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GM: Iran war causing cost increases, but pricey vehicles continue to sell

LSD News Szerkesztőség — Tue, 28 Apr 2026 18:13:41 +0000

A Cadillac all-electric 2025 Escalade IQ luxury SUV is displayed during press day of the North American International Auto Show in Detroit, Michigan, September 14, 2023.

Rebecca Cook | Reuters

DETROIT — General Motors on Tuesday said the Iran war is causing cost increases to its business, but inflated consumer expenses such as higher gas prices haven’t deterred buyers from spending on pricey vehicles.

GM CEO Mary Barra said the Detroit automaker continues to monitor any change in customer spending but, so far, the company’s vehicle mix has remained healthy.

GM said it had an $52,000 average transaction price for vehicles during the first quarter, which was in line with last year. The average new vehicle transaction price across the industry for March, the most recent data available, was $49,275, according to Cox Automotive.

“I think the biggest variable that we’re looking at is how long does the conflict last and what does it cause from a cost perspective across logistics, supply chain, and if it ends up having any impact on a shift in mix, but, to date, we really haven’t seen that,” Barra said during the company’s first-quarter earnings call Tuesday with investors.

Barra’s comments follow consumer confidence plunging to a record low in April as fears mounted over rising energy prices and the broader impact of the Iran war, according to a University of Michigan survey earlier this month.

They also come after the company reported a 9.7% decline in first-quarter sales compared with an unseasonably high March 2025. GM also said it’s dealing with tighter inventories, specifically on its full-size pickup trucks, as the company retooled for updates to the vehicles for later this year.

Barra said if there are major shifts, including a more apparent move into less expensive or all-electric vehicles, that the company feels it’s well positioned to meet those needs as well.

GM CFO Paul Jacobson and Barra said the Detroit automaker is continuing to offset higher costs as best as it can through warranty improvements, cost efficiencies and potentially by deferring some hiring.

“While our operating performance remains strong, as reflected in our excellent first-quarter results, the war in Iran has raised our costs and its duration remains uncertain,” Barra said. “We are working to offset these cost pressures by reducing spending in other areas and by continuing to find efficiencies across the business.”

The GM executives specifically singled out rising energy and logistics costs due to the Iran war and its impact on oil as driving up costs, but they declined to disclose an exact amount of the impact.

On a broader basis, GM on Tuesday said its first-quarter performance is expected to offset incremental increases in commodity and freight costs — including from logistics and higher DRAM chips — of $1.5 billion to $2 billion for the year.

Dynamic random access memory, or DRAM, chips are semiconductors that are essential for powering infotainment, digital clusters, advanced driver assistance systems and EV systems in vehicles.

But the DRAM costs aren’t related to the Iran war. Those price hikes are coming from increasing demand for the chips, including outside the automotive industry, according to industry experts at S&P Global Mobility.

“Automotive is not the only industry vying for DRAM. The current supply crunch is driven by the AI explosion, especially in data centers, where high-bandwidth memory (HBM) DRAM is in high demand. As a result, major DRAM manufacturers are reallocating wafer capacity to serve this more lucrative market,” according to a Feb. 26 post from S&P Global Mobility.

Jacobson on Tuesday said the company has “no real concerns” about supply chain shortages involving the Iran war, specifically concerning raw materials, at the moment.

“We’re not projecting or worried about any shortages right now, and I think the supply chain team has continued to prove their resolve through yet another challenge, as we’ve seen them do in years past,” he said.

GM on Tuesday said it has, and will continue to, divert shipments of vehicles, including its highly profitable full-size pickups and SUVs, to the U.S. instead of the Middle East amid the war.

“Usually that’s a very strong market. So after this conflict ends, I think there’s upside there,” Barra said.

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Sinopec increases prices of Petrol 95 Octane and Super Diesel above CPC rates

LSD News Szerkesztőség — Sun, 22 Mar 2026 05:45:05 +0000

Following the recent fuel price revision by the Ceylon Petroleum Corporation (CPC), Sinopec has also increased its fuel prices.

Accordingly, the price of Octane 95 petrol has been increased by Rs. 122 per litre, bringing the new price to Rs. 487. Super diesel has been raised by Rs. 219 per litre, with the new price set at Rs. 572.

Meanwhile, Octane 92 petrol and auto diesel prices remain aligned with those of the CPC. Accordingly, the price of Octane 92 petrol has been increased by Rs. 81 to Rs. 398 per litre, while auto diesel has risen by Rs. 79 to Rs. 382 per litre.

