Luxury car brand Porsche is facing criticism after the company released an advertisement celebrating 60 years of the Porsche 911 that apparently edited out the Cristo Rei – a statue of Jesus Christ that overlooks the city of Lisbon, Portugal.

The German company, which is renowned for its luxurious sports cars, launched a campaign last week honoring six decades of “very fast years” for the Porsche 911 and promoting a special edition model of the vehicle, known as the 2024 Porsche 911 S/T. As part of the campaign, Porsche released a roughly two-and-a-half-minute ad depicting the evolution of the Porsche 911. 

About 44 seconds into a version of the video posted on the company’s website, a Porsche 911 drives across the screen against the backdrop of the bridge and river that the Cristo Rei overlooks, but the 92-feet-tall statue of Jesus was absent from atop the concrete 269-feet-tall concrete pedestal that remains visible across the river. The missing statue was first spotted by a social media user on X whose post calling out the apparent edit went viral.

CALIFORNIA AGENCY INVESTIGATING PRIVACY POLICIES OF AUTO MANUFACTURERS

Porsche told FOX Business in a statement, “In an early version of a film created in Europe, the Cristo Rei Statue does not appear. We are truly sorry and can fully understand the hurt this has caused. This film has been removed.”

On Sunday afternoon, Porsche uploaded a new version of the 60th-anniversary video to its YouTube account in which the statue of Jesus Christ is visible atop the pedestal.

FORD ‘REVIEWING’ LETTER FROM US LAWMAKERS WORRIED ABOUT CHINESE BATTERY MAKER PARTNER’S TIES TO ‘FORCED LABOR’

The Santuário de Cristo Rei, or the Sanctuary of Christ the King, overlooks the Tagus River which divides the Portuguese cities of Almada and Lisbon. The arms of the Christ figure are outstretched facing the city of Lisbon. 

The monument was completed in 1959 to express gratitude for Portugal being spared from the destruction of World War II due to its neutrality in the conflict.

The 2024 Porsche 911 S/T model starts at a price of $290,000. It features 518 horsepower, can go from 0 to 60 mph in 3.5 seconds, and has a top speed of 186 mph on a track in summer tires.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Porsche wrote on its website that the latest edition of the legendary sports car is a “911 in its purest form” that “combines the essence of 60 years of the 911 with its puristic lightweight design, its breathtaking GT high performance and significantly reduced sound insulation. The result is an unprecedented combination of purism, agility and unique driving dynamics.”

The Porsche 911 was first unveiled to the public in September 1963.

Read More 

Yellow Trucking has filed for chapter 11 bankruptcy and will wind down its operations in the coming months, the company announced Monday.

Yellow, a nearly 100-year-old company, was struggling to remain afloat amid mounting debt and a bitter struggle with unionized workers. Its bankruptcy filing in a Delaware court estimated assets and liabilities of up to $10 billion.

The filing comes years after former President Trump’s administration gave the company a $700 million bailout in an effort to save it and its roughly 30,000 workers. The company says it still plans to fully repay that bailout. 

Despite the promise, Yellow has some 100,000 creditors, and it will face $1.3 billion in debt payments coming due in 2024.

US TRUCKING GIANT YELLOW SHUTTING DOWN OPERATIONS AMID STANDOFF WITH TEAMSTERS UNION

Yellow, formerly known as YRC Worldwide Inc., has struggled with financial woes for several years. The company’s acquisitions of other carriers over the past few decades grew it to become the fifth-largest trucking firm in the nation and the third-largest less-than-truckload carrier. However, the low-cost carrier struggled with its debt load.

UPS-TEAMSTERS DEAL THREATENS TO KEEP INFLATION ELEVATED

Yellow CEO Darren Hawkins attempted to reduce that redundancy through a restructuring initiative dubbed “One Yellow.” The Teamsters union – which represents 22,000 of Yellow’s 30,000 employees – agreed to the first phase of the plan but did not agree to the second phase, which the trucking titan insisted was needed for its survival.

Yellow sued the Teamsters in June, alleging the labor organization was “unjustifiably blocking” its modernization plans. Then in July, the company notified the Central States Welfare and Pension funds that it would not be making its $50 million required payment, leading the Teamsters to threaten to strike.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

As a result, Yellow customers fled amid the strike threat, accelerating the cash-strapped company’s death spiral.

