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☆ Ford raises annual pre-tax profit view as supply chain woes ease
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowJuly 27 (Reuters) - Ford Motor (F.N) on Thursday raised its annual pre-tax profit expectation, as improving supply chains helped the automaker produce more pickup trucks and crossover family-SUVs to meet sustained demand from consumers. An improvement in the overall supply chain has aided automakers to ramp up production and get enough vehicles to dealer lots on time to meet a strong demand for personal mobility. Better offers and financing options on vehicles has also swayed more consumers to consider purchasing new vehicles in place of used vehicles and leasing options. The company now expects pre-tax profit for the year to come in between $11 billion and $12 billion, compared with its prior forecast of $9 billion to $11 billion. Reporting by Nathan Gomes in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Arun Koyyur Organizations: Ford, Thomson Locations: Bengaluru

[1/2] A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. PERFORMANCEHyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units. In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units. Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

Persons: Andrew Kelly, Elon Musk, Kim Jinwoo, Zayong Koo, Refinitiv SmartEstimate, 1,279.1700, Heekyong Yang, Miyoung Kim, Jacqueline Wong Organizations: Hyundai, New York, REUTERS, Kia Corp, Korea Investment & Securities, EV, Thomson Locations: Manhattan , New York City, U.S, SEOUL, KS, United States, North America, South Korea

☆ Porsche's iconic 911 to be sole survivor of automaker's combustion models
▼ + stars: | 2023-07-26 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

[1/3] FILE PHOTO-A Porsche 911 Carrera S is on display during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. The automaker will electrify its compact SUV Macan, followed by the 718 sports car and then the best-selling Cayenne, Porsche e-fuels team leader Karl Dums said. Porsche's EV plans and e-fuels investment are separate, he said. Major automakers will likely avoid new e-fuel models after 2035, having already committed $1.2 trillion to electrification. A host of smaller carmakers also want to sell luxury, high-performance e-fuel models to customers rich enough to afford the expensive fuel, which today can cost up to 10 pounds ($12.90) per liter.

Persons: Lisi Niesner, Karl Dums, Dums, Morgan, Massimo Fumarola, Fumarola, Mike Flewitt, Nick Carey, Paul Lienert, Victoria Waldersee, Giulio Piovaccari, Matthew Lewis Organizations: Carrera, Porsche, REUTERS, EU, HIF Global, Automotive, Ferrari, Morgan Motor, Briggs Automotive Company, Victoria, Thomson Locations: Berlin, Germany, Malvern , England, U.S, Liverpool, EVs, London, Detroit, Milan

☆ Toyota's China venture dismisses some factory workers as sales fall - workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

The joint venture between Toyota and China's state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, said the workers, who declined to be named for privacy. The workers affected were hired by labor service companies and dispatched to work at the factory of GAC Toyota in the southern city of Guangzhou. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. Toyota has been counting on its electric vehicle (EV) models to revive sales in China, which fell 9% in the first six months. The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Tesla, Zhang Yan, Brenda Goh, Mark Potter Organizations: Toyota Motor Corp, Reuters, Toyota, Guangzhou Automobile Group, GAC Toyota, GAC, Mitsubishi, China Association of Automobile Association, Thomson Locations: SHANGHAI, China, Guangzhou

☆ India's Samvardhana Motherson buys Germany's Dr. Schneider for $132 mln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 24 (Reuters) - Indian auto parts maker Samvardhana Motherson International (SMIL) (SAMD.NS) said on Monday it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million). Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process. Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the U.S., and China, SMIL said. The acquisition adds to SMIL's repertoire of big-ticket purchases to increase its presence in the auto parts manufacturing sector.

