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☆ Tim Higgins — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Tim Higgins | ) www.wsj.com time to read: +1 min

Tim HigginsTim Higgins is a reporter for The Wall Street Journal focused on technology and automotive stories. He has written extensively about Apple, Tesla and Elon Musk, and appears regularly on CNBC as an on-air contributor. His first book “Power Play,” which explored how Tesla became the world’s most valuable auto maker, was a Wall Street Journal Business Bestseller. Before joining the Journal in 2016, he worked for Bloomberg News. A Missouri School of Journalism grad, he also earned an M.B.A. from Michigan State University.

Persons: Tim Higgins Tim Higgins, Elon Musk, Tesla, Mary Barra Organizations: Wall Street, Apple, Tesla, CNBC, Street Journal, Society for, Livingston Awards, Bloomberg News, Missouri School, Journalism grad, Michigan State University Locations: San Francisco

☆ Watch CNBC's full interview with General Motors CEO Mary Barra and Hertz CEO Stephen Scherr
▼ + stars: | 2023-08-16 | 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 EmailWatch CNBC's full interview with General Motors CEO Mary Barra and Hertz CEO Stephen ScherrGeneral Motors CEO Mary Barra and Hertz CEO Stephen Scherr join 'Power Lunch' to discuss GM's investment in a battery materials company and the future of the EV market.

Persons: Mary Barra, Stephen Scherr Organizations: General Motors, Hertz

☆ If automakers like Ford and GM want to catch Tesla, they'll have to offer fewer options on your new car
▼ + stars: | 2023-08-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Tesla and automakers in China have found ease and success in having fewer options. Car buyers like having options — but as the Tesla and Chinese automakers continue to find success in electric vehicles, old-guard automakers would do well to force buyers to compromise. Elon Musk's automaker has pared down the build options it gives customers to fewer color options and interior choices, limited trims, and many features that simply come standard. The lack of build complexity has been an advantage for Tesla, startup EV makers, and Chinese competitors, experts say. "A number of the traditional players have initiatives underway to benchmark the build complexity of their start-up competitors."

Persons: Elon, Brian Irwin, Alvarez, Irwin, Ford, Jim Farley, Farley, Mary Barra, Barra Organizations: Morning, Tesla, Elon Musk's, GM, Ford, Benz, Subaru Locations: China, Detroit, Germany

☆ Two auto industry CEOs on EV rentals, charging headwinds and EV demand
▼ + stars: | 2023-08-16 | 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 EmailTwo auto industry CEOs on EV rentals, charging headwinds and EV demandGeneral Motors CEO Mary Barra and Hertz CEO Stephen Scherr join 'Power Lunch' to discuss GM's investment in a battery materials company and the future of the EV market.

Persons: Mary Barra, Stephen Scherr Organizations: EV, General, Hertz

That is by far the most ever spent on clean energy in a year. Solar and Wind Power Have Taken Off Electricity generation per year, in terawatt hours China 600 TWh 500 Solar Wind U.S. China 400 E.U. It would shred regulations designed to curb greenhouse gases, dismantle nearly every federal clean energy program and boost the production of fossil fuels. 1 2 3 4 5 Even Tulsa, with its strong links to oil and gas, is embracing clean energy. “But we also understand that energy is energy, whether it is generated by wind, steam or whatever it might be.”Around the country, clean energy is taking root in unlikely locales.

Persons: ”, Fatih Birol, Al Gore, Crews, Francis Energy, Dewey, Bartlett Jr, “, J.W, Peters, Mr, Lazard, Gregory Nemet, —, Biden, Tesla, Giovanni Bertolino, Jon Creyts, Steve Uerling’s, Uerling, Cathy Zoi, It’s, Mary Barra, ’, Barra Organizations: Buses, Port, International Energy Agency, India India, Energy, The New York Times, Heritage Foundation, Republican, Ford, University of Tulsa’s School of Petroleum Engineering, “ Oil, Drillers, Navistar, Public Service Company of Oklahoma, Francis, Solar Power, U.S . Steel, Gas, University of Wisconsin -, Panasonic, United, European Union, United States ’, General Motors, RMI, Ford Fusion, Tesla, Postal Service, Amazon, Peterbilt, Companies, Francis Energy, BMW Group, Honda, Hyundai, Kia, Benz Group Locations: Pittsburgh, Milwaukee, Port of Los Angeles, Houston, Europe, United States, America, China, Britain, terawatt, India, U.S, States, Beijing, London, Tokyo, Washington, Oslo, Dubai, Tulsa, Okla, Italian, Oklahoma, Oklahoma City, Texas, Galveston, In Arkansas, Republican, University of Wisconsin - Madison, Georgia, Korean, Nevada, tailpipes, California, New York, San Francisco, Canada, South Korea, Russia, Ukraine, Steve Uerling’s Tulsa, E.U, G.M

