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☆ Ford could do 2 things to really shine in a challenging 2024 for the auto industry
▼ + stars: | 2024-01-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Underscoring our optimism, total hybrid sales last week came in strong for the fourth quarter and the year. They grew 55.5% for the quarter while EV sales rose 27.5%. With higher-margin hybrid sales topping the quarter and the year, the Maverick Hybrid was the best performer, with a 67% increase in 2023 sales from the year-ago period. Morgan Stanley and Wells Fargo analysts are taking a pretty pessimistic view of the auto industry in the year ahead. F 1Y mountain Ford 1 year Reflecting that apprehension, the late-2023 upswing in Ford stock has been reversing a bit in the new year.

Persons: Ford, Jim Farley, Jim Cramer, Morgan Stanley, Wells, Tesla, Wells Fargo, Jim Cramer's, Jim, Michael Nagle Organizations: Ford, ICE, General Motors, Federal Reserve, Management, CNBC, New York, Auto, Bloomberg, Getty Locations: New York, U.S

☆ Hertz dumping 20,000 EVs is a warning to electric-car owners everywhere
▼ + stars: | 2024-01-12 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The car-rental firm said it's selling 20,000 EVs — about one-third of its electric fleet of Teslas, Volvos, Polestars, and more — partly due to repair and maintenance costs. AdvertisementIt's also a warning about the cost of EV ownership to drivers thinking about switching from gas to electric. Mitchell, which supplies data for insurance and repair companies, has found EVs — and particularly Teslas — are more expensive than gas-powered cars to repair. Among all EVs, Tesla's Model 3 has the best resale value, falling by only 42.9% in five years.

Persons: Hertz, —, Adam Jonas, Morgan Stanley, It's, Jonas, Mitchell, Kelley, Power, iSeeCars Organizations: EV, Service, Automotive, Energy Innovation, Insurance, quicken Locations: West Coast

☆ Hertz is selling 1/3 of its electric cars to buy gas cars instead
▼ + stars: | 2024-01-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Hertz, which has made a big push into electric vehicles in recent years, has decided it’s time to cut back. And EV price declines in the new car market have pushed down the resale value of Hertz’s used EV rental cars. Simply put, people are generally willing to pay a certain amount less for a used car than for a new one. Tesla makes up about 80% of Hertz’s EV fleet, and, altogether, EVs make up about 11% of Hertz’s total rental fleet. Again, Teslas, which make up 80% of Hertz’s EV rental fleet, are mostly the problem in both these areas, he has said.

Persons: CNN — Hertz, Hertz’s financials, ” Hertz, Stephen Scherr, Tesla, ” Scherr, Hertz, EVs, “, Scherr, ” Organizations: CNN, SEC, EV, Hertz, GM Locations: EVs

☆ From transparent TVs to ChatGPT-powered pet companions, here’s some of the buzziest tech of CES 2024
▼ + stars: | 2024-01-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +10 min

Here’s a look at some of the buzziest products announced this week:Loona companion robot is the world's first consumer robot equipped with ChatGPT AI technology. From Beijing KEYi Technology Co. Ltd.AI companionsAI companions are one of the biggest trends to emerge from the show this year. Samsung’s buzzy Ballie robot, which was first shown off at CES in 2020, received a refresh. BaracodaAI task robotsBeyond companions, AI has made its way into nearly every appliance and gadget you could think of this year. LG was one of the first leaders in transparent TVs; one of its earlier prototypes impressed the show floor back in 2020.

