DIRS.INFO The most relevant business & tech news

☆ 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 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.

☆ 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 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.

☆ 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.

Incoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. pose with a 2021 F-150 during an event Sept. 17, 2020 at the company's Michigan plant that produces the pickup. DETROIT – Ford Motor is about to tell investors what they've long wondered: How much is the transition to electric vehicles costing? Those new business units include "Ford Blue," Ford's traditional internal combustion engine business; its "Model e" electric vehicle unit; the "Ford Pro" commercial and government fleet business; "Ford Next," which includes nonautomotive mobility solutions and other future tech; and its existing Ford Credit financial services subsidiary. The changes amount to the most detailed look yet by any legacy automaker into the finances behind the EV business. Farley and other executives have emphasized that the reporting changes aren't just about disclosure: The new format reflects the way Ford's executive team thinks about and runs the business.

☆ 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.

☆ Ford recalling 18 electric F-150 Lightning pickup trucks after battery fire
▼ + stars: | 2023-03-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor is recalling 18 electric F-150 Lightning pickups that the company has identified as potentially having a battery cell defect that caused a truck to catch fire last month. A Ford spokeswoman declined to disclose how many trucks Ford has in holding that may have the issue. Ford said it is not aware of any reports of accident or injury related to the battery issue or recall. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. Ford initially opened customer reservations for the F-150 Lightning when it was revealed in May 2021.

☆ GM offers buyouts to 'majority' of U.S. salaried workers
▼ + stars: | 2023-03-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The "Voluntary Separation Program," or VSP, will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. Outside of the U.S., the automaker will offer buyouts to executives with at least two years of time at the company. GM expects to take a pretax charge of up to $1.5 billion related to the buyouts, according to a public filing Thursday. The last time GM offered such a large buyout program was for roughly 18,000 North American salaried employees in 2018-2019. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.

☆ Ford plans to restart production of the electric F-150 Lightning on March 13
▼ + stars: | 2023-03-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor plans to restart production of its electric F-150 Lightning pickup on March 13 – more than a month after a battery issue caused one of the vehicles to catch fire. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. The battery issue adds to ongoing "execution issues" detailed to investors last month by Ford CEO Jim Farley that crippled the automaker's fourth-quarter earnings. Ford initially opened customer reservations for the F-150 Lightning when it was revealed in May 2021. More than 200,000 reservations were placed prior to Ford temporarily closing the process to attempt to align production with expected demand.

☆ Ford's February sales jump 22% from subdued results in 2022
▼ + stars: | 2023-03-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's February sales increased by more than 20% from subdued results a year earlier, as the automaker ratchets up production of its F-Series pickups and electric vehicles. Ford's sales were hampered by supply chain problems in February 2022 making for one of its worst months since 2021. Sales of Ford's F-Series pickups increased 22% last month compared to a year earlier, increasing to about 55,000 units, including 3,600 units of its electric F-150 Lightning. So far this year, sales of F-Series pickups are up 15%. Ford's electric vehicle sales continue to increase, up 88% from a year earlier.

☆ General Motors cuts 500 salaried employees
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were announced internally Tuesday. The letter characterized the cuts, which follow performance evaluations, would impact a "small number of global executives and classified employees following our most recent performance calibration." The 500 job cuts make up less than 1% of GM's salaried workforce. Others such as Rivian Automotive also made salaried cuts, while Stellantis said it would idle a plant in Illinois.

☆ UAW leadership faces historic upheaval ahead of union negotiations with Detroit automakers
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – As the United Auto Workers prepares for what are expected to be highly contentious negotiations with the Detroit automakers later this year, the union's leadership is undergoing its largest upheaval in decades. The shuffle follows a years-long federal investigation that uncovered systemic corruption involving bribery, embezzlement and other crimes among the top ranks of the organized labor group. A reform group called UAW Members United has successfully campaigned to elect five new representatives to the 14-member board, but not all seats are settled. For investors, UAW negotiations are typically a short-term headwind every four years that result in higher costs. Canadian union Unifor will also be simultaneously negotiating this year with the Detroit automakers, adding even more complexity and competition for investments and jobs.

☆ Ford warned F-150 Lightning owners about separate EV battery issue before this month's fire
▼ + stars: | 2023-02-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT – A defective battery that caused a Ford F-150 Lightning in the company's possession to catch fire earlier this month isn't the only problem the Detroit automaker has recently experienced with its new all-electric pickup truck. For Ford, the F-150 Lightning problems are part of ongoing quality and operational issues, as outlined by CEO Jim Farley to investors days before the fire occurred in a Ford holding yard. The amount of "customer service actions" Ford has issued for the F-150 Lightning since its launch in April 2022 was not immediately available. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. Ford does not release production data for the F-150 Lightning, however the company sold more than 2,200 of the vehicles last month.

☆ Ford F-150 Lightning EV production to be halted at least through end of next week
▼ + stars: | 2023-02-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley pats a Ford F-150 Lightning truck before announcing at a press conference that Ford Motor Company will be partnering with the world's largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – Ford Motor expects production of its electric F-150 Lightning pickup to be down through at least the end of next week to address a potential battery issue, the automaker said Wednesday. The investigation into the problem is expected to be completed by the end of next week, followed by adjustments to the truck's battery production process that "could take a few weeks." The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. The battery issue adds to ongoing "execution issues" detailed to investors earlier this month by Ford CEO Jim Farley that crippled the automaker's fourth-quarter earnings.

