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The Boeing logo is seen on the side of a Boeing 737 MAX at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. REUTERS/Peter Cziborra Acquire Licensing RightsSHANGHAI, Sept 20 (Reuters) - Boeing (BA.N) on Wednesday slightly increased its annual 20-year forecast for new plane deliveries to China, citing economic growth and increasing demand for domestic travel. The U.S. planemaker said Chinese airlines would need 8,560 new commercial planes through 2042, up from 8,485 in its previous forecast last year. "As China's economy and traffic continue to grow, Boeing’s complete line-up of commercial jets will play a key role in helping meet that growth sustainably and economically." Boeing has about 85 MAX jets in inventory for Chinese customers and 55 MAXs originally slated for Chinese airlines have been remarketed, the company said in July.

Persons: Peter Cziborra, planemaker, Darren Hulst, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: Boeing, Farnborough, REUTERS, Rights, Reuters, U.S, Thomson Locations: Farnborough, Britain, China, U.S

☆ Oracle to use Ampere's newest chips in its cloud offering
▼ + stars: | 2023-09-20 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 19 (Reuters) - Oracle (ORCL.N) said on Tuesday that it would use Ampere Computing's flagship processor chips in its cloud computing service, in a boost to the chip company that has filed for an initial public offering. Ampere aimed to create chips that are designed to be more energy efficient than traditional processors from Intel and Advanced Micro Devices (AMD.O), both of which have subsequently announced offerings that compete with Ampere's chips. Oracle is a major investor in Ampere and was among the first cloud companies to adopt its chips in 2021. Ampere said last month that Alphabet's (GOOGL.O) Google Cloud unit would offer its newest chips, which feature computing cores custom designed by Ampere. Cloud computing companies are among the largest purchasers of chips, buying them en masse and renting them out to software developers.

Persons: Brendan McDermid, Ampere, Taiwan's TSMC, Renee James, Stephen Nellis, Jamie Freed Organizations: Oracle Corporation, New York Stock Exchange, REUTERS, Oracle, Intel, Arm Holdings, Devices, Google, Thomson Locations: New York City, U.S, Ampere, San Francisco

The nearly week-old United Auto Workers strike against Ford (F.N), General Motors (GM.N) and Stellantis (STLAM.MI) is viewed as a signal of the strength of the U.S. labor movement that has garnered national support from Americans. The UAW members from two striking plants gathered in Toledo were rolling out for the one-hour, 45-mile (72 km) drive to Wayne, Michigan, where Ford workers also walked off the job last week. In Michigan, Ohio and Missouri, the three states where workers are currently striking, models made by the Big Three dominate the leaderboard of new auto registrations. The United States is still the second-largest car market in the world, trailing only China. Union membership has fallen steadily over several decades in the United States.

Persons: Esperanza Ledesma, I'm, Ledesma, Roxanne Stadtfeld, Stadtfeld, Randi Weingarten, Liz Shuler, Weingarten, Brandon Cappelletty, Cappelletty, Ben Klayman, Joe White, David Gaffen, Jamie Freed Organizations: Fords, United Auto Workers, Ford, General Motors, UAW, GM, Big, P Global, Union, American Federation of Teachers, AFL, Thomson Locations: TOLEDO , Ohio, Toledo, Stellantis's, Ohio, Michigan, Wayne , Michigan, Monroe , Michigan, Lake Erie, Michigan , Ohio, Missouri, United States, China, U.S, Toledo , Ohio, Detroit

WASHINGTON, Sept 20 (Reuters) - When the CEO gets a 40% raise, what do the workers deserve? UAW President Shawn Fain initially asked for a 40% increase in worker's pay over the next four years - a figure based off an approximately 40% increase in CEO pay at the companies over the last four years at a time of stable profits for two of the three automakers. CEO pay and benefits have skyrocketed in recent decades, but worker pay has not kept pace. As the strikes began last week, Biden echoed Fain, saying automakers should offer more of the share of their profits to workers. Attempts to address rising CEO pay in decades past have not had the intended effect, said Rosanna Landis Weaver, director of wage justice and CEO pay at As You Sow, a non-profit shareholder advocacy group.

