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☆ GM hires former Apple executive Abbott to lead software unit
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - General Motors Co (GM.N) on Tuesday named former Apple Inc (AAPL.O) executive Mike Abbott to lead a division that will bring together three software functions within the company. Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies. Automakers, including GM and Ford Motor Co (F.N), have been increasingly ramping up their investment on technology and software services amid an electric-vehicle push, as they look to cash in on subscription-based services. At Apple, Abbott led a team responsible for the development of core infrastructure for all of the company's cloud-based services including iCloud, iMessage, Private Relay, Mail and account security. Bloomberg News had in March reported Abbott would step down from his role at the iPhone maker.

May 4 (Reuters) - Albemarle Corp (ALB.N) is open to renegotiating its Chile lithium contract before 2043 and would seek access to even more of the country's vast reserves of the metal used to make electric vehicle batteries, CEO Kent Masters told Reuters on Thursday. Albemarle and SQM's contracts only grant access to the Atacama salt flats, or salars, but Boric hopes to open up many other salars across his country for lithium production, a step that will require DLE technologies. Many DLE technologies use lots of potable water and electricity, a limitation that Albemarle has acknowledged and one it is working to limit. Chile and Albemarle could cement their dominant role in the global lithium and EV industries if they can get one or more DLE technology to succeed. Masters declined to comment on Australian lithium developer's Liontown Resources Ltd (LTR.AX) rejection in March of Albemarle's $3.7 billion takeover bid.

☆ Ford CEO says price cuts in EV market 'a worrying trend'
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 3 (Reuters) - Ford CEO Jim Farley said Wednesday price cuts in the electric vehicle market "is a worrying trend" after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla (TSLA.O). Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. Farley compared the price war in the EV market to Henry Ford's series of price cuts for the Model T starting in 1913. Ford will follow Tesla price cuts for models such as the Mustang Mach-E that competes head-on with Tesla's Model Y, he said. Ford will train workers for that facility, and will invest in retraining current workers, Farley said.

WASHINGTON, May 3 (Reuters) - Ford CEO Jim Farley said on Wednesday that price cuts in the electric vehicle market were "a worrying trend" after the U.S. automaker dropped prices for its Mustang Mach-E in response to a series of reductions by rival Tesla (TSLA.O). Ford on Tuesday announced a price cut of up to 8% of its Mustang Mach-E electric vehicle, the second cut the automaker announced this year. Farley compared the price war in the EV market to Henry Ford's series of price cuts for the Model T starting in 1913. Ford will follow Tesla price cuts for models such as the Mustang Mach-E that competes head-on with Tesla's Model Y, he said. Ford chose to build a new electric vehicle manufacturing hub near Memphis, Tennessee, in part because the region has cleaner electricity from hydro and nuclear facilities, Farley said.

May 2 (Reuters) - Lithium producer Livent Corp (LTHM.N) boosted its annual forecast on Tuesday after reporting better-than-expected quarterly profit, a bullish outlook fueled by rising prices and demand for the metal used to make electric vehicle batteries. While spot lithium prices in China had softened earlier this year, fueling concern the industry was entering a period of oversupply, Livent's results reflect strong appetite for its lithium and reinforce the company's strategy of selling the metal largely using long-term contracts. Excluding one-time items, Livent earned 60 cents per share. By that measure, analysts expected earnings of 39 cents per share, according to IBES data from Refinitiv. For the year, Livent boosted its revenue forecast to a range of $1.03 billion to $1.13 billion, from a previous range of $1 billion to $1.1 billion.

☆ GM Lays Off Hundreds From Product Development in Latest Cost-Cutting Move
▼ + stars: | 2023-05-01 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

GM executives have said they are taking steps to protect against worsening conditions in the economy and auto market. Photo: Rebecca Cook/REUTERSGeneral Motors Co. cut several hundred full-time contract positions primarily from its engineering hub in suburban Detroit, the latest cost-reducing effort from the auto maker as it navigates an uncertain car market. The contract workers, from GM’s large product-development operation, were terminated over the weekend, a company spokeswoman said. She said several hundred people were dismissed but declined to specify a number.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

☆ GM lays off several hundred full-time contract workers - WSJ
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

Companies General Motors Co FollowMay 1 (Reuters) - General Motors Co (GM.N) has laid off several hundred full-time contract workers at its engineering hub in suburban Detroit over the weekend, the Wall Street Journal reported on Monday, citing a company spokesperson. GM said in April that about 5,000 salaried workers had opted for buyouts to leave the company, bringing it closer to its cost-cut target of $2 billion by the end of 2024. Reuters in March reported that GM was cutting hundreds of executive-level and salaried jobs. GM posted better-than-expected first-quarter earnings last week and raised its full-year profit and cash-flow forecasts. Reporting by Nathan Gomes in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

The S&P 500 Banks index (.SPXBK) gained 1.4%. Big banks such as Bank of America (BAC.N) and Wells Fargo & Co (WFC.N) rose 0.3% and 2.8%, respectively. First Republic's woes kicked off last week on a bleak note, but upbeat earnings from Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) helped the benchmark S&P 500 (.SPX) notch its second consecutive month of gain on Friday. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and 47 new lows.

