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☆ 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

☆ 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

☆ 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

☆ A portfolio manager at a $21 billion firm warns the odds of a recession have risen to 40% from 20% as inflation and geopolitical concerns surge — and shares where he's investing
▼ + stars: | 2024-10-12 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Zehrid Osmani, a portfolio manager at the $21 billion investment manager Martin Currie, has actually increased his recession odds. US-China tensions are escalating over Taiwan, home to the world's largest semiconductor foundry, Taiwan Semiconductor Manufacturing Company. Osmani sees what he calls "seismic thematic shifts" in these areas. And Osmani sees potential for parts of the market driving the energy transition, such as alternative energy and electric vehicles. AdvertisementHis top picks include Nvidia (NVDA), Microsoft (MSFT), chemical company Linde plc (LIN), and industrial manufacturing company Atlas Copco (ATLKY).

Persons: Martin Currie, —, Goldman Sachs, Jan Hatzius, Zehrid, Currie, hasn't, Osmani Organizations: Service, Technology, Taiwan Semiconductor Manufacturing Company, Semiconductors, Nvidia, Microsoft, Linde, LIN, Atlas, Martin Currie Global Portfolio Trust Locations: Europe, Russia, Ukraine, Israel, China, Taiwan

☆ Musk unveils $30,000 Tesla self-driving Cybercab and larger Robovan at robotaxi event
▼ + stars: | 2024-10-11 | by ( Lora Kolodny | ) www.nbcnews.com time to read: +4 min

After a decade of unfulfilled promises about driverless vehicles, Tesla CEO Elon Musk hyped the company’s Cybercab concept on Thursday night, showing off a low, silver two-seater with no steering wheels or pedals. Musk offered no details about exactly where Tesla plans to produce the cars, but said consumers would be able to buy a Tesla Cybercab for below $30,000. He said the Cybercab and Robovan would employ inductive charging, meaning these autonomous vehicles could roll up to a station to recharge, with no plugging in required. Musk has spent years touting Tesla’s work in autonomous cars and promising that they would hit the market. In 2015, Musk told shareholders that Tesla cars would achieve “full autonomy” within three years.

Persons: Elon Musk, Musk, Tesla, “ It’s, ” Musk, ”, “ Organizations: Tesla, Warner Bros, FSD Locations: Burbank , California, Texas, California, U.S

☆ Elon Musk's Robotaxi is still miles away from overtaking Uber and Waymo in the ride-hailing race
▼ + stars: | 2024-10-11 | by ( Shubhangi Goel | Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

AdvertisementIf Elon Musk can fully deliver on his plans to make Tesla's Robotaxi the new go-to mode of transport, he could bring an end to the ride-hailing economy as we know it. "Tesla's vehicles, sensors, and software will all need to be approved in any market they hope to enter. "Until Tesla robotaxis are transporting 100,000 paying customers a week around major American cities like Waymo does, Tesla Robotaxi is nothing more than the latest work of fiction to come out of the Warner Bros. "We also believe TSLA could struggle to scale fleet operations without offering access to demand via Uber/Lyft." Uber is already preparing for a future of electric cars and autonomous vehicles without Tesla's involvement.

Persons: BYD, —, Elon, aren't, Tesla, Uber, Musk, Jefferies, John Colantuoni, Paul Miller, Forrester, Dan O'Dowd, Waymo, I've, Gene Munster, Brian Baker, Matt Bryson, Dara Khosrowshahi, We're Organizations: Service, Warner Bros, Tesla, Warner Bros ., Asset, Jefferies, Tesla's, BYD, Aurora, AV Locations: Burbank , California

☆ 'That's it?' Morgan Stanley rips Tesla robotaxi event for lack of detail
▼ + stars: | 2024-10-11 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

Wall Street has been fairly hot-and-cold on Tesla stock this year — and its highly anticipated robotaxi unveiling on Thursday isn't helping to improve investor sentiment. As such, we anticipate TSLA to be under pressure following the event," Jonas, the firm's head of global auto and shared mobility research, said in a Friday note to clients entitled "That's it? TSLA YTD mountain Tesla stock this year. Simply put, the event failed to offer a significant bright spot for Tesla's stock, according to Jonas. The analyst has an eye on Tesla's expectation to start fully autonomous, unsupervised FSD in Texas and California for its Model 3 and Model Y electric vehicles.

