DIRS.INFO The most relevant business & tech news

The Detroit automaker's average estimated real-world fuel economy and its carbon emissions ranked the second-worst in the industry for the 2021 model-year, according to the EPA. Both automakers decreased their fuel economy and increased C02 emissions since the 2016 model-year, according to the EPA, as did Hyundai Motor , Mazda and Volkswagen . The 2021 average vehicle fuel economy was at an all-time high of 25.4 miles per gallon, unchanged from the year prior. Its average fuel economy, which is measures in terms of miles per gallon of gasoline equivalent, or mpge, was 123.9 miles. Just 4% of 2021 vehicles were electric, plug-in hybrids or fuel cell vehicles, though the EPA projects that figure will rise to 8% in 2022.

☆ Rivian pauses JV plans with Mercedes-Benz to make electric vans in Europe
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Rivian Automotive sign outside the electric truck maker's facility, in Plymouth, Michigan, U.S., July 15, 2022. REUTERS/Kevin Krolicki/File PhotoDec 12 (Reuters) - Rivian Automotive Inc (RIVN.O) said on Monday it is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe. Rivian is in a crowded field of startups trying to cash in on demand for electric commercial vans under pressure from established automakers including Ford (F.N) and General Motors (GM.N). In September, Mercedes-Benz Vans and Rivian signed a memorandum of understanding to produce electric vans in a factory in Poland, Hungary or Romania within the next few years, under the 50-50 joint venture. The plan for Mercedes-Benz Vans' new electric vehicle manufacturing site in Jawor, Poland is not affected and the pace of its electrification strategy remains unchanged, Mathias Geisen, head of Mercedes-Benz Vans, said.

☆ Exclusive: Toyota to outline 3-year EV plan changes to suppliers
▼ + stars: | 2022-12-11 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +5 min

The leading Japanese automaker is expected to detail the EV plan changes through early 2026, communicating the adjustments to major suppliers, the people said on condition of anonymity as the information is confidential. Toyota is set to convene a major powwow of suppliers in February, the first such global supplier convention since the pandemic. The working group has been charged with outlining plans to improve Toyota's EV approach, including considering a potential successor to its new EV platform, e-TNGA. Toyota has been working with two suppliers Denso (6902.T) and Aisin (7259.T) for its EV reboot. That resulted in a soon-to-be-marketed, China-only Toyota electric sedan called the bZ3, powered by BYD batteries.

☆ Tesla to suspend Model Y output in Shanghai in last week of Dec-memo
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +3 min

Tesla is targeting production of just over 20,000 Model Y vehicles for the last three weeks of December combined, including the week of suspended output, according to the memo. By contrast, Tesla had kept the output of Model Y at a weekly rate of about 13,000 vehicles in November, equivalent to 39,000 over a three-week period, the people said. It was not clear how and whether output of the Model 3 would be affected by the planned suspension of output of the Model Y in the last week of the month. The Model Y represents the largest share of production at the Shanghai plant. Reuters reported on Monday that Tesla planned to cut December output of the Model Y at its Shanghai plant by more than 20% from November.

☆ China's Li Auto sees higher deliveries in Q4; third-quarter loss widens
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

Dec 9 (Reuters) - China's Li Auto Inc on Friday forecast higher delivery of vehicles and a rise in revenue in the fourth quarter, banking on a production ramp-up and better cost management. The electric vehicle maker saw net loss widen to 1.65 billion yuan ($237.55 million) compared with a net loss of 21.5 million yuan a year ago for the third quarter ended Sept.30. Most auto makers have been hit by rising material costs and a global chip shortage, but Li Auto said that it was expecting higher deliveries and production scale up as global supply chain issues ease. Vehicle sales for the company jumped 22.5% from a year ago to 9.05 billion yuan in the reported quarter, while margins dropped to 12% from 21.1%. It dispatched 26,524 cars in the September quarter, with October and November deliveries already at more than 25,000 units.

☆ GM CEO sees U.S. new-car sales rebounding in 2023
▼ + stars: | 2022-12-08 | by ( Joseph White | ) www.reuters.com time to read: +1 min

[1/2] General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan,September 14, 2022. Barra said she expects 2023 U.S. sales of new cars and light trucks to finish at 15 million units. That would be up from an estimated 13.7 million in 2022 and in line with an expected 14.7 million in 2023, according to S&P Global Mobility. "We are seeing strong demand for our vehicles," Barra said, speaking at an Automotive Press Association event in Detroit. Barra said GM is planning “to be very conservative on costs” in its 2023 budgeting, in light of uncertainty about economic growth.