These price revisions will come into effect from midnight today (22).

The revised Sinopec fuel prices are as follows:

• Auto Diesel – Rs. 382 (increased by Rs. 79)

• Super Diesel – Rs. 572 (increased by Rs. 219)

• Petrol 92 Octane – Rs. 398 (increased by Rs. 81)

• Kerosene – Rs. 255 (increased by Rs. 60)

• Petrol 95 Octane – Rs. 487 (increased by Rs. 122)

Earlier, the Ceylon Petroleum Corporation (Ceypetco) announced a revision of fuel prices, effective from midnight yesterday (21).

Meanwhile, Lanka IOC has also adjusted its fuel prices in line with the CPC revision.

Accordingly, the revised Lanka IOC and CPC fuel prices are as follows:

• Auto Diesel – Rs. 382 (increased by Rs. 79)

• Super Diesel – Rs. 443 (increased by Rs. 90)

• Petrol 92 Octane – Rs. 398 (increased by Rs. 81)

• Kerosene – Rs. 255 (increased by Rs. 60)

• Petrol 95 Octane – Rs. 455 (increased by Rs. 90)

Explained: Sebi eases norms for duplicate securities, increases limit, and simplifies documentation. 5 things to know

LSD News Szerkesztőség — Thu, 25 Dec 2025 06:19:25 +0000

The Securities and Exchange Board of India (Sebi) on Wednesday doubled the monetary threshold for the simplified documentation process for issuing duplicate securities to Rs 10 lakh from Rs 5 lakh.

The Sebi move follows a consultation paper the market watchdog issued in November to ease investor compliance and remove inconsistencies. The regulator said the Rs 5 lakh threshold was too small, no longer reflected current market realities, and imposed an avoidable procedural burden on investors.

The changes were made via a circular issued late Wednesday and the provisions of this circular came into force immediately.

Here’s what investors must know:

The overhaul will ensure that investors holding securities valued up to Rs 10 lakh will now be required to submit fewer documents.

1) Sebi has prescribed a standardised Affidavit-cum-Indemnity Bond format and rationalised documentation for securities valued above Rs 10 lakh.

2) To further reduce the compliance burden, notarisation of the Affidavit-cum-Indemnity Bond will no longer be required in cases where the value of securities is up to Rs 10,000.

3) These measures aim at ease of investments for investors and facilitate restitution of investor rights in securities. As duplicate securities issued would necessarily be in demat mode, this will result in increased dematerialisation.

4) Sebi circular directs all listed companies and RTAs (registrar and transfer agents) to process requests strictly in line with the revised procedure.

5) However, Sebi clarified that investors who have already submitted documents under the old framework will not be required to resubmit them in the new formats.

Old requirements

Sebi prescribed the documentary and procedural requirements for issuing duplicate share certificates through its June 23, 2025 master circular.

Under the previous rules, if the securities’ value was Rs 5 lakhs or more the security holder was required to submit a copy of FIR or e-FIR/police complaint or court injunction order along with details of the securities, folio number, distinctive number range and certificate numbers.

They were also required to advertise the loss of securities in a widely circulated newspaper. Moreover, the investors must also submit an affidavit and indemnity bond separately on non-judicial stamp paper.

The Sebi paper noted that the value of securities could be less than the value of stamp duty in many cases, and hence the payment of stamp duty on two different instruments may not be logical.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Dolly Khanna increases stake in Coffee Day Enterprises, stock rises 4% in intra-day trade

LSD News Szerkesztőség — Thu, 09 Oct 2025 08:40:24 +0000

Ace investor Dolly Khanna has increased her stake in Coffee Day Enterprises, the parent company of Café Coffee Day, during the September 2025 quarter.

According to the latest shareholding data, Khanna now holds a 2.19% stake in the company.

This translates to 46.32 lakh shares, up from her 1.55% stake, or 32.78 lakh shares, reported in the June 2025 quarter

Following the stake hike, shares of Coffee Day Enterprises rose 3.7% to Rs 42.3 in early trade on Thursday on the BSE. The Bengaluru-headquartered coffeehouse chain has seen renewed investor interest amid this key development.

Dolly Khanna, widely followed for her bets on small and mid-cap companies, currently holds 17 publicly listed stocks with a cumulative net worth of over Rs 524.7 crore, according to Trendlyne data.

