DIRS.INFO The most relevant business & tech news

Moreover, the partnership will enable Rivian to cut operating costs by leveraging volumes of supplies including chips and components, he said. It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. Volkswagen will immediately invest $1 billion in Rivian through a note that will convert to stock on Dec. 1, subject to regulatory approvals. The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026. Rivian stock has halved so far this year.

Persons: Stephane Mahe, RJ Scaringe, Vitaly Golomb, Herbert Diess, Diess, Rivian, Scaringe, Sam Fiorani, Mavka Capital's Golomb, VW's Cariad, Abhirup Roy, Ben Klayman, Noel Randewich, Christina Amann, Harshita Varghese, Sayantani Ghosh, Rod Nickel, Matthew Lewis, Leslie Adler Organizations: Volkswagen, REUTERS, Reuters, JV, Audi, Porsche, Lamborghini, Bentley, Volkswagen Group, Mavka, VW, AutoForecast Solutions, Traders, S3 Partners, Rivian, Thomson Locations: Reze, Nantes, France, Europe, Asia, North America, U.S, German, South Carolina, San Francisco, Detroit, Oakland , California, Berlin, Bengaluru

☆ EV Battery Plant Rides Bumpy Road in This Michigan Town
▼ + stars: | 2023-12-02 | by ( Ben Kesling | ) www.wsj.com time to read: 1 min

Marshall, Mich., a city of 6,700 people, boasts well-preserved historic storefronts and museums. Photo: BEN KLAYMAN/REUTERSMARSHALL, Mich.—Rick Sadler doesn’t like it when he looks across the North Branch of the Kalamazoo River and sees light towers and construction equipment on the site of a planned electric vehicle battery plant next to this small, south-central Michigan city. “We can hear them working six days a week, 6 in the morning sometimes,” said Sadler, who lives in a subdivision near the river and is among local residents who oppose the plant.

Persons: Marshall, BEN KLAYMAN, REUTERS MARSHALL, — Rick Sadler doesn’t, ”, Sadler Organizations: REUTERS, Branch Locations: Mich, Kalamazoo, Michigan

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector'
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Nov 29 (Reuters) - The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector after winning new contracts with the Detroit Three automakers. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. "I want this type of contract for all auto workers and I have a feeling the UAW has a plan for that," he said at an event with Fain. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Tesla, Elon Musk, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, Mississippi, Tennessee, Chattanooga , Tennessee, Georgetown , Kentucky, Washington

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

☆ GM outlines $9.3 billion in increased costs from new labor deals
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

The $9.3 billion in additional costs through 2028 is for deals with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals. GM's new guidance reduced expected net income attributable to stockholders for 2023 to a range of $9.1 billion to $9.7 billion, compared to the previous outlook of $9.3 billion to $10.7 billion. That includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, which lasted just over six weeks, primarily from lost production. GM had approximately 1.37 billion shares of common stock outstanding prior to the buyback program, the company said. GM will still have another $1.4 billion of capacity remaining under its share repurchase authorization for additional stock buybacks.

Persons: Heather Somerville, Mary Barra, Barra, Cruise, Goldman Sachs, David Shepardson, Ben Klayman, Sharon Singleton, Mark Potter Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, GM, Cruise, Bank of America, Barclays, Citibank, Thomson Locations: San Francisco , California, U.S, California, Detroit

☆ Southwest, other US airlines face holiday travel test after 2022 blizzard
▼ + stars: | 2023-11-20 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +5 min

Southwest Airlines planes are show at San Diego International airport in San Diego, California, U.S., May 18, 2023. The chief operating officer of Southwest Airlines (LUV.N) found himself in the eye of a storm after a blizzard last December forced the company to cancel almost 17,000 flights, disrupting travel plans for about 2 million customers. With this week's U.S. Thanksgiving holiday kicking off the holiday travel season, Watterson can ill afford another fiasco. Airlines have taken measures to beef up winter operations including investments in weather forecast technology and de-icing equipment, and increased staffing and training. To make its winter operations more resilient, Watterson said Southwest invested in de-icing trucks and de-icing pads across its network.

