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☆ Warren Buffett's Berkshire Hathaway makes interesting bet on these homebuilders
▼ + stars: | 2023-08-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway bought shares of a few homebuilders in the last quarter, a new regulatory filing revealed. Horton shares, $70 million worth of NVR shares as well as $17.2 million worth of Lennar in the second quarter, the filing showed. These stakes are relatively small for Berkshire, whose equity portfolio is worth nearly $350 billion. Top holdings Berkshire shares just hit a record high last week on the back of strong second-quarter results. Also during the second quarter, Berkshire added to its relatively new stake in Capital One Financial , bringing it to nearly $1.4 billion.

Persons: Warren, Berkshire Hathaway, Horton, Todd Combs, Ted Weschler, Benjamin Moore Organizations: Berkshire, Clayton Homes, Apple, American Express, Bank of America, Capital, General Motors, Chevrolet, GMC Locations: Omaha, Berkshire, McLean , Virginia

Just as important will be persuading people like Mr. Marohn that electric cars, renewable energy and electric heaters and stoves are practical, economical and exciting. Many, conservatives in particular, chafe at the prospect of the government forcing them to buy electric cars or ditch their natural gas appliances, polls show. By The New York TimesA clean energy future will require painstaking and individually tailored persuasion campaigns. “Even if some of them deny the science of climate change, they can’t deny good-paying jobs,” he said. “I just want to change the perception that electric cars are not as good as big, noisy muscle cars,” Mr. Lawson said.

Persons: Mikey Marohn, “, ”, Marohn, Alicia Cox, Cox, , chafe, Jesus, Ms, ” “, Jae Landreth, “ That’s, “ Nobody’s, Mr, Landreth, Phil Collins, Rob Leach, Leach, ‘, “ I’ve, Jack Conness, Biden, Jennifer Granholm, Granholm, Vladimir V, Putin, Sue Burns, Burns, Marjorie Taylor Greene, William Turner, didn’t “, Jason Walsh, Walsh, Tia Williams, Ms . Granholm, ” Ms, Williams, Joe Wilson, ” “ Didn’t, Roy Cooper of, Cooper, Patrick Lawson, Ford, Lawson, Lawson’s, Susan Lawson, Cheryl, Tesla, They’re, Kent Wheeler, “ It’s, ’, Josh Hermes, Paul Rosenzweig, Rosenzweig, Mary T, Barra, ” Kenneth Boswell, Quinton Lucas, Lucas, ” Mr Organizations: Clean, Biden, General Motors, nonbelievers, Republican, Pew, The New York Times, Pew Research Center, Toyota, Clean Energy Manufacturing, Energy Innovation, Trump, Trump Biden, Savings, Yale, Pontiac, BlueGreen Alliance, Democratic, Georgia Institute of Technology, Mr, Republicans, Flex, Gov, Northern Arapaho Tribe, Tesla, Rocky Mountain Rebels, Elks, Wild West EV, Polaris, Northern Arapaho, Chevy Silverado, Mercedes, Benz, Alabama Department of Economic and Community Affairs, Kansas City, Fire Department Locations: Teton, Wyoming, Yellowstone, Baldwin City, Kan, Kansas City, G.O.P, Counties, Russia, Memphis, South Carolina, Georgia, Tennessee, Murfreesboro, Tenn, Dalton, Ga, Roy Cooper of North Carolina, Riverton, Jackson, Minnesota, Louisiana, Alabama, Missouri, Quinton Lucas , Kansas, Kansas

☆ Here's a first look at GM's new all-electric Cadillac Escalade IQ, starting at $130,000
▼ + stars: | 2023-08-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

GM President Mark Reuss during the reveal of the all-electric 2025 Cadillac Escalade IQ on Aug. 9, 2023 in New York City. Michael Wayland / CNBCThe Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. 'It's American luxury'The Escalade IQ features a much smoother, more aerodynamic exterior than the current Escalade, with overall styling more similar to Cadillac's current EVs than its gas- and diesel-powered siblings. Powerful, fast chargingThe Escalade IQ will feature up to 750 horsepower and 785 pound-feet of torque with a performance "Velocity Max" mode. The Escalade IQ features a host of standard safety and convenience features, including GM's Super Cruise hands-free highway driving system and an available 40-speaker KG audio system.

