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☆ How Ford can challenge a powerful Chinese EV maker's potential entrance in the U.S.
▼ + stars: | 2024-02-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +10 min

Forget Tesla , the real competition in electric vehicles is low-cost Chinese automakers. Farley wants to be prepared even if the U.S. government were to step in to curtail Chinese automakers' access. Outlook Ford investors shouldn't be concerned in the short term since Chinese EV competitors won't enter the market overnight. To that end, a group of lawmakers has urged the White House to boost tariffs on Chinese vehicles and figure out a way to be "prepared to address the coming wave" of Chinese vehicles by way of U.S. other trading partners. The cost of production will become more efficient, resulting in a more competitive and hopefully profitable Ford EV product.

Persons: Forget Tesla, Jim Farley, BYD, Ford, Farley, —, Warren, Berkshire Hathaway, Morgan Stanley, I've, Tom Narayan, Stellantis, Narayan, Tesla, Jim Cramer, Jim, It's, RBC's Narayan, Ford's Farley, Wolfe, Jeff Windau, Edward Jones, shouldn't, Biden, Windau, doesn't bode, Jim Cramer's, Charly Triballeau Organizations: Nikkei, Wolfe Research, Ford, RBC Capital Markets, U.S, EV, Detroit, General Motors, Chrysler, Ford Blue, Ford Pro, Ford Model, CNBC, ICE, Ferrari, North, Outlook, Bloomberg, Ford EV, American EV, AFP, Getty Locations: U.S, Mexico, China, Europe, Indonesia, Hungary, Thailand, Inwood , New York

☆ A Wrecking Ball From China Is Heading Toward the Big 3 Automakers - The New York Times
▼ + stars: | 2024-02-27 | by ( Robinson Meyer | ) www.nytimes.com time to read: +1 min

Over the past few months, America’s Big Three automakers — Ford, General Motors and Stellantis, the oddly named company that owns Dodge, Chrysler and Jeep — landed in big trouble. Ford, General Motors and Stellantis made billions in profit last year, even after a lengthy strike by autoworkers, and all three companies are forecasting a big 2024. The biggest threat to the Big Three comes from a new crop of Chinese automakers, especially BYD, which specialize in producing plug-in hybrid and fully electric vehicles. BYD’s growth is astounding: It sold three million electrified vehicles last year, more than any other company, and it now has enough production capacity in China to manufacture four million cars a year. A deluge of electric vehicles is coming.

Persons: —, Stellantis, autoworkers, America Organizations: — Ford, General Motors, Dodge, Chrysler Locations: U.S, China, Brazil, Thailand, Hungary, Uzbekistan, Indonesia, Mexico

Hybrid vehicles led the 2024 top vehicle rankings released Tuesday by influential product testing organization Consumer Reports. Such "electrified" vehicles, including plug-in hybrid models, represented six of the top 10 picks by the nonprofit consumer organization. Toyota's four vehicles in the top 10 rankings were all hybrid or plug-in hybrid vehicles. Both hybrids and plug-in hybrids have a traditional engine combined with EV technologies. Plug-in hybrids typically have a larger battery to provide for all-electric driving for a certain number of miles until an engine is needed to power the vehicle or electric motors.

Persons: Jake Fisher Organizations: Tesla, Consumer, Toyota Motor, Subaru, Ford Motor, Mazda, BMW, CNBC, EV, Toyota Prius

☆ A Chinese EV maker just revealed a 1,300 horsepower supercar
▼ + stars: | 2024-02-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —BYD is a Chinese carmaker that recently unseated Tesla as the world’s leading seller of electric vehicles. Its new all-electric Yangwang U9 has nearly 1,300 horspower and is designed to compete directly with Lamborghini and Ferrari. As an electric supercar, the Yangwang U9 combines power and performance similar to a 1,800-horsepower, $2 million Rimac Nevera, but in a package costing less than gasoline-powered cars from the famous Italian automakers. Tesla chief executive Elon Musk has said that Chinese EV makers like BYD could “demolish” other automakers as the industry transitions to electric vehicles. ]”A rear view of the BYD Yangwang U9 electric car in Shenzhen, China, earlier this year.

