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In light of Donald Trump&#8216;s <a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">announcement</a> of Sen. J.D. Vance (R-Ohio) as his running mate for the 2024 presidential election, entrepreneur and investor Ankur Jain suggests that this move could potentially alter the stance of Palantir Technologies Inc. co-founder Peter Thiel towards Trump.
What Happened: Jain, the CEO of Bilt Rewards, noted in an interview with CNBC&#8217;s Last Call that Thiel, a prominent figure in the tech industry, has close ties with Vance. This could lead to a shift in Thiel&#8217;s previous decision not to donate to Trump.
&#8220;Thiel had said he would not donate to Trump. Obviously, he has very close ties with JD [Vance]. I would wager this changes that calculus,&#8221; Jain said. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;<a href="https://twitter.com/peterthiel?ref_src=twsrc%5Etfw">@peterthiel</a> had said he would not donate to Trump. Obviously, he has very close ties with JD [Vance]. I would wager this changes that calculus,&quot; says <a href="https://twitter.com/ankurjain_2?ref_src=twsrc%5Etfw">@ankurjain_2</a> after Trump picked Vance as his running mate. <a href="https://t.co/YfkkSIpCcX">pic.twitter.com/YfkkSIpCcX</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1812993747958804671?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Thiel, who is also a co-founder of PayPal Holdings Inc., and Founders Fund, was a vocal supporter of Trump during the 2016 election, even donating over $1 million to his <a href="https://www.benzinga.com/general/politics/24/06/39557155/palantir-co-founders-thiel-lonsdale-back-trump-in-2024-election-id-rather-have-him-than-biden">campaign</a>.
However, his stance on the Trump administration <a href="https://www.benzinga.com/news/23/11/35736499/donald-trump-administration-was-crazier-and-more-dangerous-than-peter-thiel-expected-worse-than-even">shifted</a> in November, with Thiel expressing disappointment and terming it as &#8220;crazier&#8221; and &#8220;more dangerous&#8221; than he anticipated.
However, Thiel pledged his support for Trump in the 2024 election, <a href="https://www.benzinga.com/general/politics/24/06/39557155/palantir-co-founders-thiel-lonsdale-back-trump-in-2024-election-id-rather-have-him-than-biden">stating that he would rather have</a> Trump than President Joe Biden.
With Vance, a U.S. Senator and venture capitalist, now on the ticket, Thiel&#8217;s position could be in flux. Vance, who has received backing from Thiel for his venture capital firm Narya Capital, is also an investor in Rumble Inc.
Jain also highlighted the importance of the new White House administration understanding the concerns of tech leaders, especially in areas like artificial intelligence, to keep America competitive on a global scale.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a>
Why It Matters: The selection of Vance as Trump&#8217;s running <a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">mate was announced on Monday</a>, during the Republican National Convention in Milwaukee. Trump described Vance as the best suited for the vice-presidential role, highlighting his talents and contributions.
The pro-crypto stance of the Trump-Vance ticket has also caught the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39786797/bitcoin-could-hit-100k-this-year-with-trump-jd-vances-pro-crypto-presidential-ticket-says-">attention of market analysts</a>. Todd Gordon, founder of Inside Edge Capital, predicted that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could surpass the $100,000 mark, citing the pro-crypto policies of the potential administration.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39761977/trumps-crypto-portfolio-takes-a-hit-robert-kiyosaki-bats-for-bitcoin-and-more-top-crypto-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Crypto Portfolio Takes A Hit, Robert Kiyosaki Bats For Bitcoin And More: Top Crypto Updates This Week</a></li>
</ul>
Photo courtesy: Wikimedia
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

News

Politics

$BTC

Peter Thiel's Ties With JD Vance May Influence Palantir Co-Founder's Position On Trump Post VP Selection, Says Tech Investor

Roth MKM analyst Jonathan Aschoff initiates coverage on Geovax Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOVX#NASDAQ">GOVX</a>) with a Buy rating and announces Price Target of $20.