Persons: Cadillac Escalade, Mark Reuss, Michael Wayland, It's, Reuss, haven't, Michael Simcoe, Tyson Jominy, Escalade, Mandi Damman Organizations: Cadillac, Motors, Detroit, GM, EV, CNBC, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC Locations: New York City, Detroit, Texas

☆ Electric Cadillac Escalade has 750 horsepower and can crab walk
▼ + stars: | 2023-08-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —The new all-electric Cadillac Escalade IQ shares virtually nothing with the boxy gas-powered Escalade, but it’s possibly the most important flag-bearer yet for the automaker’s transition to electric vehicles. So the new Escalade IQ has flashy light displays and electric motors able to produce a total of 750 horsepower. CadillacWhen it goes on sale next year, the Escalade IQ will be one of Cadillac’s most expensive models. Prices for the gas-powered Cadillac Escalade start at about $81,000, with the average one sold last year going for about $109,000 according to Edmunds.com. GM claims that the Cadillac Escalade IQ is the most aerodynamic large SUV the company has ever produced.

Persons: John Roth GM’s, Cadillac, ”, it’s, Mandi Damman Organizations: CNN, General Motors, GM, EV, Silverado EV, GMC, Hummer, Chevrolet Silverado, Insurance Institute for Highway Safety, Cadillac, GM’s Locations: Detroit, Hamtramck , Michigan

☆ Electric Cadillac Escalade to test GM's EV strategy, cash machine
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. The automaker plans to initially sell the new electric Escalade IQ alongside the current traditional models. A close-up of the illuminated front end of the electric Cadillac Escalade IQ, including a black crystal shield badge. CadillacA teaser video released by GM of the Escalade IQ appears to have more design elements similar to the automaker's Cadillac Lyriq and Cadillac Celestiq than the traditional Escalade. The first-generation Cadillac Escalade was produced from 1998 through 2000 by General Motors.

Persons: Escalade, Mary Barra, It's, Tyson Jominy, John Roth, Roth, Edmunds, Michael Simcoe, Steve Fecht, Rory Harvey, Wayne Cherry Organizations: Motors, GM, General Motors, Cadillac, CNBC, U.S, Auto, Benz, Ferrari, Lamborghini, Cadillac's, GM Tech Center, General Motors GM, GM North America, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC, ICE Locations: New York City, Cadillac's U.S, U.S, Warren , Michigan, Detroit, Texas, Simcoe

☆ G.M. Will Add Backup Power Function to Its Electric Vehicles
▼ + stars: | 2023-08-08 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

General Motors said Tuesday that it planned to equip all its electric cars and trucks with the capability to act as backup power supplies during blackouts. The decision to install two-way charging technology in Chevrolet, Cadillac and GMC electric cars and trucks, enabling them to power homes in an emergency, shows how carmakers are marketing the vehicles as not just cleaner than their gasoline counterparts, but also more practical. The technology will begin appearing in vehicles this year, including an electric version of the Silverado pickup and an electric Cadillac Escalade, which G.M. electric vehicles will have what is known as vehicle-to-home technology, the company said. planned to discontinue the compact car but reversed the decision last month after people complained about the disappearance of one of the most affordable electric vehicles.

