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Such warnings could complicate any case the Justice Department might wish to bring, the sources said. The Justice Department investigation potentially represents a more serious level of scrutiny because of the possibility of criminal charges against the company or individual executives, the people familiar with the inquiry said. As part of the latest probe, Justice Department prosecutors in Washington and San Francisco are examining whether Tesla misled consumers, investors and regulators by making unsupported claims about its driver assistance technology's capabilities, the sources said. The Justice Department's Autopilot probe is far from recommending any action partly because it is competing with two other DOJ investigations involving Tesla, one of the sources said. The Justice Department may also face challenges in building its case, said the sources, because of Tesla's warnings about overreliance on Autopilot.
China is the largest market for Mercedes-Benz. Mercedes-Benz finance chief on Wednesday told CNBC the automaker's pricing of its cars in China is "well-supported" after U.S. electric vehicle giant Tesla slashed prices. The CFO's comments come after Tesla on Monday slashed the price of its Model 3 and Model Y vehicles in China, one of the company's most critical markets. Tesla's price cut comes as competition ramps up in China from domestic electric car firms such as Warren Buffett-backed BYD as well as upstarts Nio and Xpeng. In the third quarter, Mercedes-Benz sold 84,850 electric vehicles, up 39% year-on-year.
SAVANNAH, Georgia Oct 25 (Reuters) - Hyundai Motor Co (005380.KS) global chief operating officer Jose Munoz on Tuesday said the automaker's new $5.54 billion Georgia electric vehicle and battery plant could begin production in 2024 and eventually produce 500,000 vehicles annually. Korea's largest automaker broke ground on the new plant west of Savannah that is scheduled to begin producing vehicles in January 2025 and build 300,000 vehicles annually. Munoz told reporters the plant will produce five or six models and could begin building vehicles as early as the third quarter of 2024. "This plant is ready to get up to 500,000 (vehicles annually) if the demand is there," Munoz said. Reporting by David Shepardson; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.
Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.
UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on Thursday, May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. DETROIT – General Motors is set to report its third-quarter earnings before the bell on Tuesday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: $1.88$1.88 Revenue: $42.22 billionMost investors are expected to look past the Detroit automaker's results during the quarter in favor of any change in guidance or comments regarding larger economic issues. Inflation in particular has already dominated the conversation on Wall Street at the start to earnings season. GM also forecast full-year net automotive cash of between $16 billion and $19 billion and guided to adjusted automotive free cash flow in the range of $7 billion to $9 billion.
SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to the county's trade ambassador Tuesday. "We are in very intense conversation at the moment," Cho said Tuesday following the groundbreaking of a $5.5 billion electric vehicle plant by Hyundai Motor Group near Savannah, Georgia. Under the IRA, plug-in electric vehicles much be produced in North America to qualify for the tax incentives. U.S. Deputy Secretary of Commerce Don Graves during the event on Tuesday called South Korea a strong trade partner, but did not comment on the Inflation Reduction Act. Last week, U.S. Trade Representative Katherine Tai spoke with Korea's Minister for Trade Ahn Dukgeun about the IRA.
Elon Musk has a new arch-enemy: the Fed
  + stars: | 2022-10-21 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +4 min
Elon Musk blasted the Fed's rapid rate hikes after Tesla blamed a strong dollar for missing sales forecasts. A Fed reversal could boost Tesla's sales and profits, and lift the value of Musk's shares. "The Fed is raising rates more than they should," Musk said during the automaker's third-quarter earnings call on Wednesday. "The Fed is not listening, because they're looking at the rearview mirror instead of looking out the front windshield," Musk said on the call. Additionally, if the Fed start loosening its monetary policy, that type of economic stimulus would likely juice Tesla's vehicle sales.
BERLIN, Oct 20 (Reuters) - Six Volkswagen investors filed a case against the carmaker this week for refusing to discuss at its annual general meeting (AGM) whether its lobbying activities could threaten their investments, the investors said. This exposes the company, and their investments - representing around 0.1% of Volkswagen shares - to operational and reputational damage, they argued in a statement. "We share the view that aspects relevant to climate protection deserve even higher priority in reporting and are currently considering various approaches," the spokesperson added. "It is worrying that our shareholder right to contribute to the annual meeting agenda has been refused. Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
She's looking for startups and founders racing to build sustainable cities. What LeBlanc is looking forCompanies working on multimodal transportation, software, and more fit into LeBlanc's idea of a sustainable city. How do we need mobility to be sorted in order to build sustainable cities? "There's lots of solutions out there that can really make our cities more sustainable. "Being able to crack that nut is really what's inhibiting us from having global sustainable cities."
