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☆ CIO 2023 Priorities: Speed and Agility
▼ + stars: | 2022-12-30 | by ( Belle Lin | ) www.wsj.com time to read: +4 min

Technology executives in a recent CIO Journal end-of-year survey shared their priorities for 2023. In addition to delivering on a company’s technology goals, business technology executives have been navigating tricky waters over the past year as a result of rising interest rates, a tumultuous geopolitical landscape and stubborn inflation. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Alessandro Ventura, Unilever North America’s CIO and vice president of analytics and business services. “Nobody has a crystal ball,” Mr. Ventura said.

☆ Baidu gets license for driverless robotaxi tests in Beijing
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - Baidu Inc (9888.HK) said on Friday it had been granted the first license to test driverless vehicles on roads in Beijing, and would add another 200 robotaxis to its network across China in the coming year. Baidu started to charge fees for its robotaxi service Apollo Go last year. Apollo Go, which operates in Wuhan and Chongqing without a safety driver, delivered a total of 1.4 million driverless rides by end of the third quarter, Baidu has said. The company said it would begin testing 10 fully autonomous vehicles in a technology park developed by the government of Beijing as a step toward offering a commercial robotaxi service in China’s capital. The push by Baidu comes as other companies outside China pull back from the bullish rollout schedule for fully autonomous vehicles predicted just a few years ago.

☆ This Former Auto Executive Is Now CEO of a Billion-Dollar Online Pharmacy
▼ + stars: | 2022-12-24 | by ( Dana Mattioli | ) www.wsj.com time to read: 1 min

In Personal Board of Directors, top business leaders talk about the people they turn to for advice, and how those people have shaped their perspective and helped them succeed. Previous installments from the series are here. Alicia Boler Davis spent nearly 25 years at General Motors Co. rising up the ranks from a manufacturing engineer to running global manufacturing and labor relations for the automobile giant.

☆ Tesla, GM Among Car Makers Facing Senate Inquiry Into Possible Links to Uyghur Forced Labor
▼ + stars: | 2022-12-22 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

In a letter sent to auto makers, Sen. Ron Wyden (D., Ore.) says the U.S. can’t compromise its commitment to upholding human rights. WASHINGTON—The Senate Finance Committee has opened an inquiry into whether auto makers including Tesla Inc. and General Motors Co. are using parts and materials made with forced labor in China’s Xinjiang region. In a letter sent Thursday, the committee asked the chief executives of eight car manufacturers to provide detailed information on their supply chains to help determine any links to Xinjiang, where the U.S. government has alleged the use of forced labor involving the Uyghur ethnic minority and others.

☆ Tesla shares tumble, on track for worst month ever
▼ + stars: | 2022-12-22 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - Tesla Inc (TSLA.O) shares are on track for their worst month ever as a sell-off deepened on Thursday over worries about softening demand for electric cars and Chief Executive Elon Musk's distraction with Twitter. Tesla's stock has tumbled 36% so far in December, putting it on track for its worst ever monthly performance. By comparison, Tesla's shares dropped 22% in March 2020, when the coronavirus pandemic tipped financial markets into a tailspin. Musk has also sold almost $40 billion worth of his Tesla shares this year, adding to pressure on the stock as investors worry he could sell more to keep Twitter afloat. Tesla's market cap vs analyst price targetsReporting by Noel Randewich; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Indonesia considers $320 mln in incentives to boost EV sales in 2023
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo told the same news conference: "We hope with these incentives, the electric motorcycle and electric car industry will grow". Indonesia targets 20% of overall car sales in 2025 to be EVs, Airlangga said. Companies that have invested or have announced planned investments in EV manufacturing in Indonesia include Toyota Motor Corp (7203.T), Mitsubishi Motors Corp (7211.T) and Hyundai Motor Co (005380.KS). SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has an EV assembly facility in the Southeast Asian country. Indonesia has also tried to court U.S. firm Tesla (TSLA.O) to invest to produce not just EV batteries but also cars in the country.