Persons: Samvardhana, Dr, Schneider, Samvardhana Motherson, SMIL, Vivek Chaand Sehgal, Varun, Dhanya Ann Thoppil Organizations: Schneider, Schneider Group, Honda Motor, Yachiyo, Sethuraman, Varun Vyas, Thomson Locations: BENGALURU, Germany, Spain, Poland, U.S, China, Japan, Bengaluru

☆ Toyota's China joint venture dismisses about 1000 workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/TOKYO, July 24 (Reuters) - Toyota Motor's (7203.T) joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world's largest auto market. Toyota's JV in China, Guangzhou Toyota Motor Co, said in a statement to Reuters that it had prematurely terminated contracts for about 1,000 workers with labour services companies in light of recent production levels. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. The production of Mitsubishi's new Outlander model remained suspended, Kato added, describing the conditions faced by the company in China as "severe". The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Takao Kato, Kato, Tesla, Zhang Yan, Brenda Goh, Daniel Leussink, Mark Potter, Sharon Singleton Organizations: Toyota, JV, Guangzhou Automobile Group, Reuters, Toyota's JV, Guangzhou Toyota Motor, GAC Toyota, Mitsubishi Motors, GAC, China Association of Automobile Association, Thomson Locations: SHANGHAI, TOKYO, China, Guangzhou, Shanghai, Tokyo

☆ U.S. House committees investigate Ford Chinese battery partnership
▼ + stars: | 2023-07-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoWASHINGTON, July 21 (Reuters) - Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co's (F.N) partnership with Chinese battery company CATL (300750.SZ). Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The committees said several hundred of the 2,500 Ford plant jobs will be filled by CATL employees from China who will be in charge of setting up and maintaining equipment. Ford still is awaiting guidance from the U.S. Treasury to ensure the partnership does not run afoul of the requirement. Republican Senator Marcio Rubio has urged the Biden administration to investigate the deal and introduced legislation that seeks to bar consumer tax credits for EVs produced using CATL technology.

Persons: Brendan McDermid, Jason Smith, Mike Gallagher, Ford, CATL, Marcio Rubio, Biden, EVs, David Shepardson, Jonathan Oatis, David Holmes Organizations: North American, REUTERS, WASHINGTON, House, Ford Motor, Ford, Chinese Communist Party, U.S . Treasury, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, CATL, China, United States, Xinjiang, Beijing

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. Several hundred of the proposed 2,500 jobs managed by Ford will be staffed by CATL employees from China until the licensing agreement expires in 2038, according to the letter. "Indeed, although the executives of the proposed project will be US-based Ford employees, it appears that the project will rely on CATL employees from the PRC to maintain operations in the long term," the lawmakers wrote.

Persons: Jim Farley, Biden, Tesla Organizations: Ford Motor Company, Technology, Ford Motor, Chinese Communist Party, CCP, Ford, Detroit automaker Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT – U.S, Michigan

☆ Scientists identify which butterflies are most at risk as the climate warms
▼ + stars: | 2023-07-21 | by ( Jenna Schnuer | ) edition.cnn.com time to read: +8 min

But when things really heat up, they adjust their body temperature in relation to the air temperature through strategies called thermal buffering and thermal tolerance. Thermal buffering includes physical acts like moving into a cooler, shadier area or slanting wings out of the direct path of sunlight. “These are molecules that many animals, butterflies and humans included, produce to protect themselves from high temperatures,” Ashe-Jepson said. For the thermal buffering test, the researchers caught, tested and released 1,334 butterflies representing 54 species from six butterfly families. To test thermal tolerance, a smaller group of the captured butterflies was put to work one more time.

Persons: —, ”, Esme Ashe, Jepson, ” Ashe, “, Ashe, Akito Kawahara, they’ll, ” Kawahara Organizations: CNN, University of Cambridge, Smithsonian Tropical Research, McGuire, University of Florida Locations: United Kingdom, Panama, Biodiversity, Gainesville

☆ Auto supplier Magna to invest $790 mln to build three new facilities
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Canadian auto parts maker Magna International Inc (MG.TO) said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co's (F.N) BlueOval City campus in Tennessee. The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost their electric vehicle output as demand for environmentally friendly vehicles surges. Magna's facilities will support production of Ford's second-generation electric truck, the Canadian company said in a statement. Ford in March said it plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction. A third Magna facility in Lawrenceburg will produce vehicle frames, the company said.

