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☆ Renault CEO questions wisdom of electric vehicle price cuts
▼ + stars: | 2023-02-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Renault CEO Luca de Meo on Thursday questioned the wisdom of price cuts rivals have been implementing in a bid to bolster market share for their electric vehicle fleets. Ford followed on Jan. 30 with price trims for its electric Mustang Mach-E crossover. However, De Meo signaled that sales price volatility could erode consumer confidence in EV products. "Because those kinds of swings are kind of value destroying for the customer, think about residual value, etc. Under the reshaped, previously lopsided alliance, Renault will reduce its shareholdings in Nissan from roughly 43% to 15%.

☆ Explainer: What's known about Tesla's "Project Highland"?
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

The automaker has not commented on the new version, codenamed Highland. With the new model, Tesla is aiming to cut production costs and boost the appeal of the five-year-old electric sedan, Reuters reported in November. Building permits filed with the city of Fremont concerning changes to its factory have referenced "Highland" since last June. Apart from the Cybertruck, it is the only new model that Tesla is retooling assembly lines for this year. Tesla fans and armchair analysts speculate that "Highland" could be a reference to Ford Motor Co's (F.N) Highland Park plant, where Henry Ford launched his moving assembly line.

☆ Ford F-150 Lightning EV production to be halted at least through end of next week
▼ + stars: | 2023-02-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley pats a Ford F-150 Lightning truck before announcing at a press conference that Ford Motor Company will be partnering with the world's largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – Ford Motor expects production of its electric F-150 Lightning pickup to be down through at least the end of next week to address a potential battery issue, the automaker said Wednesday. The investigation into the problem is expected to be completed by the end of next week, followed by adjustments to the truck's battery production process that "could take a few weeks." The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. The battery issue adds to ongoing "execution issues" detailed to investors earlier this month by Ford CEO Jim Farley that crippled the automaker's fourth-quarter earnings.

Ford can save up to $2.5 billion this year through better management of production schedules and a drop in commodity prices, the company's chief financial officer, John Lawler, said at an auto conference. The automaker posted dismal quarterly results earlier this month and blamed chip shortages, supply chain disruptions and production "instabilities" for adding to its costs. Lawler has said Ford faces $5 billion in higher costs this year and that the company will be "very aggressive" in reducing expenses in its manufacturing, supply chain and distribution operations. Longer term, the company aims to reduce dealer inventories and drive more transactions online, among other measures, according to Chief Executive Jim Farley. Making an EV more aerodynamic can save "thousands of dollars in battery costs," Farley said.

☆ U.S. Senator Rubio seeks review of Ford technology deal with China's CATL
▼ + stars: | 2023-02-15 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Anna Rose Layden/Pool via REUTERSWASHINGTON, Feb 14 (Reuters) - Senator Marco Rubio on Tuesday asked the Biden administration to review Ford Motor's (F.N) deal to use technology from Chinese battery company CATL (300750.SZ) as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan. The $430 billion IRA imposes restrictions on battery sourcing and is designed to wean the United States off the Chinese supply chain for electric vehicles (EVs). Treasury declined to comment, but Granholm said on Twitter on Monday that "bringing advanced manufacturing capabilities from overseas to the United States is key to our competitiveness, will stimulate our economy, and create good-paying American jobs." Ford said the plant would create 2,500 jobs and begin producing lower cost and faster recharging lithium-iron-phosphate batteries in 2026. Republican House Majority Leader Steve Scalise tweeted criticism of the Ford deal, while Republican Virginia Governor Glenn Youngkin said last month that his state had withdrawn from the competition to attract the Ford plant over concern's about China's potential involvement.

☆ Ford's latest EV blunder increases the odds we'll drop the stock, if there's no progress this quarter
▼ + stars: | 2023-02-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Ford Motor (F)'s decision to halt production and shipments of its electric pickup truck further undermines our confidence in the automaker. CEO Jim Farley said the weak earnings were a function of the automaker's transition to a new business structure that limited production capacity, combined with poor execution. "It's inexcusable that Ford had a bad quarter," Jim said at the time. 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.