Her top investment by value is in Mangalore Chemicals, worth Rs 124 crore, followed by Som Distilleries (Rs 72.8 crore), GHCL (Rs 69.3 crore), Prakash Industries (Rs 66.5 crore), and Polyplex Corporation (Rs 34.8 crore).Coffee Day Enterprises’ stock has delivered mixed returns across timeframes. It gained 1.23% in the past week but declined 0.64% over two weeks and 10.02% in the past month. Over three and six months, the stock rose 22.07% and 55.58%, respectively. Year-to-date, it has returned a strong 75.88%, while its one-year gain stands at 16.28%.Around 1 pm, shares of Coffee Day Enterprises were trading 1.3% higher at Rs 41.33 on the BSE.

Also read: Vijay Kedia buys on dips, acquires Rs 11 crore stake in smallcap company via bulk deal

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Record EV sales lead GM, Ford to 8% increases in Q3 U.S. auto sales

LSD News Szerkesztőség — Thu, 02 Oct 2025 09:29:54 +0000

Ford Mustang Mach-E and F-150 Lightning on display at the New York International Auto Show on March 28, 2024.

Danielle DeVries | CNBC

DETROIT – Strong electric vehicle sales are leading to robust third-quarter results for major automakers, as consumers flocked to car dealerships before the end of $7,500 in federal incentives for EVs.

Ford Motor, General Motors and Hyundai all reported record quarterly sales of all-electric vehicles from July through September.

Both GM and Ford said third-quarter sales overall increased roughly 8% from a year earlier, with EV sales more than doubling for GM. Ford said sales of its EVs increased by 30% compared with the third quarter of 2024.

Hyundai reported its namesake brand recorded a 13% year-over-year sales increase during the third quarter, also led by doubling sales of all-electric vehicles.

Japan’s largest carmakers that don’t offer many EVs reported varying results for the quarter. Toyota Motor — the world’s largest automaker — said its quarterly sales increased 16%, while Honda Motor’s sales fell 2% from a year earlier. Nissan Motor reported an increase of 5.3%.

Chrysler and Jeep parent Stellantis reported a roughly 6% sales increase during the third quarter compared to a year earlier, as the carmaker continues a turnaround plan to reverse a yearslong decline in U.S. sales.

GM said it remained the top automaker in U.S. sales through the third quarter of this year, with the Detroit company estimating a market share of 17.2% – its highest position since 2015.

“No one is in a stronger position for a changing U.S. market than GM. We have the best lineup of ICE and EV vehicles we’ve ever had, and our brands have grown market share with consistently strong pricing, low incentives and inventory,” GM North American President Duncan Aldred said in a release.

GM on Wednesday estimated the industrywide sales pace for the third quarter was 16.7 million to 16.9 million units — higher than some earlier industry estimates, led by gains in EVs.

U.S. EV sales during the third quarter are expected to be a record, as buyers pulled ahead plans to purchase a new zero-emissions vehicle ahead federal EV incentives of up to $7,500 ending in September.

GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024.

Michael Wayland / CNBC

Ford CEO Jim Farley on Tuesday said he “wouldn’t be surprised” if sales of EVs fell from an industry market share of around 10% to 12% this month — which is expected to be a record — to 5% after the incentive program ends.

Cox Automotive forecasts sales of EVs hit 410,000 during the third quarter, up 21% from a year earlier. That would easily be the highest amount of EVs ever sold in a quarter in the U.S., as well as a record 10% market share.

Sales of EVs as well as plug-in hybrid electric vehicles that also qualified for federal incentives are expected to assist in boosting third-quarter vehicle sales up between 4% and 7%, according to forecasts from Cox and CarMax’s Edmunds.

Some automakers are trying to keep their EV sales momentum going after the end of the tax credit. The incentives expired as part of the Trump administration’s “One Big Beautiful Bill Act,” which stripped the old enticement but included some perks for buying a U.S.-assembled vehicle, regardless of it being an EV.

Hyundai on Wednesday said it is reducing pricing for its 2026 Ioniq 5 EV by up to $9,800 and offering a $7,500 cash incentive on 2025 models, matching the federal credits.

“We’re very bullish when it comes to EV sales in the marketplace,” said Randy Parker, CEO of Hyundai Motor America, adding the brand is evaluating pricing on other models as well. “There’s going to be a little bit of a reset in October, probably even November, but the EV market will settle, and at that point, we view this as an opportunity. … We’re not backing off.”

