General Motors (GM) and GlobalFoundries (GFS) announce long term direct supply agreement

Ford (F) announces $3.5B investment to build New LFP Battery Plant in Michigan

February 13, 2023 2:10 PM EST

Ford Motor Company (NYSE: F) announced today that the American automaker is investing $3.5 billion to build the countrys first automaker-backed LFP battery plant in Michigan, offering customers a second battery technology within Fords EV lineup.

The BlueOval Battery Park Michigan plant, as its being called, will initially employ 2,500 people when production of LFP batteries begins in 2026. Ford also has the option to further grow its battery capacity at its Marshall, Michigan, plant, which will be part of a wholly owned Ford subsidiary.

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GM remains 'Top Pick' as Citi examines 2023 pricing bridge

February 13, 2023 8:16 AM EST

Citi reiterated a Buy rating and $82.00 price target on General Motors Company after examining the American automakers 2023 pricing bridge. The company remains a Top Pick at Citi.

Analyst, Itay Michaeli wrote in a note, We believe GM offers very unique exposures both to highly attractive growth end-markets (Truck Franchise) as well as secular EV/AV/connected themes, which support a turnaround of GMs Non-Truck Franchise and LT growth opportunities. In addition, we view Cruise as being among the leaders in the emerging urban RoboTaxi network business. We do not believe GM shares reflect these favorable attributes.

Pricing remains... More

GM inks deal with GlobalFoundries to secure U.S.-made chips

February 9, 2023 11:32 AM EST

By Jane Lanhee Lee, Joseph White and Stephen Nellis

OAKLAND, Calif/DETROIT (Reuters) -General Motors Co and chipmaker GlobalFoundries Inc on Thursday announced a long-term deal for the automaker to secure U.S.-made processors that will enable it to avoid the factory-halting chip shortages that kept millions of cars from being manufactured during the pandemic.

GlobalFoundries said the agreement for at least three years was the first of its kind and establishes a dedicated capacity exclusively for GMs key chip suppliers at their upstate New York fabrication facility.

The announcement comes two days after... More

GlobalFoundries (GFS) and GM (GM) Announce Long-Term Direct Supply Agreement for U.S. Production of Semiconductor Chips

February 9, 2023 11:30 AM EST

General Motors Co. (NYSE: GM) and GlobalFoundries (NASDAQ: GFS) (GF) today announced a strategic, long-term agreement establishing a dedicated capacity corridor exclusively for GM's chip supply. Through this first-of-its-kind agreement, GF will manufacture for GM's key chip suppliers at GF's advanced semiconductor facility in upstate New York bringing a critical process to the U.S.

This agreement supports GM's strategy to reduce the number of unique chips needed to power increasingly complex and tech-laden vehicles. With this strategy, chips can be produced in higher volumes and are... More

Increasing competition and share losses have Bernstein doubting Tesla (TSLA)

February 9, 2023 7:52 AM EST

Bernstein reiterated an Underperform rating and $150.00 price target on Tesla (NASDAQ: TSLA) as electric vehicle makers report 2022 numbers.

2022 was another year strong year for EV growth. Battery EVs grew ~70% from 3.8M to 6.5M, on top of a strong comp of ~110% in 2021. Amid an overall decline in the auto market, BEVs now account for 8.3% of total light vehicle volumes.

Despite unit growth of 40%, Tesla's BEV share actually declined from 25% in 2021 to 20% in 2022, and down ~800 bps from its peak of 28% in 2020.... More

Beep Inc. appoints three new executives in leadership expansion

February 8, 2023 10:20 AM EST

Autonomous mobility company, Beep, Inc. announced Wednesday that the company has expanded its leadership team with the appointments of three new executives to aid in the scalability of their next generation platform.

Katrina Heineking joins Beep as Executive Vice President, Operations, bringing more than three decades of experience in transit systems in the public and private sectors. Prior to joining Beep, Katrina was responsible for helping create and head... More

GM (GM) Is Said To Compete For $2B Stake In Vale's (VALE)Base Metals Unit- Bloomberg

February 8, 2023 9:28 AM EST

(Updated - February 8, 2023 9:28 AM EST)

GM (NYSE: GM) Is Said To Compete For $2B Stake In Vale's Base Metals Unit- Bloomberg

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