General Motors said Tuesday it’s moving to take more control over its supply chain in response to a dismal second quarter that saw profits fall 40% year-over-year as it shifts more towards EVs. The automaker reported second-quarter net income of $1.69 billion, a 40% reduction from the $2.84 billion it earned in the same year-ago… Continue reading Why GM profits dropped 40% in the second quarter
Author: Tech Crunch Online News
3 indicators to watch for on GM Q2 earnings day
The auto industry’s woes are far from over, but the second half of the year represents a return to planning for the future rather than responding to short-term supply chain crises. General Motors, which reports its second-quarter financial results Wednesday, is ready to roll into the third-quarter with an eye toward long-term strategy. The automotive… Continue reading 3 indicators to watch for on GM Q2 earnings day
GM joint venture to receive $2.5B government loan for US battery plants
The U.S. Department of Energy is reviving an old loan program and its first recipient is the joint battery venture between General Motors and LG Energy Solution. The $2.5 billion loan issued to GM and LG Energy will be used to help finance the construction of new lithium-ion battery cell manufacturing facilities. Reuters was first… Continue reading GM joint venture to receive $2.5B government loan for US battery plants
Faraday’s future on shaky ground as EV production delayed again
Faraday Future has delayed production of its FF91 flagship electric vehicle due to lack of money and supply chain issues, the company said in a regulatory filing. The troubled EV startup-turned-publicly-traded-company said start of production and first deliveries of its FF 91 EV in the United States is now expected in the third or fourth quarter… Continue reading Faraday’s future on shaky ground as EV production delayed again
Real driverless cars are now legal in Shenzhen, China’s tech hub
There are plenty of autonomous driving vehicles testing on the roads of Shenzhen today: Pony.ai, Baidu, DeepRoute, AutoX, you name it. But these vehicles are not really the unmanned vehicles that tech upstarts envision for the future, as they have been required to operate with a safety driver behind the wheel. A set of provisions… Continue reading Real driverless cars are now legal in Shenzhen, China’s tech hub
GM is launching an online EV service to educate and woo consumers
General Motors launched a program Monday to educate car shoppers on electric vehicles and target first-time buyers as the automaker searches for ways to catch up to and outpace rival Tesla. The automakers hopes EV Live, a digital platform that connects shoppers with EV specialists, will speed EV adoption and create a larger market for… Continue reading GM is launching an online EV service to educate and woo consumers
The Station: Executive upheaval at VW Group and the tale of two Tesla earnings
The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every weekend in your inbox. Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B. Last week… Continue reading The Station: Executive upheaval at VW Group and the tale of two Tesla earnings
Cruise starts mapping Dubai’s streets in prep for 2023 robotaxi launch
Cruise is making good on its promise to launch an autonomous driving service in Dubai. Just a few weeks after the General Motors-backed AV company officially launched its commercial driverless operations in San Francisco, Cruise has sent two of its autonomous Chevrolet Bolt electric vehicles to Dubai to begin mapping the city in preparation for… Continue reading Cruise starts mapping Dubai’s streets in prep for 2023 robotaxi launch
VW Group CEO Herbert Diess is out
Volkswagen Group CEO Herbert Diess, the embattled executive who has survived a number of confrontations and power struggles with the board and unions over the past two years, is leaving the company. The VW AG board said Friday it has appointed Porsche boss Oliver Blume to head up the massive company that includes brands Audi,… Continue reading VW Group CEO Herbert Diess is out
Cadillac explains why Celestiq flagship EV is its most advanced vehicle in 120 years
Cadillac unveiled Friday a buzzier version of its future flagship EV, the six-figure Celestiq sedan slated to set the direction for the brand’s electrified portfolio. The show car model of the eagerly-awaited Celestiq represents the 120-year-old luxury brand’s most advanced vehicle yet, the company said. The one-off car previews what Celestiq could be when it… Continue reading Cadillac explains why Celestiq flagship EV is its most advanced vehicle in 120 years