☆ GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoAug 9 (Reuters) - General Motors (GM.N) is still struggling to ramp up production of electric vehicles, a top executive said on Wednesday. Jacobson said GM had built more than 1,000 Lyriqs in July -- still well below the company's initial expectations. In the first six months this year, GM delivered fewer than 2,400 Lyriqs to customers, as it struggled with batteries and other issues. Reporting by Paul Lienert in Detroit, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Morgan, Paul Jacobson, Mary Barra, Jacobson, Paul Lienert, Deepa Babington Organizations: General Motors, REUTERS, GM, Cadillac, Thomson Locations: Detroit , Michigan, U.S, Hill , Tennessee, Detroit

☆ Electric Cadillac Escalade to test GM's EV strategy, cash machine
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. The automaker plans to initially sell the new electric Escalade IQ alongside the current traditional models. A close-up of the illuminated front end of the electric Cadillac Escalade IQ, including a black crystal shield badge. CadillacA teaser video released by GM of the Escalade IQ appears to have more design elements similar to the automaker's Cadillac Lyriq and Cadillac Celestiq than the traditional Escalade. The first-generation Cadillac Escalade was produced from 1998 through 2000 by General Motors.

Persons: Escalade, Mary Barra, It's, Tyson Jominy, John Roth, Roth, Edmunds, Michael Simcoe, Steve Fecht, Rory Harvey, Wayne Cherry Organizations: Motors, GM, General Motors, Cadillac, CNBC, U.S, Auto, Benz, Ferrari, Lamborghini, Cadillac's, GM Tech Center, General Motors GM, GM North America, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC, ICE Locations: New York City, Cadillac's U.S, U.S, Warren , Michigan, Detroit, Texas, Simcoe

☆ GM criticizes autoworkers union's contract demands
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca CookWASHINGTON, Aug 3 (Reuters) - General Motors (GM) (GM.N) on Thursday said it expected to offer unionized workers higher wages, but granting the United Auto Workers' (UAW) ambitious contract demands including large pay rises would hurt its ability to make sound business decisions. Company and union sources told Reuters the UAW was seeking at least a 40% pay hike over the life of the four-year contract, including an initial 20% hike upon ratification. "We think it's important to protect U.S. manufacturing and jobs in an industry that is dominated by non-unionized competition," GM said. Fain on Tuesday said the union demands were its "most audacious and ambitious" proposals in decades.

Persons: Rebecca Cook WASHINGTON, Mary Barra, Shawn Fain, Fain, David Shepardson, Shivansh, Pooja Desai, Cynthia Osterman, Jamie Freed Organizations: General Motors, REUTERS, United Auto Workers ', UAW, Reuters, Detroit, Chrysler, Ford, GM, U.S, Thomson Locations: Detroit , Michigan, U.S, Washington, Bengaluru

☆ GM JV battery firm rejects including Ohio workers under national agreement
▼ + stars: | 2023-08-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Ultium Cells LLC said on Wednesday it "does not see a viable legal or practical path to place Ultium Cells-Ohio into the General Motors National Agreement." Last week, a group of 28 senators including Senate Majority Leader Chuck Schumer urged GM, Chrysler-parent Stellantis (STLAM.MI) and Ford Motor (F.N) to recognize joint venture battery workers under national labor agreements before the current contracts expire on Sept. 14. If battery workers were covered under the national agreement, they would likely be eligible for better pay and benefits. Ultium said on Wednesday it "has provided a proposal for a fully comprehensive collective bargaining agreement, including substantial wages and benefits." In December, workers at the Ultium Cells Ohio plant overwhelmingly voted to join the UAW.

