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☆ One factory worker takes on Mexico's powerful unions
▼ + stars: | 2022-10-27 | by ( Daina Beth Solomon | ) www.reuters.com time to read: +9 min

CTM representatives say their unions defend worker rights, offer perks such as scholarships and sports programs and abide by Mexico's new labor rules. Along with La Liga, other new unions have also won victories over powerful rivals in the past year at GM, Japan's Panasonic (6752.T) and French glassmaker Saint-Gobain (SGOB.PA), pledging better pay. Even among the new crop, La Liga stands out for its broader vision: targeting companies no matter the sector, no matter the location. Leaving her three kids at home, she is traveling factory to factory seeking support. What's more, to drum up support, La Liga must fight a deeply embedded culture of fear and apathy around speaking out.

☆ Analysis: Ford, VW pop the automated-vehicle bubble with Argo AI exit
▼ + stars: | 2022-10-26 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

DETROIT, Oct 26 (Reuters) - The road map to fully self-driving vehicles is being rewritten once again, this time by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE). VW also bought Argo shares from Ford for $500 million. Ford previously injected $1 billion into Argo when it bought control of the company in 2017. Before it acquired the stake in Argo, VW flirted with at least two other U.S.-based self-driving startups: Alphabet Inc's (GOOGL.O) Waymo and Aurora Innovation (AUR.O). VW reportedly considered a $13.7 billion investment in 2018 in Waymo for a 10% stake that would have valued Waymo at $137 billion.

DETROIT, Oct 26 (Reuters) - Ford Motor Co (F.N) on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business. Ford posted a net loss in the quarter of $827 million, after taking a $2.7 billion noncash pretax impairment on its investment in Argo AI. The automaker said Argo will be "wound down" and that "talented engineers" will be offered positions with Ford. Chief Executive Jim Farley on Wednesday said Ford will shift its development focus away from fully self-driving systems developed by Argo to advanced driver assistance systems (ADAS) created internally at Ford. GM on Tuesday reported a net profit of $3.3 billion on record third-quarter revenue of $41.9 billion.

☆ Intel's Mobileye unit valued at $22 bln as shares cruise higher
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

The debut comes after a turbulent period when Mobileye settled for merely a third of the $50 billion valuation it was targeting earlier in its IPO. But there was a lot of value in gaining that public company platform now,” said Dan Galves, chief communications officer at Mobileye. Galves added it is important for Mobileye to generate product visibility now as that filters back to customers. Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014. Mobileye develops autonomous driving technologies and competes with Alphabet Inc's (GOOGL.O) Waymo, General Motors Co's (GM.N) Cruise and other automakers who have moved to design in-house driving assistance technology.

☆ GM's plan to build 400,000 EVs in North America has been delayed by up to 6 months because it hasn't been able to make batteries fast enough
▼ + stars: | 2022-10-26 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

GM has delayed a plan to build 400,000 EVs in North America. CEO Mary Barra said Tuesday the launch of battery production had been slower than expected. Barra told investors in February that GM planned to make 400,000 EVs in North America through 2023, per Automotive News. Barra wants GM to build one million electric vehicles in North America by 2025. GM plans to open a second next year, and another in 2024.

☆ Intel's Mobileye unit valued at $21 bln as shares cruise higher in debut
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonOct 26 (Reuters) - Shares of Mobileye Global Inc (MBLY.O) opened 27% higher on Wednesday, valuing the self-driving technology unit of Intel Corp (INTC.O) at $21.3 billion as investors lapped up what could be the last big IPO of 2022. It also underscores Mobileye's strong financials, analysts said, which attracted investors who have turned selective amid mounting economic challenges. "Investors now place greater focus on companies' free cash flows, revenues/profitability or path-to-profitability, over just growth projections," said Paul Go, global IPO leader at EY. Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014. On Tuesday, Mobileye was valued at $16.7 billion after selling shares above the marketed range of $18 to $20, to raise $861 million.

☆ LG Energy Solution swings to Q3 profit on strong EV battery demand, beats estimates
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 26 (Reuters) - Tesla Inc supplier LG Energy Solution Ltd (LGES) (373220.KS) on Wednesday swung to a profit in the third quarter on the back of strong electric vehicle (EV) battery demand and favourable foreign exchange rates. South Korea's LGES, which also sells EV batteries to automakers including General Motors Co (GM.N), Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE) among others, reported operating profit of 522 billion won ($365.12 million)for the July-September period, compared with a 373 billion won loss a year earlier and a Refinitiv SmartEstimate of 488 billion won profit drawn from 17 analysts. Revenue for the quarter rose 90% to 7.6 trillion won, LGES said in a regulatory filing. Shares of LGES, carved out of LG Chem Ltd (051910.KS) in a market debut in January, were trading up 1.8% in morning trade, versus the benchmark KOSPI's (.KS11) 0.3% rise. ($1 = 1,429.6500 won)Reporting by Heekyong Yang and Jihoon Lee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.

