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The CEO of Mercedes-Benz, Ola Kaellenius, stated that the variable costs for producing electric vehicles will remain higher than those for combustion engine models for the foreseeable future. This, in turn, will continue to drive intense competition in the electric vehicle market. Kaellenius made these comments while revealing more details about the upcoming CLA compact electric sedan, which aims to offer 30% to 35% more driving range.

The higher variable costs for EV production are attributed to factors such as raw materials for batteries, software development, and electricity prices. Mercedes-Benz is working towards optimizing fixed costs and resource allocation to achieve the same profitability with electric cars as with combustion engines. The CLA will have a power use of 12 kilowatt hours per 100 kilometers and a driving range of 750 km. It is expected to reduce costs by approximately 50% compared to its previous generation. The batteries for the CLA will be supplied by CATL and ACC, of which Mercedes owns a third. The CLA will be available in hybrid and all-electric versions, with no diesel versions planned.

Interest on federal student loans has begun accumulating again after a three-year pause caused by the COVID-19 pandemic. Borrowers have at least another month before they need to start repaying their loans. It is recommended that borrowers log into their StudentAid.gov account to check their loan servicer, update personal information, and access loan balance, monthly payment amount, and interest rate. Options for managing payments include making use of the 12-month grace period, exploring income-driven repayment plans, and considering the new SAVE plan. Borrowers should be cautious of scams and safeguard their login information.

German automaker BMW is introducing a prototype for its upcoming electric vehicle (EV), part of the “Neue Klasse” brand. The move is aimed at catching up with Tesla and replicating the success of the original “Neue Klasse” model introduced in the 1960s. BMW’s EV prototype, unveiled at the Munich autoshow, showcases modern features and design elements while addressing the technology gap with Tesla. The company is making a multibillion-euro investment in battery-making and assembly operations for the “Neue Klasse” in Hungary. The vehicles are set to enter production in 2025 and will include advancements in battery technology and software systems. While BMW has not disclosed pricing details, it aims to offer a competitive product in a segment where Tesla has initiated a price war.

Hollywood’s labor pool faces severe consequences as actors and writers continue their strikes, leading to declining job opportunities. The film, TV, and music industries collectively lost 17,000 jobs in August, directly associated with the ongoing strike activities. In contrast, the US economy added 187,000 jobs during the same month, primarily driven by healthcare, leisure, and construction growth. The job losses in Hollywood highlight the effect of the strikes initiated by the Writers Guild of America and SAG-AFTRA in May and mid-July, respectively.

Notable film and TV productions have been disrupted or halted due to the strikes. The impact of the work stoppage has also rippled into other sectors, such as hospitality and real estate, resulting in an estimated $3 billion loss for California’s overall economy. The striking writers and actors are currently negotiating with traditional studios for improved compensation, considering the evolving nature of the industry with streaming and the rise of artificial intelligence. Recently, the Writers Guild of America received a new proposal from the Alliance of Motion Picture and Television Producers, representing major studios, signaling a potential resumption of talks after weeks of stalemate and slow progress.

In response to the systemic problems exposed by mass COVID-19 deaths in nursing homes, the Biden administration has announced that it will establish minimum staffing levels for the first time. However, the proposed threshold of staffing hours falls short of what advocates had hoped for and has drawn criticism from the nursing home industry.

The proposed rules call for staffing equivalent to 3 hours per resident per day, with just over half an hour of that coming from registered nurses. The regulations also require facilities to have an RN on staff 24/7. While the government argues that the majority of nursing homes would need to add staff, critics claim that the proposed standards are inadequate and fail to address residents’ needs. The rules are now open for public comment and will take years to fully take effect.

Mercedes-Benz CEO Ola Kaellenius revealed plans to enhance the driving range and efficiency of the automaker’s upcoming electric vehicle (EV) lineup. The CLA compact electric sedan, to be launched next year, will feature an electric vehicle architecture that aims to achieve 30% to 35% more driving range for every kilowatt-hour of energy stored in the battery compared to Mercedes’ current EV models.

Additionally, Mercedes will introduce a lithium-iron-phosphate (LFP) battery, a first for any Mercedes EV, in the new CLA model line to be released in 2025. This battery option will enable Mercedes to offer a lower-priced model in a competitive segment dominated by Tesla and Chinese EV brands. The efficiency improvements and extended driving range are part of Mercedes’ strategy to narrow the technology gap between itself and Tesla. The Mercedes CLA prototype, which will be showcased at the IAA auto show, represents the company’s commitment to improving EV performance and efficiency. Reducing battery costs is crucial as automakers engage in a price war to sustain sales growth in the global EV market.

In a significant development for the marijuana industry, the Department of Health and Human Services (HHS) has asked the Drug Enforcement Agency (DEA) to consider revising marijuana’s classification under the Controlled Substances Act. Currently, marijuana is classified as a Schedule I drug, alongside heroin and LSD, despite evidence of its medical benefits and widespread legalization at the state level. The HHS recommendation suggests moving marijuana down to Schedule III, which would signify a substance with moderate to low potential for dependence. However, cultivation, production, and sales would still be against federal law.

The DEA will review marijuana’s potential for abuse, medical use, and level of safety or addiction before deciding, which is expected before the 2024 presidential election. If rescheduled, marijuana stocks would benefit from new tax opportunities, the potential for interstate commerce, and expanded research and investor interest. However, marijuana’s federal standing would still prevent banking services unless legislation such as the SAFE Act is passed to address this issue. Industry leaders and lawmakers are optimistic about the potential for federal cannabis reform.