Persons: Ford's, Magna, Priyamvada, Nivedita Organizations: Magna International Inc, Ford Motor, Ford, Thomson Locations: BlueOval City, Tennessee, Ford's, BlueOval, Detroit, Lawrenceburg, Bengaluru

☆ I'm Ford's global director of sustainability, and I think adopting electric vehicles could strengthen, not strain, the power grid
▼ + stars: | 2023-07-18 | by ( Cynthia Williams | ) www.businessinsider.com time to read: +4 min

While the answer isn't simple, Ford is introducing solutions to turn this grid anxiety into grid confidence. The power of V2GWe are working on turning every Ford EV into a virtual power plant that can be part of a collective power-grid solution. This solution could help mitigate energy shortfalls during peak usage hours when the power grid would be strained. Ford's collaborations with Duke Energy and Pacific Gas and Electric are great examples of how V2G technology can revolutionize the way we consume and distribute energy. We're doing our part at Ford to make these solutions realities — for both the power grid and our customers.

Persons: We've, we've, We're, Cynthia Williams Organizations: Service, Ford Motor Co, Associated Press, Ford EV, Virtual Power Plant Partnership, Ford, Duke Energy, Pacific Gas, EV

☆ Israel's Netanyahu discharged from hospital after doctors give all-clear
▼ + stars: | 2023-07-16 | by ( ) www.cnbc.com time to read: +1 min

Israeli Prime Minister Benjamin Netanyahu delivers a statement at the Palmachim Air Force Base near the city of Rishon Lezion, Israel July 5, 2023. Israeli Prime Minister Benjamin Netanyahu was discharged from hospital on Sunday after being admitted the previous day for dehydration, with doctors saying he was in good health. Netanyahu, 73, was taken on Saturday to Sheba Hospital in Tel Hashomer, near his private residence in coastal Caesarea, and kept overnight under observation. His motor convoy was seen departing Sheba as Israeli media quoted his office as saying he had been discharged. Israel's weekly cabinet meeting, usually held on Sunday, has been postponed to Monday, his office said.

Persons: Benjamin Netanyahu, Netanyahu, Sheba, holter Organizations: Palmachim Air Force Base, Sheba, Sunday Locations: Rishon Lezion, Israel, Tel Hashomer, Caesarea, Sheba, Galilee

☆ GM positions new Chevy Trax, Buick Envista crossovers to fill an affordability gap
▼ + stars: | 2023-07-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Buick Envista GMDETROIT – General Motors is positioning two new crossovers from Chevrolet and Buick as its answer to affordability issues left by discontinued, cheaper sedans. GM's new 2024 Buick Envista and redesigned 2024 Chevrolet Trax crossovers start at $22,400 and $20,400, respectively. 2024 Chevrolet Trax (left) and 2024 Buick Envista Michael Wayland / CNBCExecutives from Buick and Chevrolet say they expect the vehicles to be among their bestsellers as production ramps up and the crossovers are imported from factories in South Korea. 2024 Buick Envista GMThe new Trax and Envista are sibling vehicles as they share the same platform and have similar interiors and silhouettes. 2024 Chevrolet Trax (right) and 2024 Buick Envista Michael Wayland / CNBC

Persons: Cox, Michelle Krebs, Envista Michael Wayland, Sam Russell, Russell, Chevrolet hasn't, Steve Majoros, Paul Waatti Organizations: DETROIT –, Motors, Chevrolet, Buick, Cox Automotive, GM, Toyota Motor, Hyundai, Trax, CNBC, Silverado, Chevy, Trailblazer Locations: South Korea

But as local economic development officials worked with Ford and other prospective investors, it became clear they needed a much bigger footprint. The rest has been earmarked by economic development officials for suppliers and other developments. In Marshall, residents petitioned to hold a referendum on the project, gathering over 800 signatures in a city of 6,800. She believes factory workers will move to Marshall to work for Ford. He notes that the factory he works at, in nearby Battle Creek, has struggled to find skilled workers.

