DIRS.INFO The most relevant business & tech news

☆ A traditional automaker just turned a profit on EVs
▼ + stars: | 2024-02-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown. Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle. But he said that EVs, while profitable, are still not as profitable as traditional gas-powered vehicles. That includes profit sharing for about 38,000 United Auto Workers union members at an average of $13,860, down from $14,760 a year earlier.

Persons: Carlos Tavares, ”, Tesla, Traveras, Stellantis Organizations: New, New York CNN —, Fiat Chrysler, PSA Group, Ford, GM, General Motors, Jeep, Chrysler, Dodge, United Auto Workers, UAW Locations: New York, Detroit, EVs, Europe, Paris

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ This chart shows how Tesla can keep cutting prices and stay ahead of the competition
▼ + stars: | 2024-01-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

The price cuts have helped Tesla stay ahead of the competition. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The average cost of building a Tesla in the fourth quarter fell once again, according to the company's earnings report released Wednesday. AdvertisementOn average, Tesla spent just over $36,000 per vehicle it sold in the October to December period, down from over $37,000 per vehicle in the same quarter in 2023. A chart from Tesla's Q4 earnings deck shows the cost of goods per vehicle sold steadily decreasing.

Persons: Tesla, —, Elon, Carlos Tavares, Jim Farley, Henry Ford, Farley, Musk Organizations: Service, Ford, General Motors, Tesla

☆ Why China poses a growing threat to the U.S. auto industry
▼ + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.

Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America

☆ Auto CEO: There will be a 'bloodbath' if every company engages in Tesla's price war
▼ + stars: | 2024-01-22 | by ( Graham Rapier | Associated Press | ) www.businessinsider.com time to read: +5 min

CEO Carlos Tavares says the company's new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. The company can also build midsize to large vehicles on those underpinnings, including sedans, crossover vehicles, SUVs and even off-road Jeeps. Electric vehicle sales growth is already slowing in many countries with consumers balking at the added cost as well as limited range and too few charging stations. On Friday, Ford said it was cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. A midsize vehicle platform announced by the company last year has similar flexibility, the company said.

Persons: —, Carlos Tavares, Tavares, EVs, balking, Ford, Donald Trump, Stellantis, Alfa Romeo, Maserati, " Tavares, It's Organizations: Service, Business, EVs, Dodge, Chrysler, Alfa Locations: U.S, North America

☆ Ford is cutting back F-150 Lightning electric truck production
▼ + stars: | 2024-01-19 | by ( Peter Valdes-Dapena | Chris Isidore | ) edition.cnn.com time to read: +3 min

CNN —Ford will shut down one of two production shifts in April at the Dearborn, Michigan, factory that builds the F-150 Lightning electric pickup. The move is part of “matching F-150 Lightning production to customer demand,” the company said Friday. While sales of electric vehicles increased in 2023, the growth was slower than many industry experts had expected. Ford still projects an increase in Lightning sales this year after a 55% jump to 24,000 trucks last year. The 24,000 in Lightning sales is still a small fraction of overall Ford F-series pickup sales.

Persons: CNN — Ford, Ford, “, ”, Jim Farley, Carlos Tavares, “ I’ve, ” Tavares, Ramcharger Organizations: CNN, General Motors, Chevrolet Silverado EV, Ford, Lightning, Rouge Electric Vehicle Center, Michigan Assembly Plant, Ford Bronco, United Auto Workers, EV, ” Ford Locations: Dearborn , Michigan, United States, Michigan, Rouge, Tennessee, Kentucky, Europe

☆ Stellantis CEO says automaker won't sell EVs at a loss like other carmakers
▼ + stars: | 2024-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Carlos Tavares, CEO of Stellantis, poses during a presentation at the New York International Auto Show in Manhattan, New York, on April 5, 2023. Stellantis won't sell electrified vehicles such as hybrids and all-electric models at a loss like other automakers have, CEO Carlos Tavares said Friday. "Being in Europe as much as in the U.S., we are making money with the electrified vehicles," Tavares said during a roundtable Friday. "We are making money, and it is in our discipline to make sure that whatever we sell we make money with because, if not, then the company will not be sustainable." Stellantis currently has 25 EVs available globally and expects to launch another 23 through the end of this year.