Persons: Motors, G.M Organizations: Chevrolet, Cadillac, GMC, Silverado

☆ Drivers Frustrated With Their Cars Door Handles, Screens, Other Tech
▼ + stars: | 2023-08-07 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +4 min

The auto research firm JD Power assessed dozens of vehicle brands for its latest quality study. The overall quality of new vehicles is deteriorating and nagging problems are on the rise, according to a new study from JD Power. "The basic touch point of door handles is now a percolating problem area as manufacturers attempt to redesign them," JD Power said. JD Power assigned a score to each auto brand based on problems per 100 vehicles, and calculated an industry average of 192 problems per 100 vehicles (PP100), up from 180 in 2022. In terms of vehicles themselves, the Nissan Maxima had the highest initial quality overall, with 106 problems per 100 vehicles, according to the survey.

Persons: Tesla, Dodge, Frank Hanley, Power, JD Power, Ram, Alfa Romeo, Polestar Organizations: JD Power, Fiat Chrysler, French PSA Group, Buick, Chevrolet, Volvo, Chrysler, Volkswagen, Nissan, JD, Dodge, Romeo, GMC, Porsche, Kia, Lexus, Maserati, Hyundai, Honda, BMW, Mitsubishi, Toyota, Ford, Benz, Rover, Mazda, Acura, Lincoln

☆ What happened to Jeep? The mother of all SUVs has lost its edge as sales fall and cars pile up on dealer lots
▼ + stars: | 2023-08-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: 1 min

And Jeep has more inventory sitting on lots right now than many of its peers. JeepWhile competing automakers are operating rather lean and intentionally keeping lighter levels of supply at dealerships, the number of cars Jeep has on lots is considerably higher. (This number isn't always a red flag, depending on how popular a car is or how an automaker handled supply shortages in recent years.) Jeep had 77 days' supply at the end of June, according to Cox Automotive — higher than the national average of 53 days. Ford isn't far off, at nearly 76 days, but GM's GMC and Chevrolet sat at 63 and 50 days' supply, respectively, in the same period.

Persons: Ford isn't, Cox Organizations: Jeep, Cox Automotive, GMC, Chevrolet, Toyota, Hyundai, Honda

REUTERS/Heather Somerville/File PhotoAug 3 (Reuters) - Cruise, General Motors' (GM.N) robotaxi unit, said on Thursday it had signed the driverless car industry's first labor union agreements, a significant milestone as unions and robotaxi firms have historically been at odds. The company is partnering with two local San Francisco union chapters that represent electrical workers and janitors, the International Brotherhood of Electrical Workers Local 6 and Service Employees International Union Local 87. Reuters could not definitively determine if these are the driverless car industry’s first union agreements. Cruise, which offers limited service in San Francisco with a fleet of Chevrolet Bolts fitted with driverless technology, has accumulated over 3 million driverless miles, the company said. Reporting by Anna Tong in San Francisco; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Heather Somerville, ”, John Doherty, Cruise, Anna Tong, Leslie Adler Organizations: General Motors Corp, REUTERS, General Motors, San, International Brotherhood of Electrical Workers, Employees International Union Local, Reuters, United Auto Workers, Detroit Three, GM, Chevrolet Bolts, California’s Public Utilities Commission, Thomson Locations: San Francisco, California, U.S, IBEW

☆ Most cars still cost more to charge than to fill up with gas
▼ + stars: | 2023-08-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

While charging and fueling trucks cost the same, other cars and their electric counterparts differ. It's not yet cheaper to charge some electric cars than to fuel them with gas, a new study suggests. It's not yet cheaper to charge many electric cars than it would be to fuel their gas-powered counterparts up with gas, a new study indicates. Trucks cost about the same to fuel and charge, while entry and midlevel cars and SUVs cost more to charge at home and in public than they do to fuel at a gas station, the group found. Luxury-segment EVs may cost less to charge at home than their gas counterparts would cost to fuel.

