Maserati North America, told ABC News.
The athletic Grecale is available in three powertrains — a 296 horsepower turbo-four, a 325-hp turbo-four and a 523-hp twin-turbo V6 — and debuted in showrooms in January. Sales are so strong that it’s quickly become the brand’s bestseller, replacing the Levante.
“The SUV is the largest luxury segment. One in three vehicles sold [in the U.S.] is in this segment,” noted Peffer.
Alfa Romeo, the Italian marque with a historic racing pedigree, recently revealed its second SUV, the Tonale. The plug-in hybrid joins the Alfa Romeo Stelvio, a stylish SUV that entered the market in 2017. The Tonale will compete in the premium compact sport-utility segment and offers 285 horsepower from a 1.3-liter turbocharged engine.
Kim said the introduction of the Tonale will get consumers talking again about the struggling brand.
“Alfa Romeo has not had a new product since the Stelvio launch,” he said.
Peffer pointed out that Maserati is also seeing a ton of interest in its MC20, the company’s flagship supercar that makes 621-hp from a twin-turbo V6 engine.
The stunning coupe and convertible “kicked off our product renaissance,” said Peffer. “There is huge demand for the MC20 in the market. We don’t have any more to sell” in 2023, he added.
Lamborghini and Ferrari have also rolled out new supercars in the past two years: the Lamborghini Revuelto and Sterrato and Ferrari 296GTB and Roma.
With fewer sports cars on the road, however, automakers will have to keep expanding their SUV lineups to stay profitable and relevant to the next generation of motorists.
“The SUV body style still remains hugely aspirational among millennials,” Kim said. “SUVs bring in younger buyers and help cultivate loyalty and interest in the brand.”
Neff said she laments the day when these Italian brands decide to cease production of their legendary coupes and convertibles.
“It would be a sad world if there were no more sports cars,” she said.
(NEW YORK) — Twitter owner Elon Musk introduced, then quickly amended, new rules to the social media platform on Saturday that set “temporary limits” on how many posts can be read per day.
Musk initially unveiled Saturday afternoon that verified accounts are limited to reading 6,000 posts per day and unverified accounts are limited to 600 posts per day. New unverified accounts are limited to 300 posts per day, he said.
Within two hours of making the announcement, Musk tweeted that rate limits will be “increasing soon” to 8,000 for verified, 800 for unverified and 400 for new unverified accounts.
The changes were made to “address extreme levels of data scraping & system manipulation,” Musk tweeted.
Details of the changes came after many Twitter users complained about issues loading tweets Saturday morning — including receiving error messages saying “rate limit exceeded.” The hashtag “TwitterDown” was trending Saturday as users apparently encountered the new limits.
The website downdetector.com showed a spike in users reporting problems accessing Twitter Saturday morning, with thousands of problems reported by the afternoon.
Since acquiring Twitter in October for roughly $44 billion, Musk has made major changes to the company and its platform.
In an effort to significantly slash costs, the company cut roughly 75% of its 7,500-person workforce, raising concerns about Twitter’s capacity to maintain its platform.
In April, the company began phasing out legacy “blue check marks.”
Now, users who pay a monthly subscription fee and meet certain eligibility criteria can get a check mark and be considered verified.
Musk announced in May that he was stepping down as CEO, after the billionaire entrepreneur pledged in December to step down as the head of Twitter as soon as he found someone “foolish enough to take the job.”
Musk was replaced by Linda Yaccarino, previously the ad sales chief at NBCUniversal.
Musk, who runs Tesla and Space X, said at the time he plans to transition to a role as executive chairman and chief technology officer.
ABC News’ Matt Foster and Max Zahn contributed to this report.
(NEW YORK) — Whether you’re heading to the beach or a barbecue this Fourth of July holiday weekend, here’s what you need to know before hitting the highway or heading to the airport.
The roads
About 43.2 million people are expected to hit the road for the July 4 holiday — up 2.4% from 2022 and up 4% from 2019, according to AAA.
The quietest days to travel by car are anticipated to be Sunday, July 2, and Monday, July 3, according to transportation analytics company INRIX.
If you’re heading for the highway on Friday, June 30, the worst traffic is forecast to be from 10 a.m. to 5 p.m., according to INRIX.
If you’re driving home on Wednesday, July 5, the worst traffic may hit from 3 p.m. to 6 p.m.
Rental cars are averaging $47 per day, down 25% from the same time last year, according to Hopper.
The skies
More than 24 million are expected to fly out of U.S. airports from June 29 to July 5, with June 29 and June 30 expected to be the busiest travel days, according to Hopper.
