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☆ Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead
▼ + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

The Fed and economic policy were top of mind this week given the central bank's Wednesday decision to yet again leave interest rates unchanged , as it has since last summer. This week included the conclusion of April's trading month, which marked the first down month of the year for all three major market averages. Indeed, some recent earnings reports have raised doubts about the economy, with brands from McDonald's and Starbucks evidencing signs of strain among consumers. While no new inflation numbers are scheduled for release next week, investors will see reports on March wholesale inventories, March consumer credit and May consumer sentiment from the University of Michigan. AI trade Though interest rates took center stage this week, investors also continued monitoring companies tied to the artificial intelligence boom amid the stocks' recent choppiness.

Persons: they're, Jerome Powell, Larry Tentarelli, David Donabedian, Sam Stovall, There's, Stovall, Tom Hainlin, Tentarelli, CFRA's Stovall, Lyft, Cabot, Aramark, Tempur Sealy, Nikola, Walt Disney, Sally Beauty, Warby Parker, Krispy Kreme, Papa John's Organizations: Federal Reserve, Treasury, Nasdaq, Dow Jones, CIBC Private Wealth, Dow, CFRA, Citigroup, Bank of America, U.S, Bank Wealth Management, University of Michigan, Nvidia, Disney, Spirit Airlines, Tyson Foods, Pharmaceuticals, Lucid, Palantir Technologies, Simon Property, Tech, Lab, Goodyear Tire, Noble Corp, Vornado Realty, Coty, BellRing, Consumer, UBS, BP, Nintendo, Bloomin, Duke Energy, Rockwell Automation, Ferrari, NRG Energy, Electronic Arts, Cirrus, Adaptive Biotech, Arista Networks, Dutch Bros, Holdings, Virgin Galactic, IAC, Rivian Automotive, Brighthouse, Occidental Petroleum, Assurant, Kinross Gold, Labs, Diamond, Reddit, Anheuser, Busch InBev, Embraer, Health, United Parks & Resorts, Emerson Electric, Brookfield , New York Times, Food, Reynolds Consumer Products, Teva Pharma, Uber Technologies, Dine Brands, Liberty Broadband, Fox Corp, Cushman &, Liberty Media, Arm Holdings, Kodiak Gas Services, Solaredge Technologies, AMC Entertainment, Cheesecake, News Corp, Toyota Motors, Fair, US Foods, Hyatt Hotels, Warner Bros, Hilton, Warner Music Group, Unity Software, Insurance, Gen, Honda, AMC Networks Locations: Central, McDonald's, Expeditors, Occidental, Angi, Brookfield , New, Ambev, Cushman & Wakefield, Michigan

☆ Honda to build $11 billion electric vehicle hub in Canada
▼ + stars: | 2024-04-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

A Brand new Honda Pilot is displayed on the sales lot at Honda Marin on February 06, 2024 in San Rafael, California. DEROIT – Honda Motor and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a "comprehensive EV value chain," the Japanese automaker announced Thursday. Honda said vehicle production will begin in 2028, with annual vehicle capacity of 240,000 units once it's fully operational. Prime Minister of Canada Justin Trudeau said during a livestreamed press conference Thursday that Honda's investment, $15 billion Canadian, is the largest ever for the country's automotive industry. The investment is a major win for Canada and comes after Honda last year confirmed a $4.4 billion investment for a new U.S. battery plant in Ohio.

Persons: Honda Marin, DEROIT, Honda, Canada Justin Trudeau, Toshihiro Mibe Organizations: Honda, North, Canada, LG Energy Locations: San Rafael , California, Ontario, Canada, Alliston , Ontario, North America, U.S, Ohio

☆ Honda Commits to E.V.s With Big Investment in Canada
▼ + stars: | 2024-04-25 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Honda Motor on Thursday said it would invest $11 billion to build batteries and electric cars in Ontario, a significant commitment from a company that has been slow to embrace the technology. Like Toyota and other Japanese carmakers, Honda has emphasized hybrid vehicles, in which gasoline engines are augmented by electric motors, rather than cars powered solely by batteries. The Honda Prologue, a sport-utility vehicle made in Mexico, is the company’s only fully electric vehicle on sale in the United States. “This is a very big day for the region, for the province and for the country,” Prime Minister Justin Trudeau said at an announcement event in Alliston, where Honda manufactures the Civic sedan and CR-V S.U.V. The investment is the largest by an automaker in Canadian history, he said.

