Honda and Nissan previously struck a deal to join forces in efforts to develop electric vehicles as a way to be competitive on the market dominated by Tesla and Chinese EV producers. However, now the companies are considering taking their partnership to a next level.

Under the proposed strategic partnership deal, Honda and Nissan would use each other’s factories to produce vehicles. As part of the agreement, Honda would supply Nissan with hybrid vehicles while also potentially using Nissan’s car factory in Sunderland, England. Honda currently only produces motors and engines in its factories in Europe.

The move would likely bring the merger between Japan’s second and third-largest car producers one step closer to completion. The merger would create the world’s third-biggest automotive company, with roughly 7.5 million cars sold annually. This would only trail Toyota and Volkswagen’s numbers.

Mitsubishi could also join the new group, considering that Nissan is the company’s top stakeholder.

The post Honda and Nissan Hold Talks About Joint Car Production, Possible Merger appeared first on theprimarymarket.com.

The layoffs are reportedly not part of the company’s cost-cutting strategy. Instead, the decision was made after a review of the unit following the departure of Software and Services Executive Vice President Mike Abbott. The GM’s goal is reportedly to streamline the division’s operations and make it more efficient.

CNBC reports that around 600 laid-off workers are part of the operations at GM Technical Center in Warren, Michigan. The company has 76,000 salaried workers on a global level and 53,000 salaried workers in the United States.

GM notified the affected employees about their status on Monday. The company also publicly confirmed the layoffs but didn’t specify how many workers will lose their jobs. 

“As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” a GM spokesperson said in a statement sent to media outlets via email.

GM’s stock has seen a slight jump after the news came out, inching up by 1% on Monday. The company’s shares are up more than 27% year-to-date. 

The post General Motors to Lay Off More Than 1,000 Workers in Software and Services Division appeared first on theprimarymarket.com.

“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Liao stated during an interview in Rio de Janeiro prior to a meeting between G20 finance ministers and the governors of their respective central banks. He explained that products have been manufactured by China to assist nations in reaching their carbon neutrality goals by 2030.

Liao explained that China would focus on growing its share in the global EV market particularly as other nations continue to focus on traditional auto markets. This also comes as a result of China not having the same advantages that other nations have in the traditional markets, hence the desire to develop an edge in the growing EV space.

Still, China will face several hurdles in its efforts to develop a foothold on the EV market given that the European Union is set to impose tariffs on Chinese EVs while the US may impose duties in excess of 50% if former President Donald Trump wins the election in November.

The post China Pushing for Electric Vehicle Production appeared first on theprimarymarket.com.

Net profit for the quarter came to $2.8 billion, falling significantly short of $3.73 billion estimates. This came to earnings per share of $0.47, lower than an expected $0.67 per share. Despite its disappointing profit, Ford has maintained its current full-year outlook, with an adjusted net profit in the range of $10 billion to $12 billion. The company did raise its adjusted free cash forecast, however, by $1 billion to $7.5 billion to $8.5 billion.

In a call with reporters, Ford CFO John Lawler exhibited confidence in the company’s ability to remain financially stable. “We don’t see the second half being much different than the first half, or falling off,” he stated, adding that the Ford Pro commercial and super duty truck business was hit by higher warranty costs. Still, the overall Ford+ plan appears to still be on track, the CFO assured.

Shares in the company fell by 12% during pre-market trading on Thursday.

The post Ford Shares Slump Following Earnings Miss appeared first on theprimarymarket.com.

“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

In a regulatory filing, Harmonic Drive Systems stipulated that Toyota would sell 4,379,400 shares in the company, however, no price has been specified. According to Wednesday’s closing price of 4,135 yen per share, Toyota’s stake in the precision control equipment maker would be worth 18.1 billion yen ($123 million).

As a means of limiting the impact of Toyota’s sale on its shareholders, Harmonic Drive Systems confirmed that it would buy back 700,000 of its shares. This accounts for about 0.73% of its outstanding stock.

The post Toyota to Sell Entire Stake in Harmonic Drive Systems appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

In addition to parking their vehicles outdoors, both vehicle manufacturers warned owners to keep their distance from their vehicles until repairs are completed. Documents posted by U.S. safety regulators on Wednesday showed that the anti-lock brake control module in the vehicles concerned can leak fluid, which in turn can cause an electrical short and a fire while the vehicles are parked or being driven.

Both companies have confirmed that they will replace the anti-lock brake fuse in the vehicles concerned at no extra cost to owners. Kia is set to begin sending notification letters to customers on November 14, while Hyundai will do the same starting November 21.

The post Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk appeared first on theprimarymarket.com.

“Pent-up demand has been fueling the vehicle market this year,” Charlie Chesbrough, Cox Automotive senior economist observed. “Consumers, and even more so large fleets, have become buyers as inventory improves.”

This rise in demand comes despite rising interest rates on new vehicle loans. Cox Automotive has raised its full-year U.S. new vehicle sales forecast from 15 million units to a range of 15.3 million to 15.4 million units.

