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Author: Detroit News Online
GM lowers bonus performance percentage for salaried employees
General Motors Co. has lowered the percentage in the performance plan payout the automaker uses to determine a salaried employee’s bonus payout this year. The percentage this year is 158%, down from last year’s 200%, The Detroit News has confirmed. The lowered percentage comes as GM reported record pre-tax earnings of $14.5 billion for 2022… Continue reading GM lowers bonus performance percentage for salaried employees
Rivian cuts 6% of workforce, spares blue collar employees
This content is only available to subscribers. Get unlimited digital access. $1 for 3 Months. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The eNewspaper, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading Rivian cuts 6% of workforce, spares blue collar employees
Novi battery maker Our Next Energy raises $300M in Series B funding round
Electric-vehicle battery maker Our Next Energy said Wednesday that it has raised $300 million in its latest fundraising round, bringing the Novi-based startup’s valuation to more than $1 billion. The latest infusion of investment, combined with economic incentives from the state of Michigan, gives the company the capital needed to launch production at its first… Continue reading Novi battery maker Our Next Energy raises $300M in Series B funding round
GM’s record profit sharing to boost Michigan economy as EV push intensifies
This content is only available to subscribers. Get unlimited digital access. $1 for 3 Months. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The eNewspaper, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading GM’s record profit sharing to boost Michigan economy as EV push intensifies
Geely’s Lotus going public via SPAC at $5.4 billion valuation
Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion. L Catterton Asia Acquisition Corp. will combine with the EV making subsidiary of the British carmaking group that Geely acquired back in 2017,… Continue reading Geely’s Lotus going public via SPAC at $5.4 billion valuation
GM says fourth battery plant ‘very much on track,’ envisions others
General Motors Co. is still planning a fourth battery plant and even more beyond that despite the reported breakup with supplier and partner LG Energy Solution. GM and LG Energy Solution through their Ultium Cells LLC joint venture initially planned to have four U.S. battery cell manufacturing plants together. Last week, the Wall Street Journal… Continue reading GM says fourth battery plant ‘very much on track,’ envisions others
US probes complaints of parts flying off of Ford Explorers
Detroit – The U.S. government’s road safety agency is investigating complaints that windshield trim panels can fly off of Ford Explorers while they’re traveling at highway speeds. The National Highway Traffic Safety Administration says it has 164 complaints about the trim pieces detaching on 2011 through 2019 Explorer SUVs. The probe covers about 1.86 million… Continue reading US probes complaints of parts flying off of Ford Explorers
Tesla investors lost $12 billion after Musk tweet, jury is told
Tesla investors lost $12 billion over 10 days as a result of Elon Musk’s famous tweet in 2018 that he had “funding secured” to take the company private, a witness testified at a trial over the CEO’s liability. Lawyers for Musk have said there are billions of dollars in damages at stake in the trial,… Continue reading Tesla investors lost $12 billion after Musk tweet, jury is told
Tesla gets Justice Department subpoena over driver-assist systems
The U.S. Justice Department has requested documents from Tesla Inc. related to its Autopilot and “Full Self-Driving” features, according to a regulatory filing. “To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred,” Tesla said in the filing Tuesday with the Securities and Exchange Commission. The Austin, Texas-based electric… Continue reading Tesla gets Justice Department subpoena over driver-assist systems