TOKYO (Reuters) – Nissan Motor Co (7201.T) failed on Tuesday to nominate a successor to Carlos Ghosn as chairman of the carmaker in the wake of his arrest and dismissal for alleged financial misconduct last month, Kyodo News said. FILE PHOTO – Carlos Ghosn, chairman and CEO of the Renault-Nissan-Mitsubishi Alliance, attends the Tomorrow In… Continue reading Nissan delays decision on Ghosn successor
Category: News Site
Daimler raises prospect of boosting stake in Chinese partner: Bloomberg
The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke (Reuters) – Germany’s Daimler AG (DAIGn.DE) has raised the prospect of increasing its stake in a joint venture with Chinese partner BAIC Motor Corp (1958.HK), Bloomberg reported on Tuesday, citing people familiar with the matter. Daimler… Continue reading Daimler raises prospect of boosting stake in Chinese partner: Bloomberg
Here’s the buyout GM offered before announcing 14,000 job cuts
John Gress | Reuters
Trucks come off the assembly line at GM's Chevrolet Silverado and GMC Sierra pickup truck plant in Fort Wayne, Indiana, July 25, 2018.
General Motors executives painted a bleak outlook of the global economy in offering buyouts to 17,700 employees last month.
“We must take significant action and now while our company and the economy are strong,” they said in talking points given to managers in October to discuss the severance plan with staff. CNBC obtained the “leader talking points,” and GM verified their authenticity.
An “intensely competitive” industry combined with pressure from rising commodities prices, interest rates and a difficult trade environment created a sense of urgency. “We need … to make the right pre-emptive moves so that we come out of this tough time ahead,” they said in the talking points.
Larry Summers says GM shouldn't hide from cost-cutting measures
12:39 PM ET Wed, 28 Nov 2018 | 05:50
The Detroit automaker on Monday announced plans to halt production at five factories in North America and cut about 14,000 jobs in the company's most significant restructuring since its bankruptcy in 2009. The news falls on the heels of an otherwise strong quarter. Its third-quarter earnings released Oct. 31 — the same day GM started soliciting the buyouts — showed its first year-over-year earnings growth since the first quarter of 2017 and sent the stock soaring 9 percent.
'Not an option'
But executives saw stiff competition and a tough economy ahead. The cuts are designed to free up some cash and position its workforce of 180,000 for the future of autonomous vehicles and electric cars.
“We cannot afford to wait and see what happens in the industry, or with China, or in international trade or currency, to then react,” the severance document said. “Even if macro-economic factors are partially to blame, continuing to lower guidance to Wall Street is not an option.”
GM offered voluntary buyouts to roughly 17,700 eligible employees in North America with at least 12 years of service, according to the document. The company was aiming for 8,000 voluntary buyouts among its salaried workers as part of a total headcount reduction of 14,000, spokesman Pat Morrissey confirmed. He said about 2,250 workers accepted severance agreements by the Nov. 19 deadline.
The carmaker previously said that involuntary layoffs would follow if there were not enough takers. Roughly 5,750 salaried workers and 6,000 hourly employees will be laid off, he confirmed. Half of the hourly workers are in Canada with the other half in the U.S., where the company will work with union officials to try to move to other plants, Morrissey said.
Salary and benefits
GM is allowing some employees who took the buyouts to leave as early as this coming Saturday with an official last day of Jan. 31 and salary and benefits continuing for six months after that. Executives could also leave in December with an effective last day of Feb. 28 and a full year of salary and benefits, according to the severance materials.
GM CEO Mary Barra is accountable to her shareholders, not politicians, says Jeff Sonnenfeld
12:05 PM ET Wed, 28 Nov 2018 | 07:01
GM warned this summer that the trade war instigated by President Donald Trump could force job cuts in the United States. Trump was irate with GM's announcement this week, tweeting on Tuesday that he was “very disappointed” with the company and CEO Mary Barra for idling plants in Ohio, Michigan and Maryland.
“Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get,” Trump tweeted. He also threatened to cut all of the company's federal subsidies, following up on Wednesday with the announcement that the administration was studying all tariffs on cars imported to the U.S. because of the “G.M. event.”
GM says the move would help to save $6 billion a year. Shares of the company jumped 4.8 percent on the announcement Monday, but Trump's tweets drove the stock down Tuesday and Wednesday. Its shares have fallen by almost 20 percent during the last year.
“A strong cash position is the only way the company can deal with these factors and also continue to invest in growth opportunities and to set ourselves up for the future,” the talking points said.
“The leadership team is very focused on improving our cash generation and profit performance on each of our vehicles.”
— CNBC's
Robert Ferris
contributed to this article.
Toyota: no-deal Brexit may cost up to £10m a day in lost production
Brexit Company urges MPs to back Theresa May’s deal to avoid disruption to supply chains Toyota’s plant in Burnaston, Derbyshire. Photograph: Toyota/PA Toyota has said a no-deal Brexit would put production of £10m worth of cars a day at risk as it urged MPs to ratify Theresa May’s deal next week. The deputy managing director… Continue reading Toyota: no-deal Brexit may cost up to £10m a day in lost production
The future of the auto industry lies in car sharing, Chinese executives say
Dave Zhong/Getty Images for CNBC International
Freeman H. Shen, Founder, Chairman & CEO of WM Motor, speaks during Fireside Chat on Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 28, 2018 in Nansha, Guangzhou, China.
Several Chinese auto and transportation industry leaders are preparing for a future in which people share cars, rather than own them individually.
“(The new generation), they're not interested in the ownership. They're probably more interested in accessibility,” Freeman Shen, founder and CEO of Chinese electric car company WM Motor, said last week at CNBC's East Tech West conference in the Nansha district of Guangzhou, China.
Technological advances in the last several years have aided the rise of multibillion-dollar ride-hailing giants such as Uber and Didi. They, in turn, have challenged the traditional taxi driver system and cultivated a habit of on-demand car services for tens of millions of users globally despite ongoing safety concerns. Traditional automakers, many already trying to navigate rising interest in the electric vehicle market, are paying close attention to the ride sharing trend. Notably, General Motors is testing the waters with its own rental program.
In China, Feng Xing Ya, general manager of Guangzhou-based automaker GAC, also said the future of the auto industry lies in car sharing.
“(It's) a challenge for the auto industry because people may buy fewer cars,” Feng said in Mandarin, according to a CNBC translation, during a Nov. 27 conference session.
Without giving much detail on a plan, Feng said he favored a strategy of entering — rather than avoiding — the car sharing economy, which he said can still generate a lot of income for a company.
However, such a rapid change in consumer tastes could give start-ups an advantage.
Shen, formerly a director at Fiat Chrysler and Chinese automaker Geely, said traditional automakers are too focused on selling cars rather than improving user experiences. He said his company's focus on software and newness to the market means he has everything to gain and little to lose from a shift to ride sharing.
Shen founded WM Motor — which stands for “world champion” in German — in 2015 and the company has received more than $1 billion in funding, according to Crunchbase.
The rise of car sharing may also lead to new kinds of living environments in China as Beijing tries to encourage technological and urban developments through “smart cities.”
“If we can allocate the seats instead of vehicles … then we can use the transportation system more efficiently,” Henry Liu, vice president, chief scientist of smart transportation at Didi, said during a conference session.
“If you think about the future city, I think the future city will have much less in terms of parking spaces, road spaces, because we don't really need that much of spaces for vehicles,” Liu said. “At that moment, I think we have an autonomous vehicle fleet. And they can serve the transportation demand.”
Tesla (again) says buyers must order today for full tax credit
Tesla Model 3 all-wheel drive Performance rolls off a new assembly line in a temporary structure
If you want to buy a Tesla and get the full tax credit, today is your last day to order for Tesla to guarantee delivery by December 31.
With the tick-over of the new year, the federal tax credits on Teslas will be reduced from $7,500 to $3,750.
That could raise base price of a Tesla from $39,700 after the tax credit to $43,450 (including delivery fee).
DON'T MISS: Tesla sells 200,000th car, starting phaseout of federal tax credits
The order deadline to receive the full tax credit applies to any Tesla model, the Model S, Model X, or Model 3.
The federal tax credits were structured so that after any automaker sells 200,000 plug-in cars, the credits start a wind-down period. At that point, buyers can continue to claim the credit for the remainder of that quarter and for the full quarter following. After that, the credits are cut in half for six months, in half again for another six months, and get eliminated completely after that.
Tesla crossed the threshold last July, and the end of this year marks the last of its full credits.
CHECK OUT: Tesla sets Monday deadline for full tax credit
The company has joined forces with GM, Nissan, and other automakers, along with other electric-car advocates to lobby for the credits to be extended and restructured so they expire simultaneously for all automakers. That lobbying effort has just begun.
This is the second time Tesla has repeated the message that buyers have to order now to be guaranteed the full credit. On October 12, the company claimed they wouldn't guarantee that orders placed after October 15 would receive the credit.
Refuting that warning, the company sent out a notice just last week, setting today (Friday) as the new date, which the company confirmed today.
READ THIS: EV Drive coalition begins lobbying effort to save tax credit
The good news for Tesla and its fans is that this indicates the company has been able to produce cars more quickly than it anticipated in early October.
Many buyers have been able to buy Teslas directly from the company's inventory and take delivery in a matter of hours or days in the past several months. If you want the full tax credit, that option is likely to continue until near the end of the year. As long as buyers take delivery of their car by Dec. 31, the full tax credit applies. Pictures of lots overflowing with inventory around the country have become a fixture of Twitter and forums for weeks. Even so, based on deliveries, the Tesla Model 3 became the fifth bestselling sedan in the country in the third quarter.
Those who want to make custom selections from the options or color menu, however, need to do so today, the company says, or they could lose the full tax credit.
Truly, at some point, Tesla won't be able to fulfill a new order before Dec. 31. This might be that point, though it's hard to say for sure.
Tesla changes plans to start Model Y production – Business Insider
FILE PHOTO: A Tesla car is seen in Santa Monica, California, United States, October 23, 2018. REUTERS/Lucy Nicholson (Reuters) – Tesla Inc had plans to build its pilot small electric SUV Model Y at Gigafactory 1 by June 1, 2020, the Business Insider reported on Monday, citing leaked internal documents, but said the company changed… Continue reading Tesla changes plans to start Model Y production – Business Insider
Hyundai partners with AI start-up to make HD maps for autonomous cars
(Image: Hyundai) Hyundai Mnsoft will collaborate with AI startup Netradyne for the development of high definition maps for next-generation vehicles, the companies announced. Hyundai Mnsoft, a subsidiary of Hyundai Motor Group focused on navigation solutions, will leverage Netradyne’s crowd-sourced deep vision technologies for the development of HD maps. Netradyne, founded in 2015, specialises in using… Continue reading Hyundai partners with AI start-up to make HD maps for autonomous cars
GM's secret plan to shut plants, cut jobs likely signals more to come
Original Article
This Self-Driving Car Uses a Fold-Out Robot Arm to Deliver Parcels
The Last Mile This self-driving car can now do more than just transport packages to customers’ homes — it can actually deliver the goods. On Friday, Cleveron — the tech firm behind Walmart’s online pickup towers — unveiled a self-driving robotic courier named Lotte at an Estonian robotics conference. Based on a video of Lotte in action,… Continue reading This Self-Driving Car Uses a Fold-Out Robot Arm to Deliver Parcels