☆ George Soros' fund snapped up Tesla stock, boosting its stake by nearly 50% as Elon Musk's Twitter antics weighed on the automaker's shares
▼ + stars: | 2023-02-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Billionaire investor George Soros's family office loaded up on Tesla stock in the last quarter of 2022. Soros Fund Management grew its stake in the EV maker by nearly 50%, a SEC filing showed this week. Concerns about CEO Elon Musk's fueled a Q4 selloff in Tesla, but its share price has risen 58% in 2023. Soros Fund Management bought about 42,000 Tesla shares in the three months ending December 31, lifting its stake by 47% to around 132,000 shares, according to a 13F filing published Monday. Soros Fund Management also snapped up 500,000 call options on ARK's Innovation ETF – the Cathie Wood-managed fund that tumbled in 2022 but lists Tesla as its biggest holding.

☆ Ford halts production and shipments of its electric F-150 Lightning due to potential battery issue
▼ + stars: | 2023-02-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker's Ford Rouge Electric Vehicle Center (REVC). DETROIT – Ford Motor has paused production and shipments of its electric F-150 Lightning pickup due to a potential battery issue, the company said Tuesday. Ford has not established a timeline for when production and the shipments will resume, Bergg said. Bergg said the company is unaware of any incidents or issues associated with the potential battery issue. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford.

☆ Ford Chair: CEO Farley has "full court press" to fix problems
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowDETROIT, Feb 13 (Reuters) - Ford Motor Co Chair Bill Ford said Monday the automaker's Chief Executive, Jim Farley, has a "full court press" on to fix operational problems that caused fourth quarter results to fall short of the company's targets. "Jim's got a full court press on it, and we're already starting to see results," Ford said. Ford's fourth quarter results fell short of the company's targets and investor expectations. Farley last week said the company had left $2 billion in profit on the table "that were within our control." Bill Ford and Farley did not discuss details of new cost-cutting or restructuring actions at Monday's event.

☆ It's time for automakers to take EV charging seriously or risk missing out
▼ + stars: | 2023-02-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

They've depended on third-party charging firms like ChargePoint, EVgo, and Electrify America to provide EV buyers with public plugs. Many automakers even offer their EV customers free charging through partnerships with these networks. For EV buyers attracted to brands with free public charging deals, the promises don't always seem to live up to expectations. The argument could be made that a majority of EV charging can be done at home — but many prospective EV buyers live in multi-family buildings without access to a garage plug. Mercedes recently announced the launch of its own charging network in an attempt to catch up to Tesla.

"We share Congresswoman Sewell's view that the use of child labor is unacceptable," Hyundai said. Sewell's comments are the first from a high-ranking Alabama official on child labor problems in Hyundai's supply chain. The new actions by Hyundai and its discussions with regulators and lawmakers come after Reuters documented child labor in various Alabama auto plants making parts for Hyundai or Kia. The child labor reports have put a spotlight on Hyundai's growing operations in the United States. Regulatory fines for child labor, by contrast, can be relatively small.

☆ Goldman Sachs picks stocks to ride the EV wave, giving one upside of 120%
▼ + stars: | 2023-02-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Goldman Sachs says the development of electric vehicles — and the companies involved in this — are set to see "considerable growth" through 2030. According to Goldman, this EV ecosystem includes auto manufacturers, battery makers, software developers, and companies involved in charging infrastructure and power semiconductors. "We think these companies should be able to tap [Inflation Reduction Act] opportunities as the battery market becomes more concentrated," Goldman wrote. Upside of 120% Goldman is also buy-rated Chinese EV maker Nio and gives it gives massive potential upside — among the highest of all of its stock picks in the report. "We see risk-reward for the stock as skewed to the upside," Goldman added.

