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☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ Ford tapped the brakes on EVs and bet on hybrids. It's paying off.
▼ + stars: | 2024-04-26 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewFord's bet on hybrids looks like it's paying off. By comparison, the company's pure EV business has struggled. Ford's crosstown rival General Motors, meanwhile, has reversed its "all-in" electric vehicle strategy and pledged to bring back hybrids into its North American vehicle lineup. Not to be outdone, Ford is also doubling down on hybrids, even as it cuts back on some EV investments. "The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead," said Musk in the company's earnings call.

Persons: —, Jim Farley, Farley, Ford, Elon Musk, Motors, Jim Baumbick Organizations: Service, Detroit, US, Toyota, Honda, Business, Ford Model, Motors, Volkswagen, EV, The New York Times, American, Elon Locations: North America

☆ What investors should know about the UAW's organizing drive of VW
▼ + stars: | 2024-04-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

"We're going to carry this fight on to Mercedes and everywhere else," Fain told VW workers Friday night following the historic vote. Impact on labor costsTop of the list of likely impacts from organizing efforts at VW is labor costs. But for the Big Three Detroit automakers — and their shareholders — the VW organizing drive could be a positive. GM, Ford and Stellantis have higher all-in labor costs than non-organized automakers such as VW. Fain on Friday said "the real fight begins now," referring to the expected negotiations between the union and VW.

Persons: Elijah Nouvelage, Alex Hertel, Fernandez, It's, Shawn Fain, Kelcey Smith, Kevin Wurm, Fain, Let's, Joe Biden, Evelyn Hockstein, there's, – Organizations: Volkswagen, Getty, DETROIT, United Auto Workers, UAW, Detroit union's, U.S . Department of Labor, Columbia University, Union, National Labor Relations Board, NLRB, VW, General Motors, Ford Motor, Chrysler, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volvo, Washington Post, Workers, Mercedes, UBS, Big Three Detroit automakers —, GM, Ford, Chamber, U.S, Capitol, Reuters Locations: Chattanooga , Tennessee, U.S, Vance , Alabama, Chattanooga, Washington , U.S, Detroit

☆ Earnings playbook: Your guide to trading a huge week of reports, including Meta Platforms
▼ + stars: | 2024-04-21 | by ( Fred Imbert | ) www.cnbc.com time to read: +9 min

Tesla is set to report earnings after the bell. What history shows: Bespoke data shows Tesla beats earnings estimates 63% of the time. What history shows: Boeing shares have risen in four of the past five earnings days, Bespoke data shows. Meta Platforms is set to report earnings after the closing bell. What history shows: Microsoft earnings have beaten earnings estimates in six straight quarters, Bespoke data shows.

Persons: Michael Wayland, FactSet, Tesla, TSLA, Emmanuel Rosner, Dave Calhoun, Peter Saleh, Saleh, Chipotle, Morgan Stanley's, Ford, Jim Farley's, Ronald Josey, Jordan Novet Organizations: General Motors, CNBC, Tuesday, GM, Wall, Motors, Investment, Deutsche Bank, EV, Boeing, Ford, Management, Ford Motor, Detroit, Investors, Citi, Meta, Bloomberg News, Apple, Microsoft Locations: California

☆ VW Workers in Tennessee Vote for Union, a Labor Milestone
▼ + stars: | 2024-04-19 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

In a landmark victory for organized labor, workers at a Volkswagen plant in Tennessee have voted overwhelmingly to join the United Automobile Workers union, becoming the first nonunion auto plant in a Southern state to do so. In a statement late Friday, the company said that the union had won 2,628 votes, with 985 opposed, in a three-day election. to organize the Chattanooga factory over the last 10 years were narrowly defeated. The outcome is a breakthrough for the labor movement in a region where anti-union sentiment has been strong for decades. won record wage gains and improved benefits in negotiations with the Detroit automakers.

Organizations: Volkswagen, United Automobile Workers, Detroit automakers, General Motors, Ford Motor, Chrysler, Jeep Locations: Tennessee, Southern, Chattanooga

☆ VW Workers in Tennessee Start Vote on U.A.W., Testing Union Ambitions
▼ + stars: | 2024-04-17 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Last fall the United Automobile Workers union won big pay increases from the Detroit automakers, and the impact rippled quickly through the nonunion auto plants scattered across the South. On production lines in Alabama, Tennessee, Kentucky and elsewhere, those pay increases have been referred to as the “U.A.W. bump.”Now 4,300 workers at Volkswagen’s plant in Chattanooga, Tenn., will test whether the union can achieve an even greater bump. On Wednesday, they begin voting on whether to join the U.A.W., and the prospects of a union victory appear high. About 70 percent of the workers pledged to vote yes before the union asked for a vote, according to the U.A.W.

