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☆ South Korea’s Hyundai and US’ GM to work together on developing new cars
▼ + stars: | 2024-09-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hyundai and General Motors (GM) have agreed to look for ways to work together on developing new vehicles, supply chains and technologies in an effort to cut costs and move more quickly. Global carmakers are under intense pressure to come up with new electric vehicle (EV) and battery technology because they face vehicle emissions regulations around the world. South Korea’s Hyundai and America’s GM (GM) said on Thursday they would collaborate on joint product development, manufacturing and future clean energy technologies. The non-binding framework agreement was signed by Hyundai Motor Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Including its affiliate Kia, Hyundai Motor is the world’s third-largest automaker by sales, according to Reuters, while GM is currently America’s largest carmaker, having retaken that title from Toyota in 2022.

Persons: Hong Kong CNN —, They’re, Euisun Chung, Mary Barra, “, ” Barra, ” Chung, Cruise Organizations: Hong Kong CNN, Hong Kong CNN — Hyundai, General Motors, Global, EV, Korea’s Hyundai, America’s GM, Hyundai Motor, Kia, Hyundai, Reuters, GM, Toyota, Nissan, Renault, Honda, — Locations: Hong Kong, Japan

☆ Biden's EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
▼ + stars: | 2024-05-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Win Mcnamee | Getty ImagesDETROIT – President Joe Biden's plan to quadruple tariffs on China-made electric vehicles is unlikely to stave off the threat of more Chinese cars and trucks on U.S. roadways. Automotive and trade experts say the increased tariffs are a near-term protectionism act that may delay, but won't stop, Chinese automakers from coming to the U.S. with EVs. The EV tariffs, including other increases regarding battery materials, were among new tariff rates on $18 billion worth of Chinese imports. The quality and build of vehicles by Chinese automakers have gotten significantly better in recent years, as the Chinese government has subsidized their operations to grow domestic production. GM and others have found it hard to compete against budget and mainstream Chinese vehicles, including EVs.

Persons: Joe Biden, Win Mcnamee, Joe Biden's, It's, Dan Hearsch, Stellantis —, Warren Buffett, BYD, Morgan Stanley, Tim Hsiao, Lincoln Organizations: White, Getty, DETROIT, Communist, U.S . Automotive, Motors, U.S, — GM, Ford Motor, Chrysler, Warren, EV, Wall Street, China Association of Automobile Manufacturers, U.S . Vehicles, Lincoln Nautilus, Volvo, Biden Administration Locations: Rose, Washington , DC, China, Mexico, Americas, U.S

☆ How American carmakers lost ground in China
▼ + stars: | 2024-05-11 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

American automakers and their non-Chinese counterparts are fighting an existential battle, as local rivals in China outpace them. GM's sales in China, including those of joint ventures it maintains in the country, have fallen from a high of 4 million vehicles in 2017 to 2.1 million in 2023. Several factors have contributed to the decline of U.S. automakers in China. That's precisely why American automakers shouldn't give up on China despite the U.S. companies' sales setbacks, according to Bill Russo, a former Chrysler executive who runs Automobility, a consulting firm in Shanghai. "If you don't compete in China, then what are you going to do when China shows up in your backyard?"

Persons: Michael Dunne, Dunne, Berkshire Hathaway, —, shouldn't, Bill Russo, Russo, haven't Organizations: U.S, Ford, GM, Hyundai, Kia, Nissan, Lotus, Volvo, Berkshire, Huawei, Chrysler Locations: China, U.S, Sweden, Shanghai

☆ 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

☆ GM and Honda team up on autonomous ride service for Japan
▼ + stars: | 2023-10-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —General Motors and Honda, along with Cruise — GM’s autonomous driving subsidiary — have agreed to create a driverless ride-hailing company in Japan. The company will use the Cruise Origin autonomous vehicle to give rides in Tokyo, Japan’s largest city. The Cruise Origin, an electric vehicle GM builds at a factory in Detroit, has no steering wheel, pedals or space for a driver. GM said it plans to build 500 of the vehicles for the Tokyo ride-hailing service, which is expected to be the first autonomous ride-hailing service in Japan, according to the companies. “The range of situations our [autonomous vehicles] have encountered is quite broad,” Voigt said, noting obstacles such as jugglers on the streets of San Francisco and donkeys in Austin.

Persons: Cruise, Honda, General Motors Cruise, Kyle Voigt, Voigt, ” Voigt Organizations: CNN —, Motors, Honda, —, Cruise, GM, General Motors, Ministry of Internal Affairs and Communications, Traffic, Administration Locations: Japan, Tokyo, Japan’s, Detroit, California, San Francisco, Phoenix, Austin, United States

☆ How Tesla is at the center of the UAW strikes
▼ + stars: | 2023-09-29 | by ( Robert Ferris | In | ) www.cnbc.com time to read: 1 min

The UAW strikes hitting the Detroit Three automakers — GM , Ford and Stellantis — could widen the electric vehicle gap between them and Tesla, which already controls 60 percent of the EV market. The three Detroit automakers all use union labor, and those workers are represented by the United Auto Workers union — Tesla does not. Already, industry insiders say labor costs at GM, Ford and Stellantis are considerably higher than they are at the electric car maker. But Tesla workers have attempted to unionize its factories in the past. While attempts have so far been unsuccessful, recent polls show about two-thirds of Americans are supportive of unions.