Elon Musk made a clear distinction between himself and Warren Buffett on an earnings call. "I'm not Warren Buffett," Musk said on the call. "I'm not Warren Buffett's biggest fan, frankly," Musk said last year. After Musk dismissed Buffett's idea of competitive moats as "lame" in 2018, the Berkshire chief responded: "Elon may turn things upside down in some areas. Read more: David Rubenstein sees Warren Buffett as the ultimate investor.
"We believe it's unfair," he added, pointing out that none of the South Korean automaker's EVs qualify for the credit. Munoz said U.S. legislators should offer companies investing in the United States some type of waiver or a longer transition period. Automakers are trying to figure out how their vehicles will meet the new law's requirements to qualify for EV tax credits. Details of the act are still being ironed out and the U.S. Treasury is currently taking comments on how to implement the rules around the EV tax credits. "We're pretty well positioned," he said at the Reuters conference, citing the Detroit automaker's four U.S. battery plants the company has announced and its raw materials supply deals.
BMW Group plans to invest $1.7 billion in its U.S. operations to build electric vehicles and batteries, the company announced Wednesday. The German automaker expects to produce at least six fully electric models in the U.S. by 2030. The Spartanburg facility, where the investment announcement took place, currently produces BMW "X" SUVs and lithium-ion battery modules for its two plug-in hybrid electric vehicles. "Going forward, it will also be a major driver for our electrification strategy, and we will produce at least six fully electric BMW X models here by 2030," BMW Chair Oliver Zipse said in a release. In April, the company announced plans to spend $2 billion to build a second U.S. plant in Kentucky.
TOKYO, Oct 18 (Reuters) - The relationship between Japan's Nissan Motor Co (7201.T) and top shareholder Renault SA should be "more equal", the Nikkei newspaper quoted the French automaker's chief executive as saying. "Each company needs to do what is best," he told the Nikkei, adding that that was the spirit of their alliance. Such a shift could mean the biggest reset in their relationship since the 2018 arrest of longtime executive Carlos Ghosn. Talks so far have included consideration of Renault selling some of its Nissan stake, Reuters has previously reported. For Nissan, that could mean a chance to alter a structure that many executives at the Japanese company have seen as unbalanced.
More than 300 U.S. buyers have already put down deposits for Rolls-Royce's first electric vehicle prior to its unveiling on Tuesday, the luxury automaker's CEO told CNBC. Rolls-Royce CEO Torsten Muller-Otvos told CNBC that the buyers visited the company's headquarters in Goodwood, England over the past two weeks to get a sneak peak at the Spectre, which was publicly revealed Tuesday and comes with a starting price tag of $413,000. The two-door coupe, which is sleeker than a typical Rolls, has a range of about 320 miles and can go from 0-60 miles per hour in 4.4 seconds. Rolls-Royce has said its entire product line will be fully electric by 2030. Muller-Otvos said the buyers put down deposits before they even saw the car.
2024 Cadillac Celestiq CadillacDETROIT – Cadillac is testing the limits of its brand allure and pricing power with the 2024 Celestiq – a large, bespoke electric car that will start at more than $300,000. The vehicle – unveiled Monday night – launches the General Motors brand into the ultra-luxury segment against the likes of Bentley and Rolls-Royce. Executives say the vehicle is more about creating a "halo car" that helps burnish Cadillac's image, rather than fueling overall sales or profits. 2024 Cadillac Celestiq CadillacHarvey declined to discuss the vehicle's profit margins or whether the company plans to add additional hand-built models. Cadillac has not sold a hand-built vehicle for decades, but its crosstown rivals have offered such cars as custom performance models.
Mercedes CEO: Sales in China robust despite 'zero Covid' policy
  + stars: | 2022-10-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes CEO: Sales in China robust despite 'zero Covid' policyDiscussing the automaker's sales performance in China, Mercedes-Benz CEO Ola Kallenius said "all operations are quite stable."