Persons: Kelley, that's, Kia Forte, it's, Bolt, Kia, Kia EV6 Organizations: Anderson Economic, Trucks, Ford Trucks, Ford, Chevrolet Silverado, GMC, Chevrolet, Nissan Versa, Hyundai, Nissan, Mercedes, Benz, Lexus, Porsche Macan, Porsche, Volkswagen, Nissan Altima, Subaru

☆ GM recalls more vehicles with Takata air bag inflators that could explode
▼ + stars: | 2023-08-01 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —General Motors said Tuesday is recalling almost 900 vehicles worldwide because the Takata-made air bag inflator may explode, potentially striking drivers and passengers with sharp metal fragments. Millions of vehicles with air bags from Takata, the now-bankrupt Japanese manufacturer, are already under recall. NHTSA said that prolonged exposure to high heat and humidity cause those air bags to explode when deployed. Takata air bags caused at least 26 deaths in the United States and left more than 400 occupants with injuries that included blinding and maiming. In 2020, the American carmaker spent $1.2 billion replacing Takata air bags in 7 million vehicles.

Persons: Motors, It’s Organizations: New, New York CNN —, Chevrolet, Buick, Chevrolet TRAX, National, Traffic Safety Administration, Dealers, NHTSA, GM Locations: New York, United States, Canada, Brazil

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ 8 people charged with stealing 19 rental cars worth $1.1 million in an identity fraud scheme
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Eight people were indicted on charges that they defrauded a car rental firm by stealing 19 vehicles. Eight people have been indicted in St. Louis on charges that allege they stole at least 19 rental cars worth more than $1 million as part of an identity fraud scheme. According to the indictment, the suspects would reserve rental cars from the company using stolen credit card information and false identities. It added that the value of the stolen cars was just over $1.1 million. "This is just the tip of the iceberg when it comes to how criminals use people's stolen identities," said Jay Greenberg of the FBI St. Louis Division.

Persons: Louis, Tyrell Oliver, Jay Greenberg Organizations: Justice, Morning, Department of Justice, Court, BMW X7, GMC Yukon, Chevrolet, FBI, Louis, DoJ Locations: St, Clayton , Missouri, Midwest

☆ Tesla’s secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +21 min

He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Alexandre Ponsin, ”, Tesla, Elon Musk, “ Elon, Scott Case, Case, Gregory Pannone, Pannone, “ They've, carmaker, Ford, I’m, ” Pannone, ” Jonathan Elfalan, Edmunds, Elfalan, ” Elfalan, Santa Clara –, Ponsin, ” Ponsin, “, Steve Stecklow, Norihiko, Heekyong Yang, Peter Henderson, Eve Watling, Lucy Ha, Ilan Rubens, Brian Thevenot Organizations: Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Virtual Service, Santa, San Francisco Art Locations: AUSTIN, Texas, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah, Santa Clara, London, Austin, Seoul, San Francisco

☆ Tesla created secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +19 min

He expected to get something close to the electric sport sedan's advertised driving range: 353 miles on a fully charged battery. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Daniel Acker, Alexandre Ponsin, Tesla, Elon Musk, Elon, Scott Case, Case, Gregory Pannone, Pannone, carmaker, Ford, Jonathan Elfalan, Edmunds, Elfalan, They've Organizations: Tesla Motors Inc, North American, Bloomberg, Getty, Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Service Locations: Detroit , Michigan, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ Electric cars aren’t just for the wealthy anymore
▼ + stars: | 2023-07-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Thanks to a combination of new models, more production and new tax laws, electric vehicles are no longer just for the wealthy. Currently the “days supply” of electric vehicles – a measure of the number units on dealer lots relative to how quickly they sell – is now twice that of new vehicles overall. The biggest bargain among electric vehicles currently, whether you lease or buy, happens to be one that’s going away soon. A Chevrolet Bolt EV sits parked at a charging station at Stewart Chevrolet on April 25, 2023 in Colma, California. For almost $10,000 less, in terms of sticker price, Hyundai offers the soon-to-be redesigned Kona Electric.

