The Fisker Ocean electric sports utility vehicle (SUV) during AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California, U.S., on Wednesday, Nov. 17, 2021. Kyle Grillot | Bloomberg | Getty Images Electric vehicle startup Fisker announced on Wednesday that it is recalling thousands of Ocean SUVs in North America and Europe… Continue reading Fisker recalls thousands of Ocean EVs for safety and compliance issues
Author: CNBC Online news
At Stellantis investor day, cost cuts and China come into focus
Stellantis CEO Carlos Tavares holds a news conference after meeting with unions, in Turin, Italy, March 31, 2022. Massimo Pinca | Reuters DETROIT – Since spearheading a merger to create Stellantis in 2021, CEO Carlos Tavares has been on a cost-cutting mission. That’s beginning to pay dividends for the company and investors. How the trans-Atlantic… Continue reading At Stellantis investor day, cost cuts and China come into focus
Tesla could get special duties as part of higher China EV tariffs, EU says
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X speaks during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. David Swanson | Reuters Tesla could be hit with a specially calculated duty on its cars produced in China and imported… Continue reading Tesla could get special duties as part of higher China EV tariffs, EU says
Shares of Porsche, VW and other European carmakers fall following reports of ‘dieselgate’ lawsuits in Britain
A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg. Picture Alliance | Picture Alliance | Getty Images Shares of European carmakers fell on Wednesday following a report that some of the world’s largest auto manufacturers are facing lawsuits in Britain… Continue reading Shares of Porsche, VW and other European carmakers fall following reports of ‘dieselgate’ lawsuits in Britain
More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say
Halfpoint Images | Moment | Getty Images The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used… Continue reading More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say
Another huge GM buyback makes it plain to see that Ford must follow suit to boost its stock
General Motors approved yet another stock buyback — adding to our frustration that portfolio name Ford has yet to embark on a repurchase program of its own. GM on Tuesday announced a new $6 billion buyback — weeks before its November $10 billion repurchase authorization is set to be completed. “I’m very upset with Ford,”… Continue reading Another huge GM buyback makes it plain to see that Ford must follow suit to boost its stock
GM trims 2024 EV forecast amid slower-than-expected demand
GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024. Michael Wayland / CNBC DETROIT – General Motors is trimming its expected sales and production of all-electric vehicles this year, as U.S. adoption of EVs occurs slower than expected. GM Chief Financial Officer Paul Jacobson said the… Continue reading GM trims 2024 EV forecast amid slower-than-expected demand
GM board approves new $6 billion share buyback authorization
General Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022. Source: NYSE DETROIT – General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board. The new buyback authorization comes as an accelerated $10 billion share repurchase program announced in November 2023 is… Continue reading GM board approves new $6 billion share buyback authorization
EU is expected to unveil tariff plans for Chinese EVs this week
TOPSHOT – People look at a BYD Seagull car by Chinese electric vehicle (EV) manufacturer BYD Auto at the Bangkok International Motor Show in Nonthaburi on March 27, 2024. (Photo by Lillian SUWANRUMPHA / AFP) (Photo by LILLIAN SUWANRUMPHA/AFP via Getty Images) Lillian Suwanrumpha | Afp | Getty Images The European Union is expected to… Continue reading EU is expected to unveil tariff plans for Chinese EVs this week
UAW president under investigation by federal monitor
United Auto Workers President Shawn Fain testifies about the toll of working hours on laborers before the Senate Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 14, 2024 in Washington, DC. Chip Somodevilla | Getty Images DETROIT – United Auto Workers President Shawn Fain is… Continue reading UAW president under investigation by federal monitor