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...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...The FT visited Detroit this week to take the pulse of the Motor City — stay tuned for our report later this weekend. The history of the Lions overlaps with the history of Detroit itself....
...Ford, General Motors and Tesla have all pumped the brakes on expanding EV production capacity in recent weeks....
...Ford and General Motors have paused plans to expand their EV manufacturing capacity in recent months, and last week Rivian announced that it would cut 10 per cent of its workforce and keep deliveries flat...
...Tesla shareholders were even more carried away, adding $46bn to the EV maker’s market cap — more than General Motors was then worth — when it announced a stock split in August 2020....
...For example, US carmaker General Motors has committed to selling only electric vehicles by 2035, presenting its legal team with many challenges....
...Sales growth of electric cars has slowed in the past year, with carmakers increasingly forced to discount models in order to generate sufficient consumer demand, while companies from General Motors and Ford...
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...Shanghai’s state-owned carmaker SAIC Motor, for example, had its 15 per cent tax rate for being a “high-tech enterprise” renewed four times since 2008....
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