Detroit

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…

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…

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…

Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.Bill Pugliano | Getty ImagesDETROIT – Ford Motor on Wednesday reported a 10.5% decline in April sales compared with a year ago, notably narrowing its losses compared with recent months.Ford and the broader auto industry continue to battle through supply chain problems such as a semiconductor chip shortage that has been affecting production for more than a year now. Ford's monthly…