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☆ Chinese EV makers continue aggressive push into Europe under growing threat of tariffs
▼ + stars: | 2024-05-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

PARIS — Chinese electric carmakers are pushing ahead with expansion into Europe, even as politicians raise the possibility of high tariffs on vehicles from the world's second largest economy. The result of this probe could lead to tariffs on Chinese EV imports. The U.S. has already taken such a step, with the Biden administration imposing 100% tariffs on Chinese EV imports this week. Chinese EV makers have been aggressively expanding overseas, as they look to challenge Elon Musk's Tesla internationally but also to gain an early lead ahead of established automakers. China's EV industry has boomed over the years thanks to incentives and support from the Chinese government, which has concerned politicians in Europe and the U.S.

Persons: Xpeng, BYD, Biden, Elon Musk's Tesla, Bruno Le Maire Organizations: European Commission, EV, Companies, U.S, CNBC, French Finance Locations: Amsterdam, Netherlands, France, Paris, PARIS, Europe, China, U.S

☆ Fisker cuts deeper with new wave of summer layoffs
▼ + stars: | 2024-05-24 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Fisker initiated another round of layoffs on Wednesday, multiple sources told Business Insider. The company has gone through a series of cuts and warned it might go out of business. AdvertisementEmbattled EV startup Fisker kicked off another round of layoffs on Wednesday, four sources with knowledge of the issue told Business Insider. Fisker has made multiple cuts to its workforce over the last few months. This story is available exclusively to Business Insider subscribers.

Persons: Fisker, Henrik Fisker, —, Henrik Organizations: Business, Service

☆ UAW challenges Mercedes-Benz union vote, asks NLRB for new election
▼ + stars: | 2024-05-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. DETROIT – The United Auto Workers union is challenging the results of last week's organizing vote of Mercedes-Benz workers in Alabama, in which workers voted against union representation, and is asking federal officials to order a new election. Union organizing failed at the Alabama plant with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. The NLRB said its regional director will review the UAW's allegations of an unfair election. If after the hearing, she finds that the employer's conduct affected the election, she can order a new election.

Persons: Let's, isn't, Shawn Fain Organizations: United Auto Workers, UAW, ZF, Systems, DETROIT –, Mercedes, Benz, Union, National Labor Relations, NLRB Locations: Tuscaloosa , Alabama, Alabama, Detroit, Atlanta

☆ Elon Musk says he didn't ask for Biden's tariff on electric vehicles from China
▼ + stars: | 2024-05-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Elon Musk said he wasn't involved in President Joe Biden's tariff on Chinese electric cars. The White House announced the 100% tariff on Chinese EV imports on May 14. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk said he was surprised when President Joe Biden announced a tariff on Chinese electric vehicles. "Neither Tesla nor I asked for these tariffs," the Tesla CEO said during an interview at the VivaTech conference in Paris on Thursday.

Persons: Elon Musk, wasn't, Joe Biden's, Musk, —, Joe Biden, Tesla Organizations: White House, Service, Business Locations: Paris, China

☆ GM CEO Mary Barra says she has no plans to retire soon as automaker's transformation continues
▼ + stars: | 2024-05-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors CEO and Chair Mary Barra on Thursday said she has no plans to retire any time soon as she tries to ensure the company's transformation is on "a good path." Barra, who is the longest tenured CEO outside of the company's founder, has been asked about retirement for several years. "I'm having a lot of fun, and I want to make sure we have our transformation on a good path," she said during a fireside chat at a Detroit Economic Club meeting. Barra reiterated she serves at the pleasure of the GM board and that she continues to have "fun." Cruise and EVs, along with software-defined vehicles and services, have been among the largest potential growth areas under Barra, who became CEO in January 2014.

