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(WASHINGTON) — On the road to the 2024 presidential election, Vice President Kamala Harris and former President Donald Trump’s views on electric vehicles (EVs) have offered two different visions of America’s automotive future.

Harris has been vocally supportive of the administration’s push to expand access and manufacturing of EVs in the U.S., while Trump has pledged to undo those policies.

Earlier this week, however, Trump appeared to soften his staunch anti-EV views when he spoke to Tesla CEO Elon Musk on X.

“You do make a great product,” Trump said to Musk, referring to Tesla vehicles. “That doesn’t mean everybody should have an electric car, but these are minor details … your product is incredible.”

Before his conversation with Musk, the former president had maintained that electric vehicle production and sustainable energy sources are bad for the economy. He has vowed on “day one” to repeal the Biden-Harris administration’s sustainable energy policies in favor of domestic oil production.

“I will end the electric-vehicle mandate on day one, thereby saving the U.S. auto industry from complete obliteration,” Trump told the audience at the Republican National Convention in July.

Biden-Harris pro-EV policies

While there is no federal electric vehicle mandate, the Biden-Harris administration has issued regulations calling on automakers to reduce emissions produced by their fleets, including by producing more electric and hybrid vehicles.

The administration’s 2022 Inflation Reduction Act – which Harris cast the tie-breaking vote to pass in Congress – marks the largest climate investment in United States history.

The legislation aims to reduce U.S. carbon emissions by 40% by 2030 and channels $370 billion into wind, solar, battery and electric vehicle production over the next 10 years.

Through the Inflation Reduction Act, candidate Harris has advocated for substantial investments in domestic electric vehicle car manufacturing, including funding for charging stations, and offering consumer incentives to buy EVs.

In May, Harris traveled to Detroit, Michigan, where she announced $100 million for small- and medium-sized auto manufacturers to upgrade their facilities for EV production.

“This investment will help to keep our auto supply chains here in America,” Harris said then, “which strengthens America’s economy overall and will keep those jobs here in Detroit.”

If elected, Harris is expected to continue advocating for eco-friendly fuel and emissions standards, increase funding for research and development for EV technology, and focus on leveraging EV industry growth to create more jobs.

An ABC News request to the Harris campaign for comment about their EV plans was not immediately returned.

EV sales impact on economy, climate

More Americans are starting to embrace EVs. Sales of electric cars and trucks last year totaled 1.4 million in 2023, up from 1 million in 2022, U.S. Energy Secretary Jennifer Granholm announced in January.

“The progress that’s been made is phenomenal,” Albert Gore III, executive director of the nonprofit coalition Zero Emission Transportation Association, told ABC News. “The United States has been a leader in electric vehicle manufacturing and also has really been a leader in a lot of good policymaking with regard to investment in every part of the EV and battery supply chain.”

Gore also noted that electric vehicles can have a significant impact on the economy, saying, “There’s a huge amount of opportunity.”

The industrial Midwest, Southwest and Southeast already have seen investment and job opportunities in the production of minerals and battery components for EVs. Georgia, Nevada, Texas, Ohio and Kansas have grown as domestic hubs for battery manufacturing, while Georgia, Tennessee, Ohio and Arizona have risen as leaders in EV manufacturing.

“So a lot of really exciting economic opportunity in these places, and oftentimes it’s multiple parts of the supply chain,” Gore added.

Last month, the Biden administration awarded nearly $2 billion in grants to General Motors, Stellantis and other automakers to expand electric vehicle manufacturing in eight states, including key election swing states Michigan, Pennsylvania and Georgia.

“It’s really important that we create a transportation system where our cars are made by union workers with good jobs, which we’re starting to do courtesy of the Biden-Harris Inflation Reduction Act,” Craig Segall, former deputy executive officer of the California Air Resources Board and current vice president of Evergreen Action, a nonprofit climate change advocacy group, told ABC News.

“We must stabilize the climate and America should lead that effort,” Segall added.

Segall believes a Harris-Walz White House promises a continuation of the Biden administration’s push for EV manufacturing, and a chance to further those goals.

