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While Nissan sold 3.3 million vehicles last fiscal year, total calendar 2024 Renault-Nissan-Mitsubishi alliance sales volume of 6.5 million vehicles makes the group the fourth-largest vehicle seller in the world, behind Toyota at 10.8 million, Volkswagen at 9.0 million, and Hyundai/Kia with 7.2 million vehicles sold. Nissan's financial services subsidiary provides consumers with auto loans and leases but also finances Nissan's sales to its dealerships (known as floor-plan financing). Under a new alliance agreement, Nissan and Renault will have cross-shareholding capped at 15% voting rights for each company. Renault holds the remaining stake in Nissan through a French trust where the voting rights of such shares are "neutralized" for "most decisions" but retain the economic benefit.

NISSAN MOTOR LTD by Nissan Motor Co., Ltd.

Nissan Motor Co Ltd

President&nbsp;Donald Trump&nbsp;just fired a policy warning shot toward Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), reiterating that he expects the company to manufacture iPhones sold in the U.S. domestically, not in India or anywhere else. If not, he warns, a 25% tariff <a target="_blank" href="https://www.benzinga.com/government/regulations/25/05/45586328/itariff-threat-trump-turns-up-the-heat-but-apples-chart-still-holds-the-line" rel="noreferrer noopener">could be slapped on the tech giant</a>.
The U.S. Department of Transportation (DOT) is expected to declare that Corporate Average Fuel Economy or CAFE regulations implemented under the previous Biden administration exceeded <a target="_blank" href="https://www.benzinga.com/25/05/45514932/us-transportation-secretary-says-the-biden-administration-exceeded-legal-authority-to-include-evs-in-cafe-regulations-report" rel="noreferrer noopener">the government&#8217;s legal authority</a>.
Technology
Apple poached&nbsp;Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)-owned&nbsp;Google&#8217;s&nbsp;AI chief&nbsp;John Giannandrea. However, the tech giant is still struggling to catch up <a target="_blank" href="https://www.benzinga.com/media/25/05/45486193/why-is-apple-still-behind-on-ai-expert-dissects-reasons-behind-iphone-maker-lagging-likes-of-microsoft-and-amazon-despite-poaching-googles-ai-chief" rel="noreferrer noopener">in the artificial intelligence race</a>.
Apple&nbsp;reportedly plans to launch AI-powered smart glasses in late 2026 to compete with&nbsp;<a target="_blank" href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" rel="noreferrer noopener">Meta Platforms, Inc.&#8217;s</a><a target="_blank" href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" rel="noreferrer noopener">&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Ray-Bans</a>.
Meta&#8217;s&nbsp;Instagram is reportedly testing a new referral program that pays creators for driving traffic and sign-ups, <a target="_blank" href="https://www.benzinga.com/media/25/05/45510687/instagram-is-offering-creators-up-to-20000-to-bring-new-users-to-the-mark-zuckerberg-led-platform-heres-the-nitty-gritty" rel="noreferrer noopener">with&nbsp;payouts as high&nbsp;as $20,000</a>.
Meta CEO&nbsp;Mark Zuckerberg&nbsp;had once criticized the proprietary AirPods protocol of&nbsp;Apple, advocating for it to be <a target="_blank" href="https://www.benzinga.com/markets/25/05/45564798/mark-zuckerberg-once-vented-why-apple-airpods-have-no-competition-one-of-the-protocols-that-they-used" rel="noreferrer noopener">made accessible to competitors</a>.
Alphabet&#8216;s&nbsp;autonomous driving service&nbsp;Waymo&#8216;s CEO,&nbsp;Tekedra Mawakana,&nbsp;has shared her thoughts on the LiDAR vs Camera-based <a target="_blank" href="https://www.benzinga.com/tech/25/05/45585674/waymo-ceo-takes-aim-at-teslas-camera-only-approach-you-have-to-be-able-to-have-this-vision-thats-better-than-humans" rel="noreferrer noopener">system debate for autonomous driving</a>.
Alphabet&#8216;s Robotaxi&nbsp;Waymo&nbsp;has announced it reached the 10 million paid Robotaxi rides milestone, doubling its lifetime <a target="_blank" href="https://www.benzinga.com/25/05/45539621/tesla-robotaxi-rival-waymo-reaches-10-million-paid-rides-milestone-as-robotaxis-step-into-the-spotlight" rel="noreferrer noopener">total in a period of 5 months</a>.
A federal judge ruled that&nbsp;Google and AI startup&nbsp;Character.AI must face a wrongful death lawsuit filed by a Florida mother who claims the chatbot encouraged her <a target="_blank" href="https://www.benzinga.com/tech/25/05/45558772/google-and-character-ai-sued-after-teen-dies-following-interaction-with-game-of-thrones-themed-chatbot-judge-says-free-speech-defense-not-acceptable" rel="noreferrer noopener">teenage son to take his own life</a>.
Google's latest AI model is wowing the internet with near-realistic video generation—but for now, it&#8217;s locked <a target="_blank" href="https://www.benzinga.com/25/05/45560919/everyones-losing-their-minds-over-googles-veo-3-ai-videos-and-everyones-also-annoyed-they-cant-actually-use-it-yet-here-are-some-wild-examples-of-the-magic-this-model-can-create" rel="noreferrer noopener">behind an expensive subscription</a>.
Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO&nbsp;Jensen Huang&#8217;s&nbsp;return to his native Taiwan for Computex 2025 has sparked a wave of &#8220;Jensanity,&#8221; with fans treating the <a target="_blank" href="https://www.benzinga.com/media/25/05/45487329/nvidias-jensen-huang-gets-rockstar-welcome-in-taiwan-pop-up-merch-screaming-fans-and-jet-parking-drama" rel="noreferrer noopener">AI pioneer like a celebrity</a>.
David Sacks, a tech investor and White House AI advisor, said that he believes the science fiction world created by&nbsp;Isaac Asimov is about to become reality, after&nbsp;Nvidia CEO stated that humanoid robots could fill <a target="_blank" href="https://www.benzinga.com/tech/25/05/45511786/trump-ai-czar-says-sci-fi-future-imagined-by-issac-asimov-is-here-after-nvidia-ceo-jensen-huang-observes-world-needs-millions-of-new-workers" rel="noreferrer noopener">the significant global labor shortage</a>.
Automobiles &amp; Airlines
Future Fund LLC&#8216;s managing director,&nbsp;Gary Black,&nbsp;says that analysts may be expecting too much from&nbsp;Tesla Inc.‘s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a target="_blank" href="https://www.benzinga.com/25/05/45488706/gary-black-thinks-expectations-for-teslas-robotaxi-launch-are-too-high-currently-teslas-autonomy-cant" rel="noreferrer noopener">June Robotaxi launch in Austin</a>.
Rivian Automotive Inc.&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) software chief&nbsp;Wassym Bensaid&nbsp;praised the&nbsp;Tesla rival&#8217;s partnership with German Automaker&nbsp;Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) as the company <a target="_blank" href="https://www.benzinga.com/markets/25/05/45490934/rivians-software-chief-hails-volkswagen-partnership-says-german-automaker-gained-startup-dna-ahead-of-budget-ev-launch" rel="noreferrer noopener">prepares to launch its budget EV</a>.
Ford Motor Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) will reportedly let&nbsp;Nissan Motor Co. Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) use part of its flagship <a target="_blank" href="https://www.benzinga.com/25/05/45562915/ford-will-let-nissan-use-part-of-kentucky-battery-factory-could-this-be-a-scaling-back-on-ev-ambitions" rel="noreferrer noopener">Kentucky battery manufacturing plant</a>.
Tesla CEO&nbsp;Elon Musk&nbsp;returned to his&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) roots, joining CEO&nbsp;Satya Nadella&nbsp;at "Build 2025" to&nbsp;announce the integration&nbsp;of&nbsp;xAI&#8217;s Grok&nbsp;into Azure — a full-circle moment for the tech billionaire <a target="_blank" href="https://www.benzinga.com/tech/25/05/45510245/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella" rel="noreferrer noopener">who once interned at the software giant</a>.
Elon Musk&nbsp;has shared a major Neuralink update at the Qatar Economic Forum with the Neurotechnology company&#8217;s Brain-Chip Interface Blindsight <a target="_blank" href="https://www.benzinga.com/25/05/45538889/elon-musk-shares-major-neuralink-update-at-qatar-economic-forum" rel="noreferrer noopener">set for its maiden trial next year</a>.
Chinese EV giant&nbsp;BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has launched its best-selling all-electric hatchback <a target="_blank" href="https://www.benzinga.com/markets/25/05/45560953/byds-europe-pivot-in-full-swing-with-new-26000-affordable-ev-amid-tesla-sales-slump" rel="noreferrer noopener">Seagull&#8217;s updated version in Europe</a>.
Southwest Airlines Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) has announced that all passengers will be required to keep portable chargers in plain sight <a target="_blank" href="https://www.benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-fires" rel="noreferrer noopener">when in use for safety reasons</a>.
Entertainment
Walt Disney Co.&nbsp;filed a lawsuit against&nbsp;YouTube, a subsidiary of&nbsp;Alphabet Inc.&#8217;s&nbsp;Google&nbsp;to stop the appointment of former&nbsp;ESPN&nbsp;executive&nbsp;Justin Connolly&nbsp;as its new global head of media and sports, alleging breach of contract, unfair competition and interference <a target="_blank" href="https://www.benzinga.com/news/legal/25/05/45579755/disney-sues-youtube-to-block-hiring-of-former-espn-executive-justin-connolly-amid-sports-streaming-turf-war" rel="noreferrer noopener">with a contractual relationship</a>.
Walt Disney Co.&#8217;s&nbsp;Marvel Studios&nbsp;has delayed the theatrical release of &#8220;Avengers: Doomsday&#8221; from May 1, 2026, to Dec. 18, 2026, while &#8220;Avengers: Secret Wars&#8221; will now debut on Dec. 17, 2027, <a target="_blank" href="https://www.benzinga.com/general/entertainment/25/05/45581252/marvel-delays-robert-downey-jr-starrer-avengers-doomsday-and-secret-wars-to-december-2026-but-disney-has-a-summer-blockbuster-in-store" rel="noreferrer noopener">instead of May 7, 2027</a>.
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Consumer Tech News (May 19-May 23): Trump Warns Apple Of 25% Tariff if Manufactured Overseas, Disney Sues YouTube & More