☆ GM recalls 140,000 Chevrolet Bolt EVs over fire risks
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 20 (Reuters) - General Motors Co (GM.N) said Tuesday it is recalling 140,000 Chevrolet Bolt EVs in North America because the carpet could catch fire after a crash where a front seat belt pretensioner deploys. The U.S. automaker said the recall covers various 2017 through 2023 model year Chevrolet Bolt EV vehicles due to rare instances of front seatbelt pretensioner exhaust gases coming in contact with floor carpeting fibers, after a vehicle crash, which could cause a fire. About 120,000 U.S. vehicles and 20,000 Canadian vehicles are impacted by the recall. Reporting by David Shepardson; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury will delay EV battery sourcing guidance until March
▼ + stars: | 2022-12-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] An electric vehicle is seen charging in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew KellyWASHINGTON, Dec 19 (Reuters) - With a revamped $7,500 electric vehicle tax credit taking effect Jan. 1, the U.S. Treasury Department said on Monday it will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries. The $430 billion Inflation Reduction Act (IRA) imposes complex restrictions on tax credits based on sourcing of battery components and critical minerals. But it only gave the Treasury Department until year end to iron out thorny questions about battery sourcing rules. But Treasury's announcement Monday means some buyers could receive tax credits for purchases of electric vehicles that ultimately will not comply with battery sourcing rules when finally unveiled.

☆ Regulators Launch Probe of GM’s Cruise Autonomous-Driving System
▼ + stars: | 2022-12-16 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

U.S. auto-safety regulators have launched an investigation into the autonomous-driving system used by General Motors Co.’s driverless-car unit. The National Highway Traffic Safety Administration said in a filing made public Friday that it had received notices of incidents in which vehicles from GM’s Cruise LLC division might engage in inappropriately hard braking or stall while operating on public roads.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

☆ Electric vehicles confront the leap to the mass market
▼ + stars: | 2022-12-15 | by ( Joseph White | ) www.reuters.com time to read: +4 min

Industry executives and forecasters do not agree on how rapidly electric vehicles could take over half the global vehicle market, let alone all of it. In China, the world's largest single automotive market, battery electric vehicles have captured about 21% of the market. By 2029, electric vehicles could account for a third of the North American market, and about 26% of vehicles produced worldwide, according to AutoForecast Solutions, a consultancy. Electric vehicle sales likely will not increase in a smooth, ever-ascending curve, said AFS President Joe McCabe. The next few years will determine whether the 21st Century's crop of electric vehicle brands will follow a similar path.

☆ U.S. finalizes $2.5 billion loan to GM, LG battery joint venture
▼ + stars: | 2022-12-12 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Reuters first reported in July the planned loan to Ultium Cells LLC from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. Last week, workers at the $2.3 billion Ultium plant in Ohio voted to join the UAW, a win for the union, which is seeking to organize the growing EV supply chain. GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant. The Energy Department said the $3 billion would provide an estimated $40 billion in additional loan authority for a total estimated available authority under ATVM of about $55.1 billion before the Ultium loan. The ATVM loan program in July closed on a $102.1 million loan to Syrah Technologies LLC (SYR.AX) for expansion of a facility producing a key component for batteries.

☆ Microsoft Tops the Best-Managed Companies of 2022
▼ + stars: | 2022-12-11 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

The technology sector’s grip on the top spots in the annual Management Top 250 ranking slipped this year. Microsoft Corp. held its ground, ranking No. 1 in this measure of the best-run companies in the U.S. for the third straight year. But unlike last year, when tech companies took the first five spots in the ranking, this year’s top five include General Motors Co. at No. 4 and Whirlpool Corp. at No.

☆ Workers at GM-LG Battery Plant in Ohio Vote to Unionize
▼ + stars: | 2022-12-09 | by ( Nora Eckert | Mike Colias | ) www.wsj.com time to read: 1 min

The Ultium Cells battery plant in Warren, Ohio, is a joint venture of GM and LG Energy Solution. Workers at an Ohio battery plant co-owned by General Motors Co. voted overwhelmingly to be represented by the United Auto Workers, bolstering the union as it seeks to solidify its membership amid the auto industry’s push toward electric vehicles. Employees at the plant voted 710-to-16 in favor of joining the UAW. The Ultium Cells LLC plant, a joint venture between GM and South Korea’s LG Energy Solution Ltd., began operations in late August and employs about 900 people.