The Teamsters union said the company’s demise was of its own making. The union announced last week that it was notified Yellow was ceasing operations and filing for bankruptcy.

Fox Business’ Breck Dumas and Reuters contributed to this report.

Read More 

The number of Americans paying more than $1,000 a month on car payments has increased as interest rates on car loans surged, according to a recent report. 

The percentage of drivers spending upward of $1,000 a month on payments jumped to an all-time high of 17.1% in the second quarter of 2023 compared to 16.8% in the first quarter, according to a report by Edmunds. The amount drivers spent on average also reached a new record high of $733 in the second quarter, up from $730 in the previous quarter.

The higher payments are tied to historically expensive financing terms. The average annual percentage rate (APR) rose to 7.1% in Q2, compared to 7.0% in Q1 and 5.0% in Q2 2022, according to the report.

Drivers also increased borrowing amounts to pay for more expensive vehicles. The average amount financed remained above $40,000 for the fifth straight quarter, averaging $40,356 in the second quarter, the report said.

“The double whammy of relentlessly high vehicle pricing and daunting borrowing costs is presenting significant challenges for shoppers in today’s car market,” Edmunds’ director of insights Ivan Drury said. “The Federal Reserve’s recent pause in interest rate hikes unfortunately didn’t offer much relief for consumers, and hints at further raises later this year mean auto loan rates could even continue to increase.”

Shopping around for new auto insurance could help lower your costs. The Credible marketplace can help you compare multiple providers and find your personalized rate in minutes without affecting your credit score.

SUBPRIME-RATED CONSUMERS HAVE LESS ACCESS TO CREDIT – HERE’S HOW TO IMPROVE YOUR SCORE

Some Americans paying four figures on car notes could also be at risk of becoming underwater on their car payment, Edmunds warned. This is a real risk for 64.5% of consumers who signed up for an average loan-term range of between 67 and 84 months and an average APR of between 8.5% and 9.6%. 

For some borrowers, the higher monthly note comes with significant savings, according to the report. Roughly 15% of these borrowers had loan terms varying between 31 and 48 months with a 2% to 4.8% APR. These consumers pay more monthly because they agreed to lower-rate financing at shorter terms, according to Edmunds. 

“There are better ways and worse ways to spend $1,000 per month on a car note,” Drury said. “Consumers who are paying large amounts of finance charges could be in jeopardy of falling into a negative equity trap, so it’s critical to come to the table with a comprehensive budget and a feel for the financing elements of a car purchase beyond the monthly payment, including the APR. 

“For those with plans to replace their vehicle over the next few months, you may have to reset any expectations of the summer discounts of old,” Drury continued. “But, on a positive note, trade-in values remain elevated compared to pre-pandemic times, so shop around to ensure you get top dollar for the asset you own.”

If you are struggling with your monthly car payments and want to save money, you could consider finding a new auto insurance provider to lower your premium. You can visit Credible to compare multiple car insurance providers at once and choose the one with the best rate for you.

GROWING NUMBER OF PARENTS SAY THEY AREN’T PREPARED TO PAY FOR COLLEGE: SURVEY

Better vehicle supply could push auto prices to normalize to pre-pandemic levels, according to a recent TransUnion and J.D. Power report. 

“To a large extent, used vehicle values were elevated as a result of the scarcity brought on by pandemic-related supply chain and inventory issues,” TransUnion Senior Vice President Satyan Merchant said in a statement. “As those issues have abated, and inventories have begun to return to more of a normal state, the value of those used vehicles have begun to decline.”

Inventories of new vehicles on dealer lots or in transit rose to 1.96 million cars by the beginning of June, up by 73% year-over-year, the highest since April 2021, and double compared to the out-of-stock period in mid and late 2021, according to data from Cox Automotive.

Used car prices also dropped as supply improved and demand waned in June, according to a separate Cox Automotive report. The Manheim Used Vehicle Value Index (MUVVI) declined to 215.1 in June, ending the first half of 2023 down 10.3% from a year ago. Used car sales were down 4.0% in June compared to the previous month. 

Shopping for auto insurance is one way to lower your spending on owning a car. Visit the Credible marketplace to compare multiple providers and find your personalized rate in minutes without affecting your credit score.

BIDEN CALLS SCOTUS DECISION “UNTHINKABLE,” OUTLINES NEW PATH TO STUDENT LOAN FORGIVENESS

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Read More