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VinFast says pre-orders “will get a $7,500 rebate,” federal tax credit or not

We wrote that the Vietnamese EV car company Vinfast is bringing its EV companies to the US . Since then, congress announced it is making changes to the $7,500 federal electric vehicle tax credit, meaning that it becomes much harder to get that sweet, sweet tax deduction. The two major changes are that the tax credit will becomes means-tested (i.e. if your household makes more than a certain amount, you don’t qualify) and sticker-price limited (cars over $40k and SUVs and trucks with a slightly higher limit). That’s pretty dramatic – up to 70% of today’s electric vehicles would not be eligible for a credit, Reuters reports . Various car manufacturers have scrambled to figure out how to react, but VinFast is taking more extreme steps than most, promising that if you have a pre-order with the manufacturer and you are no longer eligible for the tax rebate, they’ll give you a $7,500 discount on the car instead. “VinFast is a brand that not only stands behind our vehicles with our 10-year/

As companies fight to retain talent, employee benefits startups might escape cost cuts

How will employee benefits startups fare when their corporate customers start slashing costs as the market goes downhill? We’re going to find out if current trends continue. There was a spike in the number of startups offering employee benefits services through a B2B2C model last year, as nearly every company focused on employee benefits amid the Great Resignation in an effort to retain and attract talent. These startups sell everything from paid care leave coordination and fertility services to discounted gym memberships to consumers through their employers. But the freewheeling spending of 2021 is now over , and some of these startups could find their offered services on the chopping block if market conditions continue to worsen. If there is indeed a recession on the horizon, many of these startups would be right to fear for their future growth, but Brian Kropp, chief of HR research at Gartner , doesn’t think this downturn will mirror the last. Kropp told TechCrunch that even if

Uniswap Labs COO MC Lader on the incentives behind DeFi

Crypto lending and financial services companies have been at the forefront of the industry’s latest controversies ever since the collapse of the Terra stablecoin, with many drawing parallels between the web3 financial system and the broader markets in 2008. But not all protocols are created equal, and many that have sustained steep losses in the aftermath of that fiasco are centralized entities that indeed operate similarly to traditional market-makers. This week on Chain Reaction , we interviewed Mary-Catherine (MC) Lader, chief operating officer of Uniswap Labs, the team behind one of the largest decentralized crypto exchanges. You can listen to the full interview below. Lader explained that Uniswap itself is a non-custodial, open-source protocol governed by holders of its UNI token. This structure sets Uniswap apart from “centralized finance” platforms such as Celsius and Voyager, which hold users’ assets in custody on their behalf. Uniswap Labs, the entity Lader works for, is a

Battery investment moves onshore to kick-start US EV production

Automakers and suppliers are breaking ground on battery factories across the United States as they race to go all in on EVs by the end of the decade. Car companies and suppliers such as LG Energy, SK Innovation, Panasonic and Samsung are investing more than $38 billion through 2026 to boost battery production in the U.S., according to AlixPartners. In July, Kansas and North Carolina each announced the largest economic development projects in their histories, and Ford finalized a deal to bring its battery production to Tennessee and Kentucky. This is just the start of a boom in onshore battery manufacturing: The Inflation Reduction Act , which includes tax credits to encourage domestic production of electric vehicles and batteries, offers manufacturers $30 billion in credits to speed the production of batteries and minerals processing, as well as solar panels and wind turbines, and $10 billion to build plants for EVs and solar panels. The multiyear projects already announced won’t be

Why Twitter anons are sending crypto to celebrities

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Welcome back to Chain Reaction. Last week , we talked about a hack that gave new, ironic meaning to the word “trustless.” This week, we’ll get into one of the most polarizing aspects of crypto — privacy. If someone forwarded you this message, you can subscribe on TechCrunch’s newsletter page. all mixed up A weekly window into the thoughts of senior crypto reporter Anita Ramaswamy : Tornado Cash has been the talk of the town this week in crypto circles. The U.S. government’s Office of Foreign Asset Control (OFAC), a watchdog within the Treasury, leveled sanctions against the cryptocurrency mixer for its role in helping facilitate money laundering. North Korean-backed hackers, among others, have used the Tornado Cash platform to mask stolen crypto associated with some of the highest-profile hacks in web3 to date, including last week’s Nomad heist and the hack of play-to-earn video game Axie Infinity earlier this year. But in imposing sanctions, OFAC was essentially using a sled

Are debt financings the new venture round for fintechs?

Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. — Mary Ann More debt financings means flat is the new up Last week, I wrote about Founderpath , an Austin-based company that offers debt financing to B2B startups. As I started thinking about debt and credit facilities as increasingly attractive alternatives for startups who are seeking capital — especially during a downturn such as the one we are currently experiencing — I realized that the number of companie

Twilio gets hacked, teens ditch Facebook, and SpaceX takes South Korea to the moon

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Hi again! Welcome back to Week in Review , the newsletter where we quickly recap the top stories from TechCrunch dot-com this week. Want it in your inbox every Saturday? Sign up here. Is Facebook for old people? If you’ve got a teenager around the house, you’ve probably heard them say as much. The most read story this week is on a Pew study that suggests this generation of teens has largely abandoned the platform in favor of Instagram/YouTube/TikTok/etc.; whereas in 2014 around 71% of teens used Facebook, the study says in 2022 that number has dropped down to 32%. other stuff Mark Cuban sued over crypto platform promotion : “A group of Voyager Digital customers filed a class-action suit in Florida federal court against Cuban, as well as the basketball team he owns, the Dallas Mavericks,” writes Anita, “alleging their promotion of the crypto platform resulted in more than 3.5 million investors losing $5 billion collectively.” A troubling layoff trend : While tech layoffs might, ma

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