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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy EV makers are investing in the new manufacturing method of gigacastingAutomakers are seeking new manufacturing methods that can help achieve the goal of producing cheap EVs profitably. One technique is called gigacasting or megacasting where high pressure molds are used to form molten aluminum into large parts. Electric car maker Tesla is credited with pioneering the method, and some rivals also are stepping up investments. CNBC spoke with experts, including Volvo Cars' chief product and strategy officer, Erik Severinson, about that company's plans in this area.

Persons: Tesla, Erik Severinson Organizations: CNBC, Volvo Cars

☆ Volvo Cars jumps 7% after reporting a record core operating profit
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter. Core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year earlier, the company said in a statement. Volvo Cars' revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year. In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.

Persons: Jim Rowan Organizations: Volvo, Global, U.S, Volvo Cars Locations: Shanghai, China, London

☆ Starbucks could give a much-needed jolt to the EV market
▼ + stars: | 2024-07-18 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewMercedes-Benz is bringing its fast electric vehicle charging stations to 100 Starbucks locations. The charging stations will be accessible to all EV owners. But for EV owners, it's a major roadblock hindering widespread adoption. Related storiesA company spokesperson told Business Insider that by 2030, it hopes to lead the retail industry in decarbonization solutions. The Starbucks spokesperson said the coffee giant is continuing to learn how its customers interact with EV stations and exploring partnerships and areas that would benefit from similar routes.

Persons: —, it's, Simon, Mercedes, Michael Kobori Organizations: Service, Benz, EV, Starbucks, Business, McKinsey, Mercedes, Simon Properties, Volvo Locations: Coast, Canada, Mexico, Denver, Seattle

☆ European markets set to open higher ahead of ECB rate decision
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The U.K.'s FTSE 100 was last seen up 40 points at 8,231, Germany's DAX 15 points higher at 18,464 and France's CAC up 7 points at 7,590. LONDON — European markets were headed for a higher open on Thursday as investors awaited the European Central Bank's interest rate decision. Asia-Pacific markets tumbled on the news from the chip sector overnight, with Japan's Nikkei 225 declining more than 2%. Back in Europe, the European Central Bank is expected to announce its latest interest rate decision Thursday. Markets are widely expecting the central bank to leave rates unchanged, but investors are hoping for guidance on the path ahead for monetary policy.

Persons: Boris Roessler, Germany's DAX Organizations: Getty, CAC, MIB, LONDON, Tech, Japan's Nikkei, Nasdaq, European Central Bank, Novartis, Volvo, Ubisoft, Nokia Locations: Hesse, Frankfurt, U.S, Asia, Pacific, Europe

☆ Biden administration announces $1.7 billion to convert auto facilities for EV manufacturing
▼ + stars: | 2024-07-11 | by ( Sam Fossum | Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —The White House on Thursday said it would hand out $1.7 billion to help convert closed-down or at-risk auto manufacturing and assembly facilities to make electric and hybrid vehicles. The funding comes as growth in new electric vehicle sales has slowed, even as the Biden administration wants to keep US EV manufacturers competitive with a surging Chinese industry. “This announcement is a hallmark of the Biden administration’s industrial strategy, which is a strategy to bring manufacturing jobs back to America after years of offshoring,” Energy Secretary Jennifer Granholm told reporters. The plants also include facilities from vehicle component manufacturing to full vehicle assembly, according to a senior administration official. The move comes as the growth rate of EV sales has slowed even as total EV sales have continued to rise.

