S&P Global hosted CERAWeek is one of the world’s premier energy events. The significant players from the world over will be in attendance March 6-10, 2023, in Houston. Speakers include CEO of Oil and Gas majors including ExxonMobil, Chevron, Oxy, Shell, Saudi Aramco and Total. There will also be key political speakers including the US Secretary of Energy Jennifer Granholm. This year’s theme is “Navigating a Turbulent World: Energy, Climate and Security”. The global energy industry is facing a welter of … Continue reading “CERAWeek 2023 Key Speakers for Energy Traders and Investors”
General Motors Takes Back U.S. Sales Crown From Toyota as Car Market Stumbles
American auto maker, General Motors Co. said Wednesday U.S. sales rose 2.5% to 2.74 million for 2022, retaking its U.S. sales crown from Toyota Motor, outselling its Japanese rival by about 165,630 vehicles last year. Toyota had overtaken GM in 2021 as the U.S.’s top-selling auto maker, largely because of semiconductor supply constraints. Toyota said its U.S. sales were down 9.6% in 2022. Ford Motor Co. plans to report 2022 sales results Thursday. Hyundai Motor reported American sales fell 2% … Continue reading “General Motors Takes Back U.S. Sales Crown From Toyota as Car Market Stumbles”
Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen
Ford Motor reported better-than-expected third quarter earnings Wednesday as price increases offset input cost pressures and currency headwinds $F had previously warned about. The auto major tightened it’s its guidance for full-year profits to around $11.5 billion, down from a prior estimate of between $11.5 billion to $12.5 billion. Ford said it would wind-down its autonomous vehicle joint venture Argo AI with Germany’s Volkswagen. Ford booked a $2.7 billion non-cash charged linked to its investment as it transitions to what … Continue reading “Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen”
GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment
Auto giant GM on Tuesday announced a new strategic collaborative agreement to secure a source of nickel and cobalt with Australian company Queensland Pacific Metals. The deal secures a source of nickel and cobalt for the production of new GM Ultium batteries. GM’s goal is reaching 1 million units of EV production capacity in North America by mid-decade. $GM says the raw materials will be used in building a broad range of all-electric vehicles, including the Chevy Silverado EV, GMC … Continue reading “GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment”
Ford Warns Extra $1 billion in Inflation and Supply Chain Costs Next Quarter
Ford Motor shares fell Monday after the close around 4.5% after the car giant warned investors, the company expect to incur an extra $1 billion in costs during the third quarter due to inflation and supply chain issues. Ford had reported better than expected second quarter earnings. $F now expects Q3 adjusted EBIT of $1.4-1.7 bln with 40,000-45,000 vehicles in inventory by end of Q3 lacking parts in short supply. The announcement comes after FedEx sold off heavily last week … Continue reading “Ford Warns Extra $1 billion in Inflation and Supply Chain Costs Next Quarter”
Ford Motor Crushes Earnings, Hikes Dividend Raising Guidance
Ford Motor reported better than expected second quarter earnings after the close Wednesday. $F stick soared after the automaker reaffirmed its 2022 outlook and hiked the Ford stock dividend. Strong demand for both the traditional combustion and new electric vehicles overcame supply and inflation headwinds. Ford made an operating profit of $3.7 billion from $40.2 billion in sales. Wall Street was looking for an operating profit of $2.6 billion from sales of $34.8 billion. Earnings Ford Second Quarter 2022 Earnings … Continue reading “Ford Motor Crushes Earnings, Hikes Dividend Raising Guidance”
General Motors To Invest USD300 Million in Chinese Autonomous Vehicle Startup Momenta
General Motors $GM will invest USD300 million in Chinese autonomous vehicle startup Momenta. This investment is a strategic partnership that will support GM in building autonomous technologies for future models in China
GM Backed Wejo partners with Microsoft, Palantir, Sompo For Connected Vehicles
GM backed startup Wejo announced partnerships with Microsoft, Palantir and Sompo Holdings to improve its ability to collect, store and analyze data from millions of connected vehicles around the world. Wejo is going public by merging with SPAC Virtuoso Acquisition $VOSO later this year.
GM’s Cadillac Goes All Electric With Lyriq It’s First All EV and Hummer First Electric Super Truck
GM unveiled the production version of the Cadillac Lyriq, its first all-electric vehicle as the automaker confirmed that every new Cadillac vehicle will be all-electric starting now. Cadillac brand should be all-electric a little bit ahead of the rest of General Motors target of electric only by 2035.
U.S. New Auto Sales Fell For First Time Since April in Uncertain Times
U.S. new vehicle sales fell the first time since April in October 0.8% to 16.21M SAAR missing consensus 16.50Me. Sales fell most in the light truck segment, sales of passenger vehicles held up. Car earnings give us insight into consumer trends.