☆ Ford works council in Germany to update staff on job cut talks on Feb 14
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 7 (Reuters) - The Ford Motor Co (F.N) works council in Cologne, Germany invited workers to a meeting on Feb 14 to update them on negotiations with management over planned job cuts at Ford's plants in Europe, a union representative said on Tuesday. Ford said in late January it would decide by mid-February how many jobs would be lost in the region after the works council at its Cologne plant, which supports the interests of employees, informed employees that up to 3,200 roles may be cut in the worst-case scenario. Productivity of Ford's engineers in Europe was 25-30% lower than it should be, Chief Financial Officer John Lawler added on the call. The works council in Cologne has demanded that management commit to no layoffs before Dec. 31, 2032, and that the roughly 2,500 product development staff there remain part of the automaker's global development landscape. Reporting by Christina Amann, Victoria Waldersee; additional reporting by Ben Klayman, Joe White; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Ford sold 91 million shares of the EV startup in 2022, according to the filing. Ford's sale of the shares was worth about $3 billion in total proceeds, the company said, a substantial gain on its $1.2 billion investment in Rivian. Ford, as of the end of last year, still owned about 11 million of its initial 101.9 million shares of Rivian. Ford first invested in Rivian in 2019, before the EV maker went public. But as a result of that initial investment, Ford was among the largest stakeholders in the company upon Rivian's blockbuster IPO in 2021, with a 12% stake.

☆ Ford CEO Jim Farley's frustration builds as he vows to transform the automaker
▼ + stars: | 2023-02-03 | by ( Phil Lebeau | ) www.cnbc.com time to read: +4 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTwatch nowFord CEO Jim Farley is frustrated. In short, Farley wants Ford to become a far more efficient company, and he needs it to happen quickly. Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022, at the automaker's Ford Rouge Electric Vehicle Center. Farley said the answer is not simply cutting jobs, which has historically been the way automakers have cut costs. Will this new push to cut costs hurt Ford's growth in production and sales of electric vehicles?

Here's the Club's condensed earnings reaction for Starbucks, Ford Motor and Qualcomm. Guidance Starbucks' fiscal 2023 guidance remains unchanged, CFO Rachel Ruggeri said on the company's earnings call, despite continued headwinds related to China's Covid recovery. Ford Motor Quarterly commentary Ford Motor (F) reported a messy fourth quarter Thursday, with adjusted earnings per share coming in well below Street expectations and overshadowing a topline revenue beat. F 5D mountain Ford (F) 5-day performance Guidance Ford said Thursday it expects full-year adjusted earnings before interest and taxes to total between $9 billion and $11 billion. Qualcomm Quarterly commentary Qualcomm 's (QCOM) fiscal 2023 first-quarter earnings topped analysts' estimates Thursday, despite lighter-than-projected revenues in the three months ended Dec. 25.

☆ Ford's U.S. sales start 2023 on strong footing, boosted by F-Series and Bronco
▼ + stars: | 2023-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's new U.S. vehicle sales started 2023 on stronger footing than a year earlier, but were down 18.4% from December. The automotive industry continues to navigate through some supply chain and production issues, although the flow of parts and vehicle production this year is expected to be more consistent than in recent years. For January, Ford reported a 2% increase in sales from a year earlier to 146,356 vehicles sold. The uptick was led by sales increases of 8.8% for F-Series pickups, 25.5% for Broncos, and 52% for Bronco Sport SUVs — as well as a doubling of its electric vehicle sales, which have been and remain minimal. Some of the automaker's crossovers such as the Ford Edge and Escape experienced double-digit declines from a year earlier.

☆ Qualcomm revenue falls 12%, guidance implies more pain this quarter
▼ + stars: | 2023-02-02 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Here's how the company did:Earnings: $2.37 per share, adjusted, vs. $2.34 per share as expected by analysts, according to Refinitiv. $2.37 per share, adjusted, vs. $2.34 per share as expected by analysts, according to Refinitiv. Revenue: $9.46 billion, vs. $9.60 billion as expected by analysts, according to Refinitiv. Qualcomm's overall revenue decreased 12% year over year in the quarter, which ended Dec. 25, according to a statement. In the quarter Qualcomm and Renault Group announced an extension of their collaboration and said Qualcomm would invest in Ampere, the automaker's electric and software company.