Persons: Carlos Tavares, Stellantis, Tavares Organizations: New York, Auto, Fiat Chrysler, Jeep Locations: Manhattan , New York, Europe, U.S

CEO Carlos Tavares says the company's new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. The company also can build midsize to large vehicles on those underpinnings, including sedans, crossover vehicles, SUVs and even off-road Jeeps. On Friday, Ford said it was cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. Stellantis said vehicles built off the new large platform will be built at multiple North American and European factories. A midsize vehicle platform announced by the company last year has similar flexibility, the company said.

Persons: Carlos Tavares, Tavares, EVs, ” Tavares, balking, Ford, Donald Trump, ”, “, Stellantis, Alfa Romeo, Maserati, It's Organizations: DETROIT, EVs, Dodge, Chrysler, Alfa Locations: U.S, North America

☆ Stellantis to revise up revenue target for 'circular economy' unit
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsCompanies Stellantis NV FollowTURIN, Italy, Nov 23 (Reuters) - Stellantis' (STLAM.MI) revenue target for its recycling and reconditioning unit will be raised after growing 25% so far this year, the group's Chief Executive Carlos Tavares said on Thursday inaugurating its first hub for the business. As part of its long-term business plan, the Franco-Italian group has said it aimed to generate 2 billion euros ($2.2 billion) in revenue by 2030 from its "circular economy" unit, by recycling and extending the life of parts and materials. Located in the Mirafiori complex, in Turin, the new circular economy hub focuses on life extension for parts and vehicles, component reconditioning as well as recycling materials to return to the manufacturing loop. The site, for which Stellantis has invested 40 million euros, currently employs 170 highly-trained employees, projected to rise to around 550 people by 2025.

Persons: Gonzalo Fuentes, Carlos Tavares, Tavares, Stellantis, Giulio Piovaccari, David Evans Organizations: REUTERS, Thomson Locations: Saint, Yvelines, Paris, France, TURIN, Italy, Franco, Italian, Turin

☆ Stellantis to lift revenue target for 'circular economy' recycling unit
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +2 min

Stellantis will lift its 2030 revenue target for its recycling and reconditioning unit after its revenue grew 25% so far this year, the automaker's CEO said on Thursday, adding that the business would help make electric vehicles more affordable. Rising prices and reduced availability of raw materials, as well as environmental costs to extract them, are pushing manufacturers and regulators to reuse and recycle more. Stellantis CEO Carlos Tavares said volatility in raw materials prices made electric vehicles (EV) less affordable for consumers. "We aim to set up a stable flow of supplies for raw materials ... avoiding market ups and downs. This means less inflation," Tavares said in Turin as he inaugurated the automaker's first hub for its recycling and reconditioning business, now part of its 'circular economy' unit.

Persons: Tim Kuniskis, Dodge Brand, Carlos Tavares, Tavares, Stellantis Organizations: Dodge, EV Locations: Pontiac , Michigan, Turin, Franco, Italian, North America, America, Africa, East, Stellantis, Italy

☆ Stellantis, CATL sign preliminary deal for LFP battery supply in Europe, consider JV
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Stellantis 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 RightsMILAN, Nov 21 (Reuters) - Carmaker Stellantis (STLAM.MI) and Chinese EV battery giant CATL (300750.SZ) said on Tuesday they signed a preliminary agreement for the supply of battery cells and modules for the automaker's electric vehicle (EV) production in Europe. The two companies said in a joint statement they were also considering a possible investment to set up a 50-50 joint venture to support the automakers' electrification strategy. Stellantis and CATL said the memorandum of understanding (MoU) announced on Tuesday outlined a long-term collaboration between the two groups, including "identifying opportunities to further strengthen the battery value chain". For its EV battery needs in Europe Stellantis is building three gigafactories, in France, Germany and Italy through its ACC joint venture with Mercedes (MBGn.DE) and TotalEnergies (TTEF.PA), while others might follow in the region.

Persons: David, Dee, Delgado, Alfa Romeo, Stellantis, CATL, Robin Zeng, Carlos Tavares, Giulio Piovaccari, Chizu Organizations: New York, REUTERS, EV, Franco, Jeep, Peugeot, Fiat, Alfa, ACC, Mercedes, Fiat Chrysler, PSA, Thomson Locations: Manhattan , New York City, U.S, Europe, Italian, France, Germany, Italy

☆ Stellantis offers buyouts to roughly half of U.S. salaried workers
▼ + stars: | 2023-11-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Chrysler parent Stellantis is offering buyouts to roughly half of its U.S. white-collar employees to reduce headcount and cut costs for the automaker's North American operations. Both General Motors and Ford Motor also have cut salaried workers over the past year. "As the U.S. automotive industry continues to face challenging market conditions, Stellantis is taking the necessary structural actions to protect our operations and the Company," Stellantis said in an emailed statement. A Stellantis spokeswoman declined to comment on how many people or total costs the company would like to cut. This marks the second round of salaried buyouts this year for Stellantis.