DETROIT, Oct 25 (Reuters) - General Motors Co (GM.N) on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM said it has received 170,000 reservations for the new Chevrolet Silverado EV pickup, which arrives at U.S. dealers next spring. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ben Klayman, Paul Lienert and Joseph White, Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

DETROIT, Oct 25 (Reuters) - General Motors Co (GM.N) shares rose almost 5% in premarket trade on Tuesday as the company reported a higher quarterly profit that beat analysts' estimates. GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. Diluted earnings per share in the third quarter of $2.25 topped estimates of $1.88. Register now for FREE unlimited access to Reuters.com RegisterThe automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs.

☆ Wall St closes sharply higher on hopes of abating Fed
▼ + stars: | 2022-10-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Among the 11 major sectors in the S&P 500, nine closed green, with healthcare (.SPXHC) enjoying the largest percentage gain. So far, nearly one-fifth of the companies in the S&P 500 have reported. Analysts expect S&P 500 earnings growth of 3.0%, on aggregate, down from 4.5% at the beginning of the month, per Refinitiv. Results from a slew of heavy-hitting tech and tech-adjacent companies are likely to dominate the earnings chatter this week. The S&P 500 posted 21 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 73 new highs and 331 new lows.

☆ Wall St rises as data hints at Fed policy progress
▼ + stars: | 2022-10-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes were higher at the top of a week jam-packed with high profile corporate earnings and crucial economic data. Among the 11 major sectors in the S&P 500, healthcare (.SPXHC) was enjoying the largest percentage gain. So far, nearly one-fifth of the companies in the S&P 500 have reported. Analysts expect S&P 500 earnings growth of 3.0%, on aggregate, down from 4.5% at the beginning of the month, per Refinitiv. The S&P 500 posted 21 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 58 new highs and 297 new lows.

☆ GM launching return to work plan for salaried workers in January
▼ + stars: | 2022-10-24 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 24 (Reuters) - General Motors Co (GM.N) will launch its return-to-work plan for most salaried workers early next year after it faced employee criticism over an earlier planned start date, the largest U.S. automaker said on Monday. The automaker has 53,000 U.S. salaried employees. GM said last month its revised timetable was based on discussions with employees and told workers in an email it would "listen to your feedback so that we incorporate it into our implementation plans." Tens of thousands of GM workers, including hourly workers assembling vehicles and components, have continued in-person work during COVID-19. GM has hired many workers over the last two years who are not based in the Detroit area.

"The impact of the Inflation Reduction Act on Hyundai's EV sales in the U.S. market seems inevitable as EV incentives are the key factor to U.S. EV shoppers," Lee Jae-il, an analyst at Eugene Investment & Securities. In a mixed outlook, Hyundai raised on Monday its full-year revenue growth forecast range by six percentage points to 19-20% from its previous estimate in January. Reuters GraphicsThe provision, announced last week, amounted to more than half of estimated third-quarter net profit of 2.4 trillion won drawn from 17 analysts. Revenue for the quarter jumped 31% to 37.7 trillion won, above the 36 trillion won analysts had expected. But overall vehicle supply remains tight globally due to the chip shortage and COVID-related restrictions.

☆ Apple, Amazon, McDonald’s Headline Busy Earnings Week
▼ + stars: | 2022-10-22 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Amazon is among the tech heavyweights slated to report earnings in the coming week. Amazon .com Inc., Apple Inc. and Meta Platforms Inc. are among the tech heavyweights featured in a packed week of earnings that investors will probe for indicators about the broader economy. Other tech companies scheduled to report their latest quarterly reports include Google parent company Alphabet Inc. and Microsoft Corp. Investors also will hear from airlines such as Southwest Airlines Co. and JetBlue Airways Corp., automotive companies General Motors Co. and Ford Motor Co., and energy giants Chevron Corp. and Exxon Mobil Corp.

Employees at General Motors Co. balked at a request to return to the office. At Meta Platforms bosses are asking workers to get more done with fewer resources. Some CEOs say things are so tense that handing out modest raises can spark a backlash in an era of rising inflation. The workplace is in the middle of an unusual collision between what bosses and workers want. Employees feel empowered after two years of changing their work habits and leverage gained in a tight labor market.

☆ GM, Ford set to report earnings to a tough crowd on Wall Street
▼ + stars: | 2022-10-21 | by ( Joseph White | ) www.reuters.com time to read: +3 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Ford follows on Wednesday, having already warned investors that third quarter results will fall short of expectations because of supply chain and logistics snarls. Wall Street investors have not waited to act on wariness that demand for cars is finally entering a long-delayed cyclical downturn. GM shares are down 19% since Sept. 19. So far, neither GM nor Ford has cut full-year profit guidance.

