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EV’s have an insurance problem

Auto insurers have significantly increased prices for electric vehicle (EV) insurance in the past year, far more than for conventional fossil fuel cars. This surge in EV insurance costs is causing concern among Tesla owners and impacting the overall adoption of electric vehicles.

Data from Confused.com, as reported by the Financial Times, reveals that the average cost of insuring electric cars rose by 72% in the year leading up to September, whereas insurance rates for petrol and diesel vehicles only increased by 29% during the same period. Notably, Tesla Model 3 owners, one of the most popular EV models, saw their premiums rise by more than two-thirds over the past two years.

You can read more on the matter here.

What’s going on?

• US Commerce Department Halts Most Firearms Exports for 90 Days (theDeepDive)

• Biden Signs Sweeping Executive Order Regulating Artificial Intelligence (Bloomberg)

• Nipah Virus Outbreak Renews Calls To Protect Bat Roosts (Reuters)

• “Shit For Brains” – Leon Cooperman Chastises Students Protesting Israel, Cuts Columbia Funding (theDeepDive)

• Montreal Bans Natural Gas, Propane Hookups In New Builds (theDeepDive)

• Young Canadians more anxious about debt, more likely to miss a bill payment (BNN)

• Ontario Introduces Legislation To Protect Consumers From “Unfair Business Practices” (theDeepDive)

• Moscow claims the West is attempting to ‘split Russian society’ after airport stormed by mob (CNBC)

• X Usage Is Down But Musk Is Almost 100% More Popular Than He Was Before Buying Twitter (theDeepDive)

• US state senator acquitted of illegal firearms possession in Hong Kong (Reuters)

What’s the latest?

• Biden Targets AI: President Joe Biden has signed a comprehensive executive order focusing on the development and oversight of artificial intelligence. The move aims to maximize the benefits of AI while mitigating potential risks, stressing the need for industry safety standards, consumer protection, and clear guidelines for federal agencies.

• UAW Strikes End: General Motors and the UAW have reached a tentative agreement, concluding strikes that began on September 15, affecting nearly 50,000 workers and costing the Detroit Three automakers billions. This settlement follows similar deals with Ford and Chrysler owner Stellantis, marking major victories for auto laborers post the 2008 financial downturn.

• Dagestan Riot: Hundreds stormed Makhachkala airport in Russia's Dagestan, targeting passengers from a Tel Aviv flight with antisemitic chants. The airport was subsequently closed and over 20 people were reported injured, with two critically hurt. Sixty individuals were detained following the disturbance, and videos on social media showed young men waving Palestinian flags and causing havoc inside the airport.

• Middle East: Israeli forces intensified their ground offensive on Gaza's main northern city, with the conflict entering its fourth week. Israel's military mentioned targeting over 600 militant sites in the Gaza Strip, resulting in dire humanitarian needs for Palestinian civilians. Both sides reported clashes, with Israel focusing on Hamas militants they believe are operating from tunnels in Gaza City, while Palestinian health officials reported airstrikes near three major Gaza City hospitals.

• Meta Goes For Europe: Meta Platforms will introduce subscription plans for European users of Facebook and Instagram to access ad-free versions in line with EU regulations, priced at 9.99 euros for web and 12.99 euros for mobile users. This move addresses EU concerns over personalized ads without user consent, potentially affecting Meta's primary revenue source.

ATHA Energy: Exploration In The Athabasca

The stock market and stuff

• Twitter’s Value Down by 65%, Fidelity Reports (theDeepDive)

• McDonald’s revenue climbs 14% as price hikes boost U.S. sales (CNBC)

• Meta introduces ad-free plans for Instagram, Facebook in Europe (Reuters)

• Air Canada profits soar as travel demand stays high (BNN)

• Cameco Signs Uranium Supply Agreement With China, Details Muddied (theDeepDive)

• Broadcom Sees $61 Billion VMWare Deal Closing Despite China Wait (Bloomberg)

In the juniors

• Goliath Resources Hits 65 g/t Gold Equivalent Over 7.90 Metres At Golddigger (theDeepDive)

• First Quantum Plunges as Panama Copper Mine Faces Referendum (Bloomberg)

• Blackwolf Copper And Gold Halts Stock To Announce 1.0 Metre Of 312 g/t Gold Intersect (theDeepDive)

• Tiidal Gaming To Repurchase All Shares At 27% Premium (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.