Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles
May 26, 2023 GMTATLANTA (AP) — Hyundai Motor Group and LG Energy Solution announced Thursday they will build a $4.3 billion electric battery plant as part of Hyundai's new electric vehicle assembly plant in southeast Georgia.
As electric cars boom, locals fear Chinese battery plant will harm land in drought-stricken Hungary
May 26, 2023 GMTDEBRECEN, Hungary (AP) — Just beyond the pastoral gardens and traditional homes of an eastern Hungarian village, a gigaproject of Chinese industry is taking shape.
Bulldozers and excavators are already preparing the land for construction of a nearly 550-acre electric vehicle (EV) battery plant.
Ford electric vehicle owners to get access to Tesla Supercharger network starting next spring
May 26, 2023 GMTDETROIT (AP) — All of Ford Motor Co.'s current and future electric vehicles will have access to about 12,000 Tesla Supercharger stations in the U.S. and Canada starting next spring.
Ford CEO Jim Farley and Tesla CEO Elon Musk announced the agreement Thursday during a “Twitter Spaces” audio chat.
JAKARTA, Indonesia (AP) — Energy security concerns — worsened by the war in Ukraine — and policy support from rich countries are likely to help investments in clean energy outpace spending on fossil fuels, the International Energy Agency said in a report issued Thursday.
Energy Dept. rejects $200M grant to battery maker after GOP criticism over alleged ties to China
May 24, 2023 GMTWASHINGTON (AP) — The Biden administration has canceled plans to award a $200 million grant to a U.S. battery manufacturer amid criticism from Republican lawmakers over the company's alleged ties to China.
South Korean supplier plans $40 million auto parts plant in Georgia near new Hyundai complex
May 23, 2023 GMTSTATESBORO, Ga. (AP) — A South Korean company will build a $40 million factory in coastal Georgia to make heating and cooling systems near a Hyundai Motor Group auto assembly plant.
Hanon Systems announced Tuesday that it would build the plant in Statesboro, with plans to hire at least 160 new employees.
Ford decides to keep AM radio on 2024 models, will restore AM on two electric vehicles from 2023
May 23, 2023 GMTDETROIT (AP) — Owners of new Ford vehicles will be able to tune in to AM radio in their cars, trucks and SUVs after all.
CEO Jim Farley wrote in social media postings Tuesday that the company is reversing a decision to scrub the band after speaking with government policy leaders who are concerned about keeping emergency alerts that often are sounded on AM stations.
Micron, American Airlines fall; PacWest, Plug Power rise
May 22, 2023 GMTNEW YORK (AP) — Stocks that traded heavily or had substantial price changes Monday:
Micron Technology Inc., down $1.94 to $66.23.
China told users of computer equipment deemed sensitive to stop buying products from the U.S.
Ford’s Farley: Cut costs, improve quality and boost margins through software and services
May 22, 2023 GMTDEARBORN, Mich. (AP) — Ford CEO Jim Farley says his company is remaking itself by cutting costs, raising quality and offering software, services and new vehicles that will make profit margins among the best in the industry.
LONDON (AP) — The world's fourth-biggest carmaker by sales has warned of a potential existential threat to large parts of the British car industry unless the government moves to alter the terms of its post-Brexit trade deal with the European Union.
Why Hyundai and Kia have everyone else playing catch-up
May 17, 2023 GMTIn the past few years, Hyundai and Kia vehicles have skyrocketed to the top of Edmunds’ rankings in some of the most popular vehicle segments. For example, you’ll find a Hyundai or Kia in the top spots for three-row midsize SUVs, midsize sedans, and multiple categories of electric vehicles.
Canadian Prime Minister Trudeau arrives in South Korea to discuss trade, North Korean challenge
May 16, 2023 GMTSEOUL, South Korea (AP) — Canadian Prime Minister Justin Trudeau arrived in South Korea on Tuesday for a meeting with South Korean President Yoon Suk Yeol at which they are expected to discuss expansion of trade and challenges posed by North Korea.
State Supreme Court overturns judge’s ruling prohibiting Tesla dealership in Delaware
May 15, 2023 GMTDOVER, Del. (AP) —
Delaware’s Supreme Court on Monday overturned a judge’s ruling upholding a decision by state officials to prohibit electric vehicle maker Tesla from selling its cars directly to customers.
LA PAZ, Bolivia (AP) — On a recent, cold morning, Dr. Carlos Ortuño hopped into a tiny electric car to go check on a patient in the outskirts of Bolivia's capital of La Paz, unsure if the vehicle would be able to handle the steep, winding streets of the high-altitude city.
Warren Buffett’s company keeps selling carmaker BYD’s stock
May 8, 2023 GMTOMAHA, Neb. (AP) — Warren Buffett’s company continues selling off its stake in Chinese electric car manufacturer BYD and now holds less than 10% of the company's stock.