Persons: Fred, Joan Chapman, Ben Klayman MARSHALL, Fred Chapman, ”, That’s, Chapman, Joe Biden, Gabby Bruno, Glenn Kowalske, “, Ford's Bruno, Ford, Bruno, CATL's, James Durian, Durian, Sue Damron, Marshall, he’s, Timothy Aeppel, Ben Klayman, Dan Burns, Nick Zieminski Organizations: Ford Motor Co, Ford Motor, Census, Ford, Amperex Technology Co, Amazon, Marshall, Economic Development Alliance, Thomson Locations: Marshall Township , Michigan, U.S, Mich, Marshall, Kalamazoo, New York City, China, Calhoun County, Battle, Mexico, New York, Marshall , Michigan

Ford Motor Company's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022. DETROIT – Ford Motor 's second-quarter sales increased 9.9% from a year earlier, spurred by significant sales gains of its F-Series trucks. "Our EV sales continue to grow. Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June." Ford's electric vehicle sales remain small for now: EVs represented just 2.8% of the automaker's total sales during the second quarter, while traditional internal combustion engines represented roughly 91% of sales.

Persons: Ford, Andrew Frick, EVs Organizations: Ford, Electric Vehicle, DETROIT, Detroit, EV Locations: Dearborn , Michigan

☆ Ford auto sales rise on robust demand, improved supply
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Ford Motor Co (F.N) on Thursday followed rivals in reporting a rise in second-quarter U.S. auto sales, driven by easing supply chain snags and pent-up demand for personal transportation. Industry-wide U.S. new vehicle sales in June were 1.37 million units, with an annual sales rate of about 15.7 million, according to data released by Wards Intelligence on Wednesday. Ford's quarter was powered by a 26% jump in truck sales, one of the company's main profit drivers. Sales of the electric version of the company's popular F-150 truck more than doubled to 4,466 vehicles from last year. However, Ford's overall EV sales fell 2.8% to 14,843 vehicles amid lingering supply snags.

Persons: Ford, Detroit's, Pratyush Thakur, Maju Samuel Organizations: Ford Motor, Industry, Intelligence, Wall, Thomson Locations: U.S, United States, Canada, Japan, America, Bengaluru

☆ Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
▼ + stars: | 2023-07-05 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power. Airline pilots, railroad employees, dockworkers, and others have pushed for higher pay and better benefits, rebuffing offers from companies that in some contracts appeared significant. The two on Wednesday accused each other of walking away from negotiations over a new contract. WHAT ARE SOME NOTABLE UPCOMING CONTRACT NEGOTIATIONS? Among U.S. airlines, Southwest Airlines (LUV.N) is yet to reach an agreement with its pilots union.

Persons: Joe Biden, Aishwarya Nair, Sriraj Organizations: Airline, United Parcel Service, Teamsters Union, Congress, Unions, United Auto Workers ', UAW, Detroit, Stellantis, General Motors Co, Ford Motor, U.S, Southwest Airlines, Southwest Airlines Pilots Association, Thomson Locations: Washington, Bengaluru

[1/3] Stock brokers monitor new on television screen at a booth, during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. REUTERS/Akhtar SoomroKARACHI, July 3 (Reuters) - Pakistan's benchmark share index scored its biggest single-day jump in 15 years on Monday, gaining 5.9% on the first trading session after the country secured a last-gasp funding deal from the International Monetary Fund (IMF). The KSE 100 index (.KSE) closed up 2,442.06 points at 43,894.7, marking its biggest percentage gain since June 24, 2008, when it rose 8.6%, as per Refinitiv data. "Today's gain in the benchmark KSE 100 Index will likely to be highest in the history of Pakistan Stock exchange," it said. Several automakers including Pakistan Suzuki Motor Co (PKSU.PSX) had announced prolonged plant closures in 2023, citing import restrictions.

