Latest news with #Cox
Axios
7 hours ago
- Automotive
- Axios
The next wave of EV adoption is coming as leases roll off
A tax loophole that encouraged consumers to lease, rather than buy, electric vehicles in recent years means a flood of used EVs will be hitting the market soon. Why it matters: The expected wave of lease trade-ins will help fuel the next phase of EV adoption by giving price-conscious buyers more affordable choices. The big picture: There aren't many crystal balls in the auto industry, but lease returns are rather easy to predict. Since vehicles are typically leased for two or three years, companies already know when those cars will be turned back for resale. It's much harder to predict when customers will trade in cars that they purchased outright or financed. By the numbers: Nearly 1 million EVs were leased from the beginning of 2022 through the first quarter of 2025, according to Experian data analyzed by Cox Automotive. EV lease rates jumped from around 15% in 2022 to 67% by March 2025. Tesla, in particular, saw a spike in lease rates, per Cox. The industry's usual lease rate is about 25%. The surge had everything to do with a wrinkle in how the 2022 Inflation Reduction Act was written. Flashback: The IRA provided a variety of clean energy incentives, including consumer tax credits of up to $7,500 for EV purchases. Few vehicles qualified, however, because of strict sourcing rules designed to exclude cars made with batteries or components from China. A separate tax credit for businesses buying EVs for commercial fleets didn't have those same restrictions. The industry soon found a workaround: Leasing is considered a commercial sale because the vehicle owner is the bank or finance company, not the driver who "rents" the car for two or three years. That became known as the "leasing loophole" under the IRA — the bank received the tax credit from Uncle Sam, but typically passed it on to the consumer to lower their monthly lease payment. As a result, leasing soared in popularity. Fast-forward: Now, the first wave of those vehicles is arriving back at dealerships. Roughly 123,000 leased EVs (and plug-in hybrids) will return to the secondhand market this year, according to Recurrent Auto, a data firm that tracks the EV market. In 2026, the number will more than double to 329,000 EVs. By 2027, 650,000 leased EVs will be turned in. That's more than 1 million used EVs hitting the market in the next three years. Where it stands: Used EV sales — supported by a $4,000 federal tax credit — are projected to surpass 100,000 units in the second quarter, marking a new milestone, per Cox. Yes, but: That used-EV tax credit, like those for new EVs and the leasing loophole for commercial vehicles, is likely going away soon.
Yahoo
8 hours ago
- Climate
- Yahoo
Gov Cox calls on Utahns to pray, fast for rain as wildfire risks escalate
SALT LAKE CITY () — Utah Governor Spencer Cox (R-Utah) has declared Sunday, June 29, a 'Day of Prayer and Fasting for Rain' amid the rising wildfire risks across the beehive state. In an order issued on Friday, June 27, Cox urged Utahns to conserve water and reduce their fire risk. 'Utah is facing a tough season, and we need both divine help and practical action,' Cox said in a press release. 'I invite every Utahn, whatever your faith or belief system, to join me this Sunday in a unified fast and prayer for rain. And while we look heavenward, let's do our part here at home — fix leaks, water lawns less and use every drop wisely. Small actions, taken together, can make a big difference for our state.' Forsyth fire crosses 9,550 acres, evacuation orders for to be downgraded According to data released by the Governor's office, extreme drought conditions have expanded by 82.9% since early June. The state has had 380 wildfires so far this year. Of the total fires, 275 wildfires were human caused, according to the latest information published by , a dashboard designed by the (DNR) to show real-time fire information. According to DNR, out of which, 57% were human caused. So far this year, wildfires have burned 43,000 acres statewide, compared to 90,660 last year. The largest fire that Utah is battling this year is the e that is burning nearly 28,000 acres neat Panguitch. The lands within the boundaries of Bryce Canyon National Park, including Washington, Kane, and Garfield Counties are under a Stage 1 Fire Restriction. The displaced three Utah communities, . The Utah Department of Agriculture has said that they are coordinating with the Division of Wildlife Resources to help producers find grazing land. Crews are also working on the burning in Utah County and officials say personnel are going to stay on duty throughout the weekend so they can get closer to fully containing the fire. According to the (DOI), nationally, almost nine out of 10 wildfires are caused by humans. Here are 10 tips from DOI on how you can be fire wise: Check weather and drought conditions Build your campfire in an open location and far from flammables Douse your campfire until it's cold Keep vehicles off dry grass and avoid parking over dry grass Regularly maintain your equipment and vehicle as it can shoot sparks from the exhaust Carry a shovel, bucket and a fire extinguisher in your vehicle to put out fires Check your tires, bearings and axles on your trailer Keep sparks away from dry vegetation Check conditions and regulations before you use fireworks or consider safe alternatives Cautiously burn debris and never when it's windy or restricted For more information, read . Kavanaugh objects as Supreme Court turns away California pig welfare law challenge Supreme Court refuses American Airlines' bid to validate JetBlue alliance Supreme Court to hear Vance, GOP effort to strike down campaign finance provision Schumer warned on Senate decorum rule after ripping GOP colleagues over Trump megabill I-80 in Salt Lake City reopens after suspect shoots at police and tow truck driver Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Leader Live