Persons: Biden, Joe Biden, Jennifer Granholm Organizations: CNN, Biden, ”, Department of Energy, autoworkers, GM, Volvo, American, Ford Locations: China, America, Michigan, Pennsylvania, Lansing , Michigan, Fort Valley , Georgia

☆ Meet Emma Navarro, the American billionaire heiress who upset world No. 2 Coco Gauff to take the tennis world by storm
▼ + stars: | 2024-07-09 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +1 min

Her father, Ben Navarro, has an estimated net worth of $1.5 billion, according to Forbes. Forbes reported that, in addition to banking, Navarro has purchased more than $350 million worth of property in Charleston since 2021. He's also been an active buyer in the tennis space, with CNN reporting that he purchased the Cincinnati Open tournament for about $300 million in 2022. Other tennis-related ventures in his portfolio include the South Carolina-based Live To Play Tennis Club and the Volvo Car Open, the largest women's only tennis tournament in North America, per the WTA. In 2019, the US Tennis Association named the Navarro family South Carolina's tennis family of the year.

Persons: Ben Navarro, Forbes, HENRY NICHOLLS, Navarro, He's Organizations: Getty, Sherman Financial Group, Forbes, CNN, Cincinnati, Tennis Club, Volvo, Credit, US Tennis Association, Post, Courier Locations: Charleston, South Carolina, North America

☆ A key part of America’s economy has shifted into reverse
▼ + stars: | 2024-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.

Persons: “, ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo

☆ Klarna CEO explains why it's important to give younger employees a shot at management and promote from within
▼ + stars: | 2024-07-06 | by ( Jaures Yip | ) www.businessinsider.com time to read: +3 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWhile companies have been getting stingier with promotions in recent years, Klarna CEO Sebastian Siemiatkowski's philosophy has been quite the opposite. While employees may like this sentiment of nurturing internal talent, employers have veered in the opposite direction in recent years. AdvertisementHowever, Siemiatkowski, who became a CEO at just 23, said that he thinks it's "critical" to allow younger employees to progress with the company.

Persons: —, Sebastian Siemiatkowski's, Siemiatkowski, Logan Bartlett, Niklas Adalberth, fintech, Yaron Shaer, David Fock, he's Organizations: Service, Business, Volvo Trucks

☆ Tesla cars included in Chinese government’s purchase catalog for the first time
▼ + stars: | 2024-07-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —For the first time ever, Tesla cars have been placed on a local Chinese government’s purchase list, according to state-owned media outlet Paper.cn. Tesla is the only foreign-owned EV car brand on the purchase catalog published by the government of Jiangsu province in eastern China. On the government’s purchase catalog, Tesla’s Shanghai-made Model Y was listed at 249,900 yuan ($34,377). Tesla cars had previously been barred from entering some government and military complexes in China due to spying and data security concerns. Those restrictions were lifted in April, when a top auto association announced that Tesla’s cars had passed China’s data security requirements.

Persons: Elon, Tesla, China’s Geely, Tesla’s, Musk, Li Qiang Organizations: Hong Kong CNN, Elon Musk’s, EV, Volvo, SAIC, Business, Tesla, European Commission, EU Locations: Hong Kong, China, Jiangsu, Shanghai, Tesla’s Shanghai, Beijing, Europe

☆ Morgan Stanley says this is the stock to play China's EV industry consolidation
▼ + stars: | 2024-06-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Morgan Stanley has resumed coverage of Hong Kong-listed Geely with an overweight rating on expectations the Chinese automaker can weather macro and industry uncertainties. "We see Geely as a beneficiary of market consolidation," Morgan Stanley Asia equity analyst Tim Hsiao and a team said in a June 25 report that resumed coverage of the stock. Hangzhou-based Geely entered China's auto industry in 1997 and is known for acquiring Volvo in 2010. But the company raised the share of its new energy vehicles to 32% so far this year, higher than peers such as Great Wall Motor, for which the share is 23%, the Morgan Stanley analysts pointed out on Tuesday. The Morgan Stanley analysts on Tuesday set a price target of HK$11.20 ($1.43), about 27% above where shares closed Friday.