Persons: it’s, Loona, Rosie, Samsung’s, Dipanjan Chatterjee, ”, Volkwagen, Mercedes Benz, Chatterjee, ” Honda, VinFast, “ There’s, Jon Erensen, EssilorLuxottica, Francesco Milleri, Evie, Steve Jobs, Cook, Christoph Dernbach, “, Jitesh Ubrani, ” Ubrani, CNN’s Peter Valdes, Dapena Organizations: CNN — Tech, Consumer Electronics, Beijing KEYi Technology, ., LG, CES, Forrester Research, Walmart, Nvidia, AMD, Honda, VinFast, Fiat, Samsung, Gartner, Media, Apple Vision, Steve, Apple, IDC, Sony, Qualcomm Locations: Las Vegas, Beijing, USA, Cupertino, Cupertino ., Apple's, United States

☆ China's EV stocks start 2024 in reverse gear as price wars pressure profitability
▼ + stars: | 2024-01-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"We expect competition within the domestic market to remain intense and put pressure on pricing and profitability," Bernstein analysts said in a report on China's EV industry earlier this month. Morgan Stanley also highlighted competitions concerns in its note on Wednesday: "Investors remain cautious as China's auto market has had a volatile start to the year as competition and macro uncertainties persist." In mainland China, passenger EV sales growth fell to 28% in the third quarter of 2023, from 108% in the same period a year earlier, according to China Association of Automobile Manufacturers data quoted by Fitch Ratings. The growth slowdown will deepen in 2024, according to Fitch Ratings. "We expect China's domestic passenger car demand to increase modestly in 2024 to nearly 22 million units amid economic uncertainty," said Fitch Ratings.

Persons: Li Auto, Bernstein, Morgan Stanley, Fitch Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, China Association of Automobile Manufacturers, Fitch Locations: Shanghai, Hong Kong, Nio, BYD, Zhejiang, China

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ Biden to head to Michigan and Nevada to ramp up outreach to key base voters
▼ + stars: | 2024-01-10 | by ( Mike Memoli | ) www.cnbc.com time to read: +5 min

US President Biden arrives to board Air Force One at Joint Base Andrews in Maryland on December 20, 2023, as he departs for Milwaukee, Wisconsin. Biden could be courting Latino voters in Nevada while simultaneously negotiating a border funding bill that includes stricter immigration policies that are opposed by Hispanic leaders. The Biden campaign has argued that as important as immigration is, public polling and its own research show the economy as the top concern of Latino voters. In 2020, Biden carried both Nevada and Michigan, but by less than 3 percentage points. Only Pennsylvania, Wisconsin, Arizona and Georgia were closer among states Biden carried.

Persons: Biden, Joe Biden's, It's, Joe Biden, Quentin Fulks, Biden's, Fulks, Donald Trump's, we'll, Kamala Harris, Harris, — Organizations: Air Force, Joint Base Andrews, Democratic, Israel, Culinary Workers, United Auto Workers, Big Three, UAW Locations: Maryland, Milwaukee , Wisconsin, South Carolina, Nevada and Michigan, Iowa, New Hampshire, Nevada, Michigan, surrogates, Carolina, South Carolina . Michigan, Atlanta, Mandalay Bay, Pennsylvania, Wisconsin, Arizona, Georgia

☆ A surge of Russian demand has made China the world's biggest car exporter
▼ + stars: | 2024-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Automakers Geely and Great Wall Motor similarly saw a sharp uptick in car sales to Russia. A combination of soaring prices, weak consumer sentiment, and dwindling supply has sent domestic car sales crashing to roughly a quarter of pre-war times. "Russians are just buying less cars, period," researcher Steven Tian said in an interview with Business Insider at the time.

Persons: —, Geely, BYD, Steven Tian Organizations: Service, Wall, Business, China Passenger Car Association, Chery, Elon Musk's, Yale Locations: Ukraine, Moscow, China, Japan, Russia

☆ Why America's Electric Car Push Isn't Working
▼ + stars: | 2024-01-03 | by ( Paris Marx | ) www.businessinsider.com time to read: +12 min

Electric vehicles were supposed to be inevitable. Auto execs who were once trumpeting the potential of electric cars are even publicly acknowledging that EVs aren't working . In September, 87% of new-vehicle sales were fully electric vehicles. Plus, heavier electric vehicles are harder on roads, produce more air pollution, and pose a greater safety risk for pedestrians. Time for a rethinkThe shift from gas-powered cars to electric vehicles is an opportunity to rethink how Americans get from place to place.

