Business

General Motors Chairwoman and Chief Executive Officer Mary Barra speaks during a meeting hosted by U.S. President Joe Biden with private sector CEOs to discuss the Build Back Better agenda at the White House in Washington, U.S., January 26, 2022.Kevin Lamarque | ReutersDETROIT – General Motors will begin tying a "significant part" of its long-term executive compensation with the company's electric vehicle goals, CEO Mary Barra said Tuesday.Starting this year, Barra said the compensation targets will include volumes of EVs…

DETROIT – Ford Motor posted first-quarter results Wednesday that were in line with Wall Street's expectations, though its net profit was dragged down by a stake in electric vehicle maker Rivian Automotive and reduced vehicle production.Ford reported an unadjusted net loss of $3.1 billion, including a loss of $5.4 billion on the company's 12% stake in Rivian. That's compared with a net profit of $3.3 billion during the same period a year ago.Rivian stock shed about 52% of its market cap during the first quarter, bringing…

Credit: CC0 Public Domain Airline frequent-flyer programs are a staple for air travel, particularly frequent business travelers, but do they add to the cost of business travel for employers? A new study says yes. …

CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021.Caitlin O'Hara | ReutersElectric luxury vehicle maker Lucid Group said Thursday it now has more than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 will have to pay higher prices.Lucid said that it will honor its current pricing for any customer with an existing reservation, as well as any new customers who make reservations before the end of May. After that, pricing on the…

Ford CEO Jim Farley at the company's Dearborn, Michigan, plant where it's building the electric F-150 Lightning on April 26, 2022.CNBC | Michael WaylandDETROIT – Ford Motor is cutting 580 U.S. salaried employees and agency workers as part of its ongoing Ford+ turnaround plan, the company confirmed Wednesday night.The cuts include approximately 350 salaried and 230 agency positions, according to an emailed statement. The reductions occurred largely in engineering, as the Detroit automaker pivots from vehicles with…

R.J. Scaringe, Rivian's 35-year-old CEO, introduces his company's R1T all-electric pickup and all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, November 27, 2018.Mike Blake | ReutersAmazon invested in electric vehicle maker Rivian in 2019 as part of a plan to go green. During the first quarter, it saw nothing but red.In its earnings report on Thursday, Amazon took a $7.6 billion loss on its stake in Rivian. Shares of the EV manufacturer plummeted by more than 50% in the first three months of 2022,…

In 2021, Volvo Cars said it planned to become a "fully electric car company" by the year 2030, a move which will require it to have a consistent and secure supply of batteries for its vehicles.Peerapon Boonyakiat /SOPA Images | LightRocket | Getty ImagesThe new CEO and president of Volvo Cars has predicted that scarcity of battery supply will become a pressing issue for his sector, telling CNBC the firm has made investments that would help it gain a foothold in the market."Recently, we made a reasonably substantial…

A pedestrian carries shopping bags in the Herald Square area of New York, U.S., on Wednesday, April 13, 2022.Calla Kessler | Bloomberg | Getty ImagesSandy Magny plans to take her teenage daughter to West Palm Beach, Florida, this summer, even though airfares are surging.It won't be cheap, but Magny doesn't want to miss out on visiting her family. The 40-year-old paralegal, who lives in the Bronx and works in the financial district of Manhattan, is finding there are other things she can do without."I do bring lunch more,"…

Ford CEO Jim Farley speaks at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. The F-150 Lightning is positioned to be the first full-size all-electric pickup truck to go on sale in the mainstream U.S. market. Bill Pugliano | Getty ImagesDETROIT — Even as the Detroit automakers change and adapt to compete with electric vehicle leader Tesla, some things in the Motor City stay the same.General Motors, Ford Motor and…

Flag with the Stellantis logo on the front entrance to FCA's Mirafiori plant on January 18, 2021 in Turin, Italy.Stefano Guidi | Getty ImagesAuto giant Stellantis will invest about $2.8 billion to overhaul two Canadian factories to build fully electric and hybrid vehicles, the company said on Monday, as part of its $35 billion global commitment to electrification and related initiatives.The revamp will allow the automaker to build such versions of several of its upcoming models using new "multi-energy" architectures. The…