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<ul class="summary-list"><li>General Motors is turning to Costco's Auto Program to help it sell more EVs. </li><li>The wholesaler partners with automakers and dealers to offer discounted vehicle prices for members.</li></ul>General Motors is turning to <a target="_blank" href="https://www.businessinsider.com/best-things-at-costco-family-of-five-grocery-list-2024-6">Costco</a> to help it sell more EVs.According to a <a target="_blank" href="https://www.cnbc.com/2024/06/07/gm-costco-auto-program-evs.html">CNBC</a> report, the Detroit automaker is selling its electric vehicles through <a target="_blank" href="https://www.businessinsider.com/costco-car-buying-program-explained-2018-3">Costco's Auto Program</a>, which allows members to buy cars at discounted prices.GM North America President Marissa West told CNBC she saw a "huge opportunity" to sell EVs to Costco's 50 million-plus US membership base and that GM was exploring new ways to build its partnership with the wholesaler."We have a great partnership with Costco, and I'm really bullish on Costco because I like their brand," said West.Business Insider contacted GM and Costco Auto Program for comment but didn't immediately hear back.Costco Auto Program general manager Jay Maxwell, meanwhile, told CNBC the company had seen an uptick in interest in EVs among its members, with around 7% of member requests for vehicles to Costco Auto in 2023 relating to electric vehicles.Costco Auto does not sell cars directly. It partners with dealers and automakers to allow members to buy vehicles for discounted prices.The partnership with Costco comes at a crucial time for GM as it gears up to release a range of new affordable electric models in the coming years.GM sub-brand Chevrolet recently released a new <a target="_blank" href="https://www.businessinsider.com/chevy-equinox-ev-first-drive-much-needed-electric-crossover-suv-2024-5">$43,295 Chevrolet Equinox</a>, and is <a target="_blank" href="https://www.businessinsider.com/evs-too-expensive-5-upcoming-affordable-models-kia-chevy-volvo-2024-6">planning an updated version of the electric crossover for later this year</a>, which is expected to be priced at under $30,000 with tax incentives.A new Chevrolet Bolt is also in the pipeline, with Chevrolet promising it will be the <a target="_blank" href="https://insideevs.com/news/721430/next-gen-chevy-bolt-cheap/">"most affordable EV on the market"</a> when it launches in 2025.It also comes as automakers revise their EV strategies amid slowing demand for electric vehicles in the US.Ford <a target="_blank" href="https://www.businessinsider.com/ford-cuts-electric-f-150-lightning-production-affecting-jobs-2024-1">slashed production of its F-150 Lightning pickup</a>, and GM has reversed course by <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">pledging to continue selling hybrid vehicles</a> in the US alongside its electric offerings.Until then, Costco members will certainly see the benefits. The wholesale club recently announced that <a target="_blank" href="https://www.businessinsider.com/costco-members-electric-cars-deals-volvo-gm-polestar-2024-5">members will be able to get $1,000 off</a> a selection of electric vehicles this summer, including models from Cadillac, Chevrolet, and Volvo.

General Motors is using Costco to help it sell more EVs

<ul class="summary-list"><li>Auto workers are striking for a 40% pay increase from General Motors, Ford, and Stellantis.</li><li>General Motors CEO Mary Barra is so far offering auto workers a 20% pay increase.</li></ul>For the first time in history, <a href="https://www.businessinsider.com/ford-gm-stellantis-uaw-workers-indefinite-strike-2023-9">workers at all of Detroit's three major automakers</a> are on strike.The United Auto Workers union is demanding, among other things, a 40% hourly pay increase over four years. So far, they have only been offered a 20% increase.General Motors CEO Mary Barra, meanwhile, is the highest-paid of the three CEOs, making about $29 million a year. She has received a 34% increase over the last four years.In a CNN interview, <a href="https://www.cnn.com/videos/business/2023/09/15/mary-barra-intv-compensation-gm-ceo-strike-cnntm-vpx.cnn">Barra defended her high earnings</a>. She said 92% of her salary is based on the company's performance, and that the company offers profit sharing to its employees. So, her logic went, the better the company performs the more money everyone makes. "When the company does well, everyone does well," Barra said.Especially her, apparently.When the CNN reporter pressed Barra on whether or not the pay discrepancies at the company are fair, the CEO deflected, reiterating only that "a very compelling offer" was on the table for the union to consider."Not only are we putting a 20% increase on the table, we have profit sharing," Barra said. That 20% increase is still 14 percentage points less than Barra's was over the last four years.The strike began Friday morning after the union failed to reach an agreement with the companies before their deadline. It could <a href="https://www.businessinsider.com/ford-gm-stellantis-uaw-workers-indefinite-strike-2023-9">cost the companies $5 billion</a> over just 10 days.