“When I think about what we could have at the end of her first term, I think we’re talking about much clearer skies and much healthier communities,” Segall said.

Because they have zero emissions, electric vehicles typically have a smaller carbon footprint than gasoline cars, even when accounting for the electricity used for charging, according to the Environmental Protection Agency.

Obstacles to EV sales in the U.S.

Despite the push by carmakers and government officials, the EV market in the U.S. is still small compared to sales of gas-powered vehicles. Of the roughly 286 million cars on the road in 2023, just 9.3% were electric vehicles, according to Experian Automotive’s Market Trends report.

“The EV market is currently going through a bit of a rough patch,” Jessica Caldwell, head of insights at Edmunds, told ABC News.

Caldwell explained that consumers’ hesitancy to buy electric vehicles largely surrounds the charging infrastructure, range, prices, and battery longevity.

“In order for its buyer base to evolve from early adopters to mainstream consumers, EVs will likely rely on continued government support to hit volume sales targets across all brands,” Caldwell said. “Even with the enthusiastic backing of a fresh presidential administration, enacting such a dramatic shift in the vehicle market is a massive undertaking and the politically charged rhetoric surrounding EVs will likely place extra pressure on any new policy decisions.”

In order to combat consumer hesitancy, electric vehicles need to be offered at every price range, according to Alan Jenn, an assistant professor at the UC Davis Institute of Transportation Studies.

“In order to see EVs get even more mainstream than they are now, we want to see a larger release of vehicles in segments that are more affordable,” Jenn told ABC News.

The average transaction price for electric cars in June 2024 was $56,371 versus gas-powered vehicles at $48,644, according to Kelley Blue Book.

Segall believes a Harris presidency could bring federal investments and further tax credits to lower the costs of EVs.

Currently, the government offers tax credits up to $7,500 for eligible new electric vehicles and up to $4,000 for eligible used electric vehicles, according to the Department of Energy.

“They’re really well placed to stop paying for gas forever right now, and that’s only going to be a better story,” Segall said.

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(RALEIGH, N.C.) — When Vice President Kamala Harris unveils her economic policy proposals in Raleigh, North Carolina, on Friday, it will include a proposal to provide up to $25,000 in down payment support for first-time homebuyers, according to a campaign official.

The campaign is vowing that during its first term, the Harris-Walz administration would provide working families who have paid their rent on time for two years and are buying their first home up to $25,000 in down-payment assistance, with more generous support for first-generation homeowners.

In a preview statement obtained by ABC News, the campaign says, “Many Americans work hard at their jobs, save, and pay their rent on time month after month. But they can’t save enough after paying their rent and other bills to save for a down payment — denying them a shot at owning a home and building wealth. As the Harris-Walz plan starts to expand the supply of entry-level homes, they will, during their first term, provide working families who have paid their rent on time for two years and are buying their first home up to $25,000 in down-payment assistance, with more generous support for first-generation homeowners.”

“The Biden-Harris administration proposed providing $25,000 in downpayment assistance for 400,000 first-generation home buyers — or homebuyers whose parents don’t own a home — and a $10,000 tax credit for first-time home buyers. This plan will significantly simplify and expand the reach of down-payment assistance, allowing over 1 million first time-buyers per year – including first-generation home buyers – to get the funds they need to buy a house when they are ready to buy it,” the Harris campaign said.

Prior to Harris’ speech on Friday, an official also released more details on the housing component of Vice President Harris’ lower costs plan to “help end the housing supply shortage” that includes calling for the construction of 3 million new housing units and stopping Wall Street investors from buying homes in bulk.

Officials said she will propose a new $40 billion innovation fund — doubling that of the $20 billion Biden-Harris proposed innovation fund — that will be used for local governments to fund local solutions to build housing and support “innovative” methods of construction financing. It will also allow for certain federal lands to be eligible to be repurposed for new housing developments.

“Harris will work in partnership with workers and the private sector to build the housing the country needs, both to rent and to buy, and take down barriers that stand in the way of building new housing, including at the state and local level. This will make rents and mortgages cheaper,” according to the campaign.

