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☆ Hertz makes 'agile' decision to shift strategy and sell EVs, Teslas
▼ + stars: | 2024-01-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021. "The reality of EVs and Tesla's being the best-selling car will, at some point, render them the best rental car," Scherr said. Hertz said it would be selling about 20,000 electric vehicles. Tesla's recent decision to lower the price of its vehicles also weighed into Hertz's decision given the impact on deprecation, Scherr added. Hertz had previously set a goal to have a quarter of its fleet be EVs by the end of 2024.

Persons: Hertz, Tesla, Stephen Scherr, CNBC's Jim Cramer, GM EVs, Tesla's, Scherr, Tom Brady, Dan Ives Organizations: Hertz, Hertz Corporation, Nasdaq, General Motors, Honda Motor, EV, GM Locations: New York City, U.S, EVs

☆ With big new EV motor investment, GM aims to cut reliance on China
▼ + stars: | 2023-11-08 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

In electric vehicle motors, rapidly shifting magnetic fields spin a rotor made with magnets that contain “rare Earth minerals” such as terbium and dysprosium. China accounts for a large percentage of the world’s rare Earth minerals supply, according to the United States Geological Survey. And among those minerals used for EV motor magnets, China is responsible for about 90%, according to Niron. The technology could also make EV motors less expensive, he said, but declined to say by what percentage. Daniels would not say when GM expects to begin manufacturing EV motors using the new magnet technology.

Persons: Niron, Niron Magnetics, Jonathan Rowntree, GM EVs, ”, Kai Daniels, Stellantis, Rowntree, Daniels Organizations: New, New York CNN —, Motors, United States Geological Survey, GM, GM Ventures, Stellantis Ventures, Volvo Car Tech Fund, Chrysler, Dodge, Fiat, Sioux Community, University of Minnesota Locations: New York, Wisconsin, China, dysprosium, Minnesota, Sioux

[1/2] United Auto Workers President Shawn Fain greets workers at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. Temporary workers will have a faster path to full-time status and could see wages rise by about 50% immediately. The GM agreement will move more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. "This contract has wage increases and economic gains like nothing we've ever seen before," UAW Vice President Mike Booth said.

Persons: Shawn Fain, Rebecca Cook, Mike Booth, Fain, Joe White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, Rights DETROIT, General Motors, UAW, GM, Detroit, Ford, Chrysler, Auto, Toyota, Honda, Volkswagen, Hyundai, Tesla, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Lordstown , Ohio, Orion, Michigan, Spring Hill , Tennessee, Detroit, Bengaluru

☆ UAW says it scored a major concession from GM and will not expand its Big Three strike Friday
▼ + stars: | 2023-10-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

GM agreed to have the workers at its future EV battery plants be covered by the national labor agreement governing other UAW members at GM, Fain said, after the UAW threated an expansion of the strike to a GM plant in Arlington, Texas, that assembles the company’s full-sized SUVs. GM has in the past insisted that workers in battery facilities are not GM employees, since the plants are run by joint ventures it has with Asian battery companies. Then on September 29 the UAW declined to expand the strike against Stellantis, once again citing progress in talks, but added a strike against one assembly plant each at GM and Ford. The union has said all along it stood ready to expand the strike to increase pressure on the companies. Fain described the Arlington plant “GM’s biggest money maker.”“It was that threat that brought GM to the table,” he said.

Persons: Shawn Fain, Ford, Fain, ”, GM, ” Fain, “, we’re, “ It’s, “ We’ve, it’s, Cadillac Escalade Organizations: New, New York CNN — United Auto Workers, General Motors, GM, EVs, UAW, “, Workers, EV, Ford, Stellantis, Chevrolet, GMC Yukon, Cadillac Locations: New York, Arlington , Texas, Suburban, Arlington

☆ Trump is attacking electric vehicles. Automakers already bet their future on them
▼ + stars: | 2023-09-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Legacy automakers are pivoting to electric vehicles in response to expected strong consumer demand, tougher environmental regulations both from US states and foreign countries, and a push from Wall Street. Electric vehicles have outpaced growth of traditional internal combustion engine (ICE) cars in recent years. But automakers bucked Trump and agreed to meet tougher standards set by California rather than the Trump administration’s rules. At a Detroit battery plant Wednesday, Trump said America didn’t need what the factory produced“This plant, we just walked through this plant and the electric vehicles are gonna put [automakers] out of business,” Trump said. Trump’s proposals could undermine US companies’ EV investments and hand over control of an increasingly EV future to foreign manufacturers.

