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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
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
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 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
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
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
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
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
[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
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
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
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
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
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
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
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
For years, professional sports organizations like the National Basketball Association and Major League Baseball prohibited liquor companies from buying advertising in locations in stadiums and arenas that could be seen on television, in deference to efforts to curb drunken driving. Suddenly, they began signing multimillion-dollar deals with companies that made rum, tequila, vodka and other hard liquor, and the advertising was displayed for all to see. It was a sign of how justifications can change seemingly overnight, especially when money is involved. (The purchase still needs to be approved by the league’s board of governors before becoming official.) “The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise,” they said in a statement.
Persons: Miriam Adelson, “ The Adelson, Dumont, Organizations: National Basketball Association, Major League Baseball, Sands Corporation, Dallas Mavericks
A challenge is making electric vehicles cheaper, to bring down carbon emissions, while reducing reliance on China. Photo: Alisha Jucevic/Bloomberg NewsThe Biden administration is moving to jolt the domestic electric-car industry out of its reliance on China. But much-awaited rules released Friday appear to leave some room for U.S. companies to work with Chinese partners. The new requirements will likely reduce the number of electric-vehicle models that consumers can buy and qualify for a $7,500 tax credit. How many vehicles are eligible will hinge on automakers’ ability to build cars that comply with the rules.
Persons: Alisha Jucevic, Biden Organizations: Bloomberg Locations: China
Toyota partially halts output at Tianjin plant in China - Jiji
  + stars: | 2023-12-01 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Johanna Geron/File Photo Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan's Toyota Motor (7203.T) is partially suspending production at its plant in Tianjin, China, the Jiji news service reported on Friday, as global automakers face strong sales competition in the world's top auto market. A spokesperson for Toyota China did not immediately comment on the report. A representative for FAW (SASACJ.UL), Toyota's joint venture (JV) in the Tianjin plant, said he was not immediately able to comment. Reuters reported last month that Toyota has told dealers it will extend a plan to reduce output at its JV with FAW in China. Its sales and production in China over that period slipped compared to 2022 amid the rising competition.
Persons: Johanna Geron, Jiji, Daniel Leussink, Rocky Swift, Brenda Goh, Edmund Klamann, Christina Fincher Organizations: Toyota, REUTERS, Rights, Toyota China, FAW, Reuters, JV, Lexus, China Association of Automobile Manufacturers, Thomson Locations: Zaventem, Belgium, Tianjin, China, Europe, North America, Tokyo, Shanghai
The Biden administration on Friday issued long-awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year. The FEOC rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. Treasury said the few materials being exempted each account for less than 2% of the value of battery critical minerals. The rules are expected to further reduce the number of electric vehicles eligible for EV tax credits. Earlier this year, new battery and mineral sourcing requirements took effect with price and buyer income eligibility caps from Jan. 1.
Persons: Joe Biden, Biden, General Motors, Ford, Marco Rubio, Joe Manchin Organizations: U.S, Treasury, Alliance, Automotive Innovation, General, Ford, Energy Department, Companies, Energy Locations: Washington , DC, China, Michigan, North Korea, Russia, Iran, North America
The Biden administration proposed new rules on Friday aimed at shifting more production of electric vehicle batteries and the materials that power them to the United States, in an attempt to build up a strategic industry now dominated by China. The rules are meant to limit the role that Chinese firms can play in supplying materials for electric vehicles that qualify for federal tax credits. They will also discourage companies that seek federal funding to build battery factories in the United States from sourcing materials from Chinese partners. The rules could cause some consternation among automakers, who continue to rely heavily on China for materials and components of electric vehicles. The Biden administration is attempting to use billions of dollars in new federal funding to change that dynamic and create a U.S. supply chain for electric vehicles, through both carrots and sticks.
Persons: Biden Locations: United States, China, U.S
Below is a fact check of 102 of Trump’s false claims from the 12 speeches. But contrary to Trump’s claim, it’s not true that people had been attempting for decades to create such an initiative. Trump’s aid to farmersIn speech after speech, Trump claimed that he had given US farmers $28 billion from China. Even if the poll result is off, it’s clear that Trump’s claim that “nobody wants them” is not true. He said he was an airline pilot.”Facts First: Trump made a false claim while mocking Biden for making false claims.