Persons: Justin Trudeau Organizations: Honda, Toyota Locations: Ontario, Mexico, United States, Alliston , Ontario, Toronto, Alliston

☆ 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

Germany’s DAX added 0.1% to 17,959.35 and the FTSE 100 in London edged 0.1% higher to 7,731.73. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years. The Hang Seng in Hong Kong edged 0.1% higher to 16,737.12, and the Shanghai Composite index gained 1% to 3,084.93. Elsewhere, Australia’s S&P/ASX 200 edged 0.1% higher to 7,675.80, and the Kospi in South Korea advanced 0.7%, to 2,685.84. A report on consumer prices last week showed inflation remains stubborn, ticking up to 3.2% in February from 3.1% in January.

Persons: Germany’s DAX, Australia’s Organizations: Japan’s, Federal Reserve, CAC, Dow Jones, Nikkei, Bank of Japan, Honda Motor, Dongfeng Motor, Nasdaq, Software, Adobe, Microsoft, Broadcom, Google, University of Michigan, Fed, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, London, Paris, Tokyo, Hong Kong, Shanghai, China, South Korea, India, Bangkok, U.S

TOKYO (AP) — Global shares are mixed Thursday in lackluster trading. U.S. shares were set to drift higher with Dow futures up nearly 0.3% at 39,632.00. Nissan Motor Co. stock jumped 2.2% after an unconfirmed Japanese media report that the automaker behind the Leaf electric car was about to enter an agreement on EVs with domestic rival Honda Motor Co. Honda shares rose 1.1%. Photos You Should See View All 60 ImagesThe Japanese central bank has set a target of 2% inflation. That higher inflation has in turn dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates.

Persons: Germany's DAX, Sydney's, Hang Seng, ”, Anderson Alves, Brent Organizations: TOKYO, —, CAC, Dow, Nikkei, Nissan Motor Co, Honda Motor Co, Honda, Nissan, Bank of Japan, Bank of, Federal Reserve, Fed, U.S Locations: Hong, Shanghai, ActivTrades, Bank of Japan

☆ 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

TOKYO (AP) — Japan has slipped to the world’s fourth-largest economy as government data released Thursday showed it fell behind the size of Germany's in 2023. Japan fell from the second-ranked economy behind the U.S. to the third-largest in 2010 as China's economy grew. The comparisons among nations’ economies look at nominal GDP, which doesn’t reflect some different national conditions, and is in dollar terms. Japan’s nominal GDP totaled $4.2 trillion last year, or about 591 trillion yen. The gap between developed countries and emerging nations is shrinking, with India certain to overtake Japan in nominal GDP in a few years, Okazaki said.

Persons: Germany’s, Japan’s, Tetsuji Okazaki, ”, Okazaki, Konosuke Matsushita, ___ Yuri Kageyama Organizations: TOKYO, —, Monetary Fund, Japan, University of Tokyo, Honda, Honda Motor Co, Panasonic Corp, Japan Inc Locations: — Japan, Japan, Germany, India, U.S

☆ Honda recalls 750,000 U.S. vehicles over air bag defect
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

Honda Motor Co said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during a crash. The front passenger seat weight sensor may crack and short circuit, failing to suppress the air bag as intended, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday. The recall includes certain Honda Pilot, Accord and Civic vehicles from the 2020-2022 model years, and some Honda CR-V and Passport vehicles from the 2020 and 2021 model years. Toyota Motor in December recalled 1.12 million vehicles worldwide because a short circuit in a sensor could cause air bags not to deploy as designed. Also in December, Honda recalled 4.5 million vehicles worldwide over risks of fuel pump failure, which included 2.54 million vehicles in the United States.

Persons: Honda Organizations: Honda, Honda Motor, Traffic Safety Administration, Toyota Motor Locations: Miami , Florida, United States

☆ GM, Honda begin U.S. fuel cell production in step toward replacing diesel
▼ + stars: | 2024-01-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

An employee assembles a fuel cell system in the module final assembly at Fuel Cell System Manufacturing LLC, GM and Honda's fuel cell joint venture in Brownstown, Michigan. BROWNSTOWN, Mich. – General Motors and Honda Motor have begun commercial production of hydrogen fuel cell systems in a step toward offering alternative zero-emissions solutions beyond battery-electric vehicles. The fuel cell systems are produced through a 50-50 joint venture between the automakers at an $85 million facility in suburban Detroit. The companies, which are marketing and selling products separately, are calling the "large-scale" production at the joint venture the first of its kind in the U.S. And now we can start to move it into these segments where before it wasn't really feasible," Charlie Freese, executive director of GM's "Hydrotec" fuel cell products, told CNBC during an event at the plant.