9 hours ago
- Entertainment
- Leader Live
Ghostwriter booked for Saratoga assignment
The son of Invincible Spirit ran with credit in the Middle East in the spring, finishing fourth in the Dubai Turf in his first race outside of Europe and having again performed admirably when stepped up in trip for the Hardwicke Stakes at Royal Ascot, Cox is now keen to head Stateside on August 9. Cox said: 'Ascot was a solid run which opens up more possibilities now going a mile and a half. At the moment we intend to take him to America at the beginning of August – that race is very much on the agenda and we're looking forward to making plans for that. 'He relished the travelling when we took him to Dubai in the spring and I'm hoping we can travel with a little bit of confidence this time and it seems a very logical and sensible plan.' Ghostwriter was subject of plenty of headlines prior to his run at Royal Ascot having been bought for £2million on the eve of the summer highlight by Kia Joorabchian's Amo Racing operation. In the race itself, he found just Charlie Appleby's globetrotting Rebel's Romance and Joseph O'Brien's dual Group One scorer Al Riffa too good, finishing third, a performance that proves he remains a reliable model of consistency in elite company. CHARLIE APPLEBY'S WAIT FOR A #ROYALASCOT WINNER IS OVER! REBEL'S ROMANCE TAKES THE HARDWICKE STAKES! — At The Races (@AtTheRaces) June 21, 2025 Cox added: 'I think the Hardwicke was a Group Two in name only and it was full of very creditable Group One performers really, but I was thrilled he hit the line well and proved the mile and a half trip is going to be suitable. 'I think he's become very professional and is also supremely consistent, his race record is really admirable and I'm pleased to be a part of his training and very happy with how he's come out of Ascot as well.'
Rhyl Journal
10 hours ago
- Entertainment
- Rhyl Journal
Ghostwriter booked for Saratoga assignment
The son of Invincible Spirit ran with credit in the Middle East in the spring, finishing fourth in the Dubai Turf in his first race outside of Europe and having again performed admirably when stepped up in trip for the Hardwicke Stakes at Royal Ascot, Cox is now keen to head Stateside on August 9. Cox said: 'Ascot was a solid run which opens up more possibilities now going a mile and a half. At the moment we intend to take him to America at the beginning of August – that race is very much on the agenda and we're looking forward to making plans for that. 'He relished the travelling when we took him to Dubai in the spring and I'm hoping we can travel with a little bit of confidence this time and it seems a very logical and sensible plan.' Ghostwriter was subject of plenty of headlines prior to his run at Royal Ascot having been bought for £2million on the eve of the summer highlight by Kia Joorabchian's Amo Racing operation. In the race itself, he found just Charlie Appleby's globetrotting Rebel's Romance and Joseph O'Brien's dual Group One scorer Al Riffa too good, finishing third, a performance that proves he remains a reliable model of consistency in elite company. CHARLIE APPLEBY'S WAIT FOR A #ROYALASCOT WINNER IS OVER! REBEL'S ROMANCE TAKES THE HARDWICKE STAKES! — At The Races (@AtTheRaces) June 21, 2025 Cox added: 'I think the Hardwicke was a Group Two in name only and it was full of very creditable Group One performers really, but I was thrilled he hit the line well and proved the mile and a half trip is going to be suitable. 'I think he's become very professional and is also supremely consistent, his race record is really admirable and I'm pleased to be a part of his training and very happy with how he's come out of Ascot as well.'
South Wales Guardian
10 hours ago
- Entertainment
- South Wales Guardian
Ghostwriter booked for Saratoga assignment
The son of Invincible Spirit ran with credit in the Middle East in the spring, finishing fourth in the Dubai Turf in his first race outside of Europe and having again performed admirably when stepped up in trip for the Hardwicke Stakes at Royal Ascot, Cox is now keen to head Stateside on August 9. Cox said: 'Ascot was a solid run which opens up more possibilities now going a mile and a half. At the moment we intend to take him to America at the beginning of August – that race is very much on the agenda and we're looking forward to making plans for that. 'He relished the travelling when we took him to Dubai in the spring and I'm hoping we can travel with a little bit of confidence this time and it seems a very logical and sensible plan.' Ghostwriter was subject of plenty of headlines prior to his run at Royal Ascot having been bought for £2million on the eve of the summer highlight by Kia Joorabchian's Amo Racing operation. In the race itself, he found just Charlie Appleby's globetrotting Rebel's Romance and Joseph O'Brien's dual Group One scorer Al Riffa too good, finishing third, a performance that proves he remains a reliable model of consistency in elite company. CHARLIE APPLEBY'S WAIT FOR A #ROYALASCOT WINNER IS OVER! REBEL'S ROMANCE TAKES THE HARDWICKE STAKES! — At The Races (@AtTheRaces) June 21, 2025 Cox added: 'I think the Hardwicke was a Group Two in name only and it was full of very creditable Group One performers really, but I was thrilled he hit the line well and proved the mile and a half trip is going to be suitable. 'I think he's become very professional and is also supremely consistent, his race record is really admirable and I'm pleased to be a part of his training and very happy with how he's come out of Ascot as well.'
