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☆ India's Tata Motors jumps to a 7-month high on strong Q4 JLR sales
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors's shares were the top gainer on India's bluechip Nifty 50 index (.NSEI), which was up 0.33%, and pushed the auto index (.NIFTYAUTO) up 1.16%. Tata Motors' global wholesales rose 8% in the quarter. JLR's sales contribute nearly 60% of Tata Motors's revenue from operations and the British automaker's strong sales in the October-December quarter had lifted the group to its first profit in two years. "The market is underestimating JLR's EBIT (earnings before interest and tax) margin potential from upcoming phase of wholesale volumes," Goldman Sachs said in a note. Tata Motors's stock hit a high of 473.30 rupees on the day, before giving up some gains to trade up about 6% at 463.75 rupees in early afternoon trading.

☆ Factbox: Tesla sets stage for annual shareholder meeting
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Tesla Inc (TSLA.O) has put up five proposals for vote at its annual shareholder meeting on May 16, including the nomination of co-founder JB Straubel to the electric-vehicle maker's board. Tesla shareholders usually vote largely in line with board recommendations. FREQUENCY OF NON-BINDING VOTE ON EXECUTIVE COMPENSATIONTesla said shareholders will vote on how frequently they would prefer a non-binding, advisory vote on compensation for executive officers. Investors will choose between one, two and three-year intervals for the non-binding vote on executive compensation, the board said, adding that it recommends a three-year interval. The EV maker has urged shareholders to vote against the proposal, saying it "would cause unnecessary competitive harm".

A new EV platform, if implemented, would be the result of a far-reaching review of Toyota's electric-car strategy undertaken last year. Its current production architecture, the e-TNGA system, was launched in 2019 and produces electric vehicles on the same assembly line as gasoline cars and hybrids. The briefing was given by the former chief competitive officer tasked with the EV strategy review, Shigeki Terashi, according to the person. So far it has fallen short - its initial battery EV, the bZ4X, suffered an early recall and has had only limited sales. GM sold more than 20,000 electric vehicles during the first quarter while Toyota and its luxury brand Lexus sold about 1,880 battery electrics.

☆ Stellantis unveils Ram EV pickup, to debut late in 2024, at New York auto show
▼ + stars: | 2023-04-05 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The EV truck will go on sale in one of the most important segments of the North American electric vehicle market. Stellantis CEO Carlos Tavares said the truck will be built in the U.S. and the location would be announced soon. He told reporters on the sidelines of the auto show that consumers will choose the Ram over other EV trucks because it will exceed other trucks' performance on range, speed of charge, towing and other factors. The Ram truck's launch late in 2024 will come more than two years after similar EV trucks like the Rivian (RIVN.O) R1T electric pickup and Ford's (F.N) F-150 Lightning electric truck. The RAM EV truck will be built on a new body-on-frame architecture designed for full-size EVs, capable of towing up to 14,000 lbs and carry a payload of up to 2,700 lbs.

☆ Ford plans "dramatic reductions" in product complexity - exec
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Phil NobleCompanies Ford Motor Co FollowDETROIT, April 5 (Reuters) - Ford Motor Co (F.N) plans "dramatic reductions" in the complexity of its product lineup starting in the 2024 model year, Jim Baumbick, the automaker's product development chief, said Wednesday at a conference hosted by Bank of America. At the same time, Ford plans to develop more variations of certain model lines, such as the Bronco SUV, because they offer 30% or greater profit margins compared to the base model, Baumbick said. Ford Chief Executive Jim Farley has said the automaker's product lineup and vehicle architectures are too complex and too costly. Ford is driving to cut billions from operating costs after 2022 profits fell short of investor expectations. Ford is also "rushing to add capacity" to build more Maverick compact pickup trucks, he said.

GM shares were trading down nearly 2% at midday, even though CFO Paul Jacobson said demand for GM's trucks and SUVs remains strong in the United States. GM has been able to raise prices in the United States over the past two years as supply chain bottlenecks kept production in check. GM will cut production to keep inventories in check, Jacobson said. GM has three battery factories in North America, and will announce the location of a fourth domestic battery plant soon, he said. Jacobson added that the company was going to have to "prioritize down" on growth businesses to focus on preserving cash.

☆ China's GWM taps Brazil's WEG for electric vehicle charging network
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] EV car Good Cat by Ora, a brand by Great Wall Motors, is displayed at the Bangkok International Motor show in Bangkok, Thailand, March 22, 2022. REUTERS/Athit PerawongmethaSAO PAULO, April 4 (Reuters) - Chinese electric car maker Great Wall Motors (GWM) (601633.SS) on Tuesday said is planning to install an electric vehicle charging network in Brazil through an exclusive partnership with local motor manufacturer WEG (WEGE3.SA). The partnership involves developing "a broad network for recharging electrified vehicles at dealerships, parking lots, shopping malls and other commercial establishments," GWM said in a statement. WEG will provide the Chinese firm "electric vehicle chargers to be sold to consumers and to be installed at the automaker's dealerships," it added. ($1 = 5.0852 reais)Reporting by Alberto Alerigi Jr., editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

GM CFO Paul Jacobson said Tuesday the automaker expects to take a roughly $1 billion charge during the quarter as a result of the program. The headcount reduction was part of the company's plans to cut $2 billion in structural costs over the next two years. The voluntary buyouts were offered to a majority of the company's 58,000 U.S. white-collar employees. To qualify for the program, salaried employees needed to have worked at the company for five years as of June 30 this year. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.

