Author: Paul Lienert
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Honda CEO touts EVs, but combustion engines could last until 2040
By Paul Lienert MARYSVILLE, Ohio (Reuters) – Honda Motor Co is moving rapidly to catch up with electric-vehicle competitors in global markets, but the company’s top executive said combustion engines could last through 2040 and beyond. Regarding the Japanese automaker’s accelerating transition to EVs, Chief Executive Toshihiro Mibe said, “I’ve been in the engine development…
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GM’s strong Q3 results ease investor fears of slowdown
By Joseph White and Paul Lienert DETROIT (Reuters) -Investors cheered a solid third quarter at General Motors Co as the automaker’s performance and confidence tamped down growing fears of a global recession. GM shares were up nearly 2% in early trading on Tuesday as the company’s strong North American truck sales and prices drove a…
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Ford may slash ad spending, revamp dealers to boost EV profit, CEO says
By Paul Lienert and Ben Klayman (Reuters) – Ford Motor Co needs to overhaul its century-old business model – from slashing advertising spending to reworking its dealer network – if it is to earn enough profit on electric vehicles to compete with Tesla and others, the automaker’s chief executive said on Wednesday. The shift from…
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Ford boosts EV spending to $50 billion, sets up new Model e unit
By Aishwarya Nair, Abhijith Ganapavaram and Paul Lienert (Reuters) -Ford Motor Co on Wednesday said it will boost spending on electric vehicles to $50 billion, up from the previous $30 billion, through 2026 and run its EV unit separately from its legacy combustion engine business, in a move aimed at catching industry leader Tesla Inc.…
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GM’s $7 billion investment intensifies EV battle with Ford, Tesla
By Paul Lienert and David Shepardson (Reuters) -General Motors Co said Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor Co for EV supremacy in North America. Both U.S. automakers, however, will have to contend with current…
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Exclusive: Global carmakers now target $515 billion for EVs, batteries
By Paul Lienert and Tina Bellon (Reuters) – Global automakers are planning to spend more than half a trillion dollars on electric vehicles and batteries through 2030, according to a Reuters analysis, amping up investments aimed at weaning car buyers away from fossil fuels and meeting increasingly tough decarbonization targets. Less than three years ago,…
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GM outlook doesn’t impress, sees chip shortage continuing; shares sink
By Ben Klayman and Paul Lienert DETROIT (Reuters) -General Motors Co offered a profit forecast for 2021 that disappointed analysts on Wednesday, as its third-quarter earnings were hit by a global semiconductor shortage and rising commodity prices, factors it expects to continue until late 2022. Chief Executive Mary Barra attempted to counter the downbeat financial…