Persons: Mike Blake, Andrew Watterson, Watterson, Constance von Muehlen, David Seymour, von Muehlen, Rajesh Kumar Singh, Doyinsola Oladipo, David Shepardson, Ben Klayman, Matthew Lewis Organizations: Southwest Airlines, San Diego International, REUTERS, Rights, Reuters, U.S . Transportation Department, Alaska Airlines, University of Washington, United Airlines, American Airlines, Federal Aviation Administration, FAA, U.S, Thomson Locations: San Diego , California, U.S, Dallas, Denver, Chicago, Southwest, Seattle, Alaska, Newark , New Jersey, Congress, New York, Washington

☆ Cruise testing continues in Japan, Dubai, even as vehicles parked in US
▼ + stars: | 2023-11-17 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +4 min

At issue is an Oct. 2 accident in which a Cruise vehicle dragged a pedestrian in San Francisco after striking her. As recently as October, it had hundreds of autos carrying passengers around San Francisco with no drivers and had announced aggressive expansion plans. In Dubai, Cruise vehicles have primarily been seen recently on a couple of islands on the outskirts of the main city. In Japan, Honda (7267.T) and Cruise have jointly been testing self-driving vehicles on public roads in the city of Utsunomiya - a regional hub of about 513,000 people - and the adjacent Haga town. Reporting by Greg Bensinger in San Francisco; Additional reporting by Daniel Leussink in Toyko and Rachna Uppal in Dubai Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, General Motors, Cruise, ”, “, Bryant Walker Smith, Greg Bensinger, Daniel Leussink, Ben Klayman, Matthew Lewis Organizations: GM Bolt, REUTERS, FRANCISCO, General, Reuters, University of South, National, Traffic Safety Administration, California Department of Motor Vehicles, Cruise, Honda, Thomson Locations: San Francisco , California, U.S, Dubai, Japan, University of South Carolina, Arizona, San Francisco, California, Utsunomiya, Haga town, Toyko

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook//File Photo Acquire Licensing RightsDETROIT, Nov 16 (Reuters) - General Motors' (GM.N) tentative labor deal with the United Auto Workers (UAW) union has clinched ratification, making its workers the first of those at the Detroit Three automakers to approve the agreement. The UAW's GM vote tracking site shows approval of the contract leading by a 55% to 45% margin with nearly 36,000 workers having cast votes out of about 46,000 UAW-represented GM workers. Currently, about 67% of Ford workers who have voted are in favor of the UAW deal, and about 66% of Stellantis workers have so far voted in favor, according to UAW figures. Ford voting is scheduled to finish on Friday, while Stellantis is set to close next Tuesday.

Persons: Rebecca Cook, Stellantis, Tesla, David Shepardson, Ben Klayman, Lisa Shumaker Organizations: General Motors, REUTERS, Rights DETROIT, United Auto Workers, UAW, Detroit Three, Ford, Chrysler, GM, Detroit, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Detroit, Fairfax , Kansas, Orion , Michigan, Michigan, Washington

☆ Subaru to raise US wages after UAW deals with Detroit Three -CEO
▼ + stars: | 2023-11-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Atsushi Osaki, President and CEO at Subaru, speaks during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson/File Photo Acquire Licensing RightsLOS ANGELES, Nov 16 (Reuters) - Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker's CEO, Atsushi Osaki, told Reuters on Thursday. Non-union automakers that have raised wages for their U.S. plant workers after the UAW deals include Japan's Toyota (7203.T) and Honda (7267.T), and South Korea's Hyundai (005380.KS). UAW President Shawn Fain has said "UAW" stands for "U are welcome" in response to the rising wages at the non-union plants. Reporting by Abhirup Roy in Los Angeles; Writing by Ben Klayman; Editing by Chris Reese, Andrea Ricci and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Atsushi Osaki, David Swanson, Osaki, Joe Biden, Shawn Fain, Abhirup Roy, Ben Klayman, Chris Reese, Andrea Ricci, William Mallard Organizations: Subaru, Los Angeles Auto, REUTERS, Detroit Three, United Auto Workers, UAW, Reuters, General Motors, Ford, Chrysler, Los, Detroit, Toyota, Honda, Hyundai, Thomson Locations: Los Angeles , California, U.S, Lafayette , Indiana, Los Angeles, South

☆ GM's labor deal with UAW union on verge of ratification
▼ + stars: | 2023-11-15 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 15 (Reuters) - General Motors' (GM.N) tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Currently, about 66% of Ford workers who have voted are in favor of the UAW deal, and about 72% of Stellantis workers have so far voted in favor, according to UAW figures.

