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Auto Manufacturers

Kimberly Redmond | Equities.com |

General Motors Company (NYSE: GM) plans to boost global spending on electric and autonomous vehicles to $35 billion through 2025, a 75% increase from the spending previously announced by the automaker.

In November 2020, GM upped its spending plans from $20 billion — a figure that was announced in March before the onset of the COVID-19 pandemic — to $27 billion.


Kimberly Redmond | Equities.com |

Two great-great grandchildren of Ford Motor Company founder Henry Ford were appointed to seats on the 118-year-old automaker’s board of directors.

Henry Ford III, 40, and Alexandra Ford English, 33, were nominated in March to stand for election at the company’s virtual annual shareholder meeting, which was held Thursday, The Detroit Free Press reported.


AP News | Equities.com |

Detroit (AP) — General Motors’ first-quarter net income surged to $2.98 billion as strong U.S. consumer demand and higher prices offset production cuts brought on by a global shortage of computer chips.

Despite the shortage, GM stuck with full-year pretax earnings guidance of $10 billion to $11 billion issued earlier in the year and said earnings would be at the high end of the range. Full-year net income is expected to be between $6.8 billion and $7.6 billion. The company predicts a strong first half with a pretax profit of around $5.5 billion.


Reuters | Equities.com |

Volkswagen, Europe's largest car maker, raised its operating margin target for 2021 on Thursday, pointing to stronger demand for more profitable cars in the first three months of the year.

The group now expects its operating profit margin to be 5.5-7.0% this year, versus a previous forecast for 5.0-6.5%, with vehicle deliveries and sales each up by more than a fifth.


AP News | Equities.com |

The trade association representing most major automakers is offering guidelines for manufacturers to advertise partially automated driving systems and to make sure drivers are paying attention while using them.

The Alliance for Automotive Innovation says its members support the voluntary principles, which come as two federal agencies increase scrutiny of Tesla’s Autopilot diver-assist system after two men were killed in a fiery crash near Houston. Such systems can keep vehicles centered in their lane and a safe distance behind traffic in front of them.


Reuters | Equities.com |

General Motors Co will double its commitment to spending with Black-owned media to 4% of its ad budget next year with a target of reaching 8% by 2025, the U.S. automaker said on Friday.

GM has come under criticism, including in full-page ads in several national newspapers, from some Black media leaders for not advertising enough in Black-owned media. GM said it will spend 2% of this year's budget in that sector.


Reuters | Equities.com |

Mercedes-Benz car maker Daimler AG on Friday raised its profit outlook for 2021, but said the global semiconductor chip shortage may continue to impact sales in the second quarter.

Daimler said it assumed there would be some recovery in chip availability in the second half of this year but there was limited visibility at present.


Kimberly Redmond | Equities.com |

Hyundai Motor Group has appointed a noted engineer and entrepreneur who has worked with Apple Inc and Microsoft Corporation to head up a newly-formed mobility division.

On Friday, Hyundai said Song Chang-Hyeon will begin immediately as president of the Transportation-as-a-Service (TaaS) division, which will be responsible for strategic planning, development and operation of mobility services for Hyundai Motor Co and Kia Corp.


Kimberly Redmond | Equities.com |

Hyundai Motor Group announced Thursday it plans to roll out electric vehicles in China every year, starting in 2022, as part of an effort to revive sales in the world’s biggest market for cars.

By 2030, the South Korean auto group said it will unveil a total of 21 EV models from Hyundai Motor Company and Kia Corporation, including fuel-cell and hybrid vehicles, Reuters reported.


Reuters | Equities.com |

General Motors Co and Ford Motor Co both said on Thursday they will cut more vehicle production due to a semiconductor chip shortage that has roiled the global automotive industry.

The White House plans a summit on the chip shortage issue next Monday that is expected to include GM Chief Executive Mary Barra and Ford Chief Executive Jim Farley and top technology firm executives.