Persons: Joe Biden, Tesla, EVs —, EVs, Edward Niedermeyer, Niedermeyer, Ipsos, CarGurus, bode, Ketan Joshi, Joshi, Benjamin Sovacool, it's, Paris Marx Organizations: EV, Ford, General Motors, Honda, Auto execs, Industry, Tesla Motors, EVs, Cox Automotive, Strategic, Cox, Statistics Norway, Transportation Locations: Mexico, America, California, United States, Norway, Oslo, Norwegian, Paris

☆ From FedEx to airlines, companies are starting to lose their pricing power
▼ + stars: | 2023-12-29 | by ( Leslie Josephs | ) www.cnbc.com time to read: +5 min

Andrew Kelly | ReutersAfter years of unbridled consumer spending on everything from home improvement to dream vacations, some companies are now finding the limits of their pricing power. Nike last week lowered its annual sales growth forecast and unveiled plans to cut costs by $2 billion over the next three years. "Goods companies don't have the pricing power they did in the pandemic, and some in the hotel and travel [industries] — they don't have the pricing power they did in the immediate post-Covid," he added. Sales growth for companies in the S&P 500 is on track to average 2.7% this year, according to mid-December analyst estimates posted by FactSet. Consumer spending on apparel and groceries rose 2.4% and 2.1%, respectively, from the year-earlier period, according to the survey.

Persons: Andrew Kelly, Mills, Joe Cavaretta, David Kelly, FactSet, Kelly, isn't, airfare, John F, Bob Jordan, Jordan, Ohsung Kwon Organizations: FedEx, Reuters, Shipping, Airlines, Target, Nike, Spirit Airlines, Hasbro, Fort Lauderdale Hollywood International, South Florida Sun Sentinel, Tribune, Service, Getty, Florida Sun, Morgan Asset Management, FactSet, Mastercard, Starbucks, Airline, U.S . Department of Labor, Kennedy International, Southwest, CNBC, Detroit automakers, Toyota, Cox Automotive, Bank of America Locations: New York, speedier, Fort, South

☆ China's Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla
▼ + stars: | 2023-12-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China's oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. Pronounced "Sue Qi" in Mandarin, the Xiaomi SU7 beats Porsche's Taycan and Tesla's Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday. This is an area of potential advantage for Xiaomi, which is best known for its smartphones and home appliances and previously said it wants to create a "'Human x Car x Home' smart ecosystem." The SU7 is integrated with Xiaomi's smartphones and internet-connected home appliances, Lei announced Thursday. Lei said the vehicle will also be compatible with Apple 's iPhone, iPad, CarPlay and AirPlay.

Persons: Lei Jun, Sue Qi, Porsche's Taycan, Lei Organizations: Tesla, Porsche, BMW, Mercedes, Benz, Apple Locations: BEIJING, U.S

☆ Shawn Fain, CNN Business’ labor leader of the year, plans to keep automakers sweating
▼ + stars: | 2023-12-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

New York CNN —The longest US auto strike this century is over after a pretty clear win for the United Auto Workers union at all three unionized automakers. “I don’t like what I’ve seen in my work career with the UAW leadership, where they were too damn close to the companies,” UAW President Shawn Fain told CNN earlier this month. So I like to let the body of work speak for itself.”The success of those contracts is the reason that Shawn Fain is CNN Business’ labor leader of the year. All told nearly 800,000 union members got raises of 10% or more during 2023. The plant will be be reopened under the agreement reached between Stellantis and the UAW to end the union's strike at the company.

