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☆ GM overtakes Ford as second best-seller of EVs in U.S. but still trails Tesla by a wide margin
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors pulled ahead of Ford Motor to become the country's second best-seller of all-electric vehicles during the first quarter, trailing only industry leader Tesla . 2 last year, reported EV sales Tuesday of 10,866 over the same time frame. GM still significantly trails Tesla in EV sales. Motor Intelligence estimates Tesla, which does not report sales by region, sold 161,630 EVs in the U.S. during the first quarter. Both GM and Ford have said they plan to overtake Tesla in EV sales in the years ahead, however Elon Musk's company is targeting significant expansion of its own EV production.

☆ 5,000 GM salaried staff took buyouts
▼ + stars: | 2023-04-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —About 5,000 General Motors white collar employees have taken buyouts, according to GM CFO Paul Jacobson. The buyouts were offered to all US salaried staff with at least five years at the company and international executives who had worked at GM at least two years. While it was a voluntary program, GM told its staff that “employees are strongly encouraged to consider the program.”“The voluntary program came in in line with our expectations,” Jacobson said. But while GM may avoid a widespread layoff, it did confirm in March that it cut a “few hundred” salaried staff “following our most recent performance calibration.”GM has 81,000 salaried employees worldwide, with 58,000 of those in the United States. GM (GM) is not the only automaker lowering staff numbers in a cost-cutting effort.

☆ Ford's first quarter sales increase 10.1% on improved F-Series truck production
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

REUTERS/Brendan McDermidDETROIT – Ford Motor on Tuesday reported a roughly 10% increase in its quarterly U.S. sales, led by jumps in its critical F-Series pickups and Bronco SUVs. Sales of Ford's trucks increased by nearly 20%, while car sales were up by 5.1% and SUVs increased by less than 1%. Ford reported sales of 170,377 F-Series pickups, up about 21% compared to a year earlier. Ford's sales increase comes as Wall Street analysts monitor rising vehicle inventories and incentives for the U.S. automotive industry following historically low levels of both during the past three years. Morgan Stanley estimates industry sales last month increased 8.7%, as automakers increase production levels following several years of significant supply chain problems.

☆ EV tax credits: New rules could slash the number of eligible electric vehicles. Here's what you should know
▼ + stars: | 2023-03-31 | by ( Ella Nilsen | ) edition.cnn.com time to read: +9 min

The new tax credit and the guidance are complex, and more information will be coming out in the coming weeks and months. The clearest impact on consumers will be the reduced number of vehicles eligible for credits starting April 18. Under the new rule, consumers can get up to $7,500 in tax credits on eligible cars. What is in the new EV tax credit rule and why is it complicated? New guidance from the Biden administration suggests fewer EVs will be eligible for tax credits starting April 18.

☆ Ford hikes prices on its F-150 Lightning as production resumes after EV battery fire
▼ + stars: | 2023-03-30 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Ford Motor said that it has resumed full production of its electric F-150 Lightning pickup following a February battery fire — and that it's once again raising prices on the popular truck. Ford said the standard-range Lightning Pro, a lower-cost version of the truck optimized for fleet use, will now start at just under $60,000, not including shipping. Ford also raised the price of the mid-level Lariat trim with standard-range battery from about $74,500 to just under $76,000. News of the price increases and the resumption of Lightning production was first reported by Automotive News. Ford has raised Lightning prices several times since it first announced the truck's pricing in 2021.

☆ Ford withdraws petition seeking U.S. approval to deploy self-driving vehicles
▼ + stars: | 2023-03-30 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 30 (Reuters) - Ford Motor Co (F.N) has withdrawn a petition seeking U.S. regulatory approval to deploy up to 2,500 self-driving vehicles annually without required human controls like steering wheels, according to a letter made public Thursday. Ford had said it intended to deploy a self-driving ride-hailing and package delivery vehicle early in this decade. Ford had sought permission not to include human controls "such as a steering wheel, brake pedal (and) gear state controls." The automaker told the NHTSA in its petition that self-driving vehicles "having active driving controls and communications would introduce an unacceptable risk to safety." Efforts in Congress to make it easier to deploy vehicles on U.S. roads without human controls have been stymied for years.

☆ Car companies stand to make billions charging monthly fees for features like heated seats. Electric vehicles make that even easier for them.
▼ + stars: | 2023-03-29 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Electric cars are less profitable for automakers than gas-powered ones. There's a simple reason why: EVs aren't very profitable for automakers — and certainly nowhere near how profitable gas-powered cars. Subscriptions and additional offerings post-initial transactions are part of why automakers are especially interested in leasing their EVs. So major changes are in store as automakers navigate shifting consumer behaviors, industry headwinds, and especially, increasingly attractive competition. "This looming threat adds pressure on the traditional dealer model and threatens to impact the bottom line," the report says.