Persons: Mary Barra, Barra, I've, Cruise Organizations: Economic, Washington, DETROIT – General, GM, Detroit Locations: Washington , U.S, DETROIT, San Francisco, Barra

☆ Rollback in IRA's EV incentives would benefit China, says GM board member
▼ + stars: | 2024-05-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Any significant reduction or a rollback of the Inflation Reduction Act's support for electric vehicles would benefit China, according to General Motors board member Jon McNeill. "I think we risk losing the auto manufacturing share to China. The IRA of 2022 includes incentives for consumers to purchase EVs as well as significant support for carmakers and suppliers to produce all-electric vehicles and their components in North America rather than overseas. The expansion of Chinese automakers has been a growing concern for companies from Detroit to Germany. Global automakers are worried that BYD and other Chinese rivals could flood their markets, undercutting domestic production and vehicle prices.

Persons: Jon McNeill, McNeill, Donald Trump Organizations: General Motors, DVx Ventures, CNBC, Global, Biden Locations: China, North America, Detroit, Germany

☆ GM all-electric Chevy Equinox goes on sale as the latest test for EV production and demand
▼ + stars: | 2024-05-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

The Equinox EV is launching with higher-priced models that start at roughly $43,000 to $51,100 (without any incentives). The Equinox EV is arriving to market following the Blazer EV and alongside GM's more than $96,000 Silverado EV RST. Equinox EVAll of that being said, the Equinox EV is an Equinox in name only. Outside of the U.S., the Equinox EV will be sold in Canada, Mexico, the Middle East and some South American markets such as Brazil. GM's 2024 Chevrolet Equinox EV (right) next to a gas-powered Chevy Equinox on May 16, 2024 in Detroit.

Persons: Michael Wayland, Mark Reuss, Tesla, Kathleen Murawski, Chevy Bolt, It's, We've, Rory Harvey, we've, Marissa West, West, Paul Waatti, Waatti Organizations: CNBC DETROIT, General Motors, GM, CNBC, Chevy, GMC Hummer EV, Blazer, Global, Silverado EV RST, Silverado, GM North America, Chevrolet, Motors, EV Locations: Detroit, China, U.S, Canada, Mexico, Brazil

☆ Transition to next-generation AI chips and 2 other pressing questions ahead of Nvidia's earnings
▼ + stars: | 2024-05-22 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Nvidia's Hopper chips include the H100, which was announced in 2022 and faced severe supply shortages last year as the AI gold rush intensified. Tuesday's AWS news represents a pushout in demand for Nvidia chips, not a loss of it. That would be the so-called "digestion" phase for AI chips that Wall Street has been speculating about since last year. If anything, AWS deciding to wait for the more-powerful Blackwell chips could mean the digestion phase is further out on the horizon than initially thought. Unlike last year, when Nvidia's chips were in such short supply, there are now rival chips out there, such as AMD's MI300X, which is angling for a corner of the inferencing market .

Persons: you've, it's, Jim Cramer, Hopper, Blackwell, Nvidia's Hopper, There's, Grace Hopper Superchip, Kimberly Powell, Powell, Jim Cramer's, Jim, Jensen Huang, Justin Sullivan Organizations: Nvidia, Blackwell, Amazon Web Services, CNBC, NVIDIA, AWS, Club, SAP Center Locations: Hopper, Ceiba, San Jose , California

☆ Here are Wednesday's biggest analyst calls: Nvidia, Meta, Tesla, Chipotle, Ferrari & more
▼ + stars: | 2024-05-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla but says it's only a matter of time before others automakers begin to take advantage of AI also. Morgan Stanley reiterates Meta as overweight Morgan Stanley said that, as users adopt the company's Reels product it becomes a "monetization opportunity." Morgan Stanley reiterates Dell as a top pick Morgan Stanley said Dell remains a favorite name at the firm. Morgan Stanley reiterates McDonald's as overweight Morgan Stanley said it's standing by the fast-food chain. Morgan Stanley reiterates Ferrari as overweight Morgan Stanley said it's standing by its overweight rating on the automaker.

