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Video: Why Does Oil Matter So Much to the Global Economy?
new video loaded: Why Does Oil Matter So Much to the Global Economy?
By Rebecca F. Elliott, Sutton Raphael, Joey Sendaydiego, James Surdam and Nikolay Nikolov
March 12, 2026
Business
This $100,000 EV from Sony is part gadget, part gamble and only available in California
As electric vehicle makers struggle to remain relevant, a new competitor is about to hit California’s roads.
It is stuffed to the sunroof with speakers and screens, and it’s a Sony.
Sony’s joint venture with Honda, Sony Honda Mobility, will launch a luxury EV brand called Afeela just in California this year.
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The sedan is a brash bet that the two old-guard brands can succeed where others have struggled.
“We believe customers are looking for more than just a means of transportation” in their luxury EVs, said Sony Honda Mobility President and Chief Executive Shugo Yamaguchi in a statement to The Times. “They are looking for technology, safety, design, and a personalized experience.”
Afeela vehicles aim to do for driving what the Sony Walkman did for walking.
They have 28 speakers, wraparound screens, an AI assistant and an entertainment system for Karaoke or playing Sony PlayStation games.
The interior of the Afeela vehicle at Afeela Studio in Beverly Hills.
(Ronaldo Bolanos/Los Angeles Times)
Even as the end of government incentives for EVs has taken the air out of the market, Sony and Honda are hoping there are enough high-end Tesla buyers who may be looking to try something different.
Some EV enthusiasts have been alienated by Tesla Chief Executive Elon Musk’s affiliation with President Trump, who has strangled government support for green vehicles.
In West Los Angeles, a big Afeela ad above a Tesla dealership puts the EV leader squarely in its crosshairs.
“Get stares, not glares,” the billboard reads, with a glamour shot of a sleek, silver Afeela 1.
Tesla’s market share in California slipped to 48% last year from around 53% a year earlier.
Honda’s own EVs haven’t been wildly successful but their market share in California edged up to 3.8% last year compared to 1.8% a year earlier.
Afeela is entering the market at a time when federal support for EVs is low and public enthusiasm is faltering.
Major automakers including Ford, General Motors and Stellantis are paring back their EV ambitions. Lucid, a Newark, Calif.-based EV maker, has been struggling to turn a profit and recently laid off more than 300 employees.
Irvine-based luxury EV maker Rivian said last year that it was laying off more than 800 workers as it looked to cut costs.
Afeela has showrooms in San José, Beverly Hills and Century City. The company is manufacturing the cars at a Honda plant in Marysville, Ohio, and will make its first deliveries at the end of the year.
The Sony and Honda joint venture is in the midst of legal obstacles as it aims to build a solid reputation. Last August, the California New Car Dealers Assn. filed a lawsuit against American Honda Motor Company and Sony Honda Mobility, alleging that the companies violated franchise law by selling Afeela vehicles directly to consumers rather than through Honda dealerships.
Various display screens inside the Afeela vehicle at Afeela Studio, Beverly Hills.
(Ronaldo Bolanos/Los Angeles Times)
For now, Californians can reserve an Afeela 1 for a $200 deposit. Selling only in the Golden State at first will allow the company to learn from an engaged customer base, said Yamaguchi.
“California is one of the most advanced markets for EV adoption, grid infrastructure, and new mobility technology,” he said. “It also represents a culture of innovation and creativity that aligns well with the Afeela vision.”
The company is planning to begin sales in Arizona next year.
The car comes in two trims, starting at $89,900 and $102,900. Both trims come with level two automation. When using a vehicle with level 2 automation, the driver must remain in control and attentive while the system assists with braking, acceleration or steering.
While some of Afeela’s tech may have a leg up on the competition, the brand will have to prove there’s healthy demand for it at that price, said Brian Moody, an auto industry analyst.
(Ronaldo Bolanos/Los Angeles Times)
Sony and Honda are looking to capitalize on growing interest in self-driving technology and plan to eventually equip all their vehicles for full autonomy. The Afeela 1 comes with 18 cameras, nine radars, 12 ultrasonic sensors, and lidar, a laser-based radar that Waymo uses to power its autonomous taxis.
