business

Jack Raines10/25/24

Spirit is selling planes to buy time

Spirit Airlines has had a chaotic week:

On Monday, Spirit’s shares jumped as much as 60% on news that the company had reached a deal with its credit-card processor to extend its debt-refinancing deadline by two months to December 23. For context, if the struggling airline fails to refinance its $1.1 billion 8% senior secured notes due in September 2025 by the deadline, which was previously October 21, the credit-card processor can terminate its agreement with Spirit at the end of 2024.

On Tuesday, Frontier Airlines was reportedly exploring renewing its bid to acquire Spirit, sending the latter’s stock climbing another 18%.

On Thursday, Spirit announced plans to sell 23 Airbus planes to raise $519 million. Spirit only owned 58 of its planes outright before this sale, leaving it with 152 leased planes and just 35 owned planes post-sale. However, cash is king as the company has two months to refinance that $1.1 billion debt.

Spirit has been in a tailspin since a federal judge blocked JetBlue's acquisition of the budget airline, agreeing with the Department of Justice's opinion that the deal was anticompetitive. However, a new takeover bid from Frontier could provide a lifeline for the struggling company, and selling off some of its fleet to raise cash may buy Spirit the time it needs to allow a new offer to materialize.

Spirit Air Sells Jets to Boost Cash as Possible Bankruptcy Looms

Spirit Air Sells Jets to Boost Cash as Possible Bankruptcy Looms

On Tuesday, Frontier Airlines was reportedly exploring renewing its bid to acquire Spirit, sending the latter’s stock climbing another 18%.

On Thursday, Spirit announced plans to sell 23 Airbus planes to raise $519 million. Spirit only owned 58 of its planes outright before this sale, leaving it with 152 leased planes and just 35 owned planes post-sale. However, cash is king as the company has two months to refinance that $1.1 billion debt.

Spirit has been in a tailspin since a federal judge blocked JetBlue's acquisition of the budget airline, agreeing with the Department of Justice's opinion that the deal was anticompetitive. However, a new takeover bid from Frontier could provide a lifeline for the struggling company, and selling off some of its fleet to raise cash may buy Spirit the time it needs to allow a new offer to materialize.

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Max Knoblauch20h

The Trump administration is reportedly planning a 50% made-in-America requirement for USMCA tariff relief

Qualifying for USMCA-related lower tariffs may soon require more US-made vehicle components, according to reporting by The Wall Street Journal.

The Trump administration is reportedly planning to introduce a 50% US content requirement for vehicles covered by the trade pact to receive lower tariffs. The content would be measured by cost, according to the WSJ.

There currently isn’t any US-specific requirement for those lower tariff rates, but in order to receive preferential tariffs, vehicles are must contain at least 75% regional content (components made in North America). Per Reuters reporting, the Trump admin is seeking to raise the regional requirement to 82%.

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Overall, Tesla will likely have the easiest time qualifying for any stricter requirements. The automaker’s vehicles contained the highest amount of US/Canadian content in 2025, according to American University research. Ford, GM, and Stellantis all scored lower.

Notably: the underlying government data that many domestic content measurements rely on intentionally combines US and Canadian components, so it’s difficult to know exactly how much of any given vehicle is specifically US-made.

Exclusive | Trump Administration Wants Autos Under USMCA to Be at Least 50% Made in America

Exclusive | Trump Administration Wants Autos Under USMCA to Be at Least 50% Made in America

There currently isn’t any US-specific requirement for those lower tariff rates, but in order to receive preferential tariffs, vehicles are must contain at least 75% regional content (components made in North America). Per Reuters reporting, the Trump admin is seeking to raise the regional requirement to 82%.

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Overall, Tesla will likely have the easiest time qualifying for any stricter requirements. The automaker’s vehicles contained the highest amount of US/Canadian content in 2025, according to American University research. Ford, GM, and Stellantis all scored lower.

Notably: the underlying government data that many domestic content measurements rely on intentionally combines US and Canadian components, so it’s difficult to know exactly how much of any given vehicle is specifically US-made.

business

Tom Jones5/29/26

The $640,000 Luce makes the average Ferrari look like a bargain

Put aside the shape; put aside the smoothing out of Ferrari’s iconic sharp edges; put aside, even, the calls from former Chairman and President Luca Cordero di Montezemolo to “take the Prancing Horse off.” On the grounds of price alone, Luce detractors might have a point.

By now, many of us will have read the criticisms of Ferrari’s first fully electric vehicle, as the Luce — which was unveiled to the world earlier this week and promptly saw the company’s shares crash out in New York and Milan — gets subtly shaded by competitors online and not-so-subtly shaded by basically everyone else.

What makes all of this worse for Ferrari is that, even by the luxury car maker’s notoriously high standards, they’ve slapped a pretty hefty price tag on the Luce, and the company’s CEO, Benedetto Vigna, has already been forced to defend the €550,000 ($640,000) price point, saying yesterday that it’s “fair to pay for innovation,” per Reuters.

While Ferrari’s cars have been getting more expensive of late, as recently as 2022, Ferrari’s average revenue per car sold was around $340,000. At nearly twice that price, this new electric model is obviously proving a little much (visually, conceptually, and financially) for many loyal and long-standing fans of the Prancing Horse to stomach.

Ferrari Luce cost chart — Sherwood News

Ferrari’s EV push is testing what makes a Ferrari a Ferrari

Ferrari’s EV push is testing what makes a Ferrari a Ferrari

By now, many of us will have read the criticisms of Ferrari’s first fully electric vehicle, as the Luce — which was unveiled to the world earlier this week and promptly saw the company’s shares crash out in New York and Milan — gets subtly shaded by competitors online and not-so-subtly shaded by basically everyone else.

What makes all of this worse for Ferrari is that, even by the luxury car maker’s notoriously high standards, they’ve slapped a pretty hefty price tag on the Luce, and the company’s CEO, Benedetto Vigna, has already been forced to defend the €550,000 ($640,000) price point, saying yesterday that it’s “fair to pay for innovation,” per Reuters.

While Ferrari’s cars have been getting more expensive of late, as recently as 2022, Ferrari’s average revenue per car sold was around $340,000. At nearly twice that price, this new electric model is obviously proving a little much (visually, conceptually, and financially) for many loyal and long-standing fans of the Prancing Horse to stomach.

Ferrari Luce cost chart — Sherwood News

Claire Yubin Oh

back in my day...

Temu’s US web traffic quietly recovered from last year’s tariff blow

Temu’s parent company’s stock is still under pressure though, both this year and this morning.

Temu Package Stock Photos

Kraft Heinz is bringing back the glass ketchup bottle as it leans on sauces for growth

The Pittsburgh-born sauce giant is turning 157 this year.

Oversize Heinz ketchup bottle displayed at Heinz History Center in Pittsburgh

BED, BREAKFAST, AND BEYOND

Airbnb is expanding its hotel offerings and adding car rentals to its app

As cities crack down on listings, the homestay platform is attempting to become an “everything app” for travel.

View of man talking with couple in car

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