Kyle Vogt, the CEO and co-founder of Cruise, an autonomous vehicle venture owned by General Motors, has resigned from his position. The announcement was made in a company statement sent to CNBC on Sunday. Mo Elshenawy, former executive VP of engineering at Cruise, will now take over as president and CTO for the company. Vogt…
In 2023, the idea of diversifying your stock portfolio to minimize risk proved to be a disappointing strategy. A wide array of sectors such as financials, retailers, drugs, foods, utilities, autos, airlines, and oils saw steep declines if the timing of investments was not perfect. This reality challenges the classic investment rule of not putting…
Ford Motor’s UAW Union Members Approve Tentative Labor Agreement After contentious negotiations, union members at Ford Motor approved a tentative agreement, concluding contract negotiations between the United Auto Workers and Detroit automakers. The UAW-Ford workers were the last of the automakers to ratify their pact, following General Motors workers who narrowly approved an agreement Thursday…
Stellantis, the parent company of Chrysler, has announced that it will be giving voluntary buyouts to around half of its white-collar U.S. employees in order to reduce the company’s headcount and cut costs for its operations in North America. The voluntary separation packages will be offered to 6,400 out of 12,700 non-bargaining unit U.S. employees…
WeWork, the shared workspace company, is facing a significant setback as its shares plummeted by 35.5%. This decline follows a report from the Wall Street Journal that the company is planning to file for Chapter 11 bankruptcy protection in the coming week. Another notable company, Advanced Micro Devices (AMD), also experienced a dip in its…
Midday trading has seen several companies making headlines in the stock market. One such company is SoFi Technologies, whose shares have been fluctuating as traders digest the company’s latest quarterly results. SoFi reported a significant beat in third-quarter revenue and raised its outlook for the full year. The company’s revenue of $531 million surpassed the…
United Auto Workers (UAW) union leaders in Detroit have approved a tentative agreement with Ford Motor. The deal includes $8.1 billion in new plant investments, $5,000 ratification bonuses, and other economic gains such as compounded wage increases and improved profit-sharing payments. The 4 ½-year tentative agreement was announced last week and will now be presented…
Negotiators from the United Auto Workers (UAW) union and Stellantis have reached a tentative agreement after six weeks of labor strikes, according to sources familiar with the matter. The terms of the deal are still subject to approval by UAW leadership before being announced publicly on Saturday. This agreement is modeled after the one reached…
Contract negotiations between the United Auto Workers (UAW) and General Motors (GM) are set to resume on Friday after intense talks took place on Thursday night and into the morning, according to sources familiar with the discussions. The potential deal is based on a tentative agreement reached by the UAW with Ford Motor on Wednesday…
United Auto Workers (UAW) union and Ford Motor are on the brink of reaching a tentative agreement that could put an end to a nearly six-week strike at the automaker, according to sources familiar with the matter. The announcement of the agreement is expected as early as Wednesday night, pending approval from UAW leaders. The…
