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☆ Dodge Durango, Jeep SUVs push Stellantis second-quarter sales up 6.4%
▼ + stars: | 2023-07-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Higher sales of the Chrysler Pacifica minivan and Jeep Compass and Dodge Durango SUVs pushed Stellantis' second-quarter U.S. new vehicle sales up 6.4% from a year earlier. Stellantis reported second-quarter sales of 434,648 vehicles, up from 408,521 cars and trucks a year earlier. Stellantis' results come after other legacy automakers reported second-quarter sales increases, and electric vehicle makers Tesla and Rivian reported deliveries that topped analyst quarterly expectations. Honda Motor and Nissan Motor on Monday both reported double-digit second-quarter sales increases of roughly 45% and 33%, respectively, compared to a year earlier. Other automakers such as General Motors and Ford Motor are expected to report second quarter sales later this week.

Persons: Stellantis, Jeff Kommor Organizations: DETROIT –, Chrysler Pacifica minivan, Jeep Compass, Dodge Durango, Pacifica, Cox Automotive, Honda Motor, Nissan, Hyundai Motor, Motors, Ford Locations: Durango

☆ Toyota defies skeptics as stock seals best week since 2009
▼ + stars: | 2023-06-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Toyota Motor stock sealed its best week since 2009 on Friday, as the automaker laid out a robust plan for future all-electric vehicles and company scion Akio Toyoda became leader of the Japanese company's board. Shares of Toyota on the New York Stock Exchange closed Friday at $164.35 per share, down 2.3% for the day but still up 10.6% on the week. That 5-day gain is the stock's best week since April 2009 when shares increased 14.5%. It's only the third double-digit weekly gain in more than two decades for the relatively well-performing but mundane stock. Shares of the company are up 20% so far in 2023.

Persons: Akio Toyoda, Toyoda, Koji Sato Organizations: DETROIT, Toyota, New York Stock Exchange, Prius Prime Locations: EVs

☆ Toyota stock having best week since 2009 after annual meeting, new EV goals
▼ + stars: | 2023-06-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Toyota Motor's stock is having its best week since 2009 following the company disclosing plans for its next-generation electric vehicles and shareholders voting in favor of its new leadership, including former CEO Akio Toyoda as chairman. If shares can retain their current momentum, it would be the stock's best week since April 2009 when they increased 14.5%. Ahead of its annual meeting Wednesday, Toyota outlined plans for a new generation of EVs to rival industry leaders Tesla and China-based BYD . The company said it plans to launch its next-generation EVs starting in 2026, including vehicles with highly touted "solid-state batteries" by 2027 or 2028. Solid-state batteries can be lighter, with greater energy density and provide more range at a lower cost than today's EVs with lithium-ion batteries.

Persons: Akio Toyoda, Tesla Organizations: DETROIT, Toyota, New York Stock Exchange Locations: China

☆ GM to invest $632 million to produce next-generation pickups in Indiana
▼ + stars: | 2023-06-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Trucks come off the assembly line at GM's Chevrolet Silverado and GMC Sierra pickup truck plant in Fort Wayne, Indiana, July 25, 2018. DETROIT – General Motors announced plans Monday to invest $632 million for production of its next-generation full-size pickup trucks at a plant in Indiana. GM said the investment in its Fort Wayne plant in Indiana will support new conveyors, tooling and equipment in the plant's body and general assembly areas for production of the Chevrolet Silverado and GMC Sierra 1500 models. The investment in Indiana is further confirmation that the company plans to continue to spend on its traditional operations to assist in funding its emerging electric vehicle business. The investment announcements come ahead of contract negotiations between the Detroit automakers, including GM, and the United Auto Workers union this summer.

Persons: Trucks, GM's Organizations: Chevrolet Silverado, GMC, DETROIT – General Motors, GM, Silverado, Sierra Denali, Detroit, United Auto Workers Locations: Fort Wayne , Indiana, DETROIT, Indiana, Fort Wayne

☆ GM to invest $500 million to build next-generation Cadillac Escalade, other large SUVs
▼ + stars: | 2023-06-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors plans to invest more than $500 million in a plant in Texas to prepare the facility for production of its highly profitable next-generation large SUVs. GM on Monday made a similar announcement for its next-generation heavy-duty pickups, which share the frame of the large SUVS. The truck investment included more than $1 billion in two Michigan plants for production of next-generation heavy-duty trucks. The automaker recently confirmed an all-electric version of its Cadillac Escalade but declined to disclose when the vehicle will come to market. The investment announcements come ahead of contract negotiations between the Detroit automakers, including GM, and the United Auto Workers union this summer.