☆ Rivian to lay off 6% of its workforce as EV price war concerns grow
▼ + stars: | 2023-02-01 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company's manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war. In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company's operating efficiency must be a "core objective." Rivian went public via a successful initial offering in late 2021, raising nearly $12 billion. Rivian had about $13.8 billion in cash remaining as of the end of September, after posting losses of $5 billion through the first three quarters of 2022.

Suppliers familiar with GM's production plans through 2025 support the notion the automaker continues to slow-walk electric vehicle investment and output while it continues to bank money from its big combustion-engine pickups and SUVs. GM on Tuesday stuck to its plan to produce a total of 400,000 electric vehicles for North America from 2022 through the first half of 2024. GM said it has secured all the battery materials it will need to build 1 million EVs a year in North America by 2025. In the short run, GM's go-slow approach could allow it to side-step the price war that Tesla launched earlier this month. The division has 90,000 reservations for the high-performance Hummer EVs and is sold out into next year, he said.

The automaker said in a filing it "has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD features." Reuters reported in October Tesla is under criminal investigation over claims that the company's electric vehicles could drive themselves. Acting National Highway Traffic Safety Administration (NHTSA) chief Ann Carlson said this month the agency is "working really fast" on the Tesla Autopilot investigation it opened in August 2021 that she termed "very extensive." In June, NHTSA upgraded to an engineering analysis its defect probe into 830,000 Tesla vehicles with Autopilot, a step that was necessary before the agency could demand a recall. The Wall Street Journal reported in October that the Securities and Exchange Commission is conducting a civil investigation into Tesla's Autopilot statements, citing sources.

☆ Nissan shares rise after overhaul of Renault alliance
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 31 (Reuters) - Shares of Nissan Motor Corp (7201.T) rose in early trade in Tokyo on Tuesday, after the Japanese automaker and its French partner Renault SA (RENA.PA) announced a sweeping overhaul of their two-decade-old alliance putting them on equal footing. Nissan shares were up almost 2%, outperforming a flat Nikkei 225 share average (.N225). Under the deal announced on Monday, Nissan and Renault will now hold 15% stakes in each other, and Nissan will get voting rights with its stake. Previously, Renault held around 43% of the Japanese automaker and Nissan did not have voting rights. The uneven nature of the alliance had long been a source of friction for Nissan executives.

☆ Warren Buffett is the only top-10 billionaire to become poorer this year after Berkshire Hathaway missed out on the stock market's rally
▼ + stars: | 2023-01-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Berkshire Hathaway stock is trailing the S&P 500's 5% gain and the Nasdaq's 10% jump this month. Amazon stock has jumped 17% this year, while Microsoft stock has inched up 1%. Investors flocked to Berkshire stock in 2022, sending its stock price up about 3% even as the S&P 500 slumped 19% and the Nasdaq tumbled by one-third. While Buffett is the only top-10 billionaire in the red this year, he's still ranked fifth in the index. Adani Group's stock price has plunged in recent days after short-seller Hindenburg Research released an incendiary report on the company.

☆ Stocks making the biggest moves midday: GM, McDonald's, UPS, Pulte, International Paper and more
▼ + stars: | 2023-01-31 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. Smith — Shares skyrocketed 13.7% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan. Pentair — Shares of Pentair surged 9.2% after the water treatment company reported earnings that topped Wall Street estimates for earnings and revenue.

☆ Bank of America asked its analysts for their top 2023 picks—Here are the stocks
▼ + stars: | 2023-01-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Stocks are off to a hot start for the year, and Bank of America analysts think some buy-rated names in their coverage universe can carry that momentum through the rest of 2023. Still, Bank of America asked its analysts to break down their top picks for 2023. "Upside risks are if the commercial aerospace and business aviation jet recoveries are better than expected, earnings could fare better than our projections," Bank of America noted. Bank of America has a price target of $120 per share, implying upside of about 20% from Monday's close. Domino's Pizza The world's largest pizza delivery company was chosen by Bank of America due to its promising growth potential.

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