Persons: Stellantis, Tesla Organizations: UAW, Detroit Three, — GM, Ford, Detroit, United Auto Workers, GM

☆ 'Just shut your mouth:' Populist Republicans back UAW workers' demands while slamming union leadership
▼ + stars: | 2023-09-26 | by ( Bryan Metzger | Nora Naughton | ) www.businessinsider.com time to read: +11 min

Hawley and Vance support striking auto workers, but they're not on the same page as union leadership. AdvertisementAdvertisementAs strikes at auto manufacturing plants continue across the country, some populist-minded Republicans are breaking from their party's long-standing orthodoxies and backing the United Auto Workers' demands. Last week, Fain even slammed Donald Trump as part of the "billionaire class" following the news that the former president would address union workers in Michigan this week. So far, the only company that has figured out how to squeeze consistent profits out of electric cars is Tesla, which does not use more union labor. The union is now aiming to rebuild its reputation and influence in automotive labor and the labor movement writ large.

Persons: Hawley, Vance, they're, It's, —, what's, Sen, JD Vance, Ohio, Josh Hawley, Biden, Shawn Fain, They've, Fain, Donald Trump, Sherrod Brown, Brown, we've, Detroit's Ford, Matt Wegener, Wegener, EVs, Charmonique Demings, Trump —, Trump Organizations: PRO, Service, United Auto Workers, Republicans, UAW, GM, Stellantis, Biden's, Democrat, Michigan Assembly, Ford's Michigan, Trump, US, Detroit —, National Labor Relations Board, Supreme, Bloomberg, Biden, Battery, EV, Volkswagen, Tesla, Republican, Ford, Democratic, Democratic Party, American Locations: Josh Hawley of Missouri, China, Wentzville , Missouri, Michigan, Ohio, Detroit, Trump's Michigan, States, Mexico, Canada, Missouri

☆ A core frustration unites striking workers: Exorbitant CEO pay
▼ + stars: | 2023-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Exorbitant CEO pay is a frustration shared by Hollywood creatives and Detroit autoworkers alike. Since 1978, the CEO compensation among America’s 300 biggest companies has gone up 1,460%, while the typical worker’s pay grew by just 18% (both adjusted for inflation), according to the Economic Policy Institute, a progressive think tank. Over the same period, CEO pay at the Big Three Detroit automakers — GM, Ford and Chrysler parent Stellantis — has jumped an average of 40%, or roughly how much of a raise striking workers are now demanding. But a company’s profit depends not only on bringing in hearty revenue, but also on keeping costs — including workers’ pay — low. CEO pay went up 40%… No one had any complaints about that, but God forbid the workers ask for their fair share,” he told CNN’s Jake Tapper last week.

Persons: New York CNN —, Hollywood creatives, Barack Obama, Adam S, Hersh, —, Mary Barra, Barra, Carlos Tavares, Jim Farley, Michael M, Shawn Fain, ”, CNN’s Jake Tapper, ’, ” Hersh, “, CNN’s Chris Isidore Organizations: New, New York CNN, Workers, Hollywood, Detroit, Economic Policy Institute, Chrysler, GM, Big Three Detroit, — GM, Ford, CNN, Guild of America, Los Angeles Times, UAW, “, EV Locations: New York, America, Barra, American, Kentucky, Tennessee

☆ Stocks making the biggest moves premarket: Arm Holdings, GM, Ford, Adobe and more
▼ + stars: | 2023-09-15 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019. Apellis Pharmaceuticals — The biopharmaceutical company climbed 3.5% before the open after Wells Fargo upgraded to overweight from equal weight. General Motors , Ford , Stellantis — GM and Ford fell less than 1% and Stellantis rose less than 1% after the United Auto Workers went on strike Thursday night. DoorDash — Shares of the food delivery company slid almost 3% premarket after MoffettNathanson downgraded DoorDash to market perform from outperform. Adobe — Shares fell 3.4% on the back of the company's fiscal third-quarter earnings report Thursday.

Persons: —, Piper Sandler, Piper, Morgan Stanley, Wells, Apellis, Stellantis, MoffettNathanson, Needham, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: Motors, General Motors, United Auto Workers national, Pharmaceuticals, Ford, United Auto Workers, Unity, Bank of America, Arm, Nasdaq, JPMorgan, LSEG Locations: Bowling Green , Kentucky, — The Cleveland, DoorDash, British

☆ Elon Musk’s secret game plan for Tesla
▼ + stars: | 2023-07-06 | by ( Adam Rogers | ) www.businessinsider.com time to read: +9 min

"Tesla is happy to support other EVs via our Supercharger network," Tesla CEO Elon Musk tweeted, replying to President Joe Biden's announcement. And by tapping into a vehicle's battery management system, Tesla may be able to get even more data from its competitors. There were jokes for years that Tesla was actually a carbon-credit company pretending to be a car company. For a while it looked as if it were going to be an insurance company pretending to be a car company. Now, I think it's going to be a data company — which may just be the thing that winds up keeping it afloat.

Persons: who's, Tesla, Elon Musk, Joe Biden's, Mike Ramsey, it's, Samrat Acharya, Ford, Elon, they'll, Big, Adam Rogers Organizations: Ford, GM, Gartner, cybersecurity, Twitter, Big Locations: United States, Teslas, Silicon Valley

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