Here's how General Motors' CEO Mary Barra justifies her $29 million salary

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>General Motors is the latest company to issue a return to office mandate for employees. </li><li>Workers will be expected to come in the office on Tuesdays, Wednesdays, and Thursdays every week.</li></ul>General Motors has issued a mandate requiring employees to return to the office three days a week in 2024, joining a string of high-profile companies in the US that have walked back their remote and hybrid working policies. GM CEO Mary Barra has changed tunes on her "Work Appropriately" policy during the COVID-19 pandemic, which gave employees the flexibility to work from home, the company confirmed to Business Insider Thursday.Barra sent a memo to staff on Tuesday saying all employees who live within 50 miles of a GM office must return to the office on Tuesdays, Wednesdays, and Thursdays every week, a spokesperson confirmed."Effective January 8, 2024, we are providing more clarity on our three-day a week return to office policy. Hybrid employees need to be in the office Tuesday through Thursday in order to meet critical business needs and retain company culture," the memo said. Barra is expected to decide whether executives who live out of state will have to come to the office too, Bloomberg reported.The policy will impact 43,000 workers of its <a target="_blank" href="https://www.gm.com/company/usa-operations#:~:text=How%20many%20employees%20does%20General%20Motors%20have%20globally%3F,11%20employees%20around%20the%20world.">90,853 employees</a> in the US, <a target="_blank" href="https://www.fox2detroit.com/video/1377275">per FOX</a>."We believe the benefits of in-person collaboration and mentorship lead to a stronger, more innovative culture and higher performance," Barra wrote, in the email viewed by FOX. "The pace of change is faster than ever, and we simply must do our best work." The vehicle manufacturer<a target="_blank" href="https://www.bloomberg.com/news/articles/2022-09-27/gm-scales-back-return-to-office-plan-after-staff-backlash"> scaled back sweeping plans</a> to bring all workers back to the office in 2023 after receiving backlash from employees on internal forums. Instead different departments were allowed to put in place their own policies for workers. <a target="_blank" href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1?r=US&amp;IR=T">Several US companies</a> including Google, Meta, Salesforce, Tesla and Uber have also put in place their own return to office mandates to the dismay of workers.<a target="_blank" href="https://www.businessinsider.com/remote-work-from-home-ending-companies-mandate-return-to-office-2023-11?r=US&amp;IR=T">Employers' motivations for RTO mandates</a> including boosting their bottom lines by encouraging in-person collaboration and teamwork — this in turns improves efficiency and productivity. But employees are not on the same page. A Bankrate survey in August found that 68% of US adults are strongly supportive of a hybrid working model rather than being fully in-person.

General Motors is mandating corporate staff return to the office at least 3 days a week next year, saying it will help 'retain company culture'