Persons: Rebecca Cook, Stellantis, Tesla, David Shepardson, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, United Auto Workers, UAW, Detroit, Detroit Three, Ford, GM's, GM, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Arlington, Fort Wayne , Indiana, , Missouri, GM's Lansing Grand, Lansing Delta, Detroit, Fairfax , Kansas, Orion , Michigan, Lockport , New York, Michigan, Washington

"This orderly pause is a further step to rebuild public trust while we undergo a full safety review," Cruise said in a blog post. In addition, Cruise will hire an outside safety expert to review the company's safety operations and culture, according to the blog post. Cruise previously said it had retained law firm Quinn Emanuel to examine Cruise's response to the accident. The teams under Glidden include communications and finance, according to the blog post. The U.S. National Highway Traffic Safety Administration (NHTSA) said last month it was investigating the safety of Cruise vehicles.

Persons: Heather Somerville, Cruise, Quinn Emanuel, Craig Glidden, Mary Barra, David Shepardson, Ben Klayman, Chris Reese Organizations: General Motors Corp, REUTERS, WASHINGTON, General Motors, Cruise, Detroit automaker, Glidden, GM, U.S . National, Traffic Safety Administration, California Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, DETROIT, San Francisco

[1/4] A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Market leader Tesla (TSLA.O) garnered headlines earlier this year saying it would cut rare earths from its next-generation EVs. China dominates the mining and processing of a group of 17 metals known as rare earths, though companies elsewhere are trying to loosen China's grip. 'WAITING IN THE WINGS'The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Tesla's announcement on dropping rare earths "opened up buyers' eyes to the fact that you don't really need rare earths to make EV magnets," Niron CEO Jonathan Rowntree said.

Persons: Steve Marcus, Tesla, Otmar Scharrer, Scharrer, you've, Ben Chiswick, Uwe Deuke, Gerd Roesel, Jonathan Rowntree, Oki, James Edmondson, Edmondson, Mike Grant, Nick Carey, Christina Amann, Paul Lienert, Ernest Scheyder, Gilles Guillaume, Giulio Piovaccari, Ben Klayman, Sharon Singleton Organizations: REUTERS, Auto, LONDON, General Motors, Rover, Nissan, ZF, U.S, BMW, Renault, GM, EV, Warwick Acoustics, Thomson Locations: Pass , California, U.S, China, BERLIN, German, Detroit, Europe, London, Berlin, Houston, Paris, Milan

A rebound in Asia is especially important for airlines where long-haul travel makes up a bigger mix of revenue. Travel spending in Asia Pacific is set to grow 41% this year to $567 billion, and rise to $800 billion by 2027, according to data from the Global Business Travel Association. The planned capacity, which has not been previously reported, is a strong rebound from 2022, when the carrier's Asia-Pacific traffic was 33% of 2019 levels. Travel to Asia is also a source of high-margin revenue at a time when soaring labor and fuel costs are pressuring profit and domestic fares are declining. Across the border, Air Canada said the increase in Asia Pacific capacity would more than double its overall system growth.

