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Fisker warned staff of potential layoffs in two months, according to 3 employees and an email viewed by BI. Fisker announced a 15% staff cut earlier this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFisker sent staff a notice on Monday telling them they could be laid off from the company in two months, according to 3 employees and an email viewed by Business Insider. AdvertisementThe three current employees told BI that everyone they had spoken to at Fisker said they had received the notice.
Persons: Fisker, , Henrik Fisker Organizations: BI, Service, Business, Worker Locations: Manhattan Beach , California, La Palma , California, Munich, Vienna
Chinese manufacturers' profits fell last month, while carmakers reported a significant gain in the first quarter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBig Chinese manufacturers' profits fell last month, but carmakers posted a significant gain in the first quarter — one of the sectors worrying US officials. The National Bureau of Statistics reported on Saturday that large-scale manufacturers' profits dipped 3.5% in March, compared with a year earlier.
Persons: carmakers, outpacing Tesla, Organizations: Service, National Bureau of Statistics, Business Locations: China
Starting in 2029, a new federal safety regulation will require all new cars and trucks in the United States to be sold with automatic emergency braking — sensors that hit the brakes to avoid a collision if the driver does not. The new rule, which was made final on Monday, imposes more stringent requirements than the automatic emergency braking technology now sold on most vehicles, and even goes past the point of present technological feasibility, automakers said. The National Highway Traffic Safety Administration set a September 2029 date for compliance, saying it was confident that the systems would be ready by then. The system will also have to at least begin to apply the brakes at speeds up to 90 m.p.h. That’s higher than the maximum U.S. speed limit of 85 m.p.h.
Organizations: Traffic, Administration Locations: United States
Today, I'm focusing my attention on minerals used in modern technology and presenting a way to use options to play a lithium miner. The strategy gives a lower-risk way to get somewhat long this beaten-up miner without going all-in, and generating some income in the process. Lithium is used, as the name suggests, in lithium-ion batteries which are crucial for portable electronics, energy storage, and electric vehicles. Combined with understandably elevated options premiums this could set as a spot to begin entering a partial position, with some options overlays. Or, if the stock falls, would add to the long position at the short-put strike.
Persons: Tesla, Elon Musk, Albemarle Organizations: Albemarle Corporation, Volkswagen, BMW, Mercedes, Hyundai, GM, Ford, Toyota, Kia, Renault, Nissan Locations: Charlotte , NC, U.S, Albemarle, ALB
New York CNN —President Joe Biden praised the United Auto Workers and Daimler Truck for reaching a tentative in the eleventh hour Friday night, preventing a potential strike affecting 7,300 workers. Daimler is a major manufacturer of trucks and buses, responsible for producing Thomas Built buses, one of the most popular brands of school buses in the United States. CNN has reached out to Daimler Truck for comment. The tentative agreement comes on the heels of increased momentum for the UAW. The subsequent contract negotiations won record pay increases for UAW members at the three companies.
Persons: Joe Biden, ” Biden, Shawn Fain, Thomas Organizations: New, New York CNN, United Auto Workers, Daimler, UAW, Facebook, CNN, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, , Motors, Ford Locations: New York, United States, Chattanooga , Tennessee, Vance , Alabama, Tuscaloosa
About 123 car companies sold electric vehicles, an auto consultant told WSJ. AdvertisementCompetition in the electric vehicle sector is only getting stiffer for Tesla in China, but what does that space exactly look like? AdvertisementAs Business Insider's Linette Lopez noted in February, automakers received a huge lift from Beijing as it doled out government subsidies to any car company that would contribute to the country's pivot to electric vehicles. AdvertisementStill, Tesla remains one of the country's top EV sellers, and only a few brands compete with the US-based automaker. The competition, however, comes amid a slowdown in EV sales that's being felt in the US and China.
Persons: , Stephen Dyer, Insider's Linette Lopez, Lopez, Tesla, Dyer, BI's George Glover, BYD Organizations: EV, Service, Tesla, Wall Street, Kiel Institute, The Locations: China, Beijing, Germany,
An eActros is unveiled at the Mercedes-Benz truck plant of Daimler Truck AG on Ocotber 7, 2021. Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour. Daimler Truck, which makes Freightliner and Western Star trucks and Thomas Built buses, had faced the possibility of a strike beginning at midnight ET. Fain's speech on Friday started almost an hour later than scheduled as Daimler Truck made late concessions, Fain explained. Under Friday's deal, Daimler Truck workers will receive a minimum 25% general wage increase over the four-year contract, Fain said.
