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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMajor banks team up to test network for tokenized money and U.S. Treasurys: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Alma Angotti, partner and global legislative and regulatory risk leader at the consulting firm Guidehouse, weighs in on recent actions by the SEC, including the Wells Notice sent to Robinhood over its crypto operations.
Persons: explainers, Alma Angotti, Wells Organizations: CNBC Crypto, CNBC, SEC
Ford Slows Its Push Into Electric Vehicles
  + stars: | 2024-04-04 | by ( Neal E. Boudette | ) www.nytimes.com   time to read: +1 min
Ford Motor on Thursday delayed the production of at least two new electric cars and said it would pivot to making more hybrids. Its decision was the latest sign that large automakers have been forced to rethink their strategy for electric vehicles because sales for those models are slowing. The shift by Ford and automakers like General Motors and Mercedes-Benz, which have also pushed back their electric car plans, has been prompted largely by the companies’ difficulties in making and selling enough electric cars and doing so profitably. Because they are still learning how to make the cars and their batteries at lower cost, the companies have not been able to bring out more affordable models. “That’s made it a lot tougher to sell those vehicles.”
Persons: ” Sam Abuelsamid, “ That’s Organizations: Ford, General Motors, Mercedes, Benz
In the U.S., Tesla may be at the forefront of the electric vehicle revolution, but abroad, the carmaker has some serious competition. In the fourth quarter of 2023, BYD dethroned Tesla as the world's top EV maker, selling more battery-powered vehicles than its U.S. rival. "BYD has grown into this powerhouse in the new energy vehicle industry," CNBC's Beijing correspondent Evelyn Cheng said. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major producer of EV batteries. Watch the video to learn how BYD grew from battery maker to EV giant and what's next for the company.
Persons: Tesla, Warren, BYD, Evelyn Cheng, they're, Wang Chuanfu, Sam Abuelsamid, Michael Dunne, Dunne, They're Organizations: EV, Guidehouse, CNBC, U.S Locations: U.S, China, Beijing, Munich, United States, Europe, Hungary, Mexico
Those more concerned with the climate crisis are asking a bigger question: what does this all mean for the planet? Gas-powered cars, hybrids and EVs all emit roughly the same amount of pollution to manufacture, until you get to producing the battery. Fully electric cars use large batteries made of materials that require heavy mining. And that would still mean less climate pollution on the road overall. And fully electric cars won’t be truly “green” until the energy that charges them comes from renewable sources, like wind and solar.
Persons: Akio Toyoda, EVs, Joe Biden’s, Toyota’s, Daniel Sperling, , , Sam Abuelsamid, Abuelsamid, InfluenceMap, Biden, Kelley, Albert Gore, Gore, I’m, , ” Monica Nagashima, Lia, Kena, Stephen Ciccone, ” Ciccone, BEV, ” UC’s Sperling Organizations: CNN, Toyota, Auto, US, Toyota Prius Prime, Toyota Toyota, Institute of Transportation Studies, University of California, Ford, EPA, Gas, American Council for, Prius, EV, InfluenceMap, United, Lexus, Cox Automotive, Zero Emission Transportation Association, Getty, Toyota Motor North America, ” Toyota Locations: California, West Virginia, Canada, Australia, United States, EVs, InfluenceMap’s, Japan, Rockland, Blauvelt , New York
Hyundai Motor Group is the world's third-largest automaker in the world by volume — but it wasn't always so. The three auto brands in the automaker's stable — Hyundai, Kia and Genesis — are nipping at the heels of well-established competitors, and winning an ever-growing list of industry awards. Tesla still dominates the electric vehicle industry, but Hyundai Motor Group is the second best-selling EV manufacturer in the U.S."On the electrification side, Hyundai has done a really great job," said Sam Abuelsamid, principal research analyst at Guidehouse Insights. "I think Hyundai Motor Group isn't a car company," said Jose Munoz, the global president and chief operating officer at Hyundai. Watch the video to learn more about how Hyundai became the third-largest global automaker.