Board member: 92-year-old Buffett won’t be replaced soon
May 4, 2023 GMTOMAHA, Neb. (AP) — Investors shouldn't expect a change of leadership at the top of Berkshire Hathaway anytime soon, even though Chairman Warren Buffett is 92 and his partner Charlie Munger is 99, one longtime board member said Thursday.
Volkswagen sees sales slump in China, vows rebound this year
May 4, 2023 GMTFRANKFURT, Germany (AP) — Volkswagen profits fell 30% in the first three months of the year despite booming business in Europe and North America because sales dropped in China, where the German automaker is facing increasing competition from homegrown models.
Tesla driver fatally shot in fight at charging station
May 4, 2023 GMTDENVER (AP) — A fight at an electric vehicle charging station in suburban Denver escalated into a fatal shooting that killed a Tesla driver and put another man in custody, authorities said.
The second man later called 911 to report he was involved in the Wednesday shooting and was detained, said Jenny Fulton, a spokesperson for the Jefferson County Sheriff’s Office.
Going green: Nel Hydrogen to build in Michigan, work with GM
May 3, 2023 GMTThe green hydrogen company Nel announced plans Wednesday to build a massive new plant in Michigan as it works with General Motors to drive down the cost of hydrogen.
The Norwegian company makes devices that take water and split it into hydrogen and oxygen, known as electrolyzers, as well as fueling stations.
Google to open two more data centers in Ohio
May 3, 2023 GMTCOLUMBUS, Ohio (AP) — Google plans to build two more data centers in Ohio to help power its artificial intelligence technology and other tools, the company and state officials announced Wednesday.
With one data center already up and running near Columbus, the two new locations will bring Google's total investment in Ohio to more than $2 billion, officials said.
Edmunds: Genesis G80 Electrified vs. BMW i4 M50
May 3, 2023 GMTIt seems like there’s a new electric luxury SUV introduced every couple of months. But if you’re seeking old-school opulence, a luxury sedan might be more your speed. Luckily, automakers haven’t completely forsaken that category.
Ford posts $1.76B 1Q profit largely on gas-powered vehicles
May 2, 2023 GMTDETROIT (AP) — Ford Motor Co. made $1.76 billion last quarter, swinging into the black from a $3.1 billion net loss for the same period a year ago.
Most of the profit came from Ford Blue, the company's internal-combustion engine vehicle unit, which made $2.62 billion before taxes during the quarter.
Construction worker dies in fall at Hyundai site in Georgia
May 2, 2023 GMTELLABELL, Ga. (AP) — A construction worker died after falling from a structure at the sprawling site where Hyundai is building an electric vehicle plant in Georgia, officials said.
Hyundai Motor Group said in a statement the death happened Saturday when a worker fell from a three-story structure in the area of the plant’s paint shop.
Ford cuts prices on Mach E as Tesla raises them on Model Y
May 2, 2023 GMTDETROIT (AP) — Ford is cutting U.S. starting prices on its Mustang Mach E electric SUV, bringing many versions below the cost of its main competitor, the Tesla Model Y.
Ford also said it is reopening the order bank on Wednesday for the Mach E after upgrading a factory in Mexico to increase output.
Chinese electric vehicle brands expand to global markets
May 2, 2023 GMTYOKOHAMA, Japan (AP) — Osamu Furukawa has driven lots of Japanese cars for his business converting classic gasoline-powered models to electric. But his favorite ride is an import: A battery-powered SUV from China’s BYD Auto.
Edmunds picks the top convertibles on the road in 2023
May 1, 2023 GMTThe arrival of warmer weather across the U.S. will soon have a number of shoppers considering a wind-in-the-hair convertible. That’s because, for many people, having limitless headroom and a mobile means of sunbathing is automobile nirvana — though perhaps not for drivers who prefer loose-fitting hats.
Lordstown warns it may fail as investor Foxconn gets jumpy
May 1, 2023 GMTLordstown Motors warned that it is in danger of failing as the electronics company Foxconn wavers on a $170 million investment in the commercial electric vehicle startup.
The Ohio company said in a regulatory filing on Monday that it had received notice from Foxconn on April 21 that it was in breach of their investment agreement because it had gotten a delisting warning from Nasdaq two days earlier.
California approves rule phasing out big diesel trucks
April 28, 2023 GMTSACRAMENTO, Calif. (AP) — New big rigs and buses that run on diesel would not be sold in California starting in 2036, according to new rules approved by state regulators Friday to wean the state off fossil fuels and combat climate change.