Persons: Morgan Stanley, Tim Hsiao, Geely, PHEV, Morgan Stanley's, BYD, bode Organizations: U.S, European Union, Lynk, Volvo, HK Locations: Hong Kong, Morgan Stanley Asia, Hangzhou, New York, China, EVs

☆ This technology could transform one of the world’s dirtiest industries. Experts say it’s way off pace
▼ + stars: | 2024-06-23 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +11 min

This complex will be world’s first large-scale “green steel” project, according to H2 Green Steel, the Swedish company behind the multi-billion-dollar mill. Dhiraj Singh/Bloomberg/Getty ImagesWhile projects like H2 Green Steel show momentum is growing, experts say the pace is far too slow. Northern Sweden is also home to the HYBRIT green steel pilot plant — which is one step ahead. US Secretary of State Antony Blinken speaks during a visit to Hybrit Steel Plant in Lulea, Sweden, on May 30, 2023. But there’s also the challenge of producing large amounts of green hydrogen, which will require huge amounts of renewable energy.

Persons: Peter Boer, Dhiraj Singh, ”, Mohamed Atouife, Daniel Acker, ” Atouife, HYBRIT, Biden, Antony Blinken, Jonas Ekstromer, Martin Pei, SSAB, ” Pei, Chathurika, Caitlin Swalec, Jonathan Nackstrand, Pei, there’s, –, Philipp Verpoort, “ It’s, Princeton’s, Swalec, Chris Greig, ” Greig, RMI’s Gamage Organizations: CNN, Green Steel, Tata Steel, Bloomberg, Getty, Rourkela Steel, Princeton University, Volvo, Hybrit Steel, TT, Agency, AFP, “, Mountain Institute, Global Energy Monitor, Potsdam Institute, Climate Impact, Potsdam, Princeton University’s Andlinger Center for Energy, Workers, Jiangsu Shagang, Co, European Union Locations: Sweden, Boden, Swedish, Wijk aan, Netherlands, Odisha, India, Indiana, Portage , Indiana, Northern Sweden, Cleveland, Ohio, Middletown, Mississippi, Lulea, Luleå, AFP, China, Europe, Japan, Jiangsu, Huai'an, Jiangsu Province, European

☆ Uber, Khosla, Nvidia invest in $200 million funding round for autonomous trucking startup Waabi
▼ + stars: | 2024-06-18 | by ( Riley De León | ) www.cnbc.com time to read: +3 min

Autonomous trucking startup Waabi announced Tuesday it has raised $200 million in an oversubscribed Series B funding round led by existing investors Uber and Khosla Ventures. Waabi's latest funding round also includes Nvidia, a new investor in the company, as well as Porsche and the venture capital arm of Volvo. Using generative AI, Waabi has built a single AI system that is capable of reasoning, just as humans do, and that can come up with problems human minds couldn't conceptualize. The new investor round brings Waabi's total funding to $280 million since being founded in 2021. "This funding round gives us everything we need, both financially and strategically, to launch fully driverless trucks and accelerate our growth in 2025," Urtasun said.

Persons: Waabi, couldn't, Raquel Urtasun, Jensen Huang, Urtasun Organizations: Uber, Khosla Ventures, Nvidia, Porsche, Volvo, Uber Freight, U.S, Trucking, CNBC Locations: Toronto, Dallas, Houston, Texas, U.S, Waabi

☆ Why tariffs on Chinese EVs may not work
▼ + stars: | 2024-06-15 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

The Chinese auto sector is increasingly making global automakers and politicians hot under the collar. In the early 1980s, the Chinese auto industry barely existed. President Joe Biden last month introduced stiff tariffs on Chinese EVs, effectively doubling the list price, which can otherwise be as cheap as $11,500. The administration says Chinese firms have benefited from unfair government support, and Chinese EV imports threaten the Biden administration's big investments in EVs. But a few auto industry insiders are skeptical that tariffs will be able to hold off Chinese imports for long.