Persons: Tesla, “, ”, Kelcey Smith Organizations: United Automobile Workers, Detroit automakers, Toyota, Honda, Volkswagen, Nissan, Hyundai, VW Locations: United States, Alabama , Tennessee , Kentucky, Chattanooga , Tenn

☆ Volkswagen union vote in Tennessee to test UAW's power after victories in Detroit
▼ + stars: | 2024-04-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Elijah Nouvelage | Getty ImagesDETROIT — Volkswagen workers in Chattanooga, Tennessee, will vote this week on whether to organize with the United Auto Workers in a key test of the union's sway. More than 4,000 VW workers are eligible to vote, beginning Wednesday and ending at 8 p.m. EDT on Friday. The organizing vote, which is being overseen by the National Labor Relations Board, will need a simple majority to succeed. Volkswagen, which has union workers at non-U.S. plants, has said it will let its workers determine whether to organize. An aerial view of the Chattanooga Volkswagen factory in Chattanooga, Tennessee on April 10, 2024.

Persons: Elijah Nouvelage, Shawn Fain, Fain, Stephen Silvia, Southern, Silvia, Kevin Wurm, it's, we're, —, Isaac Meadows, Meadows Organizations: Volkswagen, Getty, DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, Chrysler, Detroit, Tennessee VW, VW, National Labor Relations Board, Detroit automakers, Southern Gamble, Workers, Foreign, American University, Washington , D.C, Chattanooga Volkswagen, Washington Post, Ford Locations: Chattanooga , Tennessee, U.S, Detroit, Tennessee, Chattanooga, Washington ,

☆ Ford to delay all-electric SUV to focus on offering hybrid vehicles across its lineup by 2030
▼ + stars: | 2024-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor is delaying production of a new all-electric three row SUV, as it shifts to offer hybrid options across its entire North American lineup by 2030. The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high. Ford last year said it would delay or cancel $12 billion in planned spending on new EVs due to the shifting market conditions as well as challenges to profitably building and selling the vehicles. In the first quarter of 2024, Ford's electric vehicle sales increased by 86% from subdued levels a year earlier. Hybrid sales for the automaker rose 42% year over year, while sales of Ford's traditional vehicles with internal combustion engines were up 2.6%.

Persons: Jim Farley Organizations: DETROIT, Detroit, Ford Locations: Detroit, EVs, Canada, U.S

☆ GM U.S. vehicle sales fall 1.5% during the first quarter, underperforming other major automakers
▼ + stars: | 2024-04-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors on Tuesday reported a 1.5% decline in first quarter U.S. vehicle sales compared to a year ago, as the overall auto industry normalizes after years of disruptions and volatile results. Retail sales to customers were up 6%, GM said. GM's sales are below expectations for the overall industry, which Cox Automotive forecast to be up 5.5% from a year earlier. Buick was the only GM brand to report a sales increase during the quarter, up 16.4% from a year earlier. GM reported sales of its full-size pickups totaled roughly 197,000 units, up 3.6% from a year earlier, during the first quarter – marking their best performance during that time since the first quarter of 2020.

Persons: Marissa West Organizations: DETROIT, Motors, U.S, Detroit automaker, GM, Cox, Buick, GMC, Cadillac, Chevrolet, GM North America

☆ Detroit went all-in on big, expensive EVs nobody wants. Here's what the data shows they'd rather buy.
▼ + stars: | 2024-03-31 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Read previewWhen the automotive industry started looking toward an electrified future, Detroit automakers decided to throw their hat in the ring with what they do best: Pickup trucks. Electric pickup truck pioneer Rivian has also warned of slowing growth, and Elon Musk's Tesla already appears to be offering some purchase incentives for the Cybertruck. Only four EVs sell in that range at the moment, according to Edmunds, and none of them are sold by Detroit automakers. On average, EVs sold for around $61,700 last year, $14,250 more expensive than the typical price paid for non-electric vehicles, Edmunds said. AdvertisementGM is taking another approach, pulling back on EV production as the company plans to bring more hybrids (a segment that has seen demand increase while EV demand wanes) to the North American market later this year.