Persons: Morgan Stanley, Tesla, Piper Sandler, Piper, Meta, Dell, JMP, Oppenheimer, it's, Goldman Sachs, Goldman, Kraft Heinz, McDonald's, Rosenblatt, John Malone, Sportico, Morgan Stanley downgrades, Generac, Jefferies, Needham, Stryker, Ferrari, MSFT Organizations: GM, Ford, Nvidia, Blackwell, ODM, Lenovo, Dell, China Tech Hardware, Costco, " Bank of America, Bank of America, Kraft, Brunswick, UBS, Brunswick Corporation, Atlanta Braves Holdings, Deutsche Bank, Waste Management, Deutsche, Price, Jefferies, Prudential, Lincoln National, Microsoft, Garmin, of America Locations: Coinbase, Shopify

☆ Nissan delays shift to EVs at Mississippi factory, postponing five new models
▼ + stars: | 2024-05-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Nissan is postponing a push to build new electric vehicles at its Canton, Mississippi, factory as sales of EVs are now growing more slowly than many industry experts had expected. EV sales in the US grew 2.6 % in the first quarter of 2024 compared to the same period in 2023, according to Kelley Blue Book. First quarter EV sales last year had outpaced 2022’s by a stunning 46.4%. Nissan still plans to offer a total of 19 EV models globally by 2030, a spokesperson said. Nissan previously announced it would invest $500 million in the factory to prepare it build the new electric vehicles.

Persons: Kelley, ” Nissan, Ford Organizations: CNN, Nissan, EV, Power, Infiniti, Automotive News, GM, Silverado EV Locations: Canton , Mississippi, Canton, Mississippi

☆ Federal regulators are investigating fatal crash of VinFast EV
▼ + stars: | 2024-05-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Federal regulators are investigating a California crash that killed four occupants who rode in a VinFast electric SUV, which had automated steering features the owner had earlier complained about. Someone claiming to be the vehicle’s owner filed the complaint. The SUV was being driven by one of the owner’s coworkers with the coworker’s family when the fatal crash occurred, according to the complaint. The vehicle owner had complained about the performance of the SUV’s automated steering, although it’s not clear if that was a factor in the crash. It’s not clear if the vehicle’s Advanced Driving Assistance features were involved in the fatal crash.

Persons: it’s, It’s Organizations: CNN, NHTSA, Ford, Media, Investigations Locations: California, Vietnam

☆ BMW imported 8,000 Mini Coopers with banned Chinese parts into U.S., Senate report says
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said. A report by Senate Finance Committee Chairman Ron Wyden's staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. BMW Group said in an email it had "taken steps to halt the importation of affected products." The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor.

Persons: Ron Wyden's, Wyden Organizations: BMW, U.S, Senate, Senate Finance, Coopers, BMW Group, Labor, Customs and Border Protection, Inc, Sichuan Jingweida Technology Locations: Leipzig, Germany, United States, China's Xinjiang, China, California, Sichuan

☆ Senate Inquiry Finds BMW Imported Cars Tied to Forced Labor in China
▼ + stars: | 2024-05-20 | by ( Ana Swanson | Jack Ewing | ) www.nytimes.com time to read: +1 min

A congressional investigation found that BMW, Jaguar Land Rover and Volkswagen purchased parts that originated from a Chinese supplier flagged by the United States for participating in forced labor programs in Xinjiang, a far western region of China where the local population is subject to mass surveillance and detentions. BMW shipped to the United States at least 8,000 MINI vehicles containing the part after the Chinese supplier was added in December to a U.S. government list of companies participating in forced labor. Volkswagen took steps to correct the issue. The investigation, which began in 2022 by the chairman of the Senate Finance Committee, Ron Wyden of Oregon, a Democrat, highlights the risk for major automakers as the United States tries to enforce a two-year-old law aimed at blocking goods from Xinjiang. The Uyghur Forced Labor Prevention Act bars goods made in whole or in part in Xinjiang from being imported to the United States, unless the importer can prove that they were not made with forced labor.

Persons: Ron Wyden Organizations: BMW, Jaguar, Rover, Volkswagen, Senate Finance, United States, Labor Locations: United States, Xinjiang, China, U.S, Oregon, United

☆ Viral TikToks helped Hyundai and Kia dominate the list of America's most stolen cars
▼ + stars: | 2024-05-19 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

The National Insurance Crime Bureau released their list of the most stolen cars in America for 2023. Hyundai and Kia models took six of the top 10 spots in the insurance industry trade group's list. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHyundai and Kia dominate the National Insurance Crime Bureau's list of the most stolen cars in America. The compact Hyundai Elantra took the top spot, with more than 48,000 vehicles stolen, 2.5 times the number stolen in 2022.