But flight prices are dropping. Hopper said domestic tickets are more than $100 cheaper than they were last year.
American Airlines said it expects to fly nearly 3 million passengers from June 30 to July 4, with July 2 as its busiest day.
United Airlines said it’s planning to carry nearly 5 million passengers from June 30 to July 9, with June 30 as its busiest day.
United said its bookings are up 12% from 2022 and are now “nearly equal” to pre-pandemic levels.
The most popular U.S. destinations for the holiday are New York City, Los Angeles and Orlando, Florida, according to Expedia.
The most crowded airports are anticipated to be Hartsfield-Jackson Atlanta International Airport, Dallas/Fort Worth International Airport and Los Angeles International Airport, according to Hopper.
The Transportation Security Administration said it was prepared for a “record” number of travelers over the holiday weekend and is expecting to screen about 17.7 million people from June 29 to July 5.
The agency “is staffed and ready for the increasing travel volumes during this holiday travel period with the technologies and resources for improved security effectiveness, efficiency and passenger experience,” TSA Administrator David Pekoske said.
(NEW YORK) — Virgin Galactic is launching its first fully commercial flight of the SpaceShipTwo space plane, the company announced.
The ship will carry four people and launch around 11:00 a.m. ET, which will be available to watch via livestream. The trip is expected to last about 90 minutes.
The mission, known as Galactic 01, will see the team conduct 13 experiments examining thermo-fluid dynamics and the development of sustainable materials in microgravity conditions.
Here’s how the news is developing. All times Eastern:
Jun 29, 12:05 PM EDT
Galatic 01 crew returns to Earth
Virgin Galactic announced the pilots, crew and VSS Unity spaceplane have safely returned to Earth.
The entire trip — from takeoff to reaching the intended altitude of 50 miles above the planet’s surface to landing — took about an hour and a half.
For future trips, the company said it plans to take paying customers to the edge of outer space. About 800 tickets have already been sold for between $200,000 and $450,000.
Jun 29, 11:56 AM EDT
Breaking down the Galactic 01 flight
The group took off on VSSUnity, a suborbital rocket-powered crewed spaceplane, attached to a bigger “mothership” aircraft called VMS Eve.
VMS Eve launched similar to a commercial airplane and, when it reached more than 40,000 feet, it released VSS Unity, firing its rocket engine.
VSS Unity then reached its intended altitude of 50 miles above Earth’s surface, which is considered the edge of outer space. After spending a few minutes in zero-gravity, it began free-falling and heading back to the spaceport in New Mexico for landing.
Jun 29, 11:26 AM EDT
Virgin Galactic’s spaceplane has taken off
Virgin Galactic announced its spaceplane, VSS Unity, has taken off from the spaceport in New Mexico and is currently climbing to its altitude goal, 50 miles above Earth.
“VSS Unity is currently climbing to release altitude. Our #Galactic01 crew from the @ItalianAirForce & @CNRsocial_, are preparing to conduct 13 scientific research experiments throughout the stages of flight,” the company tweeted.
Jun 29, 10:48 AM EDT
These are some of the experiments the Galactic 01 crew will conduct
During the Galactic 01 mission, the four-person crew are conducting 13 experiments, the company said.
Some will be related to space such as measuring cosmic radiation in the mesosphere, between 30 and 50 miles above Earth, an altitude where limited data has been collected.
Others involve thermo-fluid dynamics including whether certain liquids transform into gases at high altitudes and others will develop specific foams that are very hard to produce on Earth.
The last will be related to human vitals and include examining how circadian rhythms are affected by microgravity, studying any changes in the cells that line blood vessels and comparing heart and skill MRIs before and after the flight.
Jun 29, 9:56 AM EDT
Meet the crew aboard Galactic 01
Galactic 01 will be carrying four passengers when it takes its suborbital flight, about 50 miles above Earth.
Among them are two members of the Italian Ari Force, Col. Walter Villadei, the mission commander, and Lt. Col. Angelo Landolfi, a physician.
Villadei will be wearing a smart suit to measure his biometric data and physiological responses and Landolfi will measure cognitive performance in microgravity as well as studing how certain liquids and solids mix in microgravity, the company said.
Pantaleone Carlucci, an engineer with the National Research Council of Italy, will also be on board to examine the crew members’ heart rates, brain functions and other health vitals during spaceflight.
Lastly is Colin Bennett, an astronaut instructor with Virgin Galactic, to assess the experience during the mission. Bennett was a passenger onboard the company’s 2021 flight that included Branson.
Jun 29, 9:20 AM EDT
What is Virgin Galactic?
