Camila Domonoske

Supply chain disruptions are taking a bite out of Apple, and it may make it harder to get your hands on that shiny new tablet or laptop.

Apple warns it can't make enough iPads and Macs to keep up with demand, thanks to the global shortage in semiconductors that has already disrupted production at almost every major car company, from Ford to VW.

Luca Maestri, Apple's chief financial officer, said late Wednesday that the lack of supply will cut into sales of both these products and lop off between $3 billion to $4 billion of its revenue in the next three months.

The Environmental Protection Agency (EPA) said on Monday it is preparing to restore California's right to set its own vehicle emissions standards, in a widely anticipated reversal of Trump-era policies.

The decision, which will take several months to be finalized, reaffirms the Golden State's powerful position as an environmental regulator after the Trump administration in 2019 had sought to remove California's powers to set its own emissions standards.

It also sets the stage for negotiations over how strict federal vehicle standards will be under President Biden.

Honda said on Friday it plans to sell only zero-emissions vehicles across all its major markets by 2040, becoming the latest automaker to set a concrete target date for phasing out gas- and diesel-powered engines.

In North America, the Japanese automaker said it would aim for 40% of its salse to be zero-emissions vehicles by 2030 and plans to increase the proportion to 80% by 2035.

The company also pledged to be carbon neutral in its own operations by 2050.

Corporate America wants you to know that it takes climate change seriously. But how can you tell if businesses will follow through?

Here's one idea that's catching on: Cut the pay of corporate leaders if they don't meet their climate goals.

The world is going to need more batteries. A lot more batteries.

Every major automaker is preparing to pivot from gas and diesel cars to electric and hybrid ones. Ford F-150s and Kia crossovers, Volkswagen hatchbacks and BMW sedans: They'll all plug in instead of fill up. It's a remarkable transformation that will change the way we drive and shake up world energy markets.

Encouraged by vaccination programs and economic stimulus packages, OPEC and its allies are expecting a summertime resurgence in global oil demand and are planning to pump more crude as a result.

The announcement on Thursday was a surprise to oil markets, which had anticipated output to hold steady. But it wasn't an unpleasant developent: while supply increases often push prices down, oil actually rose after the news of this apparent optimism.

Updated March 30, 2021 at 5:01 PM ET

Updated at 6:36 p.m. ET

April Fool's Day came early this year.

Volkswagen of America will not be rebranding to "Voltswagen of America," despite a statement released on Tuesday that many — from analysts and investors to media outlets like this one — took at its word.

Livestock and lumber. Oil and automobiles. Exercise equipment and instant coffee.

Those were just some of the products that were blocked by the ship just dislodged from the Suez Canal, in a bizarre maritime drama that captivated people around the world and illustrated just how fragile global supply chains can be.

When electric pickup maker Lordstown Motors took over an old General Motors plant in Ohio in 2019, it had big ambitions — and made a lot of promises.

It promised a revival for a community agonizingly familiar with lost jobs. It named itself after the town, Lordstown, and named its future truck the Endurance, after the region's enduring residents.

And it promised a fast timeline. Lordstown aimed to bring the first mass-produced electric pickup truck to market, built right there in that old GM plant.

Every day, Laura Pho walks outside her home and creates a new memorial — a chalk drawing, usually of a heart — on the patch of pavement where her mother died last summer.

"I can see it from my office window," Pho says. "It's nice to be able to see just these bright, beautiful drawings that remind me of my mother, who was also bright and beautiful."

Copyright 2021 NPR. To see more, visit https://www.npr.org.

LULU GARCIA-NAVARRO, HOST:

Whether or not you want an electric vehicle in your driveway, you might soon spot one showing up on your curb.

All major delivery companies are starting to replace their gas-powered fleets with electric or low-emission vehicles, a switch that companies say will boost their bottom lines, while also fighting climate change and urban pollution.

UPS has placed an order for 10,000 electric delivery vehicles. Amazon is buying 100,000 from the start-up Rivian. DHL says zero-emission vehicles make up a fifth of its fleet, with more to come.

Oil prices have risen sharply over the last few months. Normally, that's a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening.

"U.S. producers are actually being restrained at the moment," says Helima Croft, global head of commodities strategy at RBC Capital Markets. "They are trying to be disciplined."

Oil companies are under a lot of pressure to keep their production down. And the call is coming from inside the house: it's oil investors who are pushing for companies to pump less oil.

Driving was markedly down in 2020, yet a new report found a surprising and alarming statistic: Traffic deaths actually rose last year.

The National Safety Council (NSC) says deaths from motor vehicles rose 8% last year, with as many as 42,060 people dying in vehicle crashes.

When comparing traffic deaths to the number of miles driven, the rate of fatalities rose 24% — the highest spike in nearly a century, NSC says.

Updated at 5:06 p.m. ET

OPEC and its allies said Thursday they are keeping oil production largely steady, even as crude prices stage a remarkable recovery, betting that a restrained approach will lay the groundwork for prices to climb even more.

