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☆ Why China poses a growing threat to the U.S. auto industry
▼ + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.

Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America

☆ What Wall Street needs to know about UAW talks, a potential strike, and what it could all cost
▼ + stars: | 2023-08-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

AEG estimates the total economic loss by calculating potential losses to UAW workers, the manufacturers and to the auto industry more broadly if the sides cannot reach tentative agreements before the current contracts expire. $825 millionThe UAW has more than $825 million in its strike fund, which it uses to pay eligible members who are on strike. The strike pay is $500 per week for each member – up from $275 in 2022. Assuming 150,000 or so eligible workers, that's all-in weekly strike pay of about $75 million. The UAW is scheduled to hold a procedural strike authorization vote next week, which would grant union leaders the ability to strike, if warranted.

Persons: Michael Wayland, Warren Buffett's Berkshire Hathaway, Shawn Fain, there's, Melissa Atkins, Kristin Dziczek, Rebecca Cook, Stellantis, Fain, Joe Biden, Leah Millis Organizations: United Auto Workers, General Motors, Hamtramck Assembly, CNBC DETROIT, U.S, GM, Ford Motor, New UAW, UAW, Detroit, Bloomberg News, Federal Reserve Bank of Chicago's, Sterling Heights Assembly, Center for Automotive Research, Fiat Chrysler, Ford, Anderson Economic Group, AEG, Deutsche Bank, Reuters Locations: Detroit, Hamtramck, Omaha, Federal Reserve Bank of Chicago's Detroit, Sterling Heights, Sterling Heights , Michigan, U.S, Michigan, Warren , Michigan

☆ New cars are finally back in stock — but Americans might not be able to afford them
▼ + stars: | 2022-10-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Mario Tama | Getty ImagesDETROIT — New cars are slowly becoming more widely available, as supply chain bottlenecks finally start to ease. But now, an increasing number of Americans might not want them or be able to afford them. With the Federal Reserve aggressively hiking interest rates to fight inflation, consumers are finding that the cost of financing a new car is suddenly a lot higher than it was even earlier this year. That means many Americans may no longer to be able to afford the new cars that are starting to arrive on dealer lots. That, combined with rising interest rates, is pushing more car shoppers to look at used vehicles.

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