Price Target

Initiation

Analyst Ratings

GOVX

Roth MKM Initiates Coverage On Geovax Labs with Buy Rating, Announces Price Target of $20

Health Care

Legal

General

MASI

Masimo Commenced Litigation Against Politan Capital Management In Federal Court In California Seeking To Require Politan To Correct Material Misstatements And Omissions In Politan's Proxy Materials

Oppenheimer analyst Suraj Kalia initiates coverage on Integer Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITGR#NYSE">ITGR</a>) with a Outperform rating and announces Price Target of $135.

ITGR

Oppenheimer Initiates Coverage On Integer Holdings with Outperform Rating, Announces Price Target of $135

In a recent development, JPMorgan CEO Jamie Dimon has publicly responded to the attempted assassination of former President Trump.
What Happened: Dimon, in a company-wide email sent out on Sunday, expressed his concern for Trump and his family, as well as the families of the victims of the attack. The email was written on behalf of the &#8220;entire leadership team&#8221; at JPMorgan, Business Insider <a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-email-trump-assassination-attempt-shooting-2024-7">reported</a> on Tuesday.
&#8220;We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm. It is only through constructive dialogue that we can tackle our nation&#8217;s toughest challenges,&#8221; the memo read.
See Also: <a href="https://www.benzinga.com/news/24/07/39764782/biden-vs-trump-post-debate-popularity-poll-reveals-unexpected-results-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Post-Debate Popularity Poll Reveals Unexpected Results For This Candidate</a>
Why It Matters: Dimon&#8217;s stance against political violence and his call for unity and dialogue is not new. Earlier this year, he <a href="https://www.benzinga.com/general/politics/24/01/36666247/trump-got-a-lot-right-negative-talk-about-maga-is-going-to-hurt-bidens-re-election-chances-jamie">warned Democratic supporters </a>against negative talk about Trump, stating it could hurt President Joe Biden&#8217;s chances for re-election.
Furthermore,<a href="https://www.benzinga.com/markets/equities/24/07/39761518/dimon-for-president-financial-circles-navigate-biden-trump-dilemma"> Dimon&#8217;s political views </a>have been a topic of discussion in financial circles. Despite his disinterest in running for president, there has been a growing trend among financial pundits encouraging Dimon to consider the role.
Dimon&#8217;s recent message of unity and dialogue against political violence was echoed by <a href="https://finance.yahoo.com/">other business and tech leaders, </a>including Goldman Sachs CEO David Solomon, Google&#8216;s CEO Sundar Pichai, and BlackRock CEO Larry Fink. Citibank CEO Jane Fraser also urged for more civil discourse in a letter to employees.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/education/24/07/39761038/charlie-munger-said-trump-was-right-on-having-way-more-control-over-our-borders-they-hate-him-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Charlie Munger Said Trump Was &#8216;Right&#8217; On Need For Having &#8216;Way More Control Over Our Borders&#8217;: &#8216;They Hate Him So Much That They&#8217;re Against Him Even When He&#8217;s Right&#8217;</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Jamie Dimon In A Memo To Employees Slams Attack On Trump, Says 'Constructive Dialogue Can Tackle Our Nation's Toughest Challenges'

Morgan Stanley analyst Josh Baer upgrades Chegg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) from Underweight to Equal-Weight and lowers the price target from $6.5 to $3.25.

Upgrades

CHGG

Morgan Stanley Upgrades Chegg to Equal-Weight, Lowers Price Target to $3.25

Evercore ISI Group analyst Steve Sakwa maintains Welltower (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>) with a In-Line and raises the price target from $95 to $97.

