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☆ These global stocks will soar on an $858 billion electric boom, Goldman says, giving one 45% upside
▼ + stars: | 2024-05-03 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

They project that 800 billion euros ($857.5 billion) will be spent on Europe's power transmission and distribution, thanks in part to "years of under-investment." Here are three of Goldman's buy-rated stocks with over 30% upside potential in the next 12 months. That gives the German stock — which is on Goldman's conviction list — about 35% potential upside. Goldman has a target price of 2,024 British pence on the stock, giving it around 42.8% upside potential. Goldman has a target price of 135 euros on the stock, giving it 45.5% upside potential.

Persons: Goldman Sachs, Goldman, Elia, — CNBC's Michael Bloom Organizations: E.on Goldman, E.on, Goldman Locations: Europe, Belgian

☆ Lithium giant Albemarle’s plans to reopen a rich mine in North Carolina will take years to complete
▼ + stars: | 2024-05-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Albemarle 's plans to reopen a resource rich lithium mine in North Carolina will take longer than originally expected as a collapse in lithium prices weighs on the company. Albemarle, a top lithium producer, had originally planned to reopen the Kings Mountain mine as early as late 2026 to increase domestic lithium production and support a U.S. electric vehicle battery supply chain. Kings Mountain could produce enough material to manufacture 1.2 million electric vehicles annually. There is currently only one operational lithium mine in the U.S. in Silver Peak, Nevada, which is owned by Albemarle. Albemarle does not have a precise date for when Kings Mountain will become operational, Norris said.

Persons: Albemarle, Eric Norris, It's, we've, Norris Organizations: CNBC, Kings Locations: North Carolina, Albemarle, U.S, Silver, , Nevada, Albemarle . Albemarle

☆ 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

☆ Ford to delay all-electric SUV to focus on offering hybrid vehicles across its lineup by 2030
▼ + stars: | 2024-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor is delaying production of a new all-electric three row SUV, as it shifts to offer hybrid options across its entire North American lineup by 2030. The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high. Ford last year said it would delay or cancel $12 billion in planned spending on new EVs due to the shifting market conditions as well as challenges to profitably building and selling the vehicles. In the first quarter of 2024, Ford's electric vehicle sales increased by 86% from subdued levels a year earlier. Hybrid sales for the automaker rose 42% year over year, while sales of Ford's traditional vehicles with internal combustion engines were up 2.6%.

Persons: Jim Farley Organizations: DETROIT, Detroit, Ford Locations: Detroit, EVs, Canada, U.S

☆ Tesla has a big competitor. And it is China’s BYD
▼ + stars: | 2024-04-03 | by ( Rosa Deacostanoya | Rosa De Acosta | ) edition.cnn.com time to read: +4 min

In 2023, Tesla sold around 230,000 more cars than BYD. That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Both Tesla and BYD are expanding beyond their home markets and investing in factories abroad. BYD sold about 3 million electric cars, including hybrids, in 2023 globally. By comparison, Tesla, which does not sell hybrids, delivered a total of 1.8 million vehicles worldwide last year, which was about 19% of the global market for BEVs.

Persons: Hong Kong CNN —, Wang Chuanfu, It’s, Murthy Grandhi, BYD, Tesla Organizations: Hong Kong CNN, Tesla, Toyota, French PSA Group, Fiat Chrysler Automobiles, Chrysler, Maserati, Peugeot, BMW, Ford, Benz, Ferrari, Yuan, Rho, BEVs Locations: China, Hong Kong, Shenzhen, London, United States, American, Shanghai, California, Canada, European

☆ Tesla’s Berlin factory comes back online as power is restored after arson attack
▼ + stars: | 2024-03-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London/Berlin CNN —Production at Tesla’s factory near Berlin is gradually resuming after the plant was reconnected to the power grid late on Monday following a week-long closure caused by an arson attack. Now production at the factory should be gradually ramped up, CNN affiliate RTL has reported. Prices in Germany for Model Y vehicles, the only cars manufactured at the factory, start at €44,990 ($49,196). That means a week of output is worth about €324 million ($354 million) in sales for Tesla. An aerial view of the Tesla car plant near Berlin on March 10, 2024.

