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Ford Motor Company's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022. DETROIT – Ford Motor 's second-quarter sales increased 9.9% from a year earlier, spurred by significant sales gains of its F-Series trucks. "Our EV sales continue to grow. Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June." Ford's electric vehicle sales remain small for now: EVs represented just 2.8% of the automaker's total sales during the second quarter, while traditional internal combustion engines represented roughly 91% of sales.

Persons: Ford, Andrew Frick, EVs Organizations: Ford, Electric Vehicle, DETROIT, Detroit, EV Locations: Dearborn , Michigan

☆ Automakers' contract negotiations will decide potential EV future for idled Illinois plant
▼ + stars: | 2023-07-05 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +6 min

The real question is how long will UAW workers stay off the job, said Mark Wakefield, co-head of AlixPartners' automotive practice. Around 1,680 union workers company-wide agreed to take the buyout, according to a union representative. He opted for a voluntary transfer to a Stellantis plant in Toledo, Ohio. Illinois Governor J.B. Pritzker has also stepped up efforts to salvage the 58-year-old Belvidere plant that once employed 4,500 union workers. Reporting by Bianca Flowers in Belvidere, Illinois Additonal reporting by Joseph White in Detroit Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Matt Frantzen, Tesla, Shawn Fain, Fain, Mark Wakefield, Wakefield, Mary Barra, Jim Farley, Barra, Farley, Carlos Tavares, Stellantis, Robert Stacy, Auston Gore, Joe Biden, J.B, Pritzker, Brandon Campbell, Bianca Flowers, Joseph White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, automakers, UAW, General Motors, Ford, Detroit, CNBC, Detroit Free Press, Stellantis, U.S, Illinois, EVs, Thomson Locations: BELVIDERE , Illinois, Illinois, Belvidere, idled, U.S, Washington, EVs, Toledo , Ohio, Chicago, Belvidere ., Michigan, Indiana, Belvidere , Illinois, Detroit

☆ Tesla shares rise over 7% after delivery and production numbers beat expectations
▼ + stars: | 2023-07-03 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. Tesla shares rose over 7% in Monday morning trading, driven in part by stronger-than-expected second quarter deliveries and production numbers. The numbers, from the automaker's Sunday report, are the closest company-disclosed approximation of sales and are closely watched by analysts and shareholders. Tesla beat that estimate by over 20,000 cars, delivering 466,140 vehicles for the second quarter of 2023. Shares remain well off pandemic highs, when the stock briefly sustained above $407 in November 2021, but have since largely recovered from a December 2022 bottom of $101.81.

Persons: Elon Musk, Tesla Locations: Beijing, China, U.S

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ EV maker Lordstown Motors begins bankruptcy embroiled in disputes
▼ + stars: | 2023-06-28 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 28 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) began its bankruptcy case embroiled in litigation, laying out disputes with estranged partner Foxconn, rival electric vehicle manufacturer Karma Automotive, the U.S. Securities and Exchange Commission and several investor groups during its first court appearance. Lordstown has alleged that Foxconn broke its promises to invest $170 million in Lordstown and collaborate with the company on vehicle development plans. Lordstown had struggled with higher-than-expected costs, production shortfalls, and litigation risk well before Foxconn agreed to purchase Lordstown's Ohio manufacturing vehicle center in 2021, Murphy said. Several investor groups have also brought claims against Lordstown, alleging that the electric truck startup misled consumers and investors.

Persons: Rebecca Cook, Foxconn, Lordstown, Thomas Lauria, Mary Walrath, Lauria, Walrath, Matthew Murphy, Murphy, Karma, James Sowka, Dietrich Knauth, Stephen Coates Organizations: REUTERS, Lordstown Motors, Karma Automotive, U.S . Securities, Exchange Commission, Taiwan's, U.S . Securities & Exchange, Lordstown, SEC, General, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Wilmington , Delaware, Delaware, Ohio, Foxconn, Delaware and Ohio, California

The preliminary report said Nissan had installed two sets of security cameras at the entrance to Gupta's house in Tokyo's Shibuya ward, the people said. Uchida and Gupta, who was still a Nissan director and chief operating officer on June 20, were recused from the board meeting. In his letter, Nada asked for an international law firm to be brought in to investigate the surveillance of Gupta. Reuters was unable to determine if either law firm had made any finding about the harassment claim itself, beyond how it was handled. Nada said in his letter he understood that Japanese law firm Anderson Mori & Tomotsune had investigated the claim.

