Business
Amid record EV sales, B.C. to fund 250 more public charging stations
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The B.C. government said Tuesday it will invest $26 million to build another 250 new public charging stations across the province. Those charging stations will help complete the “Electric Highway,” a government program to install 10,000 public electric vehicle charging stations across B.C. highways by 2030.
The announcement comes amid the release of an annual report showing zero-emission vehicles continued to be sold at higher rates in B.C. than anywhere else in Canada. In 2022, 18.1 per cent of new passenger vehicle sales were electric or hybrid.
“Overall, excellent news for EV owners and people looking to buy an electric car,” said Mark Zacharias, a special advisor for Simon Fraser University’s Clean Energy Canada program, which works to accelerate Canada’s clean energy transition.
“That 18.1 per cent would likely have been much higher if EVs would have been more available.”
Zacharias said price wars between electric vehicle manufacturers like Tesla and Ford are increasingly bringing down the costs of vehicles. Meanwhile, advances in battery manufacturing, economies of scale and the relative simplicity of EV components means models like the Chevy Bolt and Hyundai Kona are almost equivalent in cost to their internal combustion engine siblings.
“We see cost parity between electric vehicles and internal combustion engines coming by 2025,” Zacharias said.
B.C. EV ownership surpasses 100,000 vehicles
Over the last six years, the number of registered electric light-duty vehicles climbed 20 fold to 100,000 from 5,000 in 2016.
And over that same period, the number of public charging stations has grown to more than 3,800 from 781, according to the latest Zero-Emission Vehicle Update, which sources market data from S&P Global Mobility.
Since the COVID-19 pandemic, transportation policymakers have faced significant hurdles as public transport ridership plummeted and the registration of new combustion engine vehicles skyrocketed. Last year, a Glacier Media investigation found of the quarter million vehicles added to British Columbia’s roads over the last six years, more than half hit the pavement in 2021 — a spike that has touched nearly every community in the province and threatens to undermine emission reduction targets.
At the same time, B.C. has a head start in its push to transition people from internal combustion vehicles to EVs or some other form of transportation. In 2019, B.C. was the first province to mandate new EV sales targets. Last year, the province shortened that timeline, requiring all new passenger vehicle sales to be zero-emissions by 2035 instead of 2040. The legislation is meant to ensure lower costs and greater availability of electric vehicles.
“We are well on our way to achieving the 2026 ZEV sales targets,” claimed the government in its report Tuesday.
The federal government has yet to catch up to B.C. In late 2022, federal Environment Minister Steven Guilbeault pledged to pass regulations that would require one-fifth of all passenger cars, SUVs and trucks sold in Canada by 2026 to be electric. By 2035, the plan would require every passenger vehicle sold in Canada to be electric.
Manufacturers or importers who don’t meet the sales targets could face penalties under the Canadian Environmental Protection Act through a phased-in approach.
Number of EV rebates cut in half in 2022
Governments across Canada have used a number of rebate programs to encourage car buyers to purchase an electric vehicle. Between 2015 and 2022, two B.C. provincial governments have handed out nearly $200 million in rebates to buy zero-emission vehicles.
As costs have come down, the nature and scale of those rebate programs have changed.
The number of EV rebates handed out in 2022 totalled almost 9,700, roughly half that of the previous year. And since August 2022, rebates for electric vehicles have been made available for B.C. residents on a sliding income scale.
Anyone making under $80,000 a year can receive the full $4,000 rebate (up from a previous $3,000), while those making between $80,001 and $100,000 can access rebates of up to $2,000. Anyone with a higher income is not eligible for the provincial EV rebate. Combined with federal rebates, eligible British Columbians can now receive up to $9,000 to buy a new electric car.
The most popular vehicles bought with a rebate in 2022 were the Tesla Model 3, the Chevrolet Bolt, the Hyundai Kona, the Hyundai IONIQ 5, and the Mini Cooper BEV.
Suncor Energy Inc. says it will cut 1,500 jobs by the end of the year in an effort to reduce costs and improve the company’s lagging financial performance.
Spokeswoman Sneh Seetal confirmed the cuts, saying they will be spread across the organization and will affect both employees and contractors.
Seetal says employees were informed of the cuts in a companywide email from Suncor CEO Rich Kruger earlier this afternoon.
Suncor has been under pressure from shareholders – including activist investor Elliott Investment Management – to improve its financial and share price performance, which has lagged its peers.
Kruger, the former CEO of Imperial Oil Ltd., took the reins at Suncor earlier this spring and has been tasked with turning around the oilsands giant.
Suncor employs people across the country, in the U.S., and the U.K. Its corporate head office is located in Calgary.
This report by The Canadian Press was first published June 1, 2023.
Business
Amazon ordered to pay more than $30M for privacy violations related to Alexa, Ring devices – CBC News
Amazon agreed Wednesday to pay a $25 million US civil penalty to settle Federal Trade Commission (FTC) allegations it violated a child privacy law and deceived parents by keeping for years kids’ voice and location data recorded by its popular Alexa voice assistant.
Separately, the company agreed to pay $5.8 million US in customer refunds for alleged privacy violations involving its doorbell camera, Ring.
The Alexa-related action orders Amazon to overhaul its data deletion practices and impose stricter, more transparent privacy measures. It also obliges the tech giant to delete certain data collected by its internet-connected digital assistant, which people use for everything from checking the weather to playing games and queueing up music.
