GM to invest $1B to retool plants for gas-powered heavy-duty trucks

Volvo launches EX30 electric SUV

June 7, 2023 2:33 PM EDT

Swedish luxury automaker, Volvo launched their new fully-electric EX30 SUV on Wednesday with two battery options and a starting price of around 36,000 euros ($38,500). The EX30 is Volvos smallest SUV to date and follows the unveiling of the larger electric EX90 in November.

"It's a small SUV doing Volvo things," CEO Jim Rowan said during the car's launch event in Milan,... More

EPA to scrap proposed EV volumes from biofuel blending rule

June 6, 2023 2:38 PM EDT

Reuters reports today, citing three unnamed sources familiar with the matter that the Biden administration is planning to discard a proposal to include the electric vehicle industry into the U.S. biofuel blending program. Additionally, the administration intends to retract tradable credits worth potentially billions of dollars that were associated with this initiative.

It was first reported in early May that the Environmental Protection Agency (EPA) was considering delaying the EV program over concerns the plan could trigger lawsuits. The... More

Ford (F) names Whirlpool's (WHR) Liz Door as new supply chain chief

June 6, 2023 2:10 PM EDT

Ford Motor (NYSE: F) on Tuesday announced the appointment of Liz Door from Whirlpool Corp (NYSE: WHR) as its new chief supply chain officer, effective June 12. This decision comes as Ford anticipates a challenging 2023 due to chip shortages, supply... More

Global EV penetration reaches 14% in April with promising uptick in May

June 6, 2023 10:00 AM EDT

Barclays April report card shows that global electric vehicle penetration reached 14% in April, slightly outpacing last years EV penetration of 13%; however, it fell short of the heightened levels observed in the fourth quarter of 2022. Shifting focus to May, the industry is demonstrating promising signs of a substantial m/m increase in EV penetration, indicating a positive trajectory.

Additionally, while Tesla's (NASDAQ: TSLA) market share remains stable, the actual strength might not be as robust as the price reductions would have you expect. Lastly, the US electric vehicle market continues to make... More

Ford's (F) deal with Tesla (TSLA) charges up industry and sparks standardization talks

June 6, 2023 7:58 AM EDT

The recent move by Ford Motor Co (NYSE: F) to grant its customers access to Tesla's (NASDAQ: TSLA) electric-vehicle charging network has caused significant waves in the industry. This decision has sparked discussions about the need for a standardized charging infrastructure across the United States and has also cast uncertainty on the future of struggling charging startups.

The deal, announced last month, outlined plans to provide drivers of Ford vehicles in North America with access to over 12,000 Tesla Superchargers, starting in 2024. Under the deal, Ford will... More

Midday movers: Apple, Palo Alto Networks, Chevron and more

June 5, 2023 1:55 PM EDT

Investing.com -- Stocks are mixed on Monday as investors look ahead to next week's Federal Reserve interest rate decision. Here are the market movers for June 5.

Apple Inc (NASDAQ: AAPL) shares rose 1.9% ahead of the start... More

GM to invest over $1 billion in Flint plants to boost truck production

June 5, 2023 9:55 AM EDT

By Joseph White

(Reuters) - General Motors Co said on Monday it plans to invest more than $1 billion to re-tool two manufacturing sites in Flint, Michigan to prepare for a new generation of its internal combustion engine heavy-duty (HD) trucks.

GM has outlined this year a total of $1.7 billion in investments in Flint facilities to support the next generation of its heavy duty pickups.

GM said it will spend $579 million at its Flint Engine Operations to produce a sixth generation of its small... More

Ford Motor (F) stock rallies as Citi upgrades to Buy on positive survey results

June 5, 2023 8:52 AM EDT

Citi analyst Itay Michaeli upgraded shares of Ford Motor (NYSE: F) to Buy from Neutral with a price target of $16 per share, up from the prior $12.80.

The analyst says that the results of the recent survey pointed to a surprisingly strong density outlook, suggesting... More

General Motors (GM) PT Raised to $85 at Citi, Remains Top Pick

June 5, 2023 8:41 AM EDT

(Updated - June 5, 2023 8:42 AM EDT)

Citi analyst Itay Michaeli raised the price target on General Motors (NYSE: GM) to $85.00 (from $79.00) while maintaining a Buy rating.

The analyst comments "Following the results of our Vehicle Density Survey, were raising our... More

General Motors (GM) and POSCO expand Ultium CAM joint venture in North America with $1B investment

June 2, 2023 2:19 PM EDT

American automaker General Motors (NYSE: GM) made an announcement Friday in collaboration with POSCO Future M regarding the next phase of their Ultium CAM joint venture. This strategic partnership entails a substantial investment of over $1 billion to expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over $1 billion.

The companies had invested about $327 million in the plant last year, according to media reports.

The latest investment from GM and POSCO comes days after Canada's federal government and the Quebec province... More

GM’s Mary Barra pushes back against autonomous vehicles doubters

June 2, 2023 1:44 PM EDT

General Motors (NYSE: GM) CEO Mary Barra spoke at a Sanford Bernstein conference Friday where she doubled down on her confidence that the company will experience significant growth opportunities in the autonomous vehicle industry over the next decade.

Barra restated her prediction that Cruise could generate $50 billion a year in annual revenue by... More

GM chief Barra stands by her bet on autonomous vehicles

June 2, 2023 12:24 PM EDT

By Joseph White and Shivansh Tiwary

DETROIT (Reuters) -General Motors Co Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong.

Barra told attendees at a Sanford Bernstein conference she sees a "giant growth opportunity" in GM's Cruise autonomous vehicle unit, and predicted personal self-driving cars would be on the market before the end of the decade.

Barra reiterated a forecast that Cruise could generate $50 billion a year in annual revenue by 2030. That target assumes deployment of Cruise technology and services outside... More

Stellantis (STLA) and General Motors (GM) hit with $363M in penalties for fuel economy violations

June 2, 2023 11:44 AM EDT

An exclusive story by Reuters on Friday revealed that Stellantis (NYSE: STLA) and General Motors (NYSE: GM) have paid a combined sum of $363 million in civil penalties. These penalties were imposed due to their failure to meet the fuel economy standards set by the United States for previous model years.

According to the National Highway Traffic Safety Administration (NHTSA), which administers the Corporate Average Fuel Economy (CAFE) program, the record-setting penalties include... More

Tesla’s (TSLA) price cuts drive online traffic spike

June 2, 2023 7:48 AM EDT

Citi has recently revised their "mindshare" tracker for electric vehicles (EVs), which keeps tabs on web traffic related to EVs. This tracker evaluates the level of engagement on websites associated with the overall EV market, as well as specific brands or companies, with the latter serving as a possible predictor of future EV market share and brand... More

GM (GM) and POSCO Future M to Expand EV Battery Supply Chain in North America with New Integrated CAM and Precursor Processing Complex

June 2, 2023 7:02 AM EDT

General Motors Co. (NYSE: GM) and POSCO Future M announced today the second phase of their Ultium CAM joint venture, an investment projected to exceed $1 billion (U.S.) to increase production capacity of CAM in North America and integrate precursor materials production. pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40% of the cost of a battery... More