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☆ Nasdaq tracks for worst day since 2022 after Alphabet and Tesla fail to impress Wall Street
▼ + stars: | 2024-07-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Tech shares led a selloff Wednesday after lackluster earnings reports from two of the market’s most prominent heavyweights. The Nasdaq Composite declined 3%, on pace for its worst daily percentage decline since December 2022. The electric vehicle maker faces growing competition from established automakers domestically and internationally and a slowdown in EV sales growth. Wall Street has rotated out of the tech bigwigs that led stocks higher over the past year in favor of smaller stocks that have been beaten down by sky-high rates. The Russell 2000, which tracks the performance of US small-cap stocks, is up 9.3% for the month, outperforming the S&P 500’s 0.1% loss.

Persons: didn’t, Russell, cybercriminals, Biden Organizations: New, New York CNN — Tech, Nasdaq, Dow, YouTube, Federal Reserve, Investors, Bloomberg Locations: New York, China

☆ Chinese EV stocks drop after Tesla's earnings miss, General Motors delays EV plans
▼ + stars: | 2024-07-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by Costfoto/NurPhoto via Getty Images)Shares of major Chinese electric vehicle companies dropped Wednesday after U.S. giant Tesla 's earnings fell short of analysts' estimates and General Motors delayed its EV plans. EV hype has been dwindling, as automakers from Tesla to General Motors scale back or delay their EV plans. Tesla shares closed 2.04% lower. Separately, General Motors on Tuesday said it was delaying further a second U.S. electric truck plant and the Buick brand's first EV. Investors were spooked by the pullbacks in growth businesses and General Motors' shares closed 6.42% lower on Tuesday despite solid financial results.

Persons: Tesla, Xpeng, Nio, Li Auto, Elon Musk, Musk Organizations: 21st Changchun International Automobile, Getty, U.S, General Motors, EV, Zhejiang Leapmotor, SAIC, Motors, Buick, Investors Locations: Changchun, Jilin province, China, Hong Kong, BYD, Zhejiang, U.S, Xpeng

☆ Tesla set to report second-quarter earnings after the bell Tuesday
▼ + stars: | 2024-07-23 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla is set to report second-quarter earnings after the bell on Tuesday. Although Tesla reported vehicle deliveries of 443,956 in the second quarter, a 4.8% decline from the year-earlier period, those numbers were better than analysts had expected. But Musk and his stalwart Tesla bulls and broader fan base have ambitions for the EV maker beyond making and selling cars. In 2021, Musk also began to promise that Tesla would develop and produce humanoid robots capable of factory work, at least. Tesla "deliveries" are not an audited financial metric, but are the closest approximation to sales reported by the company.

Persons: Elon Musk, The Beverly Hilton, Tesla, Elon, Musk, Donald Trump, InsideEVs Organizations: SpaceX, Tesla, The Beverly, LSEG, PAC, Trump, Republican, Pew Research, Democratic, Cox Automotive, Boring Company, X Corp, CNBC Pro Locations: Beverly Hills , California, U.S

☆ General Motors is set to report earnings before the bell
▼ + stars: | 2024-07-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

A GMC pickup truck is displayed for sale on a lot at a General Motors dealership in Austin, Texas, on Jan. 5, 2023. DETROIT — General Motors is set to report second-quarter results before the bell Tuesday. Here is what analysts expect, according to average estimates compiled by LSEG:Earnings per share: $2.75 adjusted$2.75 adjusted Revenue: $45.46 billionThose results would mark a 1.6% increase in revenue compared to a year earlier and a 44.2% increase in adjusted earnings per share. GM's second-quarter results last year included $44.75 billion in revenue, net income attributable to stockholders of $2.57 billion and adjusted earnings before interest and taxes of $3.23 billion. GM's 2024 guidance includes adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, and adjusted automotive free cash flow in a range of $8.5 billion to $10.5 billion.

