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Volkswagen in concrete discussions over car partnerships in India
  + stars: | 2024-05-23 | by ( ) www.cnbc.com   time to read: +1 min
The logo of German car giant Volkswagen (VW) is seen on a Volkswagen ID Buzz van during the company's annual press conference to present the business report, on March 14, 2023 in Berlin. Volkswagen is in concrete talks about partnering up on passenger car production in India, the group's finance chief said on Thursday, adding it was tough to earn money in the market that still presents a "clear" opportunity. "We are in very good discussions," Arno Antlitz told the Reuters Events Automotive Europe conference in Munich, "it's very, very concrete," he added, without specifying. "I think we shouldn't underestimate the potential in India in terms of a market ... and in terms of regulatory uncertainty between the U.S. and China. At 101,553 delivered vehicles, India is so far a small market for Volkswagen, accounting for little more than 1% of deliveries across the whole group in 2023.
Persons: Arno Antlitz, Antlitz Organizations: Volkswagen, Reuters, Automotive, U.S, India's Mahindra, SKODA, Audi, Porsche, Lamborghini Locations: Berlin, India, Munich, China, Washington, Beijing, Aurangabad, Pune
German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said. A report by Senate Finance Committee Chairman Ron Wyden's staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. BMW Group said in an email it had "taken steps to halt the importation of affected products." The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor.
Persons: Ron Wyden's, Wyden Organizations: BMW, U.S, Senate, Senate Finance, Coopers, BMW Group, Labor, Customs and Border Protection, Inc, Sichuan Jingweida Technology Locations: Leipzig, Germany, United States, China's Xinjiang, China, California, Sichuan
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewElon Musk's social media posts have a history of getting him into trouble — and Tesla's chair has admitted they sometimes catch her off guard, too. Robyn Denholm, the chair of Tesla's board, admitted to the Financial Times that she has had "tough conversations" with CEO Elon Musk over his social media posts and said that if she had her way, Twitter, now X, wouldn't exist. Denholm became Tesla's chair in 2018 after Musk stepped down following a settlement with the SEC over the billionaire's infamous "funding secured" tweet. AdvertisementTesla did not immediately respond to a request for comment made outside normal working hours.
Persons: , Robyn Denholm, Elon Musk, Denholm, Musk, you've, Tesla Organizations: Service, Elon, Financial Times, Twitter, Business, SEC, Wall Street Journal Locations: Delaware, Sydney
According to prosecutors, the scheme began sometime in 2020 and used the stolen identities of about 60 US citizens. According to prosecutors, the scheme saw overseas workers apply for remote jobs at well-known US companies, including Fortune 500 companies. In exchange, prosecutors said in the indictment that Chapman charged the workers monthly fees for her services. In 2016, the US passed the North Korea Sanctions and Policy Enhancement Act, which aimed to improve the enforcement of sanctions against North Korea. The assistant director of the FBI's Counterintelligence Division, Kevin Vorndran, said in the press release that although the allegations may seem like "typical white-collar" crime, they represent a broader trend.
Persons: , Christina Marie Chapman, Chapman, Oleksandr Didenko, Nicole M, Argentieri, Kevin Vorndran Organizations: Service, US, Office, District of Columbia, Business, Fortune, Prosecutors, Social Security Administration, Department's, North Korea Sanctions, North, FBI's Counterintelligence Division Locations: Arizona, North Korea, Valley, American, Ukrainian
Kuniskis will be replaced by Chrysler brand CEO Christine Feuell, who will lead Ram in addition to Chrysler, and Matt McAlear, who will be promoted from Dodge's sales lead to brand CEO and a member of Stellantis' top executive team. DETROIT – Stellantis ' Dodge and Ram brands CEO Tim Kuniskis is retiring after a nearly 32-year career with the automaker and its predecessors, the company announced Friday. I wish him well in his retirement," Stellantis CEO Carlos Tavares said in a release. "I am confident that Chris will continue the work of Tim in leading the iconic Ram brand. Matt will bring a fresh perspective, while continuing to draw on the heritage of our iconic Dodge brand and leading the transition of the brand toward a sustainable future."