Persons: Morgan Stanley's Adam Jonas, Jonas, Tesla, Elon Musk's, Musk, TLSA, Tesla's, FactSet Organizations: Investors, Morgan Locations: Los Angeles, FSD, Texas, California

☆ Tesla shares drop 5.5% in premarket after Cybercab robotaxi reveal fails to impress
▼ + stars: | 2024-10-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Shares of electric vehicle maker Tesla sank after the company's long-awaited robotaxi event — where CEO Elon Musk unveiled the firm's Cybercab self-driving concept car — failed to impress investors. Musk revealed Tesla's Cybercab concept vehicle — a low, silver two-seater, has no steering wheels or pedals — on Thursday night. The Tesla boss said the company hopes to be producing the Cybercab before 2027, but offered no details on where the cars will be manufactured. He said consumers would be able to buy a Tesla Cybercab for a price tag under $30,000. FSD, which stands for Full Self-Driving, is Tesla's premium driver assistance system, available today in a "supervised" version for Tesla electric vehicles.

Persons: Tesla, Elon Musk, Musk, CNBC's Lora Kolodny, Michael Bloom Locations: Texas, California

☆ 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

☆ Fact check: Trump, on a lying spree, made at least 40 separate false claims in two Pennsylvania speeches
▼ + stars: | 2024-10-10 | by ( Daniel Dale | ) edition.cnn.com time to read: +24 min

As Election Day draws nearer, the Republican presidential nominee has made false claim after false claim on a dizzying variety of subjects. FEMA and migrants: Trump falsely claimed of the Federal Emergency Management Agency: “They have no money. Trump’s opponents and the election: In Reading, Trump falsely claimed of his election opponents: “They are cheatin’ dogs, I will tell you that.” In Scranton, he falsely claimed, “Their first meeting is: ‘How do we cheat?’” This is all nonsense. Trump’s border wall: Trump repeated his false claim that “I built over 500 miles of wall” on the southern border. Military equipment surrendered to the Taliban: Trump repeated his false claim that “we gave $85 billion worth” of US military equipment to the Taliban.

Persons: Donald Trump, Hurricane Helene, Hurricane Milton, Trump, “, Harris, Kamala Harris “ didn’t, It’s, Biden, Roy Cooper, Joe Biden, ’, ”, Harris ’, ” Trump, Walz, Tim Walz, –, Tim, “ everybody’s, Trump’s, Obama, Kamala, ” Harris, ” Roberto Briceño, ” Helen Fair, James Ott, ‘, ‘ That’s, Jack Smith, Smith, New York Times “, Charlie Stadtlander, Stadtlander, Mueller, ‘ He’s, ’ …, Dean Baquet, Arthur Sulzberger Jr, Donald Trump’s, “ Biden, Chris Wallace, Hunter Biden, ” Wallace, Wallace interjected, Freddie Mac, ” We’ve, Meghan McCain, McCain, Alexandria Ocasio, Cortez, Nancy Pelosi, there’s, ” Biden, Robert Hur, Biden’s Organizations: Washington CNN, Republican, FEMA, Federal Emergency Management Agency, Congress, North Carolina Gov, Democrat, Democratic, CBS, Supreme, Minnesota Gov, Electoral College, Department of Energy, Biden, “, CNN, Venezuelan, of, Institute for Crime & Justice, Research, Birkbeck , University of London, House Republicans, Trump, KDKA, Service, Secret Service, International Association of Firefighters, Scranton Firefighters, Scranton Times, Tribune, Presidential, National Archives, Records Administration, New York Times, The Washington Post, ”, Intelligence, The New York Times, Times, ISIS, Military, Taliban, Pentagon, Fox News, China Locations: Pennsylvania, Scranton, Reading, ”, Hurricane, North Carolina, Washington , Montana, Colorado, New York City, Paris, fracking, Venezuela, Caracas, United States, United Kingdom, “, California, Butler, Butler , Pennsylvania, Pittsburgh, Blair County , Pennsylvania, Russia, Afghan, China, Moscow, Alexandria, New Hampshire, Florida

☆ Elon Musk hypes $30,000 Tesla self-driving Cybercab and larger Robovan at robotaxi event
▼ + stars: | 2024-10-10 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +1 min

After a decade of unfulfilled promises about driverless vehicles, Tesla CEO Elon Musk hyped the company's Cybercab concept on Thursday night, showing off a low, silver two-seater with no steering wheels or pedals. Musk offered no details about exactly where Tesla plans to produce the cars, but said consumers would be able to buy a Tesla Cybercab for below $30,000. FSD, which stands for Full Self-Driving, is Tesla's premium driver assistance system, available today in a "supervised" version for Tesla electric vehicles. Musk also revealed plans to produce an autonomous, electric Robovan that can carry up to 20 people, or be used to transport goods. He said the Cybercab and Robovan would employ inductive charging, meaning these autonomous vehicles could roll up to a station to recharge, with no plugging in required.

