It looks like electric vehicle Black Friday has officially kicked off. Ford announced yesterday that it’ll cut prices on its electric Mustang Mach-E models by as much as 8%, putting the price range at about $46,000 to $64,000—which means it’ll be selling some of them at a loss.

The move follows the unprecedented and sweeping discounts that rival EV manufacturer Tesla rolled out earlier this month. Both companies hope that making the cars cheaper will convince more customers to buy them.

Why discount now?

Demand for pricey EVs is under threat as high interest rates make financing auto purchases more expensive and recession fears leave people less willing to crack open their piggy banks to snag dream cars. Ford and Tesla may also be considering the government tax credits, worth up to $7,500, for EVs priced under a certain threshold (some Tesla Model Ys and Mach-E models will now be eligible). And there’s more competition from automakers like Nissan and Chevrolet that are producing increasingly cheap EVs.

But it’s not just EVs becoming more affordable:

• New car prices have been slowing their ascent, and used cars were 9% cheaper last month compared to a year prior, when your 200k-miles-strong 2006 Corolla was a hot commodity amid supply chain issues and parts shortages.

Not everyone is celebrating

Many people who purchased a Tesla shortly before the price cuts are not thrilled about having to make hefty loan payments on what is now a less valuable depreciating asset. Some disgruntled Tesla buyers signed a petition demanding free or discounted software downloads for their vehicles, while others have inquired about refunds, according to the Wall Street Journal.

Big picture: Major automakers, which enjoyed soaring profits last year, are now bracing for a reversal of fortunes and looking at ways to cut costs. But difficulties notwithstanding, many companies are still ramping up EV production, and legacy car manufacturers are pushing forward with electrification goals.—SK

Two more officers relieved of duty over the deadly beating of Tyre Nichols. The Memphis Police Department revealed yesterday that in addition to the five officers charged with murder over the fatal beating, Preston Hemphill and another officer whose name was not released were taken off duty after the incident. Although Hemphill’s lawyer told the Associated Press Hemphill was not present during the violence that killed Nichols, the officer was involved in the traffic stop that preceded it, and body cam footage appears to show him saying he had tased Nichols and “I hope they stomp his ass.” In addition, three employees of the Memphis Fire Department were fired yesterday for their involvement. Nichols’s funeral tomorrow will be held tomorrow.

Appeals court declines to dance the “Texas two-step.” That’s not a new TikTok craze: It’s a corporate maneuver under Texas law whereby a company facing major liabilities spins off a new company to take them on, has the new company file for bankruptcy, and walks away unburdened—and yesterday, a federal appeals court refused to let Johnson & Johnson do it. J&J created a new unit to shoulder ~38,000 lawsuits claiming its talc-based products caused cancer, and the court’s ruling dismissed that unit’s bankruptcy case. J&J, which maintains that its products are safe, said it would seek to have the ruling overturned.

Spring will bring flowers and an end to official Covid emergencies. President Biden plans to end both the public health and national emergencies originally declared to address the Covid pandemic in 2020 (and extended several times since) on May 11. The White House disclosed the plan yesterday while opposing efforts by Republican lawmakers to end the emergency declarations immediately with a bill called the Pandemic Is Over Act. The end of the emergencies will mean that many Americans will have to start paying for Covid tests, treatments, and vaccines. It also signals a shift in how serious the government considers the pandemic to be.

Luxury retailer Hermès and non-fungible token designer Mason Rothschild faced off in court yesterday in the first major test of how trademark law applies to NFTs and other digital designs.

Hermès claims Rothschild infringed on its trademark by digitally depicting furry versions of its iconic Birkin bag in his collection of 100 “MetaBirkin” NFTs. But Rothschild argues that MetaBirkins are a lawful, artistic interpretation of the brand’s product—similar to Andy Warhol’s prints of Campbell’s soup cans.

NFTs have been a moneymaker for luxury brands

Though the crypto downturn has deflated the value of NFTs from when Justin Bieber was bragging about his Bored Ape, Hermès says that Rothschild swooped its chance to capitalize on digital collectibles at the height of the craze, like its peers did:

• Dolce & Gabbana sold nine NFTs for about $6 million in September 2021.
• Gucci bagged $25,000 on one short-film NFT two months prior.

While it’s unclear how much Rothschild himself made off the project, MetaBirkens debuted at Art Basel in December 2021, and were sold and resold for tens of thousands of dollars. The platform they were originally listed on, OpenSea, pulled the collection at Hermès’s request, but copies continued to sell elsewhere—and Hermès argues that consumers might wrongly believe them to be connected to the brand.

Zoom out: The case’s outcome could set a precedent in this new area, but no matter who wins, the lawsuit itself may deter digital artists from featuring branded products in their designs.—JW

The Academy of Motion Picture Arts and Sciences will meet today to determine whether to rescind Andrea Riseborough’s best actress nomination, and if it does happen, it would be the Academy’s most anti-indie-darling move of all time.

Riseborough’s nomination for her performance in To Leslie was a shock when it was announced, as the film had seemingly less heat than some Roku originals. To Leslie made less than $28,000 at the box office in a limited theatrical run. But in the waning days of the nominations voting period, endorsements poured in from stars like Jennifer Aniston, Kate Winslet, and Edward Norton. Cate Blanchett (also a nominee) even mentioned Riseborough in her Critics Choice Award acceptance speech.

What’s the issue? Well, there are many rules involved in Oscars voting, and in its campaign to receive votes, To Leslie may have violated a few. Potential issues are: a rule against contacting voters directly and encouraging promotion, and a rule against singling out competing nominees by name.

Zoom out: Most insiders predict that Riseborough’s nomination will be upheld, but some in the industry are upset that it takes away a place for lauded performances from Black actresses, like Danielle Deadwyler and Viola Davis, to be celebrated. Nominations have only been rescinded nine times in the history of the Oscars, and never for an acting nomination.—MK

Stat: As of the end of last year, 64% of US consumers were living paycheck to paycheck, up from 61% the year before, according to a survey of ~4,000 people released yesterday by Pymnts.com and LendingClub. Even people earning more than $100,000 annually might be thinking twice about adding guac to their burritos as pay fails to keep up with inflation—more than half of them said they were part of the paycheck-to-paycheck club, per the survey.

Quote: “Boris, I don’t want to hurt you but, with a missile, it would only take a minute.”

Boris Johnson, the former British prime minister known for his floppy hair and partying during Covid lockdowns, told the BBC that Vladimir Putin threatened him by saying that or “something like that” on a phone call prior to Russia’s invasion of Ukraine. Still, it’s not clear whether the threat, which did not appear in the publicly released record of the call, was sincere as Johnson said Putin spoke in a “relaxed tone.” Russia claims no threat (joking or otherwise) was ever issued.

Read: A deep dive into what China’s reopening means for markets. (Financial Times)

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Chinese zodiac signs

Earlier this month, Lunar New Year ushered in the Year of the Rabbit. The rabbit is one of 12 animal signs that make up the Chinese zodiac—can you name the other 11 animals?

For the competitive people: Give yourself 1 point for every correct animal, but take off .5 for a wrong answer.

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