Persons: Christine Feuell, Ram, Matt McAlear, Dodge, Tim Kuniskis, Tim, Carlos Tavares, Chris, Matt, Sergio Marchionne, Kuniskis, Mark Stewart Organizations: Chrysler, Challenger, Dodge, DETROIT, U.S, Fiat Chrysler, French, PSA Groupe, Goodyear Tire Locations: American, North America, Durango, South America, Asia, Pacific, China
More than 5,000 Mercedes-Benz workers in Alabama are voting this week on whether to join the United Automobile Workers union, a decision both supporters and opponents say will have consequences far beyond two factories near Tuscaloosa where the German carmaker churns out luxury sport utility vehicles and batteries for electric cars. Conservative political leaders have portrayed the union campaign to organize Mercedes workers as an assault by outsiders on the region’s economy and way of life. The vote tally is expected to be released by federal officials on Friday. Six Southern governors, including Kay Ivey, an Alabama Republican, issued a statement last month criticizing unions as “special interests looking to come into our state and threaten our jobs and the values we live by.” Alabama recently passed a law intended to discourage union organizing. For the union, a win would add to a string of victories in the South, where organized labor has traditionally been weak, and provide momentum to the U.A.W.’s efforts to win over workers at other nonunion automakers like Hyundai, Toyota, Honda and Tesla.
Persons: Kay Ivey Organizations: Benz, United Automobile Workers, Conservative, Six, Alabama Republican, , Hyundai, Toyota, Honda Locations: Alabama, Tuscaloosa, Six Southern, ” Alabama
Read previewTesla is going all in on its efforts to push through approval of Elon Musk's $55 billion pay package. A screenshot of some of the paid ads Tesla ran in support of Musk's pay package proposal. SECThe company aims to pass two separate proposals, one moving its state of incorporation from Delaware to Texas and another reapproving Musk's pay, which was struck down by a Delaware judge earlier this year. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth. AdvertisementEarlier in May, Denholm even sat down for a video promoting the pay plan.
Persons: , Elon, Tesla, Kathleen St, J, McCormick, Musk, Robyn Denholm, Denholm Organizations: Service, Elon Musk's, Securities and Exchange Commission, Google, Business, SEC, Street Journal, Bloomberg Locations: Tesla, Delaware, Texas
Read previewElon Musk's recent firing of Tesla's entire Supercharger team seems to be causing chaos at some of its suppliers. Elon Musk's decision to lay off Tesla's entire Supercharger team, reportedly around 500 employees, shocked the EV industry. "It sounds like an existing Tesla team from a different department has been inserted to manage the charging division," said Pinter. His comments were echoed by Pinter, who described Musk's reorganization of Tesla as a "blessing in disguise" for Bullet EV Charging. Advertisement"We have already hired several members of the former Tesla charging team and are diversifying our customer base to focus more on fleet and auto dealership charging," Pinter said.
Persons: , Elon, Aaron Luque, hasn't, Luque, haven't, Envirospark, Tesla …, Elon Musk's, Musk, Tesla, Andres Pinter, Pinter, we've Organizations: Service, Business, Bloomberg Locations: Canada, Luque
Read previewThe director who helped launch Tesla's latest project is leaving the company. Renjie Zhu, the director of manufacturing engineering at Tesla's Austin Gigafactory, announced he'd left the company on Sunday. The executive wrote on LinkedIn that "after triumphing the epic launch of Cybertruck program," his "adventure with this great company has come to an end." Related storiesIt's unclear whether Zhu was part of a recent series of layoffs at Tesla or resigned on his own. The executive and a spokesperson for Tesla did not immediately respond to a request for comment.
Persons: , Renjie Zhu, Tesla's Austin Gigafactory, he'd, Zhu, Tesla's, Tesla, Elon Musk Organizations: Service, Tesla's, LinkedIn, Business, Tesla Locations: Shanghai
The billionaire has shared videos of the Argentine president attacking “social justice” with his 182 million followers. One doctored image, which implied that watching a speech by Mr. Milei was better than having sex, is among Mr. Musk’s most viewed posts ever. Mr. Musk has helped turn the pugnacious libertarian into one of the new faces of the modern right. But offline, he has used the relationship to press for benefits to his other businesses, the electric carmaker Tesla and the rocket company SpaceX. “Elon Musk called me,” Mr. Milei said in a television interview weeks after taking office.
