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☆ The auto industry is pulling back on its 'capital junkie' tendencies after unprecedented spending on EVs, self-driving
▼ + stars: | 2024-11-25 | by ( Michael Wayland | ) www.nbcnews.com time to read: +12 min

It’s a “capital junkie” that’s been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. Capital junkieThe latest cost-cutting cycle comes nearly a decade after an infamous Wall Street presentation by late-Fiat Chrysler CEO Sergio Marchionne called “Confessions of a Capital Junkie.” The April 2015 report highlighted the industry’s massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. That’s shareholder money.”Most capital spending by automakers isn’t wasted, but the industry isn’t as efficient as other sectors, with minimal return on invested capital. While losing ground in China, GM has been among the most aggressive in spending on EVs and self-driving vehicles. GM and Hyundai this summer entered into an agreement to explore “future collaboration across key strategic areas” in an effort to reduce capital spending and increase efficiencies.

Persons: ” that’s, bender, ” Morgan Stanley, Adam Jonas, It’s, Sergio Marchionne, Marchionne, ” Jonas, Sergio, Joe Hinrichs, ”, Hinrichs, isn’t, “ We’ve, Rebecca Evans, Roland Berger, “, Ford, Peter Rawlinson, “ We’re, Oliver Blume, ” Blume, Paul Jacobson, ” Jacobson, Rivian, ” Marchionne, don’t, codevelop, Stellantis, —, Carlos Tavares, Bernstein, Daniel Roeska, Tavares, ” Tavares Organizations: DETROIT, General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Rivian Automotive, Hyundai Motor, Toyota, CSX, ”, Rehab, Nissan, EV, CNBC, VW, Reuters, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, PSA, “ Locations: Detroit, Japan, Germany, That’s, Europe, China, U.S, North America

☆ When grief and AI collide: These people are communicating with the dead
▼ + stars: | 2024-05-06 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +12 min

People have wanted to reconnect with deceased loved ones for centuries, whether they’ve visited mediums and spiritualists or leaned on services that preserve their memory. In September 2023, it introduced ChatGPT voice, where users can ask the chatbot prompts without typing. HereAfter AI, founded in 2019, allows users to create avatars of deceased loved ones. “Remembering is very important; it reflects the human condition and importance of deceased loved ones.”But she noted the relationship we have with our closest loved ones is built on authenticity. Creating an AI version of that person could for many “feel like a violation of that.”Bill Abney said he feels uneasy about communicating with his late fiancée through AI platforms.

Persons: Ana Schultz, Kyle, ”, Schultz, “, Schutz, they’ve, ” Ana Schultz, ElevenLabs, Joe Biden, Biden, ChatGPT, OpenAI, Danielle Jacobson, she’s, Phil, Cole, ” Jacobson, “ Cole, Replika, Rohit Prasad, Val Kilmer, It’s, Mary, Frances O’Connor, ‘, ’ ”, Bill Abney, Kari, ” Abney, “ I’m, Jodi Spiegel, Sims Organizations: CNN, Davidson College, Tech, Alexa, MARS, Amazon, University of Arizona Locations: Rock Falls , Illinois, Alabama, Johannesburg, South Africa, “, San Francisco, Newfoundland, Canada

And the company predicts a small improvement this year even as it plans for lower vehicle selling prices due to increased discounts. Cost cutting by simplifying engineering and manufacturing saved GM about $1 billion last year, Jacobson said, with another $1 billion expected this year. The company expects EV losses to ease this year and hit low-to-mid single digit profit margins in 2025 as it adds more EVs to its lineup. It also took a $1.7 billion accounting charge on the valuation of its electric vehicle inventory that is going to bring losses, Jacobson said. This year, the company expects $1.3 billion in higher labor costs and is prepared for about a $3 billion hit due to lower prices, Jacobson said.

Persons: Paul Jacobson, “ It's, ” Jacobson, Jacobson Organizations: DETROIT, —, Motors, Detroit, North, United Auto Workers, GM, UAW, Chevrolet Bolt, Cruise, Revenue Locations: North American

Everyone had resigned themselves to the fact that “The Hunger Games” ended in 2015. But Suzanne Collins’ Katniss Everdeen saga was over. And while the team was excited about the possibility of working together again, there were some nerves about whether or not there was an appetite for Hunger Games movies “without Katniss,” Lawrence told The Associated Press in a recent interview. And he felt like a star.”For Lucy Gray Baird, the District 12 tribute Snow is assigned to mentor for the 10th Hunger Games, Lawrence already had someone in mind. “Rather than seeing it as a pressure cooker just waiting to explode, I see it as a really big blessing.”Blyth, in his first starring role in Hollywood, felt some pressure.

