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☆ The Chevy Malibu, the brand’s last sedan, will end production
▼ + stars: | 2024-05-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —The Chevrolet Malibu, the last sedan still sold by General Motors’ biggest selling brand, will end production this year, the company announced. Malibu production will end in November as the factory that builds it, the Fairfax Assembly Plant in Kansas City, Kansas, is reconfigured to build a new generation of the Chevrolet Bolt EV. Chevrolet stopped making its Mustang competitor, the Camaro, last year. The Malibu was introduced back in the 1960s as a more luxurious version of the Chevrolet Chevelle, called the Chevelle Malibu. The Malibu model line ended production in 1983 but was brought back again in 1997, and has been in production since then.

Persons: Ford, Jackson, Barrett Organizations: CNN, Chevrolet Malibu, General Motors, Fairfax Assembly Plant, Chevrolet Bolt, Motors, Chevrolet, Taurus, Malibu, Barrett, Getty, Cox Automotive, Honda Accord, Toyota Camry, Camry, GM Locations: Malibu, Fairfax, Kansas City , Kansas, United States

Ford envisions at least three new electric vehicles that will preserve jobs at several factories. Those and other closely held production plans by Detroit's automakers have emerged in details of the tentative contract agreements that ended the six-week strikes by the United Auto Workers union. The UAW's success in gaining commitments from the companies to build new electric vehicles at several factories represented a particular achievement. The automakers have all embraced the transition to electric vehicles as a large-scale and long-term commitment. And not all the companies’ production plans under the contract, of course, involve electric vehicles.

Persons: —, Biden, What's, Ford, Stellantis, ___ Veiga Organizations: DETROIT, Ford, General Motors, Detroit's automakers, United Auto Workers, Workers, EVs, EV, Dodge, Jeep, Cherokee, UAW, Kentucky, Plant, Expedition, Lincoln Navigator, Lincoln, Ohio Assembly Plant, Hill Assembly, Honda, Chevrolet Silverado, GMC Sierra, Fairfax Assembly Plant, GM, Detroit automakers, Toyota Tacoma Locations: Belvidere , Illinois, Toledo, Warren , Michigan, Sterling Heights , Michigan, Detroit, Dodge Durango, Rouge, Dearborn , Michigan, Louisville, Cleveland, Rock , Michigan, Hill, Hill Assembly Plant, Tennessee, Orion Township , Michigan, Fairfax, Kansas City , Kansas, Lansing , Michigan, Los Angeles

☆ UAW strike cost GM $200 million in its first two weeks
▼ + stars: | 2023-10-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —The United Auto Workers union strike has cost General Motors $200 million since the work stoppage began two weeks ago, the company said Wednesday. GM was relatively flush with cash heading into the strike, which started on September 15. During the second week, the UAW also went on strike at a series of 18 parts and distribution centers operated by GM as well as 20 at Stellantis. This week, GM arranged for a new $6 billion line of credit. GM lost $2.9 billion from a six-week strike the UAW waged against it in 2019.

Persons: Fairfax, Ford, ” Organizations: New, New York CNN, United Auto Workers, Motors, GM, UAW, Ford, Jeep, Dodge, Chrysler, GM’s Lansing Delta Township Assembly, GM Financial, Securities and Exchange Commission Locations: New York, , Missouri, Fairfax, Kansas City , Kansas, Wentzville, Stellantis, GM’s Lansing Delta Township, Chicago

☆ Why Wall Street investors are freaking out
▼ + stars: | 2023-10-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s why investors are freaking out:Rates and the Fed: A surge in corporate debt sales and rising bond yields have sent stocks lower. Moody’s, the only major credit rating firm to keep a perfect score for the United States, has warned that a government shutdown would be “credit negative” for the United States. Geopolitical risks are still elevated as Russia’s war on Ukraine continues and relations between the United States and China remain tense. October also marks the end of the fiscal year for many mutual funds in the United States. Statistical evidence doesn’t quite support the phenomenon, but the level of superstitious caution on Wall Street is real.

Persons: Kevin McCarthy, ”, Michael Reinking, Mark Twain, ” Sam Bankman, Sam Bankman, Allison Morrow, Judge Lewis Kaplan, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, Chris Isidore, Vanessa Yurkevich Organizations: CNN Business, Bell, New York CNN, Dow, Federal Reserve, Fed, Markets, Republicans, “, Prosecutors, GM, Ford, Motors, United Auto Workers, Michigan Assembly, Jeep, Dodge, Chrysler, UAW Locations: New York, America’s Congress, United States, Ukraine, China, Manhattan, Fairfax, Kansas City , Kansas, Toledo, Lockport, Michigan, Wayne , Michigan, Kokomo , Indiana

☆ GM secures new $6 billion credit line as UAW strike costs reach $200 million
▼ + stars: | 2023-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors secured a new $6 billion line of credit as the automaker braces for additional strikes by the United Auto Workers union. The targeted strikes already cost the automaker $200 million during the third quarter, GM said Wednesday. A GM spokesman said the $200 million strike cost is due to lost production on wholesale volume, largely due to the UAW's initial Sept. 15 strike at GM's midsize truck and full-size van plant in Wentzville, Missouri. The strike has since expanded to GM's parts and distribution facilities nationwide and, as of last Friday, a crossover plant in mid-Michigan. As a result of the strike in Missouri, GM also idled its Fairfax Assembly Plant in Kansas, where it builds the Cadillac XT4 SUV and the Chevrolet Malibu sedan, and laid off nearly 2,000 workers.