<ul class="summary-list"><li>GM cars will be able to use Tesla's Supercharger network.</li><li>Ford and Tesla announced a similar partnership announcement in May. </li></ul>General Motors vehicles will soon be able to charge at a large swath of Tesla's vast Supercharger network starting in 2024, the <a href="https://news.gm.com/newsroom.detail.html/Pages/news/us/en/2023/jun/0608-gm.html">two companies announced Thursday. </a>GM vehicles will have access to 12,000 Superchargers next year, the company said, with the automaker adopting the North American Charging Standard (NACS) in 2025. It effectively doubles the number of chargers GM drivers have access to, CEO Mary Barra said. It's part of a growing cooperation between Elon Musk and legacy automakers that will help bring them all to "equal footing" when it comes to charging, easily one of the biggest hurdles to mass EV adoption in the United States. Having most, if not all, automakers on one charging standard — with a universal connector — could be huge for driving sales. "Consumers won't have to worry about what plug, what socket, which charging station," Tesla CEO Elon Musk said. "This is a huge advancement for electric vehicles in North America." <a href="https://www.businessinsider.com/tesla-to-bring-supercharger-network-to-rival-ford-musk-says-2023-5">Tesla announced a similar partnership with Ford in May.</a> Tesla has also opened parts of its European charging network to other cars. Tesla has more than 20,700 Supercharger plugs in North America, according to the Department of Energy, making it easily the largest charging network. While other stations <a href="https://www.businessinsider.com/electric-car-charging-reliability-broken-stations-ev-2022-5">struggle to keep chargers working and online</a>, Tesla's are known for reliability — and the huge network is a massive selling point for its cars. Shares of GM jumped nearly 4% in late trading Thursday following the announcement.

Tesla adds General Motors to growing list of companies that will use its Superchargers

<ul class="summary-list"><li>General Motors stock jumped more than 10% Wednesday on plans for a $10 billion share buyback and dividend hike.</li><li>It comes as the automaker pulls back on its EV and driverless vehicle ambitions.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> climbed as much as 10.7% on Wednesday following the company's plans to boost shareholder returns.The automaker announced a $10 billion accelerated repurchase program and said it will increase its common stock dividend by 33% beginning in 2024. The moves come as GM pulls back on its electric vehicle and autonomous driving ambitions, while also navigating higher labor force costs amid its new contract with the United Auto Workers. "We are finalizing a 2024 budget that will fully offset the incremental costs of our new labor agreements and the long-term plan we are executing includes reducing the capital intensity of the business, developing products even more efficiently, and further reducing our fixed and variable costs," GM Chair and CEO Mary Barra said in a statement. "With this clear path forward, and our strong balance sheet, we will return significant capital to shareholders."GM also reiterated its full-year guidance and added that it will fund its share buyback by tapping capital that was previously intended to use for electric vehicles and driverless cars. The pivot will bring investors' attention to the core business of selling trucks powered by gas and diesel. Connected to the share repurchase program, the company said it will "advance an aggregate of $10.0 billion to the executing banks and will immediately receive and retire $6.8 billion worth of GM's common stock."Prior to the announcement, GM had roughly 1.37 billion shares of common stock outstanding. GM is only recently emerging from the <a href="https://www.businessinsider.com/united-auto-workers-strike-general-motors-hit-hardest">six-week strike</a> that cost the company more than $1.1 billion during the third and fourth quarters. GM lost more than 31,000 units of production, more than competitors Ford and Stellantis.Despite Wednesday's jump, GM stock is down 5.56% year to date.

General Motors stock surges 10% as the automaker announces $10 billion share buyback