WELL

Evercore ISI Group Maintains In-Line on Welltower, Raises Price Target to $97

After unveiling it at the Worldwide Developers Conference (WWDC) in June, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has started rolling out the first <a href="https://www.benzinga.com/topic/ios-18">iOS 18</a> public beta to eligible iPhones.
What Happened: The public beta version of iOS 18 comes with a myriad of new features for iPhone users, right from home screen customization to a revamped Control Center, an all-new Photos app, and more.
To recall, Apple took the <a href="https://www.benzinga.com/news/24/06/39256556/apple-unveils-ios-18-with-satellite-messaging-home-screen-customization-privacy-improvements-and-mor">wraps off iOS 18</a> at WWDC with a slew of new features, ranging from basics like customization options to more advanced ones like <a href="https://www.benzinga.com/news/24/06/39267314/will-your-iphone-support-new-apple-intelligence-features-heres-what-you-need-to-know">AI-powered writing and photo editing</a>.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<h3 class="wp-block-heading">New Features In iOS 18</h3>
Home Screen And Control Center Customization
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="574" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10135821/apple_ios_18-1024x574.jpg" alt="" class="wp-image-380316" style="width:605px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10135821/apple_ios_18-1024x574.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10135821/apple_ios_18-300x168.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10135821/apple_ios_18-768x431.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/10135821/apple_ios_18.jpg 1527w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Credit: Apple </figcaption></figure>
iPhone users can now fully customize their home screens, allowing them to place app icons wherever they like and personalize colors with wallpaper-based themes.
Additionally, users can now customize toggles as well as their appearance.
Call Recording And T9 Dialing
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1000" height="667" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/10/19051153/shutterstock_1891208737.jpg" alt="" class="wp-image-127004" style="width:603px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/10/19051153/shutterstock_1891208737.jpg 1000w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/10/19051153/shutterstock_1891208737-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/10/19051153/shutterstock_1891208737-768x512.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption class="wp-element-caption">Image credit: Shutterstock</figcaption></figure>
iPhone 15 Pro users will be able to record calls thanks to the iOS 18 update. Apple will also generate transcriptions, making it easier for users to look up their conversations.
iPhone users will also be able to call thanks to T9 dialing. For instance, if you want to call someone named John, you can do so by opening the dialler and typing "5646."
App Lock
Apple will now allow users to lock and hide their apps behind authentication, preventing others from viewing or opening them without permission.
Other notable iOS 18 features include:
<ul>
<li>iPhone mirroring.</li>
<li><a href="https://www.benzinga.com/news/24/06/39495756/green-bubbles-with-read-receipts-apple-starts-enabling-rcs-on-latest-ios-18-beta-say-users">RCS support</a> in the Messages app.</li>
<li>Revamped Photos app with AI-powered editing features.</li>
<li>New Passwords app.</li>
<li>Tap to Pay.</li>
<li>Game Mode.</li>
<li><a href="https://www.benzinga.com/news/24/06/39258186/apple-integrates-new-chatgpt-features-in-iphone-mac-and-ipad-sam-altman-thinks-you-will-really-like">Siri with AI</a>.</li>
</ul>
See Also: <a href="https://www.benzinga.com/news/24/06/39270576/from-home-screen-customization-to-call-recording-and-more-did-apple-take-inspiration-from-these-long">From Home Screen Customization To Call Recording And More: Did Apple Take Inspiration From These Long-Available Android Features For iOS 18?</a>
<h3 class="wp-block-heading">How To Download And Install iOS 18 Beta</h3>
Before you proceed, we recommend backing up your iPhone.
<ul>
<li>Sign in with your Apple ID at <a href="https://beta.apple.com/" target="_blank" rel="noreferrer noopener">beta.apple.com</a>.</li>
<li>Open the Settings app on your iPhone.</li>
<li>Now go to General -> Software Update.</li>
<li>Tap on the Beta Updates button and choose iOS 18 Beta.</li>
</ul>
The beta update will appear shortly – download and install it when it does.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39768442/6-new-hidden-iphone-features-you-probably-havent-discovered-yet-on-ios-18">6 New Hidden iPhone Features You Probably Haven&#8217;t Discovered Yet on iOS 18</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

AAPL

Apple Rolls Out First iOS 18 Public Beta With Home Screen Customization And More: Here's How You Can Get It Now

