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☆ Ford ends EV dealership program that required hefty investment to sell electric models
▼ + stars: | 2024-06-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

An electric Ford truck is displayed during the Electrify Expo D.C. in Washington, D.C., on July 23, 2023. Ford Motor is ending a controversial electric vehicle dealership program that initially asked store owners to invest upward of $1 million to sell EVs. That's led to automakers delaying or canceling future electric vehicles and investments. "The world has changed," Marin Gjaja, chief operating officer of Ford's Model E electric vehicle business, said Thursday during a media briefing. Instead, Ford will open EV sales to all of its dealers in an attempt to grow sales of its all-electric cars and trucks.

Persons: Jim Farley, That's, Marin Gjaja, Gjaja, Ford Organizations: Washington , D.C, Ford Locations: Washington ,

☆ China Is Testing More Driverless Cars Than Any Other Country
▼ + stars: | 2024-06-13 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

The world’s largest experiment in driverless cars is underway on the busy streets of Wuhan, a city in central China with 11 million people, 4.5 million cars, eight-lane expressways and towering bridges over the muddy waters of the Yangtze River. A fleet of 500 taxis navigated by computers, often with no safety drivers in them for backup, buzz around. The company that operates them, the tech giant Baidu, said last month that it would add a further 1,000 of the so-called robot taxis in Wuhan. Across China, 16 or more cities have allowed companies to test driverless vehicles on public roads, and at least 19 Chinese automakers and their suppliers are competing to establish global leadership in the field. In addition to cities designating on-road testing areas for robot taxis, censors are limiting online discussion of safety incidents and crashes to restrain public fears about the nascent technology.

Organizations: Baidu Locations: Wuhan, China

☆ Stellantis has achieved $9 billion in cost reductions from merger
▼ + stars: | 2024-06-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Stellantis CEO Carlos Tavares speaks to media on June 13, 2024 following the company's investor day at its North American headquarters in Auburn Hills, Mich.AUBURN HILLS, Mich. – Stellantis has achieved 8.4 billion euros ($9 billion) in cost reductions from the merger of Fiat Chrysler and PSA Groupe that created the company in January 2021, CEO Carlos Tavares said Thursday. That amount is more than double initial expectations from when the merger was announced in 2019, and an increase from the updated 5 billion euros in expected reductions within five years of completion of the merger that formed one of the world's largest automakers. Cost-saving measures have included reshaping the company's supply chain and operations, as well as headcount reductions. Since the merger was agreed to in December 2019, Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, through 2023, according to public filings. Several Stellantis executives described the cuts to CNBC as difficult but effective.

Persons: Carlos Tavares, – Stellantis, Tavares, Stellantis Organizations: Fiat Chrysler, PSA Groupe, CNBC Locations: Auburn Hills, Mich, AUBURN HILLS, U.S, Italy

☆ Europe risks trade war with China by hiking tariffs on its electric cars
▼ + stars: | 2024-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

The European Commission, the EU’s executive arm, launched the probe in October to establish whether Chinese EV prices are artificially low because of subsidies and so hurt European carmakers. Europe is the main destination for Chinese EV exports. The new EV tariffs are likely to kick off intense negotiations between Beijing and Brussels aimed at averting a damaging trade war. Many of them manufacture cars in China and then sell them in Europe, a set-up that will be more costly as a result of the higher tariffs. Alternatively, Beijing could pledge investment into EU countries and promise better market access in China for EU firms, the Rhodium analysts wrote.

Persons: ” Will Roberts, BYD, Roberts, …, Olaf Scholz, ”, Joe Biden, Olesya Dmitracova, Mark Thompson, Shawn Deng, Alex Stambaugh Organizations: London CNN, European Union, European Commission, Commission, Volvo, SAIC, EV, EU, Rho Motion, China’s Ministry of Commerce, Rho, Renault’s, CNN, “, France EU, Group Locations: China, Beijing, European, Brussels, Washington, EU, Europe, Renault’s Dacia, “ Beijing, Germany, France, Spain, United States, Hungary, London, Hong Kong

☆ European Union Hits E.V.s From China With Extra Tariffs Up to 38%
▼ + stars: | 2024-06-12 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

The European Union said on Wednesday that it would impose additional tariffs of up to 38 percent on electric vehicles imported from China into the bloc, in what E.U. The move, a month after President Biden quadrupled U.S. tariffs on Chinese electric vehicles to 100 percent, opens another front in escalating trade tensions with China amid growing fears about a glut of Chinese green tech goods flooding global markets. The actions by the European Union and the United States also reflect the challenges that traditional automakers in Europe and the United States face from up-and-coming Chinese companies founded with a focus on electric vehicles and much lower cost bases than their rivals in the West. But unlike U.S. carmakers, several of their European counterparts are deeply entwined in the Chinese market, and their cars produced there will also be subject to the higher tariffs. They have criticized the European Union’s move to increase duties from 10 percent, fearing retaliation from China, as well as an increase in prices across the market and a drop in demand for battery-powered cars.

