Archive for the ‘Politicians’ Category

Trump Threatens to Kill NAFTA — Again

Move design to pressure Congress to approve new deal.

by on Dec.03, 2018

President Donald Trump said he might cancel NAFTA immediately, hoping to pressure Congress into approving its replacement deal.

Only a day after signing a new trade agreement with Mexico and Canada, President Donald Trump said he is now free to cancel NAFTA in a move that will create major problems for global automakers.

Trump, who is facing mounting political challenges at home, made his remarks to reporters as he prepared to return to the U.S. after the G-20 Summit in Bueno Ares. The remarks came after he had formally signed a new version of NAFTA with leaders from Mexico and Canada.

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Trump’s goal in announcing the end of NAFTA is to put pressure on Congress to accept the new agreement with Mexico and Canada.  (more…)

UAW Attacks GM as Trump Signs “New” NAFTA Deal

Trump in Argentina for G20 Summit.

by on Nov.30, 2018

The leaders of Mexico, the United States and Canada sign the "new" NAFTA in Argentina.

The United Auto Workers renewed its attack on General Motors as leaders from the U.S., Mexico and Canada used the G20 Summit in Argentina for the back drop for officially signing a new North American Free Trade Agreement that was negotiated last summer but still must be approved by the U.S.

President Donald Trump joined the leaders of Canada and Mexico at a global meeting in Argentina for the signing of the deal, fulfilling a longstanding political promise with a deal he celebrated as a “groundbreaking achievement.”

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UAW President Gary Jones, however, said GM’s announcement of the closure of five of its factories in the U.S. demonstrates that the new trade pact does not go far enough in protecting the interest of workers in the U.S. (more…)

Volvo Expecting to Slow Ramp-Up of Charleston Plant Due to Trump Tariffs

Hiring to slow; impact could be long-term if some production shifts to China.

by on Nov.29, 2018

Volvo President & CEO Hakan Samuelsson said the tariffs implemented by the Trump administration are forcing a production slow down at its new Charleston, S.C. plant.

Volvo expects to slow the pace of expansion at its new factory near Charleston, South Carolina, due to the Trump trade war with China.

The move could impact how quickly the automaker expands production at the $1.1 billion plant, as well as the pace at which it brings on new workers. The workforce was expected to nearly triple, to around 4,000, by early in the coming decade with the addition of a second model at the plant. But some production now could be shifted to China, potentially having a long-term impact on plans for the factory.

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Volvo issued an official statement Thursday noting, “trade issues may impact the pace of the expansion.” But in conversations with reporters at the Los Angeles Auto Show on Wednesday, Volvo’s global CEO Håkan Samuelsson took things further, indicating the production ramp-up will slow down. (more…)

GM Share Price Falls 3% in Wake of Angry Trump Tweets

Worst trading day for company in almost a month.

by on Nov.28, 2018

President Donald Trump said he told GM CEO Mary Barra that the country has been "very good" to the automaker.

After gaining ground on the announcement of a sweeping restructuring, the value of GM’s shares dropped by 3% or almost $1 per share, on the heels of an angry tweet from President Donald Trump in which he again attacked GM’s plans to close five plants and eliminate some 14,500 jobs at the company’s operations.

Overall, it was the worst day for GM shares in almost a month.

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In a filing with the Securities Exchange Commission, GM also disclosed that GM’s board of directors approved the restructuring plan on Nov. 20, 2018, but held the news through the Thanksgiving Holiday. (more…)

Trump Threatens General Motors With Economic Sanctions

President suggests EV credit could be revoked.

by on Nov.27, 2018

President Donald Trump suggested he would search for ways to eliminate government subsidies to General Motors.

With the benefit of a good night’s sleep, President Donald Trump once again addressed General Motors’ plans to realign its manufacturing operations in the U.S. and Canada.

He took to Twitter this afternoon to reveal how he plans to deal with the situation.

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“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China,” he tweeted. (more…)

Trump Chides GM for Plant Closures, New Congresswoman Blames Trump

President says he's pressuring GM to reverse course.

by on Nov.26, 2018

President Donald Trump said he told GM CEO Mary Barra that the country has been "very good" to the automaker.