Persons: E.DIS, ”, Tesla, Odd Andersen, ” Musk, Stephanie Halasz Organizations: Berlin CNN —, CNN, “, RTL, Elon Musk’s, Tesla, EVs, Getty, Volcano Group, Reuters Locations: Berlin, —, Europe, Germany, London

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

☆ Tesla’s giant Berlin factory without power after arsonists attack electricity supply
▼ + stars: | 2024-03-05 | by ( Olesya Dmitracova | Fred Pleitgen | ) edition.cnn.com time to read: +2 min

Berlin/London CNN —Power supply to Tesla’s factory near Berlin has been cut following an arson attack on a high-voltage electricity pylon nearby, a German official said Tuesday. “If the initial findings are confirmed, this is a perfidious attack on our electricity infrastructure. He said power supply to the Tesla plant as well as nearby villages had been cut off. German public broadcaster ZDF reported that the factory had been evacuated and its workers sent home. It is unclear if the arson attack is connected with ongoing protests against a planned expansion of the Tesla factory.

Persons: ” Michael Stuebgen, Tesla, ” Stuebgen, Elon Organizations: London CNN —, ZDF, CNN, Reuters Locations: Berlin, London, Brandenburg, —, Europe

☆ Apple dumps electric car to go big into AI. UBS says this is what Tim Cook will unveil this year
▼ + stars: | 2024-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Apple is probably shutting down its electric car project in favor of some big bets on artificial intelligence, according to UBS. AAPL YTD mountain Apple shares this year The UBS report came after Bloomberg reported on Tuesday that the iPhone maker is reportedly axing its decade-long venture to build an electric vehicle. Among the potential upcoming AI announcements, Vogt is bracing for Apple CEO Tim Cook to debut a new processor in the iPhone 16 supporting AI, and a new AI or large language model feature on the iOS 18 operating system. UBS also anticipated updates to "Siri" and "Messages" that would enable new features, such as summaries of incoming texts. There are some financial downsides to Apple in halting its car venture, Vogt said.

Persons: David Vogt, Vogt, Tim Cook, Siri, — CNBC's Michael Bloom Organizations: Apple, UBS, company's, Bloomberg

☆ Fed's favorite inflation gauge looms next week — plus, what we want from 2 portfolio earnings reports
▼ + stars: | 2024-02-24 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Wall Street returned to its winning ways this week — and Nvidia 's blowout earnings report Wednesday night was a big reason why. Twenty-six of our 32 portfolio stocks have delivered their results this earnings season (we didn't own Abbott Labs at the time of its report). It was a muted week for macroeconomic data, but we did get a slightly better-than-expected January existing home sales report on Thursday. In the week ahead, two more Club names are set to report earnings before a market-moving economic update arrives Thursday morning. The two other reports of note are the January new home sales report on Monday and ISM Manufacturing report on Friday.