Persons: Toby Melville, Andrew Nocella, Mark Galardo, Galardo, Raymond James, Savanthi Syth, Allison Lampert, Rajesh Kumar Singh, Ben Klayman, Matthew Lewis Organizations: Heathrow Airport, REUTERS, Rights, Carriers, Business, Global Business Travel Association, Air, Reuters, United Airlines, American Airlines, Delta Air Lines, Asia Pacific, United, Delta, Tourism Economics, Thomson Locations: London, Britain, Rights MONTREAL, CHICAGO, Asia, Pacific, Europe, Asia Pacific, U.S, United States, Atlanta, Manila, Philippines, San Francisco, New Zealand, Chicago, Air Canada, Air Canada's Vancouver, Canada, North America, Ukraine, Hong Kong, East Coast, Newark , New Jersey, Toronto, China, Montreal

But right now, the unit's operations are shut down as regulators investigate the safety of Cruise's self-driving vehicles. Cruise had $1.7 billion in cash as of Sept. 30, enough to last nine months at the current cash burn rate. As Cruise's troubles intensified, investors on Thursday sent GM shares down more than 3% to $26.65, its lowest closing price since August 2020. In addition to the problems at Cruise, GM last month agreed to a costly new contract with the United Auto Workers, and scaled back plans to expand electric-vehicle production. California regulators suspended Cruise's license to operate, and have accused Cruise officials of misrepresenting information about the incident.

Persons: Heather Somerville, Mary Barra, Cruise, Cruise's, Lawrence Paustian, Barra, Quinn Emanuel, Shinji Aoyama, It's, Kyle Martin, Martin, Jason Petitte, Paul Jacobson, Biden, Ben Klayman, Joseph White, David Shepardson, Matthew Lewis Organizations: General Motors Corp, REUTERS, Rights DETROIT, General Motors, GM, Honda, Cruise, United Auto Workers, Pzena Investment Management, Reuters, Westwood Group, California Department of Motor Vehicles, U.S . National, Traffic, Administration, Thomson Locations: San Francisco , California, U.S, Cruise, Japan, Chicago, Waymo, San Francisco, California, Detroit, Washington

☆ Biden backs Tesla, Toyota unionization, slams Trump
▼ + stars: | 2023-11-09 | by ( Nandita Bose | ) www.reuters.com time to read: +5 min

BELVIDERE, Illinois, Nov 9 (Reuters) - President Joe Biden on Thursday backed the United Auto Workers' efforts to unionize carmakers Tesla (TSLA.O) and Toyota (7203.T) and asked auto workers to reject his Republican opponent, Donald Trump. En route to the event, Biden told reporters that he “absolutely” supports the UAW's efforts to unionize Tesla and Toyota workers. Tesla did not immediately respond to a request for comment on the remark by Biden, who has backed UAW efforts in other speeches. Trump, the frontrunner for the Republican presidential nomination, visited a nonunion factory in Michigan in September while Biden joined a picket line with striking UAW workers, Biden reminded workers. MUSK'S ANTI-UNION STANCEBiden's comments may renew friction between the U.S. president and Tesla CEO Elon Musk, especially as the UAW seeks to organize Tesla workers.

Persons: Joe Biden, carmakers Tesla, Donald Trump, Biden, Shawn Fain, unionize Tesla, Tesla, Trump, Fain, Elon Musk, Musk, Biden sparred, UAW's Fain, Mark Burton, Gretchen Whitmer, Burton, Nandita Bose, Susan Heavey, David Shepardson, Sayantani Ghosh, Steve Holland, Heather Timmons, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, Toyota, Republican, UAW, Democratic, Union, U.S, nonunion, GM, National Labor Relations Board, NLRB, Trump, Labor, Biden, General Motors, Ford, Dodge, Michigan, San, Thomson Locations: BELVIDERE , Illinois, Belvidere , Illinois, Belvidere ., Michigan, U.S, Georgetown , Kentucky, Tesla’s Fremont , California, Honigman, Washington, San Francisco

☆ GM, Stellantis invest in EV magnet startup in move to reduce China reliance
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Today, roughly 90% of the rare-earth magnet supply is dependent upon China." "There's a lot of manufacturing steps and a lack of price transparency in this industry with rare earths, given the concentration of supplies in China," Niron Senior Director Tom Grainger said. The deal comes despite GM's 2021 agreement to buy rare-earth magnets from MP Materials (MP.N). MP has struggled to refine its own rare earths in California, but has been building a magnet facility in Texas.