Persons: —, Ford, Rivian, Elon Musk's Tesla, Edmunds, Jessica Caldwell, EVs, BCG, Jim Farley Organizations: Service, Detroit, Ford, Business, GMC, EV, Associated Press, Edmunds, Detroit automakers, Leaf, Fiat 500e, Hyundai Kona Electric, Boston Consulting Group, Bloomberg, North Locations: Detroit, Edmunds

☆ Who can fix Boeing? Here are some potential CEO candidates
▼ + stars: | 2024-03-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Since its founding by William Boeing more than a century ago, the Boeing Company has had 12 CEOs. What Boeing wants in its new CEOWhen picking a new CEO, the company likely has two pools of choices. Or it can once again pick a leader like outgoing CEO Calhoun, who has a financial background and an undergraduate degree in accounting. Spirit was the only one to comment, but it did not address the possibility of Shanahan becoming Boeing CEO. Culp has an undergraduate degree in economics and an MBA from Harvard, a business background more than an engineering background.

Persons: William Boeing, Dave Calhoun, Calhoun, “, ”, Sir Tim Clark, ” Calhoun, “ It’s, Richard Aboulafia, Pat Shanahan Pat Shanahan, Donald Trump, Shanahan, “ Mr, Joe Buccino, Larry Culp Larry Culp, Jack Welch, Culp, Aboulafia, Kathy Warden Kathy Warden, Northrop Grumman, Northrop, Warden, ” Aboulafia, Mary Barra, Greg Smith Greg Smith, Smith, Alan Mulally Aboulafia, Alan Mulally, Ford, Mulally, It’s, Ron Epstein, ’, Stephanie Pope, Brian West, Pope, West, Elizabeth Lund Organizations: New, New York CNN, Boeing Company, Boeing, Alaska Airlines, Emirates Airlines, CNBC, US Department of Defense, CNN, General Electric, GE Aerospace, GE, Danaher Corp, Harvard, Northrop, General Motors, Barra, American Airlines, Ford, Detroit, GM, DaimlerChrysler, Chrysler, of America, Airplanes, GE Aviation, Services, Boeing Commercial Airplanes Locations: New York, American, Calhoun

☆ Hybrid cars now have 'very few compromises' says Ford executive — and sales are booming
▼ + stars: | 2024-03-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sales growth for hybrid cars is outpacing growth for electric vehicles this year. AdvertisementIt's shaping up to be a comeback year for hybrid cars — and that's partly because they're now nearly as good as their conventional vehicles, according to a Ford executive. Frick's comments come as demand for hybrid vehicles soars, partly due to drivers' worries about charging electric cars. AdvertisementFreedom of choiceThe hybrid Maverick starts at about $25,300 — some $1,500 more than the gas version. About 60% of those buying a hybrid Maverick are first-time Ford customers, product development operations chief Jim Baumbick previously told Business Insider.

Persons: Ford, Ford's Andrew Frick, —, they're, Andrew Frick, Morgan Stanley, Jim Baumbick Organizations: Service, Ford, Wall, Buyers, Cox Automotive, Toyota Prius, BI Toyota, EV, Toyota, White House Locations: Detroit, Edmunds

☆ What investors should know about the U.S. easing vehicle emissions rules
▼ + stars: | 2024-03-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

President Joe Biden speaks at the United Auto Workers political convention at the Marriott Marquis in Washington, D.C., Jan. 24, 2024. The new Environmental Protection Agency rules released Wednesday aim to cut tailpipe emissions by 49% between model years 2027 and 2032. The EPA set a target for EVs to make up at least 35% of new vehicle sales by 2032. The EPA's new strategy for cutting tailpipe emissions doesn't focus only on EVs. The EPA's percentage targets for EV adoption are not mandates but expectations for how automakers could meet the emissions regulations.

