Jim Farley, CEO, Ford, left, and Mary Barra, CEO, General Motors Reuters; General Motors DETROIT — Ready for a tightrope walk? General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union. And it’s a difficult balance. If the automakers are… Continue reading GM and Ford will answer to Wall Street and the UAW with third-quarter earnings this week
Author: CNBC Online news
UAW says ‘more to be won’ despite record offers from automakers; declines to expand strikes
Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan September 29, 2023. Rebecca Cook | Reuters DETROIT – The United Auto Workers union believes there is “more to be won” in ongoing contract negotiations with the Detroit automakers following five weeks of labor strikes against the… Continue reading UAW says ‘more to be won’ despite record offers from automakers; declines to expand strikes
Tesla stock ends the week down 15%, the worst performance of the year
Elon Musk, chief executive officer of SpaceX and Tesla, and owner of X. formerly known as Twitter. Gonzalo Fuentes | Reuters Tesla shares dropped more than 15% over the last few days to close the week at $211.99 after CEO Elon Musk waxed pessimistic about macroeconomic issues on a third-quarter earnings call Wednesday. It marks… Continue reading Tesla stock ends the week down 15%, the worst performance of the year
Chinese EV stocks tank after Tesla earnings disappoint
SHANGHAI, CHINA – APRIL 18: A BYD Seagull small electric car is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) on April 18, 2023 in Shanghai, China. (Photo by VCG/VCG via Getty Images) Vcg | Visual China Group | Getty Images Shares of Chinese EV-makers… Continue reading Chinese EV stocks tank after Tesla earnings disappoint
Tesla misses on earnings as margins drop from last year
Elon Musk, CEO of Tesla, speaks with CNBC on May 16, 2023. David A. Grogan | CNBC Tesla reported third-quarter results after the bell on Wednesday. Shares rose as much as 2.4% in after-hours trading after the report dropped, but then sank more than 1% after CEO Elon Musk cautioned that the Cybertruck would not… Continue reading Tesla misses on earnings as margins drop from last year
Want to see what weak discretionary spending looks like? See Winnebago’s results
A Winnebago Industries Inc. travel trailer stands at Motor Sportsland RV dealership in Salt Lake City, Utah, U.S., on Monday, April 6, 2020. George Frey | Bloomberg | Getty Images Winnebago closed out its fiscal year with a solid fourth quarter earnings beat. Adjusted per-share profit of $1.59 easily topped Wall Street expectations thanks to… Continue reading Want to see what weak discretionary spending looks like? See Winnebago’s results
Apple supplier Foxconn says it’s ‘way too late’ to chase dominance in cutting-edge chips
watch now Apple iPhone supplier Foxconn, officially known as Hon Hai, said its semiconductor strategy is to focus on producing “specialty chips” — not competing in cutting-edge chips. “We do not chase [after] the most advanced technology. Hon Hai will not compete with leading edge players like 4-nanometer or 3-nanometer. We focus more on specialty… Continue reading Apple supplier Foxconn says it’s ‘way too late’ to chase dominance in cutting-edge chips
Stockholm bans diesel and gas powered cars from driving downtown starting 2025
Highway urban traffic with view over a canal in Stockholm, Sweden. Oksana Verkhola | Istock | Getty Images Come 2025, Sweden’s capital city of Stockholm plans to forbid diesel and gas-powered vehicles from entering the central part of downtown in order to cut down on emissions. “In the Green Party’s Stockholm, everyone should be able… Continue reading Stockholm bans diesel and gas powered cars from driving downtown starting 2025
GM to delay all-electric truck production at Michigan plant until late-2025
UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. Steve Fecht for Chevrolet DETROIT – General Motors said Tuesday it is delaying production of all-electric trucks at a Michigan plant by at least a year… Continue reading GM to delay all-electric truck production at Michigan plant until late-2025
Federal regulators open probe into Cruise after pedestrian injury reports
A woman crossing a normally busy stretch of downtown San Francisco suffered serious injuries after a hit-and-run driver struck her, throwing her into the path of an oncoming driverless Cruise car, which then ran her over, according to video recorded by the autonomous vehicle that Cruise showed to the NBC Bay Area Investigative Unit. Courtesy… Continue reading Federal regulators open probe into Cruise after pedestrian injury reports