Persons: Akhtar Soomro, Shehbaz Sharif, Muhammad Iqbal Jawaid, Arif Habib, HCAR, Asif Shahzad, Swati Bhat, Lincoln, David Holmes Organizations: Pakistan Stock Exchange, REUTERS, International Monetary Fund, IMF, Topline Securities, Pakistan Stock, Pakistan, U.S ., Pakistan Suzuki Motor, Honda, Pakistan Suzuki, Indus, Toyota, Auto, Arif, Arif Habib Ltd, Thomson Locations: Karachi, Pakistan, Akhtar Soomro KARACHI

☆ Apple makes history as first $3 trillion company amid tech stock surge
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

The iPhone maker's advance was among the most eye catching in a month marked by investor interest in the potential of artificial intelligence, with share buyers also particularly favouring companies with strong balance sheets and cash flows. In a similar vein, electric car maker Tesla Inc (TSLA.O) witnessed a 28% jump in its market capitalization in June. The company's shares have soared following a revenue forecast that was more than 50% above the Wall Street estimate in May. Apple and Microsoft Corp (MSFT.O) led the list of top 20 global companies by market capitalization at the end of June. By contrast, Alphabet Inc's (GOOGL.O) market cap dropped 2.3% last month to $1.53 trillion, on rising competitive pressures from Microsoft's Bing which has grown in prominence after the integration of the artificial intelligence behind ChatGPT.

Persons: Bing, Patturaja Murugaboopathy, Gaurav Dogra, David Holmes Organizations: Apple Inc, Federal Reserve, Tesla Inc, Reuters Graphics, Ford Motor, General Motors Co, Nvidia Corp, Apple, Microsoft Corp, Reuters, Thomson Locations: Bengaluru

☆ Why the electric vehicle boom could put a major strain on the U.S. power grid
▼ + stars: | 2023-07-01 | by ( Katie Brigham | ) www.cnbc.com time to read: +9 min

Over half of all new cars sold in the U.S. by 2030 are expected to be electric vehicles. That could put a major strain on our nation's electric grid, an aging system built for a world that runs on fossil fuels. Major grid infrastructure needsCharging electric vehicles is quite electricity intensive. Larger electric vehicles such as the Ford F-150 Lightning would generally use more electricity than a central AC unit in a large home. The utility is tied to a four-year funding cycle for grid infrastructure upgrades, and its last funding request was in 2021.

Persons: That's, we've, Rob Gramlich, Gramlich, Lydia Krefta, Krefta, David Paul Morris, Aram Shumavon, Shumavon, we're, Sen, Joe Manchin, Joe Biden, Tesla Organizations: Rapid Energy, Princeton University, Grid, California Public Utilities Commission, EV, Tesla, Ford, Workers, Power Services, Pacific Gas & Electric, Bloomberg, Getty, Nissan Leaf, Ford Motor Company Locations: U.S, California, Northern, Central California, Healdsburg , California

☆ Nissan will not fill COO position left open by Gupta's departure
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 28 (Reuters) - Nissan Motor Co (7201.T) has decided to not fill in the chief operating officer position vacated by Ashwani Gupta under a new management structure, the Japanese automaker said on Wednesday. Responsibilities previously carried out by the operations chief will be taken over by other executives, it said. Chief Financial Officer Stephen Ma will take over operations performance duties. Japan's No.3 automaker is investigating accusations that Uchida carried out surveillance of Gupta, Reuters has reported. Nissan is in the midst of finalising the terms of a sweeping reset of its decades-old alliance with Renault SA (RENA.PA).