Persons: William Barnett, Tesla, Sam Abuelsamid, They've, Jose Munoz Organizations: Hyundai Motor, Hyundai, Kia, American, Stanford Graduate School of Business, Guidehouse, United Auto Workers Locations: America, U.S, Singapore
It’s still not clear which vehicles would be eligible for the full $7,500 tax credit under the new rules because the government has yet to publish any lists. But they are still years away from being able to produce an electric vehicle without materials and components from China. Sam Abuelsamid, a mobility analyst for Guidehouse Insights, expects many EVs now eligible for the full $7,500 U.S. tax credit will see that cut in half next year when the new regulations take effect. Getting the tax credit upfront — rather than waiting until filing tax returns next year — “will actually reduce your monthly payment, which is a major stumbling block for consumers,” he said. Adeyemo and other officials declined to say whether batteries from the Ford plant would qualify for tax credits.
Persons: , Biden, Joe Biden's, It’s, Wally Adeyemo, David Turk, Adeyemo, Turk, John Bozzella, Sam Abuelsamid, EVs, Abuelsamid, — “, , Joe Manchin, Manchin, Janet Yellen, Ford, Tom Krisher Organizations: WASHINGTON, Treasury, Energy, EV, Administration, , Motors, Hyundai, Ford, GM, Alliance for Automotive Innovation, Guidehouse, Democratic, Natural Resources Committee, Ford Motor Co, Amperex Technology, Associated Press Locations: U.S, China, United States, North Korea, Russia, Iran, North America, Michigan, Detroit
A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company?s headquarters in San Francisco, California, U.S., September 26, 2018. In an email to staff seen by Reuters, Cruise CEO Kyle Vogt said the company will re-evaluate the employee equity program in light of the suspension, which "pushed out our commercialization and revenue generation timelines." The regulator said Cruise had not initially disclosed all video footage of an Oct. 2 accident where Cruise's car dragged a pedestrian in San Francisco. The unlisted Cruise unit last year introduced the equity program under which current and former employees can sell their vested equity to GM and other investors every quarter. Asked about the Thursday's email from Vogt, a Cruise spokesperson said, "GM and Cruise are working together on what competitive compensation packages at Cruise will look like going forward."
Persons: Heather Somerville, Kyle Vogt, Cruise, Sam Abuelsamid, Vogt, Hyunjoo Jin, Greg Bensinger, David Shepardson, Jonathan Oatis, Matthew Lewis, Daniel Wallis Organizations: General Motors Corp, REUTERS, General Motors, GM, Reuters, Cruise, California Department of Motor Vehicles, United Auto Workers, UAW, Thomson Locations: San Francisco , California, U.S, California, San Francisco, California , Arizona, Washington
Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +1 min
The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.
Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru
Bain to Buy Guidehouse in $5 Billion Deal
  + stars: | 2023-11-06 | by ( Mark Maurer | Laura Cooper | ) www.wsj.com   time to read: 1 min
Bain Capital acquiring Guidehouse is the latest move by private-equity firms to scoop up professional-services providers. Photo: Nikolas Kokovlis/Zuma PressBain Capital said it would acquire Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt. The firms announced the agreement on Monday. The move is the latest by private-equity firms to scoop up professional-services providers as consulting growth in certain areas slows. It is also a rare deal for an asset class that is struggling to find exits and to return capital to awaiting limited partners.
Persons: Nikolas Kokovlis, Zuma Press Bain Organizations: Bain Capital, Guidehouse, Zuma Press, Zuma Press Bain Capital
Bain Close to Buying Guidehouse in $5 Billion Deal
  + stars: | 2023-11-06 | by ( Mark Maurer | Laura Cooper | ) www.wsj.com   time to read: 1 min
Bain Capital acquiring Guidehouse is the latest move by private-equity firms to scoop up professional service providers. Photo: Nikolas Kokovlis/Zuma PressBain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt. An agreement could be announced as soon as Monday, according to people familiar with the situation, barring any last-minute delays.
