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☆ Few Chinese Electric Cars Are Sold in U.S., but Industry Fears a Flood
▼ + stars: | 2024-05-15 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

The Biden administration’s new tariffs on Chinese electric vehicles won’t have a huge immediate impact on American consumers or the car market because very few such cars are sold in the United States. But the decision reflects deep concern within the American automotive industry, which has grown increasingly worried about China’s ability to churn out cheap electric vehicles. “Today’s announcement is a necessary response to combat the Chinese government’s unfair trade practices that endanger the future of our auto industry,” Senator Gary Peters, a Michigan Democrat, said in a statement. The tariff on electric vehicles made in China was quadrupled from 25 percent. Chinese lithium-ion batteries for electric cars will now face a 25 percent tariff, up from 7.5 percent.

Persons: Biden, “, Gary Peters, ” Organizations: Biden, Michigan Democrat Locations: United States, China, Michigan

☆ Buick, GM’s low-key pseudo-luxury brand, is suddenly hot
▼ + stars: | 2024-04-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

In the 21st Century, though, Buick, which celebrates its 125th anniversary this year, has been a quiet spot in GM’s North American brand strategy. Last year, Buick sales rose more than 60% in the US compared to 2022. The Buick Envista introduced last summer is, essentially, a modified version of the well-received Chevrolet Trax, GM’s cheapest crossover SUV. The 1938 Buick Y Job is generally considered the auto industry's first "concept car." Last year, Avenir models, which get some fancier interior materials, more features, and distinctive paint colors, made up almost a third of Buick sales, the highest levels yet, Aldred said.

Persons: Louis Chevrolet, “, it’s, ”, Ivan Drury, Jason Barlow, Envista, Bob Boniface ,, Duncan Aldred, Drury, It’s, Buick, that’s, Aldred Organizations: CNN, Buick, GM, Riviera, Chevrolet Trax, GMC, Chevy, Cox Automotive, Cadillac, General Motors, Liverpool Locations: GM’s, China, the, America, Europe

☆ 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

☆ Hike tariffs on Chinese EVs, Senate Democrats urge Biden administration
▼ + stars: | 2024-03-08 | by ( ) www.cnbc.com time to read: +1 min

Three Senate Democrats from auto manufacturing states on Thursday urged the Biden administration to hike import tariffs on Chinese electric vehicles to address national security risks, the latest push by lawmakers to protect the U.S. auto sector. Three Senate Democrats from auto manufacturing states on Thursday urged the Biden administration to hike import tariffs on Chinese electric vehicles to address national security risks, the latest push by lawmakers to protect the U.S. auto sector. "Artificially low-priced Chinese EVs flooding the U.S. would cost thousands of American jobs and endanger the survival of the U.S. automotive industry as a whole." Auto industry officials told Reuters last month Biden is considering hiking tariffs on Chinese EVs and the letter is the latest in growing pressure on the White House to take further steps to prevent Chinese vehicle imports. The senators also asked Commerce to focus on the threat from potential imports of "highly connected Chinese vehicles and high-risk China-controlled connected and autonomous technologies."

Persons: Biden, Gary Peters, Debbie Stabenow of, Sherrod Brown, Gina Raimondo, Katherine Tai, USTR Organizations: Reuters, Auto, . Trade, Commerce Locations: U.S, Debbie Stabenow of Michigan, Sherrod Brown of Ohio, China

☆ 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

☆ Tesla downshifts out of ludicrous mode
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The Model Y maker’s gross and operating profit margins were once the envy of the entire American automotive industry. As Tesla began rolling more vehicles off the production line than it could sell, however, Musk repeatedly offered discounts to rev demand. Even setting aside tough financial comparisons because of the factory shutdowns needed to retool its best-selling vehicles, progress has been sluggish. Tesla’s gross margin at its core automotive business, adjusting for regulatory credits, has fallen nearly in half, to 16.3%, according to the latest quarterly results released on Wednesday. Tesla sold just a hair under half of all U.S. battery-powered rides in the third quarter, according to Cox Automotive, down from 75% in early 2022.

Persons: BYD, Elon Musk, Tesla, Musk, they’re, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, U.S, HK, General Motors, Ford, Cox Automotive, Reuters Graphics, Thomson Locations: Detroit, United States, China, Shanghai

☆ Ford says US fuel economy plan would cause automaker 'economic hardship'
▼ + stars: | 2023-10-18 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Oct 18 (Reuters) - Ford Motor Co (F.N) said on Wednesday a proposal by President Joe Biden's administration to hike vehicle fuel economy standards through 2032 threatens to cause "substantial economic hardship" for the No. The agency made the proposal as Biden's administration seeks to cut greenhouse gas emissions to combat climate change and to reduce fuel use. The proposal would result in a fleet-wide average fuel efficiency of 58 miles (93 km) per gallon. "We see substantial risk of unprecedented civil penalties in the CAFE program," Ford said. It added that its proposal "is focused on saving Americans money at the gas pump and strengthening American energy independence."

