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☆ Japan approves additional $3.9 billion in subsidies for semiconductor firm Rapidus to meet chip goals
▼ + stars: | 2024-04-02 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Japan said Tuesday it has approved up to 590 billion yen ($3.89 billion) in additional subsidies for chipmaker Rapidus Corporation, as the country plays catch up with other nations on semiconductor manufacturing. Rapidus Corporation was founded in 2022 by the Japanese government and eight domestic companies to develop and manufacture advanced semiconductors. Toyota Motor Corporation, Sony Group are among the companies that have invested billions of yen in Rapidus. Rapidus has received 330 billion yen from the Japanese government between 2022 and 2023 to mass produce 2-nanometer chips in Chitose, Hokkaido, from 2027. TSMC and Samsung currently produce 3-nanometer chips, while Rapidus is currently constructing an advanced semiconductor plant in Chitose.

Persons: Rapidus Organizations: chipmaker Rapidus Corporation, Japan's Ministry, Economy, Trade, Industry, Rapidus Corporation, Toyota Motor Corporation, Sony Group, Taiwan Semiconductor Manufacturing Company, South, Samsung Electronics, Samsung, IBM Locations: Japan, Rapidus, Chitose , Hokkaido, Chitose .

☆ Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics. Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies. Off-price stores also draw a similar customer, which tends to be more affluent.

Persons: Macy's, Justin Sullivan, Brian Cornell, Tom Kingsbury, Maxx, Jefferies, Ross, Earnest, Penney, Tony Spring, Corey Tarlowe, Cornell, Tarlowe, Cos, Mercedes Organizations: Getty, CNBC, Nordstrom, Earnest Analytics, Target, Abercrombie, Fitch, Home Goods, Jefferies, Toyota, Maxx Locations: San Leandro , California, United States, New York, Burlington, U.S

☆ Toyota could introduce electric, plug-in Tacoma and Tundra pickups
▼ + stars: | 2024-03-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Toyota has previously discussed a broad lineup of battery-electric vehicles , or BEVs, including a midsize pickup model like the segment-leading Tacoma. The latest conversations have introduced the potential for plug-in hybrid vehicles, or PHEVs. Whether it be Tundra, Tacoma or something else in addition to the lineup," Hollis told CNBC on Tuesday during the New York Auto Forum conference. NEW YORK — Toyota Motor is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups. There are not any plug-in hybrid electric pickups currently on sale in the U.S. Stellantis' Ram brand is expected to release an "extended-range" plug-in vehicle with an electric generator powering an engine later this year.

Persons: BEV, Hollis, Jack Hollis, Stellantis, Biden, Muñoz Organizations: Toyota, U.S, Reuters, CNBC, New York Auto Forum, Toyota Motor North, Tacoma, Hyundai, Wednesday Locations: Kentucky, Thailand, Tacoma, Toyota Motor North America, U.S, Georgia

☆ Opinion: The male drivers who just can’t let go of their stick shift
▼ + stars: | 2024-03-27 | by ( Opinion Paul Hockenos | ) edition.cnn.com time to read: +7 min

Berlin CNN —For old-school connoisseurs of the automobile — usually men — driving means operating a beloved vehicle by touch, with three pedals underfoot and a shift stick at hand. Paul Hockenos Hayyan Al-YousoufIn Europe, this clientele is responsible for a good deal of the moaning about manual transmission’s demise. Well, Zen or not, the day of manual transmissions is speeding to an end — and this layman is shedding no tears. For one, the oft-repeated benefits of a stick shift over an automatic have been redundant now for years. The explanation: automatics select the right gear for the vehicle, usually the highest gear possible.

