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☆ Stellantis U.S. auto sales extend freefall in third quarter
▼ + stars: | 2024-10-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Jeep vehicles are delivered to a dealership on June 20, 2024 in Chicago, Illinois. DETROIT — Stellantis ' U.S. new vehicle sales during the third quarter continued a yearslong freefall despite CEO Carlos Tavares' actions to fix what he has called "arrogant" mistakes by the company. Stellantis was expected to be the worst sales performer of major automakers during the third quarter, and auto industry forecaster Cox Automotive had projected a sales decline of roughly 21%. Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier. Stellantis' disappointing sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.

Persons: Carlos Tavares, Stellantis, Cox, Edmunds Organizations: DETROIT, Cox Automotive Locations: Chicago , Illinois, U.S

☆ GM reports 2.2% decrease in third-quarter sales, but EVs make gains
▼ + stars: | 2024-10-01 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter. The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier. Still, EVs made up only 4.9% of the company's total third-quarter sales.

Persons: Edmunds, EVs, Rory Harvey Organizations: Motors, Detroit, Auto, Cox Automotive, GM, CNBC, Chevrolet Trax, Buick Locations: Detroit, DETROIT, North America, U.S

☆ Why the Fed's rate cut won't immediately help car buyers or sales
▼ + stars: | 2024-09-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — The Federal Reserve's decision to cut interest rates for the first time in more than four years is expected to eventually boost new vehicle sales, but not as quickly or by as much as some may expect. The biggest near-term improvement in auto loan rates isn't expected until early next year, according to Smoke. He said that unlike the cost of home loans, which has come down in recent months, auto loan rate changes can be delayed because they're really a function of longer-term bond yields that are based on loan performances. Auto loan 30-day delinquency rates have risen considerably in recent years, according to a Thursday note from the Board of Governors of the Federal Reserve System. Although they remain below the peak levels of the Great Recession, as of the end of 2023, auto loan delinquency rates exceeded pre-pandemic levels by about 60 basis points.

Persons: Jonathan Smoke, we've, they're Organizations: DETROIT, Cox Automotive, Auto, Governors, Federal Reserve

☆ Ford aims to boost EV sales, address owner concerns with new benefits program
▼ + stars: | 2024-09-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The Mustang Mach-E on display at the New York International Auto Show on March 28, 2024. DETROIT — Ford Motor is aiming to boost sales of its electric vehicles by addressing potential customer concerns through a new program that includes free home-charging installation and other benefits. The "Ford Power Promise" program begins Tuesday for customers who purchase or lease a new Ford EV such as the F-150 Lightning pickup truck or Mustang Mach-E crossover. "Absolutely, we're trying to grow our business but the best way we can grow our business is to serve our customers well," Marin Gjaja, chief operating officer for Ford's Model e EV business, told CNBC. The program launches as EV sales grow at a slower rate than many previously expected.

Persons: Marin Gjaja, Gjaja, Ford Organizations: New York, DETROIT, Ford, CNBC, EV

☆ U.S. new vehicle sales expected to have struggled during third quarter
▼ + stars: | 2024-09-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters. Sales are expected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year. "2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4," said Charlie Chesbrough, Cox Automotive senior economist. Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.

Persons: Charlie Chesbrough, Cox, Edmunds, Jessica Caldwell Organizations: DETROIT, Cox Automotive, Federal, CNBC Locations: U.S

☆ GM’s EV sales momentum is finally building as new vehicle lineup fills out
▼ + stars: | 2024-09-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +7 min

While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000. GM sold nearly 21,000 EVs in the U.S. in July and August — almost matching its full second-quarter EV sales. GM’s EV sales through August were up about 70% compared with a year earlier. It still remained more than 20,000 units shy of Hyundai/Kia EV sales through last month. Growing EV lineupGrowing EV lineupGM currently offers eight “Ultium-based” EVs for consumers — referring to its electric vehicle architecture and battery technologies.