Persons: Rebecca Cook, Jonathan Rowntree, Anirvan Coomer, Adam Bazih, Niron, Tom Grainger, Nathan Gomes, Ernest Scheyder, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, GM, Stellantis Ventures, Materials, Thomson Locations: Detroit , Michigan, U.S, China, Minneapolis, California, Texas, Bengaluru, New York

[1/2] United Auto Workers President Shawn Fain greets workers at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. Temporary workers will have a faster path to full-time status and could see wages rise by about 50% immediately. The GM agreement will move more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. "This contract has wage increases and economic gains like nothing we've ever seen before," UAW Vice President Mike Booth said.

Persons: Shawn Fain, Rebecca Cook, Mike Booth, Fain, Joe White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, Rights DETROIT, General Motors, UAW, GM, Detroit, Ford, Chrysler, Auto, Toyota, Honda, Volkswagen, Hyundai, Tesla, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Lordstown , Ohio, Orion, Michigan, Spring Hill , Tennessee, Detroit, Bengaluru

He said the UAW's new contracts were so good they had even led to nonunion auto workers getting raises. Honda (7267.T) told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive. "If (Toyota workers) come calling, which they have, we're going to educate them and be there for them," Smith told Reuters. Toyota's move earlier this week to raise wages is in line with the strategy the Japanese automaker and other nonunion automakers have used to keep UAW organizers at bay. Nonunion automakers have kept hourly wages close to the UAW rates at the Detroit Three.

Persons: Shawn Fain, Fain, It'll, Tim Smith, Smith, Elon Musk, Toyota's, Joseph White, David Shepardson, Lisa Baertlein, Ben Klayman, Matthew Lewis, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit, Toyota, UAW, nonunion, Honda, Reuters, Detroit Three, General Motors, Ford, Louisville Assembly, GM, National Labor Relations Board, NLRB, Tesla, Thomson Locations: WASHINGTON, U.S, United States, Georgetown , Kentucky, Louisville, Tesla's Fremont , California, Fremont, Detroit, Washington, Los Angeles

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

☆ Honda, GM scrap $5 bln plan to co-develop cheaper EVs
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. GM cited a joint statement that pointed to the projects the companies are still working on together in acknowledging the end of EV plan. A spokesman confirmed she was referring to the Honda EV partnership. The automakers had said the deal was for "affordable" EVs, including compact crossover vehicles, built using GM's Ultium battery technology. "After studying this for a year, we decided that this would be difficult as a business, so at the moment, we are ending development of an affordable EV," Honda CEO Toshihiro Mibe was quoted by Bloomberg as saying in an interview.

Persons: David, Dee, Delgado, Tesla, Honda, Mary Barra, Toshihiro Mibe, Cruise, Daniel Leussink, Gursimran, Ben Klayman, Mark Potter, David Holmes Organizations: New York, REUTERS, Rights, Honda, General Motors, United Auto Workers, U.S, Tuesday, GM, Honda EV, Bloomberg, Cruise, Thomson Locations: Manhattan , New York City, U.S, California, U.S ., . California, Japan, Tokyo, Gursimran Kaur, Bengaluru, Ben, Detroit

The UAW said another 5,000 workers are going on strike, bringing the total number of UAW members on strike at the Big Three automakers to over 45,000, on day 40 of the strike. The workers took the strike to Arlington Assembly, home to some of GM's most profitable vehicles, the Chevy Tahoe, Chevy Suburban, GMC Yukon and Cadillac Escalade. The union's strategy of targeted strikes has throttled billions in revenue for the Detroit Three while requiring fewer than half the 150,000 UAW members at the companies to forgo pay and walk picket lines. "It's time GM workers, and the whole working class, get their fair share." But he told UAW members "there is more to be won".

