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Biden touts US EV investments, California sues Amazon for antitrust violations, McDonald’s and Target announce bond offerings, drivers sue Tesla, arrest warrant issued for Luna cofounder, and more financial news.
President Joe Biden spoke at the 2022 North American International Auto Show in Detroit, touting his administration’s work on electric vehicles by funding the infrastructure for electric charging stations.
The president announced the first round of federal funding for electric vehicle chargers from the Bipartisan Infrastructure Law he signed last year, ABC reported. The $900 million investment will help build chargers across 53,000 miles of the national highway system, according to a White House official.
“The great American road trip is going to be fully electrified,” Biden said.
“We’re approving funding for the first 35 states, including Michigan, to build their own electric charging infrastructure throughout their state,” Biden continued. “And you are gonna be part of a network of 500,000 charging stations.”
Biden also promoted the new EV tax credits included in the Inflation Reduction Act, which includes a $7,500 credit for new vehicles and a $4,000 credit for purchases of used EVs.
In separate filings, McDonald’s Corp disclosed it will raise about $1.5 billion in bonds, while Target Corp disclosed it will raise about $1 billion in bonds. McDonald’s is offering two-part bonds due 2052 and 2032. Target is offering $1 billion in notes due 2032, US News reported.
The state of California sued Amazon on Wednesday, accusing the company of antitrust violations, including pushing sellers and suppliers into anti-competitive deals which lead to higher prices at rival online stores.
The lawsuit also alleges Amazon penalizes suppliers and sellers who offer lower prices elsewhere on the Internet, including Target and Walmart, accusing the company of displaying competitor’s items less prominently or lower in the search as well as outright blocking their new postings, NPR reported.
“Amazon has coerced and induced its third-party sellers and wholesale suppliers to enter into anti-competitive agreements on price,” the lawsuit alleges.
A class-action lawsuit was brought against Tesla Inc (TSLA.O) by drivers who allege the company has made false claims about autopilot and full self-driving capabilities and features of its vehicles, Reuters reported. More on this story as it develops.
The collapse of the two sister tokens issued by the Terraform Labs platform, Luna and UST, or TerraUSD, in May caused a global rout in the cryptocurrency market, and now authorities are taking action after the collapse wiped out at least $55 billion.
The collapse also contributed to the bankruptcy of prominent crypto lenders and the ruin of a star hedge fund and swallowed the savings of many retail investors.
A South Korean court has issued an arrest warrant for Do Kwon, the co-founder of Terraform Labs, and five other people, The Street reported.