“Amazon’s history of misleading parents, keeping children’s recordings indefinitely, and flouting parents’ deletion requests violated COPPA (the Child Online Privacy Protection Act) and sacrificed privacy for profits,” Samuel Levine, the FTC consumer protection chief, said in a statement. The 1998 law is designed to shield children from online harms.
FTC Commissioner Alvaro Bedoya said in a statement that “when parents asked Amazon to delete their kids’ Alexa voice data, the company did not delete all of it.”
The Current22:19Amazon losing billions on Alexa voice assistant
The agency ordered the company to delete inactive child accounts as well as certain voice and geolocation data. That order will apply to Canadian customers, as well, the company confirmed in an email to CBC News.
Amazon kept the kids’ data to refine its voice recognition algorithm, the artificial intelligence behind Alexa, which powers Echo and other smart speakers, Bedoya said.
The FTC complaint sends a message to all tech companies who are “sprinting to do the same” amid fierce competition in developing AI datasets, he said.
Amazon said last month that it has sold more than a half-billion Alexa-enabled devices globally and that use of the service increased 35 per cent last year.
Hackers able to access Ring accounts
In the Ring case, the FTC says Amazon’s home security camera subsidiary let employees and contractors access consumers’ private videos and provided lax security practices that enabled hackers to take control of some accounts.
Amazon bought California-based Ring in 2018, and many of the violations alleged by the FTC predate the acquisition. Under the FTC’s order, Ring is required to pay $5.8 million US that would be used for consumer refunds.
Amazon said it disagreed with the FTC’s claims on both Alexa and Ring and denied violating the law. But it said the settlements “put these matters behind us.”
“Our devices and services are built to protect customers’ privacy, and to provide customers with control over their experience,” the Seattle-based company said.
In addition to the fine in the Alexa case, the proposed order prohibits Amazon from using deleted geolocation and voice information to create or improve any data product. The order also requires Amazon to create a privacy program for its use of geolocation information.
The proposed orders must be approved by federal judges.
FTC commissioners had unanimously voted to file the charges against Amazon in both cases.
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US stocks closed lower Wednesday as investors kept a watchful eye on the prospects for the debt-limit deal in an expected House floor vote. Meanwhile, strong US jobs data and China’s economic woes pressured global markets.
The S&P 500 (^GSPC) fell 0.60% while the Dow Jones Industrial Average (^DJI) dipped 0.40% or more than 130 points. The technology-heavy Nasdaq Composite (^IXIC) slipped 0.63%.
US bond yields weakened as investors fretted over the potential impact of the debt-limit deal and reviewed the release of fresh jobs data. The yield on the benchmark 10-year Treasury dropped to 3.62%. The two-year note yields, which are more rate sensitive, slipped to 4.3%, while that on the 30-year bond dropped to 3.84%.
Equities lost steam as the Labor Department reported the number of job openings rose to over 10.1 million, up from economists’ expectations of 9.4 million openings.
The figures underscores “the tightness in the labor market is unlikely to fall off a cliff but rather continue downward on a bumpy path,” Oxford Economics wrote in a note on Wednesday. “While there are some concerns over the veracity of the JOLTS survey due to historically low response rates, the upshot remains that labor market strength remains robust.”
In light of recent economic data, markets are pricing in an increase of 25 basis points in interest rates from the Fed at policymakers’ meeting on June 13-14. On the commodities side, the dollar index rose, while crude oil slid below $70 a barrel.
Still, investors are still very keen on the latest developments in Washington. The debt ceiling agreement negotiated by President Joe Biden and House Speaker Kevin McCarthy passed its first key test on Tuesday when it gained approval from the Republican-led House Rules Committee despite opposition from hard-liners. That cleared the way for the deal to go before the House on Wednesday.
The clock is ticking down, as Congress must race to pass the deal to avoid a catastrophic default by June 5. That so-called X-Date is when the US will run out of money to pay its bills, Treasury Secretary Janet Yellen has warned.
Meanwhile, both Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker signaled Wednesday that the central bank could pause rate hikes at its next policy meeting. Separately, the economy showed signs of cooling as hiring and inflation slowing, the Federal Reserve said in its Beige Book survey of regional business contacts.
Elsewhere, China’s factory activity slumped to its weakest level for a second straight month, another sign its post-pandemic economic recovery is losing steam. Asian markets tumbled after the release of the data.
On the housing front, mortgage demand dropped to its lowest level since March, while refinancing activity also dampened to another low, the MBA data showed Wednesday.
Meanwhile, in corporate news, Hewlett Packard Enterprise Company (HPE) sank more than 7% after the company posted a revenue miss in its second quarter earnings and slashed its full-year sales guidance.
Still, the run-up in stocks linked to AI was losing momentum, after the buzz around the technology helped boosted the Nasdaq 100 Index (^NDX) on Tuesday. Shares of ChargePoint Holdings, Inc. (CHPT) was flat, while C3.ai, Inc. (AI) dipped more than 8% Wednesday.
In single-stock moves, SoFi Technologies, Inc. (SOFI) shares rallied more than 15% in the wake of the debt ceiling deal. The bill would reinstate government student loan repayments, benefiting the online personal finance company.
Shares of HP Inc. (HPQ) sank more than 5% after the computing giant posted better-than-expected quarterly earnings on Tuesday, but reported sales that fell more than analysts estimated.
Intel Corporation (INTC) shares rose more than 4% after the chipmaker said current quarter revenue is on track to be at the high end of its guidance.
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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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