Persons: Dunne, Michael Dunne, Joe Biden, Sen, Sherrod Brown, Tesla, Elon Musk, Bill Russo, Donald Trump, Russo Organizations: Volvo, EV, Biden, Chrysler Locations: China, U.S, Sweden, EVs, Ohio, Shanghai, Beijing

☆ EU tariffs on EVs sting China but won’t halt BYD’s advance
▼ + stars: | 2024-06-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

The impact on China’s EV makers will vary depending on the level of tariff and each company’s cost structure. “One critical issue for China is that the EU accounted for 38% of China’s EV exports in 2023,” Sebastian said. In February, nine government agencies, including the Commerce Ministry and the central bank, vowed to provide support to accelerate Chinese EV makers’ global push. Tesla prices to riseIn contrast to BYD, state-owned carmaker SAIC is in a “disastrous” situation facing 38.1% in additional tariffs, according to Sebastian. Soula said China could retaliate by imposing tariffs on some European goods such as luxury cars, premium brandies or airplane parts.

Persons: Hong Kong CNN —, BYD, Tesla, Gregor Sebastian, ”, ” Sebastian, Etienne Soula, It’s, Sebastian, Geely, Andrew Bergbaum, don’t, Soula Organizations: Hong Kong CNN, European Union, EV, China’s, Alliance, Democracy, German Marshall Fund of, Commerce Ministry, SAIC, Volvo, European Commission, UBS, EU Locations: China, Hong Kong, European, Europe, Beijing, Asia, Brazil, Turkey, United States, EU, America, Shanghai, Hungary, Italy, Spain

☆ Chinese EV stocks surge after EU slaps up to 38% additional import tariffs
▼ + stars: | 2024-06-13 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Citi analysts said the EU's additional tariffs were "generally benign," while one analyst from Morningstar pointed out that the additional duties were "modest" in comparison to U.S. hikes on Chinese EVs last month. Stock Chart Icon Stock chart icon BYD vs GeelyOn Wednesday, the EU said it would impose extra tariffs on Chinese EV players with a large footprint in Europe. BYD will be subject to additional tariffs of 17.4%, Geely will get an extra 20% duty. Citi analystsThe EU said in a statement it has provisionally concluded that Chinese EV makers benefits from "unfair subsidization," which resulted in "threat of economic injury" to EU's EV industry. watch nowThe additional duties come after the EU launched a probe in October.

Persons: Geely, Li, Morningstar, Joe Biden, Vincent Sun, Europe Joseph Webster, Webster, BYD, Tesla, Paul Triolo Organizations: Automotive Exhibition, Getty, Nurphoto, European Union, Li Auto, SAIC, Citi, EU, EV, Morningstar, Wednesday, Ministry of Commerce, Atlantic Council's Global Energy Center, Volvo, Nomura, Albright, Group Locations: Beijing, China, Geely, EU, Europe, U.S, Hungary, Swedish, Belgium

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

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

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

☆ EVs are too expensive. Here are 5 cheaper models coming soon.
▼ + stars: | 2024-06-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Demand for electric vehicles has slowed in recent months amid a lack of cheaper options, and carmakers are now scrambling to develop more affordable EVs. AdvertisementLuckily for these consumers, the next few years should see a range of more affordable electric vehicles released. Here are some other new affordable EV options coming soon:Volvo EX30The Volvo EX30 goes on sale in the US this summer. picture alliance/Getty ImagesGerman automaker VW abandoned plans to build affordable EVs with European rival Renault last month, and is planning to go solo. Elliot Ross Studio, INCRivian founder RJ Scaringe pulled off a Steve Jobs-style "one more thing" when he unveiled two new affordable EVs in March.

Persons: —, John Keeble, Kia EV3, Josh Lefkowitz, Kia, Elliot Ross, RJ Scaringe, Steve Jobs, Tesla, Rivian, Scaringe Organizations: Service, Business, Ford, Nissan, Volvo, Reuters, Kia, Hyundai, EV, BI, Getty, GM, Equinox, US, VW, Volkswagen, Renault, Elliot Ross Studio, INC Rivian, Tesla Locations: Edmunds, Korean, Korea, Europe, Anadolu