Persons: Tesla, BYD, Elon Musk, ” Carlos Tavares, Stellantis, Qilai Shen, Stephan Winkelmann, CNN’s Shawn Feng Organizations: CNN, Lamborghini, Ferrari, Dolphin, Elon, Jeep, Fiat, Bloomberg, Getty Locations: Chinese, Europe, New York, Shenzhen, China

☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
▼ + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.

Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America

☆ No, electric vehicle sales aren’t dropping. Here’s what’s really going on
▼ + stars: | 2024-02-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

(BNEF’s figures include plug-in hybrids, but the large majority are fully electric vehicles.) High pricesMost electric vehicles currently on sale in America are on the more expensive side of the automotive market. Power, referring to the Kia EV9 and Cadillac Lyriq electric vehicles. Besides raw numbers, the EV chargers that are currently available tend to rate low with consumers in terms of reliability, according to J.D.. Power surveys. Public chargers are more important to people who can afford neither an expensive vehicle nor a house with private parking.

Persons: CNN — Tesla, ”, Tyson Jominy, Kia, Corey Cantor, Jim Farley, Farley, Jominy, Tesla, Carlos Tavares, Valdez Streaty, “, “ We’re Organizations: CNN, Ford, Cox Automotive, Bloomberg New Energy Finance, Kia, J.D, ” Ford, National Renewable Energy Laboratory, US Department of Energy, DOE, EV, BMW, GM, Honda, Hyundai, Benz, Stellantis, Dodge, Leasing Locations: United States, America, California, Canada, New York

The House Select Committee on the Chinese Communist Party sent a letter on Saturday to Elon Musk demanding that U.S. troops stationed in Taiwan get access to SpaceX's Starshield, a satellite communication network designed specifically for the military. The letter, obtained by CNBC and first reported by Forbes, claimed that by not making Starshield available to U.S. military forces in Taiwan, SpaceX could violate its Pentagon contract, which requires "global access" to Starshield technology. The letter requests that Musk provide the House committee with a briefing on its Taiwan operations by March 8. Taiwan has been governing itself independently of China since the island split from the mainland during the 1949 civil war. "I think I've got a pretty good understanding as an outsider of China," Musk said on the All-In Podcast.

Persons: Elon Musk, Tesla, Forbes, Mike Gallagher, Gallagher, Tsai Ing, Lai Ching, Musk, I've, Jaushieh Joseph Wu Organizations: Fratelli, Chinese Communist Party, Elon, CNBC, SpaceX, Pentagon, U.S ., Rep, CCP, Starshield, Russia, U.S, Tesla, Foreign Locations: Italy, Rome, Taiwan, China, American, Shanghai, Hawaii

☆ Volvo falls 5% after it sets out to dilute stake in electric vehicle automaker Polestar
▼ + stars: | 2024-02-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

A Polestar Roadster concept electric vehicle during the Singapore Motorshow in Singapore, on Thursday, Jan. 11, 2024. Photographer: Lionel Ng/Bloomberg via Getty ImagesShares of Volvo Cars dipped on Friday, after the company said it would dilute its stake in electric vehicle maker Polestar by distributing 62.7% of its holdings to its shareholders. If approved during the company's annual general meeting of March 2024, Volvo would retain around 18% of Polestar's shares. The announcement comes after the company said earlier this month that it would stop funding ailing brand Polestar and is considering adjusting its holdings in the electrical vehicle maker. Rowan at the time said that the changes were part of a "natural evolution" in the relationship between the automakers.

Persons: Lionel Ng, Polestar, Jim Rowan, Rowan Organizations: Bloomberg, Getty, Volvo Locations: Singapore, Jan, London, Polestar

☆ VinFast loss widens in fourth quarter, confident of achieving 2024 sales goals
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Nhac Nguyen | Afp | Getty ImagesVietnamese electric vehicle, or EV, maker VinFast on Thursday said its fourth-quarter net loss deepened 3.4% from the previous three months but it aims to nearly triple vehicle sales this year as it expands into new markets. VinFast's net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022. watch nowOther automakers, in contrast, have slashed EV sales targets and curtailed investment plans due to weakening demand in major markets such as the United States. Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast's sales this year compared to its direct sales model. Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas.