Organizations: GMC, General Motors, DETROIT —, Street, GM, Detroit, America's Locations: Austin , Texas, DETROIT, China

☆ Tesla profits plunge compared to last year
▼ + stars: | 2024-07-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Telsa profits plunged more than 40% compared to a year ago, a steeper drop than expected for the company that has been facing a tougher environment for electric vehicle sales. Tesla reported it earned adjusted income of $1.8 billiion in the quarter, or 52 cents a share. Analysts had forecast earnings of 61 cents a share, which still would have been sharply lower than the 91 cents a share it earned a year earlier. It was the second straight quarter of year-over-year sales declines for the company, the first time it ever suffered consecutive quarters of declining sales volume. The company has become the most valuable automaker in the world in large part due to its growth rate of about 50% in some years.

Persons: Tesla, Edmunds, ” Organizations: New, New York CNN, Tesla Locations: New York, Tuesday’s

☆ Tesla reports second-quarter earnings on Tuesday and investors want a robotaxi update
▼ + stars: | 2024-07-22 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla will report second-quarter earnings after the bell on Tuesday. The company's vehicle deliveries report on July 2 was better than analysts feared, but still represented a decline from the previous year. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology in general. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology. Investors also submitted questions via Say Technologies about Tesla's progress developing humanoid robotics that the company aims to put to work in its factories.

Persons: Tesla, Elon Musk, LSEG, They're, Donald Trump, Vance, Trump, Musk, Optimus Organizations: Say, Republican, Reuters, Car Dealers Association, Investors, Technologies Locations: Monterrey, Mexico, California

☆ Automakers report earnings this week. GM is set to be the standout
▼ + stars: | 2024-07-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

That compares to LSEG estimates for Ford Motor that call for adjusted earnings per share of 68 cents for the second quarter, down 5.2% from the second quarter of 2023. Ford is scheduled to report Wednesday afternoon after markets close, followed by Chrysler parent Stellantis , which reports earnings biannually, releasing its first-half results Thursday morning. Stock Chart Icon Stock chart icon GM, Ford and Stellantis stocks in 2024. "Both are expected to raise 2024 guidance." Evercore still expects a "solid" second quarter for Ford, though, trending toward the upper half of its previously announced 2024 guidance.

Persons: Mary Barra, Ford, Dan Levy, Chris McNally, Itay Michaeli, Jim Farley, Michael Wayland, Carlos Tavares, Natalie Knight, Stellantis Organizations: New York Stock Exchange, NYSE DETROIT —, Motors, Detroit, America's, GM, Ford Motor, Chrysler, Ford, Barclays, Citi, CNBC Locations: Detroit, North America, Europe, Auburn Hills, Mich

☆ SoftBank’s Chief Pitches a New Path for Self-Driving Cars
▼ + stars: | 2024-07-22 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

In recent months, Mr. Son has been laying out plans for a new big bet: self-driving cars. Befitting his maverick approach, Mr. Son’s pitch does not resemble other efforts to develop autonomous vehicles. That way, the thinking goes, they will be able to overcome the challenges that have led some to abandon self-driving car efforts. In recent months, Mr.

Persons: Son Organizations: Honda Motor, Nissan, Uber Locations: Tokyo, United States, Japan, Europe

☆ Trump says he loves Elon Musk even though he never heard of the $45 million-a-month donation plan from the billionaire
▼ + stars: | 2024-07-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Read previewDuring a rally in Michigan on Saturday, Donald Trump had high praise for Elon Musk, calling the Tesla CEO a "great" and "brilliant guy." Musk came out with an endorsement of Trump on July 13, the day of the assassination attempt. "I read — I didn't even know this, he didn't even tell me about it, but he gives me $45 million a month," Trump said. Related storiesDuring the Saturday rally, Trump said he thinks electric cars are "incredible, but they're not for everybody." It will only help Tesla," Musk said on X on July 16.

Persons: —, Donald Trump, Elon Musk, Musk, Trump, Elon, DJT, they're, Biden, Tesla Organizations: Service, Trump, Street, Business, Environmental Protection Agency, Twitter Locations: Michigan

☆ Here's what a Trump victory could mean for the entire EV industry
▼ + stars: | 2024-07-20 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewDonald Trump has been an outspoken critic of EVs — and that could spell trouble for America's electric vehicle industry. AdvertisementMusk also reportedly played a part in Trump choosing Ohio senator JD Vance, an even fiercer critic of electric vehicles, as his vice president. Subsidy fearsThe potential loss of the $7,500 tax credit has already sparked concern in the EV industry. "If we see that tax credit cut, then EVs start looking insurmountably expensive for most consumers," he said. "They're already making money building electric vehicles, and the incentive just helps boost volume rather than boosting profits," he added.

