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☆ Automakers will find themselves in a 'big trap' if the transition toward EVs slows down, Stellantis CEO says
▼ + stars: | 2024-10-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Stellantis CEO Carlos Tavares says automakers will have a tough time if the EV transition slows. "Making a transition for EVs longer is a big trap," Tavares said. AdvertisementAutomakers will find themselves in a "big trap" if the industry's transition toward electric vehicles slows down, Stellantis CEO Carlos Tavares said on Monday. "Making a transition for EVs longer is a big trap," Tavares said. AdvertisementSeveral auto chiefs have raised concerns about the rise of Chinese automakers.

Persons: Carlos Tavares, Tavares, —, It's, Stellantis didn't, William Roberts, BI's Tom Carter, Dylan Khoo, BI's Carter, EVs, Khoo, Jim Farley, Ola Källenius, Källenius Organizations: Service, Financial Times, Paris, Financial, Chrysler, Fiat, Maserati, Peugeot, Business Insider, European Automobile Manufacturers ' Association, Rho Motion, ABI Research, Research, BI, Street, Benz, Berlin Global Locations: Europe, Germany, Thailand, Brazil, China

☆ Uber CEO says competing with Elon Musk is 'no easy matter' — and would love to partner with Tesla on robotaxis
▼ + stars: | 2024-10-15 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Uber CEO Dara Khosrowshahi told the Financial Times that competing with Elon Musk is not easy. He said he would "love" to get Tesla's robotaxis on the Uber platform when it's ready to roll out. AdvertisementUber CEO Dara Khosrowshahi says going head-to-head with Elon Musk can be tough — so he's open to partnering with him. "Obviously, competing with Elon Musk is no easy matter, and we take nothing for granted; we really want to partner with the autonomous industry," he told the FT in an interview that aired Tuesday. Uber and Tesla didn't immediately respond to requests for comment from Business Insider, made outside normal working hours.

Persons: Dara Khosrowshahi, Elon Musk, —, Khosrowshahi, Tesla, Uber, Musk, hasn't Organizations: Financial Times, Elon, Service, Tesla, Warner Bros, Business Locations: Burbank , California

DETROIT — The Michigan Senate race is one of several that could help determine control of the chamber and decide the presidential contest this fall. And unlike in some other swing states, both candidates in the open Senate race are sticking close to the tops of their tickets. “It’s about those independent voters, those swing voters, those voters who make their decisions very late,” she said. Doesn’t work when you have the problems that we have in the state of Michigan,” he continued. “I don’t believe in doing something that is not possible for the auto industry, because that’s our bread and butter here in Michigan,” Slotkin said.

Persons: Mike Rogers, Donald Trump, Elissa Slotkin, Kamala Harris, Joe Biden’s, ” Slotkin, Harris, “, Democratic Sen, Debbie Stabenow, Rogers, ”, Trump, MAGA, I’m, Donald Trump’s, Mike Rogers ’, Slotkin, There’s, don’t, Slotkin “, ” Rogers, Biden, hasn’t, ‘ Let’s, let’s, I’d Organizations: DETROIT, The Michigan Senate, GOP, ” Democratic, Trump, Democratic, Getty, Harris, Republican Party, House Intelligence Committee, White, “, United States Senate, CIA, Defense Department, Slotkin, Biden, Michigan, Senate, Republican, Pentagon, Democratic Party, Democrats Locations: America, Michigan, Ann Arbor, Detroit, China, Ukraine, Gaza, Lebanon, Israel, Florida

☆ Dacia CEO discusses EV tariffs
▼ + stars: | 2024-10-14 | 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 EmailDacia CEO discusses EV tariffsDacia CEO Denis Le Vot says his company is focused on producing affordable EVs despite the impact of EU import tariffs.

Persons: Denis Le Vot Organizations: Dacia

☆ Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more
▼ + stars: | 2024-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +18 min

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024. The previous Trump administration didn't pursue those types of consumer protections. In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.