Last year, President Donald Trump encouraged employees living near General Motors’ Lordstown plant and other long-shuttered plants to hang in there despite the fact there was no reason to believe the industries in the region were planning to add jobs.

“They’re all coming back. They’re all coming back,” he told a crowd at rally in July 2017. The raucous crowd roared its approval and he added, “Don’t move. Don’t sell your house.”

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Today he found out he was wrong — again. (more…)

GM Closing Five Plants, Cutting 15,000 Workers

Company plans to close more plants in the future.

by on Nov.26, 2018

GM is closing three plants in the U.S. and Canada, including its Oshawa, Ontario facility as it transforms its manufacturing footprint.

General Motors, in a move likely to have a significant political impact, confirmed it is preparing to shut five plants in the U.S. and Canada as its restructures its operations across the globe.

GM Chairman and CEO Mary Barra told analysts the company plans to halt production of vehicles, among the them the Chevrolet Volt, Cruze and Impala, now built at plants in Detroit, Lordstown, Ohio, and Oshawa, Ontario. The company also plans to close two powertrain plants.

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None of the plants will have products allocated to them past the end of 2019, said Barra. As part of the unfolding restructuring of the company GM also plans to slash is salaried head count by 15% and cut its executive ranks by 25% and restructure its product development system, Barra said. (more…)

NHTSA Probing 2.7M GM Trucks, Utes for Brake Problem

Agency hasn't yet issued a recall over the matter.

by on Nov.23, 2018

The 2014 Chevrolet Silverado is being investigated for a brake problem. The query covers 2.7 million vehicles.

Federal safety regulators are investigating problems with 2.7 million General Motors full-size pickups and sport-utility vehicles after fielding more than 100 complaints with the brakes on those vehicles.

A brake vacuum pump may break down, requiring the driver to employ increased braking effort resulting longer stopping distances, according to the National Highway Traffic Safety Administration.

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The safety agency has fielded 111 complaints, which include nine crashes and two injuries. (more…)

Ghosn To Be Detained 10 Days; Crisis Straining Renault-Nissan Alliance

Penalty could include 10-year prison sentence.

by on Nov.21, 2018

Carlos Ghosn could remain in jain for as long as 10 days. The crisis is putting a strain on the Renault-Nissan Alliance.

Carlos Ghosn, the chairman of Nissan Motor Co., could spend as much as 10 days under detention after being arrested by Japanese authorities early this week for alleged financial misdeeds, according to news reports from Tokyo.

The 64-year-old executive, long one of the most respected leaders in the global auto industry, faces the prospect of being fired this week by Nissan’s board which is set to meet at company headquarters in Yokohama. However, the board of Renault SA, the Nissan alliance partner where Ghosn served as CEO, declined to dismiss Ghosn, at least for the time being, while details of his alleged crimes have yet to be fully disclosed.

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The crisis is putting a strain on the nearly two decade-old relationship between Nissan and Renault, as well as smaller Mitsubishi, the automaker in which Nissan purchased a controlling stake two years ago. Together, the three manufacturers cooperate as the Renault-Nissan-Mitsubishi Alliance coordinating everything from parts purchasing to vehicle manufacturing, though they remain independent entities. (more…)

Carlos Ghosn, Renault-Nissan Savior, Could Bring Their Alliance Tumbling Down

Under arrest in Japan, 64-year-old exec likely to lose his many titles, too.

by on Nov.20, 2018

Carlos Ghosn remains Renault CEO — for now. Company officials appear to allowing the legal process to play out.

It took Carlos Ghosn two decades to transform three independent automakers into one of the world’s best-selling automotive alliances, but with the 64-year-old executive now sitting a Japanese jail, accused of a variety of financial misdeeds, that empire could come crashing down.

On Monday, Nissan broke its silence after completing a months-long investigation it said was “based on a whistleblower report.” Ghosn and another senior executive were arrested as they arrived in Japan from alliance partner Renault’s headquarters in France. The Brazilian-born Ghosn was accused of under-reporting his corporate income by as much as $45 million, while also misappropriating corporate funds.

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“I feel strong anger and disappointment,” Ghosn’s handpicked successor as Nissan CEO Hiroto Saikawa told reporters at Nissan headquarters in Yokohama. “I am very sorry.” (more…)