☆ Tesla misses delivery estimates as weak economy overshadows price cuts
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

Tesla delivered 422,875 vehicles, a record high for the automaker but smaller than analyst expectations for 430,008 vehicles, according to Refinitiv data. Tesla deliveries grew 4% from the previous quarter and were 36% higher than a year ago. Tesla delivered 6% more of its mainstay Model 3/Model Y vehicles than the previous quarter. In January, Tesla slashed prices globally by as much as 20%, unleashing a price war after missing Wall Street delivery estimates for 2022. Shares have soared more than 68% this year on hopes that Tesla would win the price war it started, although the stock remains more than 50% below its November 2021 peak.

☆ VW pledges to double down on EVs in China, urges extension of NEV tax breaks
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

"The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve," Mecha said. He added that despite softer short term demand in China, the company is confident that there would be a recovery. In February, Chinese electrified vehicle maker BYD outsold the Volkswagen-branded cars to be the best-selling passenger car brand in the world's largest auto market for the second month in four. In September, China extended the tax exemption on such vehicles by a year to the end of 2023. ($1 = 0.9226 euros)Reporting by Zhang Yan, Hongwei Li, Brenda Goh; Editing by William Mallard and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Ford hikes F-150 Lightning's price again to battle high costs
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca CookMarch 30 (Reuters) - Ford Motor Co (F.N) has raised the base price of its popular F-150 Lightning electric pickup truck again, the automaker's website showed on Thursday, the latest in a series of price hikes aimed at offsetting high costs. The base variant of Ford's electric F-150 truck now starts at $59,974, excluding shipping and taxes, up nearly 50% from its starting price when launched last year. The Detroit automaker resumed production of the F-150 Lightning earlier this month after recalling 18 electric trucks due to a battery-cell manufacturing defect. A week earlier, Ford said its electric-vehicle business unit was expected to lose $3 billion this year, but remained on track to achieve a pretax margin of 8% by late 2026.

☆ Here are Thursday's biggest analyst calls: Ford, Tesla, Netflix, Charles Schwab, Costco & more
▼ + stars: | 2023-03-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating on Ford. Evercore ISI upgrades Walmart to outperform from in line Evercore said the "traffic turn [is] building" for Walmart. Morgan Stanley downgrades Charles Schwab to equal weight from overweight Morgan Stanley said it has "less confidence" in the stock. Evercore ISI reiterates Meta as outperform Evercore said it's bullish on Meta's messaging monetization opportunity. Piper Sandler reiterates Tesla as overweight Piper said it's bullish heading into the automaker's delivery numbers this weekend.

☆ Jeep's CEO doesn't think there are enough raw materials on earth to meet electric-car demand
▼ + stars: | 2023-03-29 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Automakers are already racing to secure limited raw materials. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStellantis' CEO doesn't think there are enough raw materials readily available to meet electric vehicle needs. "The affordability is not there, because the raw materials are scarce and very expensive, and I would add very volatile," Tavares said. Tesla CEO Elon Musk has emphasized just how much of a challenge getting these materials will be for EV-makers. Even mining executives have expressed concern that demand for these materials continues to outstrip the current available supply.

The five-day trial on damages, in federal court in San Francisco, comes after a jury in 2021 found Tesla liable for discrimination and ordered the company to pay Diaz $137 million. Diaz rejected the lower payout and opted for a new trial on damages before a different jury. Tesla has maintained that it does not tolerate workplace harassment and takes discrimination complaints seriously. The lawyer testified that while Tesla had adopted adequate anti-bias policies, the company failed to properly investigate and respond to complaints from Diaz and other Black workers. Reporting by Daniel Wiessner in Albany, New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Here's our March rapid-fire update on all 36 stocks in Jim Cramer's Investing Club portfolio
▼ + stars: | 2023-03-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. But importantly, the chipmaker has joined Apple in rarified air, becoming an "own it, don't trade it" stock for the Club. The company's business can withstand an economic slowdown and benefits from a weaker U.S. dollar because of its large international presence. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Warren Buffett missed out on a monster return by not investing in Tesla early on, Elon Musk says
▼ + stars: | 2023-03-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett missed out on a monster return by not betting on Tesla early on, Elon Musk says. The famed investor and Berkshire Hathaway CEO could have achieved a similar result by simply betting on Tesla early on, Elon Musk says. He was commenting on a video clip showing how Berkshire's stock portfolio has changed over the last three decades or so. Buffett won't be kicking himself too hard, given Berkshire's stock portfolio ballooned in value by more than 20-fold between 1994 and the end of 2022. Buffett and Munger might have made more money on Tesla stock, but they were never likely to join the ranks of Musk's shareholders.