36Kr Holdings Inc. (&quot;36Kr&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRKR#NASDAQ">KRKR</a>), a prominent brand and pioneering platform dedicated to serving New Economy participants in&nbsp;China, today announced that it has entered into a strategic partnership with Zhi-Tech Group (&quot;Zhi-Tech,&quot; SZ: 300785), a tech group focusing on the consumer industry, to broaden its business expansion and commercialization initiatives.
36Kr and Zhi-Tech will leverage their diverse strengths and resources to jointly explore commercialization and expansion opportunities in the consumer sector. 36Kr has accumulated a massive user base and deep client experience over its past decade of serving New Economy enterprises, while Zhi-Tech boasts deep expertise in e-commerce and various consumer sectors such as digital and 3C products, household appliances, groceries and fresh foods, beauty and cosmetics, among others. Under this strategic cooperation, the two companies will extend their customer reach and bolster their market influence through collaborative original content creation, joint marketing service offerings and product innovation. Meanwhile, as AIGC trailblazers, 36Kr&#39;s data insights and cutting-edge AI applications as well as Zhi-Tech&#39;s consumer LLM tools will empower the two companies to create a more competitive and dynamic ecosystem, fostering more experimental products, better services, and ultimately greater commercialization.
Mr.&nbsp;Dagang Feng, Co-chairman and Chief Executive Officer of 36Kr, commented, &quot;We are delighted to partner with Zhi-Tech Group to further expand our customer reach. Zhi-Tech&#39;s consumer industry prowess and frontrunning AI technology applications will help augment our strengths in content creation and marketing services to deepen our penetration in the consumer sector and beyond, unlocking both companies&#39; value creation potential.&quot;
Mr.&nbsp;Guodong Sui, Founder and Chairman of Zhi-Tech Group, added, &quot;Our vision is to create a better world through the free flow of consumption information. We are honored to enter into this strategic cooperation with 36Kr. The collaboration will harness our complementary advantages to the fullest and maximize the value of our premium content, catalyzing sector-wide progress and advancing industrial upgrades.&quot;

KRKR

36Kr and Zhi-Tech Form Strategic Alliance to Revolutionize Consumer Sector

Evercore ISI Group analyst Steve Sakwa maintains Community Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHCT#NYSE">CHCT</a>) with a In-Line and lowers the price target from $29 to $27.

CHCT

Evercore ISI Group Maintains In-Line on Community Healthcare, Lowers Price Target to $27

Mercantile recorded provisions for credit losses of&nbsp;$3.5 million&nbsp;and&nbsp;$2.0 million&nbsp;during the second quarters of 2024 and 2023, respectively.

Earnings

MBWM

Mercantile Bank Q2 Provisions For Credit Losses $3.5M Vs. $2.0M YoY

Macro Economic Events

Econ #s

Economics

Eurozone ZEW Economic Sentiment For July 43.7 Vs. 43.7 Est.; 51.3 Prior

Eurozone Trade Balance For May 13.9B Vs. 18.0B Est.; 15.0B Prior

Germany ZEW Economic Sentiment For July 41.8 Vs. 41.2 Est.; 47.5 Prior

Earnings Beats

Mercantile Bank Q2 2024 GAAP EPS $1.17 Beats $1.16 Estimate, Sales $56.800M Beat $56.105M Estimate

Evercore ISI Group analyst Steve Sakwa maintains Alexandria Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) with a Outperform and raises the price target from $132 to $133.

Evercore ISI Group Maintains Outperform on Alexandria Real Estate, Raises Price Target to $133

Germany ZEW Current Conditions For July -68.9 Vs. -74.3 Est.; -73.8 Prior

Mercantile Bank Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBWM#NASDAQ">MBWM</a>) (&quot;Mercantile&quot;) announced today that on&nbsp;July 11, 2024, its Board of Directors declared a regular quarterly cash dividend of&nbsp;$0.36&nbsp;per common share, payable on&nbsp;September 18, 2024, to holders of record as of&nbsp;September 6, 2024.&nbsp; The&nbsp;$0.36&nbsp;cash dividend represents increases of nearly&nbsp;3 percent&nbsp;and&nbsp;6 percent&nbsp;from the cash dividends paid during the&nbsp;second quarter&nbsp;of 2024 and&nbsp;third quarter&nbsp;of 2023, respectively.