Persons: Dow, we'll, bode, We're, Li Auto, Krystal, Arcutis, MARA, Iovance, Goldman Sachs BDC, CRON, BUD, Papa, LEV, Ginkgo, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nvidia, Nasdaq, Dow Jones, Dow, Palo Alto Networks, Bausch Health, Coterra Energy, Abbott, Companies, TJX, Marshalls, TJX Companies, Berkshire Hathaway, Krystal Biotech, Alpha Metallurgical Resources , Inc, Fidelity National Information Services Inc, Animal Health, ELAN, Public Service Enterprise Group, Surgery Partners, BioCryst Pharmaceuticals Inc, Outdoor Holdings, Enlight Renewable Energy Ltd, Kosmos Energy, Playtika, Video Communications, TiRobot Corp, IRB, SBAC Communications Corporation, HEICO Corporation, FS KKR, Archer Aviation Inc, TransMedics, Sterling Construction Company, AES, Cruise Line Holdings, Lowe's Companies, American Electric Power Company, Bank of Nova, APLS Pharmaceuticals, Bank of Montreal, BMO, Devon Energy, Solar Inc, Technologies, Lab, Virgin Galactic Holdings, Splunk Inc, eBay, EBAY, Luminar Technologies, Agilent Technologies, G Foods, Masimo Corp, Baidu, Parts Inc, Icahn Enterprises, Viatris Inc, ACM Research, Golden Ocean Group, EMCOR, Industries, NRG Energy, Dycom, Editas, UWM Holdings Corporation, Vistra Energy, Marathon Digital Holdings, AMC Entertainment Holdings, Paramount Global, IonQ Inc, International, HP, Monster Beverage Corporation, Cronos, Birkenstock Holding, Anheuser, Busch InBev, Body, Brink's Company, Flags Inc, Papa John's, ACI, Hormel, Lion Electric Company, BlackRock TCP, Dole plc, DOLE, Fisker Inc, Dell Technologies, Ginkgo Bioworks Holdings, Autodesk, Green Brick Partners, Hewlett Packard Enterprise, Veeva Systems, INTTEST Corporation, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: New York City, U.S, Salesforce, Maxx, Bank of Nova Scotia, BlackRock, Cayman

☆ Zero-carbon energy generated a record 41% of US power in 2023
▼ + stars: | 2024-02-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

A record amount of renewable energy, led by solar, was added to the grid. It was the opposite story for wind power. They generated a record 41% of US power in 2023. Rowlands-Rees said that falling gas prices made it the cheapest form of energy in 2023. The power sector, as recently as 2016, was the top emitter.

Persons: BloombergNEF, Tom Rowlands, Rees, BloombergNEF's, Rowlands, —, Biden, Jeannie Salo Organizations: Service, Investments, Business, Companies, Industry, Schneider Electric, Toyota Locations: China, America, Japan, Southeast Asia, Coast, New York, Massachusetts, Georgia, North Carolina, Business

BLYTHEWOOD, S.C. (AP) — Scout Motors celebrated the start of construction on its $2 billion electric SUV plant in South Carolina on Thursday not with a line of people in suits with shovels but with a nod to the company's gasoline-powered past. People are leaving the Rust Belt and the snow and want to come here where there's economic freedom,” Republican South Carolina Gov. Scout Motors made gasoline-powered vehicles for about 20 years when it was owned by International Harvester. The Volkswagen-owned Scout Motors enters a growing, but uncertain U.S. market. But you have to plan without those things,” Scout Motors CEO Scott Keogh said.

Persons: ”, Christian Vollmer, Henry McMaster, Scott Keogh, Keogh Organizations: — Scout Motors, Scout, Fort Wayne , Indiana —, Volkswagen, South, Scout Motors, BMW, Volvo, Southeast ., Republican South Carolina Gov, International Harvester, Scouts, Republican, ” Scout Motors Locations: South Carolina, Fort Wayne , Indiana, Blythewood , South Carolina, Columbia, Greer, Charleston, Southeast

☆ Red states are big winners of Biden’s landmark laws
▼ + stars: | 2024-02-14 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Fitch defined red states as those that voted for former President Donald Trump in 2020 by more than three percentage points. “The reality is manufacturing was migrating to those states even before the CHIPS Act and the IRA. Relative to the size of their state economies, Arizona, Idaho and West Virginia are the biggest winners from the IRA and CHIPS Act investments, according to Fitch. New York leads blue state winnersNone of this is to say blue states aren’t benefiting from the IRA and the CHIPS Act. Micron cited the tax credits in the CHIPS Act as well as incentives provided by New York state aimed at luring semiconductor companies.