Persons: Kia, Erik Pendzich, it’s, Mark Luxcombe, Wolters, “ There’s, ” Luxcombe, Brian Moody, Moody, ”, Stewart, Justin Sullivan, Kia EV6, Josh Lefkowitz, Tony Quiroga, Bing Guan, Quiroga, Chevrolet Bolt Organizations: CNN, General Motors, Ford, Hyundai, Kia, Volkswagen, GT, New York, Wolters Kluwer, Cox Automotive, Chevrolet Bolt, Stewart Chevrolet, GM, Angeles, Kona, EV, Chevrolet Locations: America, Colma , California, Los Angeles , California

☆ GM blames supplier for slow EV production, says Chevy Bolt EV will live on
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Shares of GM were down roughly 4% in morning trading Tuesday despite quarterly results that topped year-ago performance. Analysts during the call questioned the company's pricing strategies, EV profitability guidance and ability to hit previously announced targets for the vehicles. GM produced 50,000 EVs through the first half of this year for North America, in line with internal targets but far slower than many expected. A majority of that production was its outgoing Chevrolet Bolt models, rather than new EVs that utilize the automaker's "Ultium" batteries and technologies. She said GM was "surprised" how little progress the supplier had made.

Persons: Mary Barra, Tesla, Barra, We've Organizations: DETROIT, General, Wall, GM, North, Chevrolet Locations: North America

☆ I sold electric cars for more than a decade. I'm frustrated that some dealers still don't have the right approach.
▼ + stars: | 2023-07-25 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

Nigel Zeid is a former Nissan EV specialist who now educates dealers about electric car sales. This as-told-to essay is based on a transcribed conversation with Nigel Zeid, a 65-year-old former Nissan EV specialist and now an independent EV educator based in Boulder, Colorado. He says car salespeople are not prepared to sell electric vehicles, and that serves as a point of frustration and barrier to adoption for car shoppers. Zeid spends his time speaking with industry stakeholders at major events and talking to dealership salespeople about EVs. If you go into an uneducated dealership, know there's more than one dealership to go to.

Persons: Nigel Zeid, Zeid, Alexa St, I've, Nigel Zeid It's, We've, that's, It's, we'll, weren't Organizations: Nissan, Morning, expos, Costco, Chevrolet Locations: John, Boulder , Colorado, EVs, California, Colorado, Texas, they're

The Bolt does not align with GM's long-term EV technology strategy, but it is the Detroit automaker's best-selling and most affordable EV in North America, by far. Barra and GM officials did not say how much the new Bolt would cost or where it would be built. For GM, the Bolt has been the mainstay for its North American EV sales. In the first six months of this year, U.S. Bolt sales totaled 33,659 vehicles, outselling Ford's Mustang Mach-E, Hyundai's Ioniq 5 and other EVs from established automakers. Bolt sales rebounded this year after GM was forced to halt production of the car for nearly six months to fix problems linked to battery fires.

Persons: Rebecca CooK, Mary Barra, Barra, Sam Fiorani, EVs, Sandy Munro, Elon Musk, Fiorani, Bolt, Paul Lienert, Joseph White, Nick Zieminski Organizations: North American, REUTERS, General Motors, Chevrolet Silverado EV, Chevrolet, Detroit, GMC Hummer EV, GM, AutoForecast Solutions, Barra, Bolt, Munro & Associates, UAW, Thomson Locations: Detroit , Michigan, U.S, North America, United States, Ohio, Michigan, Orion, Detroit

GM's higher profit outlook also reflects decisions to ratchet down spending. The automaker said it also will expand a previously announced drive to cut operating costs by $2 billion through the end of 2024. GM will now target an additional $1 billion in overhead, marketing and other costs, Jacobson said. GM's decisions to cut new product investment and operating costs come as the automaker's profit margins are under pressure. GM's pretax profit rose from a year earlier to 7.2% of revenue in the second quarter.