Persons: Joe Biden, Saul Loeb, Biden, Emmanuel Rosner, Mary Barra, Ngan, John Bozzella, Stocks, Tesla, weren't, Chelsea Hodgkins, Martin Viecha, Chris Kapsch, Morgan Stanley, Adam Jonas Organizations: United Auto Workers, Marriott Marquis, Washington , D.C, AFP, Getty, DETROIT, Environmental Protection Agency, EPA, EV, Detroit Automotive, Wall Street, Detroit, General Motors, Ford Motor, Chrysler, capex, Deutsche Bank, Chevrolet Silverado, Huntington Place Convention, Afp, Alliance for Automotive Innovation, United Auto Workers union, UAW, Toyota, Public Citizen, Sierra Club, Democratic, GM, Ford Locations: Washington ,, Detroit , Michigan, U.S, Detroit, Michigan

☆ Why a small China-made EV has global auto execs and politicians on edge
▼ + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.

Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province

☆ EPA issues new auto rules aimed at cutting carbon emissions, boosting electric vehicles and hybrids
▼ + stars: | 2024-03-20 | by ( ) www.cnbc.com time to read: +8 min

Kevin Lamarque | ReutersThe Biden administration announced new automobile emissions standards Wednesday that officials called the most ambitious plan ever to cut planet-warming emissions from passenger vehicles. The rules come as sales of electric vehicles, which are needed to meet the standards, have begun to slow. The agency is finalizing the rule as sales of clean vehicles, including plug-in hybrid and fully electric vehicles, hit record highs last year. At the same time, the Democratic president needs cooperation from the auto industry and political support from auto workers, a key political voting bloc. White House press secretary Karine Jean-Pierre said Tuesday that White House officials "don't have any concerns" about the final EPA rule.

Persons: Joe Biden, Kevin Lamarque, Michael Regan, Regan, Biden, Karine Jean, Pierre, ″, we're, Manish Bapna, Amanda Leland, Dan Becker, Donald Trump, Becker, Trump, Biden's Organizations: Detroit Auto, Reuters, Biden, Environmental Protection Agency, EPA, Democratic, United Auto Workers union, White, Natural Resources Defense, Environmental Defense Fund, Center for Biological Diversity Locations: America, Detroit , Michigan, EVs, Detroit, China

☆ Biden administration softens EV mileage rule in a win for automakers
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +6 min

The original Biden administration proposal would have lowered such "petroleum-equivalent fuel economy" ratings for EVs by 72% in 2027. The industry cheered the Energy Department announcement. Automakers, auto dealers and the UAW called the original EPA plan unrealistic. The National Resources Defense Council (NRDC) and Sierra Club had urged EV mileage rating reductions after the Energy Department left them unchanged for two decades. "The automakers' free ride is over," he said, adding that changes "will curtail automakers' use of phantom credits they used to keep selling gas-guzzlers."

Persons: Biden, Joe Biden's, Donald Trump, John Bozella, Tesla, Pete Huffman Organizations: Detroit, Biden, Department of Energy, Reuters, U.S, Republican, Energy Department, Ford, Alliance, Automotive, United Auto Workers, General Motors, Chrysler, Traffic, Environmental Protection Agency, EPA, Toyota, Honda, Hyundai, GM, Volkswagen, UAW, National Resources Defense Council, Sierra Club, Energy Locations: New York City, United States, Michigan, fleetwide, U.S, NRDC

☆ UAW says VW workers at Tennessee plant file for union election
▼ + stars: | 2024-03-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Volkswagen workers at a plant in Tennessee have filed a petition with the National Labor Relations Board for a vote to join the United Auto Workers, the union announced Monday. In 2019, VW workers at the Chattanooga, Tennessee, plant rejected union representation in an 833-776 vote. The Chattanooga plant is Volkswagen's only U.S. assembly plant and employs over 4,000 autoworkers who would be eligible to vote for union representation. "We will fully support an NLRB vote so every team member has a chance to vote in privacy in this important decision. By the end of the UAW contracts, top wages are expected to surpass $42 an hour for production workers.

Organizations: DETROIT, Volkswagen, National Labor Relations Board, United Auto Workers, U.S, UAW, Nissan, VW, NLRB, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Subaru, Toyota, Volvo Locations: Tennessee, U.S, Chattanooga , Tennessee, Chattanooga

The union has come close to representing workers at the VW plant in two previous elections. Some prominent Tennessee Republican politicians had urged workers to vote against the union during both campaigns. The year after the 2014 vote failed, 160 Chattanooga maintenance workers won a vote to form a smaller union, but Volkswagen refused to bargain. In November, VW gave workers an 11% pay raise at the plant, but the union says VW's pay still lags behind Detroit automakers. Top assembly plant workers in Chattanooga make $32.40 per hour, VW said.