Persons: Joe Biden, Biden, Fitch, Donald Trump, Olu Sonola, Sonola, ‘, ” Natalie Quillian, “, ”, Lauren Boebert, Quillian Organizations: New, New York CNN, Redwood Materials, Redwood, America’s, IRA, Republican, CNN, Fitch, Trump, Micron, White House, White, Lonestar, Samsung, Intel, IBM, Central, “, CS, Colorado Republican Locations: New York, South Carolina, Arizona, Georgia, Nevada , North Carolina , Michigan, Pennsylvania, Wisconsin, Idaho, Boise, America, Texas, Taylor , Texas, Austin, Russia, Canada, Arizona , Idaho, West Virginia, Chandler , Arizona, “ Arizona, . New York, Hudson Valley, Central New York, “ New York, Colorado, Pueblo , Colorado

☆ Tesla Recalls About 2.2 Million Electric Vehicles Over Warning Light Font Size
▼ + stars: | 2024-02-02 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

Tesla is recalling about 2.2 million vehicles because the font on the warning lights panel was too small to comply with safety standards, the National Highway Traffic Safety Administration said in a notice published on Friday. “Warning lights with a smaller font size can make critical safety information on the instrument panel difficult to read, increasing the risk of a crash,” the agency said in the notice. Tesla, the world’s dominant maker of electric vehicles, is releasing a software update that will fix the issue, free of charge, the National Highway Traffic Safety Administration said. The models affected include the 2012 to 2023 Model S, the 2016 to 2024 Model X, the 2017 to 2023 Model 3, 2019 to 2024 Model Y, and 2024 Cybertruck vehicles. That recall covered nearly all cars the company had manufactured in the United States since 2012.

Persons: Tesla Organizations: Traffic Safety Administration, U.S Locations: United States

☆ U.S. auto safety agency upgrades probe into Tesla power steering loss
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +4 min

U.S. safety regulators have upgraded their probe into Tesla vehicles over power steering loss to an engineering analysis - a required step before the agency could demand a potential recall. The National Highway Traffic Safety Administration (NHTSA) on Friday said the investigation covers about 334,000 Model 3 and Model Y vehicles from the 2023 model year. Some drivers reported harrowing tales of sudden power steering outages at speeds that nearly caused accidents. Some Tesla owners reported an inability to turn the steering wheel while others reported an increase in required effort. The latest recall includes vehicles across Tesla's various models, including the Model S, Model X, 2017-2023 Model 3, Model Y and 2024 Cybertruck vehicles, the NHTSA said.

Persons: Tesla, couldn't, NHTSA's, Sophie Shulman, Tesla's Cybertruck Organizations: Tesla, Traffic Safety Administration, Reuters, NHTSA, Consumer Locations: Encinitas , California, U.S, United States

☆ Toyota is still No.1 but recalls and certification scandals add to list of problems
▼ + stars: | 2024-01-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

The Japanese manufacturer said Tuesday it had sold a record 11.2 million vehicles worldwide in 2023, including its Daihatsu and Hino lineups. By comparison, Volkswagen Group announced earlier this month that it had delivered 9.2 million vehicles last year, up 12% compared to 2022. Volkswagen later gained on the Japanese company, unseating Toyota in 2017. That compared with 104,000 battery-powered vehicles sold by Toyota, which has long lagged behind in the global EV race. The company, which is a leader of hybrid cars, sold 3.7 million electric vehicles total in 2023 when including hybrids.

Persons: Hong Kong CNN —, ” Toyota, Toyota, BYD, Warren Buffett, Tesla Organizations: Hong Kong CNN, Hong Kong CNN — Toyota, Volkswagen, Toyota, Daihatsu, Hino, Volkswagen Group, General Motors, Toyota Industries, Cruiser Locations: Hong Kong, Japan, United States, Europe, North America, China

☆ Truck Makers Team Up to Push for Electric Vehicle Chargers
▼ + stars: | 2024-01-30 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

There are more than four million electric vehicles on American roads, but fewer than 1,000 of them are heavy-duty trucks. On Tuesday, the three largest truck makers plan to announce a push to remedy that deficit by calling on governments and utilities to help them build many more places to charge big rigs. Daimler Truck, which owns Freightliner; Navistar, which is controlled by Volkswagen; and Volvo Trucks have formed an association to push for chargers, improvements to the electricity grid and other measures they say are needed to promote battery- or hydrogen-powered trucks. The new organization, Powering America’s Commercial Transportation, will be based in Washington and also be open to suppliers, nonprofit organizations and other groups. The Inflation Reduction Act, which Democrats passed in 2022, provides $1 billion for electric trucks, including tax credits of up to $40,000 for companies that buy them, as well as subsidies for charging infrastructure.