<ul class="summary-list"><li>Tesla's $10 billion Mexico gigafactory is in doubt after Donald Trump regained the presidency.</li><li>Elon Musk paused the project before the election and warned that higher tariffs could affect it.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">President-elect Donald Trump</a> has said he wants to crack down on automakers building cars in Mexico — and that could be a problem for <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a>.Trump has floated imposing tariffs higher than 200% on vehicles imported from Mexico, a move analysts told Business Insider could throw the US auto industry into crisis.It's also put a $10 billion new factory proposed by one of his biggest backers in limbo.<a target="_blank" class="" href="https://www.businessinsider.com/why-tesla-still-needs-to-build-in-mexico-2024-4">Tesla announced in March 2023</a> that it was planning to build its seventh gigafactory near the industrial hub of Monterrey, Mexico.The project has since been hit by delays and uncertainty, with Elon Musk telling investors earlier this year that it was on pause until the election outcome was clear.<div type="image" title="Elon Musk and Donald Trump" height="1333" width="2000" msid="115178406" hostid="261" sizebytes="55710"></div>"Trump has said that he will put heavy tariffs on vehicles produced in Mexico, so it doesn't make sense to invest a lot in Mexico if that is going to be the case," the Tesla CEO said in July. Musk <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">bet big on the former president's election campaign</a> and could be given a role in his administration.Trump's victory has pushed Tesla's project even further into purgatory. Mexico's economy minister told local media last week he planned to set up a meeting with Musk to clarify the factory's status.Trump vowed to clamp down on automakers building cars in Mexico on the campaign trail, and the prospect of new tariffs could force US automakers such as Tesla to make some hard choices about operational or planned factories in Mexico.Investment bank UBS warned that any tariffs on Mexico would be "highly disruptive" to the entire US automotive industry, in an analyst note released after the election. Analysts told BI that the tariffs floated by Trump would deter automakers such as Tesla from investing in Mexico."Everything's up in the air with Tesla's plant," said Sam Fiorani of AutoForecast Solutions. "Depending on the level of the tariffs, it could complicate the investment in Mexico."<h2 id="3ace9d15-1517-423e-b2a0-c7c63a3fcfb9">A looming crisis</h2>Fiorani told BI that factories in Mexico were crucial for US manufacturers — particularly the Detroit "Big Three" of Ford, General Motors, and Stellantis — because it offered cheap parts and labor.General Motors and Stellantis have around a third of their full-size pickup truck production in Mexico, according to Morningstar analyst David Whiston, while Ford builds its Maverick compact pickup there.Mexico is also a crucial production hub for Ford's Mustang Mach-E EV, built at the company's Cuautitlan plant.The country's free trade agreement with the United States, which allows automakers to import vehicles across the border without duties and is up for review in 2026, has attracted other automakers outside the Big Three.<div type="image" title="Mustang Mach-E" height="3648" width="5472" msid="115178404" hostid="261" sizebytes="876960"></div>Toyota, the world's largest carmaker, announced in 2020 it would move production of its Tacoma pick-up from the US to Mexico, while Nissan and Volkswagen also have factories in the country.Mexico has also attracted interest from Chinese automakers, sparking fears from <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-byd-mg-plan-factories-mexico-washington-concern-2023-12">some lawmakers that they could use the country as a "backdoor"</a> to the US market.Chinese EV giants BYD and MG have both announced plans to build factories in the country. BYD has denied reports that it put those plans on hold to wait out the election outcome.Other automakers have expanded their presence in Mexico, despite the uncertainty of the election and the prospect of tariffs under a second Trump term.Stellantis brand Jeep is building <a target="_blank" class="" href="https://www.businessinsider.com/jeep-first-ev-electric-wagoneer-s-photos-2024-1">its first electric vehicle, the Wagoneer S</a>, at its Toluca plant in Mexico, according to a breakdown of the company's 2024 manufacturing operations.The CEO of Chrysler, another Stellantis brand, also recently confirmed it was expanding a factory in Mexico as a "relief valve" for US truck production, after The Wall Street Journal reported the company was considering making its bestselling Ram 1500 truck south of the border.German luxury brand BMW, meanwhile, is investing 800 million euros ($861 million) in expanding its factory at San Luis Potosí, Mexico, which is expected to produce the company's next-generation Neue Klasse lineup from 2027."Imposing tariffs would be a deterrent. It would make it difficult if you're planning on exporting to the US," Stephanie Brinley, an automotive analyst at S&amp;P Global, told BI.She added: "It makes building a plant in Mexico more expensive and less attractive.<h2 id="63cc3482-b0ae-4cf4-b3a3-5bb23c5ee379">Costly dilemma</h2>Brinley added that many automakers with a significant US presence had been established in Mexico for decades, meaning it would cost billions and be highly difficult to shift production to the US or other markets in response to tariffs.<div type="image" title="The 2023 Toyota Tacoma" height="2468" width="3290" msid="115178408" hostid="261" sizebytes="731616"></div>"That would be a massive investment issue ... it would probably require a staggering amount of money and would not be something they could do quickly. Changing that manufacturing footprint would take at least five years," she said.Ultimately, Brinley said many US automakers may decide it's in their best interests to stay put, despite the tariffs — something that she said could lead to higher prices for consumers north of the border."That's where the tariff ends up hurting the consumer, because these companies are not going to just eat the tariff. Some, if not all of the cost would be passed on to consumers," Brinley said.Tesla, GM, Ford, and Stellantis did not respond to requests for comment from BI.