Persons: Javier Milei, Elon Musk, Musk, Milei, Musk’s, Tesla, “ Elon Musk, ” Mr Organizations: South, , Argentine, SpaceX Locations: Argentina
Hybrid sales are booming in the US. In his latest earnings report, the company blamed demand for hybrid vehicles for depressing global EV sales. "We believe this is not the right strategy, and electric vehicles will ultimately dominate the market," he added. "A lot of hybrid electric vehicles now are not far off from their internal combustion engine alternatives. "What we've seen historically is that when gas prices rise, hybrid electric vehicle price or acquisitions rise as well," he told BI.
Persons: , Elon Musk, Nick O'Brien, O'Brien, EVs, Edmunds, Mark Singer, Tesla, Jeff Buchanan, Buchanan, Singer Organizations: Toyota, Service, EV, General Motors, Ford, Business, Jefferson Community College, Maverick, New York Times, National Renewable Energy Laboratory, Soaring, Singer, US Locations: Edmunds, North America, Kentucky
Inside Tesla's chaotic month of brutal layoffs
  + stars: | 2024-05-11 | by ( Grace Kay | ) www.businessinsider.com   time to read: +6 min
Several executives at the company have departed and Tesla workers say morale is flagging. AdvertisementTesla faces headwindsAhead of the layoffs, Tesla's delivery numbers slumped, falling below Wall Street's estimates. AdvertisementMore on the EV slowdown:The cuts commenceBefore Musk notified staff of the mass layoff, workers had been wary of impending cuts. Tesla workers hadn't seen such a deep cut since 2022 when Tesla slashed 10% of its salaried staff. In the weeks that followed, Musk cut Tesla's US advertising team and reportedly chose to slash Tesla's entire Supercharging team, as well as its vehicle programs and new product introduction team.
Persons: , Elon, Musk, Tesla, Elon Musk, Omar Marques, they'd, Tesla's, he'd, Justin Sullivan, Tom Zhu Organizations: Service, Business, Tesla, Musk, Bloomberg, Getty Locations: Tesla, Berlin, China —, Fremont, California, China
Rich Otto, former head of product launches at Tesla, said he resigned last week. The executive said the recent Tesla layoffs have thrown the company "out of balance." Otto's departure follows six other senior-level Tesla executives leaving in recent weeks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The recent layoffs that are rocking the company and its morale have thrown this harmony out of balance and it's hard to see the long-game.
Persons: Rich Otto, , Tesla, he'd, Otto, Elon Musk Organizations: Tesla, Service, LinkedIn
The company sent out another round of layoff notices on Sunday night, according to impacted workers who posted about the cuts on social media. The latest round of cuts mean that employees at the company are entering their fourth straight week of layoff notices. At least seven Tesla workers took to LinkedIn to say they'd received layoff notices on Sunday. "After watching my team gradually slimmed down week after week since mid-April, I received the dreaded 'Hello Employee' email this Sunday afternoon," one Tesla worker wrote on LinkedIn. Another worker shared a screenshot of her layoff email on LinkedIn that showed her last day of work would be May 5.
Persons: , Elon Musk, they'd, Tesla, Elon, Musk, Tesla's, Drew Baglino, Rohan Patel, Patel, TechCrunch he'd Organizations: Service, LinkedIn, Business, Workers, BI, TechCrunch Locations: California, Texas
Elon Musk is tightening his grip on Tesla
  + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +2 min
Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.
Persons: Tom Zhu, , Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware
Fisker is closing down its Manhattan Beach headquarters, three sources told Business Insider. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFisker has begun to close its Manhattan Beach office, the site of the company's headquarters, three company sources told Business Insider. This story is available exclusively to Business Insider subscribers.
Persons: Fisker, Organizations: Business, Service Locations: Manhattan, Manhattan Beach , California, La Palma , California
Tesla's board urged shareholders in a video to vote for CEO Elon Musk's $47 billion pay package. AdvertisementTesla's board made yet another push to get CEO Elon Musk his $47 billion pay package — this time on-camera. But Musk's billions in extra pay were thrown out after a Tesla shareholder filed a lawsuit arguing the payout was excessive. The shareholder vote to bring back the pay for Musk, Denholm said, will be "incredibly important for the future of the company." Related storiesShe noted that the carmaker grew revenues from $11.8 billion to $96.8 billion and turned a $2.2 billion loss into a $15 billion profit under Musk's leadership.