Persons: —, we'll, Yolanda Peoples Organizations: DETROIT, United Auto Workers, Workers, National Labor Relations Board, UAW, Detroit automakers, Tesla, Nissan, Mercedes, Benz, Hyundai, Kia, Toyota, Honda, VW, NLRB, Volkswagen, Tennessee Republican, General Motors, Ford, Detroit Locations: Chattanooga , Tennessee, Chattanooga, Tennessee, Mercedes, Vance , Alabama, Tuscaloosa, Alabama

☆ VW Workers Seek Union Vote at Tennessee Plant for Third Time
▼ + stars: | 2024-03-18 | by ( Neal E. Boudette | ) www.nytimes.com time to read: 1 min

Volkswagen employees in Tennessee who are hoping to join the United Automobile Workers asked a federal agency on Monday to hold an election, a key step toward the union’s longtime goal of organizing nonunion factories across the South. With the union’s backing, Volkswagen workers filed a petition with the National Labor Relations Board asking for a vote on U.A.W. representation, saying that more than 70 percent of the 4,000 eligible workers at the plant had signed cards supporting the union. “Today, we are one step closer to making a good job at Volkswagen into a great career,” Isaac Meadows, an assembly worker at the plant, said in a statement. If held, an election would be the first test of the U.A.W.’s newfound strength after staging a wave of strikes in the fall against the three Detroit automakers — General Motors, Ford Motor and Stellantis — and winning record wage increases.

Persons: ” Isaac Meadows, ’, — Organizations: United Automobile Workers, Volkswagen, National Labor Relations Board, “, Detroit, —, Motors, Ford Motor Locations: Tennessee

☆ Solar CEOs bet that Red State investments will protect them from threat of Trump repealing IRA
▼ + stars: | 2024-03-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +9 min

First Solar , the largest panel manufacturer in the U.S., expects to receive about $1 billion in tax credits this year for making its products domestically. Eight of the top 10 congressional districts in terms of solar investments are represented by Republicans, according to the think tank. Enphase CEO Badri Kothandaraman is blunt that repealing the IRA tax provisions would hurt domestic manufacturing. Enphase makes inverters, a crucial component that converts solar energy harvested by panels into electricity that's usable in homes and in the power grid. Republicans appear less opposed to the wind and solar tax credits, Marcus said.

Persons: Biden, Trump's, Mark Widmar, Widmar, we've, who's, Badri Kothandaraman, Kothandaraman, Trump, Enphase, Tobin Marcus, Marcus, Wolfe, Dan Shugar, Shugar, John Berger, Berger Organizations: Republican, Financial Times, Republicans, House, First, CNBC, GOP, Center, American Progress, Wolfe Research, Senate, Trump, Investors, Detroit autoworkers, Department of Energy Locations: U.S, Arizona, Ohio, Louisiana, Alabama, Puerto Rico, Columbia , South Carolina, Arlington , Texas, Houston

☆ EV euphoria is dead. Automakers trumpet consumer choice for U.S. car shoppers
▼ + stars: | 2024-03-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off. U.S. EV sales were a record 1.2 million units last year, representing 7.6% of the overall national market, Cox Automotive estimates. "Moving on to less tech-savvy buyers will slow the EV market share growth over the next few years." Automakers wanted to emulate Tesla's success, with some promising to exclusively offer EVs in the not-too-distant future. "Toyota is almost completely absent from the [battery electric vehicle] market yet will gain more U.S. market share than any other car company this year.

Persons: hasn't, Andrew Merry, Aston Martin, Tesla, Elon Musk, Marin Gjaja, Ford, Pablo Di Si, Sam Fiorani, Romeo, Bentley, Mary Barra, there's, Cadillac, John Roth, We've, Gjaja, Jim Farley, Rebecca Cook, Oliver Blume, Akio Toyoda, Morgan Stanley, Adam Jonas, It's, Biden, Cox, Michelle Krebs, EVs, Trisha Jung Organizations: DETROIT, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, CNBC, GM, Hyundai Motor, Kia, Toyota Motor, VW, U.S, Cox Automotive, AutoForecast Solutions, Volvo, Buick, Cadillac, Honda, Ford Motor Co, Ford, Amperex Technology, Toyota, Cox, Tesla, Nissan, Nissan U.S, Environmental Protection Agency, Alliance for Automotive Innovation, American Automotive, Detroit automakers Locations: EVs, Europe, U.S, North America, Warren , Michigan, Detroit, Marshall , Michigan, Romulus , Michigan