Virgin Galactic is a spaceflight company founded by British businessman Richard Branson.
The company says its goal is to take paying customers to the edge of the space, in a similar vein to Jeff Bezos’s company Blue Origin.
In 2021, Virgin Galactic received approval from the U.S. government to take customers on spaceflights.
(WASHINGTON) — The U.S. economy grew significantly more at the outset of this year than an initial measurement indicated, according to a major upward revision released on Thursday by the Commerce Department.
Gross domestic product increased at a 2% annualized rate for a three-month period ending in March — a sizable jump from the previous estimate of 1.3%.
The fresh measurement slightly exceeds the 1.9% growth that had been originally forecast by economists surveyed by Bloomberg.
Despite the upward revision, U.S. economic growth over the first three months of this year was slower than the 2.6% growth in the previous quarter. In turn, that performance was down from 3.2% growth in the previous quarter.
The economic growth at the outset of this year was attributed to a rise in consumer spending and export sales, among other factors. An estimate of personal income over that period was revised upward by nearly 10% in the data released on Thursday.
The major upward revision marks the latest sign of resilient economic performance, despite an aggressive series of interest rate hikes by the Federal Reserve intended to slash inflation by slowing the economy and cutting demand.
Both consumer spending and hiring have remained solid. A jobs report earlier this month showed robust labor market growth in May, with 339,000 jobs added compared to Wall Street estimates of just 195,000.
However, while inflation has fallen significantly from a peak last summer, it remains at a level double the Federal Reserve’s target of 2%.
Thursday’s revised economic data arrives a day after Federal Reserve Chair Jerome Powell voiced an optimistic message about the U.S. economy and downplayed the threat of a recession.
“The U.S. economy has actually been quite resilient,” Powell said on Wednesday in Sentra, Portugal, at a conference organized by the European Central Bank.
While acknowledging that a recession is “certainly possible,” Powell said such an outcome is “not the most likely case.”
Earlier this month, the Federal Reserve paused its aggressive series of interest rate hikes, ending a string of 10 consecutive rate increases that stretched back 15 months.
Despite continued strength, U.S. labor market growth has slowed from its previous breakneck pace, suggesting that demand for workers has waned and employers in turn have faced less pressure to offer high wages, Powell said.
A slowdown of wage increases offers hope for the inflation fight, he added.
“We’re getting the softening we need,” Powell said. “We’re getting it slower than expected but it’s nonetheless happening.”
(WASHINGTON) — A unanimous Supreme Court on Thursday ruled in favor of a former U.S. Postal Service letter carrier from Pennsylvania who didn’t want to work on Sundays in order to observe the Sabbath and was disciplined for skipping shifts.
The decision by Justice Samuel Alito gives Gerald Groff, the carrier, a chance to potentially get his job back and more broadly raises the bar for when employers can legally refuse to accommodate the religious practice of their employees.
The Civil Rights Act of 1964 requires employers to accommodate the employee unless it would pose an “undue hardship.”
The Supreme Court 46 years ago interpreted that to mean anything more than a “de minimis” cost on the business — a low bar.
In Thursday’s ruling, Alito and the court clarified and tightened that standard, saying federal law requires employers to show more deference to employees unless there is a “substantial burden” on the business.
The case will have an impact on workplaces across America and the ability of employees to more easily seek religious accommodations from their employers.
(NEW YORK) — Virgin Galactic is launching its first fully commercial flight of the SpaceShipTwo space plane, the company announced.
The ship will carry four people and launch around 11:00 a.m. ET, which will be available to watch via livestream. The trip is expected to last about 90 minutes.
The mission, known as Galactic 01, will see the team conduct 13 experiments examining thermo-fluid dynamics and the development of sustainable materials in microgravity conditions.
Here’s how the news is developing. All times Eastern:
Jun 29, 9:56 AM EDT
Meet the crew aboard Galactic 01
Galactic 01 will be carrying four passengers when it takes its suborbital flight, about 50 miles above Earth.
Among them are two members of the Italian Ari Force, Col. Walter Villadei, the mission commander, and Lt. Col. Angelo Landolfi, a physician.
Villadei will be wearing a smart suit to measure his biometric data and physiological responses and Landolfi will measure cognitive performance in microgravity as well as studing how certain liquids and solids mix in microgravity, the company said.
Pantaleone Carlucci, an engineer with the National Research Council of Italy, will also be on board to examine the crew members’ heart rates, brain functions and other health vitals during spaceflight.
Lastly is Colin Bennett, an astronaut instructor with Virgin Galactic, to assess the experience during the mission. Bennett was a passenger onboard the company’s 2021 flight that included Branson.