☆ Musk's bankers mull new Tesla margin loans to slash Twitter debt - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Billionaire Elon Musk's bankers are considering providing the Tesla Inc (TSLA.O) Chief Executive Officer with new margin loans backed by the U.S. automaker's stock to replace some of the high interest debt on his Twitter deal, Bloomberg News reported on Wednesday. The margin loans are one of the options that the Morgan Stanley (MS.N)-led bank group and Musk's advisers have discussed to ease the $13 billion debt Twitter took on as part of Musk's $44 billion deal, the report said, citing people with knowledge of the matter. Morgan Stanley (MS.N), Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Mitsubishi UFJ Financial Group Inc (8306.T) led the $13 billion financing for the bid by Musk. The banks are not expected to offload any of the Twitter debt to institutional investors until the new year, Bloomberg reported. Reuters reported in October that banks had abandoned plans to sell the debt to investors because of uncertainty around Twitter's fortunes and losses.

☆ Hyundai, SK to build new battery plant in Georgia
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the state of Georgia to supply the Korean automaker's U.S. assembly plants. Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said. The companies aim to begin operations in 2025 and said "stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment" in Georgia's Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia's Bryan County. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Leaked email reveals Tesla-wannabe Lucid is worried over canceled orders — and will call customers up to 14 times to ask them not to ditch their six-figure EV
▼ + stars: | 2022-12-08 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

"Every cancellation is a failure," read an email sent to Lucid retail employees. If they don't reach the customer, they must try calling again three more times on consecutive days. After that, the case goes to a regional manager, who must try calling the customer within 24 hours, then try calling again three more times on consecutive days. Are you a current or former Lucid employee? Do you own a Lucid vehicle or hold a Lucid order reservation?

☆ Used vehicle demand and prices continue to decline from record highs
▼ + stars: | 2022-12-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Wholesale prices of used vehicles reached their lowest level in more than a year last month, as retail sales decline amid interest rate hikes, rising new vehicle availability and recessionary fears. Cox Automotive said Wednesday that its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, has declined 15.6% from record levels in January through November. "New inventory is finally starting to build, and that's producing momentum in new retail sales, but that momentum appears to be at the expense of used retail. Retail prices for consumers traditionally follow changes in wholesale prices. Cox estimates that used retail sales declined 1% in November from October and were down 10% from a year earlier.

☆ GM continues to evaluate Twitter advertising suspension following Musk takeover
▼ + stars: | 2022-12-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

General Motors continues to monitor Twitter and evaluate its decision to suspend advertising on the social media platform following Elon Musk's takeover of the company, CEO Mary Barra told CNBC Tuesday. Barra said that the automaker's decision to suspend advertising in October was in part an effort to protect its brands but was also influenced by the fact that Musk's electric vehicle company, Tesla , is a competitor to GM. So, we want to make sure our advertising strategies are kept confidential." Under Barra, GM has announced billions of dollars in spending to better compete against Tesla in the battery electric vehicle segment. Automakers such as GM have worked with Twitter and other social media platforms on advertising campaigns as well as new vehicle unveilings and launches.

☆ Mercedes opens its first EV-only dealership in the world in Japan
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Mercedes-Benz logo is seen at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. Mercedes-Benz has rolled out five electric models since 2019 and "sees further growth in the electric vehicle market in Japan," it said in a statement. Battery EVs have been slow to catch on in Japan, where domestic makers dominate the market. But foreign brands sold a record 2,357 EVs in November, surpassing a tenth of total imported car sales for the first time, according to the Japan Automobile Importers Association (JAIA). Across all car types, Mercedes-Benz sold 51,722 cars in Japan last year, making it the top-selling foreign vehicle brand, JAIA data shows.

☆ Ford and GM are going head-to-head for the fastest-growing electric vehicle market: delivery vans
▼ + stars: | 2022-12-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

Ford has pursued the commercial EV space through Ford Pro, while GM has tackled it with BrightDrop. This week's news mirrors the past several years of the two automakers one-upping each other with major EV investments. The commercial EV space has long been hindered by cost, a lack of viable products, and infrastructure questions. Monday, it announced it would produce its delivery vans at its factory in Canada and named DHL Express Canada as its first international customer. Ford Pro, the automaker's electric last-mile delivery unit, meanwhile, announced an order for 2,000 E-Transit vans from DHL this week.