Persons: —, Donald Trump, EVs, Elon, Trump, Trump's, Musk, JD Vance, Vance, Biden, Tesla, Jon McNeill, Dylan Khoo, Sam Fiorani, Khoo, Elon Musk's, Dan Ives, Ives, Tesla's Organizations: Service, Business, Trump, PAC, Ohio, US, Motors, CNBC, ABI Research, Global, AutoForecast Solutions, Bloomberg Businessweek, Wedbush Securities, EV Locations: Trump, Communist China, China

☆ Why Tesla’s big bet on gigacasting has other EV makers reimagining their factories
▼ + stars: | 2024-07-20 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +4 min

Gigacasting is a form of die-casting — pouring materials like molten aluminum into large molds to form parts. For example, the front and rear portions of the early Model 3 chassis each contained more than 70 parts, according to Tesla. Reducing weight ultimately means more range for the customer, and substituting one large megacast for dozens of stamped parts reduces labor and boosts production, he said. Severinson views repair as a solvable challenge: "There is a solution to repairing also a casted rear floor," he said. Burns and Volk say that might be a sign that the company is hitting some technical limits.

Persons: Elon Musk, Shea Burns, AlixPartners, Tesla, Musk, Erik Severinson, Burns, Wolfram Volk, Volk, Lars Moravy Organizations: Toyota, Ford Motor, General Motors, Hyundai, Nissan, Volvo, Technical University of Munich, BMW, Volkswagen Locations: American, Germany

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy EV makers are investing in the new manufacturing method of gigacastingAutomakers are seeking new manufacturing methods that can help achieve the goal of producing cheap EVs profitably. One technique is called gigacasting or megacasting where high pressure molds are used to form molten aluminum into large parts. Electric car maker Tesla is credited with pioneering the method, and some rivals also are stepping up investments. CNBC spoke with experts, including Volvo Cars' chief product and strategy officer, Erik Severinson, about that company's plans in this area.

Persons: Tesla, Erik Severinson Organizations: CNBC, Volvo Cars

The fleet of 500 vehicles operating in the city belongs to Apollo Go, a unit of Chinese tech giant Baidu (BIDU). There have also been complaints from residents in Wuhan about traffic jams, as driverless cars fail to respond to traffic lights. Uncertainty over the safety and reliability of driverless cars has cast a long shadow over the industry in the US. Last week, authorities in Shanghai’s Pudong New Area started handing out licenses to driverless car operators, including Apollo Go and Alibaba-backed AutoX, according to state media China Daily. California-based startup Pony.ai, backed by Toyota and Saudi Arabia, was also given the green light to test driverless vehicles in the financial hub.

Persons: You’ll, ” Tu Le, robotaxi, Apollo Go’s, Apollo, Waymo, Elon Musk, Go Organizations: Hong Kong CNN —, Weibo, Baidu, Global Times, Sino, CNN, National Bureau of Statistics, Apollo Go, United, GM, Department of Justice, McKinsey, Pudong New Area, Toyota, Beijing Municipal Bureau of, Information Technology, People’s Daily Locations: China, Hong Kong, Wuhan, Weibo, United States, United Arab Emirates, California, Beijing, Shenzhen, Pudong, . California, Saudi Arabia, Bao’an district, People’s

☆ ‘Loophole’ may get you a $7,500 tax credit for leasing an EV, auto analysts say
▼ + stars: | 2024-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesBuying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. Perhaps the best known of them — the "new clean vehicle" tax credit — is a $7,500 tax break for consumers who buy a new EV. But many auto dealers are also passing along a $7,500 tax break to lessees, via a different (and, experts say, lesser-known) mechanism called the "qualified commercial clean vehicles" tax credit. This EV tax credit "leasing loophole" has likely been a key driver of increased leasing uptake in 2024, Barclays auto analysts said in an equity research note published in June. The $7,500 tax credit enables dealers to charge low monthly payments for leases, thereby helping "stoke demand" for EVs, Barclays wrote.