Honda Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) reportedly announced Tuesday that it will cut investment in electric vehicles amid weakening demand and instead prioritize hybrids, which are gaining popularity with consumers.
CEO Toshihiro Mibe said EVs are expected to account for about 20% of sales by the target year, though he noted market trends remain uncertain. Honda has reduced its planned electrification and software investment by 30% to 7 trillion yen ($48.4 billion), according to <a href="https://www.reuters.com/business/autos-transportation/japans-honda-scale-back-electric-vehicles-concentrate-hybrids-2025-05-20/" target="_blank" rel="noreferrer noopener">Reuters</a>.
The shift aligns with broader industry trends, as automakers respond to softening EV demand, rising hybrid sales, and relaxed government emissions targets.
Also Read: <a href="https://www.benzinga.com/25/05/45488137/general-motors-wants-to-overturn-californias-aggressive-ev-mandate-as-demand-slows-in-the-us-report" target="_blank" rel="noreferrer noopener">General Motors Wants To Overturn California&#8217;s EV Mandate As Demand Slows In The U.S.</a>
Honda plans to launch 13 new hybrid models globally between 2027 and 2031. It offers over a dozen hybrid models worldwide, but only three in the U.S.—the Civic, Accord, and CR-V. A new hybrid system for larger vehicles is also in development, Reuters mentioned.
The company targets hybrid sales of 2.2 million to 2.3 million units by 2030, up from 868,000 in 2024. Total vehicle sales last year reached 3.8 million.
Last week, Honda Motor <a target="_blank" href="https://global.honda/en/investors/library/documents/main/00/teaserItems3/010/linkList/0/link/FYE202503_4Q_financial_result_e.pdf" rel="noreferrer noopener">forecasted</a> a steep drop in earnings for the fiscal year ending March 31, 2026, citing industry headwinds and currency pressures.
The company expects sales revenue to fall 6.4% to ¥20.3 trillion. It projects operating profit will drop 58.8% to ¥500 billion. Profit before income taxes will likely decline 62.8% to ¥490 billion.
Net profit is expected to fall 64% to ¥325 billion, with profit attributable to shareholders plunging 70.1% to ¥250 billion.
Honda also said it would halt planned expansion due to fluctuating EV demand and uncertainty over U.S. President Donald Trump&#8217;s proposed tariffs on imported vehicles. CEO Toshihiro Mibe said the rapidly changing automotive landscape requires greater flexibility.
Honda joins other automakers, including Nissan, in scaling back EV plans. Nissan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) recently <a href="https://www.benzinga.com/news/25/05/45316137/nissan-scraps-11-billion-ev-battery-plant-eyes-cost-cuts-to-survive-report" target="_blank" rel="noreferrer noopener">canceled</a> a $1.1 billion battery plant in Kyushu, Japan, just months after announcing it.
Price Action: Honda Motor shares are trading higher by 0.44% at $29.40 premarket at the last check on Tuesday.
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</ul>
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Honda Hits The Brakes On EV Push, Bets Big On Hybrid Revival: Report

Nissan Motor Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) announced major steps to reconfigure its global operations after a challenging financial year. The company said on Tuesday that it will slash thousands of jobs and close almost half of its production plants across the globe, as part of a multi-year restructuring plan targeted towards stabilizing its bottom line.
What Happened: The company shared plans to terminate nearly 15% of its workforce, which entails approximately 20,000 employees, by fiscal year 2027. This includes the 9,000 job cuts announced earlier. In addition, Nissan will also shrink its global manufacturing footprint, reducing the number of factories from 17 to 10 over two years.
Last week, reports emerged that the <a href="https://www.benzinga.com/news/25/05/45316137/nissan-scraps-11-billion-ev-battery-plant-eyes-cost-cuts-to-survive-report">company is canceling its plans</a> to establish a $1.1 billion electric vehicle battery factory in Kitakyushu, Japan.
See Also: <a href="https://www.benzinga.com/25/05/45250949/tech-layoffs-get-the-headlines-but-its-uncle-sam-doge-whos-bleeding-workers-in-2025">Intel, Meta Get The Headlines, But It&#8217;s Uncle Sam (DOGE) Who&#8217;s Bleeding Workers In 2025</a>
Why It Matters: Nissan faced a $4.5 billion loss in 2024, citing rising variable costs and ongoing global turmoil. "In the face of challenging FY24 performance and rising variable costs, compounded by an uncertain environment, we must prioritize self-improvement with greater urgency and speed," said CEO Ivan Espinosa. The company also noted it would prioritize U.S.-made products and move operations to <a href="https://www.benzinga.com/news/25/05/45316137/nissan-scraps-11-billion-ev-battery-plant-eyes-cost-cuts-to-survive-report">sidestep tariff-related pressures</a>.
"We are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery," Espinosa added.
Nissan was not the only major company to announce layoffs on Tuesday. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shared on the same day that it will cut <a href="https://www.benzinga.com/markets/equities/25/05/45398101/microsoft-to-cut-6000-jobs-in-global-restructuring-joins-meta-and-amazon-in-trimming-workforce-amid-ai-driven-shift">6,000 jobs worldwide</a>, amounting to about 3% of its total workforce.
Price Action: Nissan Motor stock closed at 354 JPY ($2.42) on the Tokyo Stock Exchange on Wednesday, down 0.70% for the day. Year to date, the stock has declined 25.44%.
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NSANY

Nissan To Cut 20,000 Jobs, Shut 7 Plants Globally In Major Restructuring After $4.5 Billion Annual Loss