Persons: Biden Organizations: Union, European Union Locations: China, United States, Europe

☆ At Stellantis investor day, cost cuts and China come into focus
▼ + stars: | 2024-06-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Massimo Pinca | ReutersDETROIT – Since spearheading a merger to create Stellantis in 2021, CEO Carlos Tavares has been on a cost-cutting mission. "We are not in the race to transition to EVs, but in a race to cut cost on EVs," Tavares said in late May during a Bernstein investor conference. The cuts are part of Stellantis' strategic plan to increase profits and double revenue to 300 billion euros by 2030. Executives on Thursday will outline developments across Stellantis' regions and businesses, including its capital and operational disciplines, according to Stellantis CFO Natalie Knight. "The share price reaction to the [capital markets day] will likely be driven by how these short-term concerns are addressed.

Persons: Carlos Tavares, Massimo Pinca, Tavares, " Tavares, Stellantis, Ned Curic, EVs, I've, Natalie Knight, David Dee Delgado, Ram, China's, Patrick Hummel Organizations: Reuters DETROIT, Atlantic, PSA Groupe, Fiat Chrysler, Ram, CNBC, Amazon, New York, Auto, Reuters, Cox Automotive, UBS, GM, Ford Locations: Turin, Italy, U.S, Auburn Hills , Michigan, Manhattan , New York, China

☆ Kia says hybrids aren't a threat to EVs but are the perfect gateway to electrification
▼ + stars: | 2024-06-11 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +5 min

While EV sales fell in the first quarter of 2024 by more than 15% compared to the previous three months — their first drop since 2020 — hybrid sales are booming. But Kia sees hybrids as an opportunity to get potential BEV buyers in the door. AdvertisementBut if you look at the largest and arguably most important segment these days, compact SUVs, hybrids account for nearly one-fifth of sales, Kosowski said. AdvertisementFor Kia, building hybrids instead of EVs affects its bottom line beyond the revenue it generates. EVs cost substantially more to build than ICE and hybrid vehicles.

Persons: —, Steve Kosowski, Kia, Kosowski, Kia Niro, ROBIN TRAJANO, BEV, ZEV Organizations: Service, Business, Long, Kia Motors America, EV, Kia, ICE Locations: PWC

Oppenheimer raised its price target on Nvidia after the company completed a 10-for-1 stock split. 7:07 a.m.: Baird increases First Solar price target Baird thinks First Solar has more room for growth after soaring 46% in the past month. His buy rating and $238 per share price target implies more than 23% upside ahead. — Brian Evans 5:41 a.m.: Oppenheimer raises Nvidia price target after stock split Nvidia's momentum will continue, according to Oppenheimer. — Brian Evans 5:41 a.m.: JPMorgan says buy Shopify Shopify is the "online sale you don't want to miss," according to JPMorgan.

Persons: Oppenheimer, Baird, Ben Kallo, Kallo, — Brian Evans, Apple's, Samik Chatterjee, WWDC, Atif Malik, We're, Goldman Sachs Michael Ng, OpenAI, Brian Evans, Morgan Stanley, Adam Jonas, Ford, Jonas, Ford's, Rick Schafer, Schafer, Reginald Smith, Smith, Fred Imbert Organizations: CNBC, Nvidia, JPMorgan, iPhone, Citi, Ford, China EV Locations: Monday's

☆ UAW President Shawn Fain under investigation by federal monitor
▼ + stars: | 2024-06-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Shawn Fain, who led the United Auto Workers union in its strike against all three unionized American automakers last fall, is under investigation by a federal monitor overseeing the union. It dredges up past union corruption issues that sent previous union officials to prison, an issue that helped Fain win a narrow upset victory to lead the union last year. Fain was a guest of President Joe Biden at the State of the Union speech, where Biden recognized and praised him. Biden also joined Fain on the picket line during last year’s auto strike, the first sitting president to visit a picket line. Fain, a former critic of both former President Donald Trump and the Biden administration, has become a vocal supporter of Biden, who has been endorsed by the UAW.

