Tag: GM

Trump says ‘GM is not going to be treated well’

Andrew Harrer | Bloomberg | Getty Images
President Donald Trump, left, listens during a Strategic and Policy Forum meeting with business leaders and White House advisors in the State Dining Room of the White House in Washington, D.C., U.S., on Friday, Feb. 3, 2017.

President Donald Trump criticized job cuts at General Motors as well as CEO Mary Barra again Thursday, saying the U.S. automaker isn't “going to be treated well.”

“I don't like what she did, it was nasty,” Trump said on Fox News.

The recent decision by the largest U.S. automaker to cut up to 14,000 jobs that span three states has brought the company controversy with lawmakers from the affected areas and drawn the president's ire.

Trump: General Motors won't be treated well
3 Hours Ago | 04:07

“To tell me a couple of weeks before Christmas that she's going to close in Ohio and Michigan, not acceptable to me,” Trump said Thursday on Fox News. “General Motors is not going to be treated well.”

Trump also criticized GM's use of Mexican labor and said the recently signed United States-Mexico-Canada Agreement that replaces the North American Free Trade Agreement “really makes it uncomfortable for people to go out of the country, and I think it will be very uncomfortable for them.”

Trump is not the only U.S. politician who has been critical of the decision. Barra met with lawmakers from Ohio, Michigan and Maryland last week over the automaker's plans. Since then, Democratic Sen. Sherrod Brown and Republican Sen. Rob Portman, both from Ohio, sent a letter to Barra seeking more information about the company's plans for its assembly plant in Lordstown, Ohio, and asking Barra to consider retooling the plant for more popular vehicles.

“As we previously stated, our focus remains on our employees currently working at the impacted plants in Maryland, Michigan and Ohio,” GM said in a statement. “Our announcement was timed to enable interested employees job opportunities that are available at other GM plants beginning in early 2019.”

Mark Fields, Ford's former CEO, said GM is doing what's right for the business and investors, but closing factories always draws attention.

“Any time you close a plant or idle a plant around the world, you are going to get attention from the government because it's so important to the economy and jobs,” he said on CNBC's “Closing Bell.” “When you take these kind of actions, you need to make sure that you are doing it in a way that allows you to tell what the story is and at the same time make sure you have a narrative around why it's good for the business over the medium to long term, why you have to take these short-term painful actions.”

GM's shares closed down 1.6 percent Thursday.

Why 130,000 Lyft Passengers Were Ready to Ditch Their Personal Cars in Less than 24 Hours

Widespread Demand for Lyft’s Ditch Your Car Program Reflects North Americans’ Frustration with Car Ownership Personal cars are a major cause of congestion and one of the leading sources of greenhouse gas emissions. That’s why Lyft is working towards a future where people have access to a variety of alternatives to personal cars including bikes,… Continue reading Why 130,000 Lyft Passengers Were Ready to Ditch Their Personal Cars in Less than 24 Hours

Automakers face big fines in Europe for missing CO2 targets

Smokestacks pollution air quality
As global leaders meet in Poland to hammer out details about how to meet Paris Climate Accord targets, a new study shows that European automakers aren't introducing electric cars nearly fast enough to meet European standards—and the delay could cost them.

The European Union has set the strictest limits on carbon-dioxide emissions from cars anywhere on the planet: 95 grams of CO2 per 100 kilometers, which would require cars there to average the equivalent to about 57 miles per U.S. gallon.

And most of Europe's automakers aren't meeting that standard.

READ THIS: Catastrophic climate effects could hit by 2040, UN report says

A new study published by PA Consulting, a global consulting firm based in London, shows that 8 out of Europe's 13 largest automakers have fallen behind and will face serious fines for missing the standard according to a report in the Times of London (subscription required.) The automakers include, Volkswagen, Ford, Fiat Chrysler, Mazda, Hyundai, BMW, Daimler, and the PSA Group.

The fines take effect in 2021 and will vary by how much each automaker has missed the targets. Volkswagen, Europe's largest automaker, faces the largest fines of almost $1.6 billion (1.4 billion euros), equal to about 10 percent of the company's annual earnings.

French automaker PSA, parent of Peugeot, Citroen, and GM's former European arm, Opel, faces a fine of $682 million, about 20 percent of its annual earnings.

DON'T MISS: At climate talks, Trump team plans to promote coal

Volkswagen has announced serious efforts to build and sell electric cars, investing $11 billion to build electric cars by 2023 and develop up to 10 new electric cars.

Even with such efforts, though, electric car sales remain slow in Europe, amounting to just 0.6 percent of the market in Britain in June, for example. Another study showed that emissions of CO2 from new cars in Europe rose for the first time last year, as automakers focused on reducing emissions of nitrogen oxides from diesels over reducing CO2 emissions.

Through a joint advocacy organization, the Society of Motor Manufacturers and Traders, automakers have said the standards are too rigid and called for more public charging stations to make electric cars easier for consumers to choose.

Opel employees demonstrate against planned partial sale

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Stratim, formerly known as valet startup Zirx, sues co-founder for theft

Stratim, the mobility services company formerly known as Zirx, is suing its co-founder and now-former COO Shmulik Fishman for breach of fiduciary duties, civil conversion, criminal conversion, theft, criminal mischief, deception, unjust enrichment and fraud. The lawsuit’s co-plaintiff is Adesa, a subsidiary of KAR Auction Services, which acquired Stratim earlier this year. Stratim powers fleet management… Continue reading Stratim, formerly known as valet startup Zirx, sues co-founder for theft

Stoneridge Invests $10M in Autotech Ventures’ Fund

Stoneridge, Inc. (NYSE: SRI) made a $10m investment in a fund managed by Autotech Ventures, a venture capital firm focused on ground transportation technology located in Menlo Park, California. The investment, which will be contributed over the expected 10-year life of the fund, is expected to provide the company with increased visibility to early-stage companies.… Continue reading Stoneridge Invests $10M in Autotech Ventures’ Fund

Say Yes to More When You Choose to Ride With Lyft

When driving stops you, riding lets you go. Parallel parking? Nope. Missed turns? Nope. Room for six? Yep. Another glass? Double yep. Lyft gives you the freedom to spend a night out on the town, the freedom to take spontaneous trips, and, yes, even the freedom for answering emails on the go (if that’s your… Continue reading Say Yes to More When You Choose to Ride With Lyft

PSA: Opel workforce continues to protest against sales plans

Opel development center Parts of the center in Rüsselheim are to be sold to the engineering service provider Segula. (Photo: AP) RuesselsheimBeim car maker Opel it continues to ferment in the workforce. Against a planned company meeting on Thursday at the headquarters Rüsselsheim formed again resistance against the planned partial sale of the local Development… Continue reading PSA: Opel workforce continues to protest against sales plans