“You do have to pay attention and we definitely don’t want people to believe that they can just go to sleep behind the wheel,” said Raisu Williams, an Afeela engagement operations associate. “But we are aiming for that level four autonomy, where you don’t have to drive at all.”
While some of Afeela’s tech may have a leg up on the competition, the brand will have to prove there’s healthy demand for it at that price, said Brian Moody, an auto industry analyst.
“Tesla and its platforms are aging, and the Lucids and Afeelas of the world feel more modern, more futuristic,” Moody said. “We’ll see if the car can make the jump from early adopters and tech-type people to the mainstream.”
The AFEELA logo sits on top of a rear cameras of a Afeela vehicle.
(Ronaldo Bolanos/Los Angeles Times)
Afeela is hoping to have more success than Lucid with attracting a wide audience. Lucid laid off more people this year after laying off around 6,800 people in 2024 and hiring actor Timotheé Chalamet as a brand ambassador.
“I do think Afeela is in danger of heading down the same road as as Lucid,” Moody said. “If those cars can be successful in California, will that translate to success throughout the rest of the country and the world?”
Sony Honda Mobility got its start when the two founding companies formed a strategic alliance in 2022. The new company unveiled its first Afeela prototype in 2023 at the Consumer Electronics Show in Las Vegas.
AFEELA 1 unveiled during a Sony news conference at the Consumer Electronics Show in Las Vegas last year. ,
(Ian Maule/AFP via Getty Images)
Auto industry experts said Honda’s bet on Afeela is somewhat risky for the major automaker, but it could pay off. Because Sony and Honda each own 50% of Sony Honda Mobility, the companies reduce their liability by sharing risk, said auto analyst Kristin Shaw.
Honda has popular gas-powered models such as the Pilot and the CR-V to fall back on if their ambitions with Sony fall through.
“Honda’s bread and butter is still in their production vehicles,” Shaw said. “Honda is hedging its bets across the board, and Afeela is one way for them to explore what could happen.”
Business
Video: Indian Kitchens Face Fuel Shortage From War in Middle East
new video loaded: Indian Kitchens Face Fuel Shortage From War in Middle East
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Business
Universal Pictures will now keep its movies in theaters for at least five weekends
Universal Pictures will now keep its new films in theaters for at least five weekends, a reversal from the studio’s previous policy of at least 17 days that was set during the pandemic.
The change takes place immediately, the studio said Thursday. That means it will apply to its newest film, the Colleen Hoover romance “Reminders of Him,” which is out in theaters this weekend. Other upcoming films include Christopher Nolan’s “The Odyssey,” which will be released in July.
“Our windowing strategy has always been designed to evolve with the marketplace, but we firmly believe in the primacy of theatrical exclusivity and working closely with our exhibition partners to support a healthy, sustainable theatrical ecosystem,” Donna Langley, chair of NBCUniversal Entertainment, said in an email to the New York Times, which first reported the news.
Focus Features, Universal Pictures’ specialty film arm, will keep its existing theatrical exclusivity policies, which vary on a case-by-case basis. Chloé Zhao’s “Hamnet,” for instance, was in theaters for 99 days, while 2024’s “Nosferatu” played for 58 days. The minimum is 17 days.
The amount of time films are available exclusively in theaters — known as “windowing” in industry jargon — has become a contentious topic of conversation in Hollywood.
That debate ramped up during the pandemic, when some studios shortened theatrical exclusivity periods in order to move films to release for video on demand or streaming.
Prior to the pandemic, those windows could be as long as 90 days. Now, the average is around 30 days.
Theater owners have argued that shorter windows cut into box office profits and train audiences to wait to watch a movie at home. Distributors have countered that a one-size-fits-all approach doesn’t necessarily work for smaller or mid-budget films, which may find a bigger audience via at-home viewing.
At last year’s CinemaCon trade conference, top theater lobbyist Michael O’Leary called on distributors to establish a minimum 45-day window, arguing there needed to be a “clear, consistent starting point” to set moviegoers’ expectations and affirm commitment to theatrical exclusivity.
The debate has become even more fierce as box office profits still have not recovered from the pandemic. Last year, theatrical revenue in the U.S. and Canada totaled about $8.87 billion, just 1.5% above 2024’s disappointing $8.74-billion tally.
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