Nissan Motor Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) reportedly announced Friday that it is scrapping plans to build a $1.1 billion electric vehicle battery plant in Kitakyushu, Japan.
Nissan has canceled plans to build an EV battery plant in Kitakyushu months after signing local agreements. The company cited a review of investments due to weak performance, reported <a href="https://asia.nikkei.com/Business/Automobiles/Nissan-abandons-plan-for-EV-battery-plant-in-southern-Japan" target="_blank" rel="noreferrer noopener">Nikkie Asia</a>.
Initially unveiled in January, the lithium iron phosphate (LFP) facility was expected to create around 500 jobs with a 153.3 billion yen investment.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/25/04/44709732/foxconn-eyes-nissan-mitsubishi-in-japan-ev-push-to-counter-chinas-growing-auto-threat" rel="noreferrer noopener">Foxconn Eyes Nissan, Mitsubishi In Japan EV Push To Counter China&#8217;s Growing Auto Threat</a>
Facing sluggish vehicle sales in the U.S. and China, Nissan is scaling back growth plans to stabilize its business. Executive Officer Teiji Hirata said, &#8220;We apologize for this situation arising over such a short period of time. This is the result of a careful review in light of the business environment.&#8221;
Nissan announced that it expects a record net loss of 700–750 billion Japanese Yen ($4.9 billion to $5.3 billion) for fiscal 2025, mainly due to over 500 billion Japanese Yen in asset write-downs and 60 billion Japanese Yen in restructuring costs. In response, it is cutting jobs, closing plants, and reducing output, while CEO Ivan Espinosa pointed to strong cash reserves of 1.5 trillion Yen to support recovery efforts.
In February, Honda Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) signaled it could resume $58 billion <a target="_blank" href="https://www.benzinga.com/markets/equities/25/02/43771894/honda-open-to-reviving-nissan-merger-talks-if-ceo-uchida-steps-down-creating-fourth-largest-glob" rel="noreferrer noopener">merger</a> talks with Nissan if CEO Makoto Uchida steps down, after prior talks collapsed over ownership terms.
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</ul>
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Nissan Scraps $1.1 Billion EV Battery Plant, Eyes Cost Cuts To Survive: Report

Electronics manufacturer Foxconn Technology Co <a href="https://www.benzinga.com/topic/japan" target="_blank" rel="noreferrer noopener">is eyeing Japanese</a> automakers, including Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>), to form a Japan-Taiwan alliance.
According <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Taiwan-s-Foxconn-hopes-to-work-with-Nissan-others-on-EV-production" target="_blank" rel="noreferrer noopener">to</a> Nikkei Asia, Foxconn EV chief strategy officer Jun Seki revealed the agreement during a <a href="https://www.benzinga.com/markets/asia/25/03/44508263/apple-and-nvidia-supplier-foxconn-to-present-ev-plans-at-japan-seminar-following-mitsubishi-deal-report" target="_blank" rel="noreferrer noopener">Tokyo seminar on</a> Tuesday.
Foxconn, also known as Hon Hai Precision (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHAY#OTC">HNHAY</a>), is currently competing with Chinese brands focused on battery-powered vehicles, looking to win market share in Europe, Brazil, and Thailand.
Foxconn, an Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) supplier, plans to launch an electric bus and a battery-powered microbus in Japan in 2027, Reuters cited Seki.
Also Read: <a href="https://www.benzinga.com/25/04/44631510/asml-to-boost-japan-workforce-5x-amid-global-race-for-advanced-semiconductor-tech" target="_blank" rel="noreferrer noopener">Chip Equipment Maker ASML To Boost Japan Workforce 5x Amid Global Race For Advanced Semiconductor Tech</a>
It focuses on providing business-to-business services with EV operations instead of targeting consumers directly.
Seki told Reuters that Foxconn should be part of a potential broader partnership with Honda Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), Nissan, and Mitsubishi Motors (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MTSUY#OTC">MTSUY</a>) and confirmed that Foxconn was finalizing a deal with Mitsubishi to supply it with EVs.
Foxconn was working with Mitsubishi, Seki said during Wednesday&#8217;s event.
President Donald Trump&#8217;s 25% auto tariff&nbsp;<a target="_blank" href="https://www.benzinga.com/news/25/03/44522387/japanese-automakers-face-29-billion-tariff-hit-nissan-mazda-subaru-most-at-risk-says-analyst" rel="noreferrer noopener">threatens to disrupt</a> the global automotive industry, with analysts warning of sharp price increases and declining sales.
Goldman Sachs&nbsp;expected imported&nbsp;vehicle prices to surge by $5,000 to $15,000, while even U.S.-built cars could see cost hikes of $3,000 to $8,000 due to foreign-made parts. According to analyst Akira Kishimoto, Japanese automakers could face a potential hit of 4.46 trillion yen (about $29.44 billion).
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</ul>
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Global

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MTSUY

Foxconn Eyes Nissan, Mitsubishi In Japan EV Push To Counter China's Growing Auto Threat

Stock prices of European automakers including Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) and Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) stocks dropped Friday after some plug-in hybrid electric vehicles (PHEVs) lost access to <a href="https://www.benzinga.com/electric-vehicles" target="_blank" rel="noreferrer noopener">US tax credits</a> under President Joe Biden&#8216;s Inflation Reduction Act effective this week.
President-elect Donald Trump attacked Biden&#8217;s pro-EV initiatives and threatened tariffs on foreign-made cars, which Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) chief and key Trump ally Elon Musk supported.
Musk also expressed opposition to every government subsidy, including those for <a href="https://www.benzinga.com/25/01/42759653/cybertruck-all-wheel-drive-now-eligible-for-7500-ev-tax-credit" target="_blank" rel="noreferrer noopener">EVs, oil and gas</a>. Meanwhile, Tesla Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertruck now qualifies for $7,500 electric vehicle consumer tax credits
Also Read: <a href="https://www.benzinga.com/25/01/42772915/li-auto-rerated-on-new-model-pipeline-and-autonomous-driving-advances-analyst" target="_blank" rel="noreferrer noopener">Goldman Sachs Sees Strong Upside In Li Auto on New Model Pipeline and Autonomous Driving Advances</a>
Volkswagen&#8217;s ID.4 electric crossover sport utility vehicle (SUV) lost its entire tax credit, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-01-03/stellantis-volkswagen-drop-after-losing-us-electric-car-subsidy?srnd=phx-industries&amp;sref=TBDibEcD" rel="noreferrer noopener">cites</a> the Department of Energy and Environmental Protection Agency.
Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and Stellantis models also lost access to U.S. tax credits.
Currently, 18 EV and plug-in hybrid models qualify for a credit, compared to 22 in 2024.
Volkswagen has long grappled in the U.S. with its Scout line of battery-powered sport utility vehicles as growth tapered in Europe and rivalry amplified in China. VWAGY stock plunged 28% in the last 12 months.
Stellantis stock plunged 41% in the last twelve months due to product delays and overblown inventories in the U.S. Its passenger-car production in Italy&nbsp;slipped 46%&nbsp;in 2024 as models like the electric Fiat 500 failed to gain traction.
Analysts expect U.S. new-car sales in 2024&nbsp;to surpass <a target="_blank" href="https://www.benzinga.com/news/25/01/42782741/ahead-of-tesla-stellantis-reporting-final-sales-numbers-analysts-predict-new-car-sales-in-2024-expected-to-h" rel="noreferrer noopener">15.8 million units</a> backed by inventories and incentives. The expect EV sales in the U.S. to reach 1.3 million as consumers rush to avail tax credits before potential changes under the new government.
Price Action: Stellantis stock is down 2.03% at $12.52 premarket at last check Friday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/24/12/42725756/xiaomi-evs-to-access-charging-networks-of-nio-xpeng-and-li-auto" target="_blank" rel="noreferrer noopener">Xiaomi Expands EV Charging Options, Partners with NIO, XPeng, and Li Auto for Greater Network Access</a></li>
</ul>
Image: Shutterstock

Government

Regulations

STLA

Stellantis, Volkswagen Stocks Tumble As US EV Tax Credits Disappear

Nissan Motor Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) revised its financial forecast, first made on Feb. 8, 2024,<a href="https://global.nissannews.com/en/releases/240419-02-e"> for the full fiscal year ending March 31, 2024</a>.
The carmaker slashed its annual operating profit forecast to 530 billion yen ($3,428,268,430) from the previous guidance of 620 billion yen ($4,010,427,220).
This represents a 14.5% cut in the annual operating profit.
Nissan now expects an annual revenue of 12.6 trillion yen ($81,507,510,000) as against the previous outlook of 13 trillion yen ($84,091,775,300).
The forecast sales volume has been lowered to 3.44 million units<a href="https://global.nissannews.com/en/releases/240208-01-e"> from 3.55 million units </a>and net income is expected to reach 370 billion yen ($2,393,363,500) for FY23.
The revision has been put forward after a decrease in sales volume, various cost reliefs made to suppliers such as inflation, and other factors.
Nissan announced in March it planned to introduce 30 new <a href="https://www.benzinga.com/markets/equities/24/03/37909805/electrifying-ambitions-nissan-unveils-plan-for-30-new-models-and-electrification-surge">models by fiscal 2026, targeting a global</a> sales increase of one million vehicles with improved profitability and electrification.
Of the 30 new models, 16 will be electric with the goal to reduce the cost of EVs by 30% by 2030.
NSANY Price Action: Nissan shares were down Friday at publication by 3.86% at $7.11.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38333186/increase-in-card-member-spending-boosts-amex-q1-revenue-company-eyes-steady-annual-growth">Increase In Card Member Spending Boosts Amex Q1 Revenue, Company Eyes Steady Annual Growth</a>
Photo: Steve Lagreca on Shutterstock