Persons: Joe Biden's, Ford, Tesla, David Shepardson, Will Dunham Organizations: Ford Motor, NHTSA, American Automotive Policy Council, Detroit Three, Ford, General Motors, Chrysler, U.S, Reuters, Thomson Locations: U.S

☆ Tesla urges US to adopt much tougher fuel efficiency rules
▼ + stars: | 2023-10-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Victoria Klesty/File Photo Acquire Licensing RightsWASHINGTON, Oct 17 (Reuters) - Electric vehicle manufacturer Tesla (TSLA.O) on Tuesday urged the Biden administration to finalize much tougher fuel economy standards through 2032 than U.S. regulators have proposed. The National Highway Traffic Safety Administration (NHTSA) in July proposed raising Corporate Average Fuel Economy (CAFE) car requirements by 2% and by 4% for trucks and SUVs annually between 2027 and 2032. The NHTSA's proposal would result in a fleet-wide average fuel efficiency of 58 miles (93 km) per gallon by 2032. On Monday a group representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and nearly all other major automakers sharply criticized NHTSA's proposal, saying it is unreasonable and requested significant revisions. U.S. automakers separately have warned the fines would cost GM $6.5 billion, Stellantis $3.1 billion and Ford $1 billion, citing NHTSA's projections.

Persons: Biden, Tesla, David Shepardson, Jason Neely Organizations: REUTERS, Rights, Traffic Safety Administration, General Motors, Toyota, Volkswagen, American Automotive Policy Council, Detroit Three, NHTSA, Ford, GM, Chrysler, Alliance, Automotive Innovation, U.S, Energy, Thomson Locations: Oslo, Norway, Victoria, NHTSA's

☆ Automakers blast US plan to hike fuel efficiency rules
▼ + stars: | 2023-10-16 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Alliance for Automotive Innovation said the National Highway Traffic Safety Administration's (NHTSA) Corporate Average Fuel Economy (CAFE) proposal was unreasonable and requested significant revisions. The auto alliance said last month automakers would face more than $14 billion in non-compliance penalties between 2027 and 2032. Automakers also raised alarm at the Energy Department's proposal to significantly revise how it calculates the petroleum-equivalent fuel economy rating for EVs in NHTSA's CAFE program, saying it would "devalue the fuel economy of electric vehicles by 72%." GM said on Monday it could support NHTSA's proposal if the Energy Department rescinded its petroleum-equivalent proposal. Automakers and the United Auto Workers union have previously also complained parallel rules proposed by the Environmental Protection Agency are not feasible and should be significantly softened.

Persons: Jorge Duenes, Biden, David Shepardson, Jamie Freed Organizations: Toyota Motor Manufacturing, REUTERS, Rights, General Motors, Toyota, Volkswagen, Alliance, Automotive Innovation, NHTSA, American Automotive Policy Council, Detroit Three, Ford, GM, Chrysler, U.S, Energy, Energy Department, Subaru, United Auto Workers, Environmental Protection Agency, Thomson Locations: Baja California, Tijuana, Mexico, NHTSA's, KS

☆ In rare move, Ford chairman calls on UAW to make a deal and end 'acrimonious' talks
▼ + stars: | 2023-10-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford, who has been a part of UAW negotiations since 1982, pleaded with union members and leaders to work with the company, instead of against it, to reach a tentative deal to "end to this acrimonious round of talks." Such comments by the great-grandson of company founder Henry Ford are uncharacteristic during contract talks with UAW. Ford, ahead of speaking on stage, told reporters he wanted to "elevate" the conversation about the contract negotiations. This should not be Ford versus the UAW," Ford said. "It should be Ford and the UAW vs. Toyota and Honda, Tesla, and all the Chinese companies that want to enter our home."

Persons: Bill Ford, Ford, Henry Ford Organizations: Ford Motor, United Auto Workers, UAW, Ford, Toyota, Honda Locations: Mich, Detroit

☆ GM, Stellantis face $9.5 bln in US fuel economy fines -industry group letter
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The American Automotive Policy Council, representing GM, Stellantis and Ford Motor (F.N), said in a letter to the U.S. Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements are "alarming." DOE wants to significantly revise how it calculates the petroleum-equivalent fuel economy rating for EVs in NHTSA's CAFE program. A group representing nearly all major automakers said last week the industry as a whole could face $14 billion in CAFE fines. Automakers buy credits or pay fines if they cannot meet CAFE requirements. In June, Reuters first reported Stellantis and GM paid a total of $363 million in CAFE fines for failing to meet U.S. fuel economy requirements for prior model years.

