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
Author: CNBC Online news
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
Toyota lost over $15 billion in market value last week after being caught falsifying tests
Toyota Motor Corporation Board Chairman Akio Toyoda bows during a press conference in Tokyo on June 3, 2024. Toyota said on June 3 it had suspended domestic shipments of three car models after falling foul of government certification rules along with its Japanese rivals Honda, Mazda, Suzuki and Yamaha. Yuichi Yamazaki | Afp | Getty… Continue reading Toyota lost over $15 billion in market value last week after being caught falsifying tests
With EVs, Honda may be North America’s most committed automaker, for the moment
The All-New, All-Electric Honda Prologue is on display at the 2023 Los Angeles Auto Show at the Los Angeles Convention Center on November 24, 2023 in Los Angeles, California. While missing a host of brands, this year’s edition of the Los Angeles Auto Show debuted a range of new models. Josh Lefkowitz | Getty Images… Continue reading With EVs, Honda may be North America’s most committed automaker, for the moment
GM has a secret to help sell its new EVs. It’s Costco
Customers exit a Costco store in Teterboro, New Jersey, June 28, 2023. Kena Betancur | Corbis News | Getty Images DETROIT — General Motors has a not-so-secret weapon when it comes to getting U.S. consumers into its new all-electric vehicles: Costco Wholesale. The Detroit automaker said it’s increasingly using the retail giant’s Costco Auto Program… Continue reading GM has a secret to help sell its new EVs. It’s Costco