Persons: Ashwani Gupta, Makoto Uchida, Davis Polk, Gupta, Uchida, Nissan, Akira Takeuchi, Hari Nada, Nada, Iwata Godo, Motoo Nagai, Nagai, Anderson Mori, Tomotsune, Daniel Leussink, Maki Shiraki, Kevin Krolicki, David Clarke Organizations: Nissan, Renault, Reuters, NEW, Senior Renault, Thomson Locations: Yokohama, Tokyo's Shibuya, Tokyo, French, Austin , Texas

June 27 (Reuters) - Tesla's (TSLA.O) electric-vehicle charging technology is being put on a fast track to become a North American standard, giving a further boost to the automaker's plan to expand access to its once-exclusive chargers. Tesla's charging technology has been gathering momentum for weeks. Volvo Car (VOLCARb.ST) on Tuesday joined General Motors (GM.N), Ford (F.N) and Rivian (RIVN.O) in embracing Tesla's charging design, shunning earlier efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States. Tesla calls its technology "the North American Charging Standard (NACS)," but it has yet to be approved as a standard by SAE International. Building out the public charging network will require between $33 billion and $55 billion of cumulative public and private capital investment, according to the NREL study.

Persons: Biden, Tesla, Frank Menchaca, It's, Ali Zaidi, Hyunjoo Jin, Trevor Hunnicutt, Peter Henderson, Matthew Lewis Organizations: Volvo, Tuesday, General Motors, Ford, SAE, GM, Sustainable Mobility, SAE International, Reuters, American, National Renewable Energy Laboratory, Biden, White, CCS, Thomson Locations: American, United States, Texas, Washington, San Francisco

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

TOKYO, June 27 (Reuters) - Nissan Motor (7201.T) shareholders on Tuesday backed Chief Executive Makoto Uchida and other board nominees at its first annual general meeting since reaching a new deal with alliance partner Renault (RENA.PA). The shareholder meeting has taken place amid new ructions for the automaker's management. Nissan is investigating claims that Uchida carried out surveillance of deputy Ashwani Gupta, sources have said. There were no questions by shareholders about the claims at the shareholder meeting. Shareholders on Tuesday also rejected a proposal by an individual investor for higher dividends this financial year that was opposed by the company's board.

Persons: Makoto Uchida, Uchida, Ashwani Gupta, Gupta, Brenda Harvey, Maki Shiraki, Daniel Leussink, Chang, Ran Kim, David Dolan, Edwina Gibbs Organizations: Nissan, Renault, IBM, Reuters, Thomson Locations: TOKYO

☆ Watch new videos of Tesla's Cybertruck that show off new features — including its 'vault' and no door handles
▼ + stars: | 2023-06-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Videos from the event show the EV's electronic tonneau and how to get into the truck without door handles. Elon Musk has said Tesla will start deliveries of the Cybertruck later this year. Tesla's chief designer Franz von Holzhausen showed off the automaker's highly anticipated Cybertruck at Petersen Automotive Museum in California on Sunday. One video from the event showed more of Tesla's Cybertruck "vault," also known as the truck's bed. Insider previously reported that previous photos of the Cybertruck showed the massive windshield wiper leaves much to be desired.

Persons: Tesla, Franz von Holzhausen, Elon Musk, Von Holzhausen, Musk Organizations: Petersen Automotive Museum, Twitter Locations: California

☆ Ford to cut jobs in the US, Canada to trim costs
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will begin layoffs this week, impacting mostly engineering jobs in the U.S. and Canada, as part of the Detroit automaker's move to exit unprofitable locations and cut headcount. The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. "This is related to the Ford+ growth plan we introduced in 2021," the company added. CNBC reported on Monday job cuts were expected to affect all three of Ford's business units - Ford Blue, Model e and Ford Pro. In February, Ford also detailed plans to eliminate 3,800 product development and administration jobs in Europe in the next three years.