Persons: — Organizations: Insurance, Hyundai, Kia, Chevrolet, Ford, Honda, Service, National Insurance, America . Vehicles, South, Business Locations: America

☆ How Toyota's Tacoma became king of the U.S. midsize truck market
▼ + stars: | 2024-05-18 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

The American pickup truck market is dominated by domestic brands, primarily Ford , Chevrolet , GMC and Ram . But the Toyota Tacoma shows how a foreign automaker can find and control a niche within that market. Toyota introduced the Tacoma in 1995 as a successor to the Toyota Pickup, famously known as the Hilux elsewhere in the world. What's more, of the some seven models in the midsize segment, Tacoma is the only one that comes with a long bed. Watch the video to learn more about how the Tacoma has stayed atop the midsize truck segment, and how it is working to meet the challenge of an expanding market.

Persons: Edmunds Organizations: Ford, Chevrolet, GMC, Ram, Toyota Tacoma, GM, Toyota, Tacoma, Toyota Pickup, Ford Motor, Chevrolet Colorado, U.S . Locations: Ram . U.S, America, U.S, Chevrolet Colorado, Tacoma

☆ A Loss at Mercedes-Benz Slows U.A.W.’s Southern Campaign
▼ + stars: | 2024-05-18 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

About 56 percent of the Mercedes workers who voted rejected the U.A.W. In April, workers at a Volkswagen plant in Tennessee voted to join the union, the first large nonunion auto plant in the South to do so. I don’t think they’re going to stop just because they lost here.”Since its founding in 1935, the U.A.W. has almost exclusively represented workers employed by the three Michigan-based automakers: General Motors, Ford Motor, and Chrysler, now part of Stellantis. And it has long struggled to make headway at plants owned by foreign manufacturers, especially in Southern states where anti-union sentiment runs deep.

Persons: Weeks, ”, Arthur Wheaton Organizations: Mercedes, Benz, United Automobile Workers, Volkswagen, Daimler Truck, Cornell University School of Industrial and Labor Relations, General Motors, Ford Motor, Chrysler Locations: Alabama, Tennessee, North Carolina, Michigan, Stellantis, Southern

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Toyota took on America's trucksThe pickup truck segment is perhaps Detroit's last stronghold in the U.S. auto market, with the Ford, Chevrolet, GMC and RAM brands leading or outright dominating three out of four pickup segments. But the midsize Toyota Tacoma has had the longest-running tenure in that segment where it outsells all rivals by a large margin. But Tacoma is facing fresh challenges in the next few years, from foreign names such as Hyundai and Volkswagen to legacy U.S. automakers to EV makers like Rivian and Tesla.

Organizations: Toyota, Ford, Chevrolet, GMC, Toyota Tacoma, Tacoma, Hyundai, Volkswagen, U.S, EV Locations: U.S

☆ Ford begs suppliers to help stem EV losses: 'We will all win or lose together'
▼ + stars: | 2024-05-17 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewFord is asking its suppliers to help them cut electric vehicle manufacturing costs, soliciting money-saving ideas in a new memo sent to suppliers this week. "We have all invested heavily in the success of the EV business, and we will all win or lose together." These shoppers are more practical, frugal, and more likely to be considering electric, hybrid, and gas-powered options at the same time. In these matchups, hybrids have been winning as of late, a phenomenon that Musk has said is detrimental to the electric vehicle market. Industry experts, however, say hybrids are a good bridge technology for future EV adopters.

