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EV makers raise prices, Toyota recalls electric SUVs, Johnny Depp could return to ‘Pirates’ franchise

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Yahoo Finance Live anchors discuss EV makers raising prices, Toyota recalling a line of electric SUVs, and the possibility of Johnny Depp returning to Disney’s ‘Pirates’ franchise.

Video Transcript

BRAD SMITH: Welcome back, everyone. Nearing the end of the 10:00 AM hour here on this Monday, it is time for "Cut for Time." We've got three stories. We put one minute on the clock for each. Let's get started. Electric cars are getting more expensive. Tesla, Ford, GM, and Rivian have all increased prices over the last few months. Tesla increased prices for its electric SUV three times this year alone adding about 9% to the total price.

We were diving into some of these price increases last week. Everything comes into focus from some of the raw materials, even into the production. The wages for employees going into each of these factories and for Tesla, for what Elon Musk has said for some of their gigafactories, they're just burning-- they are cash furnaces, I think, was the phrasing that he used last week.

JULIE HYMAN: Yes, yes, but I mean, people-- according to him, the demand is still high for Teslas. But overall, we are starting to see a slowdown in car sales. So, people are not necessarily putting up with all these price increases.

BRIAN SOZZI: Yeah, and to your point, it's not just EV prices going up, by a large degree. It's really all cars. Used car prices remain very high. And I think consumers understand why. They've got labor shortages continuing. You have commodity costs continue to go up, especially in EVs. So you can almost justify some of these price increases being pushed through on EVs.

JULIE HYMAN: Yeah, but that doesn't mean people are going to want to pay them, necessarily. Even if they're understanding of them, you do want to--

BRIAN SOZZI: And then their electric bill's going up at the same time they're plugging these things into their homes.

JULIE HYMAN: I mean, everything's going up.

BRIAN SOZZI: Everything's going up.

JULIE HYMAN: Gasoline, obviously, is going up, too--

BRAD SMITH: What would you rather have?

JULIE HYMAN: --even if you're not buying EVs.

BRAD SMITH: Exactly.

[BUZZER]

And it's the, would you rather? Would you rather have the high electric or the high gas prices?

BRIAN SOZZI: At this point, I'd rather walk to work. All right, Toyota. Staying on cars, Toyota is recalling almost 3,000 electric SUVs over fears that the wheels might come off the car. The automaker said it's still trying to find out why the wheels might come off. And it's urging drivers not to operate the vehicle until a solution has been found. Oh, look, this is the last headline I think you want to see for any car company that your wheels might fall off if you're driving. And according to this story, it has something to do with the lug nuts on the tires.

But this is a really, I would say, large black eye for Toyota. This BZ4X, which it has a very controversial design. I would say, very subpar powertrain in the world of EV market, 225 horsepower in this EV, only a mile-- only a range, once fully, charged of 250 miles. This is a poor attempt by the folks at Toyota to really gain share in the EV market, considering this is coming from a company that has really dominated with the Prius for many, many years. They should do better.

BRAD SMITH: Well, clearly, this is not going to be the first EV that you buy. We know that you're a classic car person.

BRIAN SOZZI: Yes, true. I'm not buying this thing.

BRAD SMITH: I mean, yeah, and it does come down to the perception of, what couldn't you get right on the front of a vehicle that you are literally just kind of taking so many other parts--

[BUZZER]

--and, of course, making a computer on wheels [INAUDIBLE]

BRIAN SOZZI: I had wheels fall off my car way back then.

JULIE HYMAN: [INAUDIBLE]

BRIAN SOZZI: It was scary. It was really scary.

JULIE HYMAN: All right, $300 million apology. This is our last item here. Johnny Depp reportedly could reprise his role as Jack Sparrow in "The Pirates of the Caribbean" franchise. This according to news outlet, Pop Topic. Discussions with franchise owner Disney reportedly resumed after the actor's defamation trial with Amber Heard wrapped up. Now, OK, a cautious note here. This was-- I believe that Pop Topic is an Australian news outlet. It was like someone close to Disney. It feels a little tenuous here.

BRAD SMITH: Some sort of source.

JULIE HYMAN: But this, to me, is squarely in the category of nobody asked for this. I mean, yes, I know that the "Jurassic" series, the, like, 10 millionth edition of that thing, sequel to that thing, has done all right. But like, who wants to see another "Pirates of the Caribbean"? Who wants to see him stumble around as a drunk pirate when we've seen him on the stand as a drunk pirate? Like, I just--

BRAD SMITH: It'd be authentic.

JULIE HYMAN: I'm just-- I mean--

BRIAN SOZZI: Yeah, I'd be curious to see Johnny Depp just walk the red carpet and wear one of those scarves. You know, it's a look that I've been trying to think about should I be adopting. Shall I adopt the scarf look? You know, it's something to do.

JULIE HYMAN: No, if you're trying to--

BRIAN SOZZI: No scarf. No scarves?

BRAD SMITH: No. Not if [INAUDIBLE].

BRIAN SOZZI: He does it--

JULIE HYMAN: Let me break it down for you. Do not emulate Johnny Depp in any way.

BRIAN SOZZI: OK, duly noted.

JULIE HYMAN: Period, end of story.

BRIAN SOZZI: All right, you made it-- all right, no scarves, Julie.

[BUZZER]

JULIE HYMAN: I think that's the--

BRIAN SOZZI: I do like the scarf.

JULIE HYMAN: --takeaway.

BRIAN SOZZI: Look at that.

JULIE HYMAN: All right--

BRIAN SOZZI: It's awesome.

JULIE HYMAN: We're gonna-- no. No.