Organizations: General Motors Co, DETROIT –, Motors, Detroit, Chevrolet Tahoe, GMC Yukon, Yukon XL, GM, United Auto Workers, UAW Locations: Arlington , Texas, DETROIT, Texas, Arlington, Yukon, Michigan, EVs

☆ Used car prices are falling as sales soften amid high interest rates
▼ + stars: | 2023-06-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale used vehicle prices reached their lowest level of the year in May, as sales fell amid high interest rates and inflated retail prices. The declines in sales and wholesale prices signal the used vehicle market is weakening, according to Cox. Used vehicle prices have increasingly become a barometer for inflation since early last year when the Biden administration blamed the market for rising inflation rates. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Continued declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices.

Persons: Chris Frey, Cox, That's, Biden Organizations: DETROIT –, Cox Automotive, U.S Locations: Glendale , California, DETROIT

☆ GM to invest more than $1 billion to produce new heavy-duty pickups
▼ + stars: | 2023-06-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors plans to invest more than $1 billion in two Michigan plants for production of next-generation heavy-duty trucks, the company said Monday. Another $233 million will be invested in the automaker's Flint Metal Center to support production of the vehicles. Despite GM's commitment to exclusively offer all-electric vehicles by 2035, the company continues to invest in traditional vehicles such as the Chevrolet Silverado and GMC Sierra heavy-duty pickups. In 2022, GM reported sales of its heavy-duty pickups increased by 38% compared to the prior year, amounting to nearly 288,000 trucks sold. For investors, UAW negotiations are typically a short-term headwind every four years that result in higher costs.

Persons: Mike Booth Organizations: General Motors, Flint Assembly, DETROIT –, Motors, Flint Metal Center, Chevrolet Silverado, GMC, GM, Detroit, United Auto Workers, UAW Locations: Flint, Flint , Michigan, DETROIT, Michigan, EVs

☆ UAW union outlines lofty demands ahead of critical negotiations with Detroit automakers
▼ + stars: | 2023-06-01 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant on Sept. 25, 2019 with Vermont Sen. Bernie Sanders (far left) in Detroit. DETROIT – The United Auto Workers union appears ready to take a hard line when it comes to national negotiations this year with the Detroit automakers, warning of strikes or work stoppages, if needed. UAW President Shawn Fain said the "union will not accept any concessions" from General Motors , Ford Motor and Stellantis – a lofty mission in such negotiations. Contract talks between the union and automakers usually begin in earnest in July ahead of mid-September expirations of the previous four-year agreements. Union leaders, led by Fain, are largely newly elected officers that ran on platforms of standing up to companies and reforming the organization following a years-long federal corruption scandal that partially involved prior negotiations.

Persons: Vermont Sen, Bernie Sanders, Shawn Fain, Fain, Ford Organizations: United Auto Workers, General Motors, Hamtramck Assembly, Vermont, Detroit . DETROIT –, Detroit, UAW, Ford Motor, Union, Detroit automakers, GM Locations: Detroit, Hamtramck, Detroit .

☆ Ford's EV charging deal with Tesla puts pressure on GM, other rival automakers
▼ + stars: | 2023-05-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – A surprise deal between Ford Motor and Tesla on electric vehicle charging technology and infrastructure could put new pressure on other automakers' EV strategies. The tie-up between the two rivals will give Ford owners access to more than 12,000 Tesla Superchargers across the U.S. and Canada, starting early next year. More importantly, Ford's next generation of EVs — expected by mid-decade — will use Tesla's charging plug, allowing owners of Ford vehicles to charge at Tesla Superchargers without an adapter. Ford CEO Jim Farley and Tesla CEO Elon Musk announced the deal Thursday during a live audio discussion on Twitter Spaces. Tesla vehicles and its Supercharger network use what's known as NACS.

DETROIT – Ford Motor will partner with Tesla on charging initiatives for its current and future electric vehicles in an unusual tie-up between the two rivals, CEOs of the automakers announced Thursday. Under the agreement current Ford owners will be granted access to more than 12,000 Tesla Superchargers across the U.S. and Canada, starting early next year, via the use of an adapter. And, Ford's next-generation of EVs — expected by mid-decade — will include Tesla's charging plug, allowing owners of Ford vehicles to charge at Tesla Superchargers without an adapter, making Ford among the first automakers to explicitly tie into the network. A Ford spokesman said the company has "this option available to us but have no news to share today." A separate Ford spokesman told CNBC that pricing for charging "will be competitive in the marketplace."