Persons: Donald Trump, Kamala Harris, he's, Harris, Joe Biden's, Trump, Pete Buttigieg, Jonathan Kletzel, didn't, — Leslie Josephs Banks Big, JPMorgan Chase, Biden, Tobin Marcus, it's, Sen, JD Vance, they're, Lindsey Johnson, Hugh Son, Pablo Di Si, EVs, Joseph Spak, Harris hasn't, Mike Wayland, Drugmakers, Trump hasn't, Mariana Socal, Annika Kim Constantino, David Zaslav, John Malone, Time Warner, Simon, Simon & Schuster, Marc DeBevoise, Jonathan Miller, Elon Musk's, Musk, I'm, MAGA, I'm Dark MAGA, —, TikTok, — Lillian Rizzo, Alex Sherman, Michael Lynn, — Amelia Lucas Organizations: ABC, Getty, U.S, Trump, Treasury, Justice Department, Federal Trade Commission, Consumer Financial, Bureau, CNBC, The Biden Department of Transportation, Democratic, American Airlines, JetBlue Airways, Spirit Airlines, Industry, Boeing, JPMorgan, Securities and Exchange Commission, Currency, Federal Deposit Insurance Corporation, Biden, Wolfe Research, Bank, Republican, Bankers, Democratic Party, Consumer Bankers Association, Republicans, Volkswagen Group of America, Automotive News, Environmental Protection Agency, UBS, Mike Wayland Health, Commonwealth Fund, Medicare, Johns Hopkins Bloomberg School of Public Health, Annika Kim Constantino Media, Paramount Global, Skydance, Warner Bros, Discovery, Allen & Co, Sun, Media, Disney, Fox Corp, Time, Simon &, Random, MGM, FCC, Integrated Media, Twitter, Capitol, White, Lawmakers, Meta's Facebook, Alex Sherman Restaurants, National Restaurant Association, National Labor Relations Board, Social Security, Washington Post, Cornell University Locations: United States, PwC, JetBlue's, U.S, China, Ohio, Michigan, California

☆ The blue wall battlegrounds will be won or lost on the economy. Here's where Harris stands in these critical states.
▼ + stars: | 2024-10-13 | by ( John L. Dorman | ) www.businessinsider.com time to read: +10 min

The trio of blue wall states offer promise to Vice President Harris and former President Trump. She's worked to rally union workers — a key voting bloc — around her campaign. But Loge also pointed to a newly-released Emerson College poll, which showed that Harris' union support varied by state. In the Quinnipiac poll, Michigan voters gave Trump an eight-point edge (53% to 45%) on the economy. And she's aiming to win over voters — especially union workers — in smaller cities where Trump found success in 2016.

Persons: Harris, Trump, —, Kamala Harris, Donald Trump's, Hillary Clinton, She's, Tim Walz, Clinton, Joe Biden, Republican Party —, Liz Cheney, Biden, she's, Gen Zers, millennials, Donald Trump, Bill Pugliano, Democrats isn't, he's, Biden —, Peter Loge, Loge, Shawn Fain, GEOFF ROBINS, Elissa Slotkin, Mike Rogers, Fain, Gretchen Whitmer, didn't, David Dulio, JIM WATSON Organizations: Trump, Service, Democrats, —, Democratic, White House, Republican Party, Wyoming GOP, Marquette University Law, Quinnipiac University, AFL, CIO, Democratic Party, Biden, School of Media, Public Affairs, George Washington University, Emerson College, Teamsters, United Auto Workers, Getty Images, Democratic Rep, GOP, UAW, Michigan, Center for Civic, Oakland University, New York Times, Siena College, Quinnipiac, Getty Locations: Michigan, Pennsylvania, Wisconsin, Michigan , Pennsylvania, West Allis, Wis, Milwaukee, Minnesota, Midwest, White House . Wisconsin, Eau Claire, Madison, Ripon, Wyoming, Flint, Mich, United States, Philadelphia, Pittsburgh, Johnstown, Wilkes, Barre, Quinnipiac

☆ China's car sales snap five-month decline on subsidy boost
▼ + stars: | 2024-10-12 | by ( ) www.cnbc.com time to read: +2 min

China's passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package. Sales in the world's biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association (CPCA). Sales of electric vehicles and plug-in hybrids jumped 50.9%, accounting for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline-engine cars in China.

Persons: Tesla, Xpeng, China's Organizations: China Passenger Car Association, Global Locations: Chaoyang district, Beijing, China, U.S

☆ An ex-Tesla owner shares why his experience with a Rivian R1T during Hurricane Helene made him a convert
▼ + stars: | 2024-10-11 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +8 min

North Carolina resident Michael Cusick and his Rivian R1T got caught in Hurricane Helene last week. But his experience with his Rivian R1T EV truck following Hurricane Helene — a storm that ravaged the southeast, including Cusick's home in Asheville, North Carolina — has cemented his position as a new Rivian convert. Cusick's Rivian in Pisgah National Forest in North Carolina earlier this year. A Rivian spokesperson told Inside EVs, which earlier reported on Cusick's truck, that Rivian battery packs are sealed to provide floodwater protection. The interior of Cusick's Rivian truck was kept dry during Hurricane Helene, Cusick told BI.

