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The company now predicts full-year net income of $9.1 billion to $9.7 billion, down from its previous outlook of $9.3 billion to $10.7 billion. But GM expects to generate more cash for the full year. To get there, GM expects to cut capital spending, including a slowdown in spending on electric vehicles and at Cruise, its troubled autonomous vehicle unit. In June of last year, electric vehicle sales were growing about 90% year over year, according to Motorintelligence.com. Barra wrote that GM has a strong cash balance due to record profits from selling gas-powered vehicles and more efficient internal combustion and electric vehicle operations.

Persons: Motors, Barra, Cruise, It's, Mary Barra, Shawn Fain, she’s, ” Barra Organizations: DETROIT, —, autoworkers, Detroit, Wednesday, United Auto Workers, GM, San, Cruise, Ford, UAW Locations: Cruise, California, San Francisco, Barra, Detroit

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

☆ U.A.W. Announces Drive to Organize Nonunion Plants
▼ + stars: | 2023-11-29 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

The United Automobile Workers union announced Wednesday that it was undertaking an ambitious drive to organize plants owned by more than a dozen nonunion automakers, including Tesla and several foreign companies — a goal that has long eluded it. The move comes weeks after the U.A.W. In addition to Tesla, the targets of the drive are two other electric vehicle start-ups, Lucid and Rivian, and 10 foreign-owned automakers: Toyota, Honda, Hyundai, Nissan, BMW, Mercedes-Benz, Subaru, Volkswagen, Mazda and Volvo. If the U.A.W. secures a foothold among those companies, it could signal a big shift in the American auto industry, where nonunion manufacturers have long had a significant cost advantage over the Detroit automakers.

Persons: Tesla Organizations: United Automobile Workers, General Motors, Ford Motor, Toyota, Honda, Hyundai, Nissan, BMW, Mercedes, Benz, Subaru, Volkswagen, Mazda, Volvo, Detroit

Nov 29 (Reuters) - Synopsys (SNPS.O) on Wednesday forecast first-quarter revenue above Wall Street expectations, as artificial intelligence (AI) adoption boosted demand for the company's chip designing software. Synopsys forecast current-quarter revenue between $1.63 billion and $1.66 billion, above analysts' average estimate of $1.60 billion. The rise in custom chip design efforts by firms like Microsoft (MSFT.O) and Alphabet (GOOGL.O) has also boosted demand. "You need a very specific silicon in order to power that (AI) training," Sassine Ghazi, the company's president and chief operating officer, said of the boom in AI chips in an interview. Ghazi told Reuters that increased use of Synopsys AI services helped boost the value of some of its contracts by 20% at renewal time.

Persons: Sassine Ghazi, Ghazi, Aart de Geus, Synopsys, Harshita Mary Varghese, Shailesh Kuber, Deepa Babington Organizations: Design, Microsoft, Intel, Mercedes, Benz, Reuters, Revenue, Thomson Locations: Sunnyvale , California

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector'
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Nov 29 (Reuters) - The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector after winning new contracts with the Detroit Three automakers. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. "I want this type of contract for all auto workers and I have a feeling the UAW has a plan for that," he said at an event with Fain. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Tesla, Elon Musk, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, Mississippi, Tennessee, Chattanooga , Tennessee, Georgetown , Kentucky, Washington

During the Amazon Web Services cloud conference on Tuesday, Amazon unveiled upgraded AI chips, a new chatbot and an expanded partnership with Nvidia. Expanded Nvidia partnership Amazon on Tuesday outlined the details of its deepening partnership with semiconductor firm Nvidia – the global leader in the development of AI chips. Amazon's announcements involved not only Nvidia' bread-and-butter AI chips known as graphics processing units, or GPUs, but also its fast-growing – yet still underappreciated – software-and-service offerings. In general, Amazon has touted its own AI chips as being a lower-cost option for customers. Nvidia's AI hardware is known to carry a hefty price tag .