Harris is also proposing two acts, the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act and the Stop Predatory Investing Act to help bring down the cost of rent. These acts aim to take on “corporate and major landlords” to stop them from “jacking” up prices.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — Slow and steady may win the race for a tortoise vs. a hare, according to Aesop’s Fables. However, in reality, this turn of phrase does not ring true when applied to the gradual climb of consumer prices, especially with the latest exorbitant cost increases on items like eggs.

Egg prices soar nearly 20% since last year

The latest data from the Bureau of Labor Statistics showed prices on some household staples rose slightly slower than the overall rate of inflation, but food prices once again spiked upwards in July by 2.2% compared to last year.

Despite a dip in prices for rice, flour, and fish, the cost of a carton of eggs has been steadily on the rise, with a 19% increase from July 2023.

Since June, the price of eggs shot up 5.5% month-over-month.

The consistent increases have been attributed to a combination of factors, largely including a supply-driven price spike as a result of avian flu outbreaks that have wreaked havoc on poultry farms nationwide.

Earlier this spring, with a resurgence of highly pathogenic avian influenza (HPAI) in egg-laying flocks, the United States Department of Agriculture’s Animal and Plant Health Inspection Service reported that 13.64 million table egg-laying hens had been lost to the disease since the beginning of November.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — Slow and steady may win the race for a tortoise vs. a hare, according to Aesop’s Fables. However, in reality, this turn of phrase does not ring true when applied to the gradual climb of consumer prices, especially with the latest exorbitant cost increases on items like eggs.

Egg prices soar nearly 20% since last year

The latest data from the Bureau of Labor Statistics showed prices on some household staples rose slightly slower than the overall rate of inflation, but food prices once again spiked upwards in July by 2.2% compared to last year.

Despite a dip in prices for rice, flour, and fish, the cost of a carton of eggs has been steadily on the rise, with a 19% increase from July 2023.

Since June, the price of eggs shot up 5.5% month-over-month.

The consistent increases have been attributed to a combination of factors, largely including a supply-driven price spike as a result of avian flu outbreaks that have wreaked havoc on poultry farms nationwide.

Earlier this spring, with a resurgence of highly pathogenic avian influenza (HPAI) in egg-laying flocks, the United States Department of Agriculture’s Animal and Plant Health Inspection Service reported that 13.64 million table egg-laying hens had been lost to the disease since the beginning of November.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — As more consumers reach for generic labels to save on money groceries, M&M’s maker Mars is spending big bucks on a new acquisition to gain even more shelf space in the snack aisle.

The candy bar giant, known for brands such as Snickers and Twix, is gearing up to purchase global snacking company Kellanova in an all-cash deal valued at $35.9 billion, which will add well-known packaged foods like Eggo, Pop-Tarts and Pringles to its portfolio.

The family-owned, Virginia-based company announced the deal with the multinational food manufacturer — formerly known as the Kellogg Company — in joint press releases on Wednesday, marking one of the largest CPG mergers in years.

“Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash,” the release stated. “All of Kellanova’s brands, assets and operations, including its snacking brands, portfolio of international cereal and noodles, North American plant-based foods and frozen breakfast are included in the transaction.”

The deal is expected to close in the first half of next year. Upon completion, Kellanova will become part of Mars Snacking, which is led by Global President Andrew Clarke.

Kellanova, which was spun off from the Kellogg Co. last fall when it officially split up into two different companies, also includes other popular consumer brands such as Cheez-Its, Rice Krispies Treats, MorningStar Farms, NutriGrain and RXBAR. The Chicago-based company reported more than $13 billion in net sales in 2023.

Privately owned Mars, which also has a pet food and veterinary care arm in addition to its confectionery business, previously expanded its scope beyond sweets when it bought healthy snack brand KIND North America for $5 billion in 2020.

Poul Weihrauch, CEO of Mars, Inc. called the forthcoming deal “a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future.”

“We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers,” his statement continued.

Steve Cahillane, chairman, president and CEO of Kellanova, added that the “historic combination” of companies was both a “cultural and strategic fit.”