Persons: WARREN, Mary Barra, Elon Musk’s, ” Rory Harvey, “, ” Harvey, GM’s, Tesla, Harvey, ”, Stephanie Brinley, ” Brinley, EVs, ” “, ‘ Butts, Barra, carmaker Organizations: General Motors, Detroit, U.S, GM, Elon Musk’s carmaker, Hyundai, Kia, Ford, CNBC, Detroit automaker, Motor Intelligence, EV, P, ” Cox Automotive Locations: Mich, North America, U.S, Detroit, Barra, U.K, ”, EVs

☆ GM's EV sales momentum is finally building as new vehicle lineup fills out
▼ + stars: | 2024-09-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles – spanning a price range of roughly $35,000 to more than $300,000. EV sales data provided to CNBC by the Detroit automaker, which publicly reports sales quarterly, shows a notable increase for GM through August. GM sold nearly 21,000 EVs in the U.S. in July and August – almost matching its full second-quarter EV sales. GM's EV sales through August were up about 70% compared with a year earlier. It still remained more than 20,000 units shy of Hyundai/Kia EV sales through last month.

Persons: Mary Barra, Frederic J, Brown, Elon Musk's, Rory Harvey, Harvey, GM's, Tesla, Stephanie Brinley, Michael Wayland, Brinley, EVs, Scott Mlyn, Butts, Barra, carmaker Organizations: Cadillac, AFP, Getty, WARREN, General Motors, Detroit, U.S, GM, Elon Musk's carmaker, Hyundai, Kia, Ford, CNBC, Detroit automaker, Motor Intelligence, EV, P, Cox, Electric Locations: Los Angeles, Mich, North America, U.S, Detroit, Barra, U.K

☆ UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages
▼ + stars: | 2024-09-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry. Both announcements amount to warning shots against Ford and Stellantis and center on local union contracts. Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The UAW did not immediately respond for comment Thursday regarding updates on the announcements or how many local contracts remain under negotiation.

Persons: Shawn Fain Organizations: Mopar, Center, DETROIT, United Auto Workers, Detroit automakers, UAW, Wednesday, Ford, General Motors, Detroit Locations: Center Line, Michigan, Detroit, U.S

☆ UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract
▼ + stars: | 2024-09-16 | by ( Michael Wayland | ) www.nbcnews.com time to read: +2 min

DETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S. “In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production. A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company’s product and investment plans disclosed as part of the union’s contract with the automaker.

Persons: Stellantis, Shawn Fain, ”, “ Organizations: DETROIT, United Auto Workers, Dodge, U.S, “, UAW, National Labor Relations, NLRB Locations: Dodge Durango, Belvidere , Illinois, Detroit, Illinois, U.S, Durango, Ontario, Canada

☆ Jeep CEO enacts turnaround plan after significant sales declines
▼ + stars: | 2024-09-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Nonetheless, Jeep CEO Antonio Filosa believes the brand's worst days are behind it and it's still possible to achieve the 1 million sales target. Jeep salesFilosa said Jeep, which reports sales quarterly, saw U.S. sales rise last month: They were up 28% from August 2023 and 55% from July. The New York Stock Exchange welcomes The Jeep Brand (NYSE: STLA) to the podium, on May 31, 2024. Ahead of such vehicles, Jeep has increased its media spending by 20% compared with the first half of the year, according to the automaker. 2024 Jeep Wagoneer S EV Jeep

Persons: Michael Wayland, Antonio Filosa, Filosa, Cox, Filosa's, Carlos Tavares, Stellantis, Jeep, Lynn Martin, Tavares, Bob Broderdorf, Nathan Laine Organizations: CNBC DETROIT, Jeep, Cherokee, Cox Automotive, CNBC, Council, New York Stock Exchange, Brand, NYSE Group, NYSE, Fiat Chrysler, France's PSA Groupe, Paris, Bloomberg, Getty, U.S, EV Locations: U.S, American