Persons: —, Ford, Elon, Liz Door, Tesla Organizations: Service, Detroit Business, Business, Ford, Industry, Crosstown, GM Locations: Detroit, North America

☆ These tiny EVs are making a big impact
▼ + stars: | 2024-05-17 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Here are some of the tiny EVs making a splash in Asia and Europe. AdvertisementChief among those is the Seagull, a tiny EV that can go 305 km on a single charge and costs $11,000. SOPA Images/Getty ImagesJapan has long had a soft spot for tiny EVs, known as Kei cars — and the Nissan Sakura is one of the most popular. BITechnically speaking, the Citroen Ami isn't an electric car at all, but an "electric quadricycle." The tiny microcar has been on sale in Europe since 2021, with a UK launch mooted for later this year.

Persons: —, Nissan Sakura, Tesla, Aly Song, Reuters BYD, Elon, HECTOR RETAMAL, Citroen Ami, Citroen Ami isn't, Ami, Merlin Ouboter Organizations: Service, Nissan, Tesla, Ford, Business, Reuters, SAIC, General Motors, Japan, Citroen, BI, Getty Locations: China, Japan, Europe, Asia, Guang, Shanghai, France, London, Swiss

☆ Mercedes-Benz workers in Alabama vote against UAW union membership
▼ + stars: | 2024-05-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. Andi Rice | Bloomberg | Getty ImagesMercedes-Benz workers in Alabama have voted against union representation by the United Auto Workers, the National Labor Relations Board said Friday. Union organizing failed with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. More than 90% of the 5,075 eligible Mercedes-Benz workers voted in the election, according to the results. If no objections are filed, the election result will be certified, and the union will have to wait one year to file for a union election for a similar bargaining unit.

Persons: Andi Rice, Shawn Fain, Margaret Mock, Stellantis, Michael Wayland, Stephen Silvia, Southern, Mercedes, Silvia Organizations: United Auto Workers, UAW, ZF, Systems, Bloomberg, Getty, Mercedes, Benz, National Labor Relations Board, Detroit, Union, NLRB, Team, Detroit automakers Ford Motor, General Motors, Volkswagen, Southern Gamble, Workers, Foreign, American University Locations: Tuscaloosa , Alabama, Alabama, Tennessee, Sterling Heights , Michigan, U.S, Washington ,

☆ Mercedes-Benz workers in Alabama vote against unionizing in blow to big UAW push
▼ + stars: | 2024-05-17 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Out of the valid votes counted, 56% of workers voted “no,” while 44% voted “yes” for unionization, according to Mercedes-Benz. Under relatively new UAW president Shawn Fain, the UAW had shifted its strategy for a membership push in non-unionized factories, many of which are located in the American South. David Johnston, right, a worker at Mercedes, thanks UAW President Shawn Fain following a press conference in Tuscaloosa, Alabama on May 17, 2024, after workers at two Alabama Mercedes-Benz factories voted overwhelmingly against joining the United Auto Workers union. Alabama is not Michigan, and we are not the Sweet Home to the UAW,” Ivey said in the statement. People react as the result of a vote comes in favour of the hourly factory workers at Volkswagen's assembly plant to join the United Auto Workers (UAW) union, at a watch party in Chattanooga, Tennessee, U.S., April 19, 2024.

Persons: Shawn Fain, Fain, ”, ” “, ” Fain, David Johnston, Kim Chandler, “, Kay Ivey, Vance, ” Ivey, Mercedes, Tesla, Seth, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, United Auto Workers, Mercedes, Benz, The National Labor Relations Board, UAW, Alabama, Big Three, Volkswagen, International, Team, Workers, Alabama Gov, Benz US International, Member, ” CNN, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, Seth Herald, Reuters, Chattanooga, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, P Global Market Intelligence Locations: New York, Benz, Alabama, United States, Chattanooga , Tennessee, American, Tuscaloosa , Alabama, MBUSI, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas, Michigan, U.S, Cornell University School of Industrial and Labor Relations ’ Buffalo

☆ What’s at stake in the union election at a Mercedes-Benz plant in Alabama
▼ + stars: | 2024-05-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +9 min

New York CNN —A high-stakes union election is underway at a Mercedes-Benz plant near Tuscaloosa, Alabama, the only plant for the luxury automaker in North America. The fallout will be significant whether the workers at Mercedes-Benz vote to join the United Auto Workers union or not. And last month, it won a union election at a Volkswagen plant in Chattanooga, Tennessee, its first victory in three attempts to organize the factory. Though a union win could generate momentum, it doesn’t mean a victory will mean other plants can overcome management opposition at other foreign-owned plants. Non-union automakers have already begun their response to the big union victories thus far.