Persons: Ford, Stellantis, Jim Farley, Aishwarya Nair, Priyamvada, Krishna Chandra Organizations: Ford Motor, Detroit, Street Journal, General Motors, CNBC, Ford, Ford Pro, Thomson Locations: U.S, Canada, North America, Europe, Bengaluru

☆ Lordstown Motors files for bankruptcy protection, sues Foxconn
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown, named after the Ohio town where it is based, filed for Chapter 11 protection in Delaware and simultaneously took legal action against Foxconn. Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds a roughly 8.4% ownership stake in the EV maker. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Foxconn, formally called Hon Hai Precision Industry and best known for assembling Apple's iPhones, has said Lordstown breached the investment agreement when the automaker's stock fell below $1 per share.

Persons: Lordstown, Foxconn, Apple's Organizations: Lordstown Motors, U.S, Foxconn, Hai Precision Industry Locations: Taiwan, Ohio, Delaware, Lordstown

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Tesla on Autopilot crashes into stopped truck in Pennsylvania -police
▼ + stars: | 2023-06-26 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

June 26 (Reuters) - A Tesla (TSLA.O) vehicle that was operating on its Autopilot software crashed into a stationary truck on a highway in Pennsylvania on Friday night, police said, adding to scrutiny of the automaker's driver assistance system. The police said the car lost control due to being on Autopilot, adding that the 18-year-old male driver was charged with "careless driving." U.S. regulators have been investigating a series of accidents where Tesla vehicles on Autopilot collided with parked emergency vehicles. In February, a Tesla Model S crashed into a stationary fire truck in Walnut Creek, California, killing the car's driver and triggering an investigation by the National Highway Traffic Safety Administration. Tesla says Autopilot enables a car to steer, accelerate and brake automatically within its lane, but those features require active driver supervision and do not make the vehicle autonomous.

Persons: Tesla, Hyunjoo Jin, Jamie Freed Organizations: Freightliner, Pennsylvania State Police, Tesla, National, Traffic Safety, Thomson Locations: Pennsylvania, Walnut Creek , California

TOKYO, June 24 (Reuters) - Nissan (7201.T) has launched an investigation into claims by a senior adviser that Chief Executive Makoto Uchida carried out surveillance of his deputy Ashwani Gupta, four people with direct knowledge of the matter said. In the letter, Nada said Uchida carried out surveillance over a long period. Asked to comment on the surveillance investigation, Nissan said in response to Reuters: "Independent third parties have been retained to verify facts and carry out appropriate actions." Nada did not detail in the letter how he knew of the alleged surveillance of Gupta. Nada is a member of two executive committees established by Nissan in 2019 as part of a governance reform after the Ghosn scandal.

Persons: Makoto Uchida, Ashwani Gupta, Hari Nada, Nada, Uchida, Renault, Gupta, Nissan, Akira Takeuchi, Anderson Mori, Tomotsune, Carlos Ghosn, Ghosn, Jean, Dominique Senard, Luca de Meo, de Meo, Greg Kelly, Nissan's, Ampere, David Dolan, Gilles Guillaume, Kevin Krolicki, David Clarke Organizations: Nissan, Financial Times, Reuters, Renault, NISSAN, RENAULT, Thomson Locations: TOKYO, Tokyo, Lebanon, Japan, Paris

☆ Applied Materials to invest $400 million in India for new engineering center
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - U.S. semiconductor toolmaker Applied Materials (AMAT.O) will invest $400 million over four years in a new engineering center in India, the company said on Thursday. Indian Prime Minister Narendra Modi had met with the company's CEO Gary Dickerson in Washington on Wednesday and invited Applied to strengthen the chip industry in the country. Modi also met Tesla (TSLA.O) CEO Elon Musk after which the automaker's top boss said the company will try to be in India "as soon as humanly possible." Applied currently operates across six sites in India and works closely with Indian Institute of Science, Bangalore and the Indian Institute of Technology in Mumbai, two of the country's prestigious institutions. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Narendra Modi, Gary Dickerson, Electric's, Modi, Tesla, Elon Musk, Akash Sriram, Anil D'Silva, Sriraj Organizations: Indian, Hindustan Aeronautics Ltd, Indian Institute of Science, Indian Institute of Technology, Thomson Locations: India, Washington, Bengaluru, Bangalore, Mumbai