Organizations: Daimler, Freightliner, Volkswagen, Volvo Trucks, Transportation Locations: Washington

☆ Hybrid Cars Enjoy a Renaissance as All-Electric Sales Slow
▼ + stars: | 2024-01-17 | by ( Lawrence Ulrich | ) www.nytimes.com time to read: +1 min

As Teslas and other electric vehicles dazzled car buyers with futuristic technology and dreams of a gasoline-free future, hybrid cars began to seem like yesterday’s news. Now, a slowdown in the growth of electric car sales has led General Motors, Ford Motor and Volkswagen to walk back ambitious targets for those vehicles. “Consumers want the same experience they’ve had” with a combustion engine car, said Stephanie Valdez Streaty, director of industry insights for Cox Automotive. But hybrid sales rose even faster, up 65 percent to more than 1.2 million, lifting their market share to 8 percent from 5.5 percent, according to Edmunds. Throw in plug-in hybrids, and nearly one in 10 new cars pairs a gasoline engine with electric motors to save fuel and boost performance.

Persons: they’re, they’ve, Stephanie Valdez Streaty, Price, Cox, Edmunds Organizations: Toyota Prius, Motors, Ford Motor, Volkswagen, Cox Automotive

☆ Tesla reported 485,000 deliveries for the fourth quarter, bringing 2023 total to 1.8 million
▼ + stars: | 2024-01-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Here are the key numbers: Total deliveries Q4 2023: 484,507Total production Q4 2023: 494,989Total annual deliveries 2023: 1,808,581Total annual production 2023: 1,845,985 In 2022, the Elon Musk-led automaker reported annual deliveries of 1.31 million and production of 1.37 million electric vehicles. In its last earnings call in October 2023, Tesla execs offered guidance that the company would notch at least 1.8 million deliveries for the full year, a number they had revised down from a 2 million goal earlier. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla does not break out delivery and production numbers by individual model but reported combined numbers of: Tesla produced 476,777 Model 3 and Model Y vehicles during the quarter and reported 461,538 deliveries for these models. In the last quarter of 2023, Tesla sold its refreshed, or Highland, version of the entry-level Model 3 sedan in some markets.

Persons: Tesla, StreetAccount, Aly Song, Musk Organizations: Elon, Analysts, Tesla Locations: Tesla China, Shanghai, China, U.S

☆ Teslas are the only EVs taking off in America: Mazda CEO
▼ + stars: | 2023-11-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Masahiro Moro told Fortune that EVs other than Tesla are "not taking off" in the US. EVs face a reckoning amid slowing demand with auto companies cutting spending and reducing targets. AdvertisementMazda's CEO has said that Tesla is the only company seeing real success in a fragile EV landscape, with other electric cars "not taking off." Other EVs are not taking off, inventory is piling up," he said. It recently killed off its only EV sold in the US, the Mazda MX-30, after reportedly selling just 66 of them this year .

Persons: Masahiro Moro, Fortune, Elon Musk's, —, Tesla, Elon, Ford, Moro Organizations: Service, US, Ford, General Motors, Mazda, EV, Atlas Public

☆ 3 reasons why electric cars will soon get a lot cheaper
▼ + stars: | 2023-11-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +7 min

Some automakers are slowing down EV production, saying electric vehicles are too expensive. Auto execs have pointed to high prices as a big reason why demand for electric cars has slumped this year. AdvertisementHere's three reasons why electric cars are getting more affordable. Cheaper battery packsBy far the most expensive part of any EV is the battery, and spiking battery prices have hit automakers hard. "You have to get to a certain scale to really start to make money on electric cars and for the costs to go down," Valdez Streaty said.