Persons: ”, Jennifer Lawrence skyrocket, Suzanne Collins, Katniss, Collins, Francis Lawrence, Nina Jacobson, “ Mockingjay, Lawrence, Jacobson, Coriolanus Snow, ” Lawrence, they'd, ” Jacobson, “, Viola Davis, Peter Dinklage, Jason Schwartzman, Snow, Donald Sutherland, Tom Blyth, He’s Juilliard, Lucy Gray Baird, Rachel Zegler ’, Maria, Steven Spielberg’s “, ” Zegler, ” Blyth, “ Suzanne, Trish Summerville, ColorForce, Barbie ’, ‘ Oppenheimer Organizations: Hunger, Associated Press, Lionsgate, 10th Hunger Locations: Hollywood, Germany

☆ Did the same collision that formed the moon create mysterious blobs inside Earth?
▼ + stars: | 2023-11-03 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

The theory, called the giant-impact hypothesis, explains many fundamental features of the moon and Earth. And many scientists assumed any debris Theia left behind on Earth was blended in the fiery cauldron of our planet’s interior. They were already aware that there are two massive, distinct blobs that are embedded deep within the Earth. That’s when he learned new details about Theia, the mysterious projectile that presumably struck Earth billions of years ago. And, as a trained geophysicist, he knew of those mysterious blobs hidden in Earth’s mantle.

Persons: Qian Yuan, Yuan, ” Yuan, Hernán, ”, Steve Desch, it’s, wouldn’t, Desch, “, Dr, Seth Jacobson, —, Jacobson, Theia, ” Jacobson Organizations: CNN —, California Institute of Technology, Arizona State University, Arizona State’s School of Earth, Exploration, Arizona State, Caltech, NASA’s Ames Research Center, Michigan State University Locations: Africa, Arizona, Shanghai

Revenue of $44.13 billion rose 5.4% and also exceeded estimates of $42.48 billion, according to data provider FactSet. The UAW has been on strike since Sept. 15 — nearly six weeks — against GM and its Detroit competitors, Ford and Jeep maker Stellantis. Jacobson said the third-quarter strike loss was $200 million, since the walkouts were only in effect the final two weeks of the period. Jacobson said GM still expects to start turning low-to-mid single-digit profit margins on electric vehicles in 2025. The company's U.S. sales rose 21%, and Jacobson said the average U.S. selling price for GM vehicles was $50,750, down only slightly from the previous quarter.

Persons: Paul Jacobson, Jacobson, “, ” Jacobson, ” Jessica Caldwell, ” Organizations: DETROIT, General Motors, United Auto Workers union, GM, Wall, UAW, Detroit, Ford Locations: Detroit, Sterling Heights , Michigan, Louisville , Kentucky, Michigan, North America

☆ 5,000 GM salaried staff took buyouts
▼ + stars: | 2023-04-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —About 5,000 General Motors white collar employees have taken buyouts, according to GM CFO Paul Jacobson. The buyouts were offered to all US salaried staff with at least five years at the company and international executives who had worked at GM at least two years. While it was a voluntary program, GM told its staff that “employees are strongly encouraged to consider the program.”“The voluntary program came in in line with our expectations,” Jacobson said. But while GM may avoid a widespread layoff, it did confirm in March that it cut a “few hundred” salaried staff “following our most recent performance calibration.”GM has 81,000 salaried employees worldwide, with 58,000 of those in the United States. GM (GM) is not the only automaker lowering staff numbers in a cost-cutting effort.

LOS ANGELES, March 24 (Reuters) - When Cassidy Jacobson was 13 years old, she posted a video of herself dancing on the popular app TikTok. Jacobson dreams of using her success on TikTok - an app used by 150 million Americans - to start her own curly hair care line and inspire others to love their natural curls. Last week, TikTok said the Biden administration demanded its Chinese owners divest their stakes or face a potential ban. Whether it’s creating all new content for YouTube reels or taking her TikTok content and transferring it over to Instagram, the influencer is making sure to diversify her content. Beyond popularity and fans, TikTok backers believe it provides livelihoods, paths to social change and a sense of community.

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