automobile
New York (AFP) - Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Elon Musk's EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday. The online technology publication quoted from a Musk email in which he vowed to be "absolutely hard core about headcount and cost reduction." Musk will seek to oust any executive "wh...
AFP
New York (AFP) - Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure." But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for. The resul...
AFP
New York (AFP) - General Motors reported higher profits Tuesday thanks to continued strength in North America that offset a loss in its China business, enabling the carmaker to lift its forecast. GM, which has benefited from consistently strong demand from US consumers for pickup trucks and other larger vehicles, increased its range for 2024 net income by $300 million to between $10.1 and $11.5 billion. "The team is executing well and making progress across the board," GM Chief Executive Mary Barra said in a letter to shareholders. Net profits in the first quarter rose 24 percent to $3.0 billi...
AFP
New York (AFP) - Tesla CEO Elon Musk faces heightened pressure with Tuesday's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps -- and not indications of a road to decline. The electric car maker, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report. Tuesday's earnings and conference call are a "moment of truth" for Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush. Heading in...
AFP
New York (AFP) - Volkswagen workers in Tennessee voted decisively to become a union shop, according to election results released Friday, marking the first victory for organized labor at a foreign-owned auto plant in the American South. With a solid 73 percent supporting, employees in the Chattanooga plant voted for representation by the United Auto Workers at the 13-year-old factory, according to results released by VW, a triumphant outcome for organized labor in a region in which it has long failed to make major gains. "Volkswagen workers just made history!" said a UAW post on X, the former ...
AFP
New York (AFP) - Tesla is recalling 3,878 Cybertruck vehicles because of a defect that can cause unintentional vehicle acceleration, increasing crash risk, according to a US notice posted this week. Tesla notified the National Highway Traffic Safety Administration on April 17 of the condition in which the accelerator pedal may become trapped on the Cybertruck, Elon Musk's futuristic take on the American pickup truck. If the accelerator pedal becomes trapped, "the performance and operation of the pedal will be affected, which may increase the risk of a collision," Tesla said in the notice. Tes...
AFP
New York (AFP) - Volkswagen employees in Tennessee began casting ballots Wednesday in a vote that could make theirs the first foreign carmaker to unionize in the American South, expanding gains made by organized labor in the auto heartland of Detroit. Hopes were high among supporters of the United Auto Workers (UAW) union in the city of Chattanooga on the eve of the three-day vote, as the revived labor organization takes on its first target after last fall's triumphant strikes at Detroit's "Big Three" carmakers. "We're really excited," assembly worker Isaac Meadows said as he headed to the pla...
AFP
New York (AFP) - Tesla reported sharply lower first-quarter auto sales on Tuesday amid an underwhelming demand outlook for electric vehicles, while legacy players including Toyota rode improved US inventories to higher sales. Elon Musk's auto giant reported 386,810 global deliveries over the period, down 8.5 percent, reflecting in part a weak sales market in China, where it faces heavy competition from local electric vehicle (EV) makers. Tesla also cited the drag from an apparent arson attack on power lines in Germany that dented output at the company's lone European factory. Among other auto...
AFP
New York (AFP) - Tesla reported an 8.5 percent drop in first-quarter auto deliveries, missing estimates from leading analysts and weighing on shares. Elon Musk's auto giant reported 386,810 deliveries over the period, reflecting in part a weak sales market in China, where it faces heavy competition from local electric vehicle (EV) makers. The automaker's production slipped about 1.7 percent to 433,371. Analysts have been girding for a tough first quarter for the high-flying Tesla, which has reportedly cut production in China the face of the rise of BYD and other Chinese automakers. Tesla was ...
AFP
New York (AFP) - President Joe Biden's administration announced Wednesday revised pollution standards for cars and trucks meant to accelerate the US auto industry's shift to electric to mitigate climate change. The rules set ambitious emission reductions for 2032 but are moderated compared with preliminary standards unveiled last April. Following carmaker criticism, the final rules give manufacturers greater flexibility and ease the benchmarks in the first three years. Environmental Protection Agency Administrator Michael Regan said the updated policy would lead to a future "powered by cleaner...
AFP
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