Automaker

A group of 15 attorneys general is petitioning the courts to block the Biden administration from fulfilling automakers' last minute request to the Trump administration to limit penalties for those who do not meet emissions standards. A Jan. 14 rule from the National Highway Traffic Safety Administration (NHTSA) approved automakers’ request to delay taking into account inflation when fining car manufacturers for failing to comply with federal emissions regulations. “NHTSA should not let automakers who fail to comply with Congress’s mandate to improve the fuel efficiency of their vehicles off the hook. No detour — no matter how roundabout — can bypass Congress' directive,” said Bethany Davis Noll, executive director of the State Energy & Environmental Impact Center, which highlighted the petition, adding that the standards are “a win-win-win for drivers, public health and the climate.” ADVERTISEMENT A spokesperson for the Department of Transportation told The Hill … [Read more...] about 15 states sue over Trump plan to limit automaker fines on emissions standards

NEW YORK (CBS SF/AP) — San Francisco Bay Area automaker Tesla announced Monday it has acquired around $1.5 billion in Bitcoin and it plans to begin accepting the digital currency as payment for vehicles soon. The electric car maker headed by Elon Musk revealed the new strategy in a filing with the U.S. Securities and Exchange Commission early Monday, saying its investment in digital currency and other “alternative reserve assets” may grow. Bitcoin spiked 14% and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well. In its fourth quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion … [Read more...] about Tesla Buys $1.5 Billion In Bitcoin; Company Will Soon Accept Bitcoin For New Car Payments

General Motors recorded a $6.4 billion profit in 2020, a slight drop from the previous year, even with the coronavirus pandemic affecting businesses around the world. The automaker issued its full-year and fourth-quarter reports for 2020 on Wednesday, showing the company made a strong comeback last year after its North American plants had to shut down in the spring for about two months. “GM’s 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world – including GM – to temporarily suspend manufacturing operations to keep employees safe,” CEO Mary Barra wrote in a letter to shareholders released Wednesday. ADVERTISEMENT "Once-in-a-century challenges like these are tough, but they also provide much-needed clarity and perspective," she added. The company still documented an 11-percent drop in revenue to $122 billion compared to 2019’s $137 billion revenue and $6.7 billion profit, … [Read more...] about General Motors records $6.4 billion profit in 2020 amid pandemic

Hong Kong / Seoul (CNN Business)Shares of Hyundai and Kia plunged on Monday in Seoul after the automakers said they were not in talks with Apple to develop self-driving cars after all. "We are not having talks with Apple about developing self-driving cars," Hyundai said in a statement. The statement added that Hyundai has received requests from "numerous companies" about developing self-driving electric cars, but that "no decision has been made as we are in the beginning stage." Kia Motors, which is owned by Hyundai, referred CNN Business to its parent company's statement. Apple declined to comment. Read More The announcement jolted investors who had been betting on some kind of tie-up between the companies based on weeks of speculation and local news reports. Kia's stock plummeted 13%, putting it on track for its worst day since 2008. Hyundai's stock fell 5.6%. News media in the country reported just last week that Kia was closing in on a major deal with Apple for a … [Read more...] about Hyundai and Kia say they are not talking to Apple about self-driving cars

Hong Kong (CNN Business)Hyundai's stock recorded its best day in at least two decades after the South Korean automaker was reported to be in early talks with Apple to develop self-driving electric cars. While nothing has been finalized, several media outlets reported Friday that Hyundai has confirmed that it is talking to Apple. The news was initially reported by Korea Economic Daily TV, though Reuters, Bloomberg and others have since reported that Hyundai says it is in some kind of discussion with Apple (AAPL) about a car tie-up. CNN Business has been unable to confirm the nature of the discussions. Hyundai said in a statement only that "we are receiving proposals for cooperation from various companies, but no decision has been made yet." Apple declined to comment. These five patents offer hints about what an Apple car could look like Shares in the automaker, though, are surging as investors consider the possibility that Hyundai (HYMTF) could be a partner on Apple's … [Read more...] about Hyundai’s stock skyrockets on reports it is in talks with Apple to build a car