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Walmart investing in GM's Cruise self-driving car company
Key Points is investing in Cruise, majority-owned self-driving vehicle subsidiary, as part of a new $2.75 billion funding round for the company.The decision to invest comes about five months after the companies started developing a pilot program to use Cruise self-driving in Scottsdale, Arizona. "This investment is a marker for us – it shows our commitment to bringing the benefit of self-driving cars to our customers and business," Walmart U.S. CEO John Furner said in a blog post on Thursday. "We're excited to join Cruise's already impressive partner and investor ecosystem with the...…Key Points is investing in Cruise, majority-owned self-driving vehicle subsidiary, as part of a new $2.75 billion funding round for the company.The decision to invest comes about five months after the companies started developing a pilot program to use Cruise self-driving in Scottsdale, Arizona. "This investment is a marker for us – it shows our commitment to bringing the benefit of self-driving cars to our customers and business," Walmart U.S. CEO John Furner said in a blog post on Thursday. "We're excited to join Cruise's already impressive partner and investor ecosystem with the...WW…
Biden wants to build a national EV charging system under $2 trillion infrastructure plan, but it won't be easy
Key PointsIn this articlePresident is prioritizing a national EV charging network under his , promising to have at least 500,000 of the devices installed across the U.S. by 2030.The Biden administration is rolling out Wednesday a $174 billion plan to spur the development and adoption of electric vehicles that includes money to retool factories and boost domestic supply of materials, tax incentives for EV buyers, and grant and incentive programs for charging infrastructure.a day agoBut it's going to take more than government support to successfully expand EV infrastructure. There aren't...…Key PointsIn this articlePresident is prioritizing a national EV charging network under his , promising to have at least 500,000 of the devices installed across the U.S. by 2030.The Biden administration is rolling out Wednesday a $174 billion plan to spur the development and adoption of electric vehicles that includes money to retool factories and boost domestic supply of materials, tax incentives for EV buyers, and grant and incentive programs for charging infrastructure.a day agoBut it's going to take more than government support to successfully expand EV infrastructure. There aren't...WW…
Volvo is set to give all employees 24 weeks of paid parental leave
Key PointsIn this articleSwedish automaker Volvo Cars is increasing paid parental leave for employees globally to 24 weeks regardless of gender, the company announced Tuesday.Employees — both hourly and salaried — who have been with the automaker for at least one year are eligible for the new "Family Bond" program, the company said.It covers those who become parents through birth, adoption, permanent foster care and surrogates. Non-birth parents in same-sex couples are eligible as well. The program takes effect Thursday, Volvo said.Employees will be paid 80% of their base pay by default...…Key PointsIn this articleSwedish automaker Volvo Cars is increasing paid parental leave for employees globally to 24 weeks regardless of gender, the company announced Tuesday.Employees — both hourly and salaried — who have been with the automaker for at least one year are eligible for the new "Family Bond" program, the company said.It covers those who become parents through birth, adoption, permanent foster care and surrogates. Non-birth parents in same-sex couples are eligible as well. The program takes effect Thursday, Volvo said.Employees will be paid 80% of their base pay by default...WW…
Volkswagen's name change of U.S. operations to 'Voltswagen' was April Fool's marketing prank
Key PointsIn this articleGerman automaker will not be changing the name of its U.S. operations to Voltswagen of America after all. which appeared to leak out on its U.S. media site Monday and was formally announced in a press release Tuesday, was part of an elaborate April Fools' Day joke, the company confirmed in a statement later Tuesday."The renaming was designed to be an announcement in the spirit of April Fool's Day, highlighting the launch of the all-electric ID.4 SUV," said Mike Tolbert, VW's U.S.spokesman, in an emailed statement.The company is expected to issue a follow-up...…Key PointsIn this articleGerman automaker will not be changing the name of its U.S. operations to Voltswagen of America after all. which appeared to leak out on its U.S. media site Monday and was formally announced in a press release Tuesday, was part of an elaborate April Fools' Day joke, the company confirmed in a statement later Tuesday."The renaming was designed to be an announcement in the spirit of April Fool's Day, highlighting the launch of the all-electric ID.4 SUV," said Mike Tolbert, VW's U.S.spokesman, in an emailed statement.The company is expected to issue a follow-up...WW…
VW expects half of U.S. sales to be electric vehicles by 2030
Key PointsIn this article is accelerating its plans for all-electric vehicles in a bid to become "the world's most desirable brand for sustainable mobility," a title arguably already owned by .The German automaker Friday morning said more than 70% of its Volkswagen brand's European sales will be EVs by 2030, up from a previous target of 35%. In the U.S. and China, it expects half of its sales to be EVs by that time frame."We are stepping up the pace," Ralf Brandstaetter, who leads the Volkswagen brand, said in a statement. "In the coming years, we will change Volkswagen as never before."...…Key PointsIn this article is accelerating its plans for all-electric vehicles in a bid to become "the world's most desirable brand for sustainable mobility," a title arguably already owned by .The German automaker Friday morning said more than 70% of its Volkswagen brand's European sales will be EVs by 2030, up from a previous target of 35%. In the U.S. and China, it expects half of its sales to be EVs by that time frame."We are stepping up the pace," Ralf Brandstaetter, who leads the Volkswagen brand, said in a statement. "In the coming years, we will change Volkswagen as never before."...WW…
