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A Nissan Ariya electric car is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 27, 2020 in Beijing, China. Nissan is targeting an additional 1 million vehicle sales over the next three years and a 30% reduction in electric vehicle production costs by 2030, the Japanese carmaker announced Monday. In a new medium-term business plan, Nissan also said it would launch 30 new models by fiscal year 2026, with 16 of these electrified. "Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability." The country boasts the world's largest and most crowded EV market and its automakers are exerting significant downward pressure on prices.
Persons: Makoto Uchida, Elon Musk Organizations: Nissan, Automotive, China International Exhibition Center, Ford Motor, General Motors, Mercedes, Benz, Volkswagen Locations: China, Beijing
The original Biden administration proposal would have lowered such "petroleum-equivalent fuel economy" ratings for EVs by 72% in 2027. The industry cheered the Energy Department announcement. Automakers, auto dealers and the UAW called the original EPA plan unrealistic. The National Resources Defense Council (NRDC) and Sierra Club had urged EV mileage rating reductions after the Energy Department left them unchanged for two decades. "The automakers' free ride is over," he said, adding that changes "will curtail automakers' use of phantom credits they used to keep selling gas-guzzlers."
Persons: Biden, Joe Biden's, Donald Trump, John Bozella, Tesla, Pete Huffman Organizations: Detroit, Biden, Department of Energy, Reuters, U.S, Republican, Energy Department, Ford, Alliance, Automotive, United Auto Workers, General Motors, Chrysler, Traffic, Environmental Protection Agency, EPA, Toyota, Honda, Hyundai, GM, Volkswagen, UAW, National Resources Defense Council, Sierra Club, Energy Locations: New York City, United States, Michigan, fleetwide, U.S, NRDC
The union has come close to representing workers at the VW plant in two previous elections. Some prominent Tennessee Republican politicians had urged workers to vote against the union during both campaigns. The year after the 2014 vote failed, 160 Chattanooga maintenance workers won a vote to form a smaller union, but Volkswagen refused to bargain. In November, VW gave workers an 11% pay raise at the plant, but the union says VW's pay still lags behind Detroit automakers. Top assembly plant workers in Chattanooga make $32.40 per hour, VW said.
Persons: , we'll, Yolanda Peoples Organizations: DETROIT, United Auto Workers, Workers, National Labor Relations Board, UAW, Detroit automakers, Tesla, Nissan, Mercedes, Benz, Hyundai, Kia, Toyota, Honda, VW, NLRB, Volkswagen, Tennessee Republican, General Motors, Ford, Detroit Locations: Chattanooga , Tennessee, Chattanooga, Tennessee, Mercedes, Vance , Alabama, Tuscaloosa, Alabama
New York CNN —The United Auto Workers union is seeking a union representation vote among more than 4,000 hourly workers at the Volkswagen plant in Chattanooga, Tennessee. The union has announced a broad-based campaign to win representation at the American plants of 13 nonunion automakers. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. The VW Chattanooga plant is the only factory operated by VW that does not have union representation. Once the election process starts, management often holds mandatory meetings with staff to make the case against union representation, and that convinces some earlier supporters of the union to end their support.
Persons: , , Victor Vaughn, ” Vaughn, Organizations: New, New York CNN, United Auto Workers, Volkswagen, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, – Tesla, , Motors, Ford, Jeep, Dodge, Chrysler, VW, Locations: New York, Chattanooga , Tennessee, VW Chattanooga, Chattanooga
“They can’t stop us,” Mr. Musk, the company’s chief executive, told workers in a giant tent beside the plant. But there are proliferating signs that Tesla may not be as unstoppable as it once seemed. Chinese automakers and established brands like BMW and Volkswagen are flooding the market with electric cars. Mr. Musk’s many outside ventures, and his penchant for making polarizing political statements and attacking people he disagrees with, have raised questions about how focused he remains on managing Tesla. Wall Street is increasingly concerned about the company: Tesla’s share price has lost one-third of its value this year even as major stock indexes have hit record highs.
Persons: Elon Musk, ” Mr, Musk, Tesla Organizations: BMW, Volkswagen Locations: Tesla’s, Berlin
DETROIT – Volkswagen workers at a plant in Tennessee have filed a petition with the National Labor Relations Board for a vote to join the United Auto Workers, the union announced Monday. In 2019, VW workers at the Chattanooga, Tennessee, plant rejected union representation in an 833-776 vote. The Chattanooga plant is Volkswagen's only U.S. assembly plant and employs over 4,000 autoworkers who would be eligible to vote for union representation. "We will fully support an NLRB vote so every team member has a chance to vote in privacy in this important decision. By the end of the UAW contracts, top wages are expected to surpass $42 an hour for production workers.