Trump's tariffs will make it hard for automakers — including Tesla — to set up shop in Mexico

<ul class="summary-list"><li>Rivian Chief Software Officer Wassym Bensaid says the future of cars will be hands-free.</li><li>That doesn't mean Rivian is on a full sprint toward autonomous driving.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-one-brand-wont-win-ev-industry-tesla-2024-9">Rivian</a> isn't prioritizing autonomous driving, the company's chief software officer said in an interview with Business Insider.As <a target="_blank" class="" href="https://www.businessinsider.com/waymo-tesla-opposite-problems-driverless-cars-technology-competition-market-dominanchttps://www.businessinsider.com/waymo-tesla-opposite-problems-driverless-cars-technology-competition-market-dominance-2024-9e-2024-9">Waymo and Tesla</a> race to scale autonomous driving and usher in an era of self-driving cars and <a target="_blank" class="" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">robotaxis</a>, Rivian, the 15-year-old electric truck and SUV company based in Irvine, California, has different priorities for artificial intelligence, CSO Wassym Bensaid told Business Insider."We are not necessarily chasing full-self driving, we're not chasing robotaxis," he said. "Our goal is incremental improvements to the safety and convenience for customers."For Bensaid, who joined Rivian in 2019 as the senior director of the system architecture and integration team, AI is an opportunity to deliver a safer and seamless driving experience through improved software.During a fireside chat at the TechCrunch Disrupt conference in San Francisco on October 30, the CSO said, "The car is a fantastic environment for AI" and that the ideal vehicle would be one that could be largely controlled by a user's voice."The fact that we're touching the screen or the fact that we're using buttons today in some cars — I think it's an anomaly. It's a bug, it's not a feature," Bensaid said. "Ideally, you would want to interact with your car through voice. And the problem today is that most voice assistants are just broken. They don't work. And this is where AI can really unlock and enable very different experiences in the car."<h2 id="3de6d2c1-1bf7-4b85-ab5b-44f39ea50214">'We're doing a tech product which happens to be a car'</h2>Unlike its EV counterparts at <a target="_blank" class="" href="https://www.businessinsider.com/category/tesla">Tesla</a> or <a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">General Motors</a>, <a target="_blank" class="" href="https://www.businessinsider.com/rivian-layoffs-wall-street-expectations-production-customers-r1t-r1s2023-2">Rivian</a>'s core focus has been the electric vehicle pickup and SUV segment, but it has struggled to take a significant bite out of the EV market in the US.Its first truck, the R1T, wasn't delivered to customers until 2021, 12 years after Rivian's founding in 2009 by current CEO RJ Scaringe. This year, the company went through <a target="_blank" class="" href="https://www.businessinsider.com/rivian-cutting-10-of-workforce-faces-slower-growth-than-predicted-2024-2">two</a> <a target="_blank" class="" href="https://www.businessinsider.com/rivian-layoffs-after-delaying-georgia-factory-r2-2024-4">rounds</a> of layoffs. In October, the company announced it would cut production target from 57,000 units to between 47,000 and 49,000 units, citing supply chain issues.EVs approached an <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">inflection point</a> earlier this year, with the sales rate slowing even though the demand for electric cars persists. This has caused legacy car companies like Ford to pump the brakes on its ambitious <a target="_blank" class="" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">EV goals</a>.Scaringe said in an interview with The Verge that the slowdown in EV growth stems from an "extreme lack of choice" for affordable options. Rivian's lowest-priced vehicle, the R1T truck, retails for about $70,000.A $5 billion investment from <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-invests-5-billion-rivian-software-development-r2-suv-affordability-2024-6">Volkswagen</a> announced in June could help the struggling EV company deliver on its cheapest model yet, the R2, priced at $45,000 and set to launch in 2026.The CEO said on Kleiner Perkins' "Grit" podcast from September that he has made an intentional effort to avoid becoming a <a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-intentional-effort-to-not-copy-tesla-strategy-2024-9">Tesla 2.0</a>."Tesla has been absolutely inspiring," Scaringe said during the podcast. "One of the things that was so important to me with Rivian was to make sure we weren't covering the same ground as Tesla."Bensaid's comments to BI reflected much of the same sentiment."We're not chasing a specific autonomy level because we think, philosophically, that it's really about the incremental features, whether it's safety or convenience that you can progressively add to the car," he said. "In some cases, some of the automakers end up in a battle over winning standards instead of really delivering better features for customers."A spokesperson for Tesla did not respond to a request for comment.During the TechCrunch fireside chat, the chief software officer said that Rivian's "north star" will eventually be an operating system for other car companies, providing an alternative to <a target="_blank" class="" href="https://www.businessinsider.com/apple-carplay">Apple's CarPlay</a>.In January, Goldman Sachs analysts said Rivian's software is "a key part of the value proposition and monetization opportunity" for the company."Software is, really behind the scenes, pervasive throughout the entire company," Bensaid told BI. "And we see Rivian as a tech company. We're doing a tech product which happens to be a car."