Persons: Grace Hopper Superchip, –, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Arjun Kharpal Organizations: Nvidia, Services, Amazon, Microsoft, Oracle, JMP Securities, CNBC, IAA, Qualcomm, Samsung Locations: Munich

☆ EVs struggle with reliability due to charging, battery issues - Consumer Reports survey
▼ + stars: | 2023-11-29 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

On average, new EVs had 79% more problems than gasoline-powered vehicles, Consumer Reports' 2023 Annual Auto Reliability survey showed. "For the legacy automakers, (EVs) are really new technologies, so they don't have a lot of experience with batteries, charging and motors." Jake Fisher, senior director of Auto Testing at Consumer Reports, said in an interview with Reuters. Consumer Reports survey covers 20 problem areas including engine, electric motors, transmission and in-car electronics. "Even with monumental shifts in the auto marketplace, what matters most to consumers remains the same: finding safe, reliable cars," said Marta Tellado, President and CEO of Consumer Reports.

Persons: Albert Gea, Jake Fisher, Fisher, Elon, Stellantis, Marta Tellado, Nathan Gomes, Shweta Agarwal Organizations: REUTERS, Electric, Consumer, Auto Testing, Reuters, U.S, General Motors, Buick, Benz, Chrysler, Lexus, Toyota, Thomson Locations: Barcelona, Spain, U.S, North America, Bengaluru

☆ UAW aims to organize 13 nonunion automakers
▼ + stars: | 2023-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union said there are about 150,000 employees at 36 nonunion auto plants operated by the companies it is targeting in this campaign. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. But if a union organizing campaign is successful, the union will be made up of workers from the company. The union has filed complaints accusing many of the automakers of unfair labor practices during those earlier organizing efforts.

Persons: Jeff Allen, “ We’ve, ”, Allen, we’ve, “, Shawn Fain, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volkswagen, Volvo, Toyota Camry, Lexus, UAW, Workers, Tesla Locations: New York, Georgetown , Kentucky, America, Volkswagen’s, Chattanooga , Tennessee, Canton , Mississippi, Smyrna , Tennessee

☆ GM says union labor deals will increase costs by $9.3 billion
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

General Motors expects new labor contracts with the United Auto Workers and Canadian union Unifor to increase its costs by $9.3 billion and add approximately $575 in costs per vehicle during the terms of the deals. GM disclosed the expected labor deal impact as part of a business update Wednesday in which it initiated a $10 billion accelerated stock buyback program, increased its dividend and reinstated its full-year 2023 guidance. GM said the $9.3 billion in labor cost increases are expected to occur as follows: $1.5 billion in 2024; $1.8 billion in 2025; $2.1 billion in 2026; $2.5 billion in 2027; and $1.1 billion from January-April 2028. GM's expected vehicle cost increase includes $500 per vehicle in 2024. Chrysler parent Stellantis , which was the second of the so-called Big 3 U.S. automakers to reach a deal with the UAW, has not disclosed expected costs of its labor pact with the union.

Persons: —, Mary Barra, John Lawler Organizations: Motors, United Auto Workers, Canadian, UAW, GM, Detroit, Ford Motor, Ford, Chrysler, CNBC PRO Locations: —, U.S

TOKYO (AP) — Toyota is selling a part of its stake in components maker Denso to raise cash for its drive toward electric vehicles and other innovations, Japan's top automaker said Wednesday. The move is estimated to raise about 290 billion yen ($2 billion), given recent share prices. Toyota affiliates, Toyota Industries and Aisin, are also selling a portion of their Denso shares, officials said. Toyota officials have acknowledged they have fallen behind in the industry shift toward electric vehicles, and they have been aggressively playing catch-up. Toyota officials hinted other such offers may be in the works but declined to give specifics.

