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The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier in the week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsThe United Auto Workers called a fresh strike at a General Motors factory in Tennessee, a surprise walkout after negotiators had been working nearly around the clock to finalize a new contract this weekend. Workers at GM’s factory in Spring Hill, Tenn., were ordered to go on strike Saturday evening, according to people with knowledge of the union’s plans. The strike came just as the UAW confirmed that it reached a tentative agreement with Chrysler parent Stellantis on a new labor contract.

Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg, General Motors, Workers, Chrysler Locations: Tennessee, GM’s, Spring Hill, Tenn

☆ EV battery plants emerge as wild card issue in UAW contract talks
▼ + stars: | 2023-07-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Multibillion-dollar EV battery plants — and their thousands of expected workers — are crucial to the automotive industry's future and uniquely positioned to have wide-ranging implications for the UAW, automakers and President Joe Biden's push toward domestic manufacturing. But UAW leadership has made it a priority to ensure a "just transition" to EVs for auto workers, including the battery plants. Michael Wayland / CNBCEither side could use the battery plants as indirect leverage in the negotiations, according to current and past negotiators from both sides of the table. At GM's Ultium battery plant in Ohio, workers make between $16 and $22 an hour with full benefits, incentives and tuition assistance. Setting a standardThe UAW last week released a white paper detailing some reported safety issues and concerns at the Ultium plant.

Persons: Motors, Steve Fecht, Joe Biden's, they're, Shawn Fain, Jerome Buckley, Michael Wayland, Mary Barra, Nic Antaya, Fain, Biden, Joe Biden, Kinethia Black, Bolt Organizations: Tech Center, General Motors DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, CNBC, EV, GM, Detroit, General Motors Factory, Getty, Ford, General Motors Orion Assembly, Chevrolet Locations: Warren , Michigan, Detroit, Ohio, Detroit , Michigan, Michigan, Orion Township , Michigan

☆ Lordstown Motors, an Electric Truck Maker, Files for Bankruptcy
▼ + stars: | 2023-06-27 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Lordstown Motors, the troubled electric pickup truck company that bought a shuttered General Motors factory in Ohio, filed for bankruptcy protection on Tuesday. Foxconn said Lordstown had breached their investment agreement because its stock had fallen below $1 a share. Lordstown said on Tuesday it had filed a lawsuit asserting that Foxconn failed to honor its agreement to invest more money into the company. Lordstown was founded in 2018 by Steve Burns, the former chief executive of another electric vehicle company called Workhorse Group. plant in Lordstown, Ohio, that had produced the Chevrolet Cruze sedan.

Persons: Donald J, Foxconn, Lordstown, Steve Burns, Trump Organizations: Motors, General Motors, Trump, Chevrolet, Twitter Locations: Ohio, Taiwan, Lordstown , Ohio

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ Here's what America's top CEOs are saying about a possible recession in 2023
▼ + stars: | 2022-12-06 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Mandel Ngan | AFP | Getty ImagesAs 2023 approaches and the prospect of a recession looms, corporate America is preparing for a slowdown in consumer spending. Here's what they said:Jamie Dimon, JPMorganwatch nowRising interest rates, record inflation, geopolitical pressure and other factors could coalesce into a recession, JPMorgan Chase CEO Jamie Dimon told CNBC. Mary Barra, GMwatch nowGeneral Motors CEO Mary Barra anticipates economic headwinds next year but is not sounding the alarms for a recession just yet. Though Walmart is still seeing strong spending, McMillon has spotted more conservative spending in certain categories like electronics and toys. "If I didn't watch CNBC in the morning – which I do – the word recession wouldn't be in my vocabulary," Kirby said.

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