Persons: Shawn Fain, Fain, Margaret Mock, “, Neil Barofsky, Rich Boyer, Boyer, Barofsky, Mock, ” Barofsky, ”, We’re, Stellantis, Joe Biden, Biden, Donald Trump Organizations: New, New York CNN, United Auto Workers, UAW, Volkswagen, Stellantis, TARP, General Motors, Ford, State Locations: New York, Tennessee, Mercedes, Alabama

☆ Toyota lost over $15 billion in market value last week after being caught falsifying tests
▼ + stars: | 2024-06-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Toyota Motor Corporation Board Chairman Akio Toyoda bows during a press conference in Tokyo on June 3, 2024. Toyota said on June 3 it had suspended domestic shipments of three car models after falling foul of government certification rules along with its Japanese rivals Honda, Mazda, Suzuki and Yamaha. Shares of Japan's largest carmaker Toyota fell more than 5.4% last week, after the scandal broke on June 3, but is recovering on Monday. The automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market value last week alone. Last week, Honda' s stock fell 5.75%, Yamaha Motor lost 2.2%, while Suzuki Motor inched down 0.3%.

Persons: Akio Toyoda, Suzuki, Honda Organizations: Toyota Motor Corporation, Toyota, Honda, Mazda, Yamaha, Ministry of Land, Transport, Tourism, Yamaha Motor, Suzuki Locations: Tokyo, Infrastructure

☆ General Motors is using Costco to help it sell more EVs
▼ + stars: | 2024-06-10 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

General Motors is turning to Costco's Auto Program to help it sell more EVs. An executive told CNBC selling EVs to Costco's 50 million members was a "huge opportunity" for GM. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGeneral Motors is turning to Costco to help it sell more EVs. GM North America President Marissa West told CNBC she saw a "huge opportunity" to sell EVs to Costco's 50 million-plus US membership base and that GM was exploring new ways to build its partnership with the wholesaler.

Persons: —, Marissa West Organizations: Motors, Auto Program, CNBC, GM, Service, Costco, Detroit, Costco's Auto Program, GM North America, Business

☆ With EVs, Honda may be North America's most committed automaker, for the moment
▼ + stars: | 2024-06-09 | by ( Kevin Williams | ) www.cnbc.com time to read: +6 min

While missing a host of brands, this year's edition of the Los Angeles Auto Show debuted a range of new models. But at least one automaker says it is ramping up its North American EV strategy in 2024: Honda Motor Company. Honda's EV moves come against the backdrop of EV pullbacks from other major auto manufacturers; and in some cases, shelved EV plans altogether. GM itself is playing a key role in the first mass-market EV Honda is introducing, the Prologue. The All-Electric Acura ZDX is displayed during the 2023 Los Angeles Auto Show at the Los Angeles Convention Center on November 24, 2023 in Los Angeles, California.

Persons: Josh Lefkowitz, Ford, Bob Nelson, Nelson, BEV, It's, Honda, Cliff Banks, Banks, Mary Barra, Jenni Newman, Kelley Blue, Tesla, Newman Organizations: Angeles Auto, Los Angeles Convention Center, Los Angeles Auto, Getty, Honda Motor Company, Canadian EV, pullbacks, GM, American Honda Motor Co, Honda, EVs, Banks, Auto, NBC News, EV Honda, Acura, Subaru Locations: Los Angeles , California, Canadian, Ohio, American, Canada

☆ Tesla shareholders to vote whether Elon Musk deserves billions judge struck down
▼ + stars: | 2024-06-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

New York CNN —Tesla’s controversial CEO Elon Musk, and his massive wealth, are front and center in a shareholder vote this coming week. Now, Musk and the board want Tesla shareholders not only to vote again to give him back those stock options, but to relocate Tesla away from the judge’s state entirely. Despite the widespread support among shareholders back in 2018 for Musk’s pay package, the Tesla board seems to be scrambling to shore-up support for this month’s vote. But perhaps a more serious concern among Tesla shareholders is problems faced by the electric car pioneer itself. “When Tesla achieved targeted earnings, revenues, and market cap metrics, Tesla’s shareholders benefitted greatly.