Persons: VinFast, Nguyen, Le, Thuy, Pham Nhat Vuong Organizations: Afp, Getty, Reuters, Green SM, GSM Locations: United States, North America, North Carolina, India, Indonesia, Vietnam

☆ Mercedes Benz ditches plan to sell only EVs by 2030
▼ + stars: | 2024-02-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

In 2021, the German carmaker announced plans only to sell electric vehicles — "where market conditions allow" — by 2030. And, as of Thursday's release, it expects its overall EV sales to reach just 50% by the time 2030 rolls around. During a September interview at the Munich car show, Mercedes CEO Ola Källenius first hinted at a more narrow outlook for the EV market. AdvertisementMercedes expects its EV sales to account for about 19% to 21% of new car sales this year. Mercedes isn't the only automaker that is reevaluating its EV plans.

Persons: Mercedes, Ola Källenius, It's, Mercedes isn't, Harald Wilhelm Organizations: Benz, carmaker, EV, Mercedes, Reuters Locations: Munich

☆ A 'messy' quarter: What analysts are saying after Rivian's latest quarterly report
▼ + stars: | 2024-02-22 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Analysts are growing cautious on Rivian shares as its struggles are worsened by weak electric vehicle demand. RBC has a $15 per share price target, which is roughly 3% below Wednesday's close of $15.39. RIVN 1D mountain Rivian stock. Narayan said legacy automakers are in a better position to navigate the current slowdown in EV demand, and said he expects Rivian stock to "to come under pressure." Langan lowered his price target to $14 per share from $18.

Persons: Rivian, Tom Narayan, expected.It, Narayan, FactSet, Wells, Colin M, Langan, Goldman Sachs, Mark Delaney, Delaney, — CNBC's Michael Bloom Organizations: RBC Capital, RBC, Barclays Locations: Wednesday's

☆ Is electric vehicle ownership bipartisan?
▼ + stars: | 2024-02-21 | by ( Alex | Leeds Matthews | ) edition.cnn.com time to read: +6 min

The data doesn’t include each voter with an electric vehicle, but it does offer some insight into political attitudes among consumers. Currently, the most widely available electric vehicles options are luxury brands, while mainstream consumers have more limited options. “We’re also seeing that things are really changing over time… That speaks to the fact that the economic and pollution benefits of electric vehicles don’t obey political boundaries.”Still, public opinion research suggests interest in electric vehicles has some partisan roots, even if the landscape may be changing. A 2023 Gallup poll found that 71% of Republicans would not consider buying an electric vehicle, compared with 17% of Democrats. More than one-third of electric and plug-in hybrid electric vehicles were registered in California, according to data from the US Department of Energy in 2022.

Persons: ”, David Kieve, Donald Trump, “, Stewart Stropp, Brett Williams, ” Williams, “ We’re, Kentucky —, Joe Biden, Williams, ” Kieve, Biden Organizations: Environmental Defense Fund, Republicans, Environmental Defense, Gallup, JD, Center for Sustainable Energy, Pew, Republican, Trump, US Department of Energy, EDF Locations: California, North Dakota, Kentucky

☆ Rivian is laying off 10% of its salaried workers amid challenges
▼ + stars: | 2024-02-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Rivian announced Wednesday that it will lay off 10% of its salaried workers beginning Thursday morning, amid a quarterly loss and an increasingly competitive EV market. Rivian has a total of 16,700 employees but would not disclose how many of those are considered salaried employees. Rivian has previously, on two different occasions, laid off 6% of its workforce, as the company has looked to reduce its losses. Sales of electric vehicles has not expanded as rapidly in the past year as it had before, and automakers have blamed high interest rates for some of that slow-down. Scaringe boasted that Rivian produced the best-selling electric vehicle over $70,000 last year.

