UAW President Shawn Fain chairs the 2023 Special Elections Collective Bargaining Convention in Detroit, March 27, 2023. Rebecca Cook | Reuters DETROIT – Leaders of the United Auto Workers are withholding a reelection endorsement for President Joe Biden until the union’s concerns about the auto industry’s transition to all-electric vehicles are addressed, according to a… Continue reading UAW withholding Biden reelection endorsement until EV concerns are addressed
Category: US Motoring Press
Club meeting recap: Fed in Focus, Estee Lauder, earnings roundup
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. Fed decision day Sit tight on Estee Lauder Earnings roundup: AMD, SBUX, F 1. Fed decision day Equities were mixed Wednesday morning ahead of the Federal Reserve’s announcement on interest… Continue reading Club meeting recap: Fed in Focus, Estee Lauder, earnings roundup
Jeep, Dodge maker Stellantis posts first-quarter revenue jump as chip supply eases
Attendees view vehicles at the Jeep booth during opening day of the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 7, 2023. Stephanie Keith | Bloomberg | Getty Images Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter net revenues as an easing of semiconductor supply chain pressures… Continue reading Jeep, Dodge maker Stellantis posts first-quarter revenue jump as chip supply eases
Ford restores faith with quarterly results, while Starbucks proves to be a China play
Club holding Ford (F) on Tuesday showed investors it had righted the ship in the first quarter following a dismal end of 2022, easing our concerns that the legacy automaker had lost its way. Automotive revenue for the three months ended March 31 increased about 21% year-over-year, to $39.09 billion, topping analysts’ forecasts of $32.08… Continue reading Ford restores faith with quarterly results, while Starbucks proves to be a China play
UAW demands Biden support ‘top wages’ for EV workers before endorsing
This content is only available to subscribers. Get unlimited digital access. $1 for the first 3 months. Subscribe Now Your subscription supports: Trusted, up-to-date local Detroit and Michigan-wide breaking news. Accurate, fact-based journalism without an agenda, so you get the information you need to make informed decisions. Complete coverage and commentary on Michigan politics from… Continue reading UAW demands Biden support ‘top wages’ for EV workers before endorsing
Microchip availability boosts Stellantis revenues, shipments in the first quarter
Stellantis NV on Wednesday said revenue increased 14% to $52 billion (47.2 billion euro) in the first quarter of 2023 from last year as global shipments increased 7% and inventories recovered from the ongoing global microchip shortage. Shipments totaled 1.476 million vehicles in the first quarter. In its largest region, North America, revenue rose 10% year-over-year to… Continue reading Microchip availability boosts Stellantis revenues, shipments in the first quarter
Ford posts April sales gain as F-Series comes roaring back
Ford Motor Co.’s U.S. sales rose 4% year-over-year in April, bolstered by strong results in the truck segment. The Dearborn automaker sold 184,002 vehicles in the United States last month. Sales of internal combustion engine vehicles were up 5.6%, while hybrid vehicle sales slipped 6.9% and electric-vehicle sales fell 25% as the automaker continued to… Continue reading Ford posts April sales gain as F-Series comes roaring back
Ford posts ‘solid’ 1Q earnings but Wall Street’s wary over steep EV losses
This content is only available to subscribers. Get unlimited digital access. $1 for the first 3 months. Subscribe Now Your subscription supports: Trusted, up-to-date local Detroit and Michigan-wide breaking news. Accurate, fact-based journalism without an agenda, so you get the information you need to make informed decisions. Complete coverage and commentary on Michigan politics from… Continue reading Ford posts ‘solid’ 1Q earnings but Wall Street’s wary over steep EV losses
Buoyed by a strong EV order book Sona Comstar posts a 35 percent jump in Q4 revenues
Buoyed by a strong EV order book Sona Comstar posts a 35 percent jump in Q4 revenues Powered by a strong order book of Rs 21,500 crore as of March 31, 2023, of which 77 percent is from its electric vehicle programmes, Sona Comstar ended its FY23 fourth quarter. with a 35% year-on-year increase in… Continue reading Buoyed by a strong EV order book Sona Comstar posts a 35 percent jump in Q4 revenues
SMEV welcomes MHI’s efforts to restore status quo
The Society Of Manufacturers Of Electric Vehicles SMEV has today welcomed the move by the Ministry to start settling pending issues of OEMs and bring the sector back to its feet. “The beginning of resolution of disputed issues for OEMs augurs well for the sector”, said Sohinder Gill, Director General SMEV. “It is time that the… Continue reading SMEV welcomes MHI’s efforts to restore status quo