GM and Ford also essentially extended the use of a $7,500 U.S. tax credit on leases of electric vehicles, Reuters reported Monday, by rolling out programs to their retailers under which the automakers’ financing arm would initiate the purchase of EVs in dealers’ inventory by making down payments on them.

2 of our banks just boosted their dividends. Here’s how their increases stack up versus our other names

LSD News Szerkesztőség — Thu, 03 Jul 2025 10:25:00 +0000

Nike says tariffs will cost it $1 billion before price increases, supply chain shifts

LSD News Szerkesztőség — Fri, 27 Jun 2025 05:06:17 +0000

Nike on Thursday said it expects sales and profit declines to moderate ahead, after the sneaker giant took its biggest financial hit yet from its turnaround plan during its fiscal fourth quarter.

While the worst could be behind the company, it has new challenges such as tariffs to face, making a tough turnaround that much more difficult. On a call with analysts, finance chief Matt Friend called the duties a “new and meaningful” cost.

“With the new tariff rates in place today, we estimate a gross incremental cost increase to Nike of approximately $1 billion” in its current fiscal year 2026, Friend said.

He added that the company intends to “fully mitigate” that cost over time as it tweaks its supply chain, works with its factory and retail partners and implements price increases.

Currently, about 16% of its supply chain is in China and it expects to reduce that to the high single-digit percentage range by the end of its current fiscal year, which is expected to end next summer.

“Despite the current elevated tariffs for Chinese products imported into the United States, manufacturing capacity and capability in China remains important to our global source base,” said Friend.

Friend said the company will consider cost cuts, but its highest priority remains stabilizing its business, which requires investment.

Once those efforts are implemented, Friend said the financial impact to fiscal 2026 gross margins is expected to be 0.75 percentage points, with a greater impact expected in the first half.

While Wall Street’s expectations were low coming into the report, Nike beat estimates on the top and bottom lines.

Here’s how the company did for the three-month period that ended May 31, compared with estimates from analysts polled by LSEG:

Earnings per share: 14 cents per share vs. 13 cents expected
Revenue: $11.10 billion vs. $10.72 billion expected

The company’s reported net income for the quarter was $211 million, or 14 cents per share, compared with $1.5 billion, or 99 cents per share, a year earlier.

Sales dropped to $11.10 billion, down about 12% from $12.61 billion a year earlier.

Last quarter, Nike warned that its fiscal fourth quarter would be the low point of its turnaround, but in the months since, conditions worsened, leaving investors wondering if more pain was still to come.

In a press release, Friend confirmed that the fiscal fourth quarter will see the “largest financial impact” from its turnaround and headwinds are expected to moderate moving forward.

On a call with analysts, CEO Elliott Hill said it is time to “turn the page.”

“The results we’re reporting today in Q4 and in FY25 are not up to the Nike standard, but as we said 90 days ago, the work we’re doing to reposition the business through our ‘Win Now’ actions is having an impact,” said Hill. “From here, we expect our business results to improve.”

For the current quarter, Nike expects sales to decline by a mid-single-digit percentage, in line with expectations of down 7%, according to LSEG. It expects its gross margin to be down between 3.5 and 4.25 percentage points, including 1 percentage point from the tariff rates currently in place today.

Nike shares initially dropped after its report was released but moved about 10% higher during the company’s conference call.

During the quarter, Nike’s profits fell a staggering 86% as it worked to clear out stale inventory, woo back wholesale partners and reset its digital business. The largest hit to margins came from Nike’s use of discounts and clearance channels to offload inventory, coupled with its shift back to wholesale, which is a less profitable channel than selling directly on its website and stores.

The company has warned the strategy would lead to lower near-term profits, but would leave the business in a healthier position in the long term.

During the quarter, Nike Direct revenue, representing stores, wholesale and its website, fell 14%, led by a 26% drop in digital sales and a 9% decline in wholesale.

Nike stores, however, were a bright spot. During the quarter, sales at Nike stores rose 2%.

Foot traffic data at Nike stores has been declining since October, but those figures also indicate that conditions could be improving, according to Placer.ai, an analytics firm that uses anonymized data from mobile devices to estimate overall visits to locations.