Persons: Carlos Tavares, Stellantis, Mark Stewart Organizations: New York, Auto, DETROIT, Chrysler, U.S, General Motors, Ford Motor, Company, Stellantis, Wall Street Journal, Employees Locations: Manhattan , New York

☆ The Ram 1500 Ramcharger will be a hybrid like a diesel locomotive
▼ + stars: | 2023-11-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Stellantis’ new Ramcharger pickup, expected to go on sale late next year, will be an “electric” truck, the company says. It will be sold alongside the Ram REV, the company’s actual fully-electric truck, expected to go on sale around the same time. Tim Kuniskis, the head of Stellantis’ Ram truck brand, insisted during a press conference that the Ram 1500 Ramcharger is not a plug-in hybrid. Also, the Ram truck can use DC fast chargers to quickly recharge its batteries. Ram previously unveiled an electric-only truck, the Ram REV, which will also go on sale late next year.

Persons: Tim Kuniskis, Stellantis ’, Ramcharger, Ram, Kuniskis, “, ”, Carlos Tavares, Stellantis hasn’t Organizations: CNN, Toyota Prius, Chevrolet, Toyota Camry, Ford, General Motors

☆ Jeep, Dodge maker Stellantis to invest $1.6 billion in Chinese EV startup Leapmotor
▼ + stars: | 2023-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCStellantis on Thursday said it will invest 1.5 billion euros ($1.58 billion) in Chinese electric vehicle startup Leapmotor , as traditional automakers look for a way to compete in China's cutthroat market. The companies will form the Leapmotor International joint venture, aiming to boost sales of the Chinese brand's electric cars overseas. China, the world's biggest electric vehicle market, is dominated by domestic company BYD , as well as U.S. automaker Tesla . Traditional vehicle companies have been seen to be too slow to transition to manufacturing electric vehicles, hampering potential growth in the Chinese market. Stellantis eyes China boostThe deal could boost Stellantis' efforts in China, by having a local partner lead the way.

Persons: Arjun Kharpal, Li Auto, Stellantis, Abhik Mukherjee, Carlos Tavares, Leapmotor, Zhu Jiangming, Counterpoint's Mukherjee, Bill Russo Organizations: Leapmotor, CNBC, International, JV, Chrysler, Maserati, Tesla, Huawei, Counterpoint Research, EV, IAA, Guangzhou Automobile Company Locations: Leapmotor . China, China, Hangzhou, Munich, Greater China, Europe, Stellantis, China's Xpeng

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

That adds to tech-related tensions between the West and China, which is one of Europe’s biggest trading partners and the world’s biggest auto market. Chinese EV makers are drawn to Europe because auto import tariffs are just 10% versus 27.5% in the U.S., independent auto analyst Matthias Schmidt said. MG — owned by SAIC Motor, China’s biggest automaker — is the largest Chinese EV player in Europe. One reason Chinese companies can offer high-quality cars at affordable prices stems from the rules to enter the Chinese market. Chinese EV makers, meanwhile, are trying to stand out in a crowded field.

Persons: Laima Springe, Janssen, “, ” Springe, I’m, ”, Matthias Schmidt, John Kirkwood, —, Kirkwood, Warren Buffett, Ursula von der Leyen, Alfa, China’s EVs, Carlos Tavares, we’re, Alexander Klose, ” Klose, Schmidt, Justin Nicholls, Nicholls Organizations: Volvo, Nissan, Skoda, Union, EV, Volkswagen Passat, Kia, MG, SAIC Motor, China’s, —, Lotus, Chinese Commerce Ministry, EU, World Trade Organization, Tesla’s, Peugeot, Citroen, Alfa Romeo, Fiat, Global, Wall Motors Locations: Copenhagen, Denmark, Europe, China, West, U.S, British, Western, France, Germany, Beijing, Shenyang, Shanghai, Israel

☆ Despite headwinds from the UAW strikes, Barclays sees 20% upside for this under-the-radar auto stock
▼ + stars: | 2023-10-16 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Stellantis ' strong growth outlook should successfully mitigate any headwinds from the ongoing United Auto Workers strike, according to Barclays. Barclays' price target of €22.5, or $23.74, implies more than 20% upside from Stellantis' $19.68 close Friday afternoon. Despite this, Stellantis' stock is still trading near its all-time highs after rallying close to 40% so far this year. STLA YTD mountain STLA ytd chart Analyst Henning Cosman acknowledged that many investors may be reluctant to jump into the stock at its current elevated levels. As another risk factor, Cosman believes the company will not be able to report a clean set of earnings until July 2024 or August 2024 given the current strike.

