Good morning! It’s Tuesday, May 28, 2024, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know. Tesla’s Cybertruck Has Finally Arrived 1st Gear: Shareholders Advised Against Elon Musk’s Massive Pay Raise After it transpired … Read more
R1T trucks on the assembly line at the Rivian electric vehicle plant in Normal on April 11, 2022. Brian Cassella | Tribune News Service | Getty Images Once-hot electric vehicle startups — years ago fueled by low interest rates, free cash and Wall Street bullishness — are now scrambling to prove they can survive in … Read more
Ford’s Chief Financial Officer John Lawler and Linda Zhang, chief engineer for the company’s All Electric F-150 Lightning, participate in the opening bell ceremony at the New York Stock Exchange, April 28, 2022. Brendan Mcdermid | Reuters Ford Motor on Friday named the former chief financial officer of electric-vehicle startup Lucid to replace its current … Read more
United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. Andi Rice | Bloomberg | Getty Images Mercedes-Benz workers in Alabama have voted against union representation by the United Auto Workers, the National Labor Relations Board said Friday. The … Read more
A Rivian electric truck sits parked in front of a Rivian service center on August 08, 2023 in South San Francisco, California. Justin Sullivan | Getty Images Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth quarter earnings after the bell Wednesday. … Read more
It’s arguably the biggest stock story of 2023: a small number of giant technology companies now make up a very large part of big indexes like the S&P 500 and the Nasdaq-100. Five companies (Apple, Microsoft, Amazon, Nvidia and Alphabet) make up about 25% of the S&P 500. Six companies (Apple, Microsoft, Amazon, Nvidia, Alphabet and Broadcom) … Read more
United Auto Workers President Shawn Fain, middle, visits striking UAW Local 551 workers outside a Ford assembly center on South Burley Avenue on Saturday, Oct. 7, 2023, in Chicago. John J. Kim | Tribune News Service | Getty Images The United Auto Workers union is launching an unprecedented campaign to organize 13 non-union automakers in … Read more
Here are the most important news items that investors need to start their trading day: 1. Winning ways Investors hope stocks can start a winning streak after the three major U.S. averages enjoyed their best week of the year so far. The Dow Jones Industrial Average rose about 5% last week, while the S&P 500 … Read more
German Chancellor Olaf Scholz (SPD,l.), and Ola Källenius, Chairman of the Board of Management of Mercedes-Benz AG, visit the Mercedes stand during the opening of the IAA. Sven Hoppe | Picture Alliance | Getty Images Munich, GERMANY — The IAA Mobility motor show is taking place in Munich, Germany this week, and there is no … Read more
The Lucid Air Midnight Dream Edition. Lucid MUNICH — Lucid is exploring selling its cars in China but has no timeline for when it will enter the world’s largest electric car market, a top executive told CNBC. The comments come after Lucid hired Zhu Jiang, a former executive at Chinese electric car start-up Nio. “Every … Read more