Persons: We're, Charlie Freese Organizations: Cell System Manufacturing, GM, –, Motors, Honda, Fuel Cell System, CNBC Locations: Brownstown , Michigan, BROWNSTOWN, Mich, Detroit, U.S

☆ Cramer taps Eli Lilly as a new member of the 'Magnificent Seven' if Tesla earnings falter
▼ + stars: | 2024-01-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday suggested Tesla could lose its spot in the "Magnificent Seven" megacap stocks list. If Tesla falls out of favor, he said he thinks pharmaceutical giant Eli Lilly is a solid contender to take the company's place. The other members of the Magnificent Seven include Apple , Amazon , Alphabet , Meta , Nvidia and Microsoft . "We're ready no matter what, but to ignore the decline of Tesla or the advance of Eli Lilly is to reject the facts," Cramer said. At nearly $600 billion, Eli Lilly leads the pharmaceutical industry in terms of market capitalization.

Persons: CNBC's Jim Cramer, Tesla, Eli Lilly, Cramer, FactSet, there's, Hertz, Ken Langone, Lilly Organizations: Big Tech, Apple, Nvidia, Microsoft, EV, General Motors, Honda Motor Locations: U.S

☆ 10 years in, GM CEO Mary Barra has built her legacy on change and crisis. 2024 will be no different
▼ + stars: | 2024-01-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.

Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, —, Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington

☆ 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

☆ Honda teases new EVs with futuristic 'Space-Hub' and 'Saloon' concept cars
▼ + stars: | 2024-01-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The concept models are called the "Space-Hub" and "Saloon," which the first production "Honda 0 Series" EV will be based on, according to the Japanese automaker. Honda plans to introduce the first model of the Honda 0 Series based on the Saloon concept in North America, followed by model introductions in Japan, Asia, Europe, Africa and the Middle East, and South America. Honda Space-Hub concept electric vehicle Courtesy HondaThe Saloon is a sleek, futuristic-looking vehicle that seems fit for "Tron" movies, with a large open-mouthed front-end light in neon lighting with a redesigned Honda "H" in the center. Inside, the Saloon features a minimalistic digital cockpit with a yoke steering wheel, which is similar to concept cars from other companies that have debuted at CES. Honda Saloon concept electric vehicle Courtesy HondaBoth concepts appear to be designed to feature autonomous driving capabilities: the steering yoke is able to retract into the dashboard of each.

Persons: Toshihiro Mibe, Honda Organizations: Honda, CES Locations: North America, Japan, Asia, Europe, Africa, South America

☆ Why automakers are turning to hybrids in the middle of the industry's EV transition
▼ + stars: | 2023-12-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

Sales of traditional hybrid electric vehicles, or HEVs, such as the Toyota Prius, are outpacing those of all-electric vehicles in 2023, according to Edmunds. Sales of plug-in hybrid electric vehicles, or PHEVs, accounted for only 1% of U.S. sales through November. In comparison, Ford's EV sales are up 16.2% to roughly 62,500 units, accounting for 3.5% of its total sales. Battery breakdown Both hybrids and plug-in hybrids have a traditional engine combined with EV technologies. The world's largest automaker is considered the pioneer of traditional hybrids, with the Prius.

Persons: Scott Mlyn, Biden, HEVs, EVs, There's, Jessica Caldwell, Edmunds, Morgan Stanley, Eric Watson, Jim Farley's, Jeep Wrangler, Motors, Mary Barra, It's, Mark Reuss, Stephanie Brinley, Akio Toyoda Organizations: CNBC DETROIT —, EV, Toyota Prius, Toyota, Honda Motor, Hyundai, Kia, U.S, Representatives, Kia America, CNBC, Detroit automakers, Detroit, Ford Motor, Ford, Chrysler, Jeep, Cherokee, GM, Chevrolet, Automotive Press Association, National, Traffic Safety Administration, American Automotive Policy Council, Reuters, NHTSA, P Global Mobility . Industry, EVs, Wall Street Locations: Edmunds, U.S, That's, Kia America's, China, Detroit, EVs

☆ Volkswagen becomes the latest automaker to hike wages for U.S. factory workers
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 22 (Reuters) - Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers. Japanese automakers Honda Motor (7267.T) and Toyota (7203.T) have raised wages for non-union U.S. factory workers in recent weeks amid signs that the union is turning its attention to organizing the workforce at foreign-owned and Tesla auto plants. Hyundai Motor (005380.KS) has also announced a 25% increase over the next four years for non-union production workers in Alabama and Georgia. UAW President Shawn Fain told Reuters last week that the union was getting expressions of interest in organizing from many Tesla (TSLA.O) workers.