Persons: Shawn Fain, Joe Biden's, Biden, Fain, Rosanna Landis Weaver, Heather Timmons, David Gaffen, Jamie Freed Organizations: United Auto Workers, Ford, General Motors, Chrysler, UAW, U.S, Economic, Reuters Graphics Reuters, Big Three, Thomson Locations: Ohio, Michigan, U.S

"We leveraged our union's most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. Unifor had sought improved wages and pensions, as well as support in the transition to electric vehicles and additional investment commitments by Ford. The Canadian union will now turn to getting deals with General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), whose deadlines had been extended while the Ford talks proceeded. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers. Many UAW workers are most concerned about the tiered wage structure that they say has created a yawning gap between newer and older employees, forcing some to work two jobs to make ends meet.

Persons: Unifor, Stellantis's Ram, Ford, Roxanne Stadtfeld, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, General Motors, Chrysler, Reuters Graphics, Ford Bronco, Chevrolet, UAW, GM's, Silverado, DoorDash, Thomson Locations: Canada, Canadian, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Ohio, Michigan, Monroe , Michigan, Bengaluru, Ben, Detroit

☆ Ford avoids Canadian auto strike with union deal
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows recently manufactured vehicles at Ford's Oakville Assembly Plant in Oakville, Ontario, Canada May 26, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 20 (Reuters) - The U.S. auto sector avoided more pain as Ford (F.N) late on Tuesday reached a tentative deal with a Canadian union even as the Detroit Three automakers face the possible escalation of separate coordinated U.S. strikes by the United Auto Workers union. Unifor, which represents about 5,600 Canadian auto workers, were threatening to go on strike at all three of Ford's plants in the country if a deal was not reached by 11:59 p.m. on Tuesday (0359 GMT on Wednesday). "We leveraged our union’s most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers.

Persons: Carlos Osorio, Unifor, Unifor's, Stellantis's Ram, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: Plant, REUTERS, Tuesday, Detroit Three, United Auto Workers, Ford, General Motors, Chrysler, Detroit Three automakers, Ford Bronco, Chevrolet, UAW, GM's, Silverado, Thomson Locations: Oakville, Oakville , Ontario, Canada, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Ben, Detroit

The UAW last week launched a strike against Ford (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), targeting one U.S. assembly plant at each company. The union said early on Tuesday that negotiations had been extended for 24 hours after it received a "substantive offer" from Ford. [1/2]An aerial view shows recently manufactured vehicles at Ford's Oakville Assembly Plant in Oakville, Ontario, Canada May 26, 2023. Once the Ford deal is completed, Unifor will turn to getting agreements with GM and Stellantis, whose deadlines were extended during the talks with Ford. The UAW at one point during the talks offered to lower its demand to 36%.

Persons: We're, Shawn Fain, Ford, Lana Payne, Carlos Osorio, Unifor, Janet Yellen, Stellantis's Ram, Jahnavi, Ben Klayman, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, UAW, Ford, General Motors, Chrysler, Plant, REUTERS, GM, Reuters Graphics, Detroit automakers, Ford Bronco, Chevrolet, Michigan Bronco, GM's, Silverado, Thomson Locations: Canadian, Canada, Ford, United States, Ontario, Kentucky, Dearborn , Michigan, Kansas City , Missouri, North America, Oakville, Oakville , Ontario, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, Bengaluru, Ben, Detroit

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

☆ Chinese EV major BYD's partnerships in Southeast Asia
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Nick Carey/File Photo Acquire Licensing RightsSept 19 (Reuters) - Chinese electric vehicle frontrunner BYD (002594.SZ) has taken an early lead in Southeast Asia's small but fast-growing EV market, partly on the back of distribution partnerships with large, local conglomerates. Here are details about some of its regional partners: MALAYSIA & SINGAPOREBYD cars are sold by Sime Darby Motors, the automotive arm of Malaysian trading and logistics giant Sime Darby (SIME.KL), in two of the region's wealthiest countries. The partnership started in 2019 when Sime Darby Motors began distributing BYD EVs in Singapore, where it now has a dealership network of seven outlets. Sime Darby Motors took on the distributorship for Malaysia in 2022 and currently has nine dealerships nationwide, with another 12 in the pipeline, the company said. INDONESIAIndonesia's Bakrie & Brothers (BNBR.JK), which is focused on the manufacturing and infrastructure sector, is a distributor for BYD's EV buses in Southeast Asia's largest economy.