☆ Ford preparing for new round of layoffs for US salaried workers, Wall Street Journal reports
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Ford Motor (F.N) is preparing for a new round of layoffs for its salaried workers in the United States, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company in March last year announced plans to reduce structural costs of up to $3 billion at its gas-powered vehicle unit. In August, Ford said it would cut a total of 3,000 salaried and contract jobs, mostly in North America and India. Price hikes and strong demand for new vehicles have helped automakers counter some inflationary headwinds, though higher costs of raw material remain a challenge. Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Ford, Stellantis, Nathan Gomes, Maju Samuel, Devika Organizations: Ford, Wall Street, Detroit, General Motors, Thomson Locations: United States, North America, India, Bengaluru

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

☆ Why GM is sunsetting the classic Chevrolet Camaro
▼ + stars: | 2023-06-21 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +3 min

Fans like Mercado have helped keep the Camaro alive since it was introduced as a competitor to the Ford Mustang in 1966. That makes the Ford Mustang the last vehicle in the segment standing in its current gas-burning form. By that time it was lagging far behind competitors: The Ford Mustang sold 72,489 units in 2019, and the Challenger, 60,997. Sedans and smaller calls made up 43% of all vehicle sales in 2010. "Just like we've done in the past, it had a little bit of a hiatus," said Harlan Charles, product manager for Corvette and Camaro.

Persons: Francisco, Cisco, Mercado, General Motors, Dodge, Ford, That's, Harlan Charles, we'll Organizations: CNBC, Ford, General, Stellantis, Dodge, Challenger, P Global Mobility, Sports, GM, Corvette

☆ The $24,000 Hyundai Santa Cruz is a truck that feels like an SUV. It's also the perfect adventure vehicle.
▼ + stars: | 2023-06-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz.

Persons: Santa Cruz, Tim Levin, Ford, that's, Ford's, I'd, It's, Apple, it's, I'm Organizations: Santa Cruz, Hyundai, Sporting, Toyota, Ford, Santa Cruz's, Subaru Locations: Santa, Santa Cruz, clothe, Toyota Tacoma

☆ Ford CEO says Tesla's Cybertruck is only for 'Silicon Valley people' and he's not threatened by it: 'I make trucks for real people who do real work'
▼ + stars: | 2023-06-21 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Ford's CEO said Tesla's Cybertruck is for "Silicon Valley people" not "real people who do real work." Jim Farley said Tesla's pickup truck won't compete with the F-150 Lightning. Ford CEO Jim Farley dismissed concerns that Tesla's Cybertruck could pose a threat to the automaker's F-150 Lightning electric pickup truck during an interview with CNBC's Jim Cramer on Tuesday. Up until recently, Ford has been one of few automakers to produce an EV pickup truck. Farley went on to describe Tesla's pickup truck as "like a cool high-end product parked in front of a hotel."

Persons: Tesla's Cybertruck, Jim Farley, Tesla, it's, CNBC's Jim Cramer, Farley, Ford, Kelley, Elon Musk, MotorTrend, Insider's Nora Naughton Organizations: Morning, Wired, Ford, CNBC Locations: America, Silicon

☆ Analyst says this automaker could be next in line for a Tesla supercharger deal
▼ + stars: | 2023-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

TSLA GM,F 1M line General Motors also struck a similar deal with Tesla earlier this month. "By opening the charging infrastructure, that alleviates the main concern in the U.S., which is range anxiety. The de facto plug standard Narayan also said that such collaborations with Tesla could set a new standard in the automobile industry. Analysts have also suggested that any costs incurred by the carmakers for transitioning to Tesla's North American Charging Standard (NACS) plug standard will likely be immaterial, given the stakes. Since Nov. 2021, Tesla has opened its supercharger network in Europe, Australia, and China to non-Tesla vehicles.