Persons: Joe Biden, —, Dealers aren't, Ingrid Malmgren, Hyundai Kia, Brian Moody, Autotrader, Moody, Malmgren Organizations: Maskot, Barclays, U.S . Treasury Department, Plug, stoke, EVs, Foreign, Toyota, Hyundai, EV, Consumers Locations: U.S, Asian, North America

☆ Ford Will Make Gasoline Trucks, Not Electric Vehicles, in Ontario Plant
▼ + stars: | 2024-07-18 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Ford Motor said on Thursday it would retool a plant in Canada to produce large pickup trucks rather than the electric sport-utility vehicles it had previously planned to make there. The Ford plant, in Oakville, Ontario, recently stopped making the gasoline-powered Ford Edge S.U.V., and was slated to shift to new electric versions of the Ford Explorer and Lincoln Aviator, both three-row S.U.V.s. Instead, Ford will turn the factory in Oakville into a third production location for its Super Duty pickup trucks, which are among its most profitable models. Jim Farley, the chief executive of Ford, said the company’s two other Super Duty plants, in Kentucky and Ohio, were running at full capacity but couldn’t produce as many vehicles as its commercial customers wanted. Super Duty trucks are typically used to haul heavy equipment and materials by building contractors, oil and gas companies and other businesses.

Persons: General Motors, Ford, Jim Farley Organizations: Ford, General, Ford Edge, Ford Explorer, Lincoln Aviator, Duty Locations: Canada, Oakville , Ontario, Oakville, Kentucky, Ohio

☆ Starbucks could give a much-needed jolt to the EV market
▼ + stars: | 2024-07-18 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewMercedes-Benz is bringing its fast electric vehicle charging stations to 100 Starbucks locations. The charging stations will be accessible to all EV owners. But for EV owners, it's a major roadblock hindering widespread adoption. Related storiesA company spokesperson told Business Insider that by 2030, it hopes to lead the retail industry in decarbonization solutions. The Starbucks spokesperson said the coffee giant is continuing to learn how its customers interact with EV stations and exploring partnerships and areas that would benefit from similar routes.

Persons: —, it's, Simon, Mercedes, Michael Kobori Organizations: Service, Benz, EV, Starbucks, Business, McKinsey, Mercedes, Simon Properties, Volvo Locations: Coast, Canada, Mexico, Denver, Seattle

☆ Elon Musk is going all-in on Donald Trump
▼ + stars: | 2024-07-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —At first glance Elon Musk and Donald Trump wouldn’t seem to be natural allies. Musk has given money to candidates from both parties in the past, including $5,000 to Barack Obama in April of 2011. Musk quit two White House business councils he served on early in 2017 after Trump announced America would withdraw from Paris climate accord. But for the last several years Musk has repeatedly shown support for Trump – or opposition to President Joe Biden. Musk recently tweeted the EV subsidies passed under Biden actually helped its rivals more than Tesla.

Persons: Elon Musk, Donald Trump wouldn’t, Musk, Barack Obama, Trump, “, DJT, “ influencers, –, Tesla, ” Musk, haven’t, ”, Joe Biden, Twitter, Biden Organizations: New, New York CNN, Street, PAC, Democratic, Republican, Trump, America PAC, White, America, Twitter, Biden Administration, EV, Biden, SpaceX Locations: New York, America, ”, Elon, Delaware, Paris

Newly produced electric vehicles are being seen at Tesla's Shanghai Gigafactory in Shanghai, China, on December 31, 2023. Costfoto | Nurphoto | Getty ImagesBEIJING — New tariffs on Chinese electric cars aren't enough to help foreign automakers stay competitive, especially in the lucrative China market, according to consulting firm AlixPartners. While collaborations are "rational" to attain market share, Dyer said it is difficult to stay in the China market long-term if foreign carmakers don't switch things up. Last month, an analyst from the Bank of America said U.S. automakers based in Detroit should exit China "as soon as they possibly can" because they were at the losing end against China EV giants. Electric cars are less complex than internal combustion engine-powered vehicles.