Boasting the “attractive purchase price” of the all-cash transaction, Cahillane said the move “creates new and exciting opportunities for our employees, customers, and suppliers,” stating he’s “confident Mars is a natural home for the Kellanova brands and employees.”

The sweet-meets-salty food merger resembles a similar strategy from competitor The Hershey Company, which added SkinnyPop with the $1.6 billion buyout of Amplify Snack Brands Inc. in 2017, followed by Dot’s Pretzels in 2021.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — As more consumers reach for generic labels to save on money groceries, M&M’s maker Mars is spending big bucks on a new acquisition to gain even more shelf space in the snack aisle.

The candy bar giant, known for brands such as Snickers and Twix, is gearing up to purchase global snacking company Kellanova in an all-cash deal valued at $35.9 billion, which will add well-known packaged foods like Eggo, Pop-Tarts and Pringles to its portfolio.

The family-owned, Virginia-based company announced the deal with the multinational food manufacturer — formerly known as the Kellogg Company — in joint press releases on Wednesday, marking one of the largest CPG mergers in years.

“Mars will acquire all outstanding equity of Kellanova for $83.50 per share in cash,” the release stated. “All of Kellanova’s brands, assets and operations, including its snacking brands, portfolio of international cereal and noodles, North American plant-based foods and frozen breakfast are included in the transaction.”

The deal is expected to close in the first half of next year. Upon completion, Kellanova will become part of Mars Snacking, which is led by Global President Andrew Clarke.

Kellanova, which was spun off from the Kellogg Co. last fall when it officially split up into two different companies, also includes other popular consumer brands such as Cheez-Its, Rice Krispies Treats, MorningStar Farms, NutriGrain and RXBAR. The Chicago-based company reported more than $13 billion in net sales in 2023.

Privately owned Mars, which also has a pet food and veterinary care arm in addition to its confectionery business, previously expanded its scope beyond sweets when it bought healthy snack brand KIND North America for $5 billion in 2020.

Poul Weihrauch, CEO of Mars, Inc. called the forthcoming deal “a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future.”

“We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers,” his statement continued.

Steve Cahillane, chairman, president and CEO of Kellanova, added that the “historic combination” of companies was both a “cultural and strategic fit.”

Boasting the “attractive purchase price” of the all-cash transaction, Cahillane said the move “creates new and exciting opportunities for our employees, customers, and suppliers,” stating he’s “confident Mars is a natural home for the Kellanova brands and employees.”

The sweet-meets-salty food merger resembles a similar strategy from competitor The Hershey Company, which added SkinnyPop with the $1.6 billion buyout of Amplify Snack Brands Inc. in 2017, followed by Dot’s Pretzels in 2021.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — Wallace “Wally” Amos Jr., the founder of Famous Amos cookies, has died, his family said Wednesday. He was 88.

He died “peacefully” at home following a battle with dementia, his family said.

Amos, a native of Tallahassee, Florida, opened the first Famous Amos cookie shop in Hollywood, California on the famed Sunset Blvd. in 1975. Amos’ cookie brand exploded in popularity over the years, becoming known for its signature beige packaging and blue lettering.

“With his Panama hat, kazoo, and boundless optimism, Famous Amos was a great American success story, and a source of Black pride,” read a statement from the Amos family.

The statement continued, “It’s also a part of our family story for which we will forever be grateful and proud. Our dad taught as the value of hard work, believing in ourselves, and chasing our dreams. He was a true original Black American hero.”

The statement also asked for contributions to Alzheimer’s Association.

“We also know he would love it if you had a chocolate chip cookie today,” the statement finished.

Amos was recognized as the Horatio Alger Award recipient in 1987, an award who recognizes Americans who are “contemporary role models whose experiences exemplify that opportunities for a successful life are available to all individuals who are dedicated to the principles of integrity, hard work, perseverance and compassion for others.”

Amos’ membership page on the award’s website details a career as a music agent prior to Famous Amos. The founder also authored several books including The Famous Amos Story: The Face That Launched a Thousand Chips, The Cookie Never Crumbles: Practical Recipes for Everyday Living and The Man with No Name: Turn Lemons into Lemonade.