☆ GM CEO sees U.S. new-car sales rebounding in 2023
▼ + stars: | 2022-12-08 | by ( Joseph White | ) www.reuters.com time to read: +1 min

[1/2] General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan,September 14, 2022. Barra said she expects 2023 U.S. sales of new cars and light trucks to finish at 15 million units. That would be up from an estimated 13.7 million in 2022 and in line with an expected 14.7 million in 2023, according to S&P Global Mobility. "We are seeing strong demand for our vehicles," Barra said, speaking at an Automotive Press Association event in Detroit. Barra said GM is planning “to be very conservative on costs” in its 2023 budgeting, in light of uncertainty about economic growth.

☆ Hertz Names First CMO Since 2020 Amid New Focus on Electric Vehicles
▼ + stars: | 2022-12-08 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Hertz Global Holdings Inc. named former GE Appliances marketer Wayne Davis as its new chief marketing officer, making him the first CMO at the car rental services company since 2020, a spokesman said. The company’s most recent chief marketing officer, Jodi Allen, died in 2020. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Electrification “speaks to mobility, and it speaks to making Hertz a brand for the future,” Mr. Davis said. Mr. Davis previously spent more than a decade at General Electric’s appliances division, which became GE Appliances after being acquired by Haier Smart Home Co. Ltd. in 2016.

☆ GM continues to evaluate Twitter advertising suspension following Musk takeover
▼ + stars: | 2022-12-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

General Motors continues to monitor Twitter and evaluate its decision to suspend advertising on the social media platform following Elon Musk's takeover of the company, CEO Mary Barra told CNBC Tuesday. Barra said that the automaker's decision to suspend advertising in October was in part an effort to protect its brands but was also influenced by the fact that Musk's electric vehicle company, Tesla , is a competitor to GM. So, we want to make sure our advertising strategies are kept confidential." Under Barra, GM has announced billions of dollars in spending to better compete against Tesla in the battery electric vehicle segment. Automakers such as GM have worked with Twitter and other social media platforms on advertising campaigns as well as new vehicle unveilings and launches.

☆ GM's BrightDrop signs first customer in Canada, unveils country's first large EV factory
▼ + stars: | 2022-12-05 | by ( Lisa Baertlein | ) www.reuters.com time to read: +2 min

REUTERS/Carlos OsorioDec 5 (Reuters) - The first electric delivery trucks rolled off production lines at BrightDrop's new factory in Canada on Monday, when the upstart unit of General Motors Co (GM.N) also announced DHL Express Canada (DPWGn.DE) as its first customer outside the United States. GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada's first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. It already has delivered 150 electric trucks to package carrier FedEx Corp (FDX.N). Those companies and many others have set goals to replace gas-burning delivery trucks and service vehicles with zero-emissions alternatives over time. DHL Express Canada's new relationship with BrightDrop "will help bring us closer to that target," CEO Andrew Williams said.

☆ GM, LG joint venture to invest $275 million in Tennessee battery cell plant
▼ + stars: | 2022-12-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 2 (Reuters) - General Motors Co (GM.N) and LG Energy Solution Ltd (373220.KS) said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40%. It is one of at least four U.S. joint venture battery plants planned to supply GM electric vehicles as the largest U.S. automaker ramps up production. The first Ultium joint venture plant in Warren, Ohio began production in August. GM and LG Energy are also considering an Indiana site for a fourth U.S. battery plant expected to cost around $2.4 billion. They are also building a $2.6 billion battery cell plant in Lansing, Michigan, set to open in 2024.