Persons: Tesla, Tom Narayan, Ford, they're, Narayan, it's, Alex Vrabel, Mercedes Organizations: Chrysler, Peugeot, Maserati, RBC, Ford, General Motors, Detroit, GM, Motors, Tesla, CNBC, Toyota, Honda Civic, of, Global, BMW, Volkswagen Locations: U.S, United States, Europe, Australia, China

☆ Hyundai to consider joining Tesla's North American charging standard alliance
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

SEOUL, June 20 (Reuters) - Hyundai Motor (005380.KS) will consider making its vehicles more readily compatible with the charging standard Tesla (TSLA.O) is pushing for in North America, the South Korean automaker's CEO said on Tuesday. Tesla's Superchargers make up about 60% of available U.S. fast chargers and Ford (F.N) and General Motors (GM.N) have in recent weeks struck deals with Tesla to use its charging technology, now dubbed the North American Charging Standard (NACS). Jaehoon Chang, who is also Hyundai's president, said the company would consider joining the alliance of automakers shifting to Tesla's standard, but that it would have to determine that was in the interest of its customers. One issue, he said, is that Tesla's current network of Superchargers does not allow for the faster charging Hyundai's electric vehicles can achieve on other chargers. Hyundai's new electric cars, including the Ioniq 5, use an 800-volt electrical architecture to allow for faster charging, while Tesla's Superchargers operate at a lower voltage.

Persons: Tesla's Superchargers, Tesla, Jaehoon Chang, Chang, Tesla's, Biden, Hyunsu Yim, Kevin Krolicki, Jan Harvey Organizations: Hyundai, Korean, Ford, General Motors, American, U.S, Thomson Locations: SEOUL, KS, North America, U.S, Seoul

☆ U.S. lawmakers to urge automakers to cut their reliance on China
▼ + stars: | 2023-06-19 | by ( ) www.cnbc.com time to read: +2 min

A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor and General Motors to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday. The focus on Chinese auto parts comes soon after U.S. Secretary of State Antony Blinken made a rare visit to Beijing and hours of meetings failed to produce any major breakthroughs. The $430 billion Inflation Reduction Act (IRA) signed by President Joe Biden in August aims to wean U.S. EV production from Chinese supply chains by imposing new conditions on EV tax credits. Ford's deal announced in February to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan has drawn criticism from some lawmakers. Republican Senator Marco Rubio has asked the Biden administration to block EV tax credits for batteries produced using Chinese technology.

Persons: Bolt, Tesla, Jim Farley, Mary Barra, Mike Gallagher, John Moolenaar, Raja Krishnamoorthi, Haley Stevens, Antony Blinken, Ford, Gallagher, Joe Biden, Ford's, Marco Rubio, Biden Organizations: Ford, Ford Motor, General Motors, Reuters, China, Bosch, Energy, U.S, Republican, Bloomberg Locations: Orion Township , Michigan, EVs, U.S, China, Detroit, Continental, Beijing, Shanghai, American, Michigan

☆ Elon Musk says Tesla's market cap is directly tied to whether it solves autonomous driving
▼ + stars: | 2023-06-16 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Tesla CEO Elon Musk thinks the automaker's market capitalization is directly tied to whether the automaker is able to solve autonomous driving, the billionaire told LVMH scion Antoine Arnault on Friday. "Sometimes I've said, 'Hey, I think the stock price is too high at Tesla,' and then the stock price goes up. But Musk also suggested Tesla's market cap was tied to whether the company could perfect autonomous driving technology. "Really the value of the company is primarily on the basis of autonomy," Musk said. Musk has said for several years that Tesla is close to solving autonomous driving, but the company's cars still only provide advanced driver assistance features.

Persons: Elon Musk, Porte, LVMH, Antoine Arnault, Musk, I've, that's, Tesla Organizations: SpaceX, Tesla, Viva Technology, Porte de Locations: Paris

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