Persons: Shawn Fain, Thomas, Daimler Truck, Fain Organizations: Mercedes, Benz, Daimler Truck AG, Daimler, United Auto Workers, UAW, YouTube, Freightliner, Western Star, Daimler Truck, Detroit Three, General Motors, Ford, Detroit Locations: U.S, Charlotte , North Carolina, Alabama
Barring a last-minute breakthrough, more than 7,000 workers are set to walk off their truck and bus assembly lines on Friday night in the swing state of North Carolina, injecting the United Automobile Workers’ new activism in the South directly into the 2024 election. North Carolina has never been hospitable to organized labor, and the midnight strike at the North American subsidiary of the German industrial giant Daimler Truck has been greeted with trepidation by the state’s Democratic establishment, which has long tried to project a moderate, pro-business bent. But Shawn Fain, the U.A.W.’s brash new president, doesn’t much care. “We don’t expect politicians to save the day, but at the end of the day, politicians have an obligation to the people that elect them,” he said in an interview on Thursday, adding: “It’s our generation-defining moment. This is a time where politicians need to pick a side.”In September, President Biden joined the picket line of the U.A.W.’s successful strike of the Big Three U.S. automakers, and Thursday, a White House spokeswoman, Robyn Patterson, indicated that the president could be equally aggressive if there was a Daimler walkout.
Persons: Shawn Fain, , Biden, , Robyn Patterson Organizations: United Automobile Workers, North, Daimler, Democratic, , Big, U.S, automakers, House Locations: North Carolina, Carolina, North American
A Strike Looms in a Battleground State
  + stars: | 2024-04-26 | by ( Matthew Cullen | ) www.nytimes.com   time to read: +1 min
More than 7,000 workers who make trucks and buses at Daimler Truck plants in North Carolina are poised to go on strike at midnight, barring a last-minute breakthrough. The United Automobile Workers, the union that represents the workers, said it was demanding a “historic deal” from the truck maker, including pay raises and more job security. “It’s our generation-defining moment,” Shawn Fain, U.A.W.’s president, said. A strike in North Carolina — a battleground state that has a Democratic governor, but that President Biden narrowly lost in 2020 — could also have repercussions on the 2024 campaign. Biden, who has proclaimed himself the “most pro-union president in history,” has indicated that he could step in aggressively to support the Daimler workers.
Persons: , ” Shawn Fain, U.A.W, , Biden, , Organizations: Daimler, United Automobile Workers, U.S, Democratic Locations: North Carolina, Southern
"It was meant for all global EV manufacturers and domestic manufacturers." While much of the "buzz has been around Tesla," Singh underscored the initiatives will also attract other foreign automakers, highlighting that Vietnam's leading EV maker "VinFast has already announced its intent." In February, VinFast broke ground on its integrated EV manufacturing facility in India's southern state of Tamil Nadu. As competition in India's EV sector remains limited, the entry of major players like Tesla, will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba told CNBC. Robust trajectoryAccording to Counterpoint Research, India's EV sales nearly doubled in 2023, driven by rising consumer interest and government initiatives, among other factors.
Persons: Rajesh Kumar Singh, CNBC's, Singh, VinFast, Elon Musk, Narendra Modi, Tesla, Rajeev Chaba, EVs, Modi, Ola, Bain Organizations: Department, Promotion, Industry, Internal, EV, CNBC's Sri, Motor, CNBC, Counterpoint Research, International Energy Agency, TVS Motor, Bajaj, Ampere, Bain & Company Locations: India, Tamil Nadu, China
Fisker is in talks with four automakers for possible acquisition, according to CEO Henrik Fisker. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFisker CEO Henrik Fisker told staff during an all-hands meeting on Thursday that the company was in talks with four automakers for a potential buyout, according to a recording of the event viewed by Business Insider. "We still have some time to get other offers on Fisker," he told staff on Thursday. This story is available exclusively to Business Insider subscribers.
Persons: Fisker, Henrik Fisker, Organizations: Service, Business Locations: Fisker
Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.
Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China
A Brand new Honda Pilot is displayed on the sales lot at Honda Marin on February 06, 2024 in San Rafael, California. DEROIT – Honda Motor and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a "comprehensive EV value chain," the Japanese automaker announced Thursday. Honda said vehicle production will begin in 2028, with annual vehicle capacity of 240,000 units once it's fully operational. Prime Minister of Canada Justin Trudeau said during a livestreamed press conference Thursday that Honda's investment, $15 billion Canadian, is the largest ever for the country's automotive industry. The investment is a major win for Canada and comes after Honda last year confirmed a $4.4 billion investment for a new U.S. battery plant in Ohio.