Persons: Stellantis, Henning Cosman, Cosman, Carlos Tavares, Michael Bloom Organizations: United Auto Workers, Barclays, UAW, EU, US Auto Locations: Amsterdam

☆ Striking auto workers are highlighting their CEOs' multi-million dollar pay. Here's how much the top bosses at Ford, GM and Stellantis make
▼ + stars: | 2023-09-22 | by ( Graham Rapier | Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +10 min

"The reason we ask for 40% pay increases is because in the last four years alone, the CEO pay went up 40%. U.S. companies, in contrast, use grant date value of stock packages awarded to executives during the reporting year. AdvertisementAdvertisementThat's because in some years, talking about a CEO's "realized pay" can obscure exorbitant pay packages approved by company boards. AdvertisementAdvertisementThe CEOs of GM and Ford also saw their compensation packages peak in 2021, before declining slightly in 2022. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic.

Persons: Mary Barra's, Shawn Fain, Fain, Mary Barra, James Farley, Jim Hackett, Stellantis, Carlos Tavares, Mike Manley's, Equilar, Tavares, That's, Manley, —, Harry Katz, Tesla, Elon Organizations: UAW, Service, United Auto Workers, Ford, GM, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Chrysler, CBS, Big, General, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Wall, Silicon, Stellantis, American, European

☆ A core frustration unites striking workers: Exorbitant CEO pay
▼ + stars: | 2023-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Exorbitant CEO pay is a frustration shared by Hollywood creatives and Detroit autoworkers alike. Since 1978, the CEO compensation among America’s 300 biggest companies has gone up 1,460%, while the typical worker’s pay grew by just 18% (both adjusted for inflation), according to the Economic Policy Institute, a progressive think tank. Over the same period, CEO pay at the Big Three Detroit automakers — GM, Ford and Chrysler parent Stellantis — has jumped an average of 40%, or roughly how much of a raise striking workers are now demanding. But a company’s profit depends not only on bringing in hearty revenue, but also on keeping costs — including workers’ pay — low. CEO pay went up 40%… No one had any complaints about that, but God forbid the workers ask for their fair share,” he told CNN’s Jake Tapper last week.

Persons: New York CNN —, Hollywood creatives, Barack Obama, Adam S, Hersh, —, Mary Barra, Barra, Carlos Tavares, Jim Farley, Michael M, Shawn Fain, ”, CNN’s Jake Tapper, ’, ” Hersh, “, CNN’s Chris Isidore Organizations: New, New York CNN, Workers, Hollywood, Detroit, Economic Policy Institute, Chrysler, GM, Big Three Detroit, — GM, Ford, CNN, Guild of America, Los Angeles Times, UAW, “, EV Locations: New York, America, Barra, American, Kentucky, Tennessee

In its annual renumeration report, Stellantis reported CEO Carlos Tavares' 2022 pay was 23.46 million euros. That's a nearly 77% increase over then Fiat Chrysler CEO Mike Manley's 2019 pay of 13.28 million euros. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic. It's far above the typical pay gap at S&P 500 companies, which was 186-1 according to AP's annual CEO pay survey, which uses data analyzed by Equilar. CEO Elon Musk's 2022 compensation was reported as zero in the company's proxy statement, rendering its official pay ratio meaningless.

Persons: — It’s, Shawn Fain, Fain, ” Fain, ”, Mary Barra, James Farley, William Clay Ford, Stellantis, Carlos Tavares, Mike Manley's, “, Equilar, Tavares, That's, Manley, —, Tavares ’, Harry Katz, Tesla, Elon, Tom Krishner Organizations: United Auto Workers, UAW, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Ford, Chrysler, Associated Press, Big, General, Barra, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, GM, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Stellantis, American, European, Detroit

☆ Striking auto workers want a 40% pay increase—the same rate their CEOs' pay grew in recent years
▼ + stars: | 2023-09-15 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The union proposed 40% hourly pay increases over the next four years. Meanwhile, Ford CEO Jim Farley earned $21 million in total compensation last year, the Detroit News reported. Stellantis CEO Carlos Tavares made $24.8 million, according to the Detroit Free Press. And GM CEO Mary Barra earned nearly $29 million in 2022 pay, Automotive News reported. CEO pay at the Big Three has grown 40% in the last decade, according to EPI — in line with the UAW's demands for 40% pay increases for autoworkers.