☆ GM’s Cruise Seeks Regulatory OK to Test Shuttle With No Steering Wheel
▼ + stars: | 2022-11-30 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

General Motors Co.’s driverless-car unit has requested approval from California regulators to begin public testing of a shuttle that has no steering wheel or manual controls, showing the auto maker’s determination to make progress on autonomous vehicles as rivals step back. GM’s Cruise LLC division in August submitted an application to the California Department of Motor Vehicles, requesting permission to test its Origin driverless vehicle on San Francisco streets, according to a copy of the document obtained through a public records request.

☆ Honda Plans New Autonomous Features but Sees Long Road Ahead to Self-Driving Cars
▼ + stars: | 2022-11-30 | by ( River Davis | ) www.wsj.com time to read: 1 min

HAGA, Japan— Honda Motor Co. said it would focus for now on partially autonomous driving technology to improve safety, adding itself to the list of auto makers that say fully self-driving cars aren’t ready for prime time. The Japanese auto maker, an investor in General Motors Co.’s Cruise self-driving unit, this week showed off a prototype system that allows a car to automatically overtake slow-moving vehicles on a highway. It plans to roll out the technology globally starting in 2024, and it says it has found ways to use less-expensive radar and sensor technologies to make the system affordable for mass-market cars.

☆ Musk says Apple mostly stopped advertising on Twitter
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Billionaire Elon Musk said in a tweet on Monday that Apple Inc (AAPL.O) has mostly stopped advertising on Twitter. Apple and Twitter did not immediately respond to requests for comment. Earlier in November, Musk said Twitter had seen a "massive" drop in revenue and blamed activist groups for pressuring advertisers. read moreSeveral companies including General Mills Inc (GIS.N) and luxury automaker Audi of America have paused advertising on Twitter since Musk completed his purchase, while General Motors Co (GM.N) said it had temporarily halted paid advertising on the social media platform. read moreApple spent an estimated $131,600 on Twitter ads between Nov. 10 and Nov. 16, down from $220,800 between Oct. 16 and Oct. 22, the week before Musk closed the Twitter acquisition, according to ad measurement firm Pathmatics.

☆ Zero-Based Budgeting, Currency Hedges Among the Tools CFOs Can Use to Weather Headwinds
▼ + stars: | 2022-11-27 | by ( Nina Trentmann | ) www.wsj.com time to read: +6 min

One area to which finance chiefs scouting for efficiencies have turned is zero-based budgeting, a tool that gained popularity early in the pandemic and requires finance executives to question and justify each line item in every new budget period. Reese’s peanut-butter cup maker Hershey Co., based in Pennsylvania, regularly goes through every line of its profit and loss statement, Finance Chief Steve Voskuil said. Detroit-based General Motors Co. is slowing and in some areas even freezing hiring, and homing in on other fixed costs, Chief Financial Officer Paul Jacobson has said. Facing high inflation and an uncertain outlook, finance chiefs are using zero-based budgeting to lower expenses in areas including operations, real estate, logistics, sales and marketing. Finance executives at large U.S. companies, including Coca-Cola Co. and materials-science company Dow Inc., are increasing their foreign-currency hedges and covering longer time periods.

☆ Some Companies Band Together to Support Nascent Low-Carbon Products
▼ + stars: | 2022-11-21 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Global companies are combining their purchasing power to help commercialize low-carbon technologies as part of their efforts to meet net-zero commitments. One of the biggest corporate spending plans announced at the United Nations climate conference, known as COP27, was the First Movers Coalition. Its 65 member companies promise to collectively purchase $12 billion of nascent low-carbon products and services by 2030 to help suppliers develop their offerings and scale up. Once commitments are made, companies and suppliers meet regularly to share progress and work together. “Microsoft did not join [the First Movers Coalition] in Glasgow last year.

☆ GM Outlines Game Plan to Protect Profit in EV Transition
▼ + stars: | 2022-11-17 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors Co. expects to be solidly profitable on electric vehicles sold in North America by 2025, due in large part to new federal subsidies offered as part of the recently passed U.S. climate legislation. Company executives, speaking at an investor conference in New York on Thursday, said that the combination of government incentives for U.S. battery-making facilities and revisions made to the EV tax credit for buyers would help boost its margins in the coming years.

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