☆ GM and Hyundai agree to explore collaboration on vehicles and manufacturing to reduce capital spending
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Mary Barra, chair and CEO of General Motors, and Euisun Chung, executive chair of Hyundai Motor Group, during the signing of an agreement between the two companies to explore future collaboration across key strategic areas. DETROIT — General Motors and Hyundai Motor have entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies, the companies announced Thursday. The automakers' potential areas of interest include co-development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy, electric and hydrogen technologies, they said in a joint press release. The automakers also said they will "review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas." The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, the companies said.

Persons: Mary Barra, Euisun Chung Organizations: General Motors, Hyundai Motor, DETROIT —, Motors, Hyundai, Hyundai Motor Group Locations: DETROIT

☆ UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

David Dee Delgado | ReutersDETROIT – Stellantis ' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business. "The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results." Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023. It's part of his "Dare Forward 2030" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.

Persons: Carlos Tavares, David Dee Delgado, Tavares, Kevin Farrish, Farrish, Ford Stellantis, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Rebecca Cook Organizations: New York, Auto, Reuters DETROIT, United Auto Workers, Chrysler, Dodge, Investor, Bloomberg, Stellantis, GM, Fiat Chrysler, France's PSA Groupe, UAW, U.S, Democratic Locations: Manhattan , New York, U.S, Virginia, Romulus , Michigan

☆ CEO of Ford's highly profitable Pro business to retire
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ted Cannis, chief executive officer of Ford Pro, speaks during an interview in New York, on Thursday, July 28, 2022. DETROIT — The head of Ford Motor 's highly profitable "Pro" commercial and fleet business will retire at the end of this month, the company said Thursday. Ford Pro has been a profit-driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicles business. Such results led Wall Street to praise the business, as analysts have called it a "hidden gem" and Ford's "Ferrari ," referring to the highly profitable Italian sports car manufacturer.

Persons: Ted Cannis, DETROIT —, Andrew Frick, Ford, Jim Farley, Wall, Ferrari Organizations: Ford Pro, DETROIT, Ford Motor Locations: New York

GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. “The impact of the NFL on the automotive advertising industry is really very, very substantial,” said Alberto Leyes, head of product strategy at Guideline. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.

Persons: ”, Ryan Briganti, Alberto Leyes, “ We’ve, we’ve, ” Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall, Dedra DeLilli, That’s, ” DeLilli, “, DeLilli, Stellantis, Randy Parker, NBCUniversal Organizations: National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, NFL, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, Sunday, NBC, Automotive, Toyota North, Olympics, Hyundai Motor America, CNBC, Comcast, NBC Sports, NBC Olympics, Games Locations: Messina, U.S, Toyota North America, Paris

GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. New ad campaignsToyota, as the "Official Automotive Partner of the NFL," launched a new ad campaign for the NFL season this week called "Roll Deep."

Persons: Ryan Briganti, Alberto Leyes, we've, Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall Organizations: NFL, National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, NBC, Automotive, Baltimore Ravens, Kansas City Chiefs Locations: Messina, U.S

☆ The $100,000 electric truck market is here. A guide to pickups from Tesla, GM, Rivian and Ford
▼ + stars: | 2024-09-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +10 min

There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms. The SUV version is smaller and more manageable to drive than the pickup truck version. When the F-150 Lightning hit the market, it was the first "mainstream" electric truck. An electric Ford F-150 next to a Tesla Cybertruck in front of Ford's world headquarters on Aug. 27, 2024 in Dearborn, Mich. Michael Wayland / CNBC

