Corporate/Finance: Page 12


  • 2023 Volkswagen ID.4
    Image attribution tooltip
    Courtesy of Volkswagen
    Image attribution tooltip

    Volkswagen will consider layoffs to cut costs amid disappointing EV transition

    Brand chief Thomas Schäfer told staff its namesake brand was “no longer competitive.”

    By Kalena Thomhave • Nov. 29, 2023
  • Rivian CEO RJ Scaringe speaks on the right side of a stage in front of a blue backdrop that says, "Electrifying Delivery" above the Rivian logo.
    Image attribution tooltip
    Mustafa Hussain via Getty Images
    Image attribution tooltip

    Rivian CEO takes over EV maker’s product development

    Top executive RJ Scaringe is expanding his role as former Chief Product Development Officer Nick Kalayjian takes a step back.

    By Kalena Thomhave • Nov. 28, 2023
  • A white 2023 Ford F-150 Lightning EV is offered for sale at a Ford dealer in Illinois.
    Image attribution tooltip
    Scott Olson via Getty Images
    Image attribution tooltip

    Ford eases dealer requirements to sell EVs after pushback

    Dealers complained about the financial commitment of the automaker’s Model e EV program, which could be as high as $1.2 million.

    By Nov. 22, 2023
  • A silver EV battery module being assembled.
    Image attribution tooltip

    Courtesy of Ford.

    Image attribution tooltip

    Ford resumes Michigan EV battery plant construction — but scaled down

    The slow adoption of EVs made the automaker reevaluate its investments, a Ford spokesperson said.

    By Sara Samora • Nov. 21, 2023
  • The BrightDrop Zevo 400 and Zevo 600 electric delivery vans.
    Image attribution tooltip
    Courtesy of BrightDrop
    Image attribution tooltip

    GM tightens control over EV delivery startup BrightDrop

    The move brings all of GM’s commercial digital solutions, including BrightDrop Core, into its commercial product and business services unit GM Envolve.

    By Nov. 21, 2023
  • A worker inspects Nissan Pathfinder SUV at the company's Smyrna Vehicle Assembly Plant in Tennessee.
    Image attribution tooltip
    Courtesy of Nissan North America, Inc.
    Image attribution tooltip

    Nissan raising wages 10% for 9,000 US production workers

    Honda, Hyundai, Subaru and Toyota have also promised to increase pay for nonunion workers since the United Auto Workers struck deals with the Big Three.

    By Nov. 21, 2023
  • The front of a Toyota dealership.
    Image attribution tooltip
    Courtesy of Toyota Motor North America
    Image attribution tooltip

    Toyota’s financial arm to pay $60M for illegal lending, credit reporting misconduct

    The Consumer Financial Protection Bureau said Toyota Motor Credit Corporation withheld refunds, refunded incorrect amounts and provided false data to consumer reporting companies.

    By Nov. 20, 2023
  • An LG Energy Solution site.
    Image attribution tooltip
    Courtesy of LG Energy Solution
    Image attribution tooltip

    LG Energy Solution to lay off 170 in Michigan

    The company said slower-than-expected EV demand contributed to the cuts.

    By Kate Magill • Nov. 20, 2023
  • An autonomous Chevy bolt EV operated by Cruise in San Francisco.
    Image attribution tooltip
    Courtesy of Cruise LLC
    Image attribution tooltip

    Cruise CEO resigns amid safety probes into company’s robotaxis

    The company’s robotaxi fleet remains grounded in California after one of the vehicles struck a pedestrian in downtown San Francisco in early October.

    By Nov. 20, 2023
  • The 2024 Subaru Crosstrek Wilderness SUV.
    Image attribution tooltip
    Courtesy of Subaru of America, Inc.
    Image attribution tooltip

    Subaru to raise wages after similar moves by nonunionized automakers

    The decision impacts Subaru’s sole U.S. assembly plant in Lafayette, Indiana, which employs over 5,600 workers and currently builds the Ascent, Crosstrek, Legacy and Outback models.

    By Nov. 20, 2023
  • Hyundai vehicles displayed for sale at a new car dealership.
    Image attribution tooltip
    Justin Sullivan/Staff/Getty Images North America via Getty Images
    Image attribution tooltip

    Hyundai, AWS design training, certification program for critical cloud skills

    The third-largest carmaker will migrate on-premise applications and leverage jointly designed tech training programs. 

    By Lindsey Wilkinson • Nov. 17, 2023
  • United Auto Workers President Shawn Fain at the Stellantis Sterling Heights Assembly Plant in Michigan.
    Image attribution tooltip
    Bill Pugliano/Stringer/Getty Images North America via Getty Images
    Image attribution tooltip

    UAW ratifies labor agreements with Ford, Stellantis

    The United Auto Workers union says 64% of voting members across General Motors, Ford and Stellantis approved the landmark labor agreements.