Nissan Slashes Annual Profit Outlook By 14.5%

Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) reportedly plans to adopt gigacasting, a manufacturing technique popularized by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), <a href="https://www.benzinga.com//node/38265084">to produce components for its electric vehicles (EVs).</a>
Nissan will utilize machines exerting approximately 6,000 tons of force to fabricate the rear floors of EVs slated for sale starting fiscal year 2027, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-16/nissan-looks-to-tesla-s-style-of-carmaking-to-build-cheaper-evs?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
This move aligns with the automaker&#8217;s goal to utilize innovative methods in reducing production expenses, thereby enhancing competitiveness in the burgeoning EV market.
By implementing this process, the company anticipates a 10% reduction in manufacturing costs, as per the report.
This strategic initiative forms part of Nissan&#8217;s broader agenda to achieve cost parity between electric and traditional combustion-engine vehicles by fiscal year 2030.
Gigacasting involves the use of large-scale machinery to cast entire chassis sections in a single step, eliminating the need for assembling numerous individual parts through welding.
This approach, championed by Tesla, promises significant savings in time, equipment, labor, and expenses.
As per the report, Japan&#8217;s&nbsp;Toyota Motor Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) has also committed to adopting gigacasting, further highlighting its industry-wide appeal.
&#8220;We have been using casting boards for front air conditioner structural parts at our Tochigi plant for more than 10 years,&#8221; the report quoted Hideyuki Sakamoto, executive vice president for manufacturing and supply chain management.&nbsp;
Nissan is &#8220;quite experienced in casting car structures,&#8221; he said at the company&#8217;s plant in Yokohama, as per the report.
Price Action: NSANY shares closed lower by 1.31% at $7.55 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by michelmond on Shutterstock

Nissan Embraces Gigacasting Process To Bolster Its Efficiencies: Report

Renault SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) revealed a second transaction with its intention to&nbsp;<a target="_blank" href="https://www.renaultgroup.com/en/finance-2/regulated-information/press-releases/" rel="noreferrer noopener">sell&nbsp;</a>to&nbsp;Nissan Motor Co Ltd&#8217;s&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) up to 100.24 million Nissan shares, representing approximately 2.5% of Nissan&#8217;s capital.
This transaction follows the sale of Nissan shares on December 13, 2023.
The sale results from Nissan&#8217;s exercise of its right of first offer to acquire its shares after a notice from Renault expressing its intention to sell 280.7 million Nissan shares, representing up to 7% of Nissan&#8217;s capital.
Renault has the option to sell the remainder of the 180.4 million Nissan shares that have not been bought back by Nissan, during a 180-day period to Nissan or to third-parties.&nbsp;
The stake sale will be implemented as part of the share&nbsp;<a target="_blank" href="https://global.nissannews.com/en/releases/240327-03-e" rel="noreferrer noopener">buyback&nbsp;</a>program announced by Nissan on March 27, 2024.
Nissan has also announced its decision to cancel all the acquired shares which will be accretive for Nissan&#8217;s shareholders.
The shares to be sold are part of the 24.63% of Nissan&#8217;s capital held by a French trust.
Assuming 100.2 million shares are sold at a share price of ¥593.4, it will result in a cash inflow of up to €362 million, which would improve the automotive net cash financial position of Renault.
Price Action: RNLSY shares closed higher by 1.93% at $10.02 on Tuesday.
Photo by michelmond on Shutterstock

Offerings

RNLSY

Renault To Offload 2.5% Of Nissan Stake: Details

The U.S. Office of Defects Investigation (ODI) has reportedly initiated an inquiry into approximately 454,840&nbsp;Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) vehicles following reports of engine failures that could result in loss of motive power and inability to restart the vehicle.
The preliminary evaluation by the ODI involves Nissan Rogue, Altima, and Infiniti Qx50 vehicles, reported Reuters.
The decision follows six complaints regarding engine failures, power loss, and unusual engine noises, with some cases involving metal debris found in the oil pan of vehicles with the KR15DDT and KR20DDET engines, as per the report.
The report further added that Nissan implemented multiple changes in the manufacturing process over time to address the issues of main bearing and L-link damage or seizures in these engines.
The ODI&#39;s investigation may be expanded, if necessary, based on the findings and developments during the preliminary evaluation.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/11/35889964/nissan-boosts-us-worker-wages-by-10-following-uaw-deals-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Nissan Boosts US Worker Wages By 10% Following UAW Deals: Report</a>
Price Action: NSANY shares closed lower by 2.77% at $7.62 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Company

Penny Stocks

Nissan Vehicles Under US Scrutiny Over Engine Failure Concerns: Report

Cyclone Michaung&#8217;s intense rain forced many manufacturers operating in industrial areas of Chennai to halt operations for two days, starting Monday. While operations are resuming, investors in stocks of companies manufacturing in that area would be wise <a href="https://in.benzinga.com/content/36084752/chennai-cyclone-halts-iphone-production-foxconn-and-pegatron-factories-affected">to take note</a>.
In the Sriperumbudur SIPCOT SEZ, which is home to large facilities, 60 out of 90 companies have resumed operations. The area houses Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) suppliers Foxconn Technology India Pvt. Ltd. and Salcomp Manufacturing India Pvt. Ltd. Foxconn is Apple&#8217;s main contractor for the production of a wide range of products, including iPhones and MacBooks. 
Salcomp is a supplier of chargers to Apple.
China&#8217;s Luxshare Precision Industry Co, which revived the now-defunct Motorola Solutions Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>) factory in Sriperumbudur area, is also a supplier to Apple. Luxshare is Apple&#8217;s primary supplier for AirPods and could be an upcoming supplier for iPhones.
Eachangaranai, another area that houses another Apple supplier, Taiwanese Pegatron Corp. has also resumed activity.
Other companies bracing for impact include: 
<ul>
<li>Dell, Hyundai: Irungattukottai, which is home to <a href="https://www.deccanherald.com/india/tamil-nadu/industrial-parks-in-chennai-resume-operations-after-cyclone-michaung-says-tamil-nadu-government-2801571">206</a> businesses, including major electronics manufacturer Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) and leading automaker Hyundai Motor Co (OTCPK: HYMLF) (OTCPK: HYMLY) (OTCPK: HYMPY) (OTCPK: HYMTF), <a href="https://www.thehindu.com/news/cities/chennai/downpour-forces-industrial-units-to-suspend-operations-in-chennai/article67605142.ece">have</a> resumed production since Wednesday.</li>
<li>Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>): One of the company&#8217;s largest factories worldwide is also located in the Sriperumbudur area in Chennai. The factory produces a wide range of telecom infrastructure equipment, including 4G and 5G networks. The production of seven million telecom units is a major milestone for Nokia&#8217;s Chennai plant.</li>
<li>Automotive Hub: With 110 out of 126 businesses resuming operations, the situation in the Oragadam SEZ was better. The area is another suburban automotive hub that is home to Daimler India, Renault SA (OTCPK: RNLSY)-Nissan Motor Co Ltd (OTCPK: NSANF), and Danfoss Industries.</li>
<li>Cisco Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>): The global technology giant is set to establish a manufacturing plant in Chennai, to produce networking equipment. The <a href="https://www.manufacturingtodayindia.com/sectors/cisco-to-establish-a-high-volume-manufacturing-plant-in-chennai-targeting-1-billion">move</a> is part of their strategy to diversify their global supply chain and achieve a target of $1 billion in combined domestic production and exports in the coming years. The manufacturing partner for Cisco in India is likely to be Flex India, located in the Oragadam.</li>
<li>Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): Indian PM Narendra Modi, has been in <a href="https://www.financialexpress.com/life/technology-pm-modi-discusses-googles-manufacturing-expansion-with-ceo-sundar-pichai-bkg-3275568/">talks</a> with Alphabet CEO Sundar Pichai to expand its electronics manufacturing capabilities in India. Google has partnered with Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) for Chromebook manufacturing in India.</li>
</ul>
Read Next: <a href="https://www.benzinga.com//node/34966986">Google, HP Join Forces To Produce Affordable Chromebooks In India</a>

