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...That was down from 49 12 months earlier, as it exited stakes in companies including General Motors, UPS and Procter & Gamble earlier in the year....
...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....
...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....
...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...
...For example, US carmaker General Motors has committed to selling only electric vehicles by 2035, presenting its legal team with many challenges....
...The company disclosed it had sold off its remaining position in carmaker General Motors during the three months to the end of September, an investment that was worth roughly $850mn in the previous quarter...
...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....
...Rivian went public in late 2021 with a market capitalisation of more than $100bn — bigger than Ford and General Motors....
...A version of this article was first published by Nikkei Asia on February 7. ©2024 Nikkei Inc. All rights reserved....
...Then, last week, fellow start-ups Rivian and Lucid Motors also announced lacklustre results, sending their shares tumbling....
...Replacing him is Gil West, a former chief operating officer of Delta Air Lines and General Motors’ Cruise self-driving car unit....
...Tesla, General Motors and Rivian all reported strong US sales and deliveries for EVs during the second quarter, as did BYD in China....
...Apollo and Bird’s second-lien lenders have agreed to provide $25mn in financing to keep the motor running while it restructures in court....
...Private-equity owned UK supermarket chain Wm Morrison has agreed a £2.5bn deal to sell its petrol forecourt business to sister company Motor Fuel Group, in a move that will help Morrisons shore up its balance...
...An independent panel revealed that Daihatsu Motor, a subsidiary of Toyota Motor, had been cheating on safety and quality tests for over 30 years, delivering a blow to the auto group’s reputation — the most...
...“The strategic partnership with Pinewood Technologies and acquisition of Pendragon’s UK motor and vehicle management divisions is a massive step in delivering on our longer term growth strategy,” said Lithia...
...A number of EV makers have recently scaled back expansion plans, including Ford and General Motors, while rental group Hertz is selling one-third of its electric fleet to buy more petrol vehicles....
...Utilities have long been dependable motors of Warren Buffett’s Berkshire Hathaway conglomerate, turning out steady profits at rates of return approved by regulators....
...Signs of distress and dislocation abound in the New York City office market, the world’s largest, where Stacom bagged many of her biggest deals, including the $2.8bn sale of the General Motors Building in...
...Gil West, a former chief operating officer of Delta Air Lines and General Motors’ Cruise self-driving car unit, will be replacing him. Instead of enjoying a boom, Hertz is in trouble again....
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