Business
Are Americans ready to embrace tiny ‘cars’ like the Fiat Topolino?
Chip Motors plans to produce a four- or six-seat low-speed vehicle, which it is calling a “life utility vehicle, named Chip.
Courtesy image
The next big idea in the U.S. automotive industry may be small.
A growing number of companies, including auto giant Stellantis, are betting Americans are ready to embrace smaller, less expensive vehicles amid yearslong affordability concerns for the U.S. auto industry.
But the vehicles aren’t technically “cars.” They’re electric low-speed vehicles, or LSVs, that are essentially a step above a traditional golf cart but below a typical light-duty car or truck sold in the U.S.
“We have seen the popularity of many different form factors of electric, small low-speed vehicles continuing to grow,” Keith Simon, CEO and cofounder of Waev, which owns several LSV brands such as ex-Polaris brand GEM, told CNBC. “I think it’s evident by the number of new entrants across many different vehicle types. There’s a lot of new players. … It’s been growing significantly.”
Attention on such vehicles has been magnified during the past year by President Donald Trump. He has discussed opening U.S. roadways and regulations to better allow for smaller vehicles, including LSVs from Europe and Japan’s “Kei cars,” on U.S. roadways.
“I’m giving all American car companies the right to build what are known as tiny little tiny cars,” Trump said during a speech last week at General Motors’ Milford Proving Grounds in Michigan. “I go over to Europe and I see these little cars all over the place and I say, ‘Why aren’t we making them?’”
Small cars have historically not performed well in the U.S., but those involved with LSVs believe they could be a growth market for Americans who want an affordable, easy-to-drive vehicle for short distances. They also can typically be charged overnight with a traditional household outlet compared with typical, more expensive EVs that need special chargers that can cost thousands of dollars.
Waev’s lineup of GEM low-speed vehicles, starting at
Courtesy image
Reliable data on the U.S. LSV market is limited since of the vehicles don’t need to be registered, but they’re part of a larger “micromobility” segment, which consulting firm McKinsey & Company last year estimated could more than double in size globally by 2030.
“The global micromobility market is on the upswing. McKinsey estimates that the market was worth about $160 billion in 2022; by 2030, it’s estimated to reach $340 billion,” according to its McKinsey’s Center for Future Mobility. That includes North America’s market growing from $20 billion in 2022 to $35 billion by 2030.
For U.S. consumers, companies such as Stellantis’ Fiat, Waev and startup Chip Motors are focusing on electric streel-legal LSVs, many of which are starting around $15,000, a fraction of the nearly $50,000 average price tag for a new traditional car or truck.
Tiny cars, tiny market
LSVs vary in form and can be heavily customized, including the number of seats, electric range and available features, such as optional doors. They’re typically used for short distances, often for people living in closed community settings such as retirement homes or condominium complexes. Their main competition has traditionally been golf carts, not small cars.
“The use case for these kind of vehicles has become more interesting as people have evolved their lifestyles, and a vehicle like this fits into their lifestyles,” Simon said.
The market is loosely regulated compared to the light-duty vehicle market that dominates the U.S.. but the vehicles must not go faster than 25 mph and have to be equipped with standard safety features such as headlamps, turn signals, mirrors and a windshield that conforms to the federal motor vehicle safety standard. They’re not required to have airbags and they’re allowed on roadways with speed limits of up to 35 mph.
Stellantis plans to offer the Fiat Topolino, an all-electric quadricycle vehicle, in the U.S.
Stellantis
“The market demand is here now and you don’t need nearly as much capital to bring a LSV to market,” said Jameson Detweiler, CEO of Chip Motors, which last month revealed a new LSV that’s expected to go into production early next year. “What we’ve seen in the market … is just incredible latent demand.”
Detweiler estimates the street-legal LSV market to currently be in the hundreds of thousands of units in annual sales, but below 500,000. He believes as more companies such as his enter the market, the more awareness and sales will grow.