Macro Economic Events

CSCO

DELL

GOOGL

HYMLF

HYMLY

HYMPY

HYMTF

Cyclone Michaung Affects Chennai Manufacturers: Investors In Apple, Google, Cisco, Dell And Nokia Take Note

Japan&#39;s&nbsp;Mitsubishi Motors&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) plans to&nbsp;<a class="editor-rtfLink" href="https://www.mitsubishi-motors.com/en/newsrelease/2023/detail1454.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">invest&nbsp;</a>in Ampere,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/electric-vehicles" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">an EV and software company</a>&nbsp;to be established by&nbsp;Renault SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>).
The maximum investment in Ampere will be&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/topic/japan" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&euro;200 million ($212.91 million).</a>
As a first step of this collaboration, Ampere will supply an EV on&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30724469/renault-nissan-mitsubishi-alliance-lists-new-initiatives-to-ramp-up-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">an OEM basis in the European market.</a>
For Mitsubishi Motors, the investment is a bold stride in its mid-term management plan unveiled in March 2023, focusing on electric vehicle development.&nbsp;
Mitsubishi Motors Corporation is a member of the Alliance with Renault and&nbsp;Nissan Motor Co.&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>).&nbsp;
Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30724469/renault-nissan-mitsubishi-alliance-lists-new-initiatives-to-ramp-up-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;Renault-Nissan-Mitsubishi Alliance Lists New Initiatives To Ramp-Up Partnership</a>
The company is also intensifying collaboration with Alliance members as part of their commitment to the electrification acceleration phase.
Through this initiative, Mitsubishi Motors aims to improve its EV development technology further and expand its EV line-up.
Renault Chairman&nbsp;Jean-Dominique Senard&nbsp;told Reuters on the sidelines of an event in Paris that he welcomed Mitsubishi&#39;s investment and had always been convinced the company would participate in Ampere.
Senard added that he plans to talk in more detail with Mitsubishi during an upcoming trip to Japan, a note by Reuters said.
Price Action:&nbsp;MMTOF shares closed lower by 4.29% to $3.35 on Monday.

MMTOF

Mitsubishi Plans To Invest Up To €200M In Renault's EV Unit Ampere

This week began with UAW workers at Volvo Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlvly#OTC">VLVLY</a>)-owned Mack Trucks also going on strike, joining the UAW&rsquo;s targeted strike against the Detroit Three automakers. Since walking out on September 15th, the strike against General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), Ford (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) and Chrysler parent Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) gathered 25,000 employees which make about 17% of UAW members, covered by expired contracts with the Detroit automakers. Yet last week ended with UAW deciding not to expand strikes at Detroit&rsquo;s big three automakers after a last-minute proposal that GM made.
<h3>GM Saved The Day</h3>
For the first time since the work stoppages began, the UAW decided not to expand the strike despite still not having reached a tentative agreement with General Motors, Ford and Stellantis. UAW was about to&nbsp;shut down the GM-owned Arlington Assembly plant that produces highly profitable full-size SUVs when the automaker&nbsp;agreed to include battery cell workers under the company&rsquo;s national agreement.&nbsp;Officially, because of being formed by joint ventures, the battery plants aren&rsquo;t covered by the automakers&rsquo; agreements with the union.&nbsp;Therefore, this revolutionary decision GM made&nbsp;will undoubtedly put pressure on Ford and Stellantis.
<h3>Mack Trucks Union Members To Join Striking Detroit Autoworkers</h3>
As announced on Sunday night, 74% of UAW members rejected a tentative deal that was reached last week by the union and Mack Trucks as they felt it was significantly short of what UAW&rsquo;s demanding in ongoing negotiations with General Motors, Ford and Stellantis.&nbsp;As of 7 a.m. on Monday, about 3,900 workers&nbsp;from facilities in Pennsylvania, Maryland and Florida are on strike. Although Mack Trucks is a separate company and a different part of the union compared to the section that covers members employed at the Detroit automakers, UAW workers were expecting similar increases and benefits as their peers.
<h3>The Strikes Are Harming A&nbsp;Very Lucrative Segment</h3>
The strikes already costed GM $200 million in the third quarter. With the walkouts and part shortages that idled production, they impacted the production of small and midsize pickups, as well as of SUVs.&nbsp;2023 has been named as the year of the electric pickup before it even began with Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) finally debuting its long-promised cybertruck. The strike also targeted parts distribution centers which means both dealerships and drivers could soon feel the impact.
At GM,&nbsp;Chevrolet and GMC midsize pickups, Chevrolet Traverse, Cadillac XT4, as well Buick Enclave SUVs and Chevrolet Malibu sedan were affect. The strikes also halted production of Ford-made Ranger midsize pickup, Ford Bronco, Explorer and Lincoln Aviator SUVs, along with Stellantis-made Jeep Wrangler SUV and Gladiator.
Yet, in West Seneca, NY, an automotive parts manufacturer is working full speed.&nbsp;
The tonneau cover specialist, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), recently revealed it signed a long-term supply agreement for its&nbsp;hard-folding and soft-folding covers&nbsp;that could bring in&nbsp;$16 million in annual revenue.&nbsp;Worksport already has an order of $1.6 million for its hard-folding covers and another of $720,000 order for the soft-folding covers from the same customer.&nbsp;
More importantly, Worksport continues to develop revolutionary solar-powered accessories, the&nbsp;SOLIS tonneau cover and COR portable system that brought the attention of Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) who will be getting a customized version of these power-on-the-go tools. Hyundai is the latest automaker to adopt the Tesla charging system. By announcing the news on Thursday,&nbsp;Kia, Hyundai and Genesis, all part of the Hyundai Group,&nbsp;but with Hyundai and Kia operating as separate companies in the U.S., have joined&nbsp;General Motors, Ford, Mercedes-Benz Group AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgaf#OTC">MBGAF</a>), Nissan Motor Co (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>), Honda&nbsp;Motor Co Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>) and Volvo. According to figures from&nbsp;Kelley Blue Book, Hyundai, Kia and Genesis counted together make the second-best-selling EV manufacturer in the United States, right behind Tesla. Hyundai, Kia and Genesis sold 37,800 EVs during the first half of the year while Tesla sold more than 330,000, but this is still a big milestone for the NACS Tesla charging standard.&nbsp;
Catching up to Tesla who only continues to evolve is a daunting endeavor as the EV king is a moving target. The UAW strike will undoubtedly make it harder for GM, Ford and Stellantis to play the already costly EV game and cast a shadow on 2023&rsquo;s pickup theme.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