Organizations: DETROIT, Volkswagen, National Labor Relations Board, United Auto Workers, U.S, UAW, Nissan, VW, NLRB, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Subaru, Toyota, Volvo Locations: Tennessee, U.S, Chattanooga , Tennessee, Chattanooga
Audi on Monday revealed its new all-electric Q6 e-tron SUV, the first production vehicle on its next-generation electric vehicle architecture. The Volkswagen -owned luxury carmaker says the new "Premium Platform Electric" opens up new levels of technology for Audi, including a rapid EV recharge time of 158 miles in 10 minutes. The vehicle ushers in the next generation of EVs for Audi, which continues to offer more all-electric and plug-in hybrid EVs despite growth slowing recently for EVs. Audi confirmed it plans to introduce about 20 new or significantly redesigned models and derivatives globally through 2025, more than half of which will be electric.
Organizations: Audi, Volkswagen, EVs
Volkswagen employees in Tennessee who are hoping to join the United Automobile Workers asked a federal agency on Monday to hold an election, a key step toward the union’s longtime goal of organizing nonunion factories across the South. With the union’s backing, Volkswagen workers filed a petition with the National Labor Relations Board asking for a vote on U.A.W. representation, saying that more than 70 percent of the 4,000 eligible workers at the plant had signed cards supporting the union. “Today, we are one step closer to making a good job at Volkswagen into a great career,” Isaac Meadows, an assembly worker at the plant, said in a statement. If held, an election would be the first test of the U.A.W.’s newfound strength after staging a wave of strikes in the fall against the three Detroit automakers — General Motors, Ford Motor and Stellantis — and winning record wage increases.
Persons: ” Isaac Meadows, , Organizations: United Automobile Workers, Volkswagen, National Labor Relations Board, , Detroit, , Motors, Ford Motor Locations: Tennessee
CNN —When Volkswagen decided to relaunch the Scout SUV brand it took a very unusual step. The revived and revamped Scout Motors will introduce its new brand of all-electric off-road-capable SUVs, kind of like Rivian. Buzz, an electric update of the classic hippie bus, VW is touching on nostalgia to reach a new generation of car buyers. VW came to own the trademark for the defunct brand in 2021 when it purchased Navistar, a successor company to International Harvester. Scout’s parent company, Volkswagen, is building its own EV battery plant in Canada and a battery engineering lab in Chattanooga, Tennessee.
Persons: it’s, Oliver Blume, “ What’s, , Erin Keating, Scott Keogh, Dave Mondragon, who’s, they’ll, Keogh, ” Keogh, ” Keough, Chris Benjamin, isn’t, roader, Keating Organizations: CNN, Volkswagen, Scout, Volkswagen Group, Audi, Porsche, VW, ” Volkswagen Group, Cox Automotive, Harvester, International, Bentley, Lamborghini, North, Ford, P Global Mobility, Dealers, Scout Motors, US . Scout Motors, Volkswagen North, Volvo, Mercedes, BMW, Tesla Locations: United States, America, Volkswagen North America, Blythewood , South Carolina, South Carolina, Novi , Michigan, Canada, Chattanooga , Tennessee
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Tesla became so popular in NorwayNorway is the world leader when it comes to electric vehicle adoption. 82% of new car sales were electric in 2023. Tesla sold over 23,000 Model Ys in Norway last year, significantly more than its top competitors there, Volkswagen and Skoda. Tesla accounted for about 20% of all vehicles sold in the country last year and 2023 marked the third year in a row that Tesla was the top car brand in Norway. CNBC traveled to Norway to find out why the Scandanvian country is so important for Tesla.
Persons: Tesla Organizations: Volkswagen, Skoda, CNBC Locations: Norway Norway, Norway
Norway has had massive success with EV adoption — 82% of new cars sold in the country in 2023 were electric, according to the Norwegian Road Federation. This high adoption rate can be attributed to the generous subsidies the Scandinavian country has offered to electric vehicle owners as well as its investment in charging infrastructure. Tesla's early foothold there has made Norway a pivotal proving ground for the company and a national model for electric vehicle transition. Norwegians were the first European customers to receive deliveries of the Tesla Model S in 2013. CNBC traveled to Norway to meet with local people, government officials and experts to find out how Tesla has become so successful in the Scandinavian country.
Persons: Elon Musk, Tesla Organizations: Norwegian Road Federation, Nordic, Tesla, Toyota, Skoda, Volkswagen, CNBC Locations: Norway
CNN —Look at almost any modern high-horsepower supercar and you will see the work of auto designer Marcello Gandini. Sharp lines, a low stance, doors that swing up; all were influenced by Gandini’s seminal work, the Lamborghini Countach. Gandini designed both of those cars and, if he had done nothing else, he would still be remembered. But in addition to his work for Lamborghini, Gandini produced cars for automakers including BMW, Fiat and Ferrari. The Lamborghini LP500, a first prototype for the Countach sports car, designed by by Marcello Gandini of Gruppo Bertone, circa 1972.