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

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

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

☆ Mercedes-Benz workers in Alabama vote against unionizing in blow to big UAW push
▼ + stars: | 2024-05-17 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Out of the valid votes counted, 56% of workers voted “no,” while 44% voted “yes” for unionization, according to Mercedes-Benz. Under relatively new UAW president Shawn Fain, the UAW had shifted its strategy for a membership push in non-unionized factories, many of which are located in the American South. David Johnston, right, a worker at Mercedes, thanks UAW President Shawn Fain following a press conference in Tuscaloosa, Alabama on May 17, 2024, after workers at two Alabama Mercedes-Benz factories voted overwhelmingly against joining the United Auto Workers union. Alabama is not Michigan, and we are not the Sweet Home to the UAW,” Ivey said in the statement. People react as the result of a vote comes in favour of the hourly factory workers at Volkswagen's assembly plant to join the United Auto Workers (UAW) union, at a watch party in Chattanooga, Tennessee, U.S., April 19, 2024.

Persons: Shawn Fain, Fain, ”, ” “, ” Fain, David Johnston, Kim Chandler, “, Kay Ivey, Vance, ” Ivey, Mercedes, Tesla, Seth, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, United Auto Workers, Mercedes, Benz, The National Labor Relations Board, UAW, Alabama, Big Three, Volkswagen, International, Team, Workers, Alabama Gov, Benz US International, Member, ” CNN, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, Seth Herald, Reuters, Chattanooga, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, P Global Market Intelligence Locations: New York, Benz, Alabama, United States, Chattanooga , Tennessee, American, Tuscaloosa , Alabama, MBUSI, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas, Michigan, U.S, Cornell University School of Industrial and Labor Relations ’ Buffalo

☆ What’s at stake in the union election at a Mercedes-Benz plant in Alabama
▼ + stars: | 2024-05-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +9 min

New York CNN —A high-stakes union election is underway at a Mercedes-Benz plant near Tuscaloosa, Alabama, the only plant for the luxury automaker in North America. The fallout will be significant whether the workers at Mercedes-Benz vote to join the United Auto Workers union or not. And last month, it won a union election at a Volkswagen plant in Chattanooga, Tennessee, its first victory in three attempts to organize the factory. Though a union win could generate momentum, it doesn’t mean a victory will mean other plants can overcome management opposition at other foreign-owned plants. Non-union automakers have already begun their response to the big union victories thus far.

Persons: Shawn Fain, Fain, ”, —, Tesla, Mercedes, Mercedes ’, “, MBUSI, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Harry Katz, ” Katz, Katz, ’ ” Katz, they’ve, CNN’s Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, Benz, Mercedes, United Auto Workers, UAW, Big Three, Volkswagen, Kia, Toyota, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Volvo, Team, The National Labor Relations Board, Benz US International, Member, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, “ Labor, Big, – GM, Ford, Cornell University School of Industrial and Labor Relations, P Global Market Intelligence, General Motors Locations: New York, Tuscaloosa , Alabama, North America, Chattanooga , Tennessee, United States, Vance , Alabama, Tuscaloosa, ”, Cornell University School of Industrial and Labor Relations ’ Buffalo, Alabama, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas

☆ Biden's EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
▼ + stars: | 2024-05-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Win Mcnamee | Getty ImagesDETROIT – President Joe Biden's plan to quadruple tariffs on China-made electric vehicles is unlikely to stave off the threat of more Chinese cars and trucks on U.S. roadways. Automotive and trade experts say the increased tariffs are a near-term protectionism act that may delay, but won't stop, Chinese automakers from coming to the U.S. with EVs. The EV tariffs, including other increases regarding battery materials, were among new tariff rates on $18 billion worth of Chinese imports. The quality and build of vehicles by Chinese automakers have gotten significantly better in recent years, as the Chinese government has subsidized their operations to grow domestic production. GM and others have found it hard to compete against budget and mainstream Chinese vehicles, including EVs.