☆ Here's our March rapid-fire update on all 36 stocks in Jim Cramer's Investing Club portfolio
▼ + stars: | 2023-03-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. But importantly, the chipmaker has joined Apple in rarified air, becoming an "own it, don't trade it" stock for the Club. The company's business can withstand an economic slowdown and benefits from a weaker U.S. dollar because of its large international presence. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ When His Father Couldn’t Drive Anymore, a Torino Gave Him a Lift
▼ + stars: | 2023-03-25 | by ( A.J. Baime | Photographs Gavin Mcintyre For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Ali Faile , 49, a healthcare executive living in Mount Pleasant, S.C., on his 1968 Ford Torino, as told to A.J. My parents, Bob and Jo Faile, got married in March of 1967, in Winnsboro, S.C. That fall, my father went to the Adams Motor Co. Ford dealership, where his father worked in the service department, and bought a Ford Torino. I have a picture of the original bill of sale, dated Oct. 3, 1967, with a cost of $3,038.50.

☆ Ford CEO channels Elon Musk, saying the automaker's next electric truck will drive itself while you sleep
▼ + stars: | 2023-03-24 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +2 min

In Elon Musk-like fashion, Ford CEO Jim Farley just made big claims about self-driving tech. Farley told Bloomberg in an interview that Ford's next pickup will drive itself. In a new interview with Bloomberg published Friday, Farley upped his company's pressure on Tesla, saying the company's next electric truck set to debut in 2025 is a "breakthrough product." For years, Musk has claimed that self-driving Teslas are coming, but the tech isn't ready yet. The declaration about self-driving tech comes mere months after Ford shut down Argo AI, its autonomous-driving unit that was working on self-driving taxis.

☆ Ford is already working on another electric pickup truck as it ratchets up the pressure on Tesla
▼ + stars: | 2023-03-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford announced plans for its next electric pickup truck. The yet-to-be-named truck, code-named Project T3, will join Ford's popular F-150 Lightning electric truck and the Mustang Mach-E SUV in the company's EV lineup. This means engineering an electric pickup truck that is "fully updatable, constantly improving, and supports towing, hauling, exportable power and endless new innovations owners will want," Ford said. Once the new truck assembly line is complete, it will be capable of producing 500,000 electric truck a year at full production, Ford said. Cost-saving efforts will be key for the success of Ford's electric vehicle business, which this year is on track to burn $3 billion this year alone.

☆ Stocks making the biggest moves premarket: Coinbase, AMC, Chewy, First Republic and more
▼ + stars: | 2023-03-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Coinbase — Shares of the cryptocurrency trading app dropped more than 11% in premarket trading after Coinbase received a Wells notice from the Securities and Exchange Commission. First Republic advanced 5.6% after losing 15.5% in Wednesday's session. Regions Financial — Shares of the regional bank edged 1.3% higher in premarket trading. Ford — Shares ticked up 1.3% in premarket trading.

☆ Ford says it will burn $3 billion on EVs this year, in a bleak signal for the cars that underpin its future
▼ + stars: | 2023-03-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford Chief Financial Officer John Lawler rationalized the expected losses on a call with reporters by explaining that Ford Model e exists as an "EV startup within Ford." As part of this restructuring, Ford created Model e, the EV division, Ford Blue, the gas-powered vehicle division, and Ford Pro, the commercial vehicle division. For now, Ford says, its Blue and Pro divisions will be driving profits while Model e loses money. While Model e is slated to lose money this year, Ford provided profitable projections for its Blue and Pro divisions this year. For 2023, Ford Blue is expected to earn about $7 billion for the company, while Ford Pro's earnings before taxes are expected to near $6 billion, the company said Thursday.

☆ Stocks making the biggest moves midday: Netflix, Block, Snap, KB Home and more
▼ + stars: | 2023-03-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Netflix — The streaming giant's stock climbed 8.5% following a report from YipitData that said the company's gross additions in Canada have improved. Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company's internal systems as a "Wild West" approach to compliance. Meta Platforms , Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. KB Home — Shares rallied 8.8% after the homebuilder's fiscal first-quarter earnings beat expectations.

As the image shows, on an earnings before interest and tax (EBIT) basis, Ford Model e had a profit margin of roughly negative 40% in 2022. Ford Motor disclosed on Thursday that its electric vehicle unit, called Ford Model e, lost $2.1 billion in 2022 — and could lose as much as $3 billion in 2023. Here, step by step, is how Lawler said Ford expects Model e to get to a positive 8% EBIT profit margin in under four years:Scale. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026.

Club holdings Apple (AAPL) Ford Motor (F) and Estee Lauder (EL) were in the news Thursday. Apple has primarily released its content directly on Apple TV+, with some projects getting limited runs in a handful of cinemas. The Club's take: We welcome Apple making smart, strategic investments that make Apple TV+ a more valuable streaming service to potential subscribers. Estee Lauder EL YTD mountain Estee Lauder stock performance year-to-date. The news: Citi outlined its bull and bear cases for Club holding Estee Lauder in a research note Thursday.