☆ GM will introduce an all-electric Cadillac Escalade 'IQ' later this year
▼ + stars: | 2023-05-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

GM's first all-electric Cadillac Escalade will be called the "Escalade IQ," which continues Cadillac's EV naming strategy that so far includes the Lyriq crossover and upcoming Celestiq ultra-luxury sedan. DETROIT – General Motors on Monday confirmed plans to introduce an all-electric version of its flagship Cadillac Escalade later this year. An electric Escalade was expected, as the company plans to fully convert Cadillac into an electric vehicle brand by 2030. The Cadillac Escalade IQ is anticipated to utilize GM's Ultium battery cells, motors and technologies, which the automaker is using to power and underpin its next-generation EVs. But just because it's called an Escalade doesn't necessarily mean it'll be identical to the brand's iconic internal combustion engine-powered SUV.

☆ GM hires ex-Apple exec to lead new software unit
▼ + stars: | 2023-05-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A sign with the General Motors quality mission statement stands in the lobby at the GM Warren Tech Center in Warren, Michigan. DETROIT – General Motors has hired former Apple executive Mike Abbott to lead a newly created software unit for the Detroit automaker. Abbott, former vice president of engineering for Apple's Cloud Services division, will join GM as executive vice president of software, effective May 22. Software, specifically monetizing it, is a major focus for automakers such as GM, as they eye reoccurring revenue opportunities such as subscriptions to boost profits. GM has a target to grow profit margins and double its revenue to about $280 billion by the end of this decade.

☆ Used vehicle prices fell last month for the first time in 2023
▼ + stars: | 2023-05-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale used vehicle prices declined last month for the first time this year, as automakers increase production of new cars and trucks. The costs and scarcity of inventory led consumers to buy used vehicles, increasing those prices as well. Further declines could help bring used vehicle pricing down for consumers, since retail prices traditionally follow changes in wholesale prices. Used vehicle prices have increasingly become a point of interest for investors and the Biden administration as a barometer for easing inflation. The administration early last year blamed much of the rising inflation rates in the country on the used vehicle market.

☆ UAW withholding Biden re-election endorsement until EV concerns are addressed
▼ + stars: | 2023-05-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Leaders of the United Auto Workers are withholding a re-election endorsement for President Joe Biden until the union's concerns about the auto industry's transition to all-electric vehicles are addressed, according to a Tuesday letter sent by UAW President Shawn Fain to union staff. Fain, who was elected union president in March, said the UAW wants a "just transition" for workers. He argues that is currently not the case as automakers invest billions of dollars, with the support of taxpayer money, to move from traditional vehicles to EVs. How to transition traditional auto workers into new jobs for EVs has been a major concern for the UAW for several years. The UAW has historically supported Democrats, however former President Donald Trump was able to gain notable support from blue-collar auto workers during his presidential campaign.

☆ Ford cutting price of electric Mustang Mach-E by thousands of dollars
▼ + stars: | 2023-05-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford Mustang Mach-E is presented at the New York International Auto Show, in Manhattan, New York City, April 5, 2023. DETROIT – Ford Motor is once again cutting the starting prices of its electric Mustang Mach-E by thousands of dollars, as the automaker increases production of the crossover and reopens order banks for the vehicle. The Detroit automaker said Tuesday it will lower pricing of the Mach-E by a range of $1,000 to $4,000. The cuts will make the starting price of the vehicle fall between $42,995 and $59,995. The cuts are the latest price adjustments in the electric vehicle market following Tesla cutting prices several times this year, but also slightly raising prices on some models this week.

☆ GM raised guidance, but its stock fell. Why Wall Street isn't buying in
▼ + stars: | 2023-04-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally. Wall Street analysts say eroding pricing power, labor concerns and challenges in producing electric vehicles, will make it harder for GM to perform at the profitability levels it has been. Record-high vehicle profits and prices, achieved during historically low vehicle inventory levels and resilient consumer demand, are starting to normalize. GM CFO Paul Jacobson said Tuesday that the company expects flat pricing compared to last year. He said consumers paid an average of $50,263 per vehicle in the U.S. during the quarter, off 1% from a year earlier.