☆ Stocks making the biggest moves midday: Textron, Charter, Estee Lauder, Signet and more
▼ + stars: | 2022-12-06 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Textron – Shares of Textron jumped 6% after the company won a U.S. Army contract that could be worth $70 billion to provide next-generation helicopters. Charter Communications – Charter Communications fell 5% after analysts at Citi added a negative catalyst watch to the company heading into its analyst day. Signet Jewelers – Shares of Signet Jewelers surged 18% after the company announced earnings results that beat Wall Street's expectations before the market open Tuesday. SVB Financial Group – Shares of SVB Financial slid nearly 4%, reaching a 52-week low earlier in the day. Semiconductor stocks – Semi stocks Advanced Micro Devices and Nvidia fell 4% and 3.1% respectively amid a broader selloff in the Nasdaq.

☆ China's BYD to start selling EVs in Japan by early 2023
▼ + stars: | 2022-12-05 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +2 min

China's BYD, in which Berkshire Hathaway (BRKa.N) owns a stake, said it will roll out an electric sports utility vehicle, ATTO 3, in Japan starting Jan. 31. BYD's Japan chapter is planning to introduce two more models by the end of 2023 and more than 100 dealerships in Japan by the end of 2025, the company said. However, the share of the battery-driven vehicles is expected to grow, partly due to non-Japanese automakers like BYD and Volkswagen (VOWG_p.DE) making their way into the market. BYD's Japan division is planning to set up tentative retailers starting late January in 22 cities but is eager to cover all 47 prefectures, said Atsuki Tofukuji, BYD Auto Japan Inc chief executive. Japanese automakers have recently been criticised by activists and green investors, who slam them for not embracing battery electric vehicles fast enough.

☆ Why GM's happy to keep spending billions on self-driving while rivals like Ford abandon ship
▼ + stars: | 2022-12-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

GM's Cruise is still pushing forward after Ford's Argo called it quits. Profitability is not yet the marker of success for Cruise, GM president Mark Reuss said. In fact, GM's self-driving outfit is now embarking on the commercialization phase of its robo-taxi service, after a successful nighttime pilot in San Francisco earlier this year. That's essentially the opposite approach from crosstown rival Ford, which last month gave up on its money-losing self-driving unit, Argo. That set off alarm bells for investors in the autonomous vehicle space, hammering AV startup stocks.

☆ DHL buying Ford's electric cargo vans showcases Club holding's EV strategy
▼ + stars: | 2022-12-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

The news DHL will acquire 2,000 Ford E-Transit cargo vans by the end of 2023, the companies announced Monday. DHL— owned by Germany's Deutsche Post — said it has already received some of the E-Transit vans, adding them its global fleet of roughly 27,000 electric vans. Ford has sold roughly 5,800 E-Transit vans through November , and the vehicle has become the top-selling commercial vehicle in North America, according to the company. One of those is called Telematics, the official name for the fleet management software DHL will use under Monday's deal. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Orders for the electric F-150 were so strong that Ford started building another factory next door to boost production
▼ + stars: | 2022-12-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Ford had to literally tear down the walls of its factory to cope with demand for the electric F-150. "That surprised us – I think it surprised a lot in the industry, how ready people already were for electric vehicles," says Darren Palmer, who heads up Ford's electric vehicle (EV) program. Darren Palmer speaks with customers in front of a Ford F-150 Lightning. Despite recently committing $50 billion to its EV program over the next four years, the success of an electric F-150 was never certain. The 2022 Ford F-150 Lightning Lariat.

☆ Musk unveils Tesla Semi trucks at Nevada factory
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/5] Tesla Chief Executive Elon Musk waves near Tesla Semi electric trucks during a live-streamed unveiling in Nevada, U.S. December 1, 2022, in this still image taken from video. Tesla/Handout via REUTERSDec 1 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk unveiled the company's first heavy-duty Semi truck on Thursday at an event in the electric automaker's Nevada plant, making its first foray into the trucking industry. Tesla said its other vehicles would used the powertrain in the Semi, and that the company will use the truck in its own supply chain to ship auto components. Musk said that the Semi has three times the power of any diesel-powered truck, and is the first Tesla vehicle and it is aimed at reduced the outsized emissions of the trucking sector relative to size of the fleet. Tesla also said that the Semi would use its regenerative braking to recapture kinetic energy to improve efficiency.