Rivian's head of software says the company is not trying to be like Tesla regarding automation

<ul class="summary-list"><li>General Motors CEO Mary Barra said on Tuesday that EV manufacturers face steep competition in China.</li><li>That competition comes with prices that are going "lower and lower," she said.</li></ul>General Motors CEO Mary Barra said there are so many companies trying to sell EVs in China right now that it's driving a price war that isn't sustainable.Barra made the comments at the TechCrunch Disrupt conference in San Francisco on Tuesday, responding to a question about the <a target="_blank" class="" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">explosion of EV sales in China</a>. More than 120 brands <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">sold EVs in China in 2023</a> compared to around 60 in the US — putting into perspective just how much competition there is for GM and other manufacturers.The <a target="_blank" class="" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">EV market in the country</a> is oversaturated, Barra said Tuesday, echoing comments she's made recently. She said the EV business in the country was "shifting dramatically" — and that "lower and lower" prices being driven by such competition will become untenable."From a China perspective, EV adoption has been heavily regulatory-driven," Barra said, referring to the <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">Chinese government's push for EV adoption</a>. "But what also has occurred is there are <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">over a hundred Chinese OEMs</a> right now, primarily focused on EVs," she said. OEMs are "original equipment manufacturers" that create parts for other businesses to use in their products.The flood of EV-focused startups pushing inexpensive vehicles in China has posed increasing challenges for <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">European and US automakers </a>in recent years."You have to look at what the sustainable business is because the situation that is there right now is not sustainable," Barra said. "Of the hundred or so companies, only less than a handful are profitable," she said. BI didn't independently verify Barra's calculations.European automakers have also struggled in the competitive China EV market. <a target="_blank" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">During its third-quarter earnings call earlier this month, Mercedes-Benz reported a 31% drop</a> in sales of battery-powered cars year over year.<a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">GM, meanwhile, outperformed</a> Wall Street's estimates and sent shares soaring more than 9% following its third-quarter earnings report. In China specifically, GM sold 14% more vehicles in the third quarter than in the second. And its "NEV" category — or new energy vehicles, which include EVs — for the first time sold more than its internal-combustion models in China, GM said.

GM CEO Mary Barra says there's so much EV competition in China that it's driving a price war that isn't sustainable