[1/2] Ford Super Duty trucks are seen at the Kentucky Truck assembly plant in Louisville, Kentucky, U.S., April 27, 2023. REUTERS/Joseph WhiteLOUISVILLE, Kentucky, May 1 (Reuters) - Shutting down the assembly lines that build Super Duty pickup trucks at Ford Motor Co's (F.N) Kentucky Truck Plant is a multimillion-dollar action company managers try hard to avoid. As part of a new approach to stamping out quality demons, Kentucky Truck Plant manager Joseph Closurdo said he stopped production for as long as three days earlier this year. Slashing the tax that quality problems levy on Ford's profitability has become Job One for Chief Executive Jim Farley. We did not start shipping until we saw consistent delivery on those targets," Super Duty Chief Engineer Andrew Kernahan told Reuters.

May 1 (Reuters) - Lordstown Motors (RIDE.O) shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy. Lordstown warned in a U.S. Securities and Exchange Commission filing on Monday that "there is substantial doubt regarding our ability to continue as a going concern." Without a resolution with Foxconn, other funding or new partners, it could be forced to file for bankruptcy or cease operations, it added. Lordstown shares were trading mid-afternoon at 27 cents, down 25 cents. Lordstown Motors bought a former General Motors Co (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

☆ General Motors cuts several hundred full-time contract workers
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +1 min

A sign with the General Motors quality mission statement stands in the lobby at the GM Warren Tech Center in Warren, Michigan. General Motors Co on Monday said it had cut several hundred full-time contract workers over the weekend including at its engineering hub in suburban Detroit, the latest effort by the U.S. automaker to streamline operations. The Wall Street Journal reported the job cuts earlier. GM said in April that about 5,000 salaried workers had opted for buyouts to leave the company. The offers cover 31,000 hourly workers and about 2,500 salaried workers.

(Reuters) - A Kirkland & Ellis partner whose clients have included General Motors Co, BP Plc and auto manufacturer Polaris Inc said he has joined the Chicago office of Quinn Emanuel Urquhart & Sullivan. R. Allan Pixton told a federal judge in Detroit on Friday that he has joined Quinn Emanuel's Chicago office. Pixton and a Kirkland spokesperson did not immediately respond to a request for comment. According to his defunct Kirkland profile, Pixton's litigation experience covered class actions and mass torts. In 2020, he left Kirkland to lead the new Chicago office of Hilliard Martinez Gonzalez, a Corpus Christi, Texas-based law firm.

☆ Morgan Stanley upgrades this U.S. auto giant, says stock is oversold
▼ + stars: | 2023-05-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Morgan Stanley thinks investors may be overlooking shares of U.S. automaker General Motors . Morgan Stanley's bull case is even higher, with a new $60 per share target representing nearly 82% upside. "GM may be overearning, but the stock is oversold," Morgan Stanley analyst Adam Jonas said. General Motors shares are down nearly 2% year to date. GM YTD mountain Morgan Stanley thinks a bull case for General Motors could see the U.S. automaker's stock climb as high as $60 per share.

☆ GM’s Chevy Bolt Heads to Scrapyard With Mixed Legacy
▼ + stars: | 2023-04-30 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors Co. rolled out its Chevrolet Bolt electric vehicle in 2016 to nab a foothold in the nascent EV market and give consumers an affordable plug-in option. Now, the diminutive snub-nosed SUV is headed to the scrap heap.

☆ GM raised guidance, but its stock fell. Why Wall Street isn't buying in
▼ + stars: | 2023-04-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally. Wall Street analysts say eroding pricing power, labor concerns and challenges in producing electric vehicles, will make it harder for GM to perform at the profitability levels it has been. Record-high vehicle profits and prices, achieved during historically low vehicle inventory levels and resilient consumer demand, are starting to normalize. GM CFO Paul Jacobson said Tuesday that the company expects flat pricing compared to last year. He said consumers paid an average of $50,263 per vehicle in the U.S. during the quarter, off 1% from a year earlier.

