Porsche sees small uptick in global sales despite big drop in Taycan EV

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Bloomberg | Getty Images Porsche managed to increase its global deliveries last year by 2.6% despite global supply chain issues that crippled other carmakers as well as sales of its first all-electric car. The German sports car manufacturer said Thursday it delivered 309,884 vehicles to customers last year, up from 301,915 vehicles in 2021. “The many challenges caused by the war in Ukraine, interrupted supply chains and the ongoing semiconductor crisis…

Read More

HBO Max raises price for ad-free service for the first time since it launched

‘House of the Dragon’ series logo displayed on a phone screen and HBO Max website are seen in this illustration photo taken on August 16, 2022. Jakub Porzycki | Nurphoto | Getty Images Warner Bros. Discovery is raising the monthly price of HBO Max by $1 as the company looks to further invest in content and the user experience. The company said Thursday the HBO Max ad-free tier’s price would increase to $15.99 a month from $14.99, the first price increase for HBO Max since it launched in May 2020.…

Read More

2022 was one of the top 10 hottest years on record and the warmest La Nina year on record, according to government scientists

New data from the U.S. government shows that 2022 was one of the top 10 hottest years on record, with data going back to 1880. And of particular note, 2022 was the warmest year on record when there was a La Nina trade winds pattern, which is a weather event that has a cooling effect on global temperatures. On Thursday, NASA and the National Oceanic and Atmospheric Administration released their global average temperature data. NOAA’s methodology found 2022 to be the sixth-warmest year on record since 1880 and NASA’s methodology…

Read More

Disney board exposed itself to activist intervention, but Peltz may be overreaching

Bob Iger, chairman and chief executive officer of The Walt Disney Company, pauses while speaking during an Economic Club of New York event in Midtown Manhattan on October 24, 2019 in New York City. Drew Angerer | Getty Images Activist investor Nelson Peltz spent about 30 minutes Thursday morning speaking with CNBC’s Jim Cramer and David Faber in a wide-ranging interview about why he wants a Disney board seat. But his argument barely touched on what should be his strongest point — Disney’s consistent failure to plan for CEO succession.…

Read More

Investing in Space: Digital orbital danger

An artist’s ilustration of satellite connections in orbit above the Earth. SpiderOak CNBC’s Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. CNBC’s Michael Sheetz reports and curates the latest news, investor updates and exclusive interviews on the most important companies reaching new heights. Sign up to receive future editions. Overview: Digital orbital danger Companies and governments are now launching satellites by the thousands each year, and that changing landscape brings with it the evolving challenge of cybersecurity in space. Think,…

Read More

JPMorgan shutters website it paid $175 million for, accuses founder of inventing millions of accounts

Jamie Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine. Al Drago | Bloomberg | Getty Images JPMorgan Chase on Thursday shut down the website for a college financial aid platform it bought for $175 million after alleging that the company’s founder created nearly 4 million fake customer accounts. The country’s biggest bank acquired Frank in Sept. 2021 to help it deepen relationships with college students, a key demographic, a Chase executive told CNBC at…

Read More

Rent the Runway to sell secondhand luxury on Amazon as it chases profitability

Jennifer Hyman, Rent the Runway Scott Mlyn | CNBC Rent the Runway began selling its secondhand luxury clothes Thursday on Amazon as the subscription-based startup continues to chase profitability.  Hundreds of items from the company’s “pre-loved” collection, plus new, never-worn pieces from its “design collective,” can now be purchased directly from Amazon through a virtual Rent the Runway storefront.  Secondhand items from more than 35 brands, including Tory Sport, rag & bone, Tibi, sita murt and Kate Spade, will be available at deeply discounted rates.  Rent the Runway, which lets…

Read More

Nelson Peltz lays out his case for Disney proxy fight, slams Fox acquisition

Nelson Peltz David A. Grogan | CNBC Disney is facing a proxy fight as Nelson Peltz’s activist firm Trian Fund Management pushes for a seat on its board. Peltz spoke on CNBC’s “Squawk on the Street” on Thursday, making his case for the fight his firm has picked with Disney, raising issues with Disney’s acquisition of Fox in 2019 and how the company has eroded shareholder value in recent years. “Fox hurt this company. Fox took the dividend away. Fox turned what was once a pristine balance sheet into a…

Read More

Electric luxury-car maker Lucid produced more vehicles in 2022 than expected

With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan. Lucid Motors Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. The company told investors in August to expect production of between 6,000 and 7,000 vehicles for the full year. Lucid’s shares were up about 6% in premarket trading following the news. Lucid said in a statement that it produced 3,493 vehicles at its Arizona factory in the fourth quarter and…

Read More

Electric luxury-car maker Lucid delivered more vehicles in 2022 than expected

With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan. Lucid Motors Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. The company told investors in August to expect production of between 6,000 and 7,000 vehicles for the full year. Lucid said in a statement that it produced 3,493 vehicles at its Arizona factory in the fourth quarter, bumping its total to 7,180 for the full year. Lucid’s fourth-quarter production total…

Read More