Persons: Rebecca Cook, Chuck Schumer, Ultium, Sherrod Brown, Mark Stewart, Shawn Fain, Fain, Mary Barra, David Shepardson, Chris Reese, Sonali Paul Organizations: General Motors, REUTERS, LG Energy, Democratic U.S, Ultium Cells, United Auto Workers, UAW, GM, Chrysler, Ford, Ohio, Reuters, Ultium Ohio, Thomson Locations: Detroit , Michigan, U.S, KS, Ohio, Ultium Cells Ohio, Ultium

☆ UAW seeks double-digit pay hikes in Detroit Three auto contract talks
▼ + stars: | 2023-08-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Aug 1 (Reuters) - United Auto Workers (UAW) President Shawn Fain said on Tuesday the union was seeking ambitious benefit increases in contract talks with the Detroit Three automakers, including double-digit pay rises and defined-benefit pensions for all workers. Fain said the CEOs of the Detroit Three saw their pay rise by 40% on average over the last four years. He noted the Teamsters recently won an end to two-tiered wages in a new contract with UPS (UPS.N). We can't allow it any longer," Fain said of the demand for the same at the Detroit Three. GM said it would review the demands once they were received from the UAW on Wednesday.

Persons: Shawn Fain, Fain, Mary Barra, Stellantis, Ford, David Shepardson, Chris Reese, Jamie Freed Organizations: United Auto Workers, UAW, Detroit Three, Chrysler, General Motors, Ford, U.S, Facebook, Detroit, GM, Teamsters, UPS, Democratic, Thomson

☆ It's official: The battery crunch is the new chip shortage
▼ + stars: | 2023-07-31 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

The chip shortage has ailed the auto industry since early in COVID, but a bigger issue is surfacing. Automakers are starting to see the impacts of the electric vehicle battery crunch. It's official: The battery crunch is the new chip shortage. The chip shortage is still impacting vehicle supply, experts say, but automakers are now having to reckon with the battery supply chains as an even bigger headwind. Challenges surrounding electric vehicle production and the battery supply chain are finally materializing for legacy automakers and impacting their bottom lines.

Persons: Jim Farley, Elon Musk, Tesla, Mary Barra, Barra, Oliver Blume Organizations: Ford, Morning, GM, Porsche, Tesla, Battery Locations: COVID, Canadian, EVs

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ Seven major automakers, including GM and
▼ + stars: | 2023-07-26 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Seven major automakers are coming together to create a joint venture that will build out a large electric vehicle fast-charging network in the North America, in an attempt to make electric vehicles more attractive to consumers. The first of the new charging stations will open next summer, the companies announced, first in the US and, later, in Canada. Vehicles made by other manufacturers, not just these seven, will be able to charge at these stations, as well. The new joint venture will rely on funds from the automakers as well as using grants offered by the federal government to build new EV chargers. There are currently about 35,000 NACS and CCS chargers in the US, but many more will be needed as the number of electric vehicles increases in coming years.

Persons: “, Mary Barra, Brian Moody, Biden Organizations: CNN, Seven, Motors, BMW Group, Honda, Hyundai, Kia, Benz, GM, Cox, Vehicles, Mercedes, US Department of Energy, National Renewable Energy Laboratory Locations: North America, United States, Canada

☆ GM CEO Mary Barra on Q2 earnings results, UAW contract talks, EV competition
▼ + stars: | 2023-07-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM CEO Mary Barra on Q2 earnings results, UAW contract talks, EV competitionCNBC’s Phil LeBeau and GM CEO Mary Barra join 'Squawk on the Street' to discuss the company's quarterly earnings results, UAW contract talks, EV competition, and more.

Persons: Mary Barra, Phil LeBeau Organizations: UAW, EV

The Bolt does not align with GM's long-term EV technology strategy, but it is the Detroit automaker's best-selling and most affordable EV in North America, by far. Barra and GM officials did not say how much the new Bolt would cost or where it would be built. For GM, the Bolt has been the mainstay for its North American EV sales. In the first six months of this year, U.S. Bolt sales totaled 33,659 vehicles, outselling Ford's Mustang Mach-E, Hyundai's Ioniq 5 and other EVs from established automakers. Bolt sales rebounded this year after GM was forced to halt production of the car for nearly six months to fix problems linked to battery fires.