Persons: Michael Cusick, R1T, Hurricane Helene, Cusick, Rivian, Tesla, —, Helene —, Asheville , North Carolina —, Cusick's, Zers, Roy Cooper, it's, It's, Michael Cusick That's, They're, Michael Cusick Cusick Organizations: Service, Tesla, Chevy Silverado, Asheville —, Asheville, Gov, Associated Press, Business Locations: Carolina, Hurricane, Asheville , North Carolina, Rivian, Asheville, Pisgah National Forest, North Carolina, St, Augustine , Florida, Buncombe County, Virginia, Atlanta

☆ Stellantis is struggling. Here's why
▼ + stars: | 2024-10-10 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

American car brands Jeep, Ram, Dodge and Chrysler are struggling under their new owner. The European-American giant Stellantis is the world's fifth-largest automaker by volume, according to S&P Global Mobility. But Stellantis did better than that. 2023 was a banner year: record sales, record profits, record free cash flow. Out of all brands in the U.S., Stellantis vehicles have some of the highest inventories of vehicles on dealer lots, according to Cox Automotive.

Persons: Daniel Roeska, Bernstein, Stellantis, Stephanie Brinley, Carlos Taveres, Roeska Organizations: Dodge, Chrysler, P Global Mobility, Groupe PSA, Italian Fiat Chrysler, Products, Jeep, RBC Capital, Cox Automotive, United Auto Workers Locations: Italian, North America, U.S, America, China

☆ GM ditching 'Ultium' name for batteries and tech amid EV changes
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.nbcnews.com time to read: +4 min

Aside from EVs, GM touted its lowering capital costs and the company’s flexibility to produce both traditional vehicles with internal combustion engines and EVs. Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event. The change to Ultium comes after GM spent billions of dollars to develop in-house “Ultium” batteries and technologies that the automaker previously touted as “revolutionary” and the ultimate technologies to be able to build a profitable EV business. The company said the batteries and the technologies will remain, but the name “Ultium” will not, other than production operations such as its “Ultium Cells” joint venture plants with LG Energy Solution. GM has been rethinking its EV battery strategy amid changing market conditions and an influx of new, outside executives, including Tesla veterans JP Clausen, who now leads GM manufacturing, and Kurt Kelty, GM’s vice president of battery.

Persons: GM, EVs, Ultium, ”, JP Clausen, Kurt Kelty, Mary Barra, ” Kelty, Rory Harvey, “, Orion Organizations: DETROIT, Detroit automaker, GM, LG Energy, Tesla, LG, South Korea’s Samsung SDI, CNBC, Orion Locations: North America, Orion Township , Michigan, U.S, Detroit

☆ I drove Chevy's $57,000 Blazer EV. From giant screens to great maps, these 18 features make the high-tech SUV worth it.
▼ + stars: | 2024-10-09 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

Chevrolet launched the Blazer EV in late 2023. I recently drove the $57,000 SUV in RS trim with all-wheel-drive. AdvertisementUpon its launch in late 2023, the Chevrolet Blazer EV was one of the first mainstream offerings built on GM's EV platform shared by the Cadillac Lyriq and GMC Hummer EV. I recently reviewed a 2024 Chevrolet Blazer EV RS AWD, which starts at $53,200, with an as-tested price of $57,215. I was impressed by the Blazer EV's aggressive styling, roomy cabin, smooth ride, and massive high-definition touchscreen.

Persons: — Organizations: Chevrolet, Blazer, Service, Cadillac, GMC Hummer

☆ Cybertruck owners share their likes and dislikes as Tesla's pickup approaches its first birthday
▼ + stars: | 2024-10-09 | by ( Ana Altchek | ) www.businessinsider.com time to read: +7 min

Business Insider interviewed 10 Cybertruck owners to hear what they thought of the vehicle. Business Insider spoke to 10 Cybertruck owners about their experience with the EV and the most notable parts of owning it. Several also owners told BI that the company could improve its customer support — whether it was being more transparent about delays or communicating updates. Cybertruck owners feel like celebrities — but you might get the finger while drivingWhile it doesn't happen often, getting flipped off seems to be a right of passage of sorts for most Cybertruck owners. Most of the interactions tend to be positive though, many of the owners told BI.