Jun 29, 9:20 AM EDT
What is Virgin Galactic?
Virgin Galactic is a spaceflight company founded by British businessman Richard Branson.
The company says its goal is to take paying customers to the edge of the space, in a similar vein to Jeff Bezos’s company Blue Origin.
In 2021, Virgin Galactic received approval from the U.S. government to take customers on spaceflights.
(NEW YORK) — Federal Reserve Chair Jerome Powell on Wednesday voiced an optimistic message about the U.S. economy and downplayed the threat of a recession.
“The U.S. economy has actually been quite resilient,” Powell said in Sentra, Portugal, at a conference organized by the European Central Bank.
While acknowledging that a recession is “certainly possible,” he said such an outcome is “not the most likely case.”
“The economy is resilient and still growing, albeit at a modest pace,” he added.
The remarks arrived two weeks after the Federal Reserve paused its aggressive series of interest rate hikes, ending a string of 10 consecutive rate increases that stretched back 15 months.
The Federal Reserve has aimed to roll back price increases by slowing down the economy and slashing consumer demand. The approach, however, risks tipping the economy into a recession.
Inflation has fallen significantly from a peak last summer but remains at a level double the Federal Reserve’s target of 2%.
Data released in recent months suggests that the policy approach has succeeded in slowing economic activity while averting a downturn.
U.S. gross domestic product grew by a sluggish 1.1% annualized rate over the three months ending in March, according to government data.
Consumer spending and hiring, meanwhile, have remained solid.
A jobs report earlier this month showed that the labor market grew robustly in May, adding 339,000 jobs compared to Wall Street estimates of just 195,000.
“The labor market is really pulling the economy,” Powell said. “It’s a very strong labor market.”
Despite continued strength, labor market growth has slowed from its previous breakneck pace, suggesting that demand for workers has waned and in turn employers have faced less pressure to offer high wages, Powell said.
A slowdown of wage increases offers hope for the inflation fight, he added.
“We’re getting the softening we need,” Powell said. “We’re getting it slower than expected but it’s nonetheless happening.”
“In my view, the least unlikely case is that we do find a way to better balance without a severe downturn,” he added.
(NEW YORK) — Across the nation, more than $20 billion is waiting to be reclaimed by citizens who may not even know they may be owed cash from “unclaimed property,” which can include uncashed paychecks, refunds or deposits.
“It turns out so many people have unclaimed property. You may be in for a very pleasant surprise,” said Deb Goldberg, Massachusetts state treasurer and receiver general.
According to the National Association of Unclaimed Property Administrators (NAUPA), one in seven Americans has unclaimed property. Even if you’ve checked in the past and didn’t find any unclaimed property, NAUPA suggests checking for annual updates — you might be surprised by what you’ll find.
Here’s how to check to see if you have unclaimed cash:
MissingMoney.com
MissingMoney.com is endorsed by both the National Association of Unclaimed Property Administrators and the National Association of State Treasurers. The website aims to “facilitate the return of unclaimed money to the rightful owner” using a multi-state database platform to search and claim forgotten funds.
Users can first go to Unclaimed.org or MissingMoney.com to check to see if they have unclaimed property. Then, if found, users are able to submit a free claim through the platform and, if accepted, connect to the state to securely transfer the funds to the owner.
“Since evidence required to complete a claim will vary by state, carefully read and follow the instructions. For other questions related to your claim, please directly contact the state where your claim was filed,” the website states.
Bureau of the Fiscal Service
According to the U.S. Department of the Treasury, users can go to a platform to find if unclaimed funds are being held by the federal government.
However, it’s important to note that each federal agency maintains its own records and there is no government-wide centralized database on unclaimed government assets, according to the department.
Treasury Direct
The U.S. Department of the Treasury has also launched Treasury Hunt, a tool for users to search for “matured, uncashed savings bonds.” The bonds must be more than 30 years old and no longer earn interest.
IRS refund
If users are looking for more information on a federal tax refund, they can visit the IRS Refunds page.
Users need a Social Security or taxpayer ID number, filing status and the exact refund amount on the return in order to check on the status of the expected refund.
U.S. Department of Housing
The U.S. Department of Housing has set up the HUD Refunds program that allows users to check eligibility for a refund from the Department of Housing and Urban Development (HUD) or Federal Housing Association (FHA).
Workers Owed Wages
The Department of Labor’s Wage and Hour Division has a program that conducts investigations that often recover back wages owed to employees. Here, users can search the Workers Owed Wages website to see if there is unpaid money in their name. If a user is due wages, they can file a claim through the platform to receive them.