Persons: It's, haven't, Stephen Dyer, Dyer, Cooper, — Organizations: Shanghai, Nurphoto, Getty, China's EV, CNBC, Porsche, BMW, Cooper, Bank of America, China EV Locations: Shanghai, China, BEIJING, China's, Asia, Europe, U.S, Detroit

☆ Americans are buying more Kei trucks from Japan. Is it a sign of a growing “tiny truck” movement?
▼ + stars: | 2024-07-14 | by ( Erika Tulfo | ) edition.cnn.com time to read: +9 min

CNN —Measuring about half the length of a Ford F-150, Kei trucks look almost like toys in comparison to your standard pickup truck. Instagram page Kei Trucks Appreciation Society (@keitrucksas) sells Kei truck-themed merchandise from hoodies to stickers and posts memes for its more than 95,000 followers. On X, Kei truck fans share pictures of mini trucks they spot in the wild. Most states lack Kei-specific regulation entirely, and so far, only 19 states allow Kei trucks on public roads. And data from Edmunds showed that Americans were trading in more midsize and large pickup trucks for compact trucks than vice versa.

Persons: Kei, ”, George Zotos, Bill Pugliano, Zotos, Tetsu Ichino, “, I’ve, it’s, Andrew O’Bright, Kei truck’s, ” Zotos, Melissa Torre, Torre, Mark Schirmer, Mercedes ’ Smart, ” Schirmer, Ford, Edmunds, Ivan Drury, Drury, ’ Organizations: CNN, Ford, Silverado, American International Detroit Auto, Research, JDM Imports, Philadelphia, Torre, Daihatsu, Cox Automotive, Mercedes, Benz, Insurance Institute for Highway Safety, Ford Maverick, Hyundai, Hyundai Santa Cruz Locations: Japan, New York, Detroit , Michigan, Rockville , Maryland, Maryland, Chicago, Kei, U.S, Hyundai Santa

☆ Opinion: We built our world for a climate that no longer exists
▼ + stars: | 2024-07-12 | by ( Opinion Jeff Goodell | ) edition.cnn.com time to read: +7 min

But it’s evidence of one of the central truths of our time, and one that is becoming more and more apparent every day: We have built our world for a climate that no longer exists. But less than two months earlier, a sudden windstorm in the city blacked out electricity for more than a million people. How many blackouts will it take before we realize today’s power grid was built for yesterday’s climate? One clear example: the incredible decline in the cost of renewable power in recent years. In virtually every part of the world, electricity generated by renewable power is cheaper than electricity generated by fossil fuels.

Persons: Jeff Goodell, Read, – wouldn’t, Firefighters, Hurricane Beryl, Ethan Swope, I’ve, Andreas Solaro, –, ”, Rafiq Maqbool Organizations: CNN, Big Oil, Hurricane, AP, Nature Medicine, Big, Toyota, GM, Kodak, Getty Locations: Manhattan, New York City, Houston, Big, Oroville , California, California, Palm Springs, London, Paris, Madrid, Europe, Phoenix, Saudi Arabia, Rome's, AFP, Texas, Mecca

☆ UAW considering next steps on worries Trump could beat Biden, Reuters reports
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Fain and the UAW, which endorsed Biden in January, are important allies of Biden and are expected to play a critical role in helping Biden win in key swing states including Michigan, where the UAW is based. Fain, who announced the UAW's endorsement of Biden in January, has repeatedly rebuked Trump, the Republican former president. "Donald Trump stands against everything we stand for as a society," Fain said in his January endorsement of Biden. Fain also received a mention from Biden at this year's State of the Union address, which Fain attended. On Wednesday, actor George Clooney, a Democrat who has backed Biden, withdrew his support in an opinion piece in the New York Times.