Persons: Rebecca CooK, Mary Barra, Barra, Sam Fiorani, EVs, Sandy Munro, Elon Musk, Fiorani, Bolt, Paul Lienert, Joseph White, Nick Zieminski Organizations: North American, REUTERS, General Motors, Chevrolet Silverado EV, Chevrolet, Detroit, GMC Hummer EV, GM, AutoForecast Solutions, Barra, Bolt, Munro & Associates, UAW, Thomson Locations: Detroit , Michigan, U.S, North America, United States, Ohio, Michigan, Orion, Detroit

GM said adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices. GM said it now expects full-year net income of $9.3 billion to $10.7 billion, up from a previous forecast of $8.4 billion to $9.9 billion. GM's pre-tax profit margin for the first six months of the year fell to 8.3% of revenue, down from 8.9% a year ago. Barra said GM can cut capital spending by simplifying its product line, reducing the number of different combinations of colors and features offered. In the first half, GM built about 50,000 EVs, most of them the older Bolt model, which is priced from $27,495.

Persons: Mary Barra, Chevrolet Bolt, Sam Fiorani, Barra, Paul Jacobson, GM's, Jacobson, Tesla, Elon Musk's, We're, Garrett Nelson, Joseph White, Paul Lienert, Ben Klayman, Matthew Lewis, Louise Heavens, Nick Zieminski Organizations: DETROIT, General Motors, GM, Chevrolet, AutoForecast Solutions, LG Electronics, LG Energy, United Auto Workers, Thomson Locations: Lordstown , Ohio, North America, Barra, Detroit

☆ Watch CNBC's full interview with GM CEO Mary Barra
▼ + stars: | 2023-07-25 | 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 EmailWatch CNBC's full interview with GM CEO Mary BarraCNBC’s Phil LeBeau and GM CEO Mary Barra join 'Squawk on the Street' to discuss the company's quarterly earnings results, UAW contract talks, EV competition, and more.

Persons: Mary Barra CNBC’s Phil LeBeau, Mary Barra Organizations: UAW, EV

☆ General Motors raises full-year guidance, announces deeper cost-cutting
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to reduce $3 billion in expenditures compared with previous guidance of $2 billion. Here's what GM reported for its second quarter:Adjusted earnings per share: $1.91. However, the guidance increase is contingent on GM successfully negotiating new labor agreements with the United Auto Workers and the Canadian Unifor unions this year without a work stoppage or strike. A work stoppage would add to the auto industry's yearslong production problems resulting from the coronavirus pandemic and significant supply chain constraints such as semiconductor chips.

Persons: Paul Jacobson, Jacobson, Mary Barra, it's, Barra Organizations: DETROIT, Motors, Detroit, GM, Wall, LG Electronics, LG Energy, Chevrolet, LG, Revenue, United Auto Workers, Canadian, UAW, Detroit automakers

☆ GM blames supplier for slow EV production, says Chevy Bolt EV will live on
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Shares of GM were down roughly 4% in morning trading Tuesday despite quarterly results that topped year-ago performance. Analysts during the call questioned the company's pricing strategies, EV profitability guidance and ability to hit previously announced targets for the vehicles. GM produced 50,000 EVs through the first half of this year for North America, in line with internal targets but far slower than many expected. A majority of that production was its outgoing Chevrolet Bolt models, rather than new EVs that utilize the automaker's "Ultium" batteries and technologies. She said GM was "surprised" how little progress the supplier had made.

Persons: Mary Barra, Tesla, Barra, We've Organizations: DETROIT, General, Wall, GM, North, Chevrolet Locations: North America

☆ General Motors shares drop after second-quarter earnings. Here's what the pros are saying
▼ + stars: | 2023-07-25 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on General Motors . The pros, including Jim Cramer , discussed the automaker after it reported second-quarter earnings Tuesday before market opened that were up sharply year over year. General Motors CEO Mary Barra joined CNBC Tuesday to break down the company's results and detail plans to implement $3 billion in cost-cutting measures throughout next year. Although revenue beat analyst estimates and GM increased its 2023 forecast for the second time this year, its shares ended the day down 3.5%.