Persons: Honda Marin, DEROIT, Honda, Canada Justin Trudeau, Toshihiro Mibe Organizations: Honda, North, Canada, LG Energy Locations: San Rafael , California, Ontario, Canada, Alliston , Ontario, North America, U.S, Ohio
But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers. The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. Some are also sold in its Ford Pro unit, which handles fleet sales to businesses and government buyers. The number of vehicles sold by Ford Pro was up 21% to 409,000.
Persons: Ford, John Lawler, Jim Farley, Tesla Organizations: New, New York CNN, Ford, , Ford Pro, US Postal Service, General Motors, American EV, Jeep, Dodge, Chrysler, European EV Locations: New York, EBIT, North America
Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.
Persons: , Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, , National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu
There's only one person to blame for the company's shambolic state and only one person whose exit could save Tesla: Elon Musk. Investors want to see a concrete plan for a whole new fleet of Teslas made for a leaner, meaner EV market. The company needs a serious leader with practical ideas — no self-driving gimmicks, no blowtorches, no broken Cybertrucks, no shitposting, no video-game marathons, and no casual ketamine use. AdvertisementA true visionary CEO — which Musk has long claimed to be — would have pressed the advantage that Tesla developed in the EV market. He asserted that Tesla was not a car company but rather an AI robotics company.
Persons: Tesla, Elon, Musk, Gross, Teslas, Ross Gerber, Gerber Kawasaki, Tesla's, Gerber, Ron DeSantis, Navdeep Sodhi, innovating, , Elon fanboys, Lex Luthor Organizations: Tesla, EV, Reuters, Bloomberg, Auto, Twitter, bungled, Sodhi, Fremont Factory Locations: Shanghai, San Jose, China, Elon, Germany, Texas, Beijing, Red, Berlin
"When India as a market gets attention, more and more players and investments will come in. Numbers are still constrained because consumers don't have compelling choices," Chaba told CNBC's Sri Jegarajah in Gurugram, India. India's electric vehicle sector still lacks competition, but entry from international automakers like Tesla will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba said. Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing "heavy Tesla obligations." It'll be good for the industry, good news for the country, and for serious players like us."
Persons: Tesla, Chaba, EVs, CNBC's, Rajeev Chaba, Elon Musk, Narendra Modi, Maruti Suzuki, It'll, Musk Organizations: Bain & Company, CNBC's Sri, Motor, Reuters, Tesla, Tata Motors, Mahindra, Maruti Locations: India, CNBC's Sri Jegarajah, Gurugram, New Delhi, Mumbai
The Nasdaq tumbled 2.1% on Friday as tech stocks plunged, marking its worst day since January 31. “US earnings updates this week will be key to see if they can keep topping expectations and buoying risk appetite in a higher-for-longer interest rate environment.”Tesla, Facebook-parent Meta, IBM, Microsoft and Alphabet all report first quarter earnings later this week. “Big Tech earnings may determine whether the stock market avoids its first four-week losing streak in two years,” wrote Chris Larkin, managing director of trading and investing at E*TRADE from Morgan Stanley on Monday. About 15% of S&P 500 companies have reported first quarter earnings, and nearly three-quarters of those companies have posted a positive earnings-per-share surprise. But investors are nervously waiting for the Magnificent Seven, those massive Tech stocks that carry an outsized portion of market weight, to report.
Persons: Monday’s, , , They’re, Tesla, Chris Larkin, Morgan Stanley, aren’t, we’re, Dave Sekera, ” Taylor Swift’s, Apple Taylor Swift, Liam Reilly, Department ”, Post Malone, Laura He Organizations: CNN Business, Bell, New York CNN —, Nasdaq, BlackRock, Federal Reserve, Facebook, IBM, Microsoft, “ Big Tech, Tech, Companies, Nvidia, Apple, Big Tech, Bank of America, Morningstar, Department, Spotify, Poets Department, Amazon Music, Apple Music, EV, Tesla Locations: New York, Wells, China, Germany, United States, Tesla’s, Europe
Read previewTesla, eager to hold on to its market share in China, is amping up its price war against its Chinese rivals amid declining sales. In China, Tesla has reduced the price of its Model 3, S, X, and Y by 14,000 yuan, or $1,930. The Model Y now costs 249,900 yuan — yet another cut from its January price of 299,900 yuan. Related storiesTesla CEO Elon Musk defended his company's pricing strategy on Sunday, writing on X that "Tesla prices must change frequently in order to match production with demand." In fact, Musk went so far as to frame his Chinese rivals as an existential threat to all automakers.
