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July 1, 2022

Autos

GM warns of manufacturing issues in second quarter but stands by forecast for the year

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CNBC – For more and to sign up click here Mary Barra, Chair and CEO of the General Motors Company (GM), speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. Patrick T. Fallon | AFP | Getty Images DETROIT – General Motors on Friday......

Elon Musk is smart — but he doesn’t understand ESG, tech CEO says

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CNBC – For more and to sign up click here In May, electric-vehicle maker Tesla was removed from the S&P 500’s ESG Index. In response, CEO Elon Musk tweeted that ESG was “a scam” that had been “been weaponized by phony social justice warriors.” Jim Watson | AFP | Getty......

Tesla is cutting about 200 Autopilot jobs and closing office in San Mateo, California

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CNBC – For more and to sign up click here Elon Musk talks at the Automotive World News Congress at the Renaissance Center in Detroit, Michigan. Rebecca Cook | Reuters Tesla is closing its office in San Mateo, California, and eliminating an estimated 200 jobs there, CNBC has confirmed, as......

New car quality declined sharply this year with supply chain problems, says J.D. Power

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CNBC – For more and to sign up click here Billboards at the Ziegler Cadillac, Buick and GMC Dealership in Lincolnwood, Illinois, the United States. U.S. General Motors Co. Joel Lerner | Xinhua News Agency | Getty Images New vehicle quality declined by 11% this year amid parts shortages, shipping......

Toyota issues recall for its flagship electric SUV following concerns about wheels coming off  

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CNBC – For more and to sign up click here Toyota’s bZ4X electric sport utility vehicle photographed in Chiba Prefecture, Japan, on Feb. 24, 2022. The Japanese automotive giant has issued a safety recall related to the bZ4X’s wheels. Kiyoshi Ota | Bloomberg | Getty Images Japanese automotive giant Toyota......

How much money do gas tax holidays actually save drivers? What we know, based on 3 states that put temporary suspensions in place

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CNBC – For more and to sign up click here President Joe Biden remarks on efforts to lower high gas prices at the Eisenhower Executive Office Building in Washington, D.C. on June 22, 2022. Jim Watson | AFP | Getty Images President Joe Biden has called on Congress to put......

With or without a federal gas tax holiday, here are 4 ways to save money at the pump

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CNBC – For more and to sign up click here The recent run-up in gasoline prices is now being felt nearly across the board. The national average for a gallon of gas is currently $4.94 after topping $5 per gallon for the first time ever earlier this month, according to AAA. Last year......

Chinese EV maker Nio says a car fell from third floor of a Shanghai office, killing two

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CNBC – For more and to sign up click here Employees stand next to a ET7 sedan at a NIO Inc. dealership in Shanghai, China, on Wednesday, June 8, 2022. Qilai Shen | Bloomberg | Getty Images A test car made by Chinese electric vehicle start-up Nio fell out of a third-floor parking lot of a building in Shanghai, killing two people, the company said in a Weibo post on Thursday. The incident......

Musk says Tesla’s factories in Berlin and Texas are ‘gigantic money furnaces’

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CNBC – For more and to sign up click here “The past two years have been an absolutely nightmare of supply chain disruptions, one thing after another, and we are not out of it yet,” Tesla CEO Elon Musk said. Patrick T. Fallon | Reuters Tesla’s newest car factories in......

Raw material costs for electric vehicles have doubled during the pandemic

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CNBC – For more and to sign up click here Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company’s manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Jamie Kelter Davis | Bloomberg | Getty Images Raw material costs for......

World’s largest truckmaker says it’s facing enormous supply chain pressure

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CNBC – For more and to sign up click here Supply chain disruptions are still rippling across the globe, and the head of the world’s largest truckmaker has warned that shortages of parts are slowing the production of thousands of its vehicles. Daimler Truck CEO Martin Daum told CNBC Wednesday......

China’s electric vehicle battery supply chain shows signs of forced labor, report says

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CNBC – For more and to sign up click here Hundreds of Uyghurs are working for a mining conglomerate that produces raw materials for electric vehicles as part of a so-called work transfer program in China, the New York Times reported. Shen Longquan | Visual China Group | Getty Images......

Elon Musk says Tesla will lay off 3.5% of total workforce as ex-employees sue company

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CNBC – For more and to sign up click here Tesla CEO Elon Musk. Patrick Pleul | AFP | Getty Images Elon Musk has sought to clarify how many Tesla workers will lose their jobs, following the launch of a lawsuit by former employees who claim the automaker breached U.S.......

How GM, Ford and Tesla are tackling the national EV charging challenge

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CNBC – For more and to sign up click here More people than ever are buying electric vehicles. There are about 2 million EVs on the road in the U.S., up six-fold since 2016, but the number of EVs is still a very small slice of the more than 280......

Jokowi lays out his pitch for why Elon Musk should invest in Indonesia

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CNBC – For more and to sign up click here Elon Musk, here seen at an event in New York in early-May, is being aggressively courted to produce his electric vehicles “end to end” in resource-rich Indonesia. Angela Weiss | AFP | Getty Images President Joko Widodo denied that Indonesia......

Inflation and recession fears are squeezing some industries more than others

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CNBC – For more and to sign up click here A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty Images People still......

How the massive EV transition is starting in the car rental industry

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CNBC – For more and to sign up click here Tesla Model 3 electric vehicles at a Hertz airport location. Photo by E.R. Davidson Not long after Hertz Global Holdings emerged from bankruptcy last summer, reorganized after the Covid-19 pandemic stalled the entire car rental industry, the Estero, Florida-based company......

Elon Musk had a bad week

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CNBC – For more and to sign up click here Elon Musk pauses and looks down as he speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022. Jim Watson | AFP | Getty Images In what’s been a particularly......

Cost to finance a new car hits a record $656 per month — and auto shoppers could pay even more with latest Fed rate hike

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CNBC – For more and to sign up click here Fg Trade | Istock | Getty Images For consumers in search of an affordable new car, there’s little relief on the horizon. The monthly costs to finance a vehicle purchase have hit record highs. Consumers face monthly payments averaging $656......

GM investing $81 million to hand build ultra-exclusive Cadillac Celestiq electric cars

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CNBC – For more and to sign up click here Front driver’s side view of the Celestiq show car, which GM is expected to unveil in late-July. GM DETROIT – General Motors on Wednesday said it is investing $81 million at its global design and technology campus in suburban Detroit......

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