Persons: Joe Biden, Win Mcnamee, Joe Biden's, It's, Dan Hearsch, Stellantis —, Warren Buffett, BYD, Morgan Stanley, Tim Hsiao, Lincoln Organizations: White, Getty, DETROIT, Communist, U.S . Automotive, Motors, U.S, — GM, Ford Motor, Chrysler, Warren, EV, Wall Street, China Association of Automobile Manufacturers, U.S . Vehicles, Lincoln Nautilus, Volvo, Biden Administration Locations: Rose, Washington , DC, China, Mexico, Americas, U.S

☆ Americans have been driving these Chinese-built cars for years — and Biden's tariffs likely won't impact them
▼ + stars: | 2024-05-15 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +2 min

Read previewOf the more than 15 million cars sold in the US last year, none wore the badge of a Chinese car brand. With the government's existing 27.5% tariffs on Chinese-made cars and Tuesday's new 100% tariffs on Chinese-made EVs imported to the US, the situation isn't likely to change anytime soon. AdvertisementAccording to Automotive News data, US consumers purchased more than 104,000 Chinese-made vehicles in 2023, up 45% from 2022. Americans bought another 28,000 Chinese-made cars during the first quarter of 2024. Here's a closer look at the Chinese-made cars on sale in the US.

Persons: —, Volvo's, Here's Organizations: Service, EV, SAIC, Business, Buick's, Automotive News, Buick, Lincoln, Volvo, Geely Automotive, Biden Locations: China, Polestar, South Carolina

☆ How American carmakers lost ground in China
▼ + stars: | 2024-05-11 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

American automakers and their non-Chinese counterparts are fighting an existential battle, as local rivals in China outpace them. GM's sales in China, including those of joint ventures it maintains in the country, have fallen from a high of 4 million vehicles in 2017 to 2.1 million in 2023. Several factors have contributed to the decline of U.S. automakers in China. That's precisely why American automakers shouldn't give up on China despite the U.S. companies' sales setbacks, according to Bill Russo, a former Chrysler executive who runs Automobility, a consulting firm in Shanghai. "If you don't compete in China, then what are you going to do when China shows up in your backyard?"

Persons: Michael Dunne, Dunne, Berkshire Hathaway, —, shouldn't, Bill Russo, Russo, haven't Organizations: U.S, Ford, GM, Hyundai, Kia, Nissan, Lotus, Volvo, Berkshire, Huawei, Chrysler Locations: China, U.S, Sweden, Shanghai

☆ Costco members can save $1,000 or more on an EV from GM, Volvo, or Polestar this summer
▼ + stars: | 2024-05-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

This summer, the wholesale club is swinging big with $1,000 or more off EVs from four brands. There is one catch though: the deal is only available to people who were Costco members as of April 30. AdvertisementOne of the under-appreciated perks of a Costco membership is big savings on new cars. This summer, Costco is swinging big with $1,000 or more off EVs from four brands. From now until July 31, Costco members can take $1,000 off the price of a Cadillac Lyriq, Chevy Equinox EV, Chevy Blazer EV, Volvo C40 Recharge, or Volvo XC40 Recharge.

Persons: — Organizations: Costco, Service, haggling, EV, Blazer EV, Volvo

☆ No, the electric vehicle market isn’t crashing. It just needs recharging.
▼ + stars: | 2024-05-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

The second is the rate of EV sales growth is slowing, at least temporarily. The EV market is not collapsing, experts say, it’s just entering a new phase. Teslas still make up slightly more than half of all the electric vehicles sold in America, according to a report from Cox Automotive. But, just one year ago, Tesla produced more than 60% of all the EVs sold America. After having trouble cranking up production of its new generation of electric vehicles, GM seems to be accelerating.

Persons: it’s, ”, Coco Zhang, “, Teslas, Tesla, Cox, Ford, China’s Geely, Michael Lenox, Corey Cantor, Cantor, ” Cantor Organizations: New, New York CNN, International Energy Agency, ING, CNN, Cox Automotive, Ford, General Motors, Blazer, European Federation for Transport, Volvo, EV, China Passenger Car Association, University of Virginia, Bloomberg New Energy Finance, Vehicles, Chevrolet Bolt, Dodge Locations: New York, That’s, EVs, America, China, Europe, United States, ’

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