Persons: Nick Carey, Sime Darby, Darby, Sime Darby Motors, BYD, INDONESIA Indonesia's, Devjyot, Jamie Freed Organizations: REUTERS, MALAYSIA, SINGAPORE, Sime, Sime Darby Motors, THAILAND Rever, EV giant's, Siam Motors Group, PHILIPPINES AC Motors, Ayala Corp, BYD's, Thomson Locations: Farnborough, Britain, Southeast, Singapore, Malaysia, THAILAND, BYD, Thailand, PHILIPPINES, Philippines, INDONESIA, Asia's, Jakarta, VKTR, Bangkok

The UAW says it will strike against more U.S. plants on Friday if no serious progress was made in talks with automakers. The UAW launched a strike against Ford (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), last week, targeting one U.S. assembly plant at each company. [1/7]Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The strikes have halted production at plants in Michigan, Ohio and Missouri that produce the Ford Bronco, Jeep Wrangler and Chevrolet Colorado, alongside other popular models. Reuters GraphicsReporting by David Shepardson in Washington, Jahnavi Nidumolu in Bengaluru and Ben Klayman in Toledo, Ohio Editing by David Gaffen, Jamie Freed, Matthew Lewis and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Laura Zielinski, Stellantis, Ram, ”, Candis Holmes, Aisha Cochra, Rebecca Cook, Holmes, Julie Su, Gene Sperling, Ford, Unifor, David Shepardson, Jahnavi, Ben Klayman, David Gaffen, Jamie Freed, Matthew Lewis, Deepa Babington Organizations: United Auto Workers, Detroit Three, UAW, Ford, General Motors, Chrysler, Workers, GM's, Silverado, REUTERS, Ford Bronco, Chevrolet, Labor, Michigan Bronco, GM, Reuters, Thomson Locations: TOLEDO , Ohio, Michigan, Ohio, Wayne , Michigan, Toledo , Ohio, Toledo, U.S, Ford's Wayne , Michigan, Michigan , Ohio, Missouri, Chevrolet Colorado, Washington, Detroit, Kansas, Canadian, Canada, Kentucky, Dearborn , Michigan, Kansas City , Missouri, Bengaluru, Ben

Former U.S. President and Republican presidential candidate Donald Trump speaks on the stage at a South Dakota Republican party rally in Rapid City, South Dakota, U.S. September 8, 2023. The prime time speech is expected to be delivered to auto workers and other blue collar union members, the aide added. The United Auto Workers union began a strike last week against the three biggest U.S. auto manufacturers over pay and other benefits, a labor dispute that could pose significant political danger for Biden. Trump is seeking to exploit the dispute, and will try to persuade auto workers and other union members that he will be on their side if he becomes president again. Trump skipped the first Republican presidential debate in Wisconsin last month.

Persons: Donald Trump, Jonathan Ernst, Trump, Joe Biden's, autoworkers, Biden, Ronald Reagan, David Shepardson, Tim Reid, Chris Reese, Jamie Freed Organizations: U.S, Republican, South, South Dakota Republican, REUTERS, Former U.S, Trump . The United Auto Workers, UAW, Foundation & Institute, Thomson Locations: South Dakota, Rapid City , South Dakota, U.S, Former, Detroit, Michigan, Pennsylvania, Wisconsin, Simi Valley , California, Los Angeles

☆ In EV battle, Toyota bets on new technology and old-school thinking
▼ + stars: | 2023-09-18 | by ( David Dolan | ) www.reuters.com time to read: +5 min

He pointed to engineering and technology expertise anchored in "TPS", shorthand for the Toyota Production System. Toyota revolutionised modern manufacturing with its system of lean production, just-in-time delivery and "kanban" workflow organisation. ASSEMBLY LINE, GIGACASTINGOne innovation being emphasised by Toyota is its self-propelled production lines, where EVs are guided by sensors through the assembly line. Toyota also showed off a prototype of the die-casting technology known as "gigacasting" pioneered by Tesla that produces aluminium parts far bigger than anything used before in auto manufacturing. Like Tesla, Toyota says it will produce EVs in modular sections, reducing parts.

Persons: EVs, Goldman Sachs, Kazuaki Shingo, Tesla, Koji Sato, David Dolan, Jamie Freed Organizations: Toyota, TOYOTA CITY, TPS, System, United Auto Workers, Tesla, Thomson Locations: Japan, gigacasting, Toyota City, Motomachi

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

A person carries a flag with the patch from the United Auto Workers (UAW) labor union during a May Day rally for media workers held by The NewsGuild of New York on International Workers' Day in Manhattan, New York City, New York, U.S., May 1, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsDETROIT, Sept 15 (Reuters) - The United Auto Workers union launched simultaneous strikes at three Detroit Three factories early on Friday, kicking off the most ambitious U.S. industrial labor action in decades. Fain's decision to go with targeted walkouts could limit the cost to the union of strike pay. UAW President Fain has taken an unorthodox approach to the negotiations, bargaining with all three Detroit automakers simultaneously. But the Detroit automakers build some of the U.S. market's best-selling vehicles, such as the Ford F-150 and Chevrolet Silverado pickup trucks and Jeep SUVs.