What passed during the 2023 Tennessee lawmaking session
April 27, 2023 GMTNASHVILLE, Tenn. (AP) — Tennessee's Republican-dominant Statehouse quickly adjourned last week after attracting national attention for the high-profile expulsion of two now-reinstated Democratic members, the refusal to address gun control following a fatal school shooting, and the resignation of a GOP member found in violation of workplace harassment rules.
Stellantis to offer buyouts amid electric vehicle transition
April 26, 2023 GMTDETROIT (AP) — Another automaker is trying to cut its workforce to trim expenses and stay competitive as the industry makes the long and costly transition to electric vehicles.
Dutch government outlines new package to reduce emissions
April 26, 2023 GMTTHE HAGUE, Netherlands (AP) — The Dutch government unveiled a new package Wednesday to slash carbon emissions by promoting clean energy, sustainable homes and industry and the use of electric cars among other a raft of measures to combat climate change.
Japan’s Honda outlines global strategy for electric cars
April 26, 2023 GMTTOKYO (AP) — Honda is gearing up for an electrification shift in North America with two models developed with General Motors going on sale next year and a bigger EV with a new platform in 2025, a year earlier than initially announced.
Yoon opens state visit with spotlight on space, mega deals
April 26, 2023 GMTWASHINGTON (AP) — South Korean President Yoon Suk Yeol opened his state visit to Washington on Tuesday by touring a NASA facility with Vice President Kamala Harris as the Biden administration looks to deepen ties with a close ally that it sees as only growing in importance in an increasingly complicated Indo-Pacific.
GM boosts outlook as sales in US fuel strong first quarter
April 25, 2023 GMTDETROIT (AP) — Strong U.S. sales helped General Motors increase its first-quarter net profit 19% over a year ago, leading the company to raise its full-year earnings guidance on expectations that people will keep buying new vehicles.
GM, Samsung plan new EV battery cell factory in US
April 25, 2023 GMTDETROIT (AP) — General Motors and South Korea’s Samsung SDI plan to invest more than $3 billion in a new electric vehicle battery cell plant in the United States, the companies said Tuesday.
They did not announce the intended location of the new factory, which is expected to begin operations in 2026, GM and Samsung SDI said in a statement.
Planned Senate bill would counteract Mining Law ruling
April 25, 2023 GMTRENO, Nev. (AP) — A Nevada Democratic U.S. senator is looking to Congress to ensure mining companies can use established mineral claims to dump waste on neighboring federal lands as they always had before a federal appeals court adopted a stricter interpretation of a 150-year-old law.
After 4 US price cuts, Tesla raises cost for older models
April 21, 2023 GMTDETROIT (AP) — After cutting U.S. vehicle prices four times this year, Tesla raised the cost overnight on its slow-selling more expensive models.
The hike could be an effort to appease investors, who dumped shares of Tesla on Thursday after its earnings and profit margins dropped due to previous price cuts.
New UAW leader already has issues with Detroit automakers
April 21, 2023 GMTDETROIT (AP) — To say that the new president of the United Auto Workers union is unhappy with Detroit's three automakers would be an understatement.
Shawn Fain, who took office in March after workers voted to sweep out most of the union's old leadership, listed grievances with Stellantis, General Motors and Ford in a wide-ranging talk Friday with reporters.
Canada’s Trudeau hails VW plant as ‘generational’ investment
April 21, 2023 GMTVANCOUVER, British Columbia (AP) — A massive Volkswagen electric battery plant being built in Ontario will create 3,000 jobs and represent a “generational investment” for Canada, Prime Minister Justin Trudeau said Friday.
Toyota’s new president vows to step up electric vehicle push
April 21, 2023 GMTTOKYO (AP) — Toyota’s new president Koji Sato has promised what he called an aggressive shift on “electrification,” while acknowledging criticism that Japan’s top automaker has fallen behind in actual volumes of electric vehicles sold compared to its rivals.
Stock market today: Asian shares follow Wall Street lower
April 21, 2023 GMTShares were weaker in Asia on Friday, tracking a decline on Wall Street following mixed earnings reports from big companies and more signals the U.S. economy may be slowing.
How major US stock indexes fared Thursday 4/20/2023
April 20, 2023 GMTStocks are closing lower on Wall Street Thursday, pulled down by big losses for Tesla and AT&T and signals that the U.S. economy may be slowing.
The S&P 500 fell 0.6% and is headed for a weekly loss.
Michigan committee gives $175 million for EV battery plant
April 20, 2023 GMTLANSING, Mich. (AP) — A Michigan Senate committee gave final legislative approval to allocate $175 million in state funds to a factory planned by Chinese manufacturer Gotion in northern Michigan that proponents say will create thousands of jobs and be a boon for the local economy.
Tesla cuts U.S. prices again ahead of 1Q earnings release
April 19, 2023 GMTDETROIT (AP) — Tesla dropped the starting prices for its two top-selling models overnight, the company's fourth price cut in the U.S. this year.