Persons: Paul Hockenos, ”, Paul Hockenos Hayyan, Mercedes Benz, upshift, ’ ”, Sigmund Freud, it’s, Robert M, It’s, —, “, Cristine Organizations: CNN, Berlin CNN, Porsche, BMW, Volkswagen, Swiss, Neue Zürcher, Art, Environmental Protection Agency, International Energy Agency, Toyota Locations: Berlin, Europe, New Berlin, Yousouf, Germany, New York, San Francisco, Oslo, Norway

☆ 'Too early to judge': Global carmakers contend with closure at busiest U.S. autos port
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The remains of the Francis Scott Key Bridge on March 26, 2024 in Baltimore. Michael A. McCoy | The Washington Post | Getty ImagesThe Baltimore bridge collapse on Tuesday prompted carmakers to assess operations after the closure of the busiest U.S. auto port. Six people who had been working on the bridge were presumed dead on Wednesday, after rescuers failed to find them. The Port of Baltimore, the 11th largest port in the U.S. and its busiest for autos and light trucks, has been closed until further notice. Sweden's Volvo Group said it did not expect a significant impact, but was checking its U.S. production facilities.

Persons: Francis Scott Key, Michael A, carmakers, Dimitris Psillakis, it's, Psillakis Organizations: Francis Scott Key Bridge, McCoy, Washington Post, Getty, Logistics, Mercedes, Benz, CNBC, Baltimore, Volkswagen Group of America, Germany's Volkswagen, VW, Audi, Lamborghini, Bentley, Atlantic, Volvo Group, General Motors, Ford, Toyota, Nissan, Mitsubishi Locations: Baltimore, Port, U.S, East, Brunswick, Georgia

☆ This small Southeast Asian country has 'engineered' a society that lives to 100 – here's how
▼ + stars: | 2024-03-27 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +6 min

Blue zones are places that have 10 times more centenarians compared to the U.S. on a per capita basis. While the original blue zones came about by natural circumstances, blue zones 2.0 are man-made. "The old blue zones are disappearing because they're becoming Americanized," Buettner said. Keep loved ones closeResearch shows that people in blue zones tend to prioritize their loved ones and keep them nearby. Accessible health careSingaporeans enjoy universal health care which means residents have access to quality medical care, including health services such as prevention, treatment, rehabilitation and palliative care.

Persons: Koh Sze Kiat, Dan Buettner, Loma, Buettner, That's, Grant, Lee Kuan Yew Organizations: Getty Images Singapore, CNBC, Loma Linda, National Geographic, National Institute of Aging, Toyota Camry, Research, Pew Research Center, Pew, Health Locations: Singapore, Greece, Okinawa, Japan, Costa Rica, Sardinia, Italy, United States, walkability, U.S, America

☆ My children and I inherited nearly $750,000 from my aunt. I spent some of it wisely, but I made one mistake I can't take back.
▼ + stars: | 2024-03-26 | by ( Sarah Adams | ) www.businessinsider.com time to read: +6 min

She put her children's shares in traditional savings accounts, and she wishes she had invested it. As I've navigated the process of inheriting money, I've concluded this is spot on, but it comes down to how each of those classes teaches (or fails to teach) their children financial competence. I directed the funds to separate savings accounts for my children at the local bank I had used for years. Even if I didn't traditionally invest, online savings accounts now offer up to 5% interest. AdvertisementWhen I inquired about withdrawing funds to invest or even closing the savings accounts in favor of something more financially smart, I was rejected.

Persons: Sarah Adams, —, I've, Adams, Bobbi, inheritances, wasn't Organizations: Service, Toyota Locations: England, New York

☆ My children and I inherited $741,000 from my aunt. I made one mistake with the money that I wish I could take back.
▼ + stars: | 2024-03-26 | by ( Sarah Adams | ) www.businessinsider.com time to read: +6 min

As I've navigated the process of inheriting money, I've concluded this is spot on, but it comes down to how each of those classes teaches (or fails to teach) their children financial competence. I grew up with a "poor" mentality and knew I wanted to make better financial decisions for my future children. I directed the funds to separate savings accounts for my children at the local bank I had used for years. Even if I didn't traditionally invest, online savings accounts now offer up to 5% interest. AdvertisementWhen I inquired about withdrawing funds to invest or even closing the savings accounts in favor of something more financially smart, I was rejected.