Persons: Donald Trump, Donald Trump’s, “ don’t, Trump, ’, ”, Barry Rabe, EVs, Brian Kemp, Ford, Rabe, Biden’s, Tesla, Jon McNeill, McNeill, ” McNeill, EVs Trump, bucked Trump, ” Trump, “, Biden, Rishi Sunak, Lisa Brankin Organizations: New, New York CNN, Detroit, Cox Automotive, Biden, Environmental Protection Agency, University of Michigan, Hyundai, Kia, EV upstarts, Republican Gov, Environmental Defense Fund, Nissan, Mercedes, Benz, Wall, Investors, ICE, General Motors, GM, Biden’s EV, Legacy, DVx Ventures, Tesla, Obama, Trump, America, ” Ford, Fiat, Peugeot Locations: New York, Georgia, South Carolina, Alabama, United States, California, Detroit, Michigan, China

☆ General Motors is investing in a startup working on better and cheaper EV batteries
▼ + stars: | 2023-08-16 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Future low-cost GM EVs could benefit from the batteries being developed by Mitra Chem. General Motors said on Wednesday it's leading a $60 million financing round in Mitra Chem, a California-based startup working to develop lower-cost batteries for electric vehicles. Mitra Chem, founded by veterans of Tesla and Toyota , is working to develop new types of batteries based on lithium iron phosphate chemistry. Tesla, Rivian and Ford Motor are among the automakers using LFP cells in their more affordable models. Golan said that if Mitra Chem is successful, its batteries could appear in GM's vehicles later in this decade.

Persons: Bolt, Tesla, Mitra Chem, General Motors, Chem, Mitra, Vivas Kumar, Gil Golan, Golan, Mitra Chem weren't Organizations: Ford, EVs, General, Toyota, Ford Motor, Mitra Locations: Orion Township , Michigan, Mitra, California

☆ Here's a first look at GM's new all-electric Cadillac Escalade IQ, starting at $130,000
▼ + stars: | 2023-08-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

GM President Mark Reuss during the reveal of the all-electric 2025 Cadillac Escalade IQ on Aug. 9, 2023 in New York City. Michael Wayland / CNBCThe Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. 'It's American luxury'The Escalade IQ features a much smoother, more aerodynamic exterior than the current Escalade, with overall styling more similar to Cadillac's current EVs than its gas- and diesel-powered siblings. Powerful, fast chargingThe Escalade IQ will feature up to 750 horsepower and 785 pound-feet of torque with a performance "Velocity Max" mode. The Escalade IQ features a host of standard safety and convenience features, including GM's Super Cruise hands-free highway driving system and an available 40-speaker KG audio system.

Persons: Cadillac Escalade, Mark Reuss, Michael Wayland, It's, Reuss, haven't, Michael Simcoe, Tyson Jominy, Escalade, Mandi Damman Organizations: Cadillac, Motors, Detroit, GM, EV, CNBC, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC Locations: New York City, Detroit, Texas

☆ Elon Musk convinced the industry to charge cars his way and Tesla owners are the biggest winners
▼ + stars: | 2023-07-04 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

But actually, Tesla drivers are likely to have more places to juice up going forward. Tesla drivers are about to have a lot more places to plug in. Naturally, some Tesla owners are worried about sharing space at Supercharger stations — the primary longtime differentiator between Tesla and other EV makers — once Ford and GM EV drivers get access. The auto industry has struggled for years to agree on a standard for EV charging, and it appears Tesla is finally winning the battle. "Now, it's going to make a lot more sense for Tesla to roll out charging stations that much faster throughout the country."