Persons: Tesla, —, It's, Elon Musk, Kim Kardashian, Elon, Anthony Ardizzone, Royce —, Ardizzone, Jeremy Judkins, Lamar, Tommy Huynh, Austin, Stephen Kapusta, Jason Burtman, Jay O'Brien, he's, Joe Fay, Cybertruck, Getty, John Keeble Charlie Redmond, he's Elon Musk's, Lamar MK, O'Brien, Kapusta Organizations: Business, Service, EV, Honda, Royce, Getty, BI, Orlando Locations: Jupiter , Florida, North Carolina, Harrisburg , Pennsylvania, Kansas City , Missouri, Austin, Piermont , New York

☆ Here's what investors need to know after GM's capital markets day
▼ + stars: | 2024-10-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

GM's investor day showcased many of the company's current achievements, but did not provide much insight on strategy," Bernstein analyst Daniel Roeska wrote Wednesday in an investor note. "GM's Investor Day yesterday didn't provide much in the way of sharp shifts in strategy. Through the first half of 2024, GM earned $8.3 billion in EBIT-adjusted and generated $6.4 billion in adjusted automotive free cash flow. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion. GM's operations in China have experienced a decade-long slide in earnings, and executives said they are discussing restructuring options with their China-based partners.

Persons: Rebecca Cook, Mary Barra, Mark Reuss, Stellantis, Bernstein, Daniel Roeska, Dan Levy, John Murphy, Levy, Paul Jacobson, Jacobson, GM's, we're, Barra, Ultium, Kurt Kelty, " Jacobson, Reuss, that's, you'll, Tesla's Organizations: General Motors, Reuters DETROIT —, GM, Ford Motor, Ford, Barclays, BofA Securities, Wall Street, EV tailwinds, North America, LG Energy, ICE, GMC, China Locations: Detroit, Spring Hill , Tennessee, North, Cruise, China

☆ Sweden's Volvo says deputy CEO to step down in management reshuffle as EV demand slows
▼ + stars: | 2024-10-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Swedish automaker Volvo Cars on Wednesday announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle designed to increase simplicity and collaboration in the organization. It comes shortly after Volvo Cars abandoned its near-term goal of selling only electric vehicles (EVs), citing a need to be "pragmatic and flexible." "In a rapidly changing world, we need to ensure our organisation is equipped to navigate a more challenging market," Jim Rowan, CEO at Volvo Cars, said in a written statement. "We are now regrouping our commercial leadership team with a focus on making Volvo Cars even stronger with increased speed and efficiency," he added. Volvo Cars said it was taking these steps to navigate challenges facing the automotive industry, such as headwinds driven by geopolitical and macroeconomic uncertainties, market sentiment, rapid technology shifts and supply chains.

Persons: Björn Annwall, Jim Rowan, Annwall, Arek Nowinski, Gretchen Saegh, Fleming, Oscar Bertilsson Olsborg Organizations: Volvo, Wednesday, Volvo Cars Locations: China

☆ China penalizes European brandy in tit-for-tat response
▼ + stars: | 2024-10-08 | by ( ) edition.cnn.com time to read: +3 min

An investigation has preliminarily determined that dumping of brandy from the EU is threatening China’s own brandy sector with “substantial damage,” the Chinese Commerce Ministry said. It also accounted for 99% of China’s brandy imports last year, with French brandy shipments reaching $1.7 billion. The Chinese commerce ministry gave no details. Ahead of the vote, in late August, China had suspended its planned anti-dumping measures on EU brandy, in an apparent goodwill gesture, despite determining that EU brandy had been sold in China at below-market prices. At the time, the Commerce Ministry said its probe would end before January 5, 2025, but that it could be extended.

Persons: Hennessy, Remy Martin, Pernod Ricard, Remy Cointreau, Martell Organizations: Paris Reuters, European Union, Chinese Commerce Ministry, EU, Commerce Ministry, China’s Commerce, distillers, SAIC, European Locations: Beijing, Paris, China, France

☆ Kevin O'Leary says the US needs to go 'DEFCON 19 against China' and break the country with heavy tariffs
▼ + stars: | 2024-10-08 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

"You squeeze them because the Chinese only understand the stick," O'Leary told Fox News on Sunday. Advertisement"Shark Tank" star Kevin O'Leary says the US needs to level the playing field against China by imposing heavy tariffs on the country. I've said it countless times, they understand the stick, they respect the stick, give them the stick," O'Leary added. And just so everybody knows why I'm so biased — they have screwed me over the last 12 years," O'Leary told Varney. But they've really taken advantage of our country," Trump told "Sunday Morning Futures" host Maria Bartiromo in February.