Persons: —, I've, Adams, Sarah Adams, Bobbi, inheritances, wasn't Organizations: Service, Business, Toyota Locations: New York, England

AUSTIN, Texas (AP) — Five races into NASCAR's 2024 season and Ford is in a funk. A Ford win in Austin would seem like a long shot in NASCAR's fourth run on a track built for Formula One. Photos You Should See View All 60 ImagesAnd while it’s still early, Ford drivers make up just three of the 16 available Cup playoff spots. Ford drivers point to some solid statistics, even if the major results are lacking. NASCAR vs F1The Circuit of the Americas is the only track used by NASCAR and F1, but the two racing series have vastly different styles.

Persons: Ryan Blaney, “, Tyler Reddick, Shane van Gisbergen, Chase Elliott, it’s, Blaney, haven’t, ”, Chris Buescher, We’ve, we’ve, ” Buescher, Chase Briscoe, Stewart, Haas, we've, ” Briscoe, Briscoe, Ford, van Gisbergen, It’s, Reddick, COTA, there's, I've, ” Reddick, they’ve, FanDuel Organizations: Ford, NASCAR, Circuit, Formula One, Toyota, RFK Racing, Haas Racing, Fords, Blaney's, COTA Locations: AUSTIN, Texas, Atlanta, Austin, Victory, Americas

☆ Hybrid cars now have 'very few compromises' says Ford executive — and sales are booming
▼ + stars: | 2024-03-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sales growth for hybrid cars is outpacing growth for electric vehicles this year. AdvertisementIt's shaping up to be a comeback year for hybrid cars — and that's partly because they're now nearly as good as their conventional vehicles, according to a Ford executive. Frick's comments come as demand for hybrid vehicles soars, partly due to drivers' worries about charging electric cars. AdvertisementFreedom of choiceThe hybrid Maverick starts at about $25,300 — some $1,500 more than the gas version. About 60% of those buying a hybrid Maverick are first-time Ford customers, product development operations chief Jim Baumbick previously told Business Insider.

Persons: Ford, Ford's Andrew Frick, —, they're, Andrew Frick, Morgan Stanley, Jim Baumbick Organizations: Service, Ford, Wall, Buyers, Cox Automotive, Toyota Prius, BI Toyota, EV, Toyota, White House Locations: Detroit, Edmunds

☆ What investors should know about the U.S. easing vehicle emissions rules
▼ + stars: | 2024-03-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

President Joe Biden speaks at the United Auto Workers political convention at the Marriott Marquis in Washington, D.C., Jan. 24, 2024. The new Environmental Protection Agency rules released Wednesday aim to cut tailpipe emissions by 49% between model years 2027 and 2032. The EPA set a target for EVs to make up at least 35% of new vehicle sales by 2032. The EPA's new strategy for cutting tailpipe emissions doesn't focus only on EVs. The EPA's percentage targets for EV adoption are not mandates but expectations for how automakers could meet the emissions regulations.

Persons: Joe Biden, Saul Loeb, Biden, Emmanuel Rosner, Mary Barra, Ngan, John Bozzella, Stocks, Tesla, weren't, Chelsea Hodgkins, Martin Viecha, Chris Kapsch, Morgan Stanley, Adam Jonas Organizations: United Auto Workers, Marriott Marquis, Washington , D.C, AFP, Getty, DETROIT, Environmental Protection Agency, EPA, EV, Detroit Automotive, Wall Street, Detroit, General Motors, Ford Motor, Chrysler, capex, Deutsche Bank, Chevrolet Silverado, Huntington Place Convention, Afp, Alliance for Automotive Innovation, United Auto Workers union, UAW, Toyota, Public Citizen, Sierra Club, Democratic, GM, Ford Locations: Washington ,, Detroit , Michigan, U.S, Detroit, Michigan

☆ Why a small China-made EV has global auto execs and politicians on edge
▼ + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.

Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province

☆ Biden administration softens EV mileage rule in a win for automakers
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +6 min

The original Biden administration proposal would have lowered such "petroleum-equivalent fuel economy" ratings for EVs by 72% in 2027. The industry cheered the Energy Department announcement. Automakers, auto dealers and the UAW called the original EPA plan unrealistic. The National Resources Defense Council (NRDC) and Sierra Club had urged EV mileage rating reductions after the Energy Department left them unchanged for two decades. "The automakers' free ride is over," he said, adding that changes "will curtail automakers' use of phantom credits they used to keep selling gas-guzzlers."