VLVLY

WKSP

The UAW Strikes Signal The Automotive Sector Is In For A Profound Change

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33228449/hollywood-wants-to-use-ai-replicas-of-actors-for-eternity-and-give-them-just-one-days-pay" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hollywood Wants To Use AI Replicas Of Actors For Eternity And Give Them Just One Day&#39;s Pay</a>
<ul>
<li>The tussle between Hollywood studios and the actors&#39; guild SAG-AFTRA has taken a dark turn reminiscent of a Black Mirror episode &ndash; the studios want to use AI replicas of actors for eternity for the cost of just one day&#39;s pay.</li>
<li>SAG-AFTRA (Screen Actors Guild &ndash; American Federation of Television and Radio Artists) national executive director Duncan Crabtree-Ireland revealed that Hollywood studios have proposed &quot;protecting&quot; actors&#39; digital likenesses using AI.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33228546/craze-for-threads-fading-zuckerbergs-app-sees-decline-in-engagement-after-bumper-debut" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Craze For Threads Fading? Zuckerberg&#39;s App Sees Decline In Engagement After Bumper Debut</a>
<ul>
<li>Engagement on&nbsp;Meta Platforms Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) social media app,&nbsp;Threads&nbsp;has seen a significant drop in daily active users and time spent on the app since the weekend.</li>
<li>Despite a strong start, with&nbsp;Mark Zuckerberg&#39;s&nbsp;Threads hitting 100 million users in just five days, the app&#39;s engagement metrics have started to decline.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33230363/citigroup-beats-on-q2-shows-resilience-across-business-segments" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Citigroup Beats On Q2, Shows Resilience Across Business Segments</a>
<ul>
<li>Citigroup Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) reported a second-quarter FY23 net revenue decline of 1% year-over-year to $19.44 billion, beating the consensus of $19.27 billion.</li>
<li>EPS was $1.33, above the consensus of $1.30.</li>
<li>Citigroup expects FY23 adjusted revenue of $78 billion - $79 billion vs. consensus $78.86 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33229280/unitedhealth-stock-pops-on-q2-earnings-beat-and-raised-outlook-earnings-by-the-numbers" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UnitedHealth Stock Pops On Q2 Earnings Beat and Raised Outlook - Earnings By The Numbers</a>
<ul>
<li>UnitedHealth Group Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unh#NYSE">UNH</a>) reported nearly $5.5 billion, up 8% Y/Y in Q2 profits as its health insurance plans and Optum medical provider businesses grew by &quot;double-digit&quot; percentages despite rising costs.</li>
<li>The company reported Q2 FY23 sales of $92.9 billion, up almost 16% Y/Y, beating the consensus of $91 billion.</li>
<li>Adjusted EPS of $6.14 increased 14% Y/Y, surpassing the consensus of $6.01.</li>
<li>UnitedHealth again raised its FY23 net earnings outlook, increasing it to &quot;$23.45-$23.75 per share and adjusted net earnings to $24.70-$25.00 per share.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33229605/why-wells-fargo-shares-are-surging-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Wells Fargo Posts Over 50% Jump In Q2 Profits On Strong Interest Income, Lifts 2023 Guidance</a>
<ul>
<li>Wells Fargo &amp; Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) reported Q2 EPS of $1.25, beating the consensus of $1.15, with revenues of $20.53 billion, up 21% Y/Y, above the consensus of $20.07 billion.</li>
<li>Wells Fargo&#39;s profit surged 57% to $4.9 billion as it earned more in interest payments from customers. CEO Charlie Scharf commented, &quot;Our strong net interest income continued to benefit from higher interest rates.&quot;</li>
<li>The net interest income climbed 29% to $13.16 billion as banks raised their borrowing costs following a series of rate hikes by the Federal Reserve to tackle inflation.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33229303/why-jpmorgan-shares-are-surging-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JPMorgan Chase Shares Jump On Strong Q2 Earnings</a>
<ul>
<li>JPMorgan Chase &amp; Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) reported Q2 net revenue (managed) of $42.4 billion, up 34.1% year-over-year, beating the consensus of $38.96 billion.&nbsp;</li>
<li>Reported revenue was $41.31 billion, up 34.5% Y/Y.Noninterest revenue was $20.5 billion, up 25%, or up 6% YoY excluding First Republic, driven by higher CIB Markets noninterest revenue.</li>
<li>JPMorgan expects net interest income and net interest income excluding Markets of ~$87 billion. It anticipates card services NCO rate of approximately 2.60%.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33228641/blackrock-q2-bottomline-beat-net-inflow-strong-at-80b-continued-strength-in-bond-etf-inflow" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BlackRock Q2: Bottomline Beat, Net Inflow Strong At $80B, Continued Strength In Bond ETF Inflow</a>
<ul>
<li>BlackRock Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) reported a Q2 revenue decline of 1% Y/Y to $4.46 billion, slightly below the consensus of $4.47 billion.</li>
<li>Market movements impacted revenue over the past twelve months on average assets under management.</li>
<li>Adjusted operating income declined 3% Y/Y to $1.68 billion, with margins contracting to 42.5% from 43.7% a year ago.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33227592/why-nokia-shares-are-declining-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nokia Cuts Annual Guidance On Weak Macroeconomic Environment</a>
<ul>
<li>Nokia Oyj&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nok#NYSE">NOK</a>) shares are trading lower by around 9% after it reduced its 2023 net sales guidance and narrowed the operating margin outlook.&nbsp;</li>
<li>2023 guidance: The company cut net sales expectations to &euro;23.2 billion-&euro;24.6 billion (from &euro;24.6 billion-&euro;26.2 billion previously) and now projects comparable operating margin to 11.5%-13% (from 11.5%-14% guided earlier).</li>
<li>The company expects weaker demand in H2 due to both the macroeconomic environment and customers&#39; inventory digestion.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/07/33227305/whats-going-on-with-ericsson-stock-friday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ericsson Shares Move Down After Q2 Earnings</a>
<ul>
<li>Ericsson&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eric#NYSE">ERIC</a>) reported sales growth of 3% year-on-year to SEK 64.4 billion ($6.125) billion, in line with the consensus of $6.130 billion.</li>
<li>Group organic sales declined by 9% Y/Y. Networks&#39; organic sales decreased by -13%, partly mitigated by a 20% organic growth in Enterprise.</li>
<li>The sharp decline in sales in North America was partly offset by solid sales development in India. In Networks, Ericsson saw strong execution with record build-out speed in India, which now has a leading market share.&nbsp;</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33227551/republican-presidential-candidate-vivek-ramaswamy-founded-roivant-in-discussions-with-roche-for-7" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Republican Presidential Candidate Vivek Ramaswamy Founded Roivant In Discussions With Roche For $7B Stomach Disease(s) Drug Deal</a>
<ul>
<li>Roivant Sciences Ltd&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/roiv#NASDAQ">ROIV</a>), a biotech company founded by&nbsp;Vivek Ramaswamy, a Republican presidential candidate, is reportedly in discussions with&nbsp;Roche Holdings AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rhhby#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RHHBY</a>) regarding the potential sale of an experimental drug for a debilitating stomach disease.&nbsp;</li>
<li>The drug at the center of the talks is RVT-3101 for ulcerative colitis and Crohn&#39;s disease.</li>
<li>The deal, which may exceed $7 billion in value, could be announced in the near future. However, the negotiations are still ongoing, and there is a possibility that the talks could collapse or another buyer could emerge.</li>
</ul>
&nbsp;
New York Times&nbsp;
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33227804/key-ingredient-in-drink-guzzled-by-musk-trump-labeled-possible-cancer-hazard-by-who-what-you-should" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Key Ingredient In Drink Guzzled By Musk, Trump Labeled Possible Cancer Hazard By WHO: What You Should Know</a>
<ul>
<li>The&nbsp;World Health Organization&nbsp;(WHO) announced that aspartame &mdash; a key ingredient in Diet Coke that&nbsp;Tesla&nbsp;CEO&nbsp;Elon Musk&nbsp;and former President&nbsp;Donald Trump&nbsp;are known to guzzle &mdash; could potentially cause cancer. The decision was keenly awaited since last month.</li>
<li>The WHO declared that aspartame, a widely used artificial sweetener in diet drinks and low-sugar foods, might be a potential carcinogen.</li>
<li>Despite this, another WHO committee held steady on assessing a safe level of aspartame consumption.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33227472/whats-going-on-with-activision-blizzard-and-microsoft-stock-friday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Microsoft, Activision Mull UK Rights Divestiture To Appease Regulators</a>
<ul>
<li>Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and&nbsp;Activision Blizzard Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/atvi#NASDAQ">ATVI</a>) stocks are trading higher Friday amid reports of the companies exploring giving up some control of their cloud-gaming business in the U.K. to appease regulators to complete their $69 billion merger by the July 18 deadline.</li>
<li>The relinquishing of control could involve selling off the cloud-based market rights for games in the U.K. to a telecommunications, gaming, and internet-based computing company.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33229107/nissan-motor-mulls-725m-investment-in-renaults-ampere-unit-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nissan Motor Mulls ~$725M Investment In Renault&#39;s Ampere Unit</a>
<ul>
<li>Nissan Motor Co., Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) is reportedly planning an investment worth 100 billion yen ($725 million) in&nbsp;Renault SA&#39;s&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>) new electric vehicle unit.</li>
<li>The Japanese automaker on Thursday expressed its plans to revamp its partnership with Renault via the investment in the EV unit called&nbsp;Ampere.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/07/33230465/germanys-strict-healthcare-system-novo-nordisk-popular-weight-loss-drugs-four-week-course-availab" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Germany&#39;s Strict Healthcare System: Novo Nordisk Popular Weight Loss Drug&#39;s Four Week Course Available For &euro;301.91</a>
<ul>
<li>Novo Nordisk A/S&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvo#NYSE">NVO</a>) widely used weight-loss medication, Wegovy, will be priced at &euro;301.91 ($338.35) for a four-week course of the highest dosage in Germany.&nbsp;</li>
<li>The drug will be launched in Europe&#39;s biggest pharmaceutical market by the end of this month.</li>
<li>The company urged German doctors to restrict prescriptions to medically necessary cases and prioritize patients with a body mass index of 30 or more or those with a chronic condition and a BMI of at least 27.</li>
</ul>
Photo via Wikimedia Commons