Persons: Kevin O'Leary, O'Leary, Donald Trump, —, Trey Gowdy, Gowdy, I've, NpVH9sFriC — Kevin O'Leary, Stuart Varney, he's, Varney, O'Leary didn't, Donald Trump's, Trump, they've, Maria Bartiromo, John Deere, Joe Biden, Biden, Kamala Harris, Harris, Harris hasn't Organizations: Fox News, Sunday, Service, China, Fox Business, Business Insider, White, Trump Locations: China, America, Mexico, Smithton , Pennsylvania

The company previously launched an "Uber Green," service which has historically included a mix of battery electric vehicles, and hybrid electric models. Now, Uber can offer battery electric vehicles as the sole "green" option in more than 40 cities globally, executives said at Uber's annual Go Get Zero sustainability conference in London on Tuesday. "We need more affordable EVs, we need stronger EV mandates, we need incentives for people who are driving the most. For drivers, Uber said it is rolling out an "EV Mentor" program, which connects drivers for any questions about electric mobility. The deal will give Uber drivers the ability to access Octopus' "Intelligent Go" tariff to help them with EV charging costs.

Persons: Dara Khosrowshahi, Uber, Khosrowshahi, OpenAI's ChatGPT, Suvrat Dhanorkar, Gordon Burtch, it's, BYD, Rebecca Tinucci, Tinucci Organizations: Transportation, Clean Transportation, Transportation Science, Los Angeles, Organization for Economic Co, Development, Octopus Energy, EV, Uber Locations: London, New York City, Los, Paris, France

☆ GM expects 2025 earnings to be similar to this year's despite industry headwinds
▼ + stars: | 2024-10-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — General Motors expects its 2025 adjusted earnings to be in a "similar range" to the company's results this year, CFO Paul Jacobson said Tuesday during the company's investor day. Achieving its 2024 targets as well as similar earnings next year would be quite an accomplishment. Jacobson declined to provide specific financial targets until the company formally releases its 2025 financial guidance early next year. GM's 2024 financial guidance includes anticipated capital spending of between $10.5 billion and $11.5 billion. Other than the financial targets for 2025, the automaker provided few significant updates at its investor day.

Persons: Paul Jacobson, Jacobson, Mary Barra Organizations: GMC, DETROIT —, Motors, Detroit, Auto, GM, North America, Wall Street Locations: Richmond , California, DETROIT, North

☆ GM ditching 'Ultium' name for batteries, tech amid EV changes
▼ + stars: | 2024-10-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

General Motors revealed its all-new modular platform and battery system, Ultium, on March 4, 2020 at its Tech Center campus in Warren, Michigan. DETROIT — General Motors will drop the name "Ultium" for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations. The Detroit automaker confirmed the switch Tuesday ahead of an investor event in which GM is expected to discuss the change. The change comes after GM spent billions of dollars to develop in-house "Ultium" batteries and technologies that the automaker previously touted as "revolutionary" and the ultimate technologies to be able to build a profitable EV business. The company said the batteries and the technologies will remain, but the name "Ultium" will not other than production operations such as its "Ultium Cells" joint venture plants with LG Energy Solution.

Persons: EVs, JP Clausen, Kurt Kelty Organizations: Motors, Tech Center, DETROIT —, Detroit automaker, GM, LG Energy, Tesla Locations: Warren , Michigan, DETROIT, North America

☆ Elon Musk is ready to make his biggest pitch yet that Tesla is more than just a car company
▼ + stars: | 2024-10-07 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Elon Musk has a big task this week: convincing investors that Tesla is more than just a car company. It may do so once again as Elon Musk prepares to use the studio lot to tell another story: that Tesla is more than just a car company. The long-awaited event — originally scheduled for August — is meant to give weight to the electric vehicle maker's pitch that it is a tech company first and a car company second. Meanwhile, in July, Wedbush analyst Dan Ives claimed the "Tesla AI story could be worth $1 trillion-plus and is the most undervalued AI name." Michael Macor/The San Francisco Chronicle via Getty ImagesHowever, what's critical to note is the timing for Tesla's robotaxi push.