Persons: Michael Wayland, CNBC DETROIT – Tesla, Stephanie Brinley, it's, Stephanie Valdez Streaty, Tesla, Ford, Rivian R1T, Rivian, Kelley, Sierra EVs Organizations: GMC, Denali, Tesla, Ford, CNBC DETROIT, Motors, Rivian Automotive, P Global Mobility, Cox Automotive, General Motors, GMC Hummer EV, GMC Sierra Denali, Chevrolet Silverado, Motor Intelligence, Renaissance Center, CNBC, GM, U.S . Environmental Protection Agency, Cruise, Silverado, GMC Sierra GM's, DC, Chevrolet, Sierra Locations: U.S, Detroit, Dearborn, Mich

☆ Ford truck, hybrid models lead to 13% increase in August sales
▼ + stars: | 2024-09-05 | by ( Michael Wayland | ) www.cnbc.com time to read: 1 min

A Ford Raptor pickup truck is displayed for sale at a Ford dealership on August 21, 2024 in Glendale, California. DETROIT — Ford Motor's U.S. vehicle sales jumped 13.4% last month, led by increases in the company's F-Series trucks and hybrid models. The Detroit automaker reported sales Thursday of nearly 183,000 vehicles in August, including a 12.3% increase in trucks and a roughly 50% jump in hybrid vehicles compared with a year earlier. Its all-electric vehicle sales jumped 29% during that time, including a notable rise in its F-150 Lightning pickup. Ford's August sales outpaced overall industry estimates of a roughly 6% year-over-year increase from a year earlier, according to Barclays.

Persons: DETROIT — Organizations: Ford, DETROIT — Ford Motor's U.S, Detroit, Barclays Locations: Glendale , California, DETROIT

☆ Tesla Cybertruck is in a category of its own for better or worse
▼ + stars: | 2024-09-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTA Tesla Cybertruck in front of a graffiti mural on Aug. 28, 2024 in Detroit. Those were all words used to describe the Tesla Cybertruck during a 24-hour rental of the vehicle in metropolitan Detroit. Fronts of the Ford F-150 Lightning, Tesla Cybertruck and GMC Sierra Denali EVs (left to right). The Tesla Cybertruck is unveiled at Tesla's design studio on Nov. 21, 2019, in Hawthorne, Calif. A Tesla Cybertruck in front of a graffiti mural on Aug. 28, 2024 in Detroit.

Persons: Tesla, Michael Wayland, It's, Terry Woychowski, Elon Musk Organizations: CNBC, Ford, Chevrolet, Tesla, GMC Sierra Denali, YouTube, General Motors, Ford Motor, Rivian Automotive, Hummer, Renaissance Center, Tech, GMC, Caresoft, GMC Hummer, GM Locations: Detroit, Chevrolet El, Hawthorne , Calif

☆ GM folding its all-electric BrightDrop vans into Chevrolet brand
▼ + stars: | 2024-08-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors is folding its all-electric BrightDrop commercial vans into the Chevrolet brand in an attempt to increase sales, accessibility and recognition of the vehicles. It helps our customers that choose to go into EVs to easily do so working with the Chevrolet dealer they know and trust now for their other fleet needs." The number of new dealers will be based on the amount that decide to opt in to selling and servicing the vans. To sell commercial EVs, dealers must have specific vehicle lifts, service bays and employee training, among other things. GM declined to disclose the average cost for a dealer to become certified to sell the BrightDrop products, citing expenses will vary based on the store.

Persons: Sandor Piszar, It's Organizations: DETROIT, Motors, Chevrolet, GM, CNBC Locations: U.S, North America, EVs

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.nbcnews.com time to read: +8 min

So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.

Persons: Marin Gjaja, We’re, “, Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, ” Organizations: DETROIT, Ford, CNBC, North America, EV, “, ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China, ”

☆ Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
▼ + stars: | 2024-08-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTA banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. "We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range," he told CNBC on Thursday. Gjaja's comments come a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. He said the Ford, in part, developed the "skunkworks" team to prove that Ford can compete against the Chinese automakers.