Persons: ”, Masahiro Yamamoto, Yamamoto, Yamamato, Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Denso Corp, Toyota Industries, Lexus, KDDI Corp

☆ UAW launches union campaigns at Tesla, 12 other automakers in the U.S.
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The United Auto Workers union is launching an unprecedented campaign to organize 13 non-union automakers in the U.S. after securing record contracts with the Detroit automakers. As part of the campaign workers are signing electronic cards in support of union efforts to potentially organize U.S. plants from those automakers. It is not guaranteed that the union would push to organize every plant or automaker that participates in the campaign. UAW President Shawn Fain has said the union's next mission after ratifying record contracts with General Motors, Ford Motor and Stellantis was to expand its ranks. Still, the UAW has a poor track record with trying to organize non-Detroit automakers.

Persons: Shawn Fain, Fain, —, Stellantis Organizations: United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, UAW, General Motors, Ford Motor, Detroit, Ford, GM, Lexus, " Workers Locations: U.S, Fremont, California, Georgetown , Kentucky

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

☆ Huawei is pushing its tech into the EV world with new cars, automaker partnerships
▼ + stars: | 2023-11-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Changan and Huawei are already partners for the Avatr electric car brand, created in 2018 with electric car battery giant Contemporary Amperex Technology . Huawei is also working with Chery on the Luxeed electric car brand, which revealed details for its S7 sedan on Tuesday. BAIC, whose Arcfox electric brand already uses Huawei tech, and JAC did not immediately respond to a request for comment. Tencent , which operates China's social media app WeChat, has claimed it supplies BMW and some other automakers with car tech. Selling a suite of car tech products called "Huawei Inside," while the automaker designs the vehicle.

Persons: JAC, Richard Yu, BAIC, Tu Le, It's, Huawei's Yu Organizations: Getty, Nurphoto, Huawei, Changan Automobile, Technology, Chery, BAIC, BMW Locations: SHANGHAI, CHINA, Shanghai, China, BEIJING, Beijing, U.S

☆ GM lavishes shareholders with cash weeks after saying it couldn’t afford workers’ demands
▼ + stars: | 2023-11-29 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +3 min

GM’s stock jumped nearly 10% on the news. The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. The UAW strike dragged on for six weeks and shut down production in key manufacturing plants. New contracts for GM’s unionized workers in the United States and Canada will cost the company an additional $9.3 billion through 2028. Even with Wednesday’s surge in GM’s share price, the stock is trading for less than it did at the start of the strike.

Persons: Mark Reuss, “, ”, Mary Barra, Buybacks, Sen, Elizabeth Warren, Warren, ” Warren, — CNN’s Matt Egan Organizations: New, New York CNN —, Motors, GM, United Auto Workers, nonunion automakers, UAW Locations: New York, salve, United States, Canada

Toyota, Toyota Industries and Aisin will sell Denso shares worth a total of about 700 billion yen ($4.7 billion) at current market prices, the two sources said. In a statement, Denso said it was considering a share sale, a buyback and other capital measures, but that nothing had yet been decided. At $4.7 billion, it would be the second-biggest such share offering in Japan this year, after the more than $9 billion sale of shares in Japan Post Bank (7182.T) in March, according to LSEG data. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Denso, Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed, Miral Fahmy, Louise Heavens Organizations: Companies, Toyota, Toyota Industries, Aisin, Japan Post Bank, Tokyo Stock Exchange, Buyers, KDDI Corp, Reuters, Nikkei, Thomson Locations: TOKYO, Denso, Japan

Toyota Motor's portion will represent almost half of the roughly 10%, with the total sale seen at about 700 billion yen ($4.7 billion) at current market prices, the two sources said. A Toyota spokesperson said it was not in a position to comment on Denso, adding the contents of the Reuters report of the share sale were not something it had announced itself. Buyers of the shares are expected to largely be domestic investors, and the price has yet to be determined, the sources said. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed Organizations: Companies, Toyota, KDDI Corp, Tokyo Stock Exchange, Reuters, Nikkei, Thomson Locations: TOKYO, Denso

☆ Another sign that the future of EV buying is leasing: Rivian leases its $73,000 truck
▼ + stars: | 2023-11-28 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Rivian has made its R1T electric pickup available to lease in 14 US states. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWould-be EV drivers have turned to leasing as a cheaper way to try before they buy, especially considering the high price of many electric vehicles . The Cybertruck, however, will pose a fresh challenge to Rivian's R1T pickup. The futuristic Tesla pickup is set to launch on November 30 after years of hype, with over 2 million people preordering the electric pickup .