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(NEW YORK) — Stock market turmoil earlier this month prompted some investors to ditch stocks in favor of an alternative typically viewed as safer but less exciting: bonds.

The renewed popularity of bonds follows months of heightened interest, since investors have sought to lock in high yields in anticipation of interest rate cuts at the Federal Reserve, experts told ABC News.

Lower interest rates would push bond yields downward and raise the value of pre-existing bonds obtained at a higher rate of return.

A surge in bonds has also coincided with a perception among some investors that equities have become overpriced, experts said.

“Investors have been interested in locking in higher yields before interest rates go down,” Reena Aggarwal, A professor of finance and director of the Georgetown Psaros Center for Financial Markets and Policy, told ABC News.

Bonds are essentially loans made by investors to corporations or governments. The price of a bond moves in the opposite direction as its yield, or the amount of interest accrued by a bondholder. In other words, when bond yields go down, bond prices go up.

Yields are heavily influenced by interest rates set by central banks, since the cost of borrowing determines how much interest an investor can charge a government entity or corporation in exchange for his or her loan.

Starting in 2022, a series of interest rate hikes at the Fed sent bond yields surging. That meant investors could obtain relatively high rates of return at low prices, Adam Lampe, CEO of Mint Wealth Management, told ABC News.

“For the first nearly 20 years of my career, bonds were boring,” Lampe said. “In the last couple years we were able to buy a lot of bonds at discount.”

At the outset of this year, however, the Fed forecasted three interest rate cuts, citing progress in its fight to bring down inflation. But price increases accelerated over the early months of 2024, prompting the Fed to all but abandon those cuts.

In recent months, good news in the inflation fight has brought the Fed back to the brink of an interest rate cut. The expectation of a coming interest rate has added urgency to the bond market, Lampe said.

“The window is closing very quickly,” Lampe added. “We’re at the peak, so bond values have the potential to go down.”

The chances of an interest rate cut at the Fed’s next meeting in September are all but certain, according to the CME FedWatch Tool, a measure of market sentiment. Market observers are split roughly down the middle about whether the Fed will impose its typical cut of a quarter of a percentage point or opt for a larger half-point cut.

“The more that rates are cut, bond prices will go up higher but bond yields will go down lower,” said Aggarwal.

Bonds also offer investors a relatively safe option in the event of a possible recession, some experts said.

A disappointing jobs report earlier this month raised concern that the economy may be slowing down faster than previously known.

The unemployment rate has soared this year from 3.7% to 4.3%. That trend has triggered a recession indicator known as the “Sahm Rule,” which says that a rise of 0.5 percentage points in the unemployment rate within a 12-month period typically precedes a recession.

Bonds provide investors with fixed, predictable returns, sheltering them from a potential downturn in the stock market if economic performance cratered, Yiming Ma, a finance professor at Columbia University Business School, told ABC News.

“The economy is slowing down and the risk of a downturn is going up,” Ma said. “That is usually when investors want to seek something safer.”

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(NEW YORK) — Consumer prices rose 2.9% in July compared to a year ago, cooling slightly from the previous month and extending a monthslong slowdown of price increases. The fresh inflation reading outperformed economists’ expectations, reaching its lowest level since 2021.

Inflation has slowed for five consecutive months, reversing a surge in prices that took hold at the outset of this year. Price increases have cooled significantly from a peak of more than 9%, but inflation remains a percentage point higher than the Fed’s target rate of 2%.

The latest inflation data will further ease pressure on consumers saddled by a yearslong bout of elevated price increases. Despite the ongoing slowdown, consumer prices remain roughly 20% higher than where they stood three years ago.

Prices for some household staples are rising slower than overall inflation. Food prices increased 2.2% in July compared to a year ago, while energy prices inched upward 1.1%, U.S. Bureau of Labor Statistics data showed.

Prices for rice, flour and fish fell in July compared to a year ago. Prices for eggs, however, soared 19% over that period, data showed.

The latest inflation data arrived within days of a dramatic bout of market turmoil triggered in part by heightened pessimism about the chances of a “soft landing,” in which the U.S. averts a recession while inflation returns to normal levels.