<ul class="summary-list"><li>Ford's stock fell 6% in after-hours trading after lowering its profit forecast to $10 billion for 2024.</li><li>The guidance stems from high costs and low volumes of Ford Pro and Ford Blue models.</li></ul>Ford fell 6% in after-hours trading after the company said it was expecting profits at the lower end of its full-year earnings guidance.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/meet-the-henry-ford-family-inside-automobile-dynasty-2024-8">US automaker </a>said it was expecting $10 billion in profit this year, a cut from its initial outlook of up to $12 billion. It said the guidance was hurt by costs and low volumes of its most profitable cars, Ford Pro and Ford Blue, due to supplier and hurricane-related disruptions."Clearly, our <a target="_blank" class="" href="https://www.businessinsider.com/western-auto-chiefs-industry-locked-in-darwinian-battle-with-china-2024-10">strategic advantages</a> are not falling to the bottom line the way they should," Ford's CEO Jim Farley said in an earnings call on Monday. "Costs, especially warranty, has held back our earnings power."The company posted third-quarter revenue of $46.2 billion, marking 5.5% year-on-year growth.Farley also emphasized Ford's strategy to compete with Chinese EV makers. He said that finding new designs for components or using new suppliers will be key to reducing EV costs.Companies like the Chinese brand BYD, Farley said, "have an incredible advantage on affordability of batteries.""So, we have to make that up, or our opportunity is on the EV component side, inverters, gearboxes, motors," he continued.Chinese EV makers have been on a roll this year. Despite concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">tariffs from the US and European Union,</a> sales for companies like BYD, Nio, and Zeekr were <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">boosted</a> by price cuts, the introduction of cheaper models, and Chinese EV <a target="_blank" rel="noopener" href="https://uk.finance.yahoo.com/news/zeekrs-sales-jump-chinese-dominate-070320106.html">demand from Russia</a>. Their performance has raised eyebrows at Tesla, which was <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">once dismissive of Chinese companies</a>.Ford's CEO is a big fan of Chinese EVs, too. In a podcast that aired last week, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">Farley said</a> he doesn't want to give up the Xiaomi Speed Ultra 7 he's been driving for the past half year."We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," Farley said about the car.China sales and exports make up over $600 million of the company's profit this year, Farley said on Monday's call.Ford's stock has fallen 6.7% this year.Its competitors in the American auto scene have seen wider changes: General Motors has risen 47% this year. Jeep and <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Chrysler maker Stellantis</a> has seen a 41% rout during the same time period. Tesla was down 42% year to date in April and May this year, but has since pared losses. It is up 5.7% year to date after reporting third-quarter earnings last week.

Ford's stock drops 6% in after-hours trading after releasing third-quarter earnings

<ul class="summary-list"><li>Europe's automakers are reeling from plunging EV sales and brutal competition in China.</li><li>Mercedes-Benz became the latest to sound the alarm on Friday, posting a 31% drop in EV sales in its Q3 earnings.</li></ul>Europe's automakers are struggling amid falling demand and increased competition from China, with <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> the latest to sound the alarm over plunging EV sales.The German carmaker said it had seen a 31% drop in sales of battery-powered cars from a year earlier as it reported its third-quarter earnings on Friday.Sales of all Mercedes cars in China also slumped by 10% in the first nine months of the year amid waning demand for luxury vehicles.Mercedes finance chief Harald Wilhelm said the company would pursue "cost improvements" across its business, with Mercedes' return on sales sliding to 4.7% in Q3.The premium automaker is the latest European car giant to run into trouble as <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">the continent struggles with lackluster EV sales</a>.Rivals VW, BMW, and Fiat parent Stellantis have all issued profit warnings in recent weeks, as the European auto industry faces weak demand and competition from Chinese upstarts at home and abroad.Registrations of new EVs in August dropped 44% in Europe and a massive 69% in Mercedes' home market of Germany, industry data shows.Although they <a target="_blank" class="" href="https://www.acea.auto/pc-registrations/new-car-registrations-6-1-in-september-2024-year-to-date-battery-electric-market-sales-5-8/">recovered slightly in September</a>, sales of new electric vehicles this year still remain nearly 6% lower than at the same point in 2023, according to data from the European Automobile Manufacturers' Association.In China, meanwhile, European automakers that once dominated are under increasing pressure from <a target="_blank" class="" href="https://www.businessinsider.com/china-manufacturing-overcapacity-no-benefit-from-cheap-electric-vehicles-bain-2024-6">local rivals pushing inexpensive EVs</a>.They now face the prospect of competing <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">with the likes of BYD in Europe, too</a>, with Chinese carmakers expanding product lines and setting up manufacturing plants <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">despite the European Union's mooted tariffs</a>.Mercedes' weak sales in China are in contrast with General Motors, which this week said that <a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">sales in the country were up 14% from the second quarter</a>, although the Detroit automaker still lost $137 million in Q3.Mercedes did not immediately respond to a request for comment.