Persons: Rivian, Elon Musk's, —, Tesla's, — Tesla's, RJ Scaringe, it's Organizations: Elon, Elon Musk's Cybertruck, Service, CNBC, Leasing, Ford, Tesla, Rivians, GQ Locations: Arizona , California , Colorado , Florida, Georgia , Massachusetts, Michigan , Missouri , New Jersey , New York , Nevada , Pennsylvania, Texas, Washington

☆ Japan business lobby to discuss negative impact of weak yen -Yomiuri
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/ File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday. Keidanren, which is comprised of major companies including big automakers and electronics firms, traditionally favoured a weak yen and have called on the government to stave off sharp yen rises that make Japan's exports less competitive overseas. Any discussion on the demerits of a weak yen by Keidanren would highlight a shift in how Japan's business sector views the currency's movement and its impact on the economy. The shift in Keidanren's stance could heighten calls by the business sector for the Bank of Japan to end ultra-low interest rates that have been blamed for accelerating the yen's decline, the newspaper said.

Persons: Florence Lo, Keidanren, Leika Kihara, Christopher Cushing Organizations: REUTERS, Rights, Yomiuri, Bank of Japan, Reuters, Thomson

It's clear how that will end.”Germany’s constitutional court has voided some 60 billion euros ($65 billion) in spending for this year and next. Without yet another emergency declaration next year, the government would have to scramble to cover shortfalls of roughly 30 billion to 40 billion euros — plus 20 billion to 30 billion euros for 2025 — compared with earlier plans, according to Holger Schmieding, chief economist at Berenberg bank. The fallout has left Germany projected to be the worst-performing major economy this year, shrinking by 0.5%, according to the International Monetary Fund. That has led to calls from some to loosen the debt limits because they restrict the government's response to new challenges. Yet even some opposition state governors have said the debt limits should be loosened.

Persons: Chancellor Olaf Scholz, “ We've, Robert Habeck, “, ”, Holger Schmieding, Schmieding, Free Democrats doesn't, Kai Wegener Organizations: U.S, International Monetary Fund, Industry, Volkswagen, BMW, Mercedes, Benz, Seven, Social Democrats, Greens, Free Democrats, Christian Democrats, Berlin Locations: FRANKFURT, Germany, Ukraine, Russia, China, Berenberg, East Germany, Europe, Britain, U.S, Italy, Japan

☆ 2023 was the auto industry's year of EV investment, but consumers still prefer hybrids
▼ + stars: | 2023-11-28 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

Hybrid vehicle market share has picked up pace in 2023 despite all the investment pouring into EVs. From October 2022 to October of this year, total vehicle market share for hybrids grew from 6.5% to 11.4%, according to data from Edmunds. Over the same time period, EV market share growth was more sluggish, expanding from 6% to 7.5%. Toyota 's 2024 Prius, often called the "gold standard" in hybrid vehicles, was named MotorTrend's car of the year. The uptick in hybrid sales won't likely spell doom and gloom for the EV market over the long-term.