Persons: —, Kelley, Tesla, Goldman Sachs, EVs, David Browne, Patrick T, Fallon, Browne, Matthias Preindl, Stephanie Valdez Streaty, it's, Valdez Streaty, Elon, you've Organizations: Service, Ford, General Motors, EV, Atlas Public, EVs, Bloomberg, Department of Energy, Smart, Toyota, Manufacturers, ICE, Columbia University, Smith, Cox, Chicago Tribune, Getty Locations: China, Germany, Los Angeles

They said some battery operators are already supplying back-up power to grids at a price competitive with gas power plants, meaning gas will be used less. British independent Carlton Power dropped plans for an 800 million pound ($997 million) gas power plant in Manchester, northern England, in 2016. MODELS UNDER SCRUTINYDevelopers can no longer use financial modelling that assumes gas power plants are used constantly throughout their 20-year-plus lifetime, analysts said. Many countries world-wide, but especially in Europe, provide payments for standby power plants through capacity markets. In Europe, 40 million electric vehicles are expected by 2030, capable of displacing around one third of the region's gas power capacity, according to Kaluza.

Persons: Andrew Boyers, Carlton Power, Keith Clarke, Clarke, Carlton, Nigel Scott, Banks, Simon Virley, Helen Sanders, Sanders, Carlton's Clarke, Sarah McFarlane, Susanna Twidale, Simon Webb, Barbara Lewis Organizations: REUTERS, U.S, Global Energy Monitor, Power Ventures, Carlton, Carlton Power, Reuters, Sumitomo Mitsui Banking Corporation, Investors, Electricity, KPMG, Union, Octopus Energy, Thomson Locations: Finedon, Britain, Europe, United States, New Jersey, Manchester, England, London

☆ Ford battery plant is back on track but scaled down
▼ + stars: | 2023-11-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Ford has restarted work on an electric vehicle battery plant in Michigan, but the plant will be smaller than was originally planned. Last month, Ford had laid off some workers building the F-150 Lightning electric pickup truck. By producing batteries in the United States, the plant should help Ford to take advantage of EV tax credits tied, in part, to domestic battery manufacturing. Ford is also building two battery plants in Kentucky and Tennessee. Ford has said it plans to be able to produce two million electric vehicles globally by late 2026.

Persons: CNN — Ford, Ford, ” Ford, General Motors, CATL Organizations: CNN, United Auto Workers, General, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, United States, Kentucky, Tennessee, South Korea

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook//File Photo Acquire Licensing RightsDETROIT, Nov 16 (Reuters) - General Motors' (GM.N) tentative labor deal with the United Auto Workers (UAW) union has clinched ratification, making its workers the first of those at the Detroit Three automakers to approve the agreement. The UAW's GM vote tracking site shows approval of the contract leading by a 55% to 45% margin with nearly 36,000 workers having cast votes out of about 46,000 UAW-represented GM workers. Currently, about 67% of Ford workers who have voted are in favor of the UAW deal, and about 66% of Stellantis workers have so far voted in favor, according to UAW figures. Ford voting is scheduled to finish on Friday, while Stellantis is set to close next Tuesday.

Persons: Rebecca Cook, Stellantis, Tesla, David Shepardson, Ben Klayman, Lisa Shumaker Organizations: General Motors, REUTERS, Rights DETROIT, United Auto Workers, UAW, Detroit Three, Ford, Chrysler, GM, Detroit, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Detroit, Fairfax , Kansas, Orion , Michigan, Michigan, Washington

☆ GM's labor deal with UAW union on verge of ratification
▼ + stars: | 2023-11-15 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 15 (Reuters) - General Motors' (GM.N) tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Currently, about 66% of Ford workers who have voted are in favor of the UAW deal, and about 72% of Stellantis workers have so far voted in favor, according to UAW figures.

Persons: Rebecca Cook, Stellantis, Tesla, David Shepardson, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, United Auto Workers, UAW, Detroit, Detroit Three, Ford, GM's, GM, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Arlington, Fort Wayne , Indiana, , Missouri, GM's Lansing Grand, Lansing Delta, Detroit, Fairfax , Kansas, Orion , Michigan, Lockport , New York, Michigan, Washington

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