Ford reshuffles top management as UAW strike drags on
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GM matches Ford's (F) wage offer to UAW in bid to end strike
October 20, 2023 2:22 PM EDTGeneral Motors (NYSE: GM), on Friday, increased its proposal to the striking auto workers, matching Fords (NYSE: F) suggested 23% wage increase and additional benefits enhancements, hours before union leader Shawn Fain was set to address the ongoing negotiations.
"We have made... More
US EV sales skyrocket in 3Q, China expands reach
October 20, 2023 8:41 AM EDTAccording to data released by Cox Automotive, US electric vehicle (EV) sales surged by almost 50% in the 3Q compared to last year, surpassing 300,000 units sold for the first time.
The current market trajectory suggests that the US may witness the sale of over a million EV cars this year, marking a significant milestone in the transition to auto electrification. A notable shift, coupled with Tesla's (NASDAQ:... More
Chinas CATL reports severe drop in profit growth as EV demand weakens
October 19, 2023 10:12 AM EDTChina's CATL, the leading global battery manufacturer for electric vehicles (EV), announced on Thursday that its third-quarter profits had grown by 10.7%, representing the companys slowest quarter since the beginning of last year. Management attributes the slowdown to a combination of reduced demand and intensified competition.
This growth figure stands in stark contrast to the 63.2% profit increase in the previous quarter and the substantial 188.4% surge experienced in the third quarter of 2022.
Recent data revealed that CATL witnessed a decline... More
Tesla (TSLA) follows GM and Ford (F), slows EV ramp as demand drops
October 19, 2023 9:21 AM EDTTesla (NASDAQ: TSLA), on Wednesday, echoed the cautious approach of General Motors (NYSE: GM) and Ford (NYSE: F) towards expanding electric vehicle (EV) production capacity. The company cited economic uncertainties and emphasized concerns about a possible decline in demand.
Tesla CEO, Elon Musk voiced his apprehension about the... More
Ford (F) announces management shuffle as UAW strikes continue
October 18, 2023 12:03 PM EDTFord Motor (NYSE: F), on Wednesday, revealed a restructuring of its management, appointing Kumar Galhotra, the head of the combustion vehicle unit, as the new chief operating officer.
This development comes despite the continued autoworkers strike showing scant indications of resolution.
Galhotra, formerly in charge of the Ford Blue unit responsible for gas and hybrid vehicles, will now oversee the global industrial system of the automaker.
Meanwhile, Andrew Frick, who previously handled sales and... More