☆ Sierra EV joins General Motors' electric truck family in early 2024
▼ + stars: | 2022-10-20 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The first version, due in early 2024, is the fully loaded Sierra EV Denali Edition 1, which will be built in limited numbers and priced from $107,000. Register now for FREE unlimited access to Reuters.com RegisterLike its sister model, the Chevrolet Silverado EV, the four-door Sierra EV shares its Ultium battery pack with the GMC Hummer EV. The high-end Sierra EV Denali Edition 1 boasts 754 horsepower and an estimated range of 400 miles. When the battery pack is depleted, a DC fast charger can add about 100 miles of range in 10 minutes, GM said. The feature-laden Sierra EV Denali comes with an adaptive air suspension, a massive 16.8-inch center display, 14-inch multi-color head-up display, panoramic glass roof and Super Cruise hands-free driving assist.

☆ Flying car by California startup Alef attracts early Tesla investor
▼ + stars: | 2022-10-20 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - The concept of a flying car is not new - inventors have been trying to add wings to wheeled motor vehicles for decades, with only limited success. Jim Dukhovny, founder of Alef Aeronautics, hopes to change that equation. One feature that sets the Model A apart from earlier versions of flying cars is how it flies. Most other recent attempts by competitors resemble giant drones - and are not capable of wheeled travel on the ground. Alef estimates a driving range of 200 miles (322 km) and a flight range of 100 miles.

☆ Goldman Sachs Embeds Software Developers Deeper Into the Business
▼ + stars: | 2022-10-19 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

PREVIEWHistorically, developers were asking “how” questions, Mr. Argenti said Wednesday during an online Wall Street Journal CIO Network members event. Mr. Argenti joined Goldman in 2019 as co-CIO after serving as vice president of technology at Amazon Web Services. Developers have only gained more power in business since then, Mr. Argenti said. “It’s kind of an evolution…to really manage the customer as one, no matter how many touch points they have within Goldman Sachs, ” Mr. Argenti said. The process can help developers feel more empowered and has led to higher retention rates, Mr Argenti said.

☆ Automakers need more time to meet U.S. minerals requirements for EVs -execs
▼ + stars: | 2022-10-19 | by ( Ben Klayman | ) www.reuters.com time to read: +5 min

"We believe it's unfair," he added, pointing out that none of the South Korean automaker's EVs qualify for the credit. Munoz said U.S. legislators should offer companies investing in the United States some type of waiver or a longer transition period. Automakers are trying to figure out how their vehicles will meet the new law's requirements to qualify for EV tax credits. Details of the act are still being ironed out and the U.S. Treasury is currently taking comments on how to implement the rules around the EV tax credits. "We're pretty well positioned," he said at the Reuters conference, citing the Detroit automaker's four U.S. battery plants the company has announced and its raw materials supply deals.

☆ BYD flags huge quarterly profit jump as China sales surge past Tesla
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Shares in BYD jumped. By comparison, Tesla sold just over 318,000 electric vehicles in China during the first nine months of the year. The China Association of Automobile Manufacturers has estimated that EV sales in China will increase by about 56% this year to 5.5 million units - a market far greater than most countries' entire auto sales. EVs are also expected to account for 20% of overall China vehicle sales this year, up from 13.6% in 2021, the industry association said. Some subsidies for electric vehicles are set to expire this year although the government has extended an exemption of the purchase tax for EVs to the end of 2023.

☆ Celestiq EV is GM’s most audacious Cadillac since Great Depression
▼ + stars: | 2022-10-18 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - General Motors Co's (GM.N) Cadillac brand on Monday pulled the wraps off the Celestiq, a $300,000-plus flagship electric vehicle that is the brand's most audacious new model since the 1930 Cadillac Sixteen. Unlike the 16-cylinder roadster that was launched just months after the 1929 crash, the 2024 Celestiq has no monster gasoline engine under its long hood. Instead, it boasts twin electric motors producing 600 horsepower and a 111-kilowatt-hour battery pack shared with GM's Hummer EV. The Sixteen could be ordered in 1930 in several body styles, including roadster, coupe, sedan and limousine. The late historian Beverly Kimes noted that the 1930 Cadillac Sixteen Town Brougham was priced at just over $9,000, or roughly $163,500 in today's money.

☆ Exxon Bets on Ex-Auto Executive for Climate-Friendly Profits
▼ + stars: | 2022-10-16 | by ( Collin Eaton | Photographs Brandon Thibodeaux For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. hopes an outsider who most recently headed General Motors Co.’s driverless-car unit can shake up its efforts to build a climate-friendly business unit. The oil giant recently tapped Dan Ammann , a former investment banker and longtime GM executive, to lead its fledgling low-carbon business. Mr. Ammann’s task is daunting: turn a new unit intended to reduce carbon emissions into a profit center.

A preferred solution is to accelerate the energy transition by adding more renewable generation, and crucially, more storage to smooth out the inherent variability of technologies such as wind and solar. At the 121 Mining Investment conference in Sydney on Wednesday the problems were put into focus by the group largely being neglected in the energy transition, the miners and project developers. None of this bodes well for increasing the speed of the energy transition. Register now for FREE unlimited access to Reuters.com RegisterEditing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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