Persons: Andrew Kelly, Shawn Fain, Elon, Mehr Bedi, Tasim Zahid Organizations: New York, REUTERS, United Auto Workers, Detroit Three automakers, UAW, Honda, Toyota, U.S, Hyundai, Reuters, Thomson Locations: Manhattan , New York City, U.S, Tennessee, Chattanooga, Alabama, Georgia, Bengaluru

☆ GM’s driverless ride heads into a ditch
▼ + stars: | 2023-11-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. Automotive giant GM acquired Cruise in 2016, subsequently bringing on investors including SoftBank’s (9984.T) Vision Fund, Honda Motor (7267.T) and Microsoft (MSFT.O). The question is whether GM’s autonomous division has enough momentum to recover from that loss. CONTEXT NEWSDaniel Kan, co-founder and chief product officer of General Motors’ autonomous taxi business Cruise, resigned from the company on Nov. 20, Reuters reported. California’s Department of Motor Vehicles suspended Cruise’s autonomous license in the state on Oct. 24, saying that the company had “misrepresented” the safety of its technology.

Persons: Elijah Nouvelage, Tesla, that’s, Cruise’s, Cruise, Kyle Vogt, Daniel Kan –, Sam Altman, Elon Musk, Mary Barra hasn’t, SoftBank, Daniel Kan, John Foley, Sharon Lam Organizations: GM Bolt, REUTERS, Reuters, General Motors, Automotive, GM, Cruise, Vision Fund, Honda, Microsoft, Uber Technologies, Ford, U.S . National, Traffic, Administration, California’s Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, San Francisco, California

Nov 20 (Reuters) - The United Auto Workers (UAW) said Monday that 64% of workers at the Detroit Three automakers voted to ratify new record contracts after a six-week targeted strike, as the union turns its attention to organizing foreign-owned and Tesla auto plants. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. In recent weeks, Hyundai Motor (005380.KS), Toyota Motor (7203.T) and Honda Motor (7267.T) have all announced they would hike U.S. factory wages after the UAW contract. Fain told Reuters last week that the UAW was getting expressions of interest in organizing from many Tesla (TSLA.O) workers. Automakers, looking to trim costs as they make the shift to electric vehicles, face higher hourly labor costs.

Persons: Shawn Fain, Fain, Joe Biden, Biden, ”, Jim Farley, Farley, Mary Barra, Gerald Johnson, Mark Stewart, David Shepardson, Chizu Nomiyama, Sriraj Kalluvila, Jonathan Oatis, Aurora Ellis Organizations: United Auto Workers, UAW, Detroit Three, Hyundai Motor, Toyota, Honda, Reuters, “, Tesla, Ford, General Motors, Thomson Locations: U.S, Washington

☆ Nissan Motor hiking wages at US auto plants after UAW deal
▼ + stars: | 2023-11-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nov 20 (Reuters) - Nissan Motor (7201.T) will hike top wages for workers at U.S. manufacturing plants by 10% in January after the United Auto Workers union reached new contracts with the Detroit Three automakers, a company spokesperson said on Monday. The Japanese automaker said the wage hike takes effect Jan. 8 for production technicians, maintenance, and tool & die technicians. Nissan said it is also eliminating wage tiers for U.S. production workers. Nissan said the pay hikes reflect its commitment to its employees in the United States "and enhancing our competitiveness." The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, David Shepardson, Franklin Paul, Grant McCool Organizations: Nissan, United Auto Workers, Detroit Three, Workers, Hyundai Motor, Toyota, Honda, UAW, Tesla, General Motors, Ford Motor, Thomson Locations: U.S, United States, Washington

☆ UAW president to vow aggressive auto plant organizing in Senate testimony
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

UAW President Shawn Fain takes the stage with Dawn Simms, UAW Local 126 Member, during a United Auto Workers (UAW) union members in Belvidere, Illinois, U.S., November 9, 2023. REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - United Auto Workers President Shawn Fain will tell a Senate Committee on Tuesday the union plans to aggressively organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers. "For decades, non-union auto companies have used fear, uncertainty, and division to break union drives in our industry," Fain will tell the Senate Health, Education, Labor and Pensions Committee, according to written testimony seen by Reuters. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The hearing will also include testimony from Teamsters President Sean O'Brien and Association of Flight Attendants President Sara Nelson.