☆ Ford halts production and shipments of its electric F-150 Lightning due to potential battery issue
▼ + stars: | 2023-02-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker's Ford Rouge Electric Vehicle Center (REVC). DETROIT – Ford Motor has paused production and shipments of its electric F-150 Lightning pickup due to a potential battery issue, the company said Tuesday. Ford has not established a timeline for when production and the shipments will resume, Bergg said. Bergg said the company is unaware of any incidents or issues associated with the potential battery issue. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford.

☆ Ford to move forward with $3.5 billion EV battery plant with Chinese company
▼ + stars: | 2023-02-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

DETROIT – Ford Motor said Monday it will collaborate with a Chinese supplier on a new $3.5 billion battery plant for electric vehicles in Michigan, despite tensions between the U.S. and China. Glenn Youngkin saying he was withdrawing the state from a competitive process to attract the planned Ford plant over its connection to the Chinese company. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. With this $3.5 billion investment, Ford says it and its battery partners have announced $17.6 billion in investments in electric vehicle and battery production in the United States since 2019. Gretchen Whitmer called the investment a "big win" for the state, which has moved to attract more battery production after missing out on previous multibillion investments.

☆ Electric Ram pickup debuts in Super Bowl ad that pokes fun at rivals, sex-drug commercials
▼ + stars: | 2023-02-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ram's 2023 Super Bowl ad debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale late-next year. DETROIT – Stellantis will air a 60-second Super Bowl ad for its Ram brand to indirectly take shots at the current all-electric vehicle market, specifically pickup trucks. "Are you excited about buying an electric vehicle but worry that it could leave you ... The ad debuts the production version of the Ram 1500 REV electric pickup that is expected to go on sale next year. Online reservations for the electric pickup, which debuted as a concept in January, also open Sunday.

☆ Used vehicle prices swing higher amid unseasonably high demand in January
▼ + stars: | 2023-02-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The automotive data firm's Manheim Used Vehicle Value Index was down 12.8% in January from inflated levels a year earlier but was up 2.5% compared with December. 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. The Manheim Used Vehicle Value Index posted a 15% decline last year as buyers held off from purchasing a used vehicle due to record-high prices. It forecasted wholesale prices on its Manheim Used Vehicle Value Index to end 2023 down 4.3% from December 2022.

Ford sold 91 million shares of the EV startup in 2022, according to the filing. Ford's sale of the shares was worth about $3 billion in total proceeds, the company said, a substantial gain on its $1.2 billion investment in Rivian. Ford, as of the end of last year, still owned about 11 million of its initial 101.9 million shares of Rivian. Ford first invested in Rivian in 2019, before the EV maker went public. But as a result of that initial investment, Ford was among the largest stakeholders in the company upon Rivian's blockbuster IPO in 2021, with a 12% stake.

☆ Biden administration expands EV tax credits in boost for Tesla, Cadillac, others
▼ + stars: | 2023-02-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The U.S. Treasury said Friday it is changing its definition of an "SUV" to make more electric vehicles from Tesla, General Motors and other automakers eligible for up to $7,500 in federal tax credits at higher prices. The change raises the retail price cap to $80,000 from $55,000 for vehicles such as the Tesla Model Y, Cadillac Lyriq, Ford Mustang Mach-E and Volkswagen's ID.4. Previously some or all models of these vehicles did not qualify because they didn't weigh enough to be considered an SUV by the Treasury's standards. The credits are part of the Biden administration's $437 billion Inflation Reduction Act, which was approved in August. Under the bill, SUVs can be priced at up to $80,000 to qualify for EV tax credits, while cars, sedans and wagons have to be priced at or under $55,000.

☆ Ford's U.S. sales start 2023 on strong footing, boosted by F-Series and Bronco
▼ + stars: | 2023-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's new U.S. vehicle sales started 2023 on stronger footing than a year earlier, but were down 18.4% from December. The automotive industry continues to navigate through some supply chain and production issues, although the flow of parts and vehicle production this year is expected to be more consistent than in recent years. For January, Ford reported a 2% increase in sales from a year earlier to 146,356 vehicles sold. The uptick was led by sales increases of 8.8% for F-Series pickups, 25.5% for Broncos, and 52% for Bronco Sport SUVs — as well as a doubling of its electric vehicle sales, which have been and remain minimal. Some of the automaker's crossovers such as the Ford Edge and Escape experienced double-digit declines from a year earlier.

☆ Ford is set to report results after the bell. Here's what Wall Street expects
▼ + stars: | 2023-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor is set to report its fourth-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: 62 cents62 cents Automotive revenue: $40.37 billionIn October, Ford confirmed its prior full-year guidance of adjusted earnings before interest and taxes of between $11.5 billion and $12.5 billion. Wall Street expects Ford's full-year 2023 adjusted earnings per share outlook to mark a nearly 16% decline from 2022, according to Refinitiv estimates. That's despite forecasting full-year revenue up 3.4% year over year to more than $151 billion, signaling lower operational profit compared with recent years. The automaker also forecast stronger-than-expected 2023 results, including adjusted earnings before interest and taxes of $10.5 billion to $12.5 billion and adjusted earnings per share of between $6 and $7.

Search resuls for: "Detroit –"

25 mentions found