The post U.S. New Vehicle Sales Expected to Rise in September appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

Honda and Nissan previously struck a deal to join forces in efforts to develop electric vehicles as a way to be competitive on the market dominated by Tesla and Chinese EV producers. However, now the companies are considering taking their partnership to a next level.

Under the proposed strategic partnership deal, Honda and Nissan would use each other’s factories to produce vehicles. As part of the agreement, Honda would supply Nissan with hybrid vehicles while also potentially using Nissan’s car factory in Sunderland, England. Honda currently only produces motors and engines in its factories in Europe.

The move would likely bring the merger between Japan’s second and third-largest car producers one step closer to completion. The merger would create the world’s third-biggest automotive company, with roughly 7.5 million cars sold annually. This would only trail Toyota and Volkswagen’s numbers.

Mitsubishi could also join the new group, considering that Nissan is the company’s top stakeholder.

The post Honda and Nissan Hold Talks About Joint Car Production, Possible Merger appeared first on theprimarymarket.com.

The layoffs are reportedly not part of the company’s cost-cutting strategy. Instead, the decision was made after a review of the unit following the departure of Software and Services Executive Vice President Mike Abbott. The GM’s goal is reportedly to streamline the division’s operations and make it more efficient.

CNBC reports that around 600 laid-off workers are part of the operations at GM Technical Center in Warren, Michigan. The company has 76,000 salaried workers on a global level and 53,000 salaried workers in the United States.

GM notified the affected employees about their status on Monday. The company also publicly confirmed the layoffs but didn’t specify how many workers will lose their jobs. 

“As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” a GM spokesperson said in a statement sent to media outlets via email.

GM’s stock has seen a slight jump after the news came out, inching up by 1% on Monday. The company’s shares are up more than 27% year-to-date. 

The post General Motors to Lay Off More Than 1,000 Workers in Software and Services Division appeared first on theprimarymarket.com.

“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Liao stated during an interview in Rio de Janeiro prior to a meeting between G20 finance ministers and the governors of their respective central banks. He explained that products have been manufactured by China to assist nations in reaching their carbon neutrality goals by 2030.

Liao explained that China would focus on growing its share in the global EV market particularly as other nations continue to focus on traditional auto markets. This also comes as a result of China not having the same advantages that other nations have in the traditional markets, hence the desire to develop an edge in the growing EV space.

Still, China will face several hurdles in its efforts to develop a foothold on the EV market given that the European Union is set to impose tariffs on Chinese EVs while the US may impose duties in excess of 50% if former President Donald Trump wins the election in November.

The post China Pushing for Electric Vehicle Production appeared first on theprimarymarket.com.

Net profit for the quarter came to $2.8 billion, falling significantly short of $3.73 billion estimates. This came to earnings per share of $0.47, lower than an expected $0.67 per share. Despite its disappointing profit, Ford has maintained its current full-year outlook, with an adjusted net profit in the range of $10 billion to $12 billion. The company did raise its adjusted free cash forecast, however, by $1 billion to $7.5 billion to $8.5 billion.

In a call with reporters, Ford CFO John Lawler exhibited confidence in the company’s ability to remain financially stable. “We don’t see the second half being much different than the first half, or falling off,” he stated, adding that the Ford Pro commercial and super duty truck business was hit by higher warranty costs. Still, the overall Ford+ plan appears to still be on track, the CFO assured.

Shares in the company fell by 12% during pre-market trading on Thursday.

The post Ford Shares Slump Following Earnings Miss appeared first on theprimarymarket.com.

“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

In a regulatory filing, Harmonic Drive Systems stipulated that Toyota would sell 4,379,400 shares in the company, however, no price has been specified. According to Wednesday’s closing price of 4,135 yen per share, Toyota’s stake in the precision control equipment maker would be worth 18.1 billion yen ($123 million).

As a means of limiting the impact of Toyota’s sale on its shareholders, Harmonic Drive Systems confirmed that it would buy back 700,000 of its shares. This accounts for about 0.73% of its outstanding stock.

The post Toyota to Sell Entire Stake in Harmonic Drive Systems appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

In addition to parking their vehicles outdoors, both vehicle manufacturers warned owners to keep their distance from their vehicles until repairs are completed. Documents posted by U.S. safety regulators on Wednesday showed that the anti-lock brake control module in the vehicles concerned can leak fluid, which in turn can cause an electrical short and a fire while the vehicles are parked or being driven.

Both companies have confirmed that they will replace the anti-lock brake fuse in the vehicles concerned at no extra cost to owners. Kia is set to begin sending notification letters to customers on November 14, while Hyundai will do the same starting November 21.

The post Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk appeared first on theprimarymarket.com.

“Pent-up demand has been fueling the vehicle market this year,” Charlie Chesbrough, Cox Automotive senior economist observed. “Consumers, and even more so large fleets, have become buyers as inventory improves.”

This rise in demand comes despite rising interest rates on new vehicle loans. Cox Automotive has raised its full-year U.S. new vehicle sales forecast from 15 million units to a range of 15.3 million to 15.4 million units.

The post U.S. New Vehicle Sales Expected to Rise in September appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.