Monthly visits to Nike stores dropped 10.2% in April compared to the previous year, but that decline narrowed to 3.2% in May, according to Placer.ai.

Revenue fell in all regions during the quarter, but came in a bit better than expected in North America, Nike’s largest market. Sales fell 11% to $4.70 billion in North America, better than the $4.42 billion analysts had expected, according to StreetAccount.

Still, China revenue came in at $1.48 billion, just below the $1.50 billion analysts had expected, according to StreetAccount.

Hill told analysts that the sales recovery in China will take longer “due to the unique characteristics of the marketplace.” It now has more competition in the region and said it has more work to do to clean up inventory. It is also testing new retail concepts with a local approach.

Since Hill took over as Nike’s CEO in October, a lot of his work has focused on unwinding the strategy his predecessor John Donahoe implemented. He has worked to win back wholesale partners after Donahoe pursued a direct selling strategy, and he is also bringing Nike back to its sports focus.

Under Donahoe, Nike moved away from its sport segmentation and instead broke up its business into women’s, men’s and kids. Some critics say that is part of the reason Nike’s innovation pipeline fell apart because the business was more focused on lifestyle products geared to a wide range of consumers, instead of being directed at athletes.

On a call with analysts, Hill said the company is realigning teams to focus back on sports.

“Nike, Jordan and Converse teams will now come to work every day with a mission to create the most innovative and coveted product, footwear, apparel and accessories for the specific athletes they serve,” Hill said.

On the wholesale front, Nike is moving into more retailers and highlighted fresh efforts with brands such as Aritzia and Urban Outfitters. Hill also discussed the decision to come back to Amazon and start selling on the platform for the first time since 2019. Beginning this fall, Amazon will begin carrying a “select assortment” of shoes, apparel and accessories and Nike will have a featured brand store on the platform focused on running, training, basketball and sportswear, Hill said.

The decision to partner with brands such as Aritzia and come back to Amazon highlights the scrappy approach Nike is taking to wholesale. It also highlights the success Amazon has had in winning over big brands. In the past, few brands were willing to sell on Amazon over concerns it could dilute its image. These days, it is seen as an essential channel for many businesses.

The company is still seeing declines in its performance category for Nike products, but it said it saw strong sales for new launches in running and training in North America.

During the quarter, it released a new sneaker and collection for A’ja Wilson, a star center with the Las Vegas Aces.

The first drop sold out in three minutes and the company plans to double the amount of pairs in the coming seasons, Hill said.

During Nike’s conference call, its delayed partnership with Skims was not discussed or asked about.

The first product launch with Kim Kardashian’s intimates line was supposed to go live during the quarter, but that has been delayed to later this year, CNBC previously reported. That partnership is a key strategy in Nike’s efforts to win over more female shoppers, who are estimated to represent about 40% of its business.

Nike has lost market share to athletic apparel competitors such as Lululemon and Alo Yoga, which cater to a similar customer but are more geared toward women.

Sneakers are still the most important part of Nike’s business, but apparel is a growth area for the company, representing about 28% of Nike brand revenue in fiscal 2024.

Etsy touts ‘shopping domestically’ as Trump tariffs threaten price increases for imports

LSD News Szerkesztőség — Fri, 18 Apr 2025 03:20:27 +0000

An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.

Victor J. Blue/Bloomberg via Getty Images

Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices.

In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app.

“While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said.

Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. The site, which had 5.6 million active sellers as of the end of December, competes with e-commerce juggernaut Amazon, as well as newer entrants that have ties to China like Temu, Shein and TikTok Shop.

By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners. Trump has imposed tariffs on most foreign countries, with China facing a rate of 145%, and other nations facing 10% rates after he instituted a 90-day pause to allow for negotiations. Trump also signed an executive order that will end the de minimis provision, a loophole for low-value shipments often used by online businesses, on May 2.

Temu and Shein have already announced they plan to raise prices late next week in response to the tariffs. Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices.

Silverman said Etsy has provided guidance for its sellers to help them “run their businesses with as little disruption as possible” in the wake of tariffs and changes to the de minimis exemption.

Before Trump’s “Liberation Day” tariffs took effect, Silverman said on the company’s fourth-quarter earnings call in late February that he expects Etsy to benefit from the tariffs and de minimis restrictions because it “has much less dependence on products coming in from China.”

“We’re doing whatever work we can do to anticipate and prepare for come what may,” Silverman said at the time. “In general, though, I think Etsy will be more resilient than many of our competitors in these situations.”