☆ Ford CEO channels Elon Musk, saying the automaker's next electric truck will drive itself while you sleep
▼ + stars: | 2023-03-24 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +2 min

In Elon Musk-like fashion, Ford CEO Jim Farley just made big claims about self-driving tech. Farley told Bloomberg in an interview that Ford's next pickup will drive itself. In a new interview with Bloomberg published Friday, Farley upped his company's pressure on Tesla, saying the company's next electric truck set to debut in 2025 is a "breakthrough product." For years, Musk has claimed that self-driving Teslas are coming, but the tech isn't ready yet. The declaration about self-driving tech comes mere months after Ford shut down Argo AI, its autonomous-driving unit that was working on self-driving taxis.

☆ Stocks making the biggest moves midday: Netflix, Block, Snap, KB Home and more
▼ + stars: | 2023-03-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Netflix — The streaming giant's stock climbed 8.5% following a report from YipitData that said the company's gross additions in Canada have improved. Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company's internal systems as a "Wild West" approach to compliance. Meta Platforms , Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. KB Home — Shares rallied 8.8% after the homebuilder's fiscal first-quarter earnings beat expectations.

As the image shows, on an earnings before interest and tax (EBIT) basis, Ford Model e had a profit margin of roughly negative 40% in 2022. Ford Motor disclosed on Thursday that its electric vehicle unit, called Ford Model e, lost $2.1 billion in 2022 — and could lose as much as $3 billion in 2023. Here, step by step, is how Lawler said Ford expects Model e to get to a positive 8% EBIT profit margin in under four years:Scale. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026.

☆ Mazda to appoint former North America head Moro as next CEO
▼ + stars: | 2023-03-17 | by ( Daniel Leussink | ) www.reuters.com time to read: +2 min

[1/2] Masahiro Moro, President and CEO of Mazda North America, speaks at the Los Angeles Auto Show in Los Angeles, California U.S. November 29, 2017. Moro, 62, currently a director and senior managing executive officer, had previously served as the head of the automaker's North America operations. Current President and CEO Akira Marumoto, who took up his role in 2018, will step down from his posts at that time, Mazda added. Mazda also nominated Jeff Guyton, 56, senior managing executive officer and its current North America head, as chief financial officer and assistant to the president pending the June approval of the shareholders and board. ($1 = 132.9600 yen)Reporting by Daniel Leussink; Editing by Kim Coghill and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Mazda to nominate former North America head as next CEO
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 17 (Reuters) - Mazda Motor Corp (7261.T) will appoint Masahiro Moro, director and senior managing executive officer, as its new president and CEO, the Japanese automaker said on Friday. The 62-year-old, a 40-year company veteran who previously served as the head of the automaker's North America operations, will officially take over pending the approval of the shareholders and board in June. Current President and CEO Akira Marumoto, who took up his role in 2018, will step down from his posts at that time, the company said. Marumoto would continue to serve as an adviser, the Nikkei newspaper reported separately on Friday. Mazda said incumbent representative director and chairman of the board Kiyotaka Shobuda would remain in his post.

☆ Mazda to nominate former North America head as the next CEO
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: +1 min

Mazda will appoint Masahiro Moro, director and senior managing executive officer, as its new president and CEO, the Japanese automaker said on Friday. The 62-year-old, a 40-year company veteran who previously served as the head of the automaker's North America operations, will officially take over pending the approval of the shareholders and board in June. Current President and CEO Akira Marumoto, who took up his role in 2018, will step down from his posts at that time, the company said. Marumoto would continue to serve as an adviser, the Nikkei newspaper reported separately on Friday. Mazda said incumbent representative director and chairman of the board Kiyotaka Shobuda would remain in his post.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

The tool and die workers in a 62-9 vote rejected a campaign by the International Association of Machinists and Aerospace Workers (IAM), according to results announced by the U.S. National Labor Relations Board. The 75 technicians would have been the first group to unionize at the Japanese automaker's largest assembly plant in North America. Nissan spokesperson Lloryn Love-Carter said, "Nissan respects this decision, and we remain focused on working with employees to drive our future forward together." “The IAM will continue to support these workers so we will be prepared for them to join our union when the time is right again," the union said. In 1989 and 2001, workers in Smyrna voted overwhelmingly against joining the United Auto Workers union.

☆ Tesla's price war is starting to backfire
▼ + stars: | 2023-03-14 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

"Tesla's price cuts started a broader round of industry price reductions," Morgan Stanley auto analyst Adam Jonas said in a note to clients on March 10. Its biggest competition there, BYD (whose stock has declined since the price war began), has also introduced discounts. "April is now the crunch to put a pause in the price war," the analysts said. But some automakers, like GM and Volkswagen, opted not to engage in the price war. "We gauge a full-blown price war would urge consumers to stay sidelined and await more promotions/discounts to come."

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