Persons: Marcello Gandini, Gandini’s, Lamborghini Countach, Stefano Guidi, Lamborghini Miura, Gandini, , Miura, Lamborghini, ” Gandini, , ” Marcello Gandini's, “ Gandini, ” Bertone, Organizations: CNN, Lamborghini, BMW, Fiat, Ferrari, Volkswagen Polo, Renault, Bertone, Geneva, Hulton, Museo Nazionale dell’Automobile, National Automobile Museum, Lancia, Museo Nazionale dell'Automobile, Porsche, Gooding, Co Locations: Turin, Italy, United States, Pebble Beach , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at a potential exodus of stars from YouTube and what it means for the creator economy. What's on deck:This story is available exclusively to Business Insider subscribers. AdvertisementBut some people who helped fuel YouTube's rise are walking away from the platform that gave them their big break. TikTok's challenges represent the ongoing uncertainty content creators face trying to make a living in such an unpredictable and shrinking world.
Persons: , we've, Rebecca Zisser, It's, Insider's Lindsay Dodgson, MatPat, Lindsay, Andy Kiersz, Critics, it's, Alistair Barr, Dan, Jamie Dimon doesn't, Dimon, Karim Qubadi, Abanti Chowdhury, OpenAI, Musk's, Christopher Nolan's, Tyler Le, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, YouTube, Business, Nielsen, Gaming, ISI, SensorTower, BI, CPI, JPMorgan, Elon, University of Chicago, Quest, realtors, Meta, Google, Companies, Adidas Locations: United States, New York, London
Volkswagen says tough market to weigh on car sales growth in 2024
  + stars: | 2024-03-13 | by ( ) www.cnbc.com   time to read: +2 min
A Volkswagen logo is seen during the New York International Auto Show, in New York City, April 5, 2023. Volkswagen expects a 3% rise in its car sales this year, down sharply from 2023 amid a gloomy economic outlook and growing competition. Presenting the German automaker's 2023 results, finance chief Arno Antlitz said the "general economic situation remains challenging," but added "we are confident about 2024, despite the muted economic outlook and intense competition". When Stellantis reported results last month, it predicted a "turbulent" 2024. Volkswagen shares were down 0.65% to 120.16 euros at 1000 GMT, within a flat German market.
Persons: Arno Antlitz, Stellantis, Mercedes, Benz, Oliver Blume Organizations: New York, Volkswagen, EV, EVs, Ford, General Motors, VW Locations: New York City, Western Europe
Volkswagen CFO: We have a 'very strong position' in Europe
  + stars: | 2024-03-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolkswagen CFO: We have a 'very strong position' in EuropeArno Antlitz, chief financial officer of Volkswagen, says the company takes its Chinese competitors seriously.
Persons: Europe Arno Antlitz Organizations: Volkswagen Locations: Europe
Len Sirowitz, an award-winning advertising art director whose creative work in the 1960s included memorable print ads for the Volkswagen Beetle — like one declaring, “Ugly is only skin-deep” — and a campaign for Mobil in which a car was dropped off a 10-story building to make a point about the perils of speeding, died on March 4 at his home in Manhattan. His daughter, Laura Sirowitz, confirmed the death. Mr. Sirowitz joined the influential Doyle Dane Bernbach advertising agency, known as DDB, in 1959, at 27, and spent the next 11 years at the firm conceiving the look of ads for numerous accounts with wit and passion. “It was quite early in my career that I began to realize that my message needed to not only be bold and daring, but it must stem from the truth … and touch people’s emotions,” he told Dave Dye, who runs the advertising blog From the Loft, in 2015.
Persons: Len Sirowitz, Laura Sirowitz, Sirowitz, Doyle Dane Bernbach, , Dave Dye Organizations: Volkswagen, Mobil Locations: Manhattan
Some Russian companies are seeing their business boom thanks to trade with China, Reuters reported. Analysts warn of China's potential losses if sanctions extend to companies there that do business with Russia. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As China buys more Russian energy supplies, Chinese companies are supplying Russian firms with machinery and vehicles, Reuters said. AdvertisementStill, experts warn of underlying risks in Russia's economic reliance on China, as China may have much to lose if sanctions extend to domestic companies.