☆ Top 10 things to watch in the stock market Thursday: Stocks bounce, Ford EVs, Apple
▼ + stars: | 2023-03-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Marathon Oil (MRO) and Club holding Pioneer Natural Resources (PXD) catch upgrades at Citi. Club holding Ford (F) unveiled its new financial reporting structure ahead of Thursday's teach-in event. Club holding Apple (AAPL) increasing its commitment to sports and content? Coty (COTY) added to Piper Sandler's top ideas in beauty after analysts performed a round of checks in stores in Chicago plus recent company updates. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Ford’s path to electric glory requires rocket fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, March 23 (Reuters Breakingviews) - Ford Motor (F.N) has set itself a destination: to be a leader in electric vehicles. The U.S. auto manufacturer disclosed the losses generated by its EV business, now called Ford Model e. Investors can now better see how ambitious this journey is. Model e generated an operating loss of $2.1 billion in 2022, steeper than 2021’s hit of roughly $900 million. The automaker reiterated guidance that its electric car business, known as Ford Model e, will generate 8% operating profit margins by late 2026, from a margin of negative 41% in 2022. The company expects to reach run-rate production of 2 million electric vehicles by the end of 2026, from 96,000 last year.

☆ Why Ford and VW shut down their multi-billion dollar self-driving project
▼ + stars: | 2023-03-22 | by ( Robert Ferris | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Ford and VW shut down their multi-billion dollar self-driving projectFord invested $1 billion in self-driving startup Argo AI in 2017, and Volkswagen later joined with a $2.6 billion investment. At its height, Argo AI was reportedly valued at $12.4 billion. But in 2022 it shut down. Ford said it didn't attract new investors, and that profitability was "a long way off". VW still pursued autonomous driving projects for commercial uses, and Ford focused on more modest L2 and L3 driver assistance tech.

☆ Ford and GM follow Tesla's lead and wade into China price war by offering big discounts to boost sales, report says
▼ + stars: | 2023-03-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Ford and GM are among dozens of carmakers offering deep discounts on cars in China to boost sales. Tesla was among the first to slash its prices after China ended its electric vehicle subsidies. Tesla was one of the first carmakers to cut prices in the US and Europe as well as China. In January it cut US prices of the Model 3 sedan by 14% and Model Y by 20%. It then lowered prices this month on the Model S sedan by $5,000 and its Model X by $10,000.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ The tech layoff contagion is hitting automakers — but it's not like what's happening at Google, Meta, and Microsoft
▼ + stars: | 2023-03-15 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

But the downsizing wave hitting the automotive industry isn't quite the same as the one plaguing tech giants like Google, Meta, and Microsoft. Silicon Valley takes a lesson from DetroitLayoffs and buyouts are nothing new to the automotive industry, especially in the last few years. In French's view, the tech industry is taking a page from Detroit's playbook as it trims its ranks this year. He's skeptical of claims that tech companies are already victims of an economic downturn, and instead believes these companies are bracing for the worst before a true "bloodbath." "Tech companies are taking the lead from what automotive companies have done in the past and trying to brace for that downturn before it really hits."

☆ Tesla's price war is starting to backfire
▼ + stars: | 2023-03-14 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

"Tesla's price cuts started a broader round of industry price reductions," Morgan Stanley auto analyst Adam Jonas said in a note to clients on March 10. Its biggest competition there, BYD (whose stock has declined since the price war began), has also introduced discounts. "April is now the crunch to put a pause in the price war," the analysts said. But some automakers, like GM and Volkswagen, opted not to engage in the price war. "We gauge a full-blown price war would urge consumers to stay sidelined and await more promotions/discounts to come."

☆ The US Navy's newest supercarrier is underway with all its available airpower for the first time
▼ + stars: | 2023-03-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

The Navy's newest supercarrier, USS Gerland R. Ford, is underway with all its airpower. Johnson said the Ford's carrier strike group includes staff from Carrier Strike Group 12, Carrier Air Wing 8, and Destroyer Squadron 2. "Now, the strike group is initiating its final step in fully certifying as a combat-deployable warship. COMPTUEX will further demonstrate that our carrier strike group is a combat-ready naval force capable of conducting a full spectrum of integrated maritime, joint, and combined operations," he added. The Ford Carrier Strike Group is expected to deploy on its first full-length deployment sometime later this year.

☆ Ford set to resume F-150 Lightning production next week
▼ + stars: | 2023-03-10 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, March 10 (Reuters) - Ford Motor Co (F.N) said on Friday it was on track to resume production of F-150 Lightning vehicles on Monday after the No. Ford said it had recently established "that 18 vehicles containing cells from that four-week period had made it to dealers and customers." Ford said it will replace the battery packs in the 18 vehicles but said it is not aware of any fires or any injuries related to the recall. The automaker said Friday "the root cause identified was related to battery cell production at the SK On plant in Georgia. Ford said Friday it still has not set a date for resuming deliveries but said production is on track to resume Monday with a "clean stock of battery packs."

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