Persons: Donald Trump, , Trump, Joe Biden, Biden, Ron DeSantis, Nikki Haley, , , Mexico’s, ‘ Trump, Defense Department –, ” Theresa Cardinal Brown, CNN’s Priscilla Alvarez, ” Trump, I’ve, Todd Harrison, Harrison, It’s, Trump’s, ” Ben Cahill, Nobody, Jimmy Carter’s, Barack Obama, isn’t, El Salvador –, Obama, we’d, Obama’s, Webster, Covid, Wuhan ”, They’d, they’d, you’d, Scott Gottlieb, ” Gottlieb, Trump Trump, it’s, Abraham, Aaron David Miller, Miller, Dana El Kurd, Qasem Soleimani, they’ve, we’re, We’re, , Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Kpler, Biden Trump, Iran “, Democrats ”, that’s, Jimmy Carter, Carter “, Carter, , Hillary Clinton, Kari Lake, Bill Gates, Gates, ” Chris Wallace, Chris Wallace, Hunter Biden, “ Chris Wallace, ‘ He’s, ‘ ” Trump, Wallace, “ you’re, “ Biden, ‘ You’re, Wallace interjected, Rather, you’ve, ’ ” Pavel Molchanov, Raymond James &, ” Molchanov, Tim Woody, Woody, autoworkers, CNN’s Ella Nilsen, Joe Biden’s, Erin Mellon, Gavin Newsom, Mellon, ” Vonette Fontaine, Biden “, CNN’s Matt Egan, Egan, ” Biden, Europe Trump, United Kingdom “, Brent, Pavel Molchanov, Raymond James, Patrick De Haan, GasBuddy, De Haan, Matt Smith, Matt Egan, Afghanistan Trump, we’ve, Krista Wiegand, Wiegand, ” Netanyahu, Benjamin Netanyahu, Israel, Qasem, Bibi, Netanyahu, Soleimani, Asad, Mark Milley, Hezbollah Trump, Steven Cheung, John Kirby, Cheung, Kirby, Iran’s, ” Ali Vaez, Joseph Amon, Washington –, Faiq Zidan, Zidan’s, Zidan, Abu Mahdi al, China Trump, Ukraine Trump, Letitia James, James, Attorney Alvin Bragg, Matthew Colangelo, You’re, Bragg, Colangelo, Tanya Chutkan, I’m, Jack Smith, Bill Clinton, That’s, everybody’s, Letitia James –, Al Capone’s, Al Capone, Capone, Brad Schwartz, CNN couldn’t, Schwartz, Eliot Ness, MAGA, “ MAGA, , White, CNN’s Fareed Zakaria, Inflation Trump, Bacon, Joe, PolitiFact, Trump . Howard Gleckman Organizations: Washington CNN —, CNN, Republican, Trump Trump, Republican Jewish Coalition, Department, ISIS, Trump’s, Democratic, Congress, Defense Department, former Defense Department, Center, US Customs, Trump, American Enterprise Institute, Air Force, Army, Navy, Marine Corps, Strategic Petroleum Reserve, Energy Security, Center for Strategic, International Studies, US, IHS, Islamic, The State Department, Customs Enforcement, Policy Institute, ICE, El Salvador, , Merriam, The New York Times, Food and Drug Administration, FDA, Abraham Accords, United Arab Emirates, West Bank, Hezbollah, State Department, Carnegie Endowment, International, Arab Center Washington DC, Islamic Revolutionary Guards Corps Quds Force, Obama, US International Trade Commission, Washington Post, U.S . International Trade Commission, New England lobstermen, England lobstermen, Americas, Crisis, government’s Energy, Administration, Washington Free Beacon, Energy Information Administration, Democrats, Biden, Electoral, Georgia, Michigan, Carter, Democrats can’t, Republicans, Alabama, Arizona, Fox News, ” Energy, Oceanic, Atmospheric Administration, NOAA, Wildlife, Alaska Industrial Development, Export Authority, Raymond James & Associates, Wilderness Society, Cox Automotive, Pew Research Center, New York Times, National Oceanic, California Gov, California, American Petroleum Institute, Union, West, Energy, American Automobile Association, AAA, GasBuddy, New Hampshire, Houston, Keystone XL, Obama administration’s State Department, , Foreign, Military, DoD, Afghan, Defense, Policy, Taiwan News, , University of Tennessee’s Center for National Security, Foreign Affairs, Israeli, NBC, Jerusalem Post, Yahoo, Pentagon, ” CNN, Joint Chiefs, Staff, Post, National Security, Group, US government’s Defense Intelligence Agency, Narcotics Bureau, Global Health, Drexel University Dornsife School of Public Health, Justice Department, Washington, Judicial, Popular Mobilization Forces, Customs and, Middle East, Customs, Protection, CBP, Border Protection, Kiel Institute, European Union, New York, New, ExxonMobil, Trump University, Trump Foundation, Manhattan, Attorney, federal Justice Department, Department of Justice, Washington DC, Presidential Records, Presidential, Mar, Biden White, MAGA