Persons: New York CNN —, Elon Musk, Tesla, Chancellor Kathaleen McCormick, ” McCormick, “ Musk, McCormick, ” Tesla, Robyn Denholm, Elon, ” Rather, ”, ” Denholm, “, he’s, Dan Ives, it’s, they’re, Ives, Neuralink, Musk, ” Ives, Ron Baron, Baron Capital, ” Baron, Glass Lewis Organizations: New, New York CNN, SEC, Musk, Elon, Twitter, Wedbush Securities, SpaceX, The Boring Company, Baron, Institutional, Services Locations: New York, Delaware, Texas, Tesla’s Texas, “

☆ Is Your Driving Being Secretly Scored?
▼ + stars: | 2024-06-09 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

You know you have a credit score. The score reflects the safety of your driving habits — how often you slam on the brakes, speed, look at your phone or drive late at night. While you can see your credit score, you will have a harder time finding out what your driving score is. But auto insurance companies can get it — and that could affect the rate you pay. Experts say most people have no idea the insurance industry can track them this way.

☆ New US truck, SUV fuel economy rules much less stringent than original proposal
▼ + stars: | 2024-06-07 | by ( ) www.cnbc.com time to read: +3 min

President Joe Biden's administration on Friday finalized tighter fuel economy rules for trucks and sport utility vehicles through 2031 that are not as stringent as it first proposed, a federal agency said. Last year, NHTSA said its proposal to hike fuel economy standards through 2032 would cost the industry $14 billion in projected fines. In June 2023, Reuters first reported Stellantis and GM paid a total of $363 million in CAFE fines for failing to meet U.S. fuel economy requirements for prior model years. NHTSA said the rule will hike fuel economy to about 50.4 miles per gallon by 2031 from 29.1 mpg currently. "Those fines wouldn't have produced any environmental benefits or additional fuel economy and would've foolishly diverted automaker capital away from the massive investments required by the electric vehicle transition," Bozzella said.

Persons: Joe Biden's, Biden, John Bozzella, Bozzella, Dan Becker Organizations: Traffic Safety Administration, Detroit, NHTSA, General Motors, Chrysler, Ford Motor, Reuters, Alliance for Automotive Innovation, Center, Transport

☆ BYD vs Huawei: Trash talking by China’s EV giants highlights pressures at heart of world’s biggest car market
▼ + stars: | 2024-06-07 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —As profit margins get squeezed, temperatures are rising in the world’s biggest car market. A tense exchange between two major Chinese electric vehicle (EV) manufacturers in recent days highlights the pressures they face as a price war in the industry intensifies. While top executives from the EV industry often post on social media about a range of topics, including technology and advertising, they rarely name rival companies, especially when criticizing them. In recent months, a price war has escalated in China’s hyper-competitive EV industry, with manufacturers battling for consumer attention with deep discounts or newer, cheaper models. The country has more than 200 EV manufacturers who are grappling with huge oversupply and slowing consumer demand.

Persons: Yu Chengdong, ”, Elon Musk, Tesla, ” Yu, Joe Biden, Mr Yu, ” Li Yunfei, Huawei's, Li, Wang Chuanfu, BYD, Wang Organizations: Hong Kong CNN —, BYD, European Union, Huawei Locations: China, Hong Kong, Shenzhen, BYD, Weibo, Shanghai

☆ GM has a secret to help sell its new EVs. It's Costco
▼ + stars: | 2024-06-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

Costco Auto has facilitated more than 500,000 vehicle sales annually over the past five years on average, according to Jay Maxwell, Costco Auto Program general manager responsible for strategic partnerships. GM declined to disclose how many Costco customers have purchased GM vehicles through the program. EV interestA growing number of vehicle sales made through Costco Auto are of electric vehicles, Costco said. In addition to GM, Costco Auto has partnered with Volvo, including its Polestar EV startup brand, Audi and others over the years. The Costco Auto Program was initially part of wholesale competitor Price Club, which merged with Costco in 1993.

