Biden administration expands EV tax credits in boost for Tesla, Cadillac, others

A Tesla Model Y on display inside a Tesla store at the Westfield Culver City shopping mall in Culver City, California, U.S., on Thursday, April 14, 2022. Bing Guan | Bloomberg | Getty Images DETROIT – The U.S. Treasury said Friday it is changing its definition of an “SUV” to make more electric vehicles from Tesla, General Motors and other automakers eligible for up to $7,500 federal tax credits at higher prices. The decision follows Tesla CEO Elon Musk publicly criticizing the former standards as well as automakers such as…

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Cramer’s lightning round: I want to own Sherwin-Williams

Sherwin-Williams Co: “I want to own it. I’ll tell you why. Everything that they could possibly say negative about it is out there. I want to come out with a more positive thesis.” XPO Inc: “Let’s wait for it to come down a little.” Upstart Holdings Inc: “Right now, this is a coiled spring, even though it’s not doing well. … That’s not my style.” SoFi Technologies Inc: “It was a good quarter, and it’s going higher.” Disclaimer: Cramer’s Charitable Trust owns shares of Wells Fargo. Jim Cramer’s Guide to…

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

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…

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

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…

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

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…

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Stocks making the biggest moves premarket: McDonald’s, UPS, General Motors and more

Nathan Stirk | Getty Images News | Getty Images Check out the companies making headlines before the bell. McDonald’s — Shares dipped more than 1% after McDonald’s reported its latest quarterly results. The fast food giant topped earnings and revenue estimates, saying customers are increasingly visiting its restaurants. Still, McDonald’s CEO Chris Kempczinski said he expects “short-term inflationary pressures to continue in 2023.” related investing news General Motors — Shares of the automaker rose more than 5% in premarket trading after GM beat estimates on the top and bottom lines…

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5 things to know before the stock market opens Tuesday

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, January 26, 2023. Andrew Kelly | Reuters Here are the most important news items that investors need to start their trading day: 1. A solid month comes to an end U.S. equities are about to finish up a strong January in spite of lingering concerns about a recession and the Federal Reserve’s rate-hiking strategy to stem inflation. Corporate earnings haven’t been too hot, either. Yet, there are also growing hopes that the…

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General Motors is set to report earnings before the bell. Here’s what Wall Street expects

Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE DETROIT — General Motors is set to report its fourth-quarter earnings before the bell Tuesday. Here’s what Wall Street is expecting, according to Refinitiv consensus estimates: Adjusted earnings per share: $1.69 Revenue: $40.65 billion GM in November tightened its projected range for 2022 adjusted earnings to between $13.5 billion and $14.5 billion, compared with previous guidance of between $13 billion and $15 billion. It also increased its cash flow guidance to between $10 billion and $11 billion, up from…

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Ford and General Motors enter a new phase of uncertainty on prices and demand

Attendees view a Ford Mustang Mach-E GT during opening day of the 2022 New York International Auto Show (NYIAS) in New York, on Friday, April 15, 2022. Jeenah Moon | Bloomberg | Getty Images DETROIT – Let’s talk about pricing power. At least, General Motors and Ford Motor likely will be doing that this week as they report fourth-quarter results and 2023 guidance, with Wall Street watching for signs of weakening consumer demand and a tougher pricing landscape. Either issue would mean lower profits this year for the automakers, which…

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5 things to know before the stock market opens Monday, January 30

Traders on the floor of the NYSE Source: NYSE Here are the most important news items that investors need to start their trading day: 1. Rally faces tests this week The January rally has hung in there, weathering a mixed bag of earnings reports and forecast cuts, as well as some soft economic data. This week it will run into some big tests, given the earnings schedule dominated by big tech names (more on that below) and the Federal Reserve’s next moves. The Fed’s policy-setting committee meets Tuesday and Wednesday.…

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