Persons: Shawn Fain, there’s, Fain, “, ”, I’ve, Sean O’Brien, Fran Drescher, Ted Pappageorge, Bill Greenblatt, Wheaton, Jeff Schuster, It’s, Stellantis, Bianca Flowers, Reuters “, Ray Curry, GlobalData’s Schuster, ” Shawn Fain, we’re Organizations: New, New York CNN, United Auto Workers, UAW, CNN, CNN Business, UPS, SAG, Writers Guild of America, Culinary, Kaiser Permanente, General Motors, Ford, Motors Wentzville, GM, UPI, Cornell University’s School of Industrial and Labor Relations, GlobalData, Jeep, Reuters, Justice Department, Chrysler, Facebook, UAW International Union Locations: New York, Las Vegas, Stellantis, Wentzville , Missouri, Kokomo , Indiana

☆ Southwest Airlines pilot pay would increase 50% under new labor contract
▼ + stars: | 2023-12-19 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Southwest Airlines and its pilots' union have reached a new preliminary labor agreement that would give pilots 50% cumulative pay increases over the life of the contract, a deal that could end years of tense negotiations. The five-year deal is worth about $12 billion, Casey Murray, president of the Southwest Airlines Pilots Association, told CNBC on Tuesday. In comparison, larger rival United Airlines ' new four-year pilot contract is worth about $10 billion, according to the aviators' union. Once the contract becomes amendable, Southwest pilots would get 2.5% annual bonuses until the airline and union reach a new agreement. FedEx pilots rejected an preliminary deal earlier this year, while UPS pilots' union is set to start negotiations in mid-2024.

Persons: Casey Murray Organizations: Southwest Airlines, Southwest, U.S, Southwest Airlines Pilots Association, CNBC, United Airlines, United, Delta, FedEx, UPS, U.S . Department of Transportation, Labor, Hollywood, United Auto Workers union Locations: Southwest

☆ Why automakers are turning to hybrids in the middle of the industry's EV transition
▼ + stars: | 2023-12-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

Sales of traditional hybrid electric vehicles, or HEVs, such as the Toyota Prius, are outpacing those of all-electric vehicles in 2023, according to Edmunds. Sales of plug-in hybrid electric vehicles, or PHEVs, accounted for only 1% of U.S. sales through November. In comparison, Ford's EV sales are up 16.2% to roughly 62,500 units, accounting for 3.5% of its total sales. Battery breakdown Both hybrids and plug-in hybrids have a traditional engine combined with EV technologies. The world's largest automaker is considered the pioneer of traditional hybrids, with the Prius.

Persons: Scott Mlyn, Biden, HEVs, EVs, There's, Jessica Caldwell, Edmunds, Morgan Stanley, Eric Watson, Jim Farley's, Jeep Wrangler, Motors, Mary Barra, It's, Mark Reuss, Stephanie Brinley, Akio Toyoda Organizations: CNBC DETROIT —, EV, Toyota Prius, Toyota, Honda Motor, Hyundai, Kia, U.S, Representatives, Kia America, CNBC, Detroit automakers, Detroit, Ford Motor, Ford, Chrysler, Jeep, Cherokee, GM, Chevrolet, Automotive Press Association, National, Traffic Safety Administration, American Automotive Policy Council, Reuters, NHTSA, P Global Mobility . Industry, EVs, Wall Street Locations: Edmunds, U.S, That's, Kia America's, China, Detroit, EVs

☆ Elon Musk called Tesla's Sweden strike 'insane' — now it's spreading to Denmark
▼ + stars: | 2023-12-05 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Tesla faces a wave of strikes in Sweden, with unions calling for better pay and benefits. Elon Musk called the strikes, which have disrupted deliveries, "insane" in a post on X. Now they are spreading to Denmark, with Danish dockworkers also refusing to unload Tesla's EVs. AdvertisementTesla is embroiled in a growing battle with unions in Europe after the wave of strikes impacting the company in Sweden spread to Denmark. AdvertisementNine other Swedish unions have joined the strike in solidarity, with dockworkers refusing to unload Tesla's cars at ports and electricians refusing to repair the company's charging stations .