Persons: Kena, Motors, it's, Marissa West, Michael Wayland, Jay Maxwell, Maxwell, Mary Barra, That's, Cox, Scott Mlyn, Julie Craig, –, Melissa Repko Organizations: Costco, Corbis, Getty, DETROIT —, Costco Wholesale, Detroit automaker, Costco Auto Program, EVs, Chevrolet, Chevrolet Blazer, GM North America, CNBC, U.S, Costco Auto, Canada, Ford Motor, Volkswagen, Brands, Lithia Motors, AutoNation, GM, EV, Volvo, Audi, CNBC Costco Auto, Cadillac, Industry, Cox Automotive, Dealers, New York Auto Show, Price Club Locations: Teterboro , New Jersey, CNBC, U.S, Detroit, Canada

☆ EV slump, Hertz fire sale take used Teslas to 'no haggle' $25,000 price
▼ + stars: | 2024-06-06 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Also, some used EVs are eligible for up to $4,000 in federal tax credits , and several states offer tax credits or rebates. Although as with buying any used car — from manufacturers and independent dealers, online marketplaces or private owners — there are pros and cons. The Hertz Car Sales website "Shop EVs" button recently listed 1,475 of the 1,638 used EVs listed as "Hertz Certified." A March study by automotive research firm iSeeCars found that the average used car price was down 3.6% from last year, though used EV prices had plummeted 31.8%, equating to $14,418 in value. A follow-up question — "Can you tell me about 2022 Tesla Model 3s being sold by Hertz Car Sales?"

Persons: Hertz, —, iSeeCars, Elon, Karl Brauer, Brauer, Yossi Levi, Guy, Tesla, Carvana, Edmunds, ChatGPT, Hertz's, Matt Quinn, CarGurus, Eugene Park Organizations: Hertz, EV, Hertz Global Holdings, U.S, Bolts, Car, Hertz Tesla, Tesla, ChatGPT, Hertz Car Locations: U.S, Massachusetts, Colorado, Edmunds, CarGurus

☆ How Electric Car Batteries Might Aid the Grid (and Win Over Drivers)
▼ + stars: | 2024-06-05 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

Electric cars are more expensive than gasoline models largely because batteries cost so much. But new technology could turn those pricey devices into an asset, giving owners benefits like reduced utility bills, lower lease payments or free parking. Automakers would make money by serving as intermediaries between car owners and power suppliers. Millions of cars could be thought of as a huge energy system that, for the first time, will be connected to another enormous energy system, the electrical grid, said Matthias Preindl, an associate professor of power electronic systems at Columbia University. “They will interact more in the future, and they can potentially support one another — or stress one another.”

Persons: Matthias Preindl, “ We’re, Preindl, “, ” Organizations: Ford Motor, General Motors, BMW, Columbia University

☆ Bob Kelley, Who Made the Kelley Blue Book an Authority on Cars, Dies at 96
▼ + stars: | 2024-06-05 | by ( Clay Risen | ) www.nytimes.com time to read: +1 min

Bob Kelley, who turned the Kelley Blue Book, a price list published by his family’s used-car dealership, into one of the world’s leading authorities on cars, trucks, motorcycles and pretty much anything else that gets you from point A to point B, died on May 28 at his home in Indian Wells, Calif., east of Los Angeles. The Kelley Blue Book started in 1926 at the Kelley Kar Co., a Los Angeles dealership founded by Mr. Kelley’s father, Sidney, and an uncle, Leslie Kelley. Mr. Kelley joined the company after the end of World War II, a prime time to get into the used-car business. The war had put an end to new-car production, and it would be several years before automakers could meet the demand. He was initially in charge of both valuations on new inventory and compiling the book, and he brought a jeweler’s eye to the job.

Persons: Bob Kelley, Kelley, Charlie Vogelheim, Kelley Kar, Kelley’s, Sidney, Leslie Kelley Organizations: Kelley, Kelley Kar Co Locations: Indian Wells, Calif, Los Angeles

☆ Stocks making the biggest moves premarket: Hewlett Packard Enterprise, Instacart, CrowdStrike and more
▼ + stars: | 2024-06-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Hewlett Packard Enterprise — The technology stock climbed 15% after Hewlett Packard reported stronger-than-expected results for its fiscal second quarter. Dollar Tree — The discount retailer slipped 2% after reporting first-quarter results that were in line with analysts' expectations, according to LSEG. PVH — Shares slipped more than 1% after the luxury clothing brand owner announced that Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe, would be leaving the company. PVH also reported a first-quarter earnings and revenue beat and raised its full-year earnings guidance. Instacart — Shares of the e-commerce company rose nearly 2% after an upgrade to buy from hold at research firm Gordon Haskett.

