Plus: Dell delivers mixed earnings result, stock drops 5%
| Part of  Network | |
 |
 California has officially approved a ban on the sale of new gas cars by 2035. Once the ban takes effect, new sedans, SUVs, and light trucks must be electrified. The ban does not apply to sales of used vehicles. More: - California has the highest population out of all U.S. states and also the most EVs.
- This legislation was passed with unanimous votes in the regulatory panel.
- The legislation requires at least 35% of new vehicles sold in the state by 2026 to be zero-emission, gradually increasing by 6-8% per year until hitting 100% in 2035.
- Plug-in hybrid vehicles will be allowed to make up 20% of the sales total if their battery-only range is at least 50 miles.
- Several states that often follow California's lead on vehicle emissions regulations, such as New York, Pennsylvania, and Washington, could soon pass similar bans.
| |
 Peloton stock has fallen by almost 20% after an earnings report that disappointed numerous investors. The stock price fell to $11. More: - The company lost $1.2B due to the pandemic and supply chain issues.
- Its revenue cwas $679M, a 28% decline from nearly $937M the company had a year ago.
- Peloton aims to break even sometime next year, while it expects its revenue to range from $625M to $650M.
- The drop in Peloton's stock price comes only days after it jumped by 20% due to the company launching e-commerce sales on Amazon.
| |
 Citi has ended its local banking services in Russia. The company has the most exposure to the Russian market out of all U.S. banks. More: - Citi has $8.4B tied up in Russian markets, the most out of all U.S. banks.
- The company expects to have a loss of $170M.
- Citi has over 2,300 employees in the country.
- Company officials stated the decision came as a result of complicating factors that are currently present in the region.
- The U.S. bank does not intend to fully exit the country yet, while other companies such as Nike and Starbucks have done so already.
| |
 Dell has delivered mixed results in its earnings report, causing a 5% drop in its stock price. The company expects more trouble ahead. More: - Officials stated that the company performed well considering the circumstances in the market.
- Dell expects to face more issues in the near future as consumers may begin buying fewer products due to a possible recession or economic downturn.
- However, the company's sales have gone up by 9%.
- Dell had over $26B in sales in Q2 2022.
| |
 DataRobot and U.S. Express have announced layoffs that will affect hundreds of employees. The layoffs have raised fear over a possible incoming recession. More: - DataRobot will cut 260 jobs, representing 26% of its total workforce.
- This is the second time that the company is letting employees go in one year.
- U.S. Xpress, a Tennesee-based trucking company, is going to cut 5% of its workforce. The company has laid off 140 employees this year alone.
- Other companies that have had layoff rounds include:
- Ford (3,000)
- Wayfair (870)
- New Relic (110)
- Audacy (250)
| |
 Bitcoin Depot will go public with an $885M SPAC deal. The crypto ATM firm will merge with the ed GSR II Meteora Acquisition Corp. More: - Bitcoin Depot claims it has over 7,000 ATM locations across North America.
- If the figure is accurate, then it means the company could have almost 20% global market share.
- There are almost 80 countries with 38,000 active crypto ATMs.
- $170M from the deal will be used for company growth.
- Bitcoin Depot will be valued at $885M after the SPAC deal is finalized.
| |
Quick Hits: - Consumers want an instant and personalized content experience. Read How a Cloud-Native CMS Makes Content Delivery Faster and Easier.*
- Several small businesses in the U.K. are claiming that they will not be able to survive this upcoming winter financially due to rising costs. To make matters worse, U.K. energy companies are refusing to deal with these small companies due to fears that they will go bankrupt soon.
- Business sentiment and market optimism among German business owners are the lowest since 2020, according to a new report.
- Playstation 5 will now cost up to 10% more due to a drop in the worth of the Japanese Yen.
- U.S. companies may go public in record numbers in 2023 as they are waiting for a possible recession this year, according to a new report.
- Give business gifts people actually want without going over budget. Explore our interactive catalog for this year's trends.*
*This is sponsored content.
| |
Upcoming events at Inside: - August 30 - An overview of simulation and cloud tools in embedded software (Register Here) *
- August 31 - AMA with Sophia Amoruso (CEO at Business Class) (Register Here)
- September 07 - AMA with Andrew Gazdecki (Founder of MicroAcquire) (Register Here)
- September 09 - AMA with Jay Ryan (U.S. Federal Government Program Manager at Security Compass) (Register Here)
- September 14 - AMA with Brian Dean (Founder of Backlinko) (Register Here)
- September 21 - AMA with Kristen Ruby (Founder of Ruby Media Group) (Register Here)
- September 28 - Free Access to the Semantic Layer Summit with 30+ Enterprise Data Leaders (Register Here) *
- September 28 - AMA with Leigh-Ann Buchanan (Founder of aīre ventures) (Register Here)
- October 12 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
*This is a sponsored listing.
| |
 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
| 767 Bryant St. #203, San Francisco, CA 94107
Copyright © 2022 Inside.com | |
| |