Persons: Tesla, Elon Musk, Danish dockworkers, —, Jan Villadsen Organizations: Danish, Service, Reuters, Sweden's Transport Agency, Denmark aren't, United Auto Workers, UAW, Business Locations: Sweden, Denmark, Europe, Danish, Swedish, Sweden's

☆ China issues safety guidelines for autonomous public transport vehicles
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Baidu's Apollo car with an autonomous driving system, which serves for self-driving taxi services, is seen at the Shougang Industry Park in Beijing, China July 30, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - China on Tuesday issued safety guidelines for the use of autonomous vehicles in public transport, the latest in a series of measures preparing for the increased use of driverless cars. The guidelines apply to autonomous vehicles for passengers including taxis as well as for freight transportation, the Ministry of Transport said in a statement. They also require companies using autonomous vehicles for public transport to be qualified and licensed and state that companies can work together with automakers on such operations. In October, it issued guidelines for highway engineering facilities to support autonomous driving technology.

Persons: Tingshu Wang, Albee Zhang, Zoey Zhang, Brenda Goh, Christopher Cushing Organizations: REUTERS, Rights, Ministry of Transport, Thomson Locations: Beijing, China, Rights BEIJING

☆ Elon Musk teases new details about Tesla's next car after the Cybetruck
▼ + stars: | 2023-12-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The next Tesla after Cybertruck will be more affordable, Musk said. Musk said his company is "quite advanced" in its work on the affordable Tesla, and that he is reviewing production plans weekly. "The revolution in manufacturing that will be represented by that car will blow people's minds," Musk said. "It is not like any car production line that anyone's ever seen." Many car companies have responded to this change in demand by pulling back production plans while dealers lather on discounts to move these cars off their lots.

Persons: Musk, Tesla, —, Elon Musk, Sandy Munro, Munro Organizations: Texas, Service, YouTube, EV, Ford, Tesla Locations: Mexico, Detroit

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The company currently connects more than 17 million vehicles and Napier said Cubic can update the car from the assembly all the way through its lifetime. "We can update the car in the production line, we can update the car on the ship, we can update the car when it arrives anywhere," Napier said. Cubic will become a consolidated subsidiary of SoftBank Corp, and the deal is set to close in the first half of 2024. Jefferies served as lead financial adviser to Cubic on the deal, while PJT Partners acted as lead financial adviser to SoftBank.

Persons: Issei Kato, Junichi Miyakawa, Barry Napier, SoftBank, Napier, Jefferies, Nick Carey, Nick Zieminski Organizations: SoftBank, REUTERS, SoftBank Corp, Cubic Telecom, Japan, Volkswagen, Qualcomm, Consulting, McKinsey, Co, Reuters, Napier, SoftBank Group, Vision Fund, PJT, Thomson Locations: Tokyo, Japan, TOKYO, Dublin, Irish

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. Toyota is targeting sales of 1.5 million battery-powered vehicles a year globally by 2026. The announcement came after Toyota executives said in July the company would focus on selling hydrogen-powered trucks and cars in Europe and China. A hydrogen fuel-cell vehicle uses an electric motor like an EV but draws power from a fuel stack where hydrogen is separated by a catalyst to produce electricity. Toyota sold about 3,500 fuel-cell vehicles globally over the January-October period.

Persons: David, Dee, Delgado, Daniel Leussink, Mariko Katsumura, Lisa Shumaker, Jamie Freed Organizations: New York, REUTERS, Rights, Toyota, European Union, European Automobile Manufacturers Association, Battery, Lexus, Thomson Locations: Manhattan , New York City, U.S, Europe, EU, China

☆ New US rules on Chinese batteries could push up price of electric cars
▼ + stars: | 2023-12-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —The US government has announced new regulations that aim to keep Chinese batteries out of cars sold in the United States, a move that could push up the price of electric vehicles for American drivers. China is the world’s leader in EV battery production, dominating almost “every stage of the EV battery supply chain,” according to a 2023 report by the International Energy Agency (IEA). Tesla is a longtime customer of China’s CATL, the world’s largest EV battery maker. Doubling downThe new measures add to existing efforts by Washington to redirect auto manufacturing to the United States. “Financial incentives play an important role in the widespread adoption of electric vehicles,” researchers at George Washington University found in a 2022 study.

