Midday movers: GM, Workday, Phillips 66

U.S. to impose limitations on Chinese battery content for EV tax credits

U.S. President Joe Biden and his administration released guidance on Friday that will impose restrictions on Chinese content allowed in batteries qualifying for electric vehicle (EV) tax credits beginning next year.

In a victory for automakers, the U.S. Treasury is set to provide a temporary exemption for certain essential trace minerals from recently imposed stringent regulations that restrict materials originating from China and other nations labeled as "Foreign Entity of Concern"... More

NHTSA opens investigation into GM’s Chevy Volt over sudden loss of power

The National Highway Traffic Safety Administration (NHTSA) announced Friday that the U.S. auto safety regulator is opening an investigative probe into 73K Chevrolet Volt plug-in hybrid cars.

The investigation stems from consumer reports of sudden loss of power, failures to restart and other issues.

The NHTSA said it was opening the preliminary evaluation concerning the 2016 to 2019 Chevrolet Volt models due to 61... More

GM looks to cut EV costs while searching for profit from green vehicles

General Motors (NYSE: GM) announced Thursday that the Detroit automaker expects substantial decreases in electric vehicle manufacturing expenses by 2024 while simultaneously ramping up the production of more lucrative vehicle models.

During a Barclays event, GM's Chief Financial Officer, Paul Jacobson, expressed confidence in the company's upcoming enhancements in EV profit margins.

He outlined projections for an upturn in margins next year, foreseeing the achievement of mid-single-digit earnings before interest and taxes margin goals by 2025.

"We don't want to be the next Tesla. We want to be... More

Musk tempers expectations ahead of Tesla (TSLA) Cybertruck event

Tesla (NASDAQ: TSLA) is preparing to start deliveries of their long-awaited Cybertruck electric pickup this Thursday, following CEO Elon Musk's cautious remarks about production challenges for this groundbreaking product.

The Cybertruck marks Tesla's debut in new vehicle models after almost four years, holding substantial importance in maintaining the brand's image as a pioneer in inventive automobiles.

Amidst a period where the company faces reduced demand for electric vehicles (EVs) and heightened competition, the success of the Cybertruck holds... More

Hewlett Packard Enterprise (HPE) downside potential outweighed by enthusiasm for AI server upside - Morgan Stanley

Morgan Stanley upgraded Hewlett Packard Enterprise (NYSE: HPE) to Equal Weight from underweight in a note Thursday, maintaining its $16 per share price target on the stock.

Analyst Meta Marshall, reacting to the company's quarterly earnings release, said the firm would have liked more derisking of Intelligent Edge... More

General Motors (GM) PT Mentioned Cautiously at Deutsche Bank, 'uneasy with the message GM is sending'

Deutsche Bank analyst Emmanuel Rosner raised the price target on General Motors (NYSE: GM) to $35.00 (from $33.00) while maintaining a Buy rating.

The analyst comments "while we view large capital returns to shareholders positively, we are a little uneasy with the message GM is sending by doing so while... More

UAW push to organize Tesla (TSLA) and non-union auto sector

The United Auto Workers (UAW) union announced Wednesday their plan to unionize electric vehicle maker, Tesla (NASDAQ: TSLA) as well as the entirety of the nonunion auto industry in the United States.

This move follows the unions successful negotiation of new contracts with the Detroit Three automakers.

UAW revealed that employees from 13 nonunion automakers have launched coordinated campaigns nationwide to join the union.

These efforts encompass companies such as Tesla, Toyota (NYSE:... More

General Motors (GM) takes $9.3B hit from labor deals, plans $10B buyback

General Motors (NYSE: GM) announced on Wednesday that its recent labor agreements following an extended U.S. strike will result in a $9.3 billion expense. Despite this, the company has detailed plans for $10 billion in share repurchases, a 33% hike in dividends, and a significant reduction in expenditure for its self-driving taxi venture, Cruise.

At Tuesday's closing price, the buyback amounts to approximately a quarter of GM's common... More

General Motors (GM) Mentioned Positively at Deutsche Bank

Deutsche Bank analyst Emmanuel Rosner reiterated a Hold rating and $33.00 price target on General Motors (NYSE: GM)

The analyst comments "This morning, GM announced financial updates that were generally above expectations, notably with very large share buyback program of $10bn, of which $6.8bn will... More

General Motors (GM) Mentioned Positively at Citi

Citi analyst Itay Michaeli reiterated a Buy rating and $90.00 price target on General Motors (NYSE: GM)

The analyst comments "GMs post-UAW business update contained a number of positives that inject the much-needed visibility and reassurance we described earlier this week (here). Key... More