Persons: Elon Musk, Musk, Tesla Organizations: Tesla, Warner Bros, FSD Locations: Burbank , California, Texas, California

☆ Chinese EV makers will have to swallow tariff costs in short term
▼ + stars: | 2024-10-10 | 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 EmailChina EV makers will swallow tariff costs in short term as they 'don't really have a choice'Vivek Vaidya of Frost & Sullivan talks about the risks around Chinese-made electric vehicles, and explains why he thinks Southeast Asia will benefit from automakers looking to circumvent duties.

Persons: Vivek Vaidya, Frost & Sullivan Organizations: China, Frost & Locations: Asia

☆ Elon Musk unveils his ‘Cybercab’ robotaxi
▼ + stars: | 2024-10-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

The event featured models of the robotaxi as well as a Robovan, a driverless vehicle designed to carry a larger group of people or items. TeslaBut the delay seemed to matter little to the in-person crowd waiting for the chance to ride in the 50 self-driving vehicles that were cruising around the studio lot. Tesla has long offered what it calls Full Self-Driving or FSD, currently priced at $8,000, as an option on its cars. Musk has insisted that the company’s data shows that FSD is already safer than cars driven by humans. ‘Overly optimistic’This is certainly not the first time that Musk has laid out ambitious time frames for his plans for self-driving cars.

Persons: Elon Musk, Musk, Tesla, “, ”, FSD, ” “, Gene Munster, it’s, ” Munster Organizations: New, New York CNN, Warner Bros, Deepwater Asset Management, CNN Locations: New York, California, Texas

☆ 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

☆ 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

☆ 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

☆ Is it time to invest in China? Two pros share their views
▼ + stars: | 2024-10-09 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

As investors consider whether — and how — to invest in China, two experts share their views on the market right now. "We believe the scale and focus of these measures, particularly the targeted liquidity injection, address the critical issue of insufficient domestic capital flows into China's stock market. 'China is no longer cheap' Lorraine Tan, director of Asia's equity research at Morningstar, is more cautious looking ahead. "At this point in time, China markets are no longer cheap. Stocks on her radar include "higher quality, moaty names," such as fast-food restaurant chain Yum China Holdings and property developer China Resources Land .

Persons: Jingwei Chen, —, Europe —, Chen, Lorraine Tan, Tan, Stocks, — CNBC's Lim Hui Jie Organizations: National, Reform Commission, CSI, Wall, Wrise Private Singapore, CNBC Pro, Companies, BYD, Tencent Holdings, Morningstar, China Holdings, China Resources Locations: China, Asia, East, Europe, Hong Kong

☆ Generac CEO says pressure on the power grid 'is only going to get worse' from weather and technology
▼ + stars: | 2024-10-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Tuesday interview with CNBC's Jim Cramer, Aaron Jagdfeld, CEO of generator company Generac , warned that the pressure on the power grid is only going to increase, burdened by a massive crop of new data centers and more severe weather. Although the U.S. is adding more solar and wind power, Jagdfeld noted that these sources are "intermittent by their nature," and the increased demand for technology like artificial intelligence and electric vehicles will continue to weigh on the grid. Another deadly storm, Milton, hit Category 5 status on Tuesday and is predicted to ravage Florida's Tampa Bay region on Wednesday. I mean, the air temperatures are warming, the water temperatures are warming," Jagdfeld said. "We can debate what caused it, but I think the reality of it is the, the outcome is more extreme weather."

Persons: CNBC's Jim Cramer, Aaron Jagdfeld, Jagdfeld, Hurricane Helene, Milton Organizations: U.S . Locations: U.S, Florida's Tampa Bay

☆ I thought I made a mistake renting an electric vehicle in Italy. There was a steep learning curve, but I'd do it again.
▼ + stars: | 2024-10-08 | by ( Monica Humphries | ) www.businessinsider.com time to read: +5 min

Last spring, my friends and I accidentally rented an electric car on a trip to Italy. I hopped on Google to figure out how people manage life with electric cars when they take so long to charge. A high-voltage charger would take just 30 minutes to get our car's battery to 80%. AdvertisementAfter seeing our confused faces, she clarified that we were getting an electric car. Our car's battery was nearly dead, so we figured we might as well take advantage of the forced stop and explore the town.

Persons: —, Monica Humphries, hadn't Organizations: Service, Google, EV Business, Milano Linate Locations: Italy, Lake Como, Florence, Milano, Piacenza, it's, Italy's Emilia, France, touristy Florence, Sasso Marconi

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

☆ 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

☆ 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

☆ 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

☆ German carmakers wary of 'adverse' reaction after EV tariffs: analyst
▼ + stars: | 2024-10-07 | 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 EmailGerman carmakers are wary of 'adverse' reaction after Europe's EV tariffs, ING analyst saysRico Luman, senior economist on transport and logistics at ING, says there might be more production of electric vehicles in Europe by Chinese brands, as the case for local manufacturing is boosted by tariffs.

Persons: Rico Luman Organizations: ING Locations: Europe

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