Persons: Biden, ” John Podesta, “, John Bozzella, ”, Tesla, China’s CATL, CATL, Jeff Kowalsky Organizations: Hong Kong CNN, EV, International Energy Agency, US Treasury, Internal Revenue Service, Department of Energy, Treasury, Officials, IEA, “, Alliance, Automotive Innovation, Ford, Getty, George Washington University, ” China’s Ministry of Foreign Affairs Locations: Hong Kong, United States, China, Russia, North Korea, Iran, America, Michigan, Washington, North America, Dearborn , Michigan, AFP, Europe, Beijing

☆ The White House unveils new rules to try and keep China out of the US EV market
▼ + stars: | 2023-12-04 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

It comes as the US aims to break China's stranglehold over the global electric battery supply chain. Key US automakers like Tesla and Ford are still using Chinese technology in their electric cars. AdvertisementChina is well and truly winning the EV race — and now the White House has unveiled new rules to try and keep Chinese companies out of the US electric car market. The new restrictions could be a headache for US auto manufacturers, which have traditionally relied on China for their battery technology . The American EV market, meanwhile, has stuttered in recent months , with legacy automakers slashing investment and cutting back targets.

Persons: —, Morgan Stanley, Elon Musk's Tesla Organizations: Ford, Service, White, American EV Locations: China, Russia, Iran, North Korea, Michigan

☆ Ford's US vehicle sales slip 0.5% in November
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsDec 4 (Reuters) - Ford Motor (F.N) posted a 0.5% drop in U.S. new vehicle sales for November on Monday, as the automaker worked to restart some of its key plants following a lengthy workers' strike that impacted vehicle production. Ford reached a deal with the United Auto Workers (UAW) union in late October, ending an over month-long strike the company said will cost it $1.7 billion. Ford's CFO John Lawler said in October restarting the plants would be complicated after the deal, which UAW workers ratified in November. Sales of Ford's electric vehicles jumped 43.2%, to 8,958 units from a year ago, the automaker said on Monday. The company reported total sales of 145,559 vehicles in November, compared with 146,364 units last year.

Persons: David, Dee, Delgado, Ford, John Lawler, Nathan Gomes, Pooja Desai Organizations: New York, REUTERS, Ford, United Auto Workers, UAW, Detroit Three, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

On Saturday, the agency posted documents showing that BMW is recalling 486 SUVs after the Chicago driver was hurt. At least 26 people have been killed in the U.S. by Takata inflators since May 2009, and at least 30 have died worldwide including people in Malaysia and Australia. About 100 million inflators were recalled worldwide. Automakers, he said, blamed manufacturing problems to limit recalls when the non-desiccated Takata inflators started to have problems. In the BMW recall, dealers will replace the air bags at no cost to owners, who will be notified by letter starting Jan. 16.

Persons: Takata, Takata inflators, General Motors, inflators, Michael Brooks, “ It's, ”, Brooks, “ Organizations: DETROIT, —, BMW, Traffic, Administration, General, Volkswagen, NHTSA, GM, VW, Center for Auto Safety, Companies, ” BMW, Honda, General Motors, Ford, Nissan, Toyota, Jaguar, Rover, Daimler Vans, Mitsubishi, Subaru, Benz, Ferrari, McLaren, Porsche, Mazda, Spartan Locations: Chicago, U.S, Malaysia, Australia, Japan, inflators

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

☆ Electric cars are having more problems, but not because they’re electric
▼ + stars: | 2023-12-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles have 79% more problems than other vehicles, according to Consumer Reports’ latest annual auto reliability survey. The problems arise because electric cars are mostly new models, and recently-introduced car models generally tend to have more issues, regardless of what propels them. Besides that, electric vehicles tend to be higher priced models with more sophisticated technology features, from additional safety sensors to more gadgets and doo-dads. Electric pickup trucks, in particular, tended to fare the worst in Consumer Reports’ reliability survey. Not all electric vehicles are so unreliable, though, according to Consumer Reports’ survey data.

Persons: Jake Fisher, haven’t, ”, Fisher, that’s, It’s, That’s Organizations: New, New York CNN —, Consumer, EV, Tesla, Ford, Nissan, Hyundai, Toyota, Honda, Kia Locations: New York

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