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Earnings and Financials

VW, Union Agree to Unprecedented 35,000 Job Cuts

VW, Union Agree to Unprecedented 35,000 Job Cuts

In an unprecedented compromise, Volkswagen reached an agreement with its German labor union to cut as many as 35,000 jobs in Germany – though the automaker agreed not to order immediate layoffs or plant closures and dropped a demand for 10% wage cuts. The move avoided a mass walkout by members of the IG Metall union but is billed as a way to curb VW’s bloated labor costs, among the industry’s highest.

Honda to Take Lead in Planned Merger with Nissan

Honda to Take Lead in Planned Merger with Nissan

Honda and Nissan will merge under a new holding company, the automaker’s announced, confirming months of rumors, with the smaller of the Japanese automakers effectively taking control of the new alliance. Mitsubishi, which was rescued by Nissan in 2016, has yet to decide whether to become part of the alliance. And Renault, which bailed out Nissan in 1999, plans to determine what role it may have going forward.

GM Halts Cruise Robocab Program

GM Halts Cruise Robocab Program

General Motors is shutting down its Cruise robocab program, shifting resources to the development of self-driving privately owned vehicles. The move comes a year after the subsidiary was blamed for a near-fatal accident near its San Francisco headquarters. It effectively hands what proponents see as a potentially huge market to competitors like Waymo and Tesla.

The Shake-Up Accelerates at Stellantis as Kuniskis Returns, More Moves in the Works

The Shake-Up Accelerates at Stellantis as Kuniskis Returns, More Moves in the Works

Dodge brand boss Tim Kuniskis has returned to Stellantis after retiring in June. He’ll take charge of Ram, the automaker announced Monday. It’s just one of the first steps in what could be a much broader management shake-up to follow the unexpected resignation of Stellantis CEO Carlos Tavares earlier this month.

Lucid Hopes to Get Off the Ground as Production of Gravity SUV Begins

Lucid Hopes to Get Off the Ground as Production of Gravity SUV Begins

Lucid Motors has started rolling out its second product line and the all-new Gravity line is likely to determine whether the struggling start-off takes to the air or comes crashing back to earth. The first version of the electric SUV will start at $96,550, with lower-priced trims to follow late next year.

Western Automakers Losing Ground in China; GM Takes $5 Billion Charge, May Close Plants

Western Automakers Losing Ground in China; GM Takes $5 Billion Charge, May Close Plants

Not all that long ago, foreign manufacturers like General Motors, Ford and Volkswagen dominated the Chinese automotive market where, in some cases, they were making their biggest profits. Now, as domestic competitors like Geely and BYD gain traction, times have changed. On Wednesday, General Motors revealed plans to take more than $5 billion in charges to restructure its Chinese operations and is likely to close some of its plants there. But it’s far from the only international manufacturer struggling in the world’s largest automotive market.

VW, Union Agree to Unprecedented 35,000 Job Cuts

Volkswagen Workers Strike as Automaker Prepares to Close as Many as 3 German Factories

Workers at Volkswagen’s German operations walked off the job Monday. The 120,000 members of trade union IG Metall took to the streets to protest the automaker’s plans to pair back its home market operations, a move that could see it shutter as many as three assembly lines.

Judge Again Rejects Musk’s $56 Billion Pay Package

Judge Again Rejects Musk’s $56 Billion Pay Package

A Delaware judge has again rejected the $56 billion payout for Tesla CEO Elon Musk, even after shareholders voted to reinstate the package earlier this year. But even if the ruling is upheld, the South African-born entrepreneur and confident to President-elect Donald Trump is expected to remain the world’s richest man.

Trump’s Threatened Tariffs Could Cost Automakers 17% of Earnings

Trump’s Threatened Tariffs Could Cost Automakers 17% of Earnings

President-elect Donald Trump’s proposed 25% tariff on all goods form Canada and Mexico, plus on all Chinese imports could wind up costing automakers as much 17% from their annual earnings. The estimate comes from a new study from S&P analysts. Check out the story at Headlight.News.

CEO Tavares’s Resignation Could Leave Struggling Stellantis Rudderless

CEO Tavares’s Resignation Could Leave Struggling Stellantis Rudderless

With CEO Carlos Tavares resigning “with immediate effect,” and no successor in sight, Stellantis could face even more trouble trying to resolve the problems that saw its sales, earnings — and stock price tumble so far this year. The lack of a chief executive officer also comes at a time when the Euro-American automaker is set to launch an assortment of critical new products, including the first all-electric Jeep and Ram models aimed at the U.S. market.