Dividends

Mercantile Bank Corporation Increases Q3 Regular Cash Dividend To $0.36/Share, Up By 3% QoQ And 6% YoY

Donald Trump, who has been nominated as the Republican candidate, announced Monday that Sen. J.D. Vance (R-Ohio) <a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">as his running mate</a>, and not all were impressed with the former president&#8217;s choice.
Obvious Error: Former White House Communications Director Anthony Scaramucci, who recently predicted a Donald Trump victory after the Pennsylvania shooting incident, sees the development as a misstep on the part of the former president. &#8220;First obvious error by Donald Trump and team since he won nomination,&#8221; he said in a post on X, formerly Twitter.
Scaramucci, an entrepreneur and founder of SkyBridge Capital, also zeroed in on a rationale for Trump&#8217;s VP pick. &#8220;Trump didn't want anyone who could take any credit for his electoral success. Or failure,&#8221; he said in sarcasm, potentially implying Vance&#8217;s lack of credentials. &#8220;I look forward to the coming national debate on our democracy, electoral lies, and the future of this amazing country,&#8221; he added.
Democrats Get Opening: Political pollster and founder of polling data analytics company FiveThirtyEight, Nate Silver said, &#8220;J.D. Vance offers Democrats an opening.&#8221;
&#8220;It's not the pick I'd have made if I were trying to maximize the chances of winning the presidency,&#8221; he said. More importantly, Vance should be considered not only from the short-run electoral implications but also from the perspective of him potentially becoming president or at least a Republican nominee for president at some point, he said.
Delving into Vance&#8217;s leaning, Silver said Well, Vance is classified as a &#8220;Hard-Core Conservative&#8221; by the site OnTheIssues.org, a rating similar to Trump, although Vance is seen as a step or two more conservative on social issues.
Choosing Vance suggests Trump may not maintain a unifying message, Silver said, referring to the Ohio senator&#8217;s incendiary post following Saturday&#8217;s assassination attempt. &#8220;Since Donald Trump's choice was reportedly finalized only very recently, the tweet had the feeling of a teacher's pet raising his hand extra high to make sure that he got called upon,&#8221; he said.
Silver questioned the rationale behind picking Vance. Typically, VP candidates produce a small home state bonus worth a percentage point or two but Ohio isn&#8217;t a swing state where this advantage helps, he said. Vance also does not provide much &#8220;ideological or demographic&#8221; balance with Trump, he added. Vance, the polling analyst said, may not be successful in bringing in the few holdout Nikki Haley voters.
&#8220;And with only eighteen months in the Senate and no elected experience before then, voters could also question whether Vance is ready to step into the biggest job in the world — although he does have experience in other fields like business and in the United States Marine Corps,&#8221; he said.
The Democrats can capitalize on the lack of Vance&#8217;s experience, Silver said. &#8220;A fully functional Democratic campaign might be able to make some hay of this pick, perhaps by treating Vance as a cipher about whom little is known but who has been&nbsp;endorsed by right-wing groups like the authors of Project 2025,&#8221; he said. 
See Also: <a href="https://www.benzinga.com/24/07/39764074/biden-vs-trump-ex-president-leads-across-battleground-states-ahead-of-gop-convention-as-poll-finds-i">Biden Vs. Trump: Ex-President Leads Across Battleground States Ahead Of GOP Convention As Poll Finds Incumbent Weighed Down By These 3 Factors</a>
One More Guardrail Gone: Mary Trump, the niece of Donald Trump, lamented that one more guardrail no longer exists with Vance&#8217;s selection. &#8220;Donald didn't want to take a chance that his new running mate would ever put the country first like Pence did,&#8221; she said.
Calling the announcement a &#8220;promotion&#8221; given by Donald Trump for a &#8220;fellow insurrectionist,&#8221; Mary Trump, a psychologist, said the goal was to pick a &#8220;hypocritical bully and revanchist sycophant.&#8221;
&#8220;Vance is stronger than Pence when it comes to pursuing his own interests, but he's as transactional as Donald,&#8221; the psychologist said. Despite the enormous amount of pressure that was brought to bear on Pence, he showed up to do his job on Jan. 6, she said, adding that &#8220;Vance will have no such compunction.&#8221;
Musk, Ramaswamy Back Vance: Vance had his fair share of supporters as well. Tesla CEO Elon Musk, the world&#8217;s richest man, said on X, &#8220;excellent decision&#8221; by Donald Trump. In another post, he said Trump, Vance resounds with victory.
Businessman Vivek Ramaswamy,<a href="https://www.benzinga.com/news/24/01/36634743/vivek-ramaswamy-suspends-presidential-bid-after-iowa-caucuses-fizzle-endorses-trump-for-president"> who went up unsuccessfully against </a>Donald Trump in the Republican primaries but has since then dropped out and endorsed the former president, also welcomed Vance&#8217;s selection. Recalling his law school days with his classmate and friend Vance, he said, &#8220;It's awesome we're now here a decade later with JD joining the strongest presidential ticket in our lifetime.&#8221;
&#8220;He'll be an outstanding Vice President and I look forward to everything ahead for him and for our country.&#8221;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a></li>
</ul>
Image via Shutterstock