☆ Chrysler-parent Stellantis offering buyouts to 33,500 U.S. employees
▼ + stars: | 2023-04-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Carlos Tavares, Chief Executive Officer of Stellantis, poses during a presentation at the New York International Auto Show, in Manhattan, New York City, April 5, 2023. DETROIT – Stellantis is offering voluntary buyouts to more than 33,500 U.S. salaried and hourly employees, as the global automaker attempts to cut costs and headcount. The buyouts will be offered to 31,000 hourly employees with at least one year of employment and 2,500 salaried non-union U.S. employees who have 15 or more years with the company, the automaker said Wednesday. General Motors earlier this year offered buyouts to a majority of its salaried employees following performance-related layoffs. Stellantis earlier this year idled a Jeep plant in Illinois, placing about 1,200 workers on indefinite layoffs.

☆ GM to end production of electric Chevy Bolt, its first mass-market EV, later this year
▼ + stars: | 2023-04-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Steve Fecht for ChevroletDETROIT – General Motors plans to stop production of its electric Chevrolet Bolt models by the end of this year, CEO Mary Barra told investors Tuesday when discussing the company's first-quarter earnings. The Chevy Bolt EV and EUV, a larger version of the car, make up the vast majority of the company's electric vehicle sales to date. General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. But Bolt sales never caught on as well as many executives hoped, as EV sales overall remained minuscule outside of Tesla . The Vermont State Police released this photo of the 2019 Chevrolet Bolt EV that caught fire on July 1, 2021 in the driveway of state Rep. Timothy Briglin, a Democrat.

☆ GM reveals Buick Envista as brand's last new gas-powered vehicle
▼ + stars: | 2023-04-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors on Monday revealed the last new gas-powered Buick vehicle ahead of the brand's transition to an all-electric domestic lineup by 2030. The final new traditional nameplate for the brand will be the 2024 Buick Envista, a small crossover that has the look of a sedan but the ride height and storage of a comparable SUV. It features a smooth, long exterior with styling inspired by the brand's well-received Wildcat concept car last year. The Envista will replace the Buick Encore as the brand's entry-level model, starting at $24,495 for a base model and $29,695 for a top-end Avenir model. GM discontinued production of the Encore last year in exchange for a larger "Encore GX" vehicle that starts between about $26,000 and $35,000.

☆ Ford to invest $1.3 billion to build EV manufacturing hub in Canada
▼ + stars: | 2023-04-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor will invest 1.8 billion Canadian dollars (about $1.3 billion) in its Oakville Assembly Plant in Ontario, Canada, to transition the facility into a new electric vehicle hub, the automaker said Tuesday. The plant, which will be renamed the Oakville Electric Vehicle Complex, will build the company's next-generation EVs that are expected to arrive to market around mid-decade. The retooling is expected to take six months and begin in the second quarter of next year, Ford said. Ford declined to disclose the plant's expected production capacity or how many electric vehicle models the retooled facility will build. The Oakville plant will continue to build the gas-powered Ford Edge and Lincoln Nautilus crossovers up until the plant's downtime next year.

☆ GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

GM CFO Paul Jacobson said Tuesday the automaker expects to take a roughly $1 billion charge during the quarter as a result of the program. The headcount reduction was part of the company's plans to cut $2 billion in structural costs over the next two years. The voluntary buyouts were offered to a majority of the company's 58,000 U.S. white-collar employees. To qualify for the program, salaried employees needed to have worked at the company for five years as of June 30 this year. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.

☆ 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.

☆ 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.

☆ Historic UAW election picks reform leader who vows more aggressive approach to auto negotiations
▼ + stars: | 2023-03-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The union's new leader will be Shawn Fain, a member of the "UAW Members United" reform group and local leader for a Stellantis parts plant in Indiana. Fain, in a statement Saturday, thanked UAW members who voted in the election. He also hailed the election results as a historic change in direction for the embattled union, which he says will take a "more aggressive approach" with its employers. It has been the honor of my life to serve our great union," Curry said. The election results had been delayed several weeks due to a run-off election as well as the close final count.

☆ The Chevrolet Camaro as you know it will fall out of production next year, GM says
▼ + stars: | 2023-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The Chevrolet Camaro ZL1 starts at about $62,000 and is powered by a 650-horsepower V8 engine, a considerable upgrade over the roughly $26,000 base model. DETROIT – General Motors will end production of the Chevrolet Camaro in its current form early next year, as the automaker transitions to all-electric vehicles. The current car entered production in late 2016 but has produced mediocre sales in a declining segment of American-made performance cars. To commemorate the Camaro's end of production at a GM plant in mid-Michigan in January 2024, the automaker will release a "collector's edition" package on several 2024 Camaro models, including the top-end ZL1. A company spokesman declined to disclose whether GM plans to use the Camaro name for an EV, as it looks to exclusively offer electric vehicles by 2035.

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