Russia and Kazakhstan will raise their output modestly, but all other members of the alliance will hold their production steady instead of returning more oil to the global market. Saudi Arabia also said it will extend its voluntary cut in oil production of 1 million barrels per day into April.

For Texas, it's looking like a daunting power bill.

The Lone Star State racked up tens of billions of dollars in electricity expenses, as a free-wheeling market design sent prices skyrocketing. It tallied tens of billions more in damage and economic losses from blackouts.

The state could spend years paying down those costs — costs that many experts say were avoidable had Texas taken pre-emptive steps to leave its independent, isolated power system better prepared for this month's winter storms.

This week, Texas Gov. Greg Abbott appeared on local TV in Dallas and blamed the state's power crisis on the devastating storm that disrupted power generation and froze natural gas pipelines.

He didn't single out one power source to blame. Then he went on Fox News and gave a different story.

"Wind and solar got shut down," he said. "They were collectively more than 10% of our power grid, and that thrust Texas into a situation where it was lacking power on a statewide basis."

The winter storms gripping much of the United States have devastated many families and businesses, with frigid temperatures and power outages causing particularly dire conditions in Texas.

But for oil and gas producers that have managed to keep production going, this is proving to be a big payday. Jerry Jones, the billionaire owner of the Dallas Cowboys, appears to be one of the beneficiaries.

Copyright 2021 NPR. To see more, visit https://www.npr.org.

AILSA CHANG, HOST:

A lot of Americans have been driving less than usual this winter, but gasoline prices have still been going up. This week's winter storm is adding to the crunch, but as NPR's Camila Domonoske reports, that is not the only reason for the price increase.

Electric automaker Tesla and cryptocurrency Bitcoin have a lot in common.

Both have seen their market value skyrocket last year, defying skeptics and thrilling fans. Both are fueled by mass enthusiasm and techno-utopian idealism.

And they've both got plenty of doubters warning a giant crash could be on the horizon.

Updated Jan. 24 at 8:50 a.m. ET.

Senate confirmation hearings can get a little heated. But Pete Buttigieg, President Biden's high-profile nominee for secretary of transportation, got a reception that was downright warm.

"You know what the hell you're talking about, and that's pretty damn refreshing," said Sen. Jon Tester, D-Mont., when he got a chance at the mic at Buttigieg's hearing on Thursday.

Updated at 8:23 p.m. ET

The Dow, the S&P 500 and the Nasdaq all hit new records as markets closed on Wednesday afternoon.

The achievement was notched right in the middle of Inauguration Day celebrations, as the Biden administration played a montage of dancing and singing across America. There just may have been some celebratory shimmies on Wall Street, too.

The Dow rose nearly 1% to 31,188. The tech-heavy NASDAQ closing nearly 2% higher at 13,457, while the broader S&P 500 rose 1.39% to end the day at about 3,852.

The traditional inaugural parade was not an option this year, given security fears and the coronavirus pandemic.

So instead, the Biden Inaugural Committee is throwing a "Parade Across America" — a virtual celebration involving dancers, drum lines, singers and athletes from across the United States.

Updated at 1:05 p.m. ET

Andrea Hall, a career firefighter and union leader from Fulton County, Ga., led the Pledge of Allegiance during the inauguration of President-elect Biden.

Hall recited the familiar words of the pledge out loud and in American Sign Language.

When Amanda Gorman, a 22-year-old poet from Los Angeles, took to the stage on Wednesday, it was immediately clear why the new president had chosen her as his inaugural poet.

Gorman echoed, in dynamic and propulsive verse, the same themes that Biden has returned to again and again and that he wove throughout his inaugural address: unity, healing, grief and hope, the painful history of American experience and the redemptive power of American ideals.

Updated at 12:10 p.m. ET

President-elect Joe Biden became President Biden at noon Eastern time, after he took the oath of office to become the nation's 46th commander in chief.

Supreme Court Chief Justice John Roberts conducted the swearing-in ceremony. Biden placed his hand on a family Bible.

Automakers around the world, from Japan to Texas, are grappling with a global shortage of computer chips.

On Wednesday, Michelle Laughlin realized something: Joe Biden would be the next president.

She had traveled from Nevada for the "Stop the Steal" rally hoping that a second term for President Trump was still possible. She sang patriotic songs as Trump supporters forcibly invaded the Capitol building. But as night fell, and the occupiers were pushed out and Congress resumed its operations, Laughlin saw with clarity where things are headed.

"I think they're going to certify Biden," she said, "and I think that's a terrible, terrible thing."

This year, the hottest trend on Wall Street could be summed up in one strange and unfamiliar word: SPAC.

Shaquille O'Neal's got a SPAC. Former House Speaker Paul Ryan's got a SPAC. Famed investor Bill Ackman launched a $4 billion SPAC. And a 25-year-old became the youngest self-made billionaire thanks to — you guessed it — a SPAC.

So what is a SPAC? A "special purpose acquisition company" is a way for a company to go public without all the paperwork of a traditional IPO, or initial public offering.

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