If President Trump has his way, the auto industry’s transition to electric vehicles will soon slam into reverse. He will erase tax credits for electric-vehicle purchases, federal grants for chargers, and subsidies and loans to help retool assembly lines and build battery factories. Executive orders issued by Mr. Trump on Inauguration Day amount to a…
In the U.S., General Motors said this month it was taking $5 billion in charges related to its China business. In Germany, Volkswagen is planning to close factories and cut tens of thousands of employees. One of the underlying causes is the hit to VW’s profits from lost market share in China. Three fundamental facts…
Executives of those companies scoff at all this. Many say they now struggle to justify investing in the country and talk instead of cutting staff. In a recent survey by the American Chamber of Commerce in Shanghai, less than half of respondents said they were optimistic about the prospects for their business in China over…
General Motors Co. Chief Executive Officer Mary Barra has said that China’s crowded market is a “race to the bottom.” For GM, it’s a contest that’s left the automaker saddled with losses and rethinking its options. The American carmaker revealed Wednesday that it would take charges and asset writedowns of more than $5 billion for its investment…
DETROIT (AP) — The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this year. The Detroit automaker said in a regulatory filing Wednesday that it will cut the value of its equity…
(Bloomberg) — General Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s EVs. Most Read from Bloomberg The move, which GM announced Monday, reflects a…
NATIONAL HARBOR, MD – (Photo by Alex Wong/Getty Images) Getty Images In a world where change happens gradually, then all at once, certain CEOs have demonstrated an extraordinary ability to not just navigate but thrive amid technological upheaval and market volatility. What distinguishes truly exceptional chief executives from their peers? There are four crucial criteria:…
In This Story Despite a yearslong effort to curb China’s technological advances, a top Microsoft (MSFT+0.54%) executive is warning that the country is not as far behind as the West might think. How AI is helping advertisers pinpoint exactly what we want Microsoft president Brad Smith said in an interview with CNBC (CMCSA0.00%) that “in…
The lithium market has entered a period of price decline, mainly because of weaker demand conditions and an oversupply of lithium carbonate in key regions. In October, seaborne lithium carbonate prices for Asia dropped by 3.8%, hovering around $10,000 per metric ton, according to S&P Global Commodity Insights analysis. The price dip reflects the seasonal…
General Motors Continues To Defy Expectations Thanks To Pickups And U.S. Demand On Tuesday, General Motors (NYSE: GM) easily surpassed Wall Street’s third-quarter expectations, raising its key guidance target for the full year fueled by the strength of its North America operations. Third Quarter Highlights For the quarter ended on September 30th, General Motors reported…