Persons: Nikolas Kokovlis Organizations: Bain Capital, Guidehouse, Zuma Press Bain Capital
The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/File photo Acquire Licensing RightsNov 5 (Reuters) - Bain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt, the Wall Street Journal reported on Sunday. Bain Capital declined to comment when contacted by Reuters, while Guidehouse did not immediately respond to a request for comment. Private equity firm Veritas Capital acquired the U.S. public sector business of accounting firm PricewaterhouseCoopers in 2018 and rebranded it as Guidehouse. Reporting by Devika Nair in Bengaluru; Editing by Rashmi Aich and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Kyung, Guidehouse, Devika Nair, Rashmi Aich, Subhranshu Organizations: Bain Capital, REUTERS, Wall Street, Reuters, Veritas Capital, U.S, PricewaterhouseCoopers, Thomson Locations: Tokyo, Japan, Bengaluru
The outcome in civil court shows Tesla arguments are gaining traction: when something goes wrong on the road, the ultimate responsibility rests with drivers. The electric-vehicle maker also argued it was unclear whether Autopilot was engaged at the time of the crash. During the Riverside trial, an attorney for the plaintiffs showed jurors a 2017 internal Tesla safety analysis identifying "incorrect steering command" as a defect, involving an "excessive" steering wheel angle. The automaker subsequently engineered a system that prevents Autopilot from executing the turn which caused the crash. "I think that anyone is going to have a hard time beating Tesla in court on a liability claim," he said.
Persons: Tesla, Elon Musk, Micah Lee's, Lee, Bryant Walker Smith, Matthew Wansley, Wansley, Eloy Rubio Blanco, Rubio, Sam Abuelsamid, Dan Levine, Hyunjoo Jin, Jonathan Oatis, Richard Chang Organizations: Tesla, Tuesday, Court, Reuters, University of South, Cardozo School of Law, U.S . Department of Justice, Traffic, Administration, Thomson Locations: Riverside County, Los Angeles, University of South Carolina, Riverside
Fain also wants workers at the plants to make top UAW assembly plant wages, which now are $32 per hour. Political Cartoons View All 1205 Images“The battery plants are going to be the make-or-break issue,” said Sam Abuelsamid, a mobility analyst for Guidehouse Insights. And if lower-paying battery plants aren't union, workers won't have anywhere to get the same wages and benefits. But they also see a future where buyers could switch, and they think wages at the battery plants should match what they make. The UAW, he said, will use this to try to organize other Korean-owned battery plants.
Persons: WAYNE, Shawn Fain's, Stellantis, they'll, Fain, , Sam Abuelsamid, It’s, festering, Ford, Jim Farley, , ” Fain, Farley, Mary Barra, Chris Jedrzejek, Jedrzejek, Todd Lauerman, “ it’s, ” It's, Abuelsamid, let's, Harry Katz, Katz, Marick, Masters Organizations: Ford, United Auto Workers, EV, General Motors, Detroit, UAW, Korean, Guidehouse, GM, Carnegie Mellon University, Bronco, Toyota, Cornell University, , Wayne State University Locations: Mich, Detroit, U.S, Kentucky, Tennessee, Michigan, Ford, Korean, Wayne , Michigan, Ohio, South Bend , Indiana
DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.
Persons: , Ford, Marshall, TR Reid, , Shawn Fain, Sarah Lightner, Ford “, , ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas
Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.
Persons: , , Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, , Fain, , “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York
NEW YORK (AP) — A former U.S. congressman from Indiana was sentenced Tuesday to 22 months in prison for making illegal stock trades based on inside information while working as a consultant and lobbyist after he left office. Former U.S. Rep. Steve Buyer, 64, a House Republican from 1993 to 2011, was also ordered to forfeit $354,027, representing the amount of illegal gains, and to pay a $10,000 fine. Defense lawyers had requested home confinement and community service as a punishment while prosecutors urged a three-year prison sentence. The judge said Buyer lied when he testified at his trial about when he learned about mergers that he profited from. Buyer was ordered to report to prison on Nov. 28.
Persons: , Steve Buyer, Bill Clinton’s, Navigant, Guidehouse, Richard M, Berman, , I’ve, Organizations: U.S . Rep, Republican, Persian Gulf, Veterans ’ Affairs, Mobile, Sprint Locations: U.S, Indiana, Persian, Manhattan, New York City, Noblesville , Indiana
A former Indiana congressman was sentenced Tuesday to 22 months in prison for his insider trading conviction for making illegal stock trades while working as a consultant and lobbyist. Steve Buyer, 64, whose congressional career stretched from 1993 to 2011, was sentenced in Manhattan federal court by Judge Richard M. Berman. The judge also ordered Buyer to forfeit $354,027, representing the amount of illegal gains, and to pay a $10,000 fine. Defense lawyers had requested home confinement and community service as a punishment while prosecutors urged a three-year prison sentence. Buyer was ordered to report to prison on Nov. 28.