Persons: Elon Musk, Tesla, Tesla's, —, Musk, Sam Altman, Andrej Karpathy, Dan Ives, Michael Macor, Caspar Rawles, Rawles, Donald Trump, Elon, Ross Gerber, Gerber, Uber, it's, Cruise, Paul Miller, Forrester Organizations: Service, Warner Bros, Elon, Robotaxi, EV, San Francisco, Getty, Elon Inc, Benchmark Mineral Intelligence, Twitter, Gerber Kawasaki Wealth, Investment Management, Baidu, GM Locations: Burbank, California, Tesla's, Palo Alto, Elonville, Chinese, China, Wuhan

☆ GM investor day: Cruise, cash and EV profits top of mind for Wall Street
▼ + stars: | 2024-10-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — A lot has changed since General Motors' last investor day two years ago, but one thing that hasn't is the automaker's ability to outperform Wall Street's expectations — doing so every quarter since then. "Accordingly, whereas the theme for GM three years ago was "Growth Motors," we believe the theme today is "praGMatic Motors." To underscore that effort, the event is taking place GM's vehicle assembly and Ultium EV battery plants in Tennessee. Barra and other executives have stressed such a dual strategy since lowering or withdrawing nearly all of the company's EV targets amid slower than expected adoption of electric vehicles. "We are making the most of every opportunity we have in ICE and in EV and leveraging our core strengths," Barra said during the company's second-quarter investor call in July.

Persons: Mary Barra, General Motors, Dan Levy, Barra Organizations: General Motors Co, DETROIT, General, Wall Street, GM, Barclays, Spring, Spring Hill Assembly, ICE, EV Locations: Detroit , Michigan, China, Barra, Tennessee, Spring Hill

☆ The Western auto industry is now locked in a 'Darwinian' make-or-break battle with China, the chiefs of 2 major automakers warn
▼ + stars: | 2024-10-07 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Mercedes-Benz CEO Ola Källenius says automakers need to hunker down if they want to beat the Chinese. Ford's CEO, meanwhile, called the Chinese auto industry an "existential threat" after a visit to the country in May. When it comes to competing in the EV market, Western automakers have been left playing a game of catch-up with the Chinese. Chinese automakers like BYD have been expanding into Southeast Asian countries like Thailand, as well as developing markets like Brazil and Mexico. The crippling trade restrictions effectively shut them out of the US auto market.

Persons: Ola Källenius, Källenius, —, Mercedes, isn't, Jim Farley, Farley wasn't, Farley, John Lawler, Lawler Organizations: Mercedes, Benz, Service, Ford, Berlin Global, EV, Källenius, Business Insider, Wall Street, Changan Automobile, Research, BI, European Union, Financial Times Locations: China, Thailand, Brazil, Mexico, Western

☆ Cheap stocks to buy in the fourth quarter, according to HSBC
▼ + stars: | 2024-10-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

It's officially a new trading month, and HSBC recommends investors broaden their exposure in the fourth quarter by seeking out stocks with more reasonable valuations. "These 'big' companies represent the lion's share of equity index returns year to date." HSBC has a buy rating on the stock. In all, 16 of the 29 analysts covering GM have a strong buy or buy rating, and its average price target of $54.35 implies nearly 19% upside from Friday's close, per LSEG. The remaining 11 have a buy or strong buy rating.

Persons: It's, Nicole Inui, General Motors, Goldman Sachs, Goldman Organizations: HSBC, Dow, Industrial, Nasdaq, Federal Reserve, General, GM, Pharmaceutical, Pfizer, Delta Air Lines Locations: Americas, U.S

☆ I charged a Chevy at Tesla Superchargers for a week. It was a breeze but came with one big drawback.
▼ + stars: | 2024-10-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

GM's electric vehicles got access to Tesla Superchargers last month. AdvertisementFor the better part of a week, I was the lone Chevy at my local Tesla Superchargers. Before I could offer to help, a flock of Tesla owners amassed to troubleshoot with him. Access to Elon Musk's charging network is the latest improvement GM has made to charging access for electric vehicle owners. For a long time, the Supercharger network was a selling point for EV shoppers worried about range anxiety.

Persons: —, didn't Organizations: Service, Chevrolet, Equinox, Elon, GM, GM Energy Locations: North America

The European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles. “Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from E.U. Member States for the adoption of tariffs,” the E.U. first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to electric vehicle producers in Europe. to start investigations of potential tariffs, Germany has advocated against them, raising concerns about consequences for its own struggling carmakers.

Persons: Peter Szijjarto Organizations: Union, E.U, European, China’s Ministry of Commerce, Reuters, European Commission Locations: China, “, States, Europe, Beijing, E.U, France, Germany, Hungarian

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