☆ Tesla just delivered its first all-electric Semi truck to PepsiCo and said it can cover up to 500 miles on a single charge
▼ + stars: | 2022-12-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Tesla delivered its first electric semitrailer truck to PepsiCo on Thursday. The Semi is the automaker's all-electric, class-8 cargo trucks with a range between 300 and 500 miles on a single charge, depending on the model. Tesla's delivery of the Semi trucks came after several years of delay. In August 2022, Musk tweeted that Tesla would begin shipping the 500-mile Semi, and the Cyber Truck — its futuristic-looking electric pickup — by 2023. A spokesperson for PepsiCo told Insider in October that the Semi trucks will be supporting the company's beverages plant in Sacramento and its Frito-Lay factory in Modesto, California.

☆ GM's trying to fix the worst part of buying an electric car by turning an old Target into a new kind of call center
▼ + stars: | 2022-12-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

"EV Live" is a way to supplement dealers, not replace them, GM says. To win them over, GM is helping new EV owners and potential buyers understand the quirks and nuances of the tech-heavy vehicles — by directing them to a call center. GM's specialists don't just help GM buyers. In fact, over the Thanksgiving holiday weekend, EV Live saw a surge in calls from non-GM owners, Hassani told Insider. That's why EV Live has added training for dealers since it opened.

☆ Why Wall Street's bullish on 3 Club stocks Wednesday — and our take, too
▼ + stars: | 2022-11-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Apple (AAPL), Constellation Brands (STZ) and Ford Motor (F) were subject to Wall Street research on Wednesday. Club take: China's Covid-19 lockdown measures have posed a risk to Apple's iPhone manufacturing, but we believe it's a temporary one. Club take: Ford has benefitted from higher pricing power as a result of supply chain challenges impacting production. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Goldman Sachs names the global automakers exposed to a China slowdown
▼ + stars: | 2022-11-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. Goldman Sachs has a $305 price target on Tesla, giving it potential upside of around 66% from its current share price of around $182. Mercedes-Benz Goldman Sachs estimates that Mercedes will sell 734,000 cars this year in China. Meanwhile, Volkswagen's joint-venture partner SAIC is sell-rated by Goldman Sachs, which gives it downside potential of 9%. General Motors Goldman Sachs estimates that nearly half of all cars GM sells worldwide will be in China between 2022 and 2024.

☆ Here are Monday's biggest analyst calls: Amazon, Apple, DraftKings, Tesla, Live Nation & more
▼ + stars: | 2022-11-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: JPMorgan reiterates Apple as overweight JPMorgan said its survey checks show Apple's iPhone Pro lead times are moderating. JPMorgan names Amazon a top idea heading into 2023 JPMorgan said Amazon is the "most diversified mega-cap across revs & profit & has numerous large growth opportunities." Morgan Stanley downgrades Aptiv to equal weight from overweight Morgan Stanley said in its downgrade of the auto tech supplier that it thinks Aptiv will be affected by a slower rollout of electric vehicles. Morgan Stanley downgrades Williams-Sonoma to underweight from equal weight Morgan Stanley said in its downgrade of Williams-Sonoma that "negative revisions are set to begin." JPMorgan downgrades First Solar to neutral from overweight JPMorgan downgraded the solar stock mainly on valuation.

☆ Renault wants to use water from depths of 4,000 meters to supply heat to an old production plant
▼ + stars: | 2022-11-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

The French automotive giant says it's targeting carbon neutrality in Europe by 2040 and globally by 2050. The Renault Group is working with French utility Engie on the development of a geothermal energy project at the automaker's Douai facility, with the collaboration set to last 15 years. The plan centers around taking hot water from a depth of 4,000 meters, or more than 13,100 feet. According to Renault, this water will be used to help meet the Douai site's "industrial and heating process needs from 2025." "In summer, when the need for heat is lower, geothermal energy could be used to produce carbon-free electricity," it added.

Search resuls for: "automaker's"

25 mentions found