Persons: CNN — Rivian, RJ Scaringe, Rivian, Tesla Organizations: CNN, Ford, Tesla, Scaringe Locations: California

☆ Rivian is slashing 10% of staff. Read the email it sent to its workers.
▼ + stars: | 2024-02-21 | by ( Grace Eliza Goodwin | Grace Kay | ) www.businessinsider.com time to read: +5 min

Despite doubling its EV deliveries in 2023, Rivian reported a $5.4 billion loss for the year. In an email to Business Insider, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. Here's the full email that Rivian CEO RJ Scaringe sent out to staff on Wednesday, announcing that layoffs would be coming on Thursday. Tomorrow, we're reducing our salaried employees by approximately 10% along with a limited number of non-manufacturing hourly employees. Also, anyone impacted tomorrow will still be eligible for our FY'23 bonus.

Persons: Rivian, Claire McDonough, Jacob Bourne, Bourne, Tesla, Scaringe, RJ Scaringe Organizations: Bloomberg, Business, Intelligence, Ford, General Motors, Dealers

☆ Ford, UAW reach local labor deal to avert strike at Kentucky plant
▼ + stars: | 2024-02-21 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Ford Super Duty trucks are seen at the Kentucky Truck assembly plant in Louisville, Kentucky, U.S., April 27, 2023. Ford and a United Auto Workers local union reached a tentative deal on Wednesday to avert a strike at the automaker's most profitable plant. The UAW had threatened that nearly 9,000 workers at Ford's Kentucky truck plant would strike on Friday if local union demands were not resolved. The UAW said Tuesday the deal addresses local issues related to skilled trades, ergonomics and health and safety. Workers at the plant produce Ford Super Duty pickups as well as Ford Expeditions and Lincoln Navigator SUVs.

Persons: Ford, —, — CNBC's Michael Wayland Organizations: Ford Super Duty, United Auto Workers, UAW, Workers, Ford, Ford Expeditions, Lincoln, Big Three, — Ford, General Motors, Local Locations: Kentucky, Louisville , Kentucky, U.S, Ford's Kentucky, Louisville

☆ Ford cuts prices of electric Mustang Mach-E by up to $8,100
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: +2 min

People visit Ford's all-electric SUV Mustang Mach-E at the 2019 Los Angeles Auto Show in Los Angeles, the United States, Nov. 22, 2019. Ford Motor Co on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January. The Dearborn, Michigan-based automaker said U.S. sales of the Mach-E fell by 51% in January to 1,295. Ford and other legacy automakers have slowed their EV push to instead focus on higher-margin hybrid and gas-powered models. Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.

Persons: Ford, Elon Organizations: Angeles Auto, Ford Motor Co, . Treasury Department, Treasury, Reuters, Internal Revenue Service, Ford, Michigan Rouge Electric Vehicle Center Locations: Ford's, Los Angeles, United States, Dearborn , Michigan, China

☆ U.S. Awards $1.5 Billion to Chipmaker GlobalFoundries
▼ + stars: | 2024-02-19 | by ( Ana Swanson | Don Clark | ) www.nytimes.com time to read: +1 min

The Biden administration on Monday announced a $1.5 billion award to the New York-based chipmaker GlobalFoundries, one of the first sizable grants from a government program aimed at revitalizing semiconductor manufacturing in the United States. As part of the plan to bolster GlobalFoundries, the administration will also make available another $1.6 billion in federal loans. The grants are expected to triple the company’s production capacity in the state of New York over ten years. The funding represents an effort by the Biden administration and lawmakers of both parties to try to revitalize American semiconductor manufacturing. Currently, just 12 percent of chips are made in the United States, with the bulk manufactured in Asia.

Persons: Biden, GlobalFoundries Organizations: Monday, GlobalFoundries, General Motors Locations: New York, United States, Asia, Malta, N.Y

☆ Cybertruck engineer addresses claims the Tesla EVs rust in the rain
▼ + stars: | 2024-02-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

One owner even said they'd been warned when the truck was delivered that it could rust in the rain. "The advisor specifically mentioned the Cybertrucks develop orange rust marks in the rain and that required the vehicle to be buffed out," a member of the Cybertruck Owners Club forum wrote. Stainless is reactive and free iron that sits on it will rust," the Cybertruck engineer said. Demaree said the latter method appeared to do the trick but advised Cybertruck owners to be careful using the polish on the truck. Tesla delivered its first dozen on November 30, and several celebrities have been spotted with their own Cybertrucks in the months since.