Persons: Mario Tama, Marin Gjaja, Warren Buffett, Gjaja, Jim Farley, Farley, Ford, BofA's John Murphy, John Lawler, Lawler, There's, we've, Michael Wayland Organizations: Ford, Getty, DETROIT, CNBC, North America, EV, Wall Street, GM, General Motors Locations: Glendale , California, U.S, Europe, North, California, China

☆ GM reveals redesigned GMC Terrain as brand's entry-level model
▼ + stars: | 2024-08-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

2025 GMC Terrain Elevation GMDETROIT — General Motors on Monday revealed redesigned versions of its entry-level GMC Terrain crossover, including a new standard "Elevation" model. It also has a new interior with 26 inches of screens, including a 15-inch center touchscreen and an 11-inch driver information cluster. 2025 GMC Terrain GMWith the increase in standard features, GM also is simplifying the model lineup for the Terrain, combining its "SLE" and "SLT" entry-level trims into Elevation. GM declined to disclose pricing for the redesigned Terrain, which is expected to begin arriving in GMC showrooms late this year. 2025-2026 GMC Terrain GM

Organizations: DETROIT —, Motors, Apple, Android, GMC, GM

☆ Stellantis laying off 2,450 plant workers due to discontinuation of Ram 'Classic' pickup truck
▼ + stars: | 2024-08-09 | by ( Michael Wayland | ) www.nbcnews.com time to read: +2 min

DETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan. It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit. The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant. “With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,” the company said in an emailed statement. The discontinuation of the Ram 1500 “Classic” vehicle is not unexpected, but the company has not announced a vehicle to replace the truck.

Persons: Ram, Chris Feuell, Carlos Tavares Organizations: DETROIT, Warren, Assembly, United Auto Workers union, CNBC, Fiat Chrysler, France’s PSA Groupe Locations: Michigan, Detroit, Warren

☆ Rivian tops Wall Street's second-quarter expectations amid cost cuts
▼ + stars: | 2024-08-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Rivian Automotive beat Wall Street's top- and bottom-line expectations for the second quarter as the electric vehicle maker continues to take costs out of its business. Through the first six months of the year Rivian produced about 23,600 vehicles, including only 9,162 during the second quarter due to downtime at the company's plant to retool and reduce costs. Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian's significant cash burn. Rivian's expenditures through the first half of the year were $537 million, including $283 million during the second quarter. Rivian ended the second quarter with $9.18 billion in total liquidity, including $7.87 billion in cash, cash equivalents and short-term investments.

Persons: Rivian, RJ Scaringe Organizations: Rivian Automotive, LSEG, Volkswagen

☆ Ford turns 'dirty' business into a profit driver. GM and Stellantis are taking notice
▼ + stars: | 2024-08-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +10 min

Many fleet sales, especially daily rentals, have historically been viewed as a negative for auto companies. But Ford has proven that's not always the case by breaking out financial results for its "Ford Pro" fleet business. Ram, GM retoolAs Ford touts its fleet business, its closest rivals have amped up their operations. It launched "GM Envolve" last year, its overhauled fleet and commercial business focused on fleet sales, digital telematics and logistics for commercial customers. EV goalsGM Envolve includes the company's EV commercial business BrightDrop, which was folded back into the automaker last year instead of it acting as a subsidiary.

Persons: Mark Hazel, It's, Ford, Ferrari, Jim Farley, Wolfe, Joe White, Farley, BofA's John Murphy, Ram, Christine Feuell, Stellantis, Ram Ram, Ken Kayser, Sandor Piszar, Motors, Piszar, EV600 Organizations: Ford DETROIT, U.S, automakers, Ford Motor, General Motors, Chrysler, P Global Mobility, Ford, Ford Pro, Wolfe Research, North, GM, Ford Super Duty, Reuters, GM retool, CNBC, Software, Stellantis, GM Envolve, Sierra, GM Fleet, EV Locations: Dearborn , Michigan, U.S, North America, Europe, Kentucky, Louisville , Kentucky, Stellantis, Detroit

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