Sony Honda Mobility said on Thursday it was aiming to deliver the first of the unnamed EV by 2026, starting in the United States, and will sell them online. Honda has about 1,100 Honda dealers and 270 Acura dealers. "I get teaming up with Sony, but it should be done in conjunction with the dealer network, not outside it," he added. Sony Honda officials promised the vehicle - to be built at one of Honda's Ohio plants - will include advanced driver-assist features and a new software system developed by Sony that offers cloud-connected services that generate recurring revenue. Sony Honda officials declined to say under what brand the vehicle will be sold.
A preferred solution is to accelerate the energy transition by adding more renewable generation, and crucially, more storage to smooth out the inherent variability of technologies such as wind and solar. At the 121 Mining Investment conference in Sydney on Wednesday the problems were put into focus by the group largely being neglected in the energy transition, the miners and project developers. None of this bodes well for increasing the speed of the energy transition. Register now for FREE unlimited access to Reuters.com RegisterEditing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
GM said the investment will help support electric-vehicle eligibility for consumer incentives under new, clean energy U.S. tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste. Register now for FREE unlimited access to Reuters.com RegisterThe GM investment is to assist in the development of its proposed Townsville Energy Chemicals Hub (TECH) Project in Northern Australia. High-grade nickel laterite ore will be imported from nearby New Caledonia, GM said. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Shepardson; editing by Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.
As a result, UBS analysts lowered their rating on Ford to sell from neutral, while cutting their price target to $10 a share from $13 a share. The market took note, as Ford quickly found itself one of the biggest losers in the S & P 500 on Monday. Ford shares were down roughly 7.7%, at $11.26 a share, in midday trading. As long-term Ford believers, we're paying attention to both — especially the fact that Ford shares entered Monday's session down roughly 41% year-to-date. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.
"The risk has gone up for a moderate recession certainly from all the indicators we've seen," Farley said. Earlier in the week, Jim said that investors who don't own any shares of Ford should buy "aggressively" to take advantage of the yield . Chips shortage Despite the ongoing supply chain challenges, Farley said the automaker's chip shortage is improving. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Ford CEO Jim Farley poses next to a model of the all-new Ford F-150 Lightning electric pickup truck at the Ford Rouge Electric Vehicle Center in Dearborn, Michigan, April 26, 2022.
DETROIT – General Motors is conducting damage control around its return-to-office plans after a Friday afternoon message to employees spurred backlash and confusion. On Tuesday, a second message walked back that timing and clarified the company won't be mandating specific in-office days, instead leaving that decision to individual teams. The follow-up message says no workers will be required to return to offices sooner than the first quarter of next year. She said the timing of the return-to-office has shifted, but "the overall plan has not really changed." GM described it as a flexible, evolving policy that will differ depending on the employee, week and project.
A Ford F-150 pickup truck is offered for sale at a dealership on September 6, 2018 in Chicago, Illinois. DETROIT – Recent supply chain problems for Ford Motor have included a small, yet important, part for the company and its vehicles – the blue oval badges that don nearly every vehicle for its namesake brand. The Detroit automaker has experienced shortages with the Ford badges as well as the nameplates that specify the model, a Ford spokesman confirmed to CNBC. The Wall Street Journal first reported the problem, including badges for its F-Series pickups, on Friday, citing anonymous sources. The issue is the latest is a years-long supply chain crisis that has ranged from critical parts such as semiconductor chips and wire harnesses to raw materials and now, vehicle badges.
read moreRegister now for FREE unlimited access to Reuters.com RegisterLast month, the first General Motors and LG Energy Solution (373220.KS) joint venture Ultium battery plant began production in Lordstown, Ohio. GM previously expressed support for efforts by the UAW to organize Ultium's battery plants, but did not endorse "card check. In May, President Joe Biden, in a trip to South Korea, expressed support for workers seeking to unionize joint venture battery plants. Detroit's Big Three automakers all have battery plants in the works with Korean partners. Last month, GM and LG Energy said they were considering a site in New Carlisle, Indiana, for a fourth U.S. battery plant.
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