Persons: Biden, Joe Biden's, Donald Trump, John Bozella, Tesla, Pete Huffman Organizations: Detroit, Biden, Department of Energy, Reuters, U.S, Republican, Energy Department, Ford, Alliance, Automotive, United Auto Workers, General Motors, Chrysler, Traffic, Environmental Protection Agency, EPA, Toyota, Honda, Hyundai, GM, Volkswagen, UAW, National Resources Defense Council, Sierra Club, Energy Locations: New York City, United States, Michigan, fleetwide, U.S, NRDC

STR | AFP | Getty ImagesIn the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market. Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

Persons: Tesla, BYD, Xiao Feng, Biden, it's, EY, Alvin Liu, Liu, BYD's, Sime Darby, Stella Li, Reuters BYD, Bill Russo, CNBC's, Li Organizations: AFP, Getty, Toyota, Counterpoint Research, Tesla, Sime, Americas, Reuters, Alliance for American Manufacturing, U.S Locations: Taicang Port, Suzhou, China's, Jiangsu, U.S, Shenzhen, Europe, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, China, Marklines, Southeast Asia, Singapore, Philippines, Malaysia, Mexico, Americas, North America, United States, Canada, Washington

The union has come close to representing workers at the VW plant in two previous elections. Some prominent Tennessee Republican politicians had urged workers to vote against the union during both campaigns. The year after the 2014 vote failed, 160 Chattanooga maintenance workers won a vote to form a smaller union, but Volkswagen refused to bargain. In November, VW gave workers an 11% pay raise at the plant, but the union says VW's pay still lags behind Detroit automakers. Top assembly plant workers in Chattanooga make $32.40 per hour, VW said.

Persons: —, we'll, Yolanda Peoples Organizations: DETROIT, United Auto Workers, Workers, National Labor Relations Board, UAW, Detroit automakers, Tesla, Nissan, Mercedes, Benz, Hyundai, Kia, Toyota, Honda, VW, NLRB, Volkswagen, Tennessee Republican, General Motors, Ford, Detroit Locations: Chattanooga , Tennessee, Chattanooga, Tennessee, Mercedes, Vance , Alabama, Tuscaloosa, Alabama

☆ UAW files for union vote at Volkswagen’s Tennessee plant
▼ + stars: | 2024-03-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —The United Auto Workers union is seeking a union representation vote among more than 4,000 hourly workers at the Volkswagen plant in Chattanooga, Tennessee. The union has announced a broad-based campaign to win representation at the American plants of 13 nonunion automakers. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. The VW Chattanooga plant is the only factory operated by VW that does not have union representation. Once the election process starts, management often holds mandatory meetings with staff to make the case against union representation, and that convinces some earlier supporters of the union to end their support.

Persons: –, ”, Victor Vaughn, ” Vaughn, “ Organizations: New, New York CNN, United Auto Workers, Volkswagen, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, – Tesla, –, Motors, Ford, Jeep, Dodge, Chrysler, VW, ” Locations: New York, Chattanooga , Tennessee, VW Chattanooga, Chattanooga

☆ UAW says VW workers at Tennessee plant file for union election
▼ + stars: | 2024-03-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Volkswagen workers at a plant in Tennessee have filed a petition with the National Labor Relations Board for a vote to join the United Auto Workers, the union announced Monday. In 2019, VW workers at the Chattanooga, Tennessee, plant rejected union representation in an 833-776 vote. The Chattanooga plant is Volkswagen's only U.S. assembly plant and employs over 4,000 autoworkers who would be eligible to vote for union representation. "We will fully support an NLRB vote so every team member has a chance to vote in privacy in this important decision. By the end of the UAW contracts, top wages are expected to surpass $42 an hour for production workers.