But for now, they’re small vehicles for a tiny part of the U.S. market, according to Stephanie Brinley, principal automotive analyst at Mobility Global.
“They’re less expensive than a normal car, but they’re not expected to be a normal car, and and people buy them as recreational vehicles,” she said. “There’s great uses for them, but these are not part of of a day-to-day work-life commute for most people.”
New entrants
Detweiler’s company describes its vehicles as a “life utility vehicle,” named Chip. It looks like a beefed-up golf cart with a smiley, digital interactive face. The four-passenger vehicle is expected to start at $15,000 for an entry-level model, and it can also come in a six-seat model.
Detweiler plans to grow Chip to eventually be capable of self-driving technologies. In the meantime, he said the privately funded company expects it to be used more as a second vehicle, with plans to offer a service in which Chip employees can virtually remote into the vehicle to assist with driving and parking, he said.
The Chip “life utility vehicle” positioned between two Ford F-150 pickup trucks.
Courtesy image
“I really value and like the idea of when the future seems fun and promising,” said Detweiler, a Florida native, wearing a Timon and Pumbaa shirt from Disney’s “Lion King.” “A lot of technology is probably headed more ‘Blade Runner.’ We want to head more ‘Jetsons’ era.”
The company expects to begin sales in Miami, which officials say is a popular market for such vehicles.
The Florida coastal city also is where Stellantis’ Fiat brand is first offering its Topolino vehicle, which also starts around $15,000 and features the styling of the Italian brand’s iconic 500 city car.
The Topolino, which translates to “little mouse” in Italian, is actually a quadricycle. It has grown in popularity in Europe and the company is starting to sell it in limited numbers in the U.S.
Fiat CEO Olivier Francois is using the vehicle as a test bed to potentially refocus the famed Italian brand, which has struggled for years in the U.S., to focus on micromobility rather than traditional cars.
“I want Fiat to become the brand of micromobility within Stellantis,” Francois told CNBC. “I want to use America to test and learn. And, hey, if along the way I do some good volumes and good business, it doesn’t hurt.”
2026 Fiat Topolino Dolce Vita.
Courtesy Fiat
The brand re-entered the U.S. market in 2011 after a nearly 30-year absence with its small Fiat 500, but it never become a mass market success like it is in Europe.
In the brand’s first full year in the U.S. in 2012, Fiat sold 43,772 vehicles domestically. Those sales dwindled to roughly 1,300 Fiat vehicles sold last year in the U.S., with its only vehicle being an all-electric version of the Fiat 500.
Francois admits while the 500 EV, starting at $35,700, may be too expensive and too small for many Americans, he remains optimistic about the Topolino testing micromobility in the U.S.
“While everyone is explaining to me that small is a limit in the U.S., I think that now we go so small that it’s going to become exciting. We will see the reaction,” he told CNBC. “The fun thing with Topolino is we double down on small.”
FOX Business Cheryl Casone breaks down tumbling oil prices amid U.S.-Iran deal hopes and falling Treasury yields. Carter Intelligence Group CEO Lee Carter joins the panel to discuss the psychological impact of lower gas prices on consumers.
Oil prices fell on Monday as markets embraced hopes for the de-escalation of the Iran war, despite uncertainty over the prospects for a Federal Reserve interest rate hike.
President Donald Trump on Sunday signaled he was holding off on ordering fresh strikes against Iran and said he did so because U.S. allies in the Middle East have reached the outline of an agreement to end the war, adding it would “include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”
Trump indicated the negotiations would begin on Monday afternoon, which caused oil prices to slide on the potential deal to restore the flow of oil shipments through the Strait of Hormuz that have been constrained amid the threat of Iranian attacks and mines amid the conflict.
Prices for West Texas Intermediate crude, a key U.S. benchmark, were down about 6.2% during Monday morning, trading around $79.45 a barrel after a decline of about $5. Brent crude oil prices were down over 3.5% at around $79.30 a barrel.
FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY
Oil prices fell on Monday on the prospect of a deal to end the Iran war. (Todd Korol/Reuters)
A spokesman for Iran’s foreign ministry said in a report by Reuters that no negotiations with the U.S. were occurring or scheduled, adding that the only ongoing discussions were with Oman over the management of the Strait of Hormuz.
Oil prices spiked above $110 a barrel earlier this year as the conflict disrupted oil shipments from the Middle East, as tanker traffic plummeted due to the threat of missile and drone strikes by Iran as well as mines laid in the key shipping lanes of the Strait.
AAA NATIONAL GAS PRICE TOPS $4 AMID RENEWED US STRIKES ON IRAN
The Strait of Hormuz is a key chokepoint for maritime oil flows through the Middle East. (Amanda Macias/Fox News Digital)
Before the outbreak of the conflict, oil prices were in the $60 to $70 a barrel range, and the rise caused gas prices in the U.S. to surge. The national average price for a gallon of regular gasoline was $4.095 as of Monday, up 7% from a month ago and 30% from a year ago, which has pressured household budgets.
Trump wrote in a post on his Truth social media platform that Chevron CEO Mike Wirth gave “all of the reasons that his company is doing so well,” in an interview with FOX Business’ Maria Bartiromo, but added that his administration has helped facilitate that success and urged him to lower prices for consumers.
Oil shipments through the Strait of Hormuz have been severely constrained due to the risk of Iranian attacks. (Giuseppe Cacace/AFP via Getty Images)
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” Trump wrote.
The White House has previously criticized gas stations for not lowering prices, accusing them of padding profit margins.
Groups representing smaller gas stations and energy marketers have pushed back on the argument, saying that retail prices are linked to oil prices and that they typically decline over several weeks after oil prices decline due to the need to turn over higher-cost inventory.
Consumers cutting back on HFCS, not sugar, recent report says.
Consolidated net profit rose to Rs 228.41 crore from a year earlier, while revenue increased nearly 10% to Rs 2,374 crore.
Demand remained healthy in both decorative and industrial paints despite geopolitical tensions and was supported by the delayed onset of the monsoon, managing director Pravin Chaudhari said.
“Looking ahead, we anticipate that demand in both market segments will continue to remain strong despite an erratic monsoon and prevailing geopolitical situation,” he said. “Additionally, Diwali being later this year, should add a fillip to the festive demand,” he said.
Chaudhari said the geopolitical situation in West Asia disrupted supply chains and sharply increased raw material prices from March. While conditions improved midway through the June quarter, the company would continue to monitor the situation closely.
The company raised prices during the quarter to partly offset higher raw material costs. Total expenses rose more than 10% to Rs 2,116 crore, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 7.7% to Rs 335.89 crore.
On a standalone basis, revenue rose 10% to Rs 2,299 crore, while Ebitda increased 8% to Rs 336 crore.The company announced its results after market hours on Monday. Its shares closed 3.6% higher at Rs 203.95 on the BSE.
Capacity expansion approved
The board has approved capacity expansion for industrial paints, powder coatings and industrial resins across three manufacturing facilities.
Industrial paint capacity will be expanded at the Sayakha, Bawal and Hosur plants at an investment of Rs 412 crore.
“In view of the estimated growth in automotive paint industry, capacity additions are being carried out,” the company said in an exchange filing.
The company will invest another Rs 189 crore to expand powder coating and industrial resin capacity at the Sayakha plant.
The projects will be funded through internal accruals and are expected to be completed in phases by the end of fiscal 2029.
European shares start August higher on US-Iran diplomacy hopes
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Tom Holland stars as Peter Parker, aka Spider-Man in Sony and Marvel’s “Spider-Man: Brand New Day.”
Sony
There’s a new king of the domestic box office.
Sony and Marvel’s “Spider-Man: Brand New Day” webbed up more than $360 million during its opening weekend in the U.S. and Canada, breaking the record for the highest-grossing debut of all time. The previous record was $357 million, set by “Avengers: Endgame” in 2019.