Persons: Tesla, Loren McDonald, McDonald, Cathie, Wood, It's Organizations: Ford, GM EV, Elon Musk's, EV, GM, Ark Invest, CNBC Locations: Elon, North America, America

☆ What EV owners need to know about Tesla's charging partnership with Ford and GM
▼ + stars: | 2023-06-10 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Tesla's Supercharger Network will open up to Ford and GM EV owners in 2024. As part of their move, both Detroit-area automakers have decided to adopt Tesla's EV charging connector, the plug that links an electric vehicle to a charging station. With GM and Ford joining Tesla's charging system, the rest of the auto industry may be forced to follow suit. At present, two main types of EV charging plugs exist: Tesla's North American Charging Standard and CCS, used by nearly all other automakers. GM and Ford EV owners also win because they will gain access to double the number of chargers that they had before.

Persons: Tesla, Here's, Gary Silberg, you'd, Sam Abuelsamid, Ford, Abuelsamid, Silberg, Stellantis, it's Organizations: Ford, GM EV, General Motors, GM, CCS, EV, KPMG, Associated, Energy Department, Tesla, North America, Guidehouse Insights, Ford EV, Kia, Nissan, Toyota, Hyundai, VW Locations: DETROIT, Detroit, United States, U.S, North America, North, America

☆ What Tesla charging partnerships with Ford and GM mean for the EV industry
▼ + stars: | 2023-06-09 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +4 min

Most other EVs and charging stations in the U.S. use the public domain Combined Charging System (CCS) plug standard. Currently, Tesla EVs can use CCS chargers with an adapter, but only Teslas can use NACS chargers. An August 2022 study by JD Power found similar results for CCS chargers in other parts of the country. Notably, it also found Tesla's charging network to be much more reliable. Potential buyers of a Ford or GM EV might like what they experience on a test drive, but without a reliable charging network, both have been at a disadvantage to Tesla.

Persons: Harry Langer, Tesla, JD Power, we've, Barra, CNBC's, Jim Farley, Farley Organizations: American, Detroit, University of California, San Francisco Bay Area, JD, CCS, Ford, GM, ICE Locations: Merklingen, Germany, U.S, Berkeley, San Francisco Bay, Canada

☆ Tesla stock charges upwards on deal with GM
▼ + stars: | 2023-06-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

Both Ford and GM EV drivers will, for now, need special adapters to allow their vehicles to use Tesla chargers. Tesla’s charging system had been proprietary and only usable by Teslas – although Teslas could use CCS chargers with an adapter. But CEO Elon Musk announced in late 2022 that he was inviting other automakers and charging companies to use Tesla’s charging system and design standards. Tesla’s NACS chargers outnumber CCS chargers in the United States by a factor of two to one, according to Tesla. Other automakers, such as KIa, Hyundai, BMW, Mercedes and Volkswagen, still use the CCS charging standard and have not announced any plans to change.

Persons: CNN — Tesla, ”, Gary Silberg, –, Elon Musk, Mary Barra, Sam Abuelsamid, Tesla, Justin Sullivan, Guidehouse’s, KPMG’s Silberg, Abuelsamid, Musk, GM’s Organizations: CNN, General Motors, Ford, GM EV, Tesla, KPMG, GM EVs, Guidehouse, CCS, GM, GM’s Chevrolet, Cox Automotive, KIa, Hyundai, BMW, Mercedes, Volkswagen Locations: United States, CALIFORNIA, San Rafael , California, North America

☆ Tesla shares jump on EV charging tie-up with GM
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Tesla (TSLA.O) shares jumped 5% on Friday on expectations that its electric-vehicle charging system would become an industry standard after General Motors (GM.N) joined cross-town rival Ford (F.N) in agreeing to use the Tesla Supercharger network. Already the world's most valuable automaker, Tesla was set to increase its market value by more than $30 billion to about $780 billion. Shares of General Motors, whose valuation is much lower at $49.8 billion but sells millions more vehicles annually, rose 3.5%. "We estimate Ford and GM combined could add another $3 billion to services EV charging revenue for Tesla over the next few years in another accretive poker move by Musk & Co," said analysts at Wedbush Securities, raising their price target on Tesla's shares to $300. They are expected to lag well behind EV market leaders Tesla and Volkswagen (VOWG_p.DE) through 2028, according to data provided by AutoForecast Solutions.

