** Ford’s chief executive revealed that he drives a $30,000 Chinese-made electric sedan — and got ripped by critics, who called it a “slap in the face” to employees of the Detroit-based automaker. Farley, who has been CEO of Ford since October 2020, said he drives a Xiaomi SU7, an electric sedan that retails for $30,000 that he had specially flown in from Shanghai.
** The geopolitical tension of Chinese electric vehicle manufacturers gaining a foothold in Mexico adds to an ongoing debate in the U.S. over the transition to EVs and how domestic automakers can compete.
** A federal judge rejects a Texas law that restricts the construction and operation of new transmission lines to companies already running such facilities in the state, finding it unfairly restricts interstate commerce.
** Three boards in a Florida city vote to approve a $9.3 million project to bury power lines after Hurricane Milton knocked out power for three days.
** Florida Power & Light asks state regulators for a rate hike to recover $1.2 billion in costs for restoring power after hurricanes Debby, Helene and Milton, and to replenish a storm fund.
** The Biden administration announces funding for 55 projects to reduce emissions at ports, including in Georgia and Virginia.
World
** Workers at Volkswagen threatened strikes on Wednesday unless management backed down from planned factory closures in Germany, spelling more trouble as profits at Europe’s biggest carmaker plunged to a three-year low. Volkswagen on Wednesday reported a 42% drop in third-quarter profit, its lowest level in three years.
** China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe. The new European Union tariffs of up to 45.3% came into effect on Wednesday after a year-long investigation that divided the bloc and prompted retaliation from Beijing.
** Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances.
** A Japanese nuclear reactor which survived a massive 2011 earthquake and tsunami that badly damaged the nearby Fukushima nuclear power plant was restarted Tuesday for the first time since the disaster after a safety upgrade, as the government pursues a renewed expansion of nuclear energy to provide stable power and reduce carbon emissions.
** The massive blackout that plunged Cuba into darkness for four days highlighted the communist island’s failure to end its near-total dependance on ageing oil-fired power plants by transitioning to renewables, experts say.