☆ Stellantis offering voluntary buyouts to 33,500 US employees
▼ + stars: | 2023-04-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - Chrysler parent Stellantis NV (STLAM.MI) said Wednesday it is offering voluntary exit packages to 33,500 U.S. employees as it looks to streamline operations. The offers cover 31,000 U.S. hourly workers and about 2,500 salaried workers. Stellantis did not say how many total jobs it is looking to eliminate. It is also offering some employees in Canada voluntary buyouts. On Tuesday, a local UAW unit said Stellantis wants to cut approximately 3,500 hourly U.S. jobs in the voluntary offer.

☆ LG Energy Solution Q1 profit more than doubles, in line with forecast
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 26 (Reuters) - South Korea's LG Energy Solution (373220.KS) on Wednesday posted a 145% jump in quarterly profit, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles (EVs) in U.S. and European markets. The company, which supplies Tesla Inc (TSLA.O), General Motors Co (GM.N) and others, reported an operating profit of 633 billion won ($472.6 million) for the January-March period, versus 259 billion won a year earlier. That compared with an average analyst forecast of 633 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 101% to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution was trading up 0.7%, versus benchmark KOSPI's (.KS11) 0.1% rise as of 0044 GMT.

[1/2] Electric power transmission pylon miniatures and LG Energy Solution logo are seen in this illustration taken, December 9, 2022. LG Energy Solution (LGES) reported an operating profit of 633 billion won ($472.6 million) for the January-March period, up 145% from 259 billion won a year earlier. When asked about rival Chinese battery makers' efforts to enter the U.S. market, LGES Chief Financial Officer Lee Chang-sil said the company would maintain its competitive position in the U.S. LG Energy Solution's revenue for the quarter doubled to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution (LGES), carved out of LG Chem Ltd (051910.KS) last year, rose as much as 2.4% in morning trade, outpacing a flat broader KOSPI market (.KS11).

This helped push the Dow Jones Transport Average index (.DJT) down 3.6%, for its biggest one-day drop since September. The Nasdaq Composite (.IXIC) dropped 238.05 points, or 1.98%, to 11,799.16 in its biggest one-day percentage decline since March 9. The KBW Regional Banking index (.KRX) dropped 3.9% as First Republic (FRC.N) shares fell 49%, hitting a record low. General Motors Co (GM.N) shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts. On U.S. exchanges 10.78 billion shares traded compared with the 10.32 billion average for the last 20 sessions.

☆ GM Raises 2023 Profit Outlook, Kills Off Chevy Bolt EV
▼ + stars: | 2023-04-25 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

Photo illustration: Josephine ChuGeneral Motors Co. raised its full-year profit outlook, citing consumers’ willingness to spend big on high-end models, even as the company tightens its own belt. The Detroit auto maker also said Tuesday it would drop the Chevrolet Bolt from its lineup, killing off its first mainstream electric vehicle as it moves to newer battery technology.

☆ The U.S. Wants a Rare-Earths Supply Chain. Here’s Why It Won’t Come Easily.
▼ + stars: | 2023-04-25 | by ( Yusuf Khan | ) www.wsj.com time to read: +10 min

MP Materials efforts to build a local supply chain demonstrate the challenge for American producers. Challenging China’s dominanceWhile the 60% might not sound that concentrated, the dependence on China is even more pronounced further down the supply chain. James Litinsky, CEO of MP Materials, stands in front of the Mountain Pass mine in 2018. But if you miss one step then you do not have a supply chain that’s secure,” Mr. Litinsky said. Defense Metals’ Ms. Moreno said that little knowledge exists outside of China in building the whole supply chain.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung. Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States. That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts. Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

[1/4] South Korean President Yoon Suk Yeol delivers remarks to the U.S.-Korea Business Council at the U.S. Chamber of Commerce in Washington, D.C., U.S., April 25, 2023. He said the two countries' economies had been facing new challenges and the economic slowdown was unsettling the investment environment. "Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said. "This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said. Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.

☆ GM to end production of Chevrolet Bolt EV later this year
▼ + stars: | 2023-04-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/3] A close-up view of the Chevrolet Bolt electric vehicle is seen at Stewart Chevrolet in Colma, California, U.S., October 3, 2017. "We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EU production, which will happen at the very end of the year," GM CEO Mary Barra told investors on Tuesday. The Bolt, GM's first mass market EV, still accounts for more than 90% of all U.S. GM EV sales. The Bolt was preceded by the Chevrolet Volt -- a plug-in hybrid that GM ended production in 2019. The recall prompted GM to halt Bolt production and sales for more than six months.

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