Globally, the latest Spider-Man installment tallied $932 million, shy of the $1.2 billion record still held by “Endgame.”
The Tom Holland-led “Brand New Day” kicked off with record-shattering Thursday preview sales and snared $169.3 million on Friday, including presales, and $101.5 million on Saturday. Sony had initially projected an $84 million Sunday, but moviegoers flocked to theaters, driving ticket sales to $88.7 million for the day.
The film’s opening weekend also marked the biggest opening weekend in Sony Pictures history and the biggest debut for the Spider-Man franchise.
The feat comes even as “Brand New Day” was boxed out of Imax screens, which were snapped up for Christopher Nolan’s and Universal’s “The Odyssey.” Rival premium large formats thrived, however, as Dolby Cinema, ScreenX and 4DX all reported record-breaking ticket sales over the weekend.
“Brand New Day” is on pace to be the fourth billion-dollar film of 2026, joining Pixar’s “Toy Story 5,” Lionsgate’s “Michael” and Universal and Illumination’s “The Super Mario Galaxy Movie.”
Altman Brothers Real Estate Owner Josh Altman discusses LeBron James facing California’s wealth tax despite moving to Philadelphia on ‘Varney & Co.’
The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.
Californians will decide whether to adopt the proposal during the 2026 midterm election.
The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.
BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGES
A supporter with the Billionaire Tax Now coalition holds a placard during a media briefing in Los Angeles on April 27, 2026. (Frederic J. BROWN / AFP via Getty Images / Getty Images)
The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.
As the close votes demonstrated, Democrats are divided on the issue.
SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX
A voting booth as a voter casts their ballot at a polling location inside Echo Park Branch Library during a primary election in Los Angeles on Tuesday, June 2, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
U.S. Rep. Ro Khanna, D-Calif., supports the proposal.
But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it.
California Gov. Gavin Newsom speaks during a press conference for a bill signing for a housing affordability reforms event in Oakland, California, on July 13, 2026. (Tayfun Coskun/Anadolu via Getty Images / Getty Images)
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“But I’m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”
India, like many developing economies, “remains largely peripheral to both the origination and propagation of global imbalances; yet, we continue to face their spill-over effects”, the minister said.
Sitharaman made the statements while representing India at a virtual meeting on the Global Convergence for Growth Summit, presided over by French President Emmanuel Macron, the finance ministry said in a post on microblogging site X.
“In today’s interconnected world, prosperity and challenges are shared, but the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South. The situation demands coordinated global action,” the minister said during her intervention at the summit.
“We must strengthen multilateral cooperation to build resilient economies, accelerate sustainable development and ensure inclusive growth that benefits all,” she added.
The summit was held to bring together leaders of advanced and emerging economies to deliberate on ways to support a balanced and efficient global framework. The senior leadership of all the G7 nations and India, Brazil, China, Kenya, South Korea and the International Monetary Fund participated in the summit.
Making her observations on global imbalances, the minister said: “Not all imbalances are alike, some reflect differences in demographics, development stages, resource endowments, or economic structures.””Our focus should, therefore, remain on excessive and persistent imbalances while recognising that the scale of domestic needs varies significantly across countries,” she said.
Medium-term growth, MDB reforms
India’s growth is projected to remain strong at about 7% over the medium term, the minister said, stressing that the country remains the world’s fastest-expanding major economy.
The country’s growth is primarily led by domestic demand, with a largely market-determined exchange rate, she added.
Sitharaman called for better, bigger, more effective and more representative multilateral development banks (MDBs) that can deliver greater financing to developing countries and emerging economies. Bolstering their financing capacity, operational agility and responsiveness will be critical, she said.
Oil prices fall sharply as Trump signals Iran deal on Hormuz Strait
Cardano (ADA) Could Explode to Almost $3 if History Repeats: Analyst
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