Nikola admits ousted chairman misled investors as legal costs mount
Key PointsIn this articleEmbattled electric truck start-up has admitted its ousted founder and chairman, Trevor Milton, made several inaccurate statements from 2016 through the company's IPO last year that misled investors.The company highlighted nine comments by Milton from July 2016 through July 2020 that were "inaccurate in whole or in part, when made," according to its annual filing Thursday to the Securities and Exchange Commission.Milton left Nikola in September following fraud claims by short seller Hindenburg Research that prompted federal inquiries. Milton and the company...…Key PointsIn this articleEmbattled electric truck start-up has admitted its ousted founder and chairman, Trevor Milton, made several inaccurate statements from 2016 through the company's IPO last year that misled investors.The company highlighted nine comments by Milton from July 2016 through July 2020 that were "inaccurate in whole or in part, when made," according to its annual filing Thursday to the Securities and Exchange Commission.Milton left Nikola in September following fraud claims by short seller Hindenburg Research that prompted federal inquiries. Milton and the company...WW…
GM warns chip shortage could cut 2021 earnings by up to $2 billion
Key PointsIn this articleGeneral Motors earnings: $1.93 per share vs $1.64 EPS expected on Wednesday reported fourth-quarter earnings that easily beat Wall Street expectations, but the company warned that a global semiconductor chip shortage could cut its earnings by $2 billion this year.Automakers and parts suppliers began warning of the shortage late last year after demand for vehicles rebounded more strongly than expected following a two-month shutdown of production plants due to the coronavirus pandemic. GM has car and crossover plants in Kansas, Canada and Mexico through mid-March due...…Key PointsIn this articleGeneral Motors earnings: $1.93 per share vs $1.64 EPS expected on Wednesday reported fourth-quarter earnings that easily beat Wall Street expectations, but the company warned that a global semiconductor chip shortage could cut its earnings by $2 billion this year.Automakers and parts suppliers began warning of the shortage late last year after demand for vehicles rebounded more strongly than expected following a two-month shutdown of production plants due to the coronavirus pandemic. GM has car and crossover plants in Kansas, Canada and Mexico through mid-March due...WW…
GM extending shutdowns at three car and crossover plants due to chip shortage
Key PointsIn this article is extending temporary shutdowns at three assembly plants through mid-March due to a global shortage of semiconductor chips.The impacted plants are in Kansas; Ontario, Canada; and San Luis Potosí, Mexico. They produce the Chevrolet Malibu sedan and Buick Encore, Cadillac XT4, GMC Terrain, and Chevy Equinox and Trax crossovers.The shutdowns, which were initially supposed to last through this week, will be reassessed in mid-March. They're intended to ensure the company has enough semiconductor chips to produce its more profitable pickup trucks and...…Key PointsIn this article is extending temporary shutdowns at three assembly plants through mid-March due to a global shortage of semiconductor chips.The impacted plants are in Kansas; Ontario, Canada; and San Luis Potosí, Mexico. They produce the Chevrolet Malibu sedan and Buick Encore, Cadillac XT4, GMC Terrain, and Chevy Equinox and Trax crossovers.The shutdowns, which were initially supposed to last through this week, will be reassessed in mid-March. They're intended to ensure the company has enough semiconductor chips to produce its more profitable pickup trucks and...WW…
An Apple car would increase pressure on Tesla and other automakers
Key PointsIn this article has been called "the Apple of the automotive industry" for the amount of technology in its vehicles.But as Apple is in talks to partner with for an electric vehicle, what does that mean for Tesla and other automakers?Simply put, it's complicated. is known for its secrecy and there's little information regarding what its business model would be for a so-called Apple Car. But overall, the tech giant entering new segments — phones, watches, music, streaming, etc. — has meant significant pressure for legacy companies to match its consumer interface and products. A car...…Key PointsIn this article has been called "the Apple of the automotive industry" for the amount of technology in its vehicles.But as Apple is in talks to partner with for an electric vehicle, what does that mean for Tesla and other automakers?Simply put, it's complicated. is known for its secrecy and there's little information regarding what its business model would be for a so-called Apple Car. But overall, the tech giant entering new segments — phones, watches, music, streaming, etc. — has meant significant pressure for legacy companies to match its consumer interface and products. A car...WW…
Cadillac rolls out $60,000 Lyriq EV as it phases out gas engines
Key PointsIn this articleDETROIT – The all-electric Lyriq crossover will mark the beginning of the end for traditional internal combustion engines at Cadillac when the new EV arrives in dealer showrooms in the first half of next year.The Lyriq, Cadillac's first EV, is the start of a new lineup of electric cars and SUVs for the brand as it plans to , according to Rory Harvey, global vice president of Cadillac. He said there will be no new vehicles from Cadillac with internal combustion engines, also known as ICE, in North America after last year's launch of the GM unveils its electric Tesla...…Key PointsIn this articleDETROIT – The all-electric Lyriq crossover will mark the beginning of the end for traditional internal combustion engines at Cadillac when the new EV arrives in dealer showrooms in the first half of next year.The Lyriq, Cadillac's first EV, is the start of a new lineup of electric cars and SUVs for the brand as it plans to , according to Rory Harvey, global vice president of Cadillac. He said there will be no new vehicles from Cadillac with internal combustion engines, also known as ICE, in North America after last year's launch of the GM unveils its electric Tesla...WW…
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