Persons: Shawn Fain, Fain, ”, —, Tesla, Mercedes, Mercedes ’, “, MBUSI, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Harry Katz, ” Katz, Katz, ’ ” Katz, they’ve, CNN’s Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, Benz, Mercedes, United Auto Workers, UAW, Big Three, Volkswagen, Kia, Toyota, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Volvo, Team, The National Labor Relations Board, Benz US International, Member, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, “ Labor, Big, – GM, Ford, Cornell University School of Industrial and Labor Relations, P Global Market Intelligence, General Motors Locations: New York, Tuscaloosa , Alabama, North America, Chattanooga , Tennessee, United States, Vance , Alabama, Tuscaloosa, ”, Cornell University School of Industrial and Labor Relations ’ Buffalo, Alabama, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas

☆ Seeking Access to Congo’s Metals, White House Aims to Ease Sanctions
▼ + stars: | 2024-05-16 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

Three years after Biden administration officials tightened sanctions on a billionaire Israeli mining executive for corrupt business practices in the Democratic Republic of Congo, they have reversed themselves and are offering the executive a deal they hope will bolster the supply of a metal vital to electric vehicles. The plan would allow the executive, Dan Gertler, to sell off his remaining stakes in three giant copper and cobalt mining operations in Congo. Once Mr. Gertler sells his positions, the Biden administration hopes Western-leaning companies will be more willing to invest in Congo, perhaps delivering a greater supply of cobalt to the United States as automakers race to increase domestic production of batteries. But certain State and Treasury Department officials strongly opposed the effort, saying that Mr. Gertler should not be allowed to profit from his deal-making, which the Biden administration earlier argued had cheated the citizens of Congo out of more than $1 billion in mining revenues.

Persons: Dan Gertler, Gertler, Biden Organizations: Biden, Democratic, Treasury Department Locations: Democratic Republic of Congo, Congo, United States

☆ Auto incentives are back — but high interest rates weaken deals for buyers
▼ + stars: | 2024-05-16 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Simonskafar | E+ | Getty ImagesIncentives are coming back to the auto market, but high interest rates are weakening those deals for car shoppers. In today's market, consumers are more likely to see it as "free money," she said, especially as auto loan rates stay high. watch nowWhen you roll that into your new car loan, it increases your payment. Search for available incentives: Car shoppers will have to a do lot more shopping and research to find available incentives, Caldwell said. Know your credit score: While shoppers might come across 0% financing offers, those deals are often reserved for buyers with excellent credit.

Persons: Jessica Caldwell, Trump, Brian Moody, Kelley, Edmunds, Caldwell, That's, that's, Moody Organizations: Getty, Finance, Biden Locations: Edmunds

☆ Elon Musk axed the entire Tesla Supercharger team after their division chief defied orders and said no to more layoffs
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewTesla CEO Elon Musk made the snap decision to fire the entire Supercharger team after its division chief refused to make further layoffs happen, Reuters reported on Wednesday. The billionaire said in an email to staff on April 29 that he was dissolving the entire team behind Tesla's charging infrastructure, per The Information. AdvertisementRepresentatives for Tesla, Musk, and Tinucci didn't respond to Reuters' request for comment. The Tesla chief moved quickly to assuage concerns, and assured investors that Tesla's Supercharger network isn't going anywhere. A slowdown in the rollout of Tesla's charging infrastructure would thus be a setback for Biden's clean-energy agenda.

Persons: —, Elon Musk, Musk, Rebecca Tinucci, Tinucci, Tesla's, Tesla, Mercedes Benz, haven't, Aaron Luque, Joe Organizations: Service, Reuters, Bloomberg, Business, Tesla, The, Motors, Ford, Politico, BI

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