Persons: Rebecca Cook, Stellantis, we've, Shawn Fain, Fain, Harley Shaiken, Mary Barra, David Shepardson, Joe White, Ben Klayman, Sayantani Ghosh, Chizu Nomiyama, Peter Henderson Organizations: General Motors, REUTERS, United Auto Workers, UAW, Big, Arlington Assembly, Chevy Tahoe, Chevy, GMC Yukon, Cadillac, Kentucky, Chrysler, Detroit, EV, Ford, Korean, University of California, GM, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Texas, Cadillac Escalade, F.N, Sterling Heights, Mich, University of California Berkeley, Arlington, Detroit

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

Meanwhile, Boeing and Spirit, a supplier for the U.S. planemaker and European rival Airbus(AIR.PA), are contending with a lapse involving misdrilled holes on Boeing’s 737 MAX. Boeing is expected to report a loss of $2.23 per diluted share, compared with a loss of $5.49 a year ago. Spirit is projected to report a loss of $1.03 a share, compared to a loss of $1.22 a year earlier, according to LSEG data. The target may no longer be achievable if Boeing can no longer meet its goal of delivering 400 737s this year. Spirit, which reports Nov. 1, has already revealed preliminary results as part of a new price agreement with Boeing.

Persons: Benoit Tessier, Whitney, Rob Stallard, ” RTX, Ron Epstein, Vertical's Stallard, Patrick Shanahan, Pat, Michel Merluzeau, Shanahan, Valerie Insinna, Pratyush Thakur, Ben Klayman, Josie Kao Organizations: Boeing, International Paris Air, Le, REUTERS, Rights, Pratt, U.S, Airbus, Research, LSEG, ” Bank of America, Thomson Locations: Le Bourget, Paris, France, Washington, Bengaluru

[1/6] A used KIA EV6 electric car is seen for sale outside the showroom of a used car dealer in Manchester, Britain, October 19, 2023. But that is changing as companies rush to scale up EV battery tests - some of which take just minutes. "If the second-hand car market doesn't work properly, the new car market doesn't work properly and the electric transition won't happen," said Alex Johns, business development manager at Altelium, which says it has received interest from other markets including China. The race to properly value used EVs is becoming urgent because of a looming influx of vehicles. "People just want less risk," when buying a used EV, said Battery Quick Check managing director Katharina Alamo Alonso.

Persons: Phil Noble, EVs, Alex Johns, Marcus Berger, Berger, Tesla, Stephanie Valdez Streaty, Eldar Vagabov, Michael Willvonseder, Willvonseder, Scott Case, Case, Katharina Alamo Alonso, Nick Carey, Paul Lienert, Ben Klayman, Deepa Babington Organizations: REUTERS, EV, Volkswagen, Deutsche, Mobility, Cox Automotive, Wiener, Owners, TUV Rheinland, Thomson Locations: Manchester, Britain, DETROIT, U.S, Altelium, China, Austrian, Germany, Atlanta, Manheim, Europe, Wiener Neustadt, Vienna, Seattle

[1/2] United Auto Workers president Shawn Fain meets with striking UAW members from the General Motors Lansing Delta Plant, as they picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON/DETROIT, Oct 23 - The United Auto Workers (UAW) union went on strike at Chrysler-parent Stellantis's largest assembly plant on Monday, hitting the automaker's profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike. The union has demanded a 40% wage hike, including a 20% immediate increase, improvements in benefits, as well as covering EV battery plant workers under union agreements. He said the Detroit Three had converged on a 23% wage hike offer and made progress on other issues but told UAW members "there is more to be won". Fain also told UAW members the talks were nearing an end.

Persons: Shawn Fain, Rebecca Cook, Tim Ghriskey, Ingalls & Snyder, Fain, Arthur Wheaton, Stellantis, Wheaton, Bill Ford, Henry Ford, Ford, David Shepardson, Joe White, Ben Klayman, Sriraj Kalluvila, Deepa Babington Organizations: United Auto Workers, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, WASHINGTON, UAW, Chrysler, Detroit, Ford, General Motors, Detroit Three, EV, Sterling, Ford's, Ingalls &, Labor, Korean, Twitter, Cornell University, GM, Anderson Economic, Thomson Locations: Delta Township, Michigan, DETROIT, Ford's Kentucky, U.S, Milan, New York, Washington, Detroit, Bengaluru

Search resuls for: "Ben Klayman"

25 mentions found