Persons: Autoworker, Jim Farley, Carlos Tavares, Mary Barra, Josh Bivens, EPI, Shawn Fain, Ford, Barra Organizations: United Auto Workers, Detroit, Ford, GM, CNBC, Bureau of Labor Statistics, CBS, Detroit News, Detroit Free Press, Automotive News, NPR, autoworkers, UAW

☆ Sen. Bernie Sanders calls out automaker CEOs at UAW strike rally: ‘It is time for you to end your greed’
▼ + stars: | 2023-09-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Sen. Bernie Sanders (I-VT) and UAW President Shawn Fain (left) speak at a rally in support of United Auto Workers members as they strike the Big Three automakers on September 15, 2023 in Detroit, Michigan. Sen. Bernie Sanders addressed striking autoworkers in Detroit on Friday, calling on working people across the U.S. to stand in solidarity with the walkout. Sanders called out General Motors CEO Mary Barra, Stellantis CEO Carlos Tavares and Ford CEO Jim Farley, all of whom made over $20 million last year, about their pay. "It is time for you to end your greed," Sanders said. "Let us all, every American, in every state in this country stand with the UAW," the senator said.

Persons: Sen, Bernie Sanders, Shawn Fain, Sanders, Mary Barra, Carlos Tavares, Jim Farley, — Ford, Stellantis — Organizations: UAW, United Auto Workers, Big, General, Ford, General Motors Locations: Detroit , Michigan, Detroit, Vermont

☆ Automaker Stellantis has discussed moving pickup truck production from the U.S. to Mexico, union leader says
▼ + stars: | 2023-08-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

WARREN, Mich. – Automaker Stellantis has threatened to move production of the current Ram 1500 pickup truck from a factory in suburban Detroit to Mexico, a union leader said Sunday. United Auto Workers Vice President Rich Boyer, who heads the union's Stellantis unit, said the automaker has discussed the move during ongoing contract negotiations that are occurring simultaneously but separately between the UAW and General Motors, Stellantis and Ford Motor . Boyer said the company's plans would include producing a new all-electric Ram pickup truck at the Sterling Heights Assembly Plant, which currently produces most of the Ram light-duty pickups. "He don't give a s*** about the American auto worker," Boyer said wearing a red UAW shirt with "UNITED WE STAND DIVIDED WE FALL." "They have said they want to take the Ram 1500 ICE and send it to Mexico."

Persons: WARREN, Stellantis, Rich Boyer, Boyer, There's, didn't, Carlos Tavares Organizations: Sunday, United Auto Workers, UAW, General Motors, Stellantis, Ford Motor, Sterling Heights Assembly, Solidarity, ICE Locations: Mich, Detroit, Mexico, Sterling Heights

Western automakers are rattled, with Carlos Tavares, the CEO of Peugeot-to-Fiat carmaker Stellantis (STLAM.MI), warning last month of an "invasion" of cheap Chinese EVs in Europe. But Chinese brands are likely to struggle to sell cars in Europe as cheaply as at home. CONSUMER TRUSTWhile some Chinese brands, such as MG, are well known in Europe, others like XPeng (9868.HK) and Nio need to build trust. Surveys indicate most potential EV buyers in Europe do not recognise Chinese brands. But among those aware of Chinese brands, 1% or fewer would consider buying one.

Persons: Annegret, Carlos Tavares, Chen Shihua, ” Shihua, Spiros Fotinos, Alexander Klose, BYD, Geely’s Lynk, Tesla, Aiways, Zeekr's Fotinos, ” Fotinos, Klose, Victoria Waldersee, Zhang Yan, Gilles Gillaume, Giulio Piovaccari, Mark Potter Organizations: REUTERS, HK, Allianz . Western, Peugeot, Fiat, EV, New Energy Vehicle, Jato Dynamics, Logistics, Geely, South Korean, YouGov, GAC, Victoria, Thomson Locations: Berlin, Germany, Europe, BERLIN, China, Beijing, Munich, Milan

Search resuls for: "Carlos Tavares"

25 mentions found