Ford Motor Co CEO Jim Farley said on Wednesday the legacy automaker has a far higher relative price for distribution than electric vehicle maker Tesla Inc. What Happened Farley said Ford’s distribution model per unit is $2,000 more expensive than that of Elon Musk-led Tesla and Ford has the potential to reverse those costs. “The first is the distribution model….
Ford Spends $2000 More Per Car Than Tesla On This—CEO Farley Isn’t Happy
Daimler Truck Head Sees Signs of Chip Crisis Recovery
Daimler Truck Holding AG head Karin Radstrom, in an interview with Bloomberg, acknowledged seeing chip crisis recovery signs. Her comments mirrored with Mercedes Benz Group AG production chief Joerg Burzer’s recent similar assessment. Radstrom added that the factories are busy with backlog orders after months of outages due to chip component shortfalls. The order backlog comes at a time…
Housing Beat: Mortgage Rates Flatten as Sun Belt Sees New Boom in Home Building
This week in the housing market, mortgage rates were mostly flat, mortgage application volume was down and the Sun Belt is shining with new single-family home construction. On the Mortgage Front Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.09 percent as of June 2, down slightly from last week’s 5.10 percent average. The 15-year fixed-rate mortgage…
GM’s Cruise Wins First California Permit to Carry Paying Riders in Driverless Cars
June 3, 2022
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OAKLAND, Calif.—General Motors Co’s Cruise on Thursday became the first company to secure a permit to charge for self-driving car rides in San Francisco, after it overcame objections by city officials. Self-driving test cars with human safety drivers have become a constant sight in San Francisco, and completely driverless ones are increasingly common too. Turning…
Stellantis, Controlled Thermal in Lithium Hydroxide Deal
June 3, 2022
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Automaker Stellantis has reached a deal to have Controlled Thermal Resources Ltd. supply battery-grade lithium hydroxide for its electric vehicles in North America. CTR will supply Stellantis, the company that combined PSA Peugeot and Fiat Chrysler, with up to 25,000 metric tons per year of lithium hydroxide over the 10-year term of the agreement. CTR…
‘Apocalyptic’ Energy Prices Create Perfect Storm for Australian Government
June 3, 2022
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“Apocalyptic” energy prices are testing the new Australian government with Prime Minister Anthony Albanese conceding there is little the federal government can do to alleviate the burgeoning crisis which has hit amid a winter polar vortex. Speaking to ABC Radio in Perth on June 3, Albanese blamed the current challenges of the local gas sector—which…
YouTube Could Be Liable for Unauthorised Uploads If Slow to Act, German Court Rules
June 3, 2022
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BERLIN—Google’s YouTube and other platforms could have to pay copyright damages over unauthorized uploads even if the content was put online by a third party, Germany’s top court ruled. The platforms would be liable only if they did not act quickly to block access once they had learned of illegal uploads, the court said in…
US Sheep Herders Sue Employers for Cartel-Like Wage Suppression
Sheep herders in the U.S. West have banded together to sue their employers, accusing them of operating an illegal cartel that artificially suppresses their wages, according to court documents filed Wednesday in Nevada. The case could have implications for how antitrust laws are applied to labor markets, according to legal experts, as the Biden administration…
Moderna Delays COVID Vaccine Deliveries to EU by Several Months
June 3, 2022
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Moderna Inc. said on Thursday it has agreed to push back some COVID-19 vaccine deliveries to the European Union by several months to later in 2022 or early next year. Shares of Moderna fell nearly 2 percent before the bell over the delay, even though the company stuck to its vaccine sales forecast of $21…
Zara Owner Inditex Set to Benefit From Higher Prices
MADRID—Fashion giant Zara’s owner Inditex is expected to report bumper first-quarter earnings next week, benefiting from raising prices more than rivals without damaging its sales, analysts said. As a cost of living crisis intensifies across the region, Europe’s retailers are facing a tricky balancing act between passing on rising supply chain costs to consumers and…
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