ATVI

ERIC

RHHBY

ROIV

Hollywood Wants To Use AI Replicas Of Actors, Major US Banks Deliver Q2 Earnings, Artificial Sweetener Aspartame Classified As 'Possible Carcinogen:' Today's Top Stories

Nissan Motor Co., Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>)(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) is reportedly planning an investment worth 100 billion yen ($725 million) in&nbsp;Renault SA&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) new electric vehicle unit.
The Japanese automaker on Thursday expressed its plans to&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31805049/nissan-looks-for-tech-partnership-without-renault-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">revamp its partnership</a>&nbsp;with Renault via the investment in the EV unit called&nbsp;Ampere, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/nissan-renault-agree-that-nissan-will-invest-some-100-bln-yen-ev-unit-ampere-2023-07-13/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported,&nbsp;</a>citing news from the Japanese newspaper the Yomiuri Shimbun.
On Jun. 19, 2023, Renault discussed its innovative and profitable&nbsp;<a class="editor-rtfLink" href="https://media.renaultgroup.com/ampere-new-team-for-a-new-game/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">plan&nbsp;</a>for Ampere, including its envisioned initial public offering. Renault said Ampere is a &quot;growth story,&quot; shooting for a 30% compounded annual revenue growth rate (CAGR) until 2030.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33040805/nissan-reveals-executive-committee-changes-to-accelerate-next-progress" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Nissan Reveals Executive Committee Changes To Accelerate NEXT Progress</a>
The report further quoted a Nissan spokesperson who said the investment amount is yet to be finalized.
Nissan and Renault expect the total value of Ampere will be between &euro;8 billion to &euro;10 billion, with Nissan investing below 10% of that amount, the Yomiuri added, as noted by Reuters.
Also See:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33178861/renault-geely-automobile-ink-jv-deal-to-create-powertain-technology-giant" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Renault &amp; Geely Automobile Ink JV Deal To Create Powertrain Technology Giant</a>
Price Action:&nbsp;NSANY shares closed lower by 0.16% at $8.24, and RNLSY shares closed higher by 1.23% at $8.64 on Thursday.