Persons: Elon Musk's, , Elon Musk, Robyn Denholm, it's, Denholm, Tesla, , , AmfRYo28ah — Sawyer Merritt, Musk, Forbes Organizations: carmaker, Service, Securities and Exchange Commission, Business Locations: Delaware
Aston Martin opens 66-story residential tower in Miami
  + stars: | 2024-05-02 | by ( Jack Guy | ) edition.cnn.com   time to read: +5 min
CNN —Miami has a new addition to its skyline – a 66-story residential tower built by Aston Martin, marking the British luxury sports carmaker’s first foray into the residential real estate market. Comprising of 391 units, Aston Martin Residences Miami sits at the mouth of the Miami River on Biscayne Bay, the firm said in a statement Tuesday. Aston Martin touchesHomeowners are able to customize their interior space with the help of the Aston Martin design team, with three style packages – Timeless, Covert and Indulgent – drawing on the company’s British heritage, as well as the building’s context. Aston Martin Residences MiamiAston Martin said that 99% of the properties sold before the building was completed. Aston Martin isn’t the first luxury carmaker to enter the residential property market.
Persons: Aston Martin, Rodolfo Miani, Bodas Mian Anger, , Aston, Germán Coto, , Coto, Marek Reichman, Reichman, ” Reichman, you’ve, Aston Martin Residences Miami Aston Martin, Aston Martin Vulcan, Aston Martin isn’t Organizations: CNN, Miami, Aston Martin Residences Miami, G Business, Formula, Prix, Martin Residences Miami, Aston Martin Residences, Aston, Aston Martin, Aston Martin Residences Miami Aston, Residences Locations: Miami, Biscayne Bay, jacuzzis, cabanas, Bentley, Sunny, Beach , Florida
Exhibition of Aston Martin DB11 during the Turin Motor Show 2018. LONDON — Luxury carmaker Aston Martin on Wednesday reported widening losses in the first quarter, as the company stopped production of its core models ahead of a launch a new range of vehicles later this year. Adjusted loss before tax nearly doubled to £110.5 million ($137.8 million) compared to a loss of £57.3 million in the previous year. Analysts had expected a £93 million first-quarter loss, according to Reuters. This is a breaking news story and will be updated shortly.
Persons: Aston Martin DB11, Aston Martin Organizations: Aston, Analysts, Reuters
A man polishes a Volkswagen ID GTI Concept car on display at the International Motor Show (IAA) in Munich, southern Germany, on Sept. 5, 2023. German carmaker Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales. Operating profit came in at 4.6 billion euro ($4.9 billion) in the first three months of 2024, the company said, citing lower sales and higher fixed costs as key factors. This is a breaking news story and will be updated shortly.
Organizations: Volkswagen Locations: Munich, Germany
Volkswagen’s electric car orders double in Europe
  + stars: | 2024-04-30 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —Volkswagen’s orders for electric vehicles shot up in Europe in the first quarter of 2024 compared with a year ago, countering suggestions that drivers may be losing interest in EVs. New orders for electric cars more than doubled in Europe, Volkswagen said in an earnings statement Tuesday. He acknowledged, however, that the pace of EV sales growth in Europe and the United States had been slower than the German carmaker had originally anticipated. As for Volkswagen’s EV deliveries, they declined 16% in Europe in the first quarter compared with the same period in 2023. “With these actions and our highly profitable combustion engine car business, we are well-prepared to continue to play a leading role in China,” Antlitz said.
Persons: London CNN —, Arno Antlitz, carmaker, , Antlitz, ” Antlitz Organizations: London CNN, Volkswagen, Europe’s, CNN, EV, Locations: Europe, EVs ., United States, China
CNN —The National Highway Traffic Safety Administration (NHTSA) is formally investigating Ford’s Blue Cruise hands-free driving system following two fatal crashes. Blue Cruise was first introduced in the 2021 model year and is now available in several models from Ford and Lincoln, the carmaker’s luxury vehicle brand. The investigation specifically involves Blue Cruise in 130,000 Ford Mustang Mach-E electric SUVs. Blue Cruise allows users to take their hands off the steering wheel and feet away from the pedals while driving on selected highways. In both crashes, the Blue Cruise system was in use immediately before the crash.
