Tag: General Motors

Auto Giants Scrambling to Slash Costs as Massive Bet on EVs, Self-Driving Fizzles

ADN America
Auto Factory

Major automobile companies are attempting to cut costs associated with electric vehicle (EV) lines and autonomous cars after spending heavily on both, according to CNBC.

Companies such as General Motors (GM), Stellantis and Ford are taking drastic measures aimed at reducing costs, such as enacting layoffs and making production cuts, according to CNBC. Automakers have invested billions of dollars into self-driving cars and EVs, with many now facing prolonged returns on their investments and slow EV adoption, CNBC reported.

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Major Automaker Abandons 2030 Electric Vehicle Target as Market Woes Continue

Daily Caller News Foundation
Volvo Electric SUV

Swedish automaker Volvo Cars said on Wednesday that it is scrapping its goal of going fully electric by 2030 as the electric vehicle (EV) market continues to struggle.

The company announced it now aims for between 90 percent and 100 percent of its cars to be fully electric or plug-in hybrids by the end of the decade, with the remainder being “mild,” non-plug-in hybrids, a company press release stated. Volvo’s backpedaling comes amid lower-than-expected consumer demand for EVs and a recent industry shift away from electrification.

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Bentley Pushes Back Ambitious All-Electric Goals

South Carolina Sun Staff
Driver getting into his Bently

British luxury carmaker Bentley Motors is pushing back its plans to have an all-electric vehicle (EV) offering by 2030, following other top vehicle manufacturers, according to CNBC.

Bentley had originally planned to transition all of its vehicle sales to EVs by 2030 but announced that it would be looking to delay that change by a couple of years, continuing to offer hybrids through that time, CEO Adrian Hallmark said in a media briefing following the company’s fourth quarter results, according to CNBC. General Motors, Ford, Mercedes-Benz and Honda have all backed off of previously made EV goals in the past year as low demand and high costs have stifled the commodity’s profitability compared to traditional vehicles.

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Study: Most Partial Automation Driving Systems Need Work

The Center Square
Nissan Car

The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.

The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.

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Top U.S. Automaker Reports $1.7 Billion Loss on Electric Vehicles in Fourth Quarter

South Carolina Sun Staff
Marry Barra

General Motors reported a $1.7 billion loss on Tuesday in its fourth quarter earnings call in the production and sale of its electric vehicle line, despite having positive net income growth in the quarter.

The automaker’s net income for the fourth quarter rose 5.2% year-over-year to $2.1 billion despite a reduction in revenue over that time frame of 0.3%, according to GM’s fourth quarter earnings report. The losses on EVs accompany a $1.1 billion total loss from a six-week-long strike by the United Auto Workers that partially halted operations, with the union gaining a new work contract that could raise labor costs in the coming year, according to the company’s investor earnings call.

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Democrats Support Efforts to Unionize More Auto Plants as EVs Are Projected to Cause Job Losses

Just the News

Democrats are supporting the United Auto Workers (UAW) labor union’s efforts to unionize more auto plants as electric vehicles are projected to result in job loss across the industry within the next 10 years.

Democrats in Congress passed the Inflation Reduction Act of 2022, which included tax incentives for the purchase of certain electric vehicles as well as funding to expand the EV charging network in the U.S.

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