The company lopped $3,000, or about 6%, off the starting prices for all three versions of the Model Y small SUV, Tesla's top-seller.
New Jersey halts electric vehicle rebates, demand too high
April 18, 2023 GMTTRENTON, N.J. (AP) — New Jersey residents looking to buy or lease an electric vehicle won’t be able to get a government rebate — at least temporarily — because the state program is so popular that it's already running out of money, officials said.
Wisconsin Assembly votes to outlaw local bans on gas engines
April 18, 2023 GMTMADISON, Wis. (AP) — State and local governments in Wisconsin would not be allowed to ban gas-powered vehicles, snow blowers, lawnmowers and other machines under a pair of bills the Republican-controlled Assembly passed Tuesday along party lines.
Volkswagen unveils electric luxury sedan at China auto show
April 18, 2023 GMTSHANGHAI (AP) — Volkswagen unveiled an electric luxury sedan that promises a 700-kilometer (435-mile) battery range as global and Chinese automakers displayed their latest SUVs, sedans and muscle cars at the world’s biggest auto show Tuesday.
See the EVs eligible for tax credits - and why most aren’t
April 17, 2023 GMTDETROIT (AP) — Ten electric or plug-in hybrid vehicles will be eligible for a $7,500 U.S. tax credit, while another seven could get $3,750 under new federal rules that go into effect on Tuesday.
But under the Treasury Department rules and other provisions of last year's Inflation Reduction Act, most of the more than 60 electric or plug-in hybrids on sale in the U.S.
US tax breaks lure European clean tech companies as EU lags
April 17, 2023 GMTLONDON (AP) — Norwegian startup Freyr will first build batteries to power electric vehicles and store clean energy in a remote town near the Arctic Circle. Up next? An Atlanta suburb.
That's because a new U.S.
China auto show highlights intense electric car competition
April 16, 2023 GMTSHANGHAI (AP) — Global and Chinese automakers plan to unveil more than a dozen new electric SUVs, sedans and muscle cars this week at the Shanghai auto show, their first full-scale sales event in four years in a market that has become a workshop for developing electrics, self-driving cars and other technology.
G7 energy, environment leaders haggle over climate strategy
April 15, 2023 GMTSAPPORO, Japan (AP) — Energy and environment ministers of the Group of Seven wealthy nations met Saturday in northern Japan, seeking to reconcile the world's heavy reliance on fossil fuels with the urgency of ending carbon emissions to stave off the worst consequences of climate change.
JPMorgan Chase, BlackRock rise; Boeing, Lucid Group fall
April 14, 2023 GMTNEW YORK (AP) — Stocks that traded heavily or had substantial price changes Friday:
Boeing Co., down $11.88 to $201.71.
The airplane maker said supplier problems could delay production and delivery of its 737 Max planes.
Initial public offerings scheduled to debut next week
April 14, 2023 GMTNEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings.
Initial public offerings scheduled to debut next week
April 14, 2023 GMTNEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings.
Stiff EPA emission limits to boost US electric vehicle sales
April 12, 2023 GMTWASHINGTON (AP) — The Biden administration is proposing stiff new automobile pollution limits that would require up to two-thirds of new vehicles sold in the U.S.
Edmunds: 2023 Volvo XC40 Recharge vs. Audi Q4 e-tron
April 12, 2023 GMTWith its original e-tron, Audi was one of the first luxury European automakers to offer an electric vehicle. Last year, it expanded its lineup with the more affordable Q4 e-tron.
Hyundai supplier Seohan sets $72M, 180-job Georgia plant
April 11, 2023 GMTMIDWAY, Ga. (AP) — A South Korean company will build a $72 million factory to make half shafts, axles and brake systems for a Hyundai Motor Group auto assembly plant in coastal Georgia.
Seohan Group announced Tuesday that it would build the plant near Midway, south of Savannah, with plans to hire at least 180 new employees.
Ford to convert Ontario plant into electric vehicle complex
April 11, 2023 GMTDETROIT (AP) — Ford Motor Co. says it will spend $1.34 billion ($1.8 billion Canadian) to convert an SUV factory in suburban Toronto so it can build next-generation electric vehicles.
The roughly 3,000 workers at the plant in Oakville, Ontario, are expected to keep their jobs depending on market conditions, the company said Tuesday.
4 in 10 say next vehicle may be electric: AP-NORC/EPIC poll
April 11, 2023 GMTWASHINGTON (AP) — Many Americans aren’t yet sold on going electric for their next cars, a new poll shows, with high prices and too few charging stations the main deterrents. About 4 in 10 U.S. adults are at least somewhat likely to switch, but the history-making shift from the country’s century-plus love affair with gas-driven vehicles still has a ways to travel.