Organizations: DETROIT, Volkswagen, National Labor Relations Board, United Auto Workers, U.S, UAW, Nissan, VW, NLRB, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Subaru, Toyota, Volvo Locations: Tennessee, U.S, Chattanooga , Tennessee, Chattanooga

Norway has had massive success with EV adoption — 82% of new cars sold in the country in 2023 were electric, according to the Norwegian Road Federation. This high adoption rate can be attributed to the generous subsidies the Scandinavian country has offered to electric vehicle owners as well as its investment in charging infrastructure. Tesla's early foothold there has made Norway a pivotal proving ground for the company and a national model for electric vehicle transition. Norwegians were the first European customers to receive deliveries of the Tesla Model S in 2013. CNBC traveled to Norway to meet with local people, government officials and experts to find out how Tesla has become so successful in the Scandinavian country.

Persons: Elon Musk, Tesla Organizations: Norwegian Road Federation, Nordic, Tesla, Toyota, Skoda, Volkswagen, CNBC Locations: Norway

(Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)At Japan's highly anticipated "shunto" spring wage negotiations this year, the world's largest automaker Toyota agreed to the biggest annual pay increase for workers in 25 years. Market speculation reached fever pitch this week as various corporate giants announced robust negotiated salary increments that in some instances exceeded what unions petitioned for. Bank of Japan Governor Kazuo Ueda has repeatedly said the outcome of this year's wage negotiations will influence the central bank's decision on when to exit the world's last negative interest rate policy. Japan's largest trade union grouping, known as Rengo, will announce the first collation of ongoing wage negotiations on Friday. Here's what you need to know about this year's spring wage talks, which takes place annually in March.

Persons: Kazuhiro NOGI, KAZUHIRO NOGI, Kazuo Ueda Organizations: Bank of Japan, The Bank of Japan, Getty, Toyota Locations: Tokyo, AFP

☆ Trade Tracker: Jenny Harrington sells Toyota and Brenda Vingiello trims Nvidia and Meta
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Jenny Harrington sells Toyota and Brenda Vingiello trims Nvidia and MetaJenny Harrington and Brenda Vingiello join "Halftime Report" to go over their most recent portfolio moves.

Persons: Jenny Harrington, Brenda Vingiello Organizations: Toyota, Nvidia

☆ Chinese stocks are 'a risk worth taking,' asset manager says — naming 2 he likes
▼ + stars: | 2024-03-14 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

There may be a lot of caution with investing in Chinese stocks — but asset manager Jason Hsu sees opportunities to play the market. "Chinese stocks are trading at the cheapest they've ever been. The Chinese economy and stock market have been dogged by declining foreign investments and a prolonged property market slump. Hsu suggests that investors allocate around 7% to 8% of their portfolio to Chinese stocks. 'A great growth story' When it comes to the Chinese market, Hsu views state-owned food and beverage company Kweichow Moutai as good short-term play.

Persons: Jason Hsu, Hsu, Moutai, Warren Buffett, Tesla, BYD Organizations: Rayliant Global Advisors, CNBC Pro, Shanghai, Shanghai Stock Exchange, FTSE, China Consumer, Toyota, U.S, Ferrari, Hong Kong Locations: China, Japan, FTSE China, U.S, Europe, Hong Kong and New York

☆ Hybrids are more popular than ever as shoppers cool on EVs
▼ + stars: | 2024-03-13 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Fewer new-car shoppers are considering EVs for their next vehicle, according to JD Power, with shoppers citing a lack of access to charging infrastructure as a main reason for ruling out EVs. Brands that have leaned into hybrids saw better sales results in February. "Hybrids are just rockin,'" Toyota Motor North America's sales chief David Christ told Automotive News after it released its sales results last week. The Toyota RAV4 SUV is one of the more popular hybrids on dealer lots. Among American brands, Ford notched a 31.5% increase in hybrid sales, as these vehicles lured more new customers to the Blue Oval.