Persons: —, Wes Morrill, they'd, Morrill, Tesla, Elon Musk, Justin Demaree, Guy, he'd, Demaree, It's Organizations: Service, Business, Cybertruck Owners, Tesla, YouTube, Delorean

EY's Daco said the past few years have been marked by a mismatch in supply and demand when it comes to goods, services and even workers. Companies furloughed workers in the early pandemic and then struggled to fill jobs. David Silverman, a retail analyst at Fitch Ratings, said companies are "feeling a bit heavy as sales growth moderates and maybe even declines." Cost cuts at UPS, Hasbro and Levi all followed sales declines in the most recent fiscal quarter. "Part of companies' decision to lower their expense structure is in line with their views that 2024 may not be a fantastic year from a top-line-growth standpoint," Silverman said.

Persons: EY's Daco, David Silverman, Levi, Fitch, Silverman Organizations: Getty, Airlines, Cox Automotive, Fitch, UPS, Hasbro, Walmart, Target Locations: U.S

☆ Biden administration to reportedly relax EV rule on tailpipe emissions
▼ + stars: | 2024-02-18 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden answers questions from reporters after driving a Jeep Wrangler Rubicon Xe around the White House driveway following remarks during an event on the South Lawn of the White House August 5, 2021 in Washington, DC. The shift would mean that EV sales would not need to rise sharply until after 2030. Reuters previously reported that the White House could enact proposed Environmental Protection Agency regulations as soon as March that would mandate dramatic reductions in tailpipe emissions. The administration proposal would require boosting U.S. EV market share to 67% by 2032 from less than 8% in 2023. Automakers and the AAI have urged the Biden administration to slow the proposed ramp-up in EV sales.

Persons: Joe Biden, Biden, Joe Biden's, John Bozzella, Bozzella, Stellantis Organizations: New York Times, Alliance for Automotive Innovation, Reuters, Agency, EV, General Motors, Ford, AAI Locations: Washington , DC, U.S

☆ Trump heads to Michigan with eyes on a Biden rematch but legal woes loom over campaign
▼ + stars: | 2024-02-17 | by ( Steve Contorno | Kristen Holmes | ) edition.cnn.com time to read: +8 min

A 2020 election denier’s tumultuous reign atop the Michigan Republican Party had only recently begun. Since then, the strike has ended and the top union representing Michigan autoworkers, United Auto Workers, has endorsed President Joe Biden. State party turmoilAhead of his visit, Trump and his allies sought to put an end to turmoil within the Michigan Republican Party, which has faced a reckoning over its readiness for the 2024 election. The state party ousted its chair, Kristina Karamo, last month in the face of internal strife and lackluster fundraising. The recent Fox News survey from Michigan found Biden leading Trump 53% to 41% among union households.

Persons: Donald Trump, Trump, Joe Biden, Nikki Haley –, Stormy Daniels, Friday’s, “, Biden, Hillary Clinton’s, Haley, Kristina Karamo, Pete Hoekstra, Hoekstra, Democratic Sen, Debbie Stabenow, ”, Jason Cabel Roe, it’s, – Trump, Trump’s, Shawn Fain, ” Trump, Fain, ” Fain, Cabel Roe, “ There’s Organizations: CNN, Michigan, Republican, GOP, Michigan Republican Party, Michigan autoworkers, United Auto Workers, Republicans, South Carolina Gov, Michigan GOP, Trump, Fox, Sneaker Con, South Carolina Army National Guard, Republican National, White House, Democratic, doesn’t, Republican Party, Biden, Big, Teamsters, UAW Locations: California, Michigan, New, York, ”, Georgia, Waterford Township, Detroit, Waterford, Trump’s Michigan, –, Philadelphia, South Carolina, State, Netherlands, Washington ,, Wisconsin, Pennsylvania