Persons: Shawn Fain, Joe Biden's, Donald Trump, Fain, Biden, Trump, General Motors, Jonah Furman, George Clooney Organizations: United Auto Workers, UAW, Biden, U.S, Ford, General, Stellantis, Republican, Wednesday, AFL, NATO, Detroit, Democratic, Trump, Democrats, Democrat, New York Times Locations: Michigan, U.S, year's State

☆ Japan is worried about another 'transactional' Trump presidency, Tokyo-based expert says
▼ + stars: | 2024-07-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

However, following the recent turmoil in Biden's party, Japan's ruling Liberal Democratic Party is now reappraising the odds of a "Trump 2.0 presidency." "I think the issue with Trump, he's very transactional, he's not very predictable. If you're Japan, they're looking at the future and wondering, 'this could be a fascinating few years for for us.'" Collateral damageA Trump presidency is concerning to Tokyo because Japan suffered from "collateral damage" during his first term, Pesek said. "Now Japan has to, in many ways, go back to the drawing board, and at least begin bracing for a Trump 2.0 presidency, which is not going down very well [in Tokyo]."

Persons: Shinz Abe, Donald Trump, Cheriss, Donald Trump's, William Pesek, Joe Biden's, Pesek, Biden, Nancy Pelosi, Trump, CEPR, He's Organizations: White, Washington , D.C, NurPhoto, Democratic, Liberal Democratic Party, Trump, Economic, Research Locations: Washington ,, Japan, Tokyo, Asia, China, North America

☆ Consultancy discusses potential impact of EU tariffs on China EVs
▼ + stars: | 2024-07-11 | 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 EmailEU tariffs on China EVs to accelerate manufacturers' shift to Europe, consultancy saysStephen Dyer, co-leader of the Greater China business at AlixPartners, says the tariffs "will affect a lot of Chinese automakers and their plans for Europe, but in the long term, I think it will simply accelerate their already in-place plans to set up local manufacturing there."

Persons: Stephen Dyer Locations: China, Europe, Greater China, AlixPartners

☆ Scientists want the Paris Olympics to dump Toyota’s Mirai as its official car. Here’s why
▼ + stars: | 2024-07-11 | by ( Angela Dewan | ) edition.cnn.com time to read: +4 min

Cars that run on hydrogen emit zero carbon at the tailpipe, but 96% of the world’s hydrogen is still derived from fossil fuels like methane gas. That makes most hydrogen-powered cars much more polluting than battery electric vehicles, or EVs, and only marginally cleaner than traditional combustion engine cars. Toyota is supplying the Game’s official fleet, which includes 500 Mirai cars and 10 coaches that run on hydrogen, as well as 1,150 EVs, to ferry athletes around. It is also one a few major automakers betting on hydrogen-powered vehicles, as well. Hydrogen vehicles have so far failed to take off as a popular choice for consumers, and very little infrastructure to refuel with hydrogen exists.

Persons: ” Organizations: CNN, Paris Olympics, Toyota, University of Cambridge, Oxford University, University of Colorado, Battery Electric Vehicle, Paris, world’s, Toyota Motor Europe Locations: EVs, United States

☆ Biden administration announces $1.7 billion to convert auto facilities for EV manufacturing
▼ + stars: | 2024-07-11 | by ( Sam Fossum | Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —The White House on Thursday said it would hand out $1.7 billion to help convert closed-down or at-risk auto manufacturing and assembly facilities to make electric and hybrid vehicles. The funding comes as growth in new electric vehicle sales has slowed, even as the Biden administration wants to keep US EV manufacturers competitive with a surging Chinese industry. “This announcement is a hallmark of the Biden administration’s industrial strategy, which is a strategy to bring manufacturing jobs back to America after years of offshoring,” Energy Secretary Jennifer Granholm told reporters. The plants also include facilities from vehicle component manufacturing to full vehicle assembly, according to a senior administration official. The move comes as the growth rate of EV sales has slowed even as total EV sales have continued to rise.

Persons: Biden, Joe Biden, Jennifer Granholm Organizations: CNN, Biden, ”, Department of Energy, autoworkers, GM, Volvo, American, Ford Locations: China, America, Michigan, Pennsylvania, Lansing , Michigan, Fort Valley , Georgia

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