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FIA president Mohammed ben Sulayem has denied greed was behind the FIA’s decision to say no to doubling the number of sprint races in 2023. Last season, Formula 1 introduced a new format dubbed sprint qualifying and trialled it at three races. It was met with mixed reviews but by and large it was declared successful, leading to talks of increasing the number to six for this season. That plan failed when the teams said no, but it was back on the table at last month’s F1 Commission meeting with the suggestion being to hold six sprint events in 2023. This time, the FIA said no with Sky Sports’ Craig Slater saying he had been informed “unjustifiable financial requests” are behind the FIA’s opposition. “The word ‘greed’ was actually used to me,” he added. “And a couple of teams said in their view, the FIA do not incur significant extra costs by replacing a practice session with a sprint event. They are shocked the FIA have taken this position.” Ben Sulayem has responded … [Read more...] about FIA president ‘did not ask for more money, but if I had…’

The global chip shortage and higher material costs could, in a worst-case scenario, delay start of vehicle production at Canoo's Arkansas plant by a few weeks into early next year from the fourth quarter this year, CEO Tony Aquila said Wednesday. In addition, start of production at Canoo's planned plant in Oklahoma could slip from late 2023 into 2024, he said. However, Aquila said he was not worried about the Oklahoma plant and Canoo has strong intellectual property, allowing it to raise additional funds to continue its vehicle launches. He also said he still expected Canoo to build 14,000 to 17,000 vehicles in 2023, and is targeting closer to 20,000. He added Canoo will sell whatever it builds. In late 2020, Canoo went public through a reserve merger with a special-purpose acquisition company (SPAC) with the aim of competing with Tesla and Rivian, as well as traditional automakers that have committed billions of dollars to building EVs. Last week, Canoo warned investors it … [Read more...] about Canoo Production Starts Could Slip, But CEO Remains Confident In Funding

Indian auto parts maker Sona BLW Precision Forgings expects two-thirds of its revenues to come from electric vehicle (EV) components over the next few years, as automakers rush to build more clean cars, its chairman told Reuters. Sona BLW, which produces drivetrain components such motors and gears, will invest about $130 million over the next three years towards its electrification push, Sunjay Kapur said in a recent interview. With carmakers investing billions of dollars to build EVs, auto part suppliers are also diversifying their business towards new and clean technologies and moving away from gasoline-reliant supply chains. "All our new investments will go towards electrification," Kapur said, adding that the bulk of Sona's order book of $2.4 billion over the next few years is for EV components. Sona BLW started investing in EV parts in 2015 and mainly supplies them to carmakers in North America, Europe and China. It has entered into partnerships with global companies to … [Read more...] about Indian Auto Parts Supplier Sona BLW Bets On Global EV Push

Airlines are moving into the wellness space. Delta offers Peloton instructor-led stretching and meditation classes on seat-back screens. Simply feeling relaxed on vacation doesn't cut it anymore for a growing number of travelers. Many say they are more intently focused on their mental health and overall wellness on their trips as they have navigated the stresses of the pandemic. More than one-third of American travelers say they are excited to take wellness and healing trips in the next 12 months, according to a recent survey from market-research firm Destination Analysts. That percentage increases to nearly half for millennials and younger. But what exactly wellness means is up for debate, leading even traditional airlines and hotels to create an esoteric list of wellness perks. Some hotels have created joy ambassadors tasked with helping guests unplug more completely. Some airlines are offering fliers meditation options in their seats. By the end of the first quarter, … [Read more...] about Hotels and Airlines Cause Stress. Now They’re Trying to Relieve It.

Last week, the Washington Nationals posted a tweet that read: "Crypto 101. You have questions. We've got answers." An accompanying video included frequently asked questions about cryptocurrency, asked and answered over a baseball highlight reel. One big problem, though, was that cryptocurrency was in free fall, spurred by the collapse of Terra, the sponsor of the social media posts and the Nationals' most visible brand partner in 2022. Fans quickly expressed anger with their favorite team pushing a plummeting cryptocurrency to its Twitter following of more than 780,000. The tweet was scheduled in advance, according to multiple people inside the organization, who also said that Terra's collapse is stirring tension about how to proceed with the partnership. The Nationals signed a five-year, $38.15 million deal this winter to promote Terra and received all the money up front. The internal debate, according to multiple people with knowledge of the discussions, is centered on … [Read more...] about Sports teams love crypto. What happens when their sponsor strikes out?