Republicans, Inflation, Heritage Foundation, Trump ., Brookings Tax, Urban Institute Locations: New Hampshire, New York City, Saudi, Florida, al Qaeda, New York, Texas, Iowa, Mexico, , U.S, Houston, Iraq, Israel, Tel Aviv, Jerusalem, Nord, Germany, Russian, Trump’s, Russia, Ukraine, Europe, Guatemala, Honduras, El Salvador, El, Washington, , ” In Texas, Covid, China, Wuhan, Italy, France, Abraham, Bahrain, Morocco, Sudan, Gaza, Lebanon, Syria, Iran, Yemen, Libya, Palestine, Afghanistan, Somalia, Pakistan, New England, England, Kpler, Malaysia, Oregon, Alabama, Maricopa County, Arizona, Arizona’s, Moscow, Alaska, East, South Carolina, California, “ California, West Virginia, Virginia, United Kingdom, West Texas, “ U.S, Los Angeles, Venezuela, Mississippi , Louisiana, Canada, United States, Paris, Taiwan, “ China, Iranian, that’s, , Singapore, Iraqi, San Diego, Kiel, York, Manhattan, York’s, Chicago, Philadelphia, Georgia, Qaeda
It’s still not clear which vehicles would be eligible for the full $7,500 tax credit under the new rules because the government has yet to publish any lists. But they are still years away from being able to produce an electric vehicle without materials and components from China. Sam Abuelsamid, a mobility analyst for Guidehouse Insights, expects many EVs now eligible for the full $7,500 U.S. tax credit will see that cut in half next year when the new regulations take effect. Getting the tax credit upfront — rather than waiting until filing tax returns next year — “will actually reduce your monthly payment, which is a major stumbling block for consumers,” he said. Adeyemo and other officials declined to say whether batteries from the Ford plant would qualify for tax credits.
Persons: , Biden, Joe Biden's, It’s, Wally Adeyemo, David Turk, Adeyemo, Turk, John Bozzella, Sam Abuelsamid, EVs, Abuelsamid, — “, , Joe Manchin, Manchin, Janet Yellen, Ford, Tom Krisher Organizations: WASHINGTON, Treasury, Energy, EV, Administration, , Motors, Hyundai, Ford, GM, Alliance for Automotive Innovation, Guidehouse, Democratic, Natural Resources Committee, Ford Motor Co, Amperex Technology, Associated Press Locations: U.S, China, United States, North Korea, Russia, Iran, North America, Michigan, Detroit
The company and the union have agreed on pay, retirement and other items but are working on an implementation schedule, the Southwest Airlines Pilots Association said in a message to its members on Thursday. If a preliminary agreement is approved by Southwest pilots' union board in the coming weeks, it would then go to pilots for a ratification vote. Southwest and the union "are working hard to close out the few remaining items," an airline spokesman told CNBC. "Southwest remains committed to reaching an agreement that rewards our Pilots and places them competitively in the industry." Southwest reached a preliminary agreement with its flight attendants' union earlier this fall that includes 36% pay increases for cabin crew members.
Organizations: Southwest Airlines, Southwest Airlines Pilots Association, . Delta Air Lines, United Airlines, American Airlines, Southwest, CNBC, Hollywood, United Auto Workers
REUTERS/Rebecca Cook/File Photo/File Photo Acquire Licensing RightsWASHINGTON, Dec 1 (Reuters) - The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year. The FEOC rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. Treasury said the few materials being exempted each account for less than 2% of the value of battery critical minerals. The rules are expected to further reduce the number of electric vehicles eligible for EV tax credits. Earlier this year, new battery and mineral sourcing requirements took effect with price and buyer income eligibility caps from Jan. 1.
Persons: Rebecca Cook, Biden, Joe Manchin, Manchin, David Shepardson, David Lawder, Chizu Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights, U.S, Treasury, Alliance, Automotive Innovation, Ford Motor, The Energy Department, Companies, Energy, Thomson Locations: Lake Orion , Michigan, U.S, China, Michigan, North Korea, Russia, Iran, North America, Washington
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