Persons: Paul Jacobson, Jacobson, Tesla, Elon Musk's, We're, GM's, Joseph White, Ben Klayman, Matthew Lewis, Louise Heavens Organizations: DETROIT, General Motors, GM, Detroit, United Auto Workers, LG Energy, Chevrolet Bolt, Thomson Locations: North America, Korean, China, Detroit

GM said adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices. GM said it now expects full-year net income of $9.3 billion to $10.7 billion, up from a previous forecast of $8.4 billion to $9.9 billion. GM's pre-tax profit margin for the first six months of the year fell to 8.3% of revenue, down from 8.9% a year ago. Barra said GM can cut capital spending by simplifying its product line, reducing the number of different combinations of colors and features offered. In the first half, GM built about 50,000 EVs, most of them the older Bolt model, which is priced from $27,495.

Persons: Mary Barra, Chevrolet Bolt, Sam Fiorani, Barra, Paul Jacobson, GM's, Jacobson, Tesla, Elon Musk's, We're, Garrett Nelson, Joseph White, Paul Lienert, Ben Klayman, Matthew Lewis, Louise Heavens, Nick Zieminski Organizations: DETROIT, General Motors, GM, Chevrolet, AutoForecast Solutions, LG Electronics, LG Energy, United Auto Workers, Thomson Locations: Lordstown , Ohio, North America, Barra, Detroit

☆ General Motors raises full-year guidance, announces deeper cost-cutting
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to reduce $3 billion in expenditures compared with previous guidance of $2 billion. Here's what GM reported for its second quarter:Adjusted earnings per share: $1.91. However, the guidance increase is contingent on GM successfully negotiating new labor agreements with the United Auto Workers and the Canadian Unifor unions this year without a work stoppage or strike. A work stoppage would add to the auto industry's yearslong production problems resulting from the coronavirus pandemic and significant supply chain constraints such as semiconductor chips.

Persons: Paul Jacobson, Jacobson, Mary Barra, it's, Barra Organizations: DETROIT, Motors, Detroit, GM, Wall, LG Electronics, LG Energy, Chevrolet, LG, Revenue, United Auto Workers, Canadian, UAW, Detroit automakers

☆ It looks like Tesla's Cybertruck is missing 1 thing Ford nailed in its electric truck: A big frunk
▼ + stars: | 2023-07-24 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

It looks like frunk in the Ford F-150 Lightning, one of the Cybertruck's closest rivals, is way bigger. The Ford F-150 Lightning looks like it has one big edge over Tesla's upcoming Cybertruck. Judging by an unverified photo posted online and first spotted by the EV news website Electrek, the Cybertruck's frunk looks rather tiny, which may disappoint potential buyers. When I drove the F-150 Lighting last year, the truck's frunk easily handled multiple backpacks and duffels that I didn't want sliding around in the bed. Tesla's Texas factory just built its first Cybertruck, and deliveries are set to begin later this year — two years behind schedule.

Persons: Tesla, Ford, Hummer Organizations: Ford, Morning, EV, Rivian's, Ram, Silverado Locations: Tesla's Texas

☆ Earnings playbook: Alphabet and General Motors lead off a busy week of reports
▼ + stars: | 2023-07-23 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. What history shows: GM earnings beat earnings expectations 86% of the time, according to Bespoke. Alphabet is set to report earnings after the bell, with management slated to hold a call at 5 p.m. This quarter: Earnings for the tech giant are expected to have grown by 10% from the year-earlier period, per Refinitiv. What history shows: Bespoke data shows Alphabet earnings beat expectations 68% of the time, and the stock rises more than 1% on earnings day.

Persons: Michael Wayland, GM's EVs, GOOGL, Jennifer Elias, Goldman Sachs, Kash Rangan, Rangan, Peter Grom, Leslie Josephs, Max, Wells, Zachary Fadem, Jonathan Vanian, Meta, Refinitiv, Jefferies, Andy Barish, LUV, — CNBC's Michael Bloom Organizations: General Motors, Microsoft, Refinitiv, CNBC, company's, Silverado, United Auto Workers union, Investors, Management, PepsiCo, UBS, Boeing, Corporate, Twitter, Meta, Southwest Airlines, U.S, Southwest Locations: U.S, FactSet

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