Persons: Ashwani Gupta, Hideyuki Sakamoto, Stephen Ma, Makoto Uchida, Nissan, Gupta, Japan's, Uchida, Satoshi Sugiyama, Muralikumar Organizations: Nissan, Reuters, Renault SA, Renault, Thomson Locations: TOKYO

☆ Zoox headcount grows as Amazon's self-driving unit expands testing in Vegas
▼ + stars: | 2023-06-27 | by ( Abhirup Roy | Akash Sriram | ) www.reuters.com time to read: +1 min

FILE PHOTO: The assembly line for Zoox, a self-driving vehicle owned by Amazon, is seen at the company's factory in Fremont, California, U.S. July 19, 2022. REUTERS/Carlos Barria(Reuters) - Amazon.com Inc’s self-driving vehicle unit, Zoox, is hiring more employees to expand its testing in Las Vegas at a time when the regulatory implications have taken a front seat in the development of autonomous vehicle technology. Levinson said that Zoox autonomous vehicle will not be driving on the Vegas strip yet but is being tested for handling traffic lights, intersections and drive at speeds of up to 35 miles per hour. Ford Motor Co and Volkswagen AG last fall announced that they would shut down their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns. Alphabet’s self-driving technology project Waymo laid off 137 employees in a second round of job cuts this year.

Persons: Carlos Barria, Zoox, Zoox’s headcount, Jesse Levinson, Levinson, ” Levinson Organizations: Amazon, REUTERS, Reuters, Ford Motor Co, Volkswagen AG, Argo Locations: Fremont , California, U.S, Las Vegas, California

☆ Ford to cut jobs in the US, Canada to trim costs
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will begin layoffs this week, impacting mostly engineering jobs in the U.S. and Canada, as part of the Detroit automaker's move to exit unprofitable locations and cut headcount. The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. "This is related to the Ford+ growth plan we introduced in 2021," the company added. CNBC reported on Monday job cuts were expected to affect all three of Ford's business units - Ford Blue, Model e and Ford Pro. In February, Ford also detailed plans to eliminate 3,800 product development and administration jobs in Europe in the next three years.

Persons: Ford, Stellantis, Jim Farley, Aishwarya Nair, Priyamvada, Krishna Chandra Organizations: Ford Motor, Detroit, Street Journal, General Motors, CNBC, Ford, Ford Pro, Thomson Locations: U.S, Canada, North America, Europe, Bengaluru

☆ Ford conducts engineering layoffs in U.S. and Canada
▼ + stars: | 2023-06-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — Ford Motor confirmed Monday it will carry out layoffs this week, primarily affecting engineering jobs in the U.S. and Canada, as the automaker seeks billions in cost-cutting measures as it restructures its business operations. Ford has been restructuring its operations for several years under its Ford+ plan, led by CEO Jim Farley. The automaker cut 3,000 workers in North America in August and has more recently conducted 3,800 layoffs in Europe. The company has instructed units affected by the cuts to work remotely this week as the layoffs are conducted, the people confirmed. Ford is not the only automaker to reduce its headcount, as it realigns its business to focus more on electric vehicles.

Persons: Jim Farley, Ford, Farley, headcount, General Motors, Stellantis Organizations: DETROIT, Ford Motor, Ford Pro, General Locations: Detroit, U.S, Canada, North America, Europe

☆ Honda recalling 1.3 million vehicles worldwide for rear camera issue
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Companies Honda Motor Co Ltd FollowWASHINGTON June 23 (Reuters) - Honda Motor (7267.T) is recalling 1.3 million vehicles worldwide due to a potential issue with the rearview camera image, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Friday. Due to a faulty communication coaxial cable connector, the rearview camera image may not appear on the display. The recall includes 1.2 million U.S. vehicles, 88,000 in Canada and 16,000 in Mexico, Honda said. Honda previously extended the warranty to vehicles affected by the issue in 2021. Dealers will install an improved cable harness between the existing display audio and vehicle terminal connections and a straightening cover over the vehicle cable connector to properly connect the audio display unit.

Persons: Honda, Baranjot Kaur, David Shepardson, Shailesh Kuber, Kirsten Donovan, Sandra Maler Organizations: Honda Motor, WASHINGTON, Honda, U.S . National, Traffic Safety Administration, Thomson Locations: Canada, Mexico, Bengaluru, Washington

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