Persons: Stephanie Valdez Streaty, Valdez Streaty, Edmunds, Goldman Sachs, Tesla, Mark Delaney, David Christ, Honda, Michelle Krebs, Sienna, Krebbs, Ford, Dan Levy, Levy, EVs, headwinds, BEV, Tom Narayan Organizations: Cox Automotive, Ford, General Motors, Wall, Toyota, ICE, EV, Toyota Motor's, Wall Street, Los Angeles Auto, FactSet, Tesla, Barclays, GM, Biden, U.S, BMO Capital Locations: Edmunds, U.S

☆ Global Automakers Turn to China for EV Lessons
▼ + stars: | 2023-11-27 | by ( Yoko Kubota | ) www.wsj.com time to read: 1 min

Volkswagen’s pavilion at the Guangzhou Auto Show in China. The carmaker plans to offer 30 electric models in China by 2030. Photo: Qilai Shen/Bloomberg NewsHEFEI, China— Volkswagen engineers in one of China’s electric-vehicle hubs are looking to the country’s automotive industry for clues about how to speed up manufacturing and beat back local rivals in the world’s biggest auto market. The German automaker has long been the number one manufacturer in a market dominated by gasoline-powered vehicles, but it has been losing market share as China’s market turns electric. It is now trying to figure out how to compete with upstart Chinese makers that can roll out good, affordable and highly digital electric cars—and do so in a third less time.

Persons: Qilai Shen Organizations: Guangzhou Auto Show, Bloomberg News, Volkswagen Locations: China, Bloomberg News HEFEI

☆ Now for Some Good News About Climate
▼ + stars: | 2023-11-27 | by ( Ed Ballard | ) www.wsj.com time to read: 1 min

There is no shortage of bad green-energy news. Automakers are fretting about electric-vehicle growth, higher interest rates are smashing financial plans, permitting for big projects still takes forever and offshore wind is a mess. But for every setback, there is a Sun Streams. This cluster of solar farms will cover more than 13 square miles of desert west of Phoenix. By 2025, it will provide enough electricity for roughly 300,000 homes, bringing Arizona’s largest utility closer to its goal of a zero-carbon grid.

Locations: Phoenix

☆ Teslas are the only EVs taking off in America: Mazda CEO
▼ + stars: | 2023-11-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Masahiro Moro told Fortune that EVs other than Tesla are "not taking off" in the US. EVs face a reckoning amid slowing demand with auto companies cutting spending and reducing targets. AdvertisementMazda's CEO has said that Tesla is the only company seeing real success in a fragile EV landscape, with other electric cars "not taking off." Other EVs are not taking off, inventory is piling up," he said. It recently killed off its only EV sold in the US, the Mazda MX-30, after reportedly selling just 66 of them this year .

Persons: Masahiro Moro, Fortune, Elon Musk's, —, Tesla, Elon, Ford, Moro Organizations: Service, US, Ford, General Motors, Mazda, EV, Atlas Public

A Tesla sign is pictured outside the Tesla Gigafactory 2 in Buffalo, New York, U.S., February 13, 2022. A National Labor Relations Board (NLRB) regional official on Friday tossed out a complaint filed in February by Workers United, a union seeking to organize workers at Tesla's Buffalo, New York "gigafactory." Workers United claimed that within days of announcing a union campaign earlier this year, Tesla fired dozens of workers from its Autopilot department. Tesla and Workers United did not immediately respond to requests for comment. President Joe Biden said this month that he supported the union's efforts to organize workers at Tesla and Toyota.

Persons: Carlo Allegri, Tesla, Kayla Blado, Blado, Joe Biden, Elon Musk, tweeting, Daniel Wiessner, Aurora Ellis, Alexia Garamfalvi Organizations: REUTERS, Tesla Inc, National Labor Relations Board, Workers United, Workers, United Auto Workers, UAW, Detroit Three, Tesla, Toyota, NLRB, Thomson Locations: Buffalo , New York, U.S, New York, Tesla's Buffalo , New York, Buffalo, Florida, Fremont , California, Albany , New York

☆ Huawei to move smart car operations to new joint company with Changan
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto. The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. "The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said. "The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said. Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.

Persons: Yu Chengdong, Changan, Laurie Chen, Brenda Goh, Edmund Klamann Organizations: Huawei, Changan Auto, Chongqing Changan Automobile, Shenzhen Stock Exchange, Seres, Chery, Thomson Locations: BEIJING, Chongqing, China, Shenzhen, Beijing, Shanghai

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