Persons: , Vladimir Putin, Dmitry Peskov Organizations: Reuters, Service, China, Volkswagen, Renault, Chery Locations: China, Beijing, Russia, Ukraine, Moscow
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
The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit. Porsche's sales revenue rose 7.7% in 2023 to 40.53 billion euros ($44.29 billion), the company announced, while operating profit jumped 7.6% to 7.28 billion euros. "Porsche proved in 2023 that we are resilient, highly profitable and financially robust even in volatile times. Sales are expected to come in between 40 billion and 42 billion euros in full-year 2024.
Persons: Oliver Blume, Lutz Meschke Organizations: Porsche, Volkswagen Locations: Munich, Germany
The 10-minute walk took me past a row of colorful houses and apartments, red-and-yellow nasturtiums poking from their yards. The train ride, too, gave me precious time to read. It turned out swapping the train for two wheels took a bit more sweat, but no more time at all. My route took me under freeways, but most of the streets I took were so quiet that I could hear birds singing. AdvertisementGiving up my car has made me healthier, happier, and more connected to my neighbors than before.
Persons: I'd, California's, I've Organizations: Service, Oakland Locations: Los Angeles, America, South Berkeley, Oakland, Berkeley, Chance
Apple reportedly pulled the plug on its decade-long EV project last month. Though we'll never see an Apple Car, we might have some insight into what could've been. Different designs for the car looked like a Volkswagen Microbus or a Canoo Lifestyle Vehicle, Bloomberg reports. Several designs for the car alternately took inspiration from the Volkswagen Microbus of yesteryear and the futuristic Canoo Lifestyle Vehicle, Bloomberg's Mark Gurman reported Sunday. VolkswagenAround 2020, the design for the car took inspiration from the Canoo Lifestyle Vehicle, per Bloomberg.
Persons: we'll, could've, , Apple execs, Mark Gurman, Jony, Apple Organizations: Apple, Volkswagen, Bloomberg, Service, Tesla Locations: yesteryear, Apple's
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In turn, sentiment toward Western business has soured. It's no wonder US companies that once banked on this being the "Chinese century" are having to learn a very painful lesson about doing business in China. According to The Wall Street Journal, a directive known as Document 79 is being ramped up to push out Western companies. AdvertisementHow Western companies respond will be closely watched, as China remains too valuable to lose a hold of.
Persons: , Apple's, Tesla, Gene Munster, Wang Gang, Muster, BYD, It's, John Keeble, Li Qiang, Suzanne Clark Organizations: Service, Business, Research, Apple, Getty, Shanghai gigafactory, Bloomberg, China's Passenger Car Association, Deepwater Asset Management, Huawei, Volkswagen, Reuters, National People's Congress, Wall Street, US Chamber of Commerce Locations: China, Beijing, Shanghai
The electric 1,093-horsepower Taycan Turbo GT, coming to market this summer, has already set two race track speed record for an electric car. High horsepower numbers and eye-popping acceleration are more common among electric cars than gasoline-powered ones, especially since EVs can have multiple motors. This Turbo GT, a new version of the electric Porsche Taycan, features two motors. One, the standard Porsche Taycan Turbo GT, will be fast but reasonably comfortable for street driving. The Porsche Taycan Turbo GT with Weissach Package, though, will dispense with backseats and other comfort items to save weight.
Persons: Nordschleife Organizations: CNN, Porsche, Tesla, Toyota, Turbo, Taycan, Volkswagen Group Locations: Turkish
Read previewLast spring, I found a used 2019 Tesla Model 3 listed for sale just a few miles from where I live. Andrew Lambrecht's 2019 Tesla Model 3. Lambrecht's 2019 Tesla Model 3. Lambrecht's 2019 Tesla Model 3. The Ford Mustang Mach-E and Volkswagen ID.4 are two other neat electric cars now within the $25,000 range used.
Persons: , Cooper, I've, it's, Andrew Lambrecht's, Amber Saitta, Tesla, Teslas, Andrew Lambrecht, hasn't Organizations: Service, Business, EV, EPA, Ford, Volkswagen Locations: Teslas
Prices for the R2 SUV, which will go on sale in early 2026, will start at around $45,000, Rivian said. That’s something that set the larger R1S apart among electric SUVs, few of which can seat more than five. The Rivian R2. The Rivian R2 and R3 are Rivian’s smaller, more affordable off-road EVs Rivian“For $75,000 I can buy a Mercedes or a BMW, a 100-year-old Europe power house,” he said. Without naming Rivian, Scout chief executive Scott Keogh noted the advantage of Scout’s established brand name.
Persons: CNN — Rivian, Rivian, R.J, Scaringe, It’s, , ” Scaringe, won’t, Sandeep Rao, , Scott Keogh, ” Keogh Organizations: CNN, US EV, BMW, Kia, Hyundai, Volkswagen, Scout, International Harvester Locations: Georgia, Europe, South Carolina
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