Persons: Jim Cramer, Mary Barra Organizations: General Motors, CNBC, GM

☆ EV battery plants emerge as wild card issue in UAW contract talks
▼ + stars: | 2023-07-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Multibillion-dollar EV battery plants — and their thousands of expected workers — are crucial to the automotive industry's future and uniquely positioned to have wide-ranging implications for the UAW, automakers and President Joe Biden's push toward domestic manufacturing. But UAW leadership has made it a priority to ensure a "just transition" to EVs for auto workers, including the battery plants. Michael Wayland / CNBCEither side could use the battery plants as indirect leverage in the negotiations, according to current and past negotiators from both sides of the table. At GM's Ultium battery plant in Ohio, workers make between $16 and $22 an hour with full benefits, incentives and tuition assistance. Setting a standardThe UAW last week released a white paper detailing some reported safety issues and concerns at the Ultium plant.

Persons: Motors, Steve Fecht, Joe Biden's, they're, Shawn Fain, Jerome Buckley, Michael Wayland, Mary Barra, Nic Antaya, Fain, Biden, Joe Biden, Kinethia Black, Bolt Organizations: Tech Center, General Motors DETROIT, United Auto Workers, UAW, General Motors, Ford Motor, CNBC, EV, GM, Detroit, General Motors Factory, Getty, Ford, General Motors Orion Assembly, Chevrolet Locations: Warren , Michigan, Detroit, Ohio, Detroit , Michigan, Michigan, Orion Township , Michigan

☆ EV sales: Hyundai overtakes GM, but Tesla's U.S. dominance continues
▼ + stars: | 2023-07-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Meanwhile, Hyundai — including the Kia brand that's owned by the same parent company — increased its EV sales by roughly 11% during that time to 38,457 units. GM, which was second in EV sales through the first quarter, more than quadrupled electric car and truck sales to 36,322 units through June compared with a year earlier. And Volkswagen more than doubled EV sales to 26,538 units sold through June. Scott Mlyn | CNBCGM's EV sales thus far have been disappointing, especially when it comes to new models with the automaker's "Ultium" battery technologies. Correction: GM was second in EV sales through the first quarter of this year.

Persons: Brandon Bell, Tesla, Andrew Frick, hasn't, Elon Musk, Musk, disappoints Hyundai's, Randy Parker, we're, Parker, Scott Mlyn, Cadillac Lyriq, Mary Barra, Barra, It's, —, Phil LeBeau, Lora Kolodny Organizations: Getty, Hyundai Motor, General Motors, Motor Intelligence, Hyundai, Kia, GM, Ford Motor, EV, Ford, U.S, Automotive, Biden, Hyundai Motor America, New York Auto Show, CNBC, GMC Hummer, Cadillac, Chevrolet, Aspen Ideas, Chevrolet Silverado, Detroit Locations: Austin , Texas, U.S, Mexican, Texas, North America, South Korea

☆ Automakers' contract negotiations will decide potential EV future for idled Illinois plant
▼ + stars: | 2023-07-05 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +6 min

The real question is how long will UAW workers stay off the job, said Mark Wakefield, co-head of AlixPartners' automotive practice. Around 1,680 union workers company-wide agreed to take the buyout, according to a union representative. He opted for a voluntary transfer to a Stellantis plant in Toledo, Ohio. Illinois Governor J.B. Pritzker has also stepped up efforts to salvage the 58-year-old Belvidere plant that once employed 4,500 union workers. Reporting by Bianca Flowers in Belvidere, Illinois Additonal reporting by Joseph White in Detroit Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Matt Frantzen, Tesla, Shawn Fain, Fain, Mark Wakefield, Wakefield, Mary Barra, Jim Farley, Barra, Farley, Carlos Tavares, Stellantis, Robert Stacy, Auston Gore, Joe Biden, J.B, Pritzker, Brandon Campbell, Bianca Flowers, Joseph White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, automakers, UAW, General Motors, Ford, Detroit, CNBC, Detroit Free Press, Stellantis, U.S, Illinois, EVs, Thomson Locations: BELVIDERE , Illinois, Illinois, Belvidere, idled, U.S, Washington, EVs, Toledo , Ohio, Chicago, Belvidere ., Michigan, Indiana, Belvidere , Illinois, Detroit

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

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