Persons: Shawn Fain, Dawn Simms, Leah Millis, Fain, Sean O'Brien, Sara Nelson, Nelson's, Joe Biden, unionize Tesla, David Shepardson, Deepa Babington Organizations: UAW, United Auto Workers, REUTERS, Rights, U.S, Detroit Three, Health, Education, Labor, Pensions, Reuters, Hyundai, nonunion, General Motors, Ford Motor, Chrysler, Toyota, Honda, Association of Flight, Illinois, Detroit, Thomson Locations: Belvidere , Illinois, U.S, KS, Korean

☆ Hyundai to hike US hourly wages 25% by 2028 after UAW deal
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Hyundai Motor Group also plans higher wages at its electric-vehicle factory in the U.S. state of Georgia that will open in 2025. Hyundai said that wages are being raised so that the company can "remain competitive and ... recruit and retain top talent." Honda's pay hike was announced after Toyota said it was raising the wages of its nonunion U.S. factory workers. UAW workers are now in the process of voting on whether to ratify those contracts.

Persons: Andrew Kelly, Santa Cruz, Honda, Joe Biden, unionize Tesla, David Shepardson, Matthew Lewis Organizations: Hyundai Motor, New York, REUTERS, Hyundai, United Auto Workers, Detroit Three automakers, Toyota, Honda, U.S, UAW, General Motors, Ford Motor, Chrysler, Detroit, Hyundai Motor Group, Illinois, Thomson Locations: Manhattan , New York City, U.S, KS, Alabama, Korean, U.S ., Georgia, Santa Fe , Tucson, Santa, Montgomery , Alabama, Washington, Bengaluru

☆ Honda hikes production workers' pay 11% after UAW deals with Detroit Three
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay hike for production workers at its U.S. facilities from January, days after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts. Non-unionized automakers such as Honda have come under pressure to improve pay and benefits following record contracts the UAW won at the Detroit Three automakers. "Union auto workers own this victory," Biden said in a Friday post on X. Honda's pay hike comes after Toyota (7203.T) said last week it was raising the wages of its non-union U.S. factory workers. Honda had told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive.

Persons: David, Dee, Delgado, Joe Biden, Biden, carmakers Tesla, Priyamvada C, Nathan Gomes, David Shepardson, Anil D'Silva, Krishna Chandra Eluri, Aurora Ellis Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, U.S, Toyota, autoworkers, General Motors, Ford Motor, Chrysler, UAW . Union, Detroit, Tesla, Reuters, Thomson Locations: Manhattan , New York City, U.S, Illinois, America, United States

☆ UAW workers at GM's Flint plant narrowly vote against new labor deal
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook Acquire Licensing RightsNov 10 (Reuters) - United Auto Workers (UAW) union members at General Motors' (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said. In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal. The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers.

Persons: Rebecca Cook, Stellantis, Erik Gordon, Mack Trucks, Nathan Gomes, Shivansh, Sriraj Organizations: General Motors, REUTERS, United Auto Workers, UAW, U.S ., GM, Workers, Chrysler, Ford, Detroit's Big, Silverado, Detroit Three, University of Michigan, Detroit, Honda, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Flint, Michigan, Bengaluru

☆ Honda gives US production workers 11% pay hike
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay increase for production workers at its U.S. facilities from January. The company also said it would cut the time it takes for a worker to get to the top wage tier to three years from six, confirming an earlier Wall Street Journal report. The move comes as non-unionized automakers such as Honda come under pressure to improve pay and benefits following record contracts that the United Auto Workers (UAW) union won at the Detroit Three automakers. Reporting by Priyamvada C and David Shepardson; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Priyamvada C, David Shepardson, Anil D'Silva Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, Thomson Locations: Manhattan , New York City, U.S

☆ UAW Urges Honda, Subaru Workers To Join Union
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

President Biden celebrated the new labor contracts between the United Auto Workers union and the three major car companies while visiting an auto plant in Belvidere, Ill. Photo: Olivier Douliery/AFP/Getty ImagesThe United Auto Workers is mounting union-organization drives at Honda Motor and Subaru by asking workers to sign authorization cards indicating that they would like to join the union. The union on Friday posted links to social-media site X that included online forms workers at Honda and Subaru in the U.S. can fill out to express their support for UAW representation.

Persons: Biden, Olivier Douliery Organizations: United Auto Workers, Getty, Honda Motor, Subaru, Honda, UAW Locations: Belvidere , Ill, AFP, U.S

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