Persons: Elon, Tesla, Aditya Soni, Shounak Dasgupta Organizations: General Motors, Ford, U.S, EV, GM, Musk &, Wedbush Securities, GM EV, Detroit, Volkswagen, AutoForecast Solutions, Thomson

☆ GM EV Owners to Tap Tesla’s Supercharger Network
▼ + stars: | 2023-06-08 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/gm-ev-owners-to-tap-teslas-supercharger-network-541f5beb

Persons: Dow Jones Organizations: ev

☆ GM to end production of Chevrolet Bolt EV later this year
▼ + stars: | 2023-04-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/3] A close-up view of the Chevrolet Bolt electric vehicle is seen at Stewart Chevrolet in Colma, California, U.S., October 3, 2017. "We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EU production, which will happen at the very end of the year," GM CEO Mary Barra told investors on Tuesday. The Bolt, GM's first mass market EV, still accounts for more than 90% of all U.S. GM EV sales. The Bolt was preceded by the Chevrolet Volt -- a plug-in hybrid that GM ended production in 2019. The recall prompted GM to halt Bolt production and sales for more than six months.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ VW, Rivian, Nissan, BMW lose access to U.S. EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. Treasury also disclosed General Motors (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Earlier, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ GM plans to phase out Apple CarPlay in EVs, with Google’s help
▼ + stars: | 2023-04-01 | by ( ) edition.cnn.com time to read: +3 min

Apple CarPlay and Android Auto systems allow users to mirror their smartphone screens in a vehicle’s dashboard display. GM is designing the on-board navigation and infotainment systems for future EVs in partnership with Alphabet’s Google. GM’s Chevrolet brand in the past boasted of offering more models with CarPlay or Android Auto than any other brand. GM plans to continue offering Apple CarPlay and Android Auto mirroring systems in its combustion models. Owners of vehicles equipped with the mirroring technologies will still be able to use the systems, GM said.

Apple CarPlay and Android Auto systems allow users to mirror their smartphone screens in a vehicle's dashboard display. GM is designing the on-board navigation and infotainment systems for future EVs in partnership with Alphabet Inc's (GOOGL.O) Google. GM's Chevrolet brand in the past boasted of offering more models with CarPlay or Android Auto than any other brand. GM said the future infotainment systems will offer applications such as Spotify's (SPOT.N) music service, Audible and other services that many drivers now access via smartphones. GM plans to continue offering Apple CarPlay and Android Auto mirroring systems in its combustion models.

☆ Car dealers fight the threat of extinction as the Teslafication of their industry intensifies
▼ + stars: | 2023-03-24 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

The modern car shopping experience, from initial research to final purchase, can now be done online — and the pandemic accelerated that shift. Others are emulating firms like Carvana and moving some parts of the buying process online. We don't exactly know how the car business is going to look going forward with this EV shift, and how much the EV shift is actually going to take place." Ford has set stringent requirements for its dealers to sell EVs — though some dealers have called its EV certification program unfair and dropped out. Some dealers are having a hard time committing to changes when the return on investment — especially with EVs — isn't yet clear.

☆ Why you won't see many car ads during Sunday's Super Bowl
▼ + stars: | 2023-02-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

The average cost of a 30-second commercial during last year's Super Bowl was $6.5 million, up more than $2 million over 2016 rates. Automakers — historically among the largest Super Bowl advertisers — are mostly bypassing this Sunday's NFL championship game to preserve cash or spend ad dollars elsewhere. And EV startup Polestar, whose ad was a success in the 2022 Super Bowl, said it will also not advertise this year. Ferrell also appeared in GM's Super Bowl ad promoting EVs two years ago. Stellantis has not released its ads, while GM, Kia and WeatherTech released their commercials earlier this week.