Persons: Ford’s, Cruise, Blue, Ford Organizations: CNN, Traffic Safety Administration, Ford, Lincoln, Blue Cruise, Reuters, NHTSA Locations: San Antonio, Philadelphia
How CEOs are preparing for possible employee protests
  + stars: | 2024-04-29 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +10 min
You can always choose to move on, but remember you don’t have a right to work at most companies. We can’t keep re-litigating when we also have a business to runYou speak with CEOs every day. Most of the CEOs I’ve talked to said they haven’t seen their employees protest, but they’re bracing for it. But I will say that I don’t think it will become that widespread because of how swiftly and unapologetically Google addressed it. I don’t think it will become a thing.
Persons: Sundar Pichai, Bell, Johnny C, Taylor Jr, that’s, we’re, We’re, we’ve, I’m, You’d, They’re, I’ve, Royce, Peter Valdes, “ We’re, , Martin Fritsches, “ That’s, Brian Fung, Sean Lyngaas, Satya Nadella, Sam Altman, Northrop Grumman, Alejandro Mayorkas Organizations: CNN Business, Bell, New York CNN, Google, Tech, Society for Human Resource Management, Companies, Royce, BMW, OpenAI, Microsoft, Department of Homeland Security, Delta Air Lines, DHS, , Amazon Web Services, IBM, Cisco, , Civil Locations: New York, Israel, Chichester , England
Small team, limited scopeThe hedge fund makes trades based solely on news from Hunterbrook Media, its media sister company, sometimes getting advanced copies of the articles and placing trades before publication. AdvertisementThe hedge fund, however, has just one sole full-time employee. Before a story is published on Hunterbrook Media, the firm's general counsel reviews it to make sure there's not any insider information — such as leaked earning figures — in it. AdvertisementIf the general counsel and the executives green light the story to be shared, then it goes to the hedge fund — in other words, Dunlevie and Horwitz — prepublication. Opportunities few and far between so farInvestigations from Hunterbrook Media so far have less than a 50% hit rate on turning into trades for the hedge fund.
Persons: , Nate Anderson's Hindenburg, Carl Icahn's, Nathaniel Horwitz, Matt Murray, Paul Steiger, Bethany McLean, That's, Courtney Dunlevie, Horwitz, Sam Koppelman, Brian Koppelman, Dunlevie, Horwitz — prepublication, isn't, It's Horwitz, Matt, Pulitzer, Tony Horwitz, Geraldine Brooks, Cash, Hunterbrook, Marc Lasry, David Fialkow, Matt Cherwin, we're, " Horwitz Organizations: Service, Business, Hunterbrook, Hunterbrook Media, Wall Street, Barclays, Commonstock, Phoenix Suns, Avenue Capital, Catalyst, JPMorgan Locations: Italian, Korean, Brazil
Autopilot is available in China, but not the full FSD feature, which needs to comply with the country’s data security rules. “The economies of China and the United States are deeply integrated,” he said, according to an official readout of the meeting with the Tesla CEO. “Tesla is willing to further deepen cooperation with China and achieve more win-win results,” Musk told Li. Musk first met Li in 2018, when Tesla signed a deal with the Shanghai government to open a plant there. Since then, Musk has met with Li publicly at least five times, according to state media reports and government statements.
Persons: Hong Kong CNN — Elon Musk, Premier Li Qiang, Tesla, Musk, , Dan Ives, that’s, Ives, Antony Blinken, Xi Jinping, Li, China’s BYD, , ” Musk, Tesla’s, Ren Hongbin, Li Qiang Organizations: Hong Kong CNN, Premier, China Association of Auto Manufacturers, Baidu, Bloomberg, CNN, Beijing Auto, EV, Wedbush Securities, China Council, Promotion of International Trade Locations: China, Hong Kong, Beijing, United States, Shanghai, Weibo
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