Media

'First Obvious Error' By Trump After Winning Nomination, Says Anthony Scaramucci As Ex-President Picks JD Vance As Running Mate: Pollster Says 'Not The Pick…To Maximize Chances Of Winning The Presidency'

Despite new tariffs on Chinese electric vehicles (EVs), foreign automakers are struggling to stay competitive in China&#8217;s burgeoning EV market.
What Happened: A study by AlixPartners reveals that foreign car companies are falling behind in China&#8217;s EV market, which represents over 40% of new passenger cars sold in the country. Stephen Dyer, co-leader and head of AlixPartners&#8217; Asia automotive practice suggests that foreign brands must adopt a different approach and take more risks to make a mark in the market, CNBC <a href="https://www.cnbc.com/2024/07/16/foreign-carmakers-in-china-face-increasingly-precarious-situation.html">reported</a> on Tuesday.
"Unless [foreign car brands] change their mindset of developing and manufacturing cars to one that is more willing to take risks, and consider how to design and manufacture a car from so-called first principles, their position will become increasingly precarious," Dyer, who spoke in Mandarin, was quoted.
Even with the U.S. doubling tariffs on Chinese EVs from 25% to 100% and the EU imposing tariffs of up to 38% on Chinese EV imports, Chinese automakers continue to profit. Dyer believes these tariffs will likely prompt China EV makers to shift towards local production strategies in Europe, thus reducing transportation costs.
Currently, Chinese-made EVs are 35% cheaper to produce than comparable vehicles from foreign automakers. While some foreign firms are trying to penetrate China&#8217;s market by partnering with local brands, others are attempting to cut prices. However, Dyer warns that without a significant change in strategy, foreign carmakers may struggle to maintain a long-term presence in the China market.
See Also: <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
Last month, a Bank of America analyst recommended that U.S. automakers based in Detroit should exit China &#8220;as soon as they possibly can&#8221; due to their disadvantage against China&#8217;s EV giants. AlixPartners predicts that by 2030, Chinese brands will control over 70% of the NEV market in China and a third of the global auto market.
Why It Matters: Over the past decade, China has invested more than<a href="https://www.benzinga.com/markets/asia/24/06/39429812/china-invested-more-than-230b-over-last-decade-to-develop-its-ev-industry-study-finds"> $230 billion in its EV industry.</a> This massive investment, coupled with favorable domestic policies, has given Chinese automakers a significant advantage over foreign competitors.
Furthermore, Chinese EV makers like NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) are advancing their <a href="https://www.benzinga.com/markets/equities/24/07/39689355/chinese-ev-innovations-nio-and-xpeng-advance-in-house-smart-driving-chips-tape-out-progress-and-">in-house smart driving chips</a>. This technological advancement could further strengthen their position in the market.
In response to increased tariffs from the EU and the U.S.<a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">, Chinese EV manufacturers </a>are exploring alternative markets, including Africa. This strategic move could help them mitigate the impact of the tariffs and continue their growth trajectory.
Price Action: According to <a href="https://pro.benzinga.com">Benzinga Pro,</a> Nio, Li Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and Xpeng shares listed in the U.S. have lost at least 40% so far this year, while Warren Buffett-backed BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is up 16.22%
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>