Persons: Steve Buyer, Judge Richard M, Berman, Bill Clinton's, Navigant, Guidehouse, I've Organizations: Republican, Persian Gulf, Veterans ' Affairs, Mobile, Sprint Locations: Noblesville , Indiana, Manhattan, Indiana, New York City, Persian
Congressman Stephen Buyer arrives for his insider trading trial at the United States Courthouse in the Manhattan borough of New York City, U.S., March 8, 2023. Congressman Stephen Buyer was sentenced to 22 months in prison on Tuesday for trading on inside information he learned in 2018 as a consultant to T-Mobile US Inc (TMUS.O) ahead of its $23 billion merger with Sprint. U.S. District Judge Richard Berman in New York sentenced Buyer, who was found guilty on four counts of securities fraud at a trial in March. Buyer took the stand at trial and denied trading on inside information. Buyer asked to be sentenced to home confinement, citing his service in Congress and the U.S. military.
Persons: Stephen Buyer, Brendan McDermid, Richard Berman, Buyer, Prosecutors, Jody Godoy, Deepa Babington Organizations: U.S, United, Courthouse, REUTERS, Mobile, Former U.S, Mobile US Inc, Sprint, District, New York, Republican, U.S . House, Navigant Consulting, Guidehouse, U.S ., Court, Southern District of, Thomson Locations: Manhattan, New York City, U.S, Former, New, Indiana, Congress, Southern District, Southern District of New York, New York
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
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
Two crypto platforms, Voyager and Bittrex, have recently declared bankruptcy, and investors no longer have access to their crypto. To keep your crypto safe with other platforms, consider "cold storage," which refers to keeping your crypto offline. The Voyager and Bittrex bankruptcies are part of a prolonged "crypto winter" along with other crypto company bankruptcies of the past year, including FTX, Celsius, and more. Globally, countries are evaluating Central Bank Digital Currencies, the development of which you can track via the Atlantic Council's website. Regardless of the crypto winter and continuing cascade of crypto platform bankruptcies, digital currencies aren't going anywhere anytime soon.
In this article GM Follow your favorite stocks CREATE FREE ACCOUNTA Chevrolet Bolt EUV on display at the New York Auto Show, April 13, 2022. Scott Mlyn | CNBCDETROIT — After years of lackluster performance and a fire-provoked recall, the all-electric Chevrolet Bolt EV was finally gaining traction for General Motors . The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department. Cherokee County Fire DepartmentStill, GM touted the Bolt EV as proof of the concept for its electric-powered future.
Research firm Guidehouse Insights regularly ranks companies developing automated driving tech. Tesla didn't make this year's top 10, and ranked last of 16 companies assessed. Moreover, of the 16 companies recently ranked by research and consulting firm Guidehouse Insights (which ranks some of the biggest names working on automated-driving technology each year), Tesla came in last. Tesla ranked last in similar lists in 2021 and 2020. To come up with the list, Guidehouse weighs factors such as a company's vision, go-to-market and production strategies, partners, tech, commercial readiness, and more.
[1/2] Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, U.S. January 27, 2023. REUTERS/Jonathan ErnstSAN FRANCISCO, April 19 (Reuters) - Elon Musk said on Wednesday that electric vehicle (EV) giant Tesla (TSLA.O) likely will launch full self-drive technology this year and generate significant profits that offset some of the margin pressure it's facing due to aggressive price cuts. "I hesitate to say this but I think we'll do it this year," said Tesla CEO Musk, speaking on a conference call. Tesla sells FSD software as an option for as much as $15,000. Tesla reported a lower-than-expected quarterly margin on Wednesday but Musk said he would prioritize sales growth over profits in a weak economy.
I tested out the experience in a Kia Niro EV that Kia lent me. Charging a non-Tesla at a Tesla charging station was notably smooth and convenient. The Kia Niro EV charges at a Tesla Supercharger in Brewster, NY. The Kia Niro EV charges at a Tesla Supercharger in Brewster, NY. The Kia Niro EV charges at an EVgo charging station.
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