Persons: Gonzalo Fuentes, Joe Biden's, Ford, David Shepardson, Jonathan Oatis, David Gregorio 私たち Organizations: REUTERS, Rights, General Motors, Chrysler, Reuters, The American Automotive Policy, GM, Ford, U.S . Energy Department, Energy Department, DOE, U.S, Detroit, Traffic Safety Administration, Detroit Three Locations: Velizy, Villacoublay, Paris, France, NHTSA's

Those smaller suppliers have only recently recovered from the shocks of the Covid-19 pandemic and the resulting global shortage of semiconductors. Now, they're coming under pressure to increase their own workers' wages — in an environment where higher interest rates have made it more costly to borrow money — and staring down the threat of ongoing auto workers' strikes. Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. Supplier layoffsIn the face of prolonged strikes, some smaller suppliers are already cutting workers or announcing plans to do so. Michael B. Thomas | Getty ImagesAs of Tuesday, two additional Detroit-area auto suppliers had already filed notices of potential layoffs with the state of Michigan.

Persons: Bill Pugliano, Patrick T, Fallon, Dennis Devaney, Devaney, Joe Biden, Matthew Hatcher, MEMA, Biden, Michael B, Thomas, Mary Barra, We've Organizations: United Auto Workers, Getty, Ford Motor, General Motors, U.S . automakers, American Automotive, Council, UAW, Chrysler, Parts Distribution, AFP, GM, Ford, National Labor Relations Board, Equipment Manufacturers Association, White House, Plant, Small Business Administration, LM Manufacturing, Ford Bronco, Manufacturing, Canadian, Magna International, Union, General Motors Wentzville, CIE, Spain's CIE Automotive, Eagle Industries, CNBC, Publicly Locations: Auburn Hills , Michigan, Chrysler Los, Ontario , California, Detroit, Covid, Michigan, Wayne , Michigan, U.S, Wentzville , Missouri

☆ 'Just shut your mouth:' Populist Republicans back UAW workers' demands while slamming union leadership
▼ + stars: | 2023-09-26 | by ( Bryan Metzger | Nora Naughton | ) www.businessinsider.com time to read: +11 min

Hawley and Vance support striking auto workers, but they're not on the same page as union leadership. AdvertisementAdvertisementAs strikes at auto manufacturing plants continue across the country, some populist-minded Republicans are breaking from their party's long-standing orthodoxies and backing the United Auto Workers' demands. Last week, Fain even slammed Donald Trump as part of the "billionaire class" following the news that the former president would address union workers in Michigan this week. So far, the only company that has figured out how to squeeze consistent profits out of electric cars is Tesla, which does not use more union labor. The union is now aiming to rebuild its reputation and influence in automotive labor and the labor movement writ large.

Persons: Hawley, Vance, they're, It's, —, what's, Sen, JD Vance, Ohio, Josh Hawley, Biden, Shawn Fain, They've, Fain, Donald Trump, Sherrod Brown, Brown, we've, Detroit's Ford, Matt Wegener, Wegener, EVs, Charmonique Demings, Trump —, Trump Organizations: PRO, Service, United Auto Workers, Republicans, UAW, GM, Stellantis, Biden's, Democrat, Michigan Assembly, Ford's Michigan, Trump, US, Detroit —, National Labor Relations Board, Supreme, Bloomberg, Biden, Battery, EV, Volkswagen, Tesla, Republican, Ford, Democratic, Democratic Party, American Locations: Josh Hawley of Missouri, China, Wentzville , Missouri, Michigan, Ohio, Detroit, Trump's Michigan, States, Mexico, Canada, Missouri

☆ Rivian’s CEO created buzzy, outdoorsy EVs. Now big automakers are coming after it
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. Jamie Kelter Davis/Bloomberg/Getty ImagesEver since he was a child growing up in Melbourne, Florida, Scaringe wanted to start his own car company. At the time, the idea of starting a car company seemed very farfetched. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child.

☆ Rivian’s founder had an early advantage with his electric truck. Now rivals GM and Ford are closing in
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. A Rivian R1T pickup truck at the company's manufacturing facility in Normal, Illinois. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child. In 2021, Ford revealed the F-150 Lightning electric truck, which went into production this year.

☆ Want a 'short term defensive move' with up to 5% return? Buy this fund, says strategist
▼ + stars: | 2022-10-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

I personally like short-dated corporate bonds, which are yielding close to 5%," he told CNBC's "Street Signs Asia" on Monday. "[It] would be a very quick, convenient way to diversify your money over a wide range of highly-rated corporate bonds. And that way, it's … a short term defensive move. The ETF's 12-month trailing yield – the yield investors receive if they held the fund for the last 12 months – is at 3.07%. Stock picks If investors are still interested in stocks, Dietze says that some energy and cyclical stocks still looked appealing.

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