Corporate/Finance: Page 18

  • U.S. Federal Reserve Board Chairman Jerome Powell speaks during a June 2023 news conference.
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    Drew Angerer via Getty Images
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    Fed raises interest rates following June pause

    The Federal Open Market Committee raised the main interest rate by a quarter percentage point after a two-day meeting. The move comes as the Fed faces increasing difficulties in its bid to fully quell inflation.

    By Grace Noto • July 27, 2023
  • A rendering of a silver building with the Vinfast logo on a baby blue background, with a parking lot in front of it.
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    Courtesy of Vinfast.

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    VinFast to break ground on first $2B phase of US plant

    The facility will be the Vietnam-based startup’s first North American location and the first automotive manufacturing plant in North Carolina.

    By Sara Samora • July 26, 2023
  • 2023 Bolt EV parked on a residential driveway.
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    Courtesy of General Motors
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    GM to bring back Chevrolet Bolt despite earlier plan to discontinue the EV

    The automaker also said during its earning call that rising costs, including from its battery joint venture with LG, cut into its margins.

    By • July 26, 2023
  • picture of ZF Group CEO Dr. Holger Klein (left) and Young Liu, CEO and Chairman of Foxconn
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    Courtesy of ZF Group
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    Foxconn to take 50% stake in ZF Group’s passenger vehicle chassis unit

    The move is part of Foxconn’s diversification strategy, which includes expanding its automotive business and taking a 5% share of the global EV market by 2025.

    By • July 25, 2023
  • The LG widescreen display in the Mercedes-Benz EQS electric sedan.
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    Courtesy of LG Electronics
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    Car shoppers like subscriptions more than expected: S&P Global Mobility

    Over 80% of survey respondents who experienced a free trial or existing subscription said they would definitely or probably buy subscription-based services for a future vehicle.

    By • July 24, 2023
  • Parking lot full of Tesla Model Y SUVs.
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    Courtesy of Tesla Inc.
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    Tesla reports highest ever quarterly revenue of $24.9B in Q2

    CEO Elon Musk said the company is also talking with major automakers to license Tesla’s Full Self-Driving autonomous driving technology.

    By • July 21, 2023
  • Fermata Energy CEO Tony Posawatz
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    Permission granted by Fermata Energy
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    Tony Posawatz named Fermata Energy CEO

    The former Fisker Automotive CEO also led the development of the Chevrolet Volt.

    By • July 20, 2023
  • Norm de Greve will join General Motors as senior vice president and chief marketing officer, effective July 31, 2023.
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    Courtesy of GM
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    GM names new chief marketing officer

    The auto giant scoops Norm de Greve from CVS Health.

    By • July 19, 2023
  • Former Nissan CEO Carlos Ghosn speaks via video during a press conference at the Foreign Correspondents' Club of Japan on July 18, 2023, in Tokyo, Japan.
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    Takashi Aoyama/Stringer/Getty Images AsiaPac via Getty Images
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    Carlos Ghosn says Nissan, Renault relationship strained, mulling ‘mini alliance’

    The former Nissan head said “the alliance was shattered” after his 2018 arrest on embezzlement charges.

    By • July 19, 2023
  • A blue 2024 Kia EV9 SUV on the road with snow-capped mountains in the background.
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    Courtesy of Kia.

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    Kia to invest over $200M in Georgia plant expansion

    The West Point expansion will enable the automaker to produce its first electric vehicle in North America.

    By Sara Samora • July 17, 2023
  • An automotive salvage yard in Europe.
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    OwenPrice/E+ via Getty Images
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    Automakers blast EU proposal to make cars more recyclable

    The European Union may require automakers to use recycled plastic and help finance the cost of recycling old cars.

    By • July 17, 2023
  • Former Porsche Cars North America CEO Kjell Gruner.
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    Courtesy of Porsche Cars North America
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    Porsche Cars North America CEO steps down

    The company has not selected a successor for Kjell Gruner but plans to announce one soon.

    By • July 6, 2023
  • The Volkswagen ID. Buzz Pro, a battery-electric vehicle.
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    Courtesy of Volkswagen
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    Volkswagen investing over $1B in South America by 2026

    The automaker aims to grow its Brazil business 40% by 2027 and launch 15 electric and flex-fuel models in the region by 2025.

    By • July 6, 2023
  • A motorcycle on the bottom right with a tan building with an orange and black Harley-Davidson logo blurred in the background on a cloudy day.
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    Brandon Bell via Getty Images
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    Harley-Davidson appoints new CFO

    Jonathan Root, formerly senior vice president of financial services, replaces Gina Goetter, who left the company for Hasbro in April.

    By Sara Samora • July 6, 2023
  • The Faraday Future FF91 electric vehicle.
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    Courtesy of Faraday Future
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    Faraday Future raises $90M despite production issues

    Investors also agreed to move up a previous commitment to invest $15 million in the company.

    By • July 5, 2023
  • Shared bikes parked at bike station.
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    NickyLloyd/iStock/Getty Images Plus via Getty Images
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    Growing shared mobility use likely to disrupt private car ownership, urban transportation

    The move from vehicle ownership to shared mobility will test the auto industry, which is experimenting with other revenue streams such as subscriptions.

    By Dan Zukowski • July 5, 2023
  • The Lordstown Motors Endurance electric pickup.
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    Courtesy of Lordstown Motors
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    Lordstown Motors receives Nasdaq delisting notice after filing for bankruptcy

    Trading for the electric truck startup’s stock will be suspended July 7.

    By • June 29, 2023
  • Audi CEO Gernot Döllner
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    Courtesy of Audi AG
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    Audi names new CEO

    Gernot Döllner will replace Markus Duesmann, effective Sept. 1.

    By • June 29, 2023
  • Nissan CEO Makoto Uchida speaking at the company's general shareholder meeting in Yokohama, Japan, on June 26, 2023.
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    Courtesy of Nissan Global
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    Nissan won’t replace COO, paving the way for Renault EV investment

    The Japanese automaker said other leaders would collectively take over the outgoing executive's responsibilities.

    By • June 29, 2023
  • Lordstown Motors CEO Steve Burns standing next to the company's Endurance pickup.
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    Courtesy of Lordstown Motors
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    Lordstown Motors files for bankruptcy, sues investor Foxconn

    In November 2019, Lordstown Motors secured a $40 million loan from General Motors to purchase GM’s shuttered 6.2-million-square-foot Ohio assembly plant to build the electric Endurance pickup.

    By • June 27, 2023
  • A row of cars in a lot
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    Justin Sullivan via Getty Images
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    New vehicle sales continue to climb but economy could slow the auto industry’s recovery: J.D. Power

    Higher interest rates and worsening economic conditions have the potential to dampen sales growth, yet strong demand for new vehicles should continue to benefit the automotive industry, one analyst said.

    By • June 27, 2023
  • The Ford F-150 Lightning is displayed at the North America International Auto Show.
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    Bill Pugliano via Getty Images
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    Ford, SK On secure up to $9.2B in loans from DOE

    The loan will help finance construction of the companies’ three joint venture battery plants. 

    By Megan Ruggles • June 23, 2023
  • Hyundai President and CEO Jaehoon Chang pictured during a presentation the automaker's 2023 CEO Investor Day event in Seoul.
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    Courtesy of Hyundai Motor
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    Hyundai to invest $85B in EVs by 2030

    The company also boosted its electric vehicle sales target to 2 million units annually by the end of the decade.

    By • June 22, 2023
  • Renault Group CEO Luca de Meo
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    Permission granted by Renault Group
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    Renault Group CEO Luca de Meo to lead EV-spinoff Ampere

    The subsidiary aims to lower EV costs by 40% per vehicle by 2027 and develop new battery technologies and software-defined vehicle architecture.

    By • June 21, 2023
  • Nissan COO Ashwani Gupta pictured with the Airya electric SUV in July 2020.
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    Courtesy of Nissan Motor Co. Ltd
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    Nissan COO Ashwani Gupta to step down

    Gupta was responsible for executing the automaker’s Next transformation plan, which included targets of electrifying 40% of its U.S. model lineup by 2026 and boosting global production capacity by 20%.

    By • June 16, 2023