Domain Daily: It's Electric

The Dose

  • Coinbase Layoffs

  • Quick Charge

  • EV Subsidy


Coinbase Cuts 18% of Its Workforce

The layoffs come amid a shaky crypto market and the company's plunging stock price.

The Point: Look, it's rough out there right now. Coinbase makes most of its money from transaction fees. So the lower crypto prices go, the less Coinbase makes off each trade. And with a possible recession on the horizon, there's no telling how long it will take for prices to recover. As such, Coinbase is preparing for the worst-case scenario, according to CEO Brian Armstrong. "While it's hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment," Armstrong wrote in an email to employees.

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A New Battery Offers Faster Charging

Enovix, a California-based battery company, says its latest advancement allows power units to charge from 0% to 98% in under ten minutes.

The Point: Long charge times are an obstacle to the mass adoption of electric vehicles. No one wants to sit for 90 minutes in a restaurant parking lot waiting to get back on the road. If what Enovix says is true, and if they can produce the batteries at an attractive price, it could revolutionize the industry. However, it's worth taking the news with a grain of salt. Enovix isn’t the first company to make a bold claim about its battery technology. Others have announced similar breakthroughs in the past. Unfortunately, more often than not, they've proven too good to be true.

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Automakers Ask Congress to Lift the EV Tax Credit Cap

Speaking of electric vehicles, U.S. automakers petitioned Congress to extend the $7,500 tax credit.

The Point: Since 2005, the U.S. government has offered incentives to buy hybrids and fully electric vehicles. The most recent version of this program provided a $7,500 tax credit for the first 200,000 EVs any manufacturer sold. However, as electric cars have become more popular, many automakers are nearing or have surpassed this limit. With rising battery prices, many U.S. auto manufacturers are asking Congress to extend the credit. It's obviously in automakers' interest to drive down the costs of EVs through a government subsidy. A tax credit lowers the final price to consumers without eating into automakers' bottom lines. Extending the credit will be a tough sell. There are already waitlists for new EVs, and taxpayers won't be eager to foot the bill with economic conditions as they are.

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