Nikola’s founder and former CEO, Trevor Milton, was found guilty on three counts of fraud in October 2022. Massimo Pinca | Reuters Shares of electric truck maker Nikola traded higher Tuesday after the company said in a regulatory filing that its disgraced founder, Trevor Milton, has been ordered to pay the company about $165 million… Continue reading Nikola stock surges 9% after disgraced founder Trevor Milton ordered to repay $165 million
Author: CNBC Online news
Why GM is reviving the Bolt, the best-selling EV it almost discontinued
General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Patrick T. Fallon | Bloomberg | Getty Images General Motors surprised investors — and electric vehicle fans — when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed… Continue reading Why GM is reviving the Bolt, the best-selling EV it almost discontinued
UAW expands strike to crucial GM SUV plant in Texas hours after automaker reports earnings
watch now DETROIT – The United Auto Workers union on Tuesday expanded its strike against General Motors to a highly profitable full-size SUV plant in Texas — a swift response to healthy profits and record third-quarter revenue for the automaker. The Tuesday strike escalation includes roughly 5,000 workers at GM’s Arlington Assembly plant, which produces… Continue reading UAW expands strike to crucial GM SUV plant in Texas hours after automaker reports earnings
GM tops Q3 expectations but pulls full-year guidance due to mounting UAW strike costs
watch now DETROIT — General Motors beat Wall Street’s third-quarter expectations on Tuesday, as it battles through ongoing labor strikes by the United Auto Workers union that’s costing the automaker roughly $200 million a week in lost vehicle production. The labor strikes, which started Sept. 15, have cost the automaker roughly $800 million in pretax… Continue reading GM tops Q3 expectations but pulls full-year guidance due to mounting UAW strike costs
Tesla discloses DOJ probes over vehicle range, personal benefits and more
A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. Brandon Bell | Getty Images In a third-quarter financial filing out Monday, Tesla disclosed that the U.S. Department of Justice has been investigating, and in some cases issued subpoenas, to Elon Musk’s automaker regarding its driver assistance… Continue reading Tesla discloses DOJ probes over vehicle range, personal benefits and more
UAW expands strike to Stellantis pickup truck plant in Michigan
United Auto Workers members rally outside Stellantis’ Ram 1500 plant in Sterling Heights, Mich. after the union called a strike at the plant on Oct. 23, 2023. Michael Wayland / CNBC DETROIT — The United Auto Workers union is expanding its strike to a Stellantis plant in Michigan that produces Ram 1500 full-size pickup trucks,… Continue reading UAW expands strike to Stellantis pickup truck plant in Michigan
GM and Ford will answer to Wall Street and the UAW with third-quarter earnings this week
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
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