Persons: Andrew Kelly, Shawn Fain, Fain, Stellantis, Sam Fiorani, Ford, Gerald Johnson, Jim Farley, Joe Biden, Biden, Biden's, Dan Ives, market's, Joseph White, David Shepardson, Peter Henderson, Mehr Bedi, Jamie Freed Organizations: United Auto Workers, UAW, International Workers, REUTERS, Rights, Detroit, Ford Bronco, Chevrolet, General Motors, Ford, Chrysler, Cox Automotive, Forecast Solutions, Bronco, Tesla, GM, Toyota, Honda, Mercedes, Chevrolet Silverado, Deutsche Bank, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Chevrolet Colorado, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Toledo, Detroit Three's U.S, United States, Detroit, Washington, San Francisco, Bengaluru

☆ Hundreds gather at Ford plant in Michigan as auto workers begin historic strike
▼ + stars: | 2023-09-15 | by ( Eric Cox | ) www.reuters.com time to read: +2 min

[1/3] United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. REUTERS/Rebecca Cook Acquire Licensing RightsWAYNE, Michigan, Sept 15 (Reuters) - Hundreds of people, including auto workers on the night shift and their supporters, gathered at a Ford (F.N) assembly plant in Wayne, Michigan as members of the United Auto Workers (UAW) union walked off the job to begin a historic strike. "This is what union looks like," said Mike Lester, a supporter who works at a supplier to the major automakers. But UAW President Shawn Fain has said Ford could have funded better pay and benefits for workers if it curtailed stock buybacks and dividends to shareholders. As the strike began, Fain and Debbie Dingell, a Democratic U.S. representative from Michigan, were among the high-profile visitors to Ford's Wayne plant, where about 3,300 UAW members assemble popular Bronco SUVs and Ranger pickup trucks.

Persons: Shawn Fain, Rebecca Cook, Mike Lester, Ford, Jim Farley, Fain, Debbie Dingell, Ford's Wayne, Dingell, Eric Cox, Jamie Freed, Clarence Fernandez Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, UAW, General Motors, Chrysler, Ford, Democratic, Thomson Locations: Wayne , Michigan, U.S, WAYNE , Michigan, Democratic U.S, Michigan, Ford's

[1/3] United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. But UAW President Fain has said Ford could have funded better pay and benefits for workers if it curtailed stock buybacks and dividends to shareholders. Full-time Ford employee Robert Murphy, 53, said he was bothered that some workers get half the pay of others doing similar jobs. The strike is ambitious in taking on three automakers at once, but strategic in that keeping most factories running preserves workers' strike fund. Shortly after, one supporter of plant workers, a 38-year GM veteran who declined to give his name, said he did not think the industrial action would stop until the automakers gave into the union demands.

Persons: Shawn Fain, Rebecca Cook, Eric Mullins, Jim Farley, Ford, Fain, Robert Murphy, Murphy, ” Murphy, Eric Cox, Kevin Krolicki, Jamie Freed, Peter Henderson, Clarence Fernandez, Nick Zieminski Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, General Motors, Chrysler, Ford’s, Plant, UAW, Ford, Thomson Locations: Wayne , Michigan, U.S, WAYNE , Michigan, Detroit

☆ Detroit Three plants where UAW is on strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

UAW President Shawn Fain chairs the 2023 Special Elections Collective Bargaining Convention in Detroit, Michigan, U.S., March 27, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 15 (Reuters) - The United Auto Workers union began unprecedented, simultaneous walkouts at General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis' (STLAM.MI) U.S. operations early on Friday after failing to reach pay deals with the automakers. These are the first plants where strikes are taking place:GMWentzville, Missouri assembly plantAbout 3,600 UAW membersProducts produced: Chevrolet Colorado and Express; GMC Canyon and SavannaFORDWayne, Michigan assembly plant, excluding stamping plantAbout 3,300 UAW membersProducts produced: Ford Ranger and BroncoSTELLANTISToledo, Ohio assembly plantAbout 5,800 UAW membersProducts produced: Jeep Wrangler and GladiatorCompiled by David Shepardson; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Shawn Fain, Rebecca Cook, GM, Bronco STELLANTIS, David Shepardson, Jamie Freed Organizations: REUTERS, United Auto Workers, General Motors, Ford, Chrysler, GM Wentzville, Products, Chevrolet, Express, GMC, Thomson Locations: Detroit , Michigan, U.S, Missouri, Chevrolet Colorado, Savanna FORD Wayne , Michigan, Bronco STELLANTIS Toledo , Ohio