☆ UAW threatens to strike Ford truck plant in Kentucky if local issues aren't resolved
▼ + stars: | 2024-02-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – The United Auto Workers is threatening a labor strike at Ford Motor's largest U.S. plant if local union demands aren't resolved by next week. The Detroit union on Friday said nearly 9,000 UAW autoworkers at Ford's Kentucky Truck Plant could strike at 12:01 a.m. on Feb. 23 if local contract issues remain. The plant — Ford's largest in terms of employment and revenue — produces Ford Super Duty pickups as well as the Ford Expedition and the Lincoln Navigator SUVs. Local contracts differ from the national agreements that the union ratified late last year with Ford, General Motors and Chrysler parent Stellantis . The union said "core issues in Kentucky Truck Plant's local negotiations are health and safety in the plant, including minimum in-plant nurse staffing levels and ergonomic issues, as well as Ford's continued attempts to erode the skilled trades at Kentucky Truck Plant."

Persons: Shawn Fain, aren't, Ford's Organizations: United Auto Workers, Detroit, DETROIT –, Ford Motor's, UAW, Ford, Ford Expedition, Lincoln, General Motors, Chrysler, Kentucky Locations: Kentucky

☆ A traditional automaker just turned a profit on EVs
▼ + stars: | 2024-02-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown. Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle. But he said that EVs, while profitable, are still not as profitable as traditional gas-powered vehicles. That includes profit sharing for about 38,000 United Auto Workers union members at an average of $13,860, down from $14,760 a year earlier.

Persons: Carlos Tavares, ”, Tesla, Traveras, Stellantis Organizations: New, New York CNN —, Fiat Chrysler, PSA Group, Ford, GM, General Motors, Jeep, Chrysler, Dodge, United Auto Workers, UAW Locations: New York, Detroit, EVs, Europe, Paris

☆ 2 takeaways from Ford CEO Jim Farley that boost our confidence in the automaker's stock
▼ + stars: | 2024-02-15 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Ford CEO Jim Farley discussed a range of topics Thursday from hybrid and electric vehicles to how the automaker is dealing with international competitors. Ford Pro "If you're looking for the future of the automotive industry stop looking at FDS [full self-driving] and Tesla , look at Ford Pro," Farley said. The transformation of Pro, Farley said, has been a notable success for the company. "We always had a super successful Pro business … but there was no focus on it." Despite the success of Pro, Ford continues to lose money in its Model e business, which hosts its fleet of electric vehicles.

Persons: Jim Farley, Farley, Ford, Li Auto, Warren Buffett's Berkshire, BYD, Jim Cramer's, Jim Cramer, Jim Organizations: Wolfe Research, Club, Ford, Ford Pro, Warren Buffett's Berkshire Hathaway, CNBC Locations: U.S, Europe, EVs, China, Warren Buffett's, Berkshire, breakeven

☆ Jeep, Dodge-maker Stellantis' profit slides as Detroit Three strikes bite
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

(L-R) United Auto Workers (U.A.W.) members Kaleb Delfine, Bryan Broecker, Michael Gatto and James Triplett picket outside the Jeep Plant on September 18, 2023 in Toledo, Ohio. Global auto giant Stellantis on Thursday reported a 10% year-on-year fall in profit in the second half of 2023, as six-week strikes at the so-called "Detroit Three" automakers hampered production in the group's North American profit epicenter. Adjusted operating income (AOI) came in at 10.2 billion euros ($10.96 billion) for the July to December period, down from 11.3 billion euros for the same period in 2022. Stellantis reported in late October that labor strikes by the United Auto Workers union, which ran for six weeks from Sept. 15 and also targeted General Motors and Ford Motor , cost the company $3.2 billion in revenue through October.

Persons: Kaleb Delfine, Bryan Broecker, Michael Gatto, James Triplett, Stellantis Organizations: United Auto Workers, Jeep, Global, Reuters, Stellantis, United Auto Workers union, Motors, Ford Motor Locations: Toledo , Ohio, American, Europe, North America

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