☆ U.S. Treasury makes more Tesla, Ford, GM EVs eligible for tax credits
▼ + stars: | 2023-02-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The move is a win for Tesla, GM, Ford and other automakers which had pressed the Biden administration to change the vehicle definitions. The decision raises the retail price cap to $80,000 from $55,000 for GM's Cadillac Lyriq, Tesla's five-seat Model Y, Volkswagen's ID.4, the Ford Mustang Mach-E and Escape Plug-in Hybrid. Tesla Chief Executive Elon Musk tweeted last month the EV tax rules were "messed up." The five-seat version of the Tesla Model Y is not considered an SUV, while the Model Y seven-seat version is and can qualify for the credit. The Treasury said the revised definition will apply to all buyers of EVs since Jan. 1.

☆ Why Netflix is placing cars like the Chevy Bolt in its shows, and what the streamer's deal with GM means for its growing advertising business
▼ + stars: | 2023-02-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Netflix announced a new deal to integrate GM electric vehicles into popular shows like "Love is Blind" and "Queer Eye." On a press call announcing the deal, Lee said directors and showrunners would be involved in the process and that cars would be integrated in an "authentic" way so they don't "feel out of place." Netflix has a history of placing brands like Coke and GM in shows like "Stranger Things" and "Queer Eye." Lee insisted the GM deal isn't "product placement" and that GM isn't paying to put its vehicles on shows. Terms of the deal weren't shared; GM said it wasn't part of a TV ad buy on Netflix's Basic with Ads.

☆ Electric cars are shredding the brand loyalty automakers have spent decades building up — and it's great news for Kia and Hyundai
▼ + stars: | 2022-12-14 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford, Hyundai, and Kia have EVs bringing in the most new customers. GM CEO said 40% of customers purchasing GM EVs are new to the company. Car companies looking to conquest buyers to a brand can end up spending billions of dollars on new ad campaigns and R&D efforts to revamp their image, only to see meager or temporary shifts in loyalty. In remarks to journalists last week, GM CEO Mary Barra said 40% of GM's EV buyers are new to the company. GM is currently playing a long game with EV customers to drum up new loyalty with a call center for all electric vehicle drivers and shoppers.

☆ Your next Domino's delivery may arrive in a GM Chevy Bolt as pizza chain pushes EVs nationally
▼ + stars: | 2022-11-26 | by ( Ian Thomas | ) www.cnbc.com time to read: +2 min

Domino's will roll out 800 custom-branded 2023 Chevy Bolt electric vehicles at locations across the U.S. in the coming months. "Domino's was founded in 1960 as a delivery company, and we go to bed every night and wake up every morning saying 'how can we get better?'" "This is a way we can get better; better service for our customers and better for the environment." The adoption of this fleet of EVs is not the first time Domino's has looked to optimize how pizza is delivered. Other start-ups, such as Refraction AI, have been testing autonomous vehicles suited for pizza delivery.

☆ GM EV unit BrightDrop expects $1 billion in 2023 revenue, mass production of all-electric delivery vans to start in December
▼ + stars: | 2022-11-17 | by ( Frank Holland | In | ) www.cnbc.com time to read: +2 min

BrightDrop estimates that operating one of its Zevo all-electric delivery vans costs approximately $10,000 less than a comparable internal combustion engine vehicle. The announcement, tied to General Motors' investor day on Thursday, is the first time BrightDrop has released revenue numbers. BrightDrop CEO Travis Katz says he's "charged up" about 2023 and the forecast for the General Motors EV unit to top $1 billion in revenue in 2023. So they're really looking for help and we're going to help the world's largest companies meet those goals," Katz said. "What we're hearing is when you have dual forces of wanting to meet climate goals, and wanting to save money, it's a win-win.

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