Persons: —, Power, David Christ, Ford, Jim Baumbick Organizations: Service, Tesla, Business, Brands, Toyota, Automotive, Blue, Ford

☆ EV euphoria is dead. Automakers trumpet consumer choice for U.S. car shoppers
▼ + stars: | 2024-03-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off. U.S. EV sales were a record 1.2 million units last year, representing 7.6% of the overall national market, Cox Automotive estimates. "Moving on to less tech-savvy buyers will slow the EV market share growth over the next few years." Automakers wanted to emulate Tesla's success, with some promising to exclusively offer EVs in the not-too-distant future. "Toyota is almost completely absent from the [battery electric vehicle] market yet will gain more U.S. market share than any other car company this year.

Persons: hasn't, Andrew Merry, Aston Martin, Tesla, Elon Musk, Marin Gjaja, Ford, Pablo Di Si, Sam Fiorani, Romeo, Bentley, Mary Barra, there's, Cadillac, John Roth, We've, Gjaja, Jim Farley, Rebecca Cook, Oliver Blume, Akio Toyoda, Morgan Stanley, Adam Jonas, It's, Biden, Cox, Michelle Krebs, EVs, Trisha Jung Organizations: DETROIT, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, CNBC, GM, Hyundai Motor, Kia, Toyota Motor, VW, U.S, Cox Automotive, AutoForecast Solutions, Volvo, Buick, Cadillac, Honda, Ford Motor Co, Ford, Amperex Technology, Toyota, Cox, Tesla, Nissan, Nissan U.S, Environmental Protection Agency, Alliance for Automotive Innovation, American Automotive, Detroit automakers Locations: EVs, Europe, U.S, North America, Warren , Michigan, Detroit, Marshall , Michigan, Romulus , Michigan

☆ Japan Inc set to offer big wage hikes, paving way for end to negative rates
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +2 min

Some of Japan's biggest companies are expected to formally offer sizeable pay increases at annual talks with unions that wrap up on Wednesday, clearing the way for the central bank to end negative interest rates as early as next week. Some of Japan's biggest companies are expected to formally offer sizeable pay increases at annual talks with unions that wrap up on Wednesday, clearing the way for the central bank to end negative interest rates as early as next week. Economists see substantial wage increases as a prerequisite for the Bank of Japan, or BOJ, to declare that its long-held goals of sustainable wage growth and stable prices are in sight and usher in an end to negative rates in place since 2016. As a result, some analysts expect this year's wage increases at 5% or more, from just under 4% previously. Unions across industries, including automobiles, electronics, metals, heavy machinery and the service sector have all demanded hefty pay hikes.

Organizations: Toyota Motor, Japan's, Bank of Japan, Workers Locations: Toyota, Nagoya, Japan

☆ Nongfu Spring: Bottled water empire of China’s richest man Zhong Shanshan is facing a boycott by nationalists
▼ + stars: | 2024-03-13 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Zhong and his drinks firm Nongfu Spring, the country’s biggest maker of bottled water, are the latest targets of an army of internet zealots. WeiboThe nationalists have also highlighted the fact that prominent US investment funds, including Vanguard and BlackRock, are major shareholders of Nongfu Spring. “Taking advantage of Mr Zong’s death, a lot of slander against me and Nongfu Spring appeared on the internet. “Whether Wahaha or Nongfu Spring, we always insist on the same thing — producing good products for the people,” he said. Nongfu Spring is just the latest major target of China’s nationalists.

Persons: Hong Kong CNN — Zhong Shanshan, Zhong, Zong Qinghou, Zong, Zhong’s, —, “ Zhong Shuzi, ”, “, He’s, Mr Zong’s, ” Zhong, influencers, netizens, “ Zong, Wei Jiang, Mo Yan, Mao Zedong, Stringer, Li Ning Organizations: Hong Kong CNN, Wahaha, Danone, Weibo, ”, Vanguard, BlackRock, Nongfu, American, Wahaha’s, CNN, Zhejiang Daily, Communist Party, Auto, Zhejiang University of Finance, Economics, People’s Liberation Army, AFP, Getty, Nike, Adidas, United, Toyota, Honda Locations: China, Hong Kong, Beijing, American, Weibo, Nongfu, Zhejiang, Hami, China's, Xinjiang, AFP, United States, Japan

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