The unrest on Wall Street followed a weaker-than-expected jobs report that indicated the economy may be slowing down more quickly than previously known.

Since last year, the Federal Reserve has held interest rates at their highest level in more than two decades. High borrowing costs for everything from mortgages to credit card loans have helped slow the economy and lower inflation, but the policy risks tipping the U.S. into a recession.

The chances of an interest rate cut at the Fed’s next meeting in September are all but certain, according to the CME FedWatch Tool, a measure of market sentiment. Market observers are split roughly down the middle about whether the Fed will impose its typical cut of a quarter of a percentage point or opt for a larger half-point cut.

The Fed is guided by a dual mandate to keep inflation under control and maximize employment. In theory, low interest rates help stimulate economic activity and boost employment; high interest rates slow economic performance and ease inflation.

A monthslong stretch of good news for inflation alongside bad news for unemployment has prompted the Fed to give additional consideration to its goal of keeping Americans on the job, Fed Chair Jerome Powell said last month.

“For a long time, since inflation arrived, it’s been right to mainly focus on inflation. But now that inflation has come down and the labor market has indeed cooled off, we’re going to be looking at both mandates. They’re in much better balance,” Powell said at a meeting of The Economic Club of Washington, D.C.

“That means that if we were to see an unexpected weakening in the labor market, then that might also be a reason for reaction by us,” Powell added.

The weak jobs report released earlier this month appeared to align with that hypothetical situation described by Powell.

Speaking at a press conference in Washington, D.C., in late July, before the jobs report, Powell said the central bank may reduce interest rate cuts in September, depending on economic performance.

“We’ve made no decisions about future meetings and that includes the September meeting,” Powell said. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.”

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — Fresh inflation data on Wednesday will show whether the U.S. has extended a monthslong stretch of progress in the fight to slow price increases.

The latest price reading is set to arrive within days of a dramatic bout of market turmoil triggered in part by heightened pessimism about the chances of a “soft landing,” in which the U.S. averts a recession while inflation returns to normal levels.

The unrest on Wall Street followed a weaker-than-expected jobs report that indicated the economy may be slowing down more quickly than previously known.

Economists expect prices to have risen 3% in July compared to a year ago. That figure would leave the inflation rate unchanged from June but still well below the 3.5% year-over-year rate recorded in March.

Inflation has cooled for four consecutive months, reversing a surge in prices that took hold at the outset of 2024. Price increases have slowed significantly from a peak of more than 9%, but inflation remains a percentage point higher than the Fed’s target rate of 2%.

Since last year, the Federal Reserve has held interest rates at their highest level in more than two decades. High borrowing costs for everything from mortgages to credit card loans have helped slow the economy and lower inflation, but the policy risks tipping the U.S. into a recession.

The chances of an interest rate cut at the Fed’s next meeting in September are all but certain, according to the CME FedWatch Tool, a measure of market sentiment. Market observers are split roughly down the middle about whether the Fed will impose its typical cut of a quarter of a percentage point or opt for a larger half-point cut.

The Fed is guided by a dual mandate to keep inflation under control and maximize employment. In theory, low interest rates help stimulate economic activity and boost employment; high interest rates slow economic performance and ease inflation.

A monthslong stretch of good news for inflation alongside bad news for unemployment has prompted the Fed to give additional consideration to its goal of keeping Americans on the job, Fed Chair Jerome Powell said last month.

“For a long time, since inflation arrived, it’s been right to mainly focus on inflation. But now that inflation has come down and the labor market has indeed cooled off, we’re going to be looking at both mandates. They’re in much better balance,” Powell said at a meeting of The Economic Club of Washington, D.C.

“That means that if we were to see an unexpected weakening in the labor market, then that might also be a reason for reaction by us,” Powell added.

The weak jobs report released earlier this month appeared to align with that hypothetical situation described by Powell.

Speaking at a press conference in Washington, D.C., in late July, before the jobs report, Powell said the central bank may reduce interest rate cuts in September, depending on economic performance.

“We’ve made no decisions about future meetings and that includes the September meeting,” Powell said. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.”

Copyright © 2024, ABC Audio. All rights reserved.