Still, American shoppers may face higher prices on Etsy as U.S. businesses that source their products or components from China pass some of those costs on to consumers.

Etsy shares are down 17% this year, slightly more than the Nasdaq.

WATCH: Amazon CEO Andy Jassy says sellers will pass cost of tariffs on to consumers

Sri Lanka vigilant as seismic activity increases in the region

LSD News Szerkesztőség — Tue, 01 Apr 2025 07:32:41 +0000

While recent earthquakes have not directly impacted Sri Lanka, the Geological Survey & Mines Bureau has urged authorities and the public to remain vigilant regarding seismic activity in the region.

According to the Bureau, if a major earthquake occurs near the island of Sumatra, Sri Lanka could face tsunami-like effects. Officials assured that global earthquake activity is being closely monitored, and necessary measures are in place to respond to any seismic events within the country.

Rising Global Seismic Activity

Concerns have heightened following a devastating 7.7-magnitude earthquake in Myanmar, which has caused widespread destruction. Foreign media reports indicate that the death toll has exceeded 2,000, with emergency response teams continuing rescue and recovery operations.

Meanwhile, the Japanese government has also warned of a potential earthquake with a magnitude between 8 and 9 on the Richter scale. Predictions suggest that such an event could lead to catastrophic damage, with estimates indicating that over 300,000 lives may be at risk.

India’s New Delhi also experienced a magnitude 4.0 earthquake last month.

Authorities worldwide are closely monitoring seismic patterns, and Sri Lankan officials emphasize the importance of preparedness in case of future tremors or tsunami threats.

Sequoia Capital to cut policy team and shutter Washington, D.C. office just as the tech industry increases its visibility under Trump

LSD News Szerkesztőség — Wed, 19 Mar 2025 05:01:48 +0000

Sequoia Capital, one of Silicon Valley’s most prominent venture capital firms, is laying off its Washington, D.C.-based policy team and shuttering its office there, just as some tech-related companies try to increase their visibility in the U.S. capital after President Trump’s re-election.

The changes will take effect at the end of March and impact three full-time employees as well as policy fellows who worked with the firm. Sequoia confirmed the layoff while two sources familiar with the matter who requested anonymity because the topic is sensitive, said that the firm would close its Washington office.

Sequoia says it had set up its small policy team five years ago—during the first Trump Administration—to advise its investment team and portfolio companies on regulatory issues, deepen its knowledge of the policy landscape, and strengthen its connections with global policymakers, experts, and think tanks. Don Vieira, who had held senior national security positions at the Department of Justice and House Permanent Select Committee on Intelligence, opened the office, according to his LinkedIn. Vieria will leave the firm as part of the changes. He did not respond to requests for comment.

“Thanks to [the policy group’s] strategic guidance and efforts, Sequoia is now well-positioned to carry these relationships in the U.S. and Europe forward,” a Sequoia spokesperson said. “To that end, we are sunsetting the dedicated policy function and closing our D.C. office at the end of March. We are grateful to the team for their contributions and impact.”

The changes at Sequoia are in contrast to tech companies that have been increasing their visibility in Washington, D.C. since President Trump’s re-election. Meta in January hired Joel Kaplan, former deputy chief of staff to former President George W. Bush, to head its global policy team and CEO Mark Zuckerburg has visited Trump at the White House and Mar-a-Lago.

Some other venture capital firms have been beefing up their presence in Washington, D.C. to help portfolio companies that operate in highly regulated or political industries like defense, crypto, or AI. Venture capital firm Andreessen Horowitz, for example, which has had several of its partners take official or advisory positions in the White House, recently hired Patrick McHenry, the former North Carolina congressman, and Matt Cronin, former Chief Investigative Counsel and Deputy General Counsel for the U.S. House Select Committee on Strategic Competition, as senior advisors to the firm. Last fall, before the election, General Catalyst launched what it calls the “General Catalyst Institute” to influence AI, healthcare, defense and intelligence, manufacturing, and energy policy.

Sequoia Capital has historically remained politically neutral as a firm, even though many of its partners individually express political views or make large donations to presidential candidates. Top partner Roelof Botha said last summer that he is not registered with either political party, but that he is “more focused on the policies that will drive entrepreneurship, job creation, and making sure that the United States stays ahead.”

This story was originally featured on Fortune.com