DETROIT – General Motors' long-time head of manufacturing is retiring, and the company has hired a former Tesla and Google executive to fill his shoes. The Detroit automaker said on Tuesday that Gerald Johnson, executive vice president of Global Manufacturing and Sustainability, will pass the baton to Jens Peter "JP" Clausen, a former executive with Tesla, Lego and, most recently, Google. Johnson's departure isn't unexpected after a 44-year tenure with the automaker, however GM also announced another more surprising departure on Tuesday: that of Mike Abbott, executive vice president of software and services. Baris Cetinok, current vice president of product in software and services, has been named Abbott's interim replacement while a search is conducted. The company's board members include former Tesla President of Global Sales and Service Jon McNeill.

Persons: Gerald Johnson, Jens Peter, JP, Clausen, Johnson, Mike Abbott, Abbott, Baris Cetinok, Elon Musk, JB Straubel, Tesla's, Tesla, Gingko Bioworks, Jon McNeill Organizations: Motors, Global Manufacturing, Labor, DETROIT –, Google, Detroit, Sustainability, GM, Apple, Tesla, Softbank, company's, Technology, Global Sales Locations: Warren , Michigan, DETROIT, Nevada, Reno, Zymergen

☆ Ford sales jump 10.5% in February, led by gains in hybrids and EVs
▼ + stars: | 2024-03-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor's U.S. sales jumped 10.5% last month compared with February 2023, led by increases in its hybrid and all-electric vehicles sales. The Detroit automaker Monday reported sales of 174,192 cars and trucks for February. The company said hybrid sales totaled 12,045 in February, including 6,463 units of its small Maverick Hybrid pickup. Despite the increases in hybrids and EVs, 89.5% of Ford's sales last month were traditional cars and trucks in February. Ford reported total year-to-date sales through February were 311,325 units, a 6.6% increase compared with the same time period a year earlier.

Persons: DETROIT –, Jim Farley Organizations: Ford Motor Co, Washington Auto, Washington , D.C, DETROIT, DETROIT – Ford Motor's, Detroit, Ford, Automotive News, Rivals General Motors, Stellantis, CNBC PRO Locations: Washington ,

☆ Ford rolls out Tesla Supercharging for EVs. Here's what drivers need to know
▼ + stars: | 2024-02-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor is rolling out Tesla Supercharging capabilities to owners of its electric vehicles in the U.S. and Canada. The Detroit automaker was the first to announce a deal with Tesla to utilize the EV maker's Supercharger network. Under the deals, companies such as Ford will adopt Tesla's charging port for future EV models. In the meantime, an adapter is needed to connect non-Tesla vehicles, which utilize different charging technology, to Tesla's network. Tesla, which designed the adapter and is handling distribution of them to automakers, did not respond to request for comment on specifics.

Persons: Tesla, Ford, Ken Williams, Williams Organizations: DETROIT, Detroit, Ford, EV, U.S Locations: U.S, Canada, Ford

☆ UAW threatens to strike Ford truck plant in Kentucky if local issues aren't resolved
▼ + stars: | 2024-02-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers is threatening a labor strike at Ford Motor's largest U.S. plant if local union demands aren't resolved by next week. The Detroit union on Friday said nearly 9,000 UAW autoworkers at Ford's Kentucky Truck Plant could strike at 12:01 a.m. on Feb. 23 if local contract issues remain. The plant — Ford's largest in terms of employment and revenue — produces Ford Super Duty pickups as well as the Ford Expedition and the Lincoln Navigator SUVs. Local contracts differ from the national agreements that the union ratified late last year with Ford, General Motors and Chrysler parent Stellantis . The union said "core issues in Kentucky Truck Plant's local negotiations are health and safety in the plant, including minimum in-plant nurse staffing levels and ergonomic issues, as well as Ford's continued attempts to erode the skilled trades at Kentucky Truck Plant."

Persons: Shawn Fain, aren't, Ford's Organizations: United Auto Workers, Detroit, DETROIT –, Ford Motor's, UAW, Ford, Ford Expedition, Lincoln, General Motors, Chrysler, Kentucky Locations: Kentucky

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