Persons: , Tesla, Li, BYD, Elon Musk, Musk Organizations: Service, Business, Li Auto, BI Locations: China
The electric car revolution is on track, says IEA
  + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.
Persons: , Tesla, , Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe
Tesla is expected to report on Tuesday that it made less money in the first three months of the year because of its tepid car sales, reinforcing concern among investors that the company led by Elon Musk is losing ground in the market for electric vehicles. The job cuts were interpreted as a sign that Tesla was struggling to bring costs in line with sinking revenue. A year ago, in the first quarter of 2023, Tesla reported earning $2.5 billion and had one of the best profit margins in the industry. For a while that strategy seemed to help bolster the company’s sales but Tesla now appears to be struggling to attract buyers even with lower prices. Tesla investors are increasingly worried that its falling sales and profit are a symptom of larger problems, possibly pointing to the company’s inability to effectively respond to increased competition from established automakers and new carmakers from China.
Persons: Tesla, Elon Musk Locations: China
Automakers have been selling data about the driving behavior of millions of people to the insurance industry. In the case of General Motors, affected drivers weren’t informed, and the tracking led insurance companies to charge some of them more for premiums. This month, my husband received his “consumer disclosure files” from LexisNexis Risk Solutions and Verisk, two data brokers that work with the insurance industry and that G.M. I had requested my own LexisNexis file while reporting, but it didn’t have driving data on it. Though both of our names are on the car’s title, the data from our Bolt accrued to my husband alone because the G.M.
Persons: Bolt, heeding Organizations: General Motors, LexisNexis Risk, LexisNexis
How the UAW’s win may change the South
  + stars: | 2024-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +7 min
Now, the United Auto Workers has dealt a serious blow to that model: winning a landslide union victory after decades of failing to unionize automakers in the South. It’s the UAW’s first win in trying to represent workers at a foreign car manufacturing plant in the South. Before Friday’s win, the highest profile union election held in the South in recent years was the attempt to organize Amazon warehouse workers in Alabama in 2022. Bill Lee in 2019 visited Volkswagen’s plant in Chattanooga to encourage workers to reject the union, and former South Carolina Gov. But the Volkswagen win, said UAW President Shawn Fain to CNN, shows that politics are not an insurmountable obstacle when it comes to organizing in the South.
Persons: Stephen Silvia, Southern, ” Silvia, – Tesla, Tesla, Henry McMaster, Kay Ivey, , , Erica Smiley, Honda, Friday’s, you’ve, they’ve, Bill Lee, Nikki Haley, Biden —, Shawn Fain, “ Trump, ” Fain, “ I’m, George Walker IV, Harley Shaiken, Justice, CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, UAW, American University, Southern Gamble, Workers, Foreign, Volkswagen, Mercedes, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, , South Carolina Gov, Alabama Gov, “ Unions, Justice, Union, Auto, South Detroit, Benz, Kia, P Global Market Intelligence, Republicans, Environmental Defense Fund, Southern, , GOP, Tennessee Gov, Democratic, CNN, Tennessee, AP, Chattanooga won’t, University of California, Jobs Locations: New York, United States, Volkswagen’s, Chattanooga , Tennessee, Tennessee, South Carolina, North Carolina, Louisiana, Texas, Mercedes, Vance , Alabama, Alabama, Smyrna , Tennessee, Spartanburg , South Carolina, Lincoln , Alabama, Southern, South, Chattanooga, Georgia, Berkeley
GM earnings rise more than expected
  + stars: | 2024-04-23 | by ( Chris Isidore | ) edition.cnn.com   time to read: +2 min
But GM said it expects its North American EV business to turn a profit in the second half of the year. That and strong demand for traditional gasoline-powered vehicles allowed it to raise its earnings forecast for the year. But the company announced a $10 billion share repurchase last fall following its labor deal with the United Auto Workers union. The fewer number of shares outstanding allowed it to report improved earnings per share, which is closely watched by investors. That resulted in adjusted earnings per share of $2.62, up 18.6%, easily topping forecasts that EPS would slip to $2.13.
Persons: Motors Organizations: New, New York CNN —, American, GM, EVs, United Auto Workers, Revenue, Fleet Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCautious on all Big Three automakers amid pricing and EV headwinds, says Wells Fargo's LanganColin Langan, Wells Fargo auto and mobility analyst, joins 'Squawk on the Street' to discuss the analyst's thoughts on General Motors, the expectations coming into this quarter, and more.
Persons: Wells Fargo's Langan Colin Langan, Wells Organizations: Big, headwinds, Motors
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