Mercedes-Benz electric car sales plunge by a third as Chinese competition and stuttering demand hit home

<ul class="summary-list"><li>General Motors reported third-quarter earnings that topped estimates.</li><li>GM's profits were driven by strong SUV sales, EV growth, cost reductions, and improved China sales.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/gm-investment-electric-vehicle-supply-chain-lithium-batteries-2024-10">General Motors</a> reported strong third-quarter 2024 profits on Tuesday, topping Wall Street's estimates and helping send shares surging more than 9%.Executives attributed the financial outperformance — amid a tough year for Detroit as<a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8"> EV demand stutters</a> and car pricing remains frustratingly high for consumers — to booming truck and SUV sales, improved EV profitability, cost-cutting, and strength in the Chinese market.<h2 id="b7f27158-651e-47b9-8b39-ddcdc353bf61">Truck and SUV profits underpin GM's profits</h2>GM previously reported a<a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/us-new-vehicle-sales-q3-seen-be-growing-weaker-pace-2024-10-01/"> slight fall in vehicle deliveries</a>, roughly in line with an industry dip in the three months ending September 30.But average pricing stayed high, at $49,349, buoyed by GM's lineup of <a target="_blank" class="" href="https://www.businessinsider.com/cadillac-escalade-2025-updates-tech-screens-lyriq-celestiq-2024-7">full-size pickups and SUVs</a> and fewer incentive offers than competitors.GM has launched over half a dozen<a target="_blank" class="" href="https://www.businessinsider.com/buick-envista-review-stylish-small-suv-great-price-2024-10"> new gas-powered SUV models </a>this year, including compacts like the Chevrolet Equinox and three-row family haulers like the Chevrolet Traverse and GMC Acadia. Consumers paid an average of $6,000 more for new cars than the models they replaced, GM CEO Mary Barra said on an earnings call with investors.<h2 id="89a7483f-5d32-461a-8a40-f5a976ee1a66">EVs still aren't profitable, but getting there</h2>As rivals lament slowing growth in the EV market, GM leaders are touting its investments in the segment as a point of strength — even as it suffers from the <a target="_blank" class="" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">same market fluctuations as competitors.</a>General Motors sold more than 32,000 EVs during the last three months, up 60% over last year. Of those who purchased a GM EV, more than 60% are conquests from other automakers, Barra said.The company now claims a 9.8% share of the US market, second only to <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a>.But <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EVs still aren't profitable</a>. That inflection point is expected to arrive this quarter, Barra said at GM's recent investor day earlier in October.<h2 id="de0be7a2-00fb-46a2-b3d5-18af919bdb81">GM is working to turn around China</h2>GM's China business just enjoyed its best quarter since the same period of 2022, with sales up 14% from the second quarter of this year.Despite the sales growth, the company's China operations still lost $137 million during the third quarter.The <a target="_blank" class="" href="https://www.businessinsider.com/car-facebook-us-ford-china-tesla-spotify-tiktok-india-snap-2023-4">Chinese market,</a> the world's largest and once consistent profit center for GM, has been a drain on its finances over the past year due to increasingly strong competition.GM has worked to adjust its product mix in China to feature more EVs and plug-in hybrids.Barra praised the success of Buick's GL8 plug-in hybrid luxury minivan, which launched in April, as a new model driving <a target="_blank" class="" href="https://www.businessinsider.com/china-auto-sales-automakers-ford-gm-making-losing-market-share-2023-4">improvement in China.</a><h2 id="df9094fe-1ffa-4be3-b39c-8d9d962bf914">Cutting costs through simplicity</h2>GM expects to end 2024 with $2 billion less in fixed costs than two years ago, Barra said at the investor day.One major way is by simplifying the number of options and trims offered on vehicles, which can become overwhelming for shoppers."It's about making our customers' lives easier while also taking cost out of the system," GM President Mark Reuss said at the event.According to Reuss, GM has eliminated 2,700 unique parts, ranging from seat assemblies to wiring harnesses, from its inventory. On average the company is seeing a 10% reduction in total part numbers per vehicle.

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