Nissan Motor Mulls ~$725M Investment In Renault's Ampere Unit: Report

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33037805/anonymous-sudan-cyberattacks-on-microsoft-and-more-tied-to-russian-interests" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Anonymous Sudan: Cyberattacks on Microsoft and More Tied to Russian Interests</a>
<ul>
<li>&quot;Anonymous Sudan,&quot; a hacktivist group, has been causing outages at&nbsp;Microsoft Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) for months, with previous attacks also in Israel, Sweden, and other countries. Some cybersecurity researchers associate this group with Russia.</li>
<li>The group states its motivation as supporting oppressed Muslims globally and says its June 5 DDoS attacks on Microsoft were a response to U.S. policy on Sudan&#39;s military conflict.</li>
<li>Some cybersecurity professionals believe this group operates from Russia and aims to further Moscow&#39;s objectives.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33038166/samsung-takes-on-tsmc-and-intel-gears-up-for-2-nanometer-chip-production" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Samsung Takes On TSMC and Intel, Gears Up for 2-nanometer Chip Production</a>
<ul>
<li>Samsung Electronics Co Ltd&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>) chip foundry business is adding production capacity and more advanced manufacturing techniques intensifying rivalry with&nbsp;Taiwan Semiconductor Manufacturing Company Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsm#NYSE">TSM</a>) and foundry debutant&nbsp;Intel Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/intc#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">INTC</a>).</li>
<li>It looks to introduce 2-nanometer production for mobile phone parts by 2025 and expand applications.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33041270/blackrock-owns-over-7-of-nvidia-stock-capitalizes-on-ai-surge" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BlackRock Owns Over 7% of Nvidia Stock, Capitalizes on AI Surge</a>
<ul>
<li>BlackRock Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) capitalizes on artificial intelligence following a spectacular AI-driven surge that marked the Nasdaq 100 index&#39;s best first-half-year performance ever.</li>
<li>BlackRock highlighted semiconductor manufacturers, firms with extensive data collections, and a high potential for automation as likely beneficiaries.</li>
<li>In its mid-year report, BlackRock declared an overweight position on AI as a significant driver.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33038540/russian-oil-company-roszarubezhneft-seeks-control-of-venezuelan-oil-exports-amid-us-sanctions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Russian Oil Company Roszarubezhneft Seeks Control of Venezuelan Oil Exports Amid US Sanctions</a>
<ul>
<li>Russian oil company&nbsp;Roszarubezhneft&nbsp;is seeking permission from Venezuela&#39;s state-run company&nbsp;PDVSA&nbsp;to control exports from their joint ventures, akin to a deal PDVSA struck with U.S. oil producer&nbsp;Chevron Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) last year.</li>
<li>This proposal faces significant obstacles as it would require changes to Venezuelan law governing its oil exports.</li>
<li>The intent is to revive the cash flow from the five companies that U.S. sanctions have negatively impacted.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33038801/sap-ceo-christian-klein-bullish-on-ai-touts-generative-ai-as-major-growth-driver" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SAP CEO Christian Klein Bullish on AI, Touts Generative AI as Major Growth Driver</a>
<ul>
<li>SAP SE&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/sap#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SAP</a>) CEO Christian Klein expressed colossal growth potential in generative AI technology.</li>
<li>Klein mentioned human resources as an example of the application of the technology. He also said that generative AI could take over administrative tasks like business appointment management.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33038547/google-trims-waze-workforce-in-the-wake-of-google-ads-integration" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Google Trims Waze Workforce in the Wake of Google Ads Integration</a>
<ul>
<li>Alphabet Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;shared plans to downsize the workforce at mapping app Waze as it merges its advertising system with Google Ads technology.</li>
<li>The company reduced roles focused on Waze Ads monetization. Google snapped Waze for about $1.3 billion in 2013.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33037892/overstocks-21-5m-bid-for-bed-bath-beyond-assets-receives-us-judge-approval-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Overstock&#39;s $21.5M Bid For Bed Bath &amp; Beyond Assets Receives US Judge Approval</a>
<ul>
<li>U.S. bankruptcy judge&nbsp;has reportedly approved&nbsp;Overstock.com Inc&#39;s&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ostk#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">OSTK</a>) acquisition of&nbsp;Bed Bath &amp; Beyond Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bbbyq#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BBBYQ</a>) brand name, intellectual property, and e-commerce platform.</li>
<li>Overstock had won an auction for the intellectual property and digital assets of Bed Bath &amp; Beyond.</li>
<li>Bed Bath &amp; Beyond stores and inventory are not part of the deal.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/33037778/toyota-hyundai-pulled-up-by-uk-watchdog-over-misleading-ev-charging-speed-ads" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toyota, Hyundai Pulled Up By UK Watchdog Over &#39;Misleading&#39; EV Charging Speed Ads</a>
<ul>
<li>The U.K.&#39;s Advertising Standards Authority ruled against&nbsp;Hyundai Motor&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) and&nbsp;Toyota Motor&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) on Wednesday, finding their EV charging speed ads to be misleading.</li>
<li>According to complaints received by the advertising watchdog, both automakers were challenged to substantiate the charging speeds advertised. Hyundai claimed that its IONIQ 5 model could charge from 10% to 80% in 18 minutes using a 350 kW charger, while Toyota claimed that its bZ4X could reach 80% using rapid public charging in around 30 minutes with a 150 kW fast-charging system.</li>
<li>The watchdog concluded that both ads failed to include important information about factors that could impact the advertised charging time, as well as the limited availability of 350 kW and 150 kW chargers. As a result, the ads were deemed misleading.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33038542/stellantis-launches-free2move-charging-service-for-ev-users" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Stellantis Launches Free2move Charging Service For EV Users</a>
<ul>
<li>Stellantis NV&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) has launched&nbsp;Free2move Charge, a 360-degree EV charging and energy management ecosystem.</li>
<li>Managed by the new Stellantis Charging &amp; Energy Business Unit, Free2move Charge will address electric-vehicle customer needs at home, at work, and on the go.</li>
<li>Making it&nbsp;easy to&nbsp;Always&nbsp;Be&nbsp;Charged (e-ABC Promise), Free2move Charge also makes it smart, understanding users&#39; needs and optimizing overall energy management to reduce the total cost of ownership and maximize environmental benefits.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33037500/whats-going-on-with-chip-stocks-nvidia-and-amd-wednesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Chip Stocks Nvidia, AMD Fall On Reports Of US Adopting Stricter Stance Over China</a>
<ul>
<li>Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>),&nbsp;Advanced Micro Devices Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>), and a host of peer chipmakers are trading lower Wednesday amid reports of the U.S. adopting a stricter stance over China&#39;s AI ambitions.</li>
<li>The U.S. plans to update export controls on AI chips to limit China&#39;s access to advanced technologies with military applications.</li>
<li>Sourcing smuggled GPUs has become a big moneymaking enterprise due to the robust domestic demand for Nvidia&#39;s A100 and H100 GPUs.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33039581/spirit-aerosystems-workers-union-agree-on-new-contract-proposal-that-may-end-strike-at-wichita-p" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Spirit AeroSystems, Workers Union Agree On New Contract Proposal That May End Strike At Wichita Plant</a>
<ul>
<li>Spirit Aerosystems Holdings Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spr#NYSE">SPR</a>) unit Spirit AeroSystems and the International Association of Machinists and Aerospace Workers have agreed to a four-year contract proposal for wage increases and bonuses, an indication to end the strike at the company&#39;s plant in Wichita, Kansas.</li>
<li>IAM union members will vote on approval of the contract on Thursday, June 29, at Hartman Arena in Park City, Kan. Operations at Spirit&#39;s Wichita plant will continue to be suspended until the new agreement is ratified.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33037611/general-dynamics-bags-769m-us-army-contract-to-build-combat-vehicles" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">General Dynamics Bags ~$769M US Army Contract To Build Combat Vehicles</a>
<ul>
<li>General Dynamics Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gd#NYSE">GD</a>) business unit,&nbsp;General Dynamics Land Systems, has been selected by the U.S. Army to advance to the detailed design and prototype build and test phases of the XM30 Mechanized Infantry Combat Vehicle competition.</li>
<li>The U.S. Army Contracting Command awarded a $768.7 million firm-fixed-price contract for Phase III and IV detailed design and prototype build and testing.</li>
<li>Formerly known as the Optionally Manned Fighting Vehicle (OMFV), the XM30 is the Army&#39;s next-generation infantry fighting vehicle developmental program slated to replace the Bradley Fighting Vehicle.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33039270/why-general-mills-shares-are-sliding-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">General Mills Shares Fall After Reported Mixed Q4 Results</a>
<ul>
<li>General Mills Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gis#NYSE">GIS</a>) reported fourth-quarter FY23 sales growth of 3% year-on-year to $5.03 billion, missing the analyst consensus of $5.17 billion.&nbsp;Organic net sales increased by 5%.</li>
<li>North America Retail segment sales increased 2% Y/Y to $3.1 billion. Pet segment sales rose 7% to $655 million, while International segment sales fell 1% to $745 million.</li>
<li>Adjusted EPS of $1.12 topped the consensus of $1.07.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33040805/nissan-reveals-executive-committee-changes-to-accelerate-next-progress" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nissan Reveals Executive Committee Changes To Accelerate NEXT Progress</a>
<ul>
<li>Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>) has made executive committee changes that will take effect from July 1, 2023.</li>
<li>&quot;The new executive committee will work as a cohesive team to accelerate Nissan NEXT progress in the final year of delivery and formulate the next mid-term plan to realize Nissan&#39;s growth plans,&quot; said Makoto Uchida, president &amp; CEO.</li>
<li>On June 15, 2023, the company announced that Representative Executive Officer and Chief Operating Officer Ashwani Gupta had elected to leave the company to pursue other opportunities effective June 27.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33039277/united-ceo-blames-faa-as-storms-force-more-flight-cancellations-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">United CEO Blames FAA As Storms Force More Flight Cancellations</a>
<ul>
<li>Storms forced many U.S. airlines to cancel roughly 1,500 flights on Tuesday, adding to the 3,500 canceled on Sunday and Monday.</li>
<li>The CEO of&nbsp;United Airlines Holdings Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>) criticized the Federal Aviation Administration (FAA) after heavy storms caused thousands of flights to be canceled recently, claiming that the agency&#39;s air-traffic-control issues exacerbated the disruption.</li>
<li>&quot;I&#39;m also frustrated that the FAA frankly failed us this weekend,&quot; wrote United CEO Scott Kirby in a message.</li>
</ul>
&nbsp;
Fox News&nbsp;
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/06/33039774/ai-in-medical-field-hong-kong-company-takes-first-ai-generated-drug-candidate-to-clinic-targeting" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AI in Medical Field: Hong Kong Company Takes First AI-Generated Drug Candidate To Clinic Targeting Chronic Lung Disease</a>
<ul>
<li>Insilico Medicine, a biotechnology company based in Hong Kong, has initiated a 12-week Phase 2 clinical trial for the first-ever drug created by artificial intelligence, INS018_055 targeting idiopathic pulmonary fibrosis (IPF), a type of chronic lung disease.</li>
<li>The drug, taken orally, underwent the same testing for safety and efficacy as traditionally discovered drugs, as per Insilico Medicine&#39;s CEO Alex Zhavoronkov.</li>
<li>The company used PandaOmics to identify disease-causing targets and Chemistry42 to design new molecules.</li>
</ul>
Photo via Wikimedia Commons

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Cyberattacks On Microsoft Tied to Russian Interests, Chip Stocks Nvidia, AMD Fall, United CEO Blames FAA As Storms Disrupt Flights: Today's Top Stories

Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) has made executive committee&nbsp;<a class="editor-rtfLink" href="https://global.nissannews.com/en/releases/release-53eded77170b31a76f9130c7b23835bb-230628-01-e" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">changes&nbsp;</a>that will take effect from July 1, 2023.
&quot;The new executive committee will work as a cohesive team to accelerate Nissan NEXT progress in the final year of delivery and formulate the next mid-term plan to realize Nissan&rsquo;s growth plans,&rdquo; said Makoto Uchida, president and chief executive officer (CEO).
The company announced on June 15, 2023, that Representative Executive Officer and Chief Operating Officer Ashwani Gupta has elected to&nbsp;<a class="editor-rtfLink" href="https://global.nissannews.com/en/releases/release-d869f22ea405cc270e1cd0ea421951dd-230616-01-e" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">leave&nbsp;</a>the company to pursue other opportunities effective June 27.
Related:&nbsp;<a href="https://www.benzinga.com/news/23/06/33018703/shareholders-back-nissan-leadership-despite-surveillance-controversy-and-renault-deal-strains">Shareholders Back Nissan Leadership Despite Surveillance Controversy and Renault Deal Strains</a>
The company said Stephen Ma, chief financial officer (CFO) overseeing Finance, Control, M&amp;A, Tax &amp; Customs, Global IS/IT, Investor Relations, will add Operations Performance as a new area of responsibility.
Also, the chairpersons of the regional management committees (MC), Guillaume Cartier, senior vice president (SVP), MC AMIEO (Africa, Middle East, India, Europe and Oceania); J&eacute;r&eacute;mie Papin, SVP, MC Americas; and Shohei Yamazaki, SVP, MC China will become members of the executive committee and will report directly to Makoto Uchida, CEO.
Hideyuki Sakamoto, executive vice president in charge of manufacturing and supply chain management, will be responsible for purchasing.
Gupta had clashed with CEO Uchida over the latter&rsquo;s interest to close the negotiations with&nbsp;Renault&nbsp;SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) quickly, reported&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/nissan-will-not-fill-coo-position-left-open-by-guptas-departure-2023-06-28/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.

Management

Nissan Reveals Executive Committee Changes To Accelerate NEXT Progress

CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33018458/chatgpt-vs-baidus-ernie-bot-chinese-tech-giant-says-ernie-beat-chatgpt" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ChatGPT Vs. Baidu&#39;s Ernie Bot - Chinese Tech Giant Says Ernie Beat ChatