|Bid||0.00 x 47300|
|Ask||9.30 x 40000|
|Day's Range||9.22 - 9.36|
|52 Week Range||7.41 - 10.56|
|Beta (3Y Monthly)||0.97|
|PE Ratio (TTM)||17.13|
|Forward Dividend & Yield||0.60 (6.47%)|
|1y Target Est||N/A|
(Bloomberg) -- President Donald Trump said he will revoke California’s authority to regulate greenhouse gas emissions from autos, his latest clash with the state that threatens to plunge the auto industry into protracted legal uncertainty.“This is the fight of a lifetime for us. We have to win this and I believe we will,” California Air Resources Board Chairman Mary Nichols said during a defiant press conference after Trump’s announcement Wednesday.Trump’s decision, announced on Twitter, adds to his long-running disputes with liberal California. As he began a two-day fundraising trip in the state Tuesday, Trump derided its homeless crisis while calling out the “tremendous taxes” its property owners pay. That comes on top of his criticism of the state’s management of immigration, forest fires and water policy.California, a heavily Democratic state that’s home to one in eight Americans, has filed more than 50 lawsuits and other protests over the president’s actions.Taking away California’s clean-car authority upends fuel-economy rules negotiated with the auto industry by President Barack Obama. Trump said his administration’s replacement efficiency standards, which are being finalized by federal agencies for cars built after 2020, will lead to greater vehicle production by reducing the cost of new vehicles.“Many more cars will be produced under the new and uniform standard, meaning significantly more JOBS, JOBS, JOBS! Automakers should seize this opportunity because without this alternative to California, you will be out of business,” Trump said in a tweet.Legal experts said the Trump administration may have a tough time defending a suit. A waiver has never been revoked in the 50-year-history of the Clean Air Act, said Julia Stein, a University of California at Los Angeles environmental law expert.“Ironically, even though the administration insists that it will be creating ‘one national standard’ by revoking California’s waiver, it will actually be doing the opposite,” Stein wrote in a blog post Thursday.California officials including Governor Gavin Newsom and Attorney General Xavier Becerra said in a press conference that the state has received roughly 100 waivers to combat air pollution and they would defend the one underpinning its vehicle rules.“This is such a pivotal moment in the history of climate change,” Newsom said, citing statistics on the role of transportation in greenhouse gas emissions. “This is our legacy moment.”With some 35 million vehicles in the state, and the transportation sector’s role as the top contributor of greenhouse gas emissions, Becerra said California’s ability to combat vehicle greenhouse gas emissions is critical to the state’s clean-air goals.“Our message to those who claim to support states rights: don’t trample on ours,” Becerra said. “Doing so would be an attempt to undo the progress we’ve made over the past decades.”Under Trump’s plan, the Environmental Protection Agency will revoke the so-called waiver underpinning the state’s ability to set tailpipe greenhouse-gas emissions standards that are more stringent, as well as the state’s electric vehicle sales mandate. The Transportation Department meanwhile will assert that the California rules are preempted by federal fuel-economy standards administered by the National Highway Traffic Safety Administration.EPA Administrator Andrew Wheeler and Transportation Secretary Elaine Chao have a “major policy announcement” planned at the EPA’s headquarters Thursday morning, the agency said in a statement following Trump’s tweet.Why Trump Attacks California’s Anti-Pollution Powers: QuickTakeDave Schwietert, interim president of the Alliance of Automobile Manufacturers, said the group will review the action and the still-pending federal emissions and fuel-economy standards for 2021 to 2026 to evaluate how they effect its member companies, employees and consumers.Predictable emissions and fuel economy standards are vital for automakers because as they plan production and model offerings several years in the future.“Automakers support year-over-year increases in fuel economy standards that align with marketplace realities, and we support one national program as the best path to preserve good auto jobs, keep new vehicles affordable for more Americans and avoid a marketplace with different standards,” Schwietert said in a statement.The move will shatter a nearly decade-long regulatory arrangement between NHTSA, EPA and the California Air Resources Board that has allowed automakers to satisfy fuel economy and efficiency standards administered by each agency with a single fleet of vehicles that can be sold nationwide.“Our viewpoint is that we want one national fleet” standard for fuel economy and emissions, said Art St. Cyr, vice president of auto operations at American Honda Morot Co. “We don’t want to have a split fleet.”Trump’s move “is bad for California and it’s bad for the country,” said California Democratic Senator Dianne Feinstein. “Revoking California’s authority will lead not only to more pollution, it will cost consumers billions of dollars a year in increased fuel consumption.”California’s Weak Case in Emissions War With Trump: Noah FeldmanThe Trump administration in August 2018 proposed stripping California’s authority as part of its broader plan to slash federal emissions and fuel-economy requirements enacted by the Obama administration.The plan initially recommended capping requirements after 2020 at a 37 mile-per-gallon fleet average, instead of rising each year to roughly 50 mpg. U.S. officials have since signaled that the final rule may require small annual improvements, but at levels far less than required under the current standards. Separating the attack on California’s authority allows that piece of the rule to proceed while federal agencies continue to finalize the new replacement requirements.CARB announced in July an accord with the Ford Motor Co., Honda Motor Co., BMW AG and Volkswagen AG on compromise tailpipe greenhouse gas emissions regulations, drawing Trump’s ire.The carmakers agreed with the state’s clean-air regulator to boost the fuel efficiency of autos sold in the U.S through 2026.Earlier this month, Trump’s Justice Department opened an antitrust probe into the deal.Free-market groups that have been pushing the administration to roll back the standard cheered the move while environmentalists decried it.“Withdrawing the California waiver is great news for car buyers and drivers. The rapid increase in new car prices should slow down, which means more people will be able to afford to buy a new car,” said Myron Ebell, a director at the Competitive Enterprise Institute, who is one of the main proponents of revoking California’s waiver. “The decision also restores our federalist system. With the waiver, California was for practical purposes put in charge of deciding what kinds of cars people across the nation can buy.”Paul Cort, an attorney for the environmental group Earthjustice, said “It’s bad enough the administration won’t take any meaningful action to clean our air or fight the warming climate that threatens us all; now they want to prevent California and other states from filling that gap.”\--With assistance from Keith Naughton and Andrew Harris.To contact the reporters on this story: Ryan Beene in Washington at firstname.lastname@example.org;Ari Natter in Washington at email@example.com;Jennifer A. Dlouhy in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
With around 48,000 workers picketing at General Motors' factories, this marks the first major stoppage at the company in the last 12 years.
Automaker stocks have seen mixed performances in September. While Ford, General Motors, Tesla, and Fiat Chrysler have risen, Ferrari has declined.
Apple-backed DiDi Chuxing has received a license to operate a fleet of self-driving cars on a pilot basis in part of the Jiading district in Shanghai.
General Motors' (GM) troubles seem to be increasing. The UAW (United Automobile Workers) called for a strike, which would impact thousands of workers.
In the electric pickup truck market, legacy automakers Ford and GM are set to take on established electric vehicle maker Tesla and startups such as Rivian.
(Bloomberg) -- Michael Bennet, who didn’t make the cut for Thursday’s Democratic debate in Houston, is taking to the airwaves in Iowa with his first media buy of the campaign.The presidential candidate and Colorado senator reserved at least $32,891 in the Des Moines and Ceder Rapids markets, according to Advertising Analytics, which tracks political advertising. The ads are slated to air starting Tuesday.Bennet failed to meet either requirement set by the Democratic National Committee for making the debate stages. The 10 candidates who participated had at least 130,000 unique donors and reached 2% in four national polls. Bennet will need to reach those marks by Oct. 1 to make the cut for the next round, scheduled to begin Oct. 15 in Westerville, Ohio.Spending on ads can boost a candidate’s standing in the polls, but they’re expensive. Billionaire Tom Steyer, who qualified for the October debate after entering the race in July, has spent about $14.3 million on broadcast and cable spots. That’s four times the amount Bennet’s campaign has raised.Democrats Set Next Debate for Oct. 15 in Ohio (2:36 p.m.)The Democratic National Committee announced Friday that the fourth debate of presidential candidates will take place Oct. 15, possibly with a second night on Oct. 16, depending on how many candidates qualify.The forum at Otterbein University in Westerville, Ohio, will be co-hosted by the New York Times and CNN. Eleven candidates have already met the criteria: the 10 who participated in the third debate on Thursday, along with billionaire Tom Steyer, who only qualified recently.To qualify for the debate, candidates must receive at least 2% support in four approved polls conducted nationally or in Iowa, New Hampshire, South Carolina and Nevada. They must also raise money from a minimum of 130,000 unique donors, including 400 contributors in each of at least 20 states by Oct. 1.The October debate will be moderated by CNN’s Anderson Cooper and Erin Burnett and Marc Lacey from the Times. The format has not yet been announced. -- Ryan Teague BeckwithHarris Asks for Inquiry into Probe of Carmakers (11:44 a.m.)Senator Kamala Harris asked the Justice Department’s internal watchdog to investigate the legal underpinnings of an antitrust probe into four automakers that agreed to meet compromise tailpipe emissions targets offered by California regulators.In a letter to the department’s inspector general released Friday by her office, the California Democrat and presidential candidate said the antitrust inquiry “raises serious concerns about whether federal law enforcement is being used to coerce” the companies into abandoning efforts to produce lower-emitting vehicles. The probe also raises questions about whether the Justice Department is being used for political purposes, she wrote.At issue is a July agreement by Ford Motor Co., Honda Motor Co., BMW AG and Volkswagen AG to meet future vehicle greenhouse gas emissions targets offered by California regulators that are more stringent than under a rollback proposed by the Trump administration but easier than rules adopted by the Obama administration in effect today.Harris’ request comes after other congressional Democrats have vowed to scrutinize the probe, revealed last week. The House Judiciary committee on Monday said it planned to hold hearings and request documents from the White House and Justice Department related to the antitrust probe. -- Ryan BeeneCastro Denies Slap at Biden’s Memory Was Unfair (8:02 a.m.)Julian Castro said he has no regrets about questioning former Vice President Joe Biden’s memory during the 2020 Democratic presidential debate in Houston on Thursday -- a moment that drew boos from the crowd.“I wouldn’t do it differently,“ the former Housing and Urban Development secretary told CNN in an interview early Friday. “That was not a personal attack, this was about a disagreement over what the vice president said regarding health-care policy.“Castro, a former Obama administration colleague of Biden’s, argued during the debate that his health-care proposal was better than Biden’s because people who qualified would automatically be enrolled, rather than having to opt in to Biden’s Medicare plan.“They wouldn’t have a buy in,” Castro said during the debate.When Biden shot back, “They do not have to buy in,” Castro pounced. “Are you forgetting what you said two minutes ago?” he said. “You’re forgetting that?”Castro defended his comments in his CNN interview, saying it’s necessary to highlight the policy differences between Democratic presidential contenders. “The vice president has been around for a long time,“ he said. “When we’re up there, we’re up there to debate.“ -- Kathleen MillerCOMING UPElizabeth Warren will appear Saturday at the Massachusetts Democratic Convention in Springfield.Biden will speak Sunday at the 16th Street Baptist Church in Birmingham, Alabama, to commemorate the 56th anniversary of a bombing that killed four girls and injured 22 other people.On Monday, Biden, Bernie Sanders, Amy Klobuchar, Tulsi Gabbard, Pete Buttigieg and Bill DeBlasio will attend the Galivants Ferry Stump in South Carolina.Also on Monday, Warren will speak at a rally in New York City’s Washington Square Park.Many candidates will appear at the LGBTQ Presidential Forum in Cedar Rapids, Iowa, on Friday. Contenders who have confirmed they will attend are: Biden, Cory Booker, Buttigieg, Castro, Gabbard, Kamala Harris, Klobuchar, Joe Sestak, Warren and Marianne Williamson.\--With assistance from Kathleen Miller, Ryan Beene and Ryan Teague Beckwith.To contact the reporter on this story: Bill Allison in Washington DC at firstname.lastname@example.orgTo contact the editors responsible for this story: Wendy Benjaminson at email@example.com, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla stock is having a terrible run this year. Based on yesterday’s closing prices, the stock is down 26.1%, while the S&P; 500 has risen 20.0%.
To fix brake problem, General Motors (GM) is working on a corrective action involving reprograming of the Electronic Brake Control Module with a new calibration.
While Ford (F) unveils lineup for EVs in Europe, General Motors (GM) collaborates with tech giant Alphabet to roll out in-vehicle technology.
Among the top automakers, GM received 74% “buy” ratings from analysts. Ford garnered 39% "buy" ratings from analysts, and Tesla received 32% "buy" ratings.
(Bloomberg) -- It only took a decade for traditional automakers to take electric cars seriously and offer more than a smattering of test-the-water models.Now comes the hard part: Getting consumers to buy them.At Frankfurt’s 2019 car show, Volkswagen AG Chief Executive Officer Herbert Diess laid it on thick, calling on governments to give up coal-fired power as he unveiled the electric ID.3 car-for-the-masses. At the Mercedes-Benz stand, where the Daimler AG brand was showing the prototype of an electric S-Class sibling, real beech trees framed massive screens displaying schools of digital fish.The message to environmentally conscious consumers: we’re with you. But a marketing blitz alone won’t wash away the deep uncertainties facing electric cars -- obstacles little changed since carmakers’ initial forays with models like the Nissan Leaf and BMW AG i3. Customers don’t like paying up for new technology they’re unsure about, and they’re worried they won’t reliably get to where they want to go.“The next big thing is not going to be about the cars, because they will come,” Carlos Tavares, president of the European Automobile Manufacturers Association and CEO of Groupe PSA, said Wednesday. “The next big thing is about affordable mobility. The next big thing is about how we make this work for the biggest number of people.”So far, electric cars have only proliferated in countries with significant sweeteners. Once they go, sales of battery models crater. Demand in China, the world’s biggest electric car market, fell 16% in August -- its second straight decline -- after the government scaled back subsidies. Carmakers can reduce prices, but then only cut into profitability that in most cases has been nonexistent.Consumers are similarly sensitive elsewhere. Demand in Denmark collapsed when the government phased out tax breaks in 2016.“We’ve been talking about EVs for years, but this year the real production cars showed up,” Max Warburton, an analyst at Sanford C. Bernstein, wrote in a note. “Should we be celebrating these cars, given the poor margins that most will have?”Across Europe, sales of new plug-in hybrids and fully-electric cars last year made up 2% of total registrations. That’s a tiny market to tussle over for the likes of VW’s ID.3, with a price point below 30,000 euros ($33,009), Tesla Inc.’s Model 3 and Mercedes’s gleaming lineup of plug-ins. Yet carmakers have little choice but to boost their offering to keep pace with regulation, or face fines.Consumer demand “can’t be mandated,” Daimler CEO Ola Kallenius said at the show. Mercedes-Benz is adding at least 10 purely battery-powered cars through 2022 at a cost of more than 10 billion euros, starting with last year’s EQC SUV, so the carmaker’s lineup can to meet stricter emission limits.A lot of factors are moving in the right direction. The ID.3’s price point and basic range of 330 kilometers (205 miles) sets the car apart from previous efforts that needed meticulous pre-planning for longer trips. At the top end, there’s now the $185,000 Porsche Taycan Turbo S, and a mid-range that’s rapidly filling out from SUVs like the Jaguar I-Pace and Audi e-tron.Patchy charging infrastructure is improving too. Ionity, a consortium of Daimler, VW, Ford Motor Co., BMW and now Hyundai Motor Co., is on track to finish building a network of 400 European fast-charging stations by next year to make long-distance travel easier.Lean YearsFor carmakers, this will mean some lean years -- at least to 2025 when battery prices are expected to come down -- during which lucrative conventional SUVs must subsidize poor returns from their electric cousins. VW will need “patience” until the ID.3 brings significant profit “joy,” Chairman Hans Dieter Poetsch said.To bridge the gap, the industry is lobbying hard for governments to step up incentives to get to the oft-cited tipping point where driving without a combustion engine becomes normal. In Germany, home to VW, Mercedes and BMW as well as world-leading suppliers like Continental AG, the government sits down next week to discuss broad climate measures. Carmakers are hoping for a bigger slice of subsidies than they got so far.The ACEA on Wednesday called on national governments to boost charging points in Europe to 2.8 million by 2030, a 20-fold increase from 2018.“We need strong support, because if we don’t do it,” simply offering electric cars won’t be enough for sales to take off, PSA’s Tavares said.\--With assistance from Richard Weiss.To contact the reporters on this story: Oliver Sachgau in Munich at firstname.lastname@example.org;Christoph Rauwald in Frankfurt at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Yesterday, electric truck maker Rivian revealed that it had landed an investment of $350 million from automotive services company Cox Automotive.
(Bloomberg) -- Ford Motor Co. says fear of high gas prices no longer motivates buyers to seek out low-emission vehicles, so it’s leveraging the reputations of its two most renowned models to spark interest in upcoming electric vehicles across its lineup.“People are now used to $4- or $5-a-gallon gasoline. They might gulp at $5 gas, but they wouldn’t have the same reaction today as was occurring 10 or 20 years ago,” said Bob Taenaka, senior technical leader of Ford’s electrified vehicles. It would take pump prices rising to double those record levels to change consumer behavior, he said.So Ford is hoping the sex appeal of an electric model invoking the performance of the Mustang muscle car and a battery-powered F-150 pickup will trickle down to other models, much as large-displacement engines once were the source of bragging rights. “These are two of the most iconic vehicles that we produce,” Taenaka told reporters following a speech at an electric vehicle forum in suburban Detroit.The strategy is to show EVs can be fast and tough and are not just science projects, Taenaka said. In July, the company released a video of an electric F-150 prototype pulling 1 million pounds of rail cars.Ford plans to start selling what it’s described as a “Mustang-inspired” electric crossover next year, to be followed shortly thereafter by a battery-powered version of its top-selling F-150.To contact the reporter on this story: Keith Naughton in Southfield, Michigan at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ford plans to launch eight electric vehicles in Europe this year. The automaker aims to get most of its European revenue from electric cars by 2022.
* China producer prices notch biggest drop in 3 years * Tech stocks weigh on S&P 500, Nasdaq * Ford falls as Moody's downgrades bonds to junk * Treasury yields hit four-week highs * Dow up 0.28%, S&P up 0.03%, Nasdaq off 0.04% (New throughout, updates prices, market activity and comments to market close) By Stephen Culp NEW YORK, Sept 10 (Reuters) - The S&P 500 ended little changed on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favored value over growth. Industrials pulled the blue-chip Dow slightly higher and led the bellwether S&P 500's nominal advance, while the tech-heavy Nasdaq posted its third straight decline.