January 31, 2023

General Motors doesn’t expect significant U.S. production of EVs until second half of year

January 31, 2023 admin

Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs. Photo by Jeffrey Sauger for General Motors DETROIT – When General Motors launched the GMC Hummer EV in 2021, the automaker touted it as a new benchmark for its vehicle development time, but the production and sales pace of the truck have been anything but that. The Detroit automaker only sold 854…

The ‘land grab’ for lithium is just getting started with GM deal, says EV materials expert

January 31, 2023 admin

Brine pools at the Albemarle Corp. Lithium mine in Calama, Antofagasta region, Chile, on Tuesday, July 20, 2021. Cristobal Olivares | Bloomberg | Getty Images General Motors‘ announcement on Tuesday that it plans to invest $650 million into Lithium Americas to secure access to lithium is probably the first of many such deals, according to Simon Moores, the CEO of Benchmark Mineral Intelligence, a market intelligence company that tracks the supply chain of lithium-ion batteries to electric vehicles. “Many of these industries have to be built from scratch, certainly lithium ion batteries and…

James Gunn unveils DC’s new film and TV plan, including fresh spins on Supergirl, Batman

January 31, 2023 admin

James Gunn speaks onstage at the Marvel Cinematic Universe Mega-Panel during 2022 Comic-Con International Day 3 at San Diego Convention Center on July 23, 2022 in San Diego, California. Daniel Knighton | Getty Images “Storytelling is always king. That’s all that matters to us,” James Gunn, the co-CEO of DC Studios said Tuesday as he announced a new slate of film and TV projects that will be part of the next eight to 10 years of comic book content from Warner Bros. Discovery. Gunn and Peter Safran were named as…

Jim Cramer’s Investing Club meeting Tuesday: Caterpillar, J&J, Humana

January 31, 2023 admin

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. Opportunity to buy Caterpillar Confident in decision to buy Johnson & Johnson Why buy ahead of an overhang? 1. Opportunity to buy Caterpillar Shares of Caterpillar (CAT) were down 4.2% mid-morning Tuesday after the company reported earnings before the bell. The industrial firm’s results were strong overall, though, considering beats on revenue and margin expansion in all three segments. Caterpillar also expects sales and earnings…

GM to invest $650 million in a lithium company to support its electric vehicle business

January 31, 2023 admin

US President Joe Biden, with General Motors CEO Mary Barra, looks at a Chevrolet Silverado EV as he tours the 2022 North American International Auto Show at Huntington Place Convention Center in Detroit, Michigan on September 14, 2022. – Biden is visiting the auto show to highlight electric vehicle manufacturing. Mandel Ngan | Afp | Getty Images General Motors said on Tuesday it plans to invest $650 million into Lithium Americas to secure access to lithium, a vital component of batteries for electric vehicles. It’s the biggest investment an automaker…

Winter weather disrupts hundreds of flights across Texas

January 31, 2023 admin

Delayed flights prepare to depart from Dallas-Fort Worth International Airport (DFW) on January 11, 2023 in Dallas, Texas. John Moore | Getty Images More than 1,000 U.S. flights were canceled Tuesday as winter weather hit Texas. Over 700 flights to and from American Airlines‘ hub Dallas/Fort Worth International Airport were canceled, about 40% of the airport’s schedule, according to FlightAware. Nearly 200 flights at Dallas Love Field, where Southwest Airlines is based, were canceled. The Federal Aviation Administration slowed arrivals into both airports. Airlines lifted fees or fare differences for…

The Covid pandemic drives Pfizer’s 2022 revenue to a record $100 billion

January 31, 2023 admin

Empty vials of Pfizer-BioNTech coronavirus disease (COVID-19) children’s vaccines are pictured at Skippack Pharmacy in Schwenksville, Pennsylvania, U.S., May 19, 2022. Hannah Beier | Reuters The ongoing Covid-19 pandemic propelled pharmaceutical company Pfizer’s earnings to a record $100 billion last year, almost $57 billion of which was driven by its vaccine and antiviral pill Paxlovid. The vaccine accounted for $37.8 billion, up just 3% from 2021, of Pfizer’s total sales as demand for the shots slowed. But sales of its blockbuster antiviral treatment made up for that softening, surging to…

Here’s why Nike is suing Lululemon over shoe designs

January 31, 2023 admin

Nike is suing Lululemon for patent infringement related to at least four of the apparel company’s shoes, extending a contentious legal history between the two companies. In the complaint, filed Monday in Manhattan federal court, Nike claims it has suffered economic harm and irreparable injury as a result of Lululemon’s sale of the Chargefeel Mid, Chargefeel Low, Blissfeel and Strongfeel shoes. Nike said its three patent claims center on textile elements including knitted elements, webbed areas and tubular structures on the footwear. One patent claim also addresses the footwear’s performance.…

UK pulls plug on top tech incubator after setting out to become ‘world’s next Silicon Valley’

January 31, 2023 admin

Traffic passes around the Old Street roundabout, also referred to as “Silicon Roundabout,” in the area known as “Tech City” in London, U.K. Chris Ratcliffe | Bloomberg | Getty Images Tech Nation, the U.K. startup accelerator program, is set to close its doors after failing to renew its funding from the government, the organization said Tuesday. The tech industry body said in a statement that it will be “ceasing all existing operations through a carefully planned wind-down and has commenced a redundancy consultation process.” related investing news The group is…