☆ What people are saying about the US auto worker strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

Sept 15 (Reuters) - The United Auto Workers union launched simultaneous strikes at three factories owned by General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, kicking off the most ambitious U.S. industrial labor action in decades. "I’m looking forward to joining our auto workers on the picket line this weekend. For the sake of Michigan’s economy and our working families, I hope this strike is short-lived. "American families are already feeling economic pressures from near-record-high inflation, and this will only inflict more pain. We urge a swift resolution to end this strike and avoid further undermining the strength of our industry and harming our broader economy."

Persons: ELISSA SLOTKIN, we’ve, ” JAY TIMMONS, DEBBIE STABENOW OF, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Anne Marie Roantree, Jamie Freed Organizations: United Auto Workers, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, UAW, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, ”, Thomson Locations: Chevrolet Colorado, ELISSA SLOTKIN OF MICHIGAN, China, Detroit, DEBBIE STABENOW OF MICHIGAN, Washington, San Francisco

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

☆ China denounces Europe probe of EVs as 'naked protectionist' act
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Nio ET5 electric vehicle is displayed at the Chinese EV maker's showroom in Shanghai, China, February 3, 2023. The investigation launched on Wednesday will determine if punitive tariffs are warranted to protect EU producers from what European Commission President Ursula von der Leyen described as a "flood" of cheaper Chinese EV imports. "It is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including the EU, and will have a negative impact on China-EU economic and trade relations." The probe, initiated by the European Commission and not from any industry complaint, will further irritate a tense relationship with China partly strained by trade and investment imbalances. Reporting by Ryan Woo; additional reporting by Ellen Zhang; Editing by Clarence Fernandez and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Ursula von der Leyen, Ryan Woo, Ellen Zhang, Clarence Fernandez, Jamie Freed Organizations: EV maker's, REUTERS, Rights, European, EV, EU, European Commission, Thomson Locations: Shanghai, China, Rights BEIJING, European Union, EU

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Moody's cuts China property sector's outlook to negative
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 14 (Reuters) - Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. China Evergrande Group (3333.HK), the world's most indebted property developer, is at the centre of the crisis. The crisis has also engulfed China's largest private property developer Country Garden Holdings Co (2007.HK), which has been battling to avoid a default, having won approval from its creditors this week to extend the maturity of several onshore bonds. Credit stress at Country Garden, which Moody's rates as Ca with a negative outlook, has amplified investors' risk aversion, Cedric Lai, an analyst at the agency said in a statement.

Persons: Tingshu Wang, Moody's, Cedric Lai, Dimpal Gulwani, Jacqueline Wong, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Garden Holdings, Thomson Locations: Tianjin, China, China's

☆ No time to lose on ocean treaty as threats to high seas rise - Greenpeace
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Mandatory credit Kyodo/via REUTERS/File Photo Acquire Licensing RightsCompanies Greenpeace Limited FollowSINGAPORE, Sept 14 (Reuters) - Governments have no time to lose when it comes to implementing a new global ocean treaty to protect the high seas as threats from human activities intensify, a report by environmental group Greenpeace said on Thursday. In March, more than 100 countries completed a groundbreaking treaty to protect the high seas after years of negotiations. The high seas, or international waters, constitute more than 60% of the world's oceans but have not been under any protection. Greenpeace said fishing hours on the high seas increased by 8.5% from 2018 to 2022, and were up 22.5% in areas that need special protection. Greenpeace said that needs to happen before 2025 if there is any hope of achieving the "30 by 30" target.

Persons: Chris Thorne, Greenpeace's, David Stanway, Jamie Freed Organizations: Kyodo, Rights Companies Greenpeace, Greenpeace, United Nations, General, Thomson Locations: Kushiro, Hokkaido Prefecture, Japan, SINGAPORE

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