Persons: General Motors, Paul Jacobson, CNBC's Phil LeBeau, Mary Barra, Jim Farley, Shawn Fain, Fain Organizations: DETROIT, General, United Auto Workers, UAW, GM, Fairfax Assembly Plant, Chevrolet Malibu, Ford Motor, Ford, Chrysler Locations: Wentzville , Missouri, Michigan, Missouri, Fairfax, Kansas

New York CNN —General Motors and Ford are laying off 500 additional workers between them, blaming the expansion of the strike announced by the United Auto Workers union at those companies on Friday. General Motors said it was laying off 164 workers at stamping plants in Parma, Ohio, and Marion, Indiana. Ford said it laid off 330 workers at its Chicago Stamping Plant and Lima Engine Plant following the union’s decision Friday to strike its Chicago Assembly plant, which made the Ford Explorer and Lincoln Aviator SUVs. It had previously laid off 600 hourly workers at the Michigan Assembly plant in Wayne, Michigan who were not on strike. Those benefits for both strikers and laid-off UAW members will cost the union about $14.3 million a week, but it went into the strike with $825 million in its strike fund.

Persons: General Motors, Marion, ”, Ford, “ Organizations: New, New York CNN —, Motors, Ford, United Auto Workers, General, Lansing Delta, GMC, Traverse, Buick, Chicago Assembly, Ford Explorer, Lincoln Aviator, Michigan Assembly, Jeep, Dodge, Chrysler, UAW, Anderson Economics Group, CNN Locations: New York, Parma , Ohio, Marion , Indiana, Wentzville , Ohio, Lansing, Lansing , Michigan, Colorado, Parma, Fairfax, Kansas City , Kansas, Toledo, Lockport, Chicago, Michigan, Wayne , Michigan, Kokomo , Indiana

☆ Stellantis and GM furlough dozens of workers, warns hundreds more could come as strike continues
▼ + stars: | 2023-09-20 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

More layoffs are anticipated at Kokomo Transmission and Kokomo Casting in Kokomo, Indiana, impacting an additional 300 employees there, the company said. Ford and General Motors already laid off or warned of idling employees at two of their plants because of the targeted strikes. General Motors idled 2,000 employees at the company’s Fairfax Assembly Plant in Kansas due to the UAW’s targeted strike on its Wentzville Assembly Plant in Missouri, the company announced Wednesday. Due to the specific circumstances of this situation, impacted employees are not eligible for company-provided SUB-pay,” the company said in a statement. GM said it continues to bargain in good faith and is scheduled to be at the main bargaining table with the UAW today.

Persons: Stellantis, Stellantis . Ford, Fairfax, Shawn Fain Organizations: CNN, United Auto Workers, Kokomo, Stellantis, General Motors, Ford’s Michigan Assembly, Fairfax Assembly Plant, GM, UAW Locations: Toledo, Perrysburg , Ohio, Kokomo , Indiana, Wayne , Michigan, Fairfax, Kansas, Wentzville, Missouri, Kansas City

☆ GM and Stellantis just laid off more than 2,000 additional workers because of the UAW's strike
▼ + stars: | 2023-09-20 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

General Motors and Stellantis said they have laid off additional workers because of consequences related to the United Auto Workers strike. The plants make parts for Jeep vehicles built at the automaker's Toledo Assembly Complex, where workers are also on strike. GM's Fairfax Assembly plant builds the Chevrolet Malibu sedan and Cadillac XT4 crossover. "We have said repeatedly that nobody wins in a strike," GM said in a statement. Nearly 13,000 GM, Ford and Stellantis workers are on strike at the Wentzville, Toledo and Wayne plants.

Persons: Stellantis, Fairfax, Shawn Fain Organizations: Motors, United Auto Workers, GM, automaker's, UAW, Ford Motor, Chevrolet Malibu, Ford Locations: Fairfax , Kansas, Wentzville , Missouri, Ohio, Indiana, automaker's Toledo, Toledo, Wayne , Michigan, Detroit, Fairfax, Wayne

New York CNN —The United Auto Workers union’s already unprecedented strike against General Motors, Ford and Stellantis could soon get even bigger. So far, the strike, which started early Friday, has targeted only one final assembly plant at each automaker. So, noon on Friday, September 22nd is a new deadline.”While 12,700 union members are on strike, most of the 145,000 members at the three automakers remain on the job. The UAW chose to target final assembly plants first, which has made the initial strikes quite targeted and tactical. Spreading impact of strikeThe impact of the strike will have a ripple impact on other factories beyond the three targeted already by the UAW strike.

Persons: Stellantis, Shawn Fain, Autoworkers, We’re, “ We’re, ”, “, Ford, Lana Payne, Payne, Fairfax, David Barnas, Louis, Biden, Donald Trump, Mike Pence, Fain, Trump Trump, Joe Biden, ” Trump Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, CNN, GM, UAW, Ford Bronco, Companies, GM Stellantis, Jeep, Dodge, Chrysler, Fairfax Assembly, US Steel, Trump Locations: New York, Wayne , Michigan, Canada, United States, Fairfax, Kansas City , Kansas, Wentzville, Granite City , Illinois, St, Detroit

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