Persons: CrowdStrike, LSEG, Hewlett Packard, Rick Dreiling, PVH, Martijn Hagman, Tommy Hilfiger, Nio, Roaring Kitty, Tom O'Malley, Gordon Haskett, Hanesbrands, —, Jesse Pound Organizations: Hewlett Packard Enterprise, PVH, Reuters, AMC Entertainment, GameStop, Materials, KLA, Barclays, Taiwan Semiconductor Manufacturing, Authentic Brands Locations: PVH Europe, China

☆ Here's why privacy advocates say automakers are spying on drivers
▼ + stars: | 2024-06-05 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

Today's cars have an unprecedented capacity to surveil people inside and around them, and it's raising alarms with privacy advocates. A growing chorus of advocates and politicians say automakers aren't doing enough to protect consumer data from companies, criminals or even the government itself. "Our cars aren't a means of independence and privacy anymore," said Jen Caltrider, director of the Mozilla Foundation's Privacy Not Included program, in an interview with CNBC. GM, Nissan, Stellantis and BMW responded with statements saying they take customer privacy and data protection very seriously and comply with all applicable laws. In late April, two senators asked the Federal Trade Commission to investigate automakers for allegedly deceiving customers about the companies' data management practices.

Persons: Jen Caltrider, Caltrider, Nissan Organizations: General Motors, LexisNexis, GM, CNBC, Solutions, Mozilla Foundation, Mozilla, Nissan, BMW, Alliance, Automotive Innovation, Pew Research, Federal Trade Commission Locations: Florida

☆ Politics playing a role in electric vehicle adoption: Michigan Gov. Gretchen Whitmer
▼ + stars: | 2024-06-04 | by ( Ian Thomas | ) www.cnbc.com time to read: +5 min

The future of the electric vehicle is a critical issue for the U.S. auto industry and its home base of Detroit, Michigan. "We've seen politics bleed into this space," Whitmer said at the CNBC CEO Council Summit in Washington, D.C., on Tuesday. "I don't think [listening] changes your values, but you always have to be able to learn and to understand what's going on," Whitmer said. "We're going to meet our energy goals and our climate goals and nuclear is an important part of the equation. Do the next right thing, on behalf of your employees, on behalf of your employees, on behalf of your community."

Persons: It's, Gretchen Whitmer, Biden, Donald Trump's, Whitmer, EVs, we've, We've, Carl Quintanilla, I'm, it's Organizations: U.S, Michigan Gov, CNBC, Summit, Washington , D.C, EV, Republican, Democratic Locations: Detroit , Michigan, Washington ,, Michigan

Tokyo CNN —Japanese officials descended on the headquarters of Toyota on Tuesday, after a safety test scandal at a number of automakers in the country widened this week. The ministry said five automakers — Toyota (TM), Mazda, Honda (HMC), Suzuki and Yamaha — had submitted incorrect or manipulated safety test data when they applied for certification of the vehicles. All five companies were told to review their safety certification processes. Kyodo/ReutersKoji Endo of SBI Securities said that Japan’s certification tests are very stringent and much stricter than in other countries. In January, Toyota announced it would suspend shipments of certain models after finding irregularities in certification tests for diesel engines developed by its affiliate, Toyota Industries.

Persons: —, Suzuki, Yamaha —, Koji Endo, ”, “, ” Endo, Akio Toyoda, Toyota’s Organizations: Tokyo CNN, Toyota, Japan’s Ministry of Transport, CNN, — Toyota, Mazda, Honda, Yamaha, Corolla Fielder, Corolla, Kyodo, SBI Securities, Transport Ministry, Toyota Industries, Daihatsu Locations: Japan

☆ Musk accused of improperly selling $7.5 billion in Tesla stock before weak sales report that crashed its price
▼ + stars: | 2024-06-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Musk likely knew the weaker sales report was coming at the time of the sale, the suit charges. Tesla stock sales funded Twitter purchaseBefore Musk started his efforts to buy social media platform Twitter, now known as X, the billionaire executive rarely sold Tesla shares. But from April through December in 2022, Musk sold $22.9 billion worth of Tesla stock in unscheduled sales to help fund his $44 billion purchase of Twitter that year. His sales in November and December of 2022, along with the price cuts in China, helped to push down the price of Tesla shares even before the January sales report. Tesla shares soon rebounded, though, and more than doubled during the course of 2023 to close at $248.48.

Persons: New York CNN — Elon Musk, “, Tesla, “ Musk, ”, Michael Perry, Perry, Musk, “ I’m Organizations: New, New York CNN, Twitter, SpaceX, Securities and Exchange Commission, Bloomberg, Tesla Locations: New York, Tesla, China, Delaware Chancery, Delaware

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