    By Updated Nov. 20, 2023
  • The Goodyear Blimp flying.
    Image attribution tooltip
    Courtesy of Goodyear
    Image attribution tooltip

    Goodyear CEO to retire as tiremaker overhauls corporate strategy

    The company’s transformation plan includes exploring strategic alternatives for its Dunlop brand and chemical and off-road tire businesses, which it hopes will raise over $2 billion in gross proceeds.

    By Nov. 17, 2023
  • A photo of an EVPoint EV charging station.
    Image attribution tooltip
    Courtesy of EG Group
    Image attribution tooltip

    EG Group buys Tesla hardware for European charging network

    This is the second time Tesla has sold its ultra-fast EV chargers to the convenience store industry. The automaker struck a deal with BP in October.

    By Jessica Loder • Nov. 17, 2023
  • United Auto Workers President Shawn Fain speaks to auto workers.
    Image attribution tooltip
    Scott Olson/Staff/Getty Images North America via Getty Images
    Image attribution tooltip

    UAW members vote to approve GM labor deal despite opposition

    Nearly 55% of autoworkers represented by the United Auto Workers at General Motors voted “yes” to approve the deal, but 13 facilities rejected it.

    By Nov. 16, 2023
  • A black 2023 Jeep Grand Wagoneer SUV.
    Image attribution tooltip
    Courtesy of Stellantis
    Image attribution tooltip

    UAW strike had little impact on new car prices, Kelley Blue Book says

    Transaction prices rose significantly for some strike-affected brands such as Chevrolet, Chrysler and Dodge, while Ford, Jeep and Ram saw drops as those brands boosted incentives.

    By Nov. 15, 2023
  • The Stellantis sign outside the company’s North American office in Auburn Hills, Michigan.
    Image attribution tooltip
    Courtesy of Stellantis
    Image attribution tooltip

    Stellantis offers buyouts to 6,400 employees after UAW deal

    The buyout offers are being sent to more than half of the automaker’s 12,700 salaried employees in the U.S. with at least five years of corporate service. 

    By Nov. 14, 2023
  • A Continental branded tire.
    Image attribution tooltip
    Courtesy of Continental AG
    Image attribution tooltip

    Continental to lay off thousands of automotive employees in restructure

    The supplier plans to cut automotive spending by over $400 million annually as it restructures its business amid the transition to electric vehicles.

    By Nov. 13, 2023
  • A Honda employee inspects a 2018 Accord sedan at the automaker's assembly plant in Marysville, Ohio.
    Image attribution tooltip
    Courtesy of American Honda Motor Co., Inc
    Image attribution tooltip

    Honda raises production worker wages by 11% after Toyota pay bump

    The automaker’s decision follows the historic pay raises the United Auto Workers won from the Big Three to end the recent strike.

    By Nov. 13, 2023
  • Hyundai vehicles displayed for sale at a new car dealership.
    Image attribution tooltip
    Justin Sullivan/Staff/Getty Images North America via Getty Images
    Image attribution tooltip
    Deep Dive

    EV sales are rising. So why are automakers nervous?

    Slower sales growth, lower prices and growing inventories have spooked carmakers, leading some to reconsider their electric vehicle plans to bolster their finances.

    By Nov. 9, 2023
  • The Lucid Air sedan
    Image attribution tooltip
    Courtesy of Lucid Group, Inc.
    Image attribution tooltip

    Lucid Group names Marc Winterhoff as first-ever COO

    The EV startup named a chief operating officer after reducing its full-year production guidance to adjust to dwindling demand for its Lucid Air sedan.

    By Nov. 8, 2023
  • The 2024 BMW 4 Series Gran Coupé infotainment system.
    Image attribution tooltip
    Courtesy of BMW
    Image attribution tooltip

    Installing AM radio in EVs could cost automakers $3.8B

    The costs stem from mitigating electromagnetic interference caused by electric vehicle propulsion systems, a Center for Automotive Research report says.

    By Nov. 8, 2023
  • Light gray car seats and arm rest inside a car.
    Image attribution tooltip

    Courtesy of Hyundai Motor Group.

    Image attribution tooltip

    Hyundai’s EV manufacturing campus draws 3 more suppliers to Georgia

    The latest auto parts manufacturing investments will help supply the automaker with armrests, headrests, chassis and body parts, and seat frames for electric vehicles.

    By Sara Samora • Nov. 7, 2023
  • Stellantis employees assembling doors.
    Image attribution tooltip
    Retrieved from Stellantis on October 18, 2023
    Image attribution tooltip

    Autoworkers in Canada approve labor agreement with Stellantis

    The three-year collective bargaining agreements cover about 8,200 autoworkers, including two assembly plants in Windsor and Brampton, as well as the Etobicoke Casting Plant.

    By Nov. 7, 2023
  • Three 2023 Fisker Ocean SUVs parked side by side.
    Image attribution tooltip
    Courtesy of Fisker Inc.
    Image attribution tooltip

    Fisker CTO resigns, automaker names David King successor

    He will lead the automaker’s engineering and software teams.

    By Nov. 7, 2023