The global slowdown in startup funding will allow investors to find more promising companies with stronger business models, according to top executives at Singaporean sovereign wealth fund GIC, in contrast to the easy money era where many industries were crowded with too many young companies chasing growth and prioritizing market share over profitability. “What the… Continue reading Downturn in tech, crypto funding is probably a good thing, says Singapore GIC top exec
Category: Automotive
Cruise hopes ramping its robotaxi service will U-turn its cash burn
Cruise, the General Motors subsidiary dedicated to commercializing autonomous vehicles, saw a jump in expenses during the second quarter as the company launched its first commercial robotaxi service in San Francisco. Cruise’s expenses hit around $550 million compared to $332 million during the same quarter of last year. Operating losses in the second quarter topped… Continue reading Cruise hopes ramping its robotaxi service will U-turn its cash burn
h2Power Solutions Bringing Cutting Edge Hydrogen SOFC Fuel Cell Technology to US Market
TOLEDO, Ohio, July 26, 2022 /PRNewswire/ — Toledo-based h2Power Solutions has partnered with German manufacturer Hexis to bring their SOFC hydrogen fuel cell power to the United States. This technology provides clean, low-cost, high-efficiency power utilizing natural gas or biofuels. Their compact systems easily tie into existing energy systems and provide both electrical and thermal… Continue reading h2Power Solutions Bringing Cutting Edge Hydrogen SOFC Fuel Cell Technology to US Market
Feds say ex-union official took $2M for gambling, drugs, guns. Now he’s headed to prison.
Timothy Edmunds should have been watching over the finances at UAW Local 412 in Warren for his union brothers and sisters, but instead, prosecutors said he “systematically drained” more than $2.1 million to pay for gambling, guns, high-end vehicles and cocaine. On Tuesday, as UAW members gathered in Detroit for the second day of their 38th constitutional convention,… Continue reading Feds say ex-union official took $2M for gambling, drugs, guns. Now he’s headed to prison.
Bill to spur semiconductor protection clears hurdle in US Senate
In a key procedural vote, the U.S. Senate on Tuesday voted to limit debate on a $52.7 billion bill intended to spur domestic production of semiconductor chips, an item in short supply since the pandemic and vital to Michigan’s dominant auto industry. The Senate voted 64-32 to limit debate, with 17 Republicans joining Democrats in favor… Continue reading Bill to spur semiconductor protection clears hurdle in US Senate
Ford, Mitsubishi among vehicle recalls
U.S. National Highway Traffic & Safety Administration The U.S. National Highway Traffic Safety Administration has issued recalls for July 14 through 21, including a Ford recall involving 100,689 units and a Mitsubishi recall involving 56,080 units. See the list of the week’s car recalls involving ten or more units below, or search USA TODAY’s automotive recalls… Continue reading Ford, Mitsubishi among vehicle recalls
GM reports 39% drop in second quarter with net income of $1.7 billion, warns of cost cuts
General Motors’ second-quarter earnings came in about 39% lower than the year-ago period as ongoing production disruptions persisted due to supply chain issues and an industry-wide global semiconductor chip shortage. As fears of a nationwide recession loom, GM assured Wall Street on Tuesday that it is already taking cost-cutting measures, such as dialing back on new hires, and is prepared to… Continue reading GM reports 39% drop in second quarter with net income of $1.7 billion, warns of cost cuts
GM has 3 new deals with suppliers to assure it hits EV production target
General Motors has all the raw materials it needs to get it to the goal of building 1 million electric vehicles in North America by the end of 2025. On Tuesday the automaker said it has three new supplier agreements that give GM access to lithium, nickel, cobalt and Cathode Active Material (CAM) used in EV batteries. The new binding… Continue reading GM has 3 new deals with suppliers to assure it hits EV production target
@GM: LG Chem and General Motors Reach Agreement for Long-Term Supply of Cathode Active Material to Support EV Growth July 26, 2022
LG Chem and General Motors Reach Agreement for Long-Term Supply of Cathode Active Material to Support EV Growth LG Chem plans to provide GM more than 950,000 tons of CAM over eight years, enough for approximately 5 million units of EV production CAM secured by GM will be used by Ultium Cells LLC, joint venture… Continue reading @GM: LG Chem and General Motors Reach Agreement for Long-Term Supply of Cathode Active Material to Support EV Growth July 26, 2022
@GM: General Motors and Livent Enter Long-Term Lithium Hydroxide Supply Agreement July 26, 2022
Livent’s battery-grade lithium hydroxide, made primarily from lithium extracted at its brine-based operations in South America, to be used in production of GM’s electric vehicles 100% of Livent’s downstream lithium hydroxide processing for GM to transition to North America over the course of the agreement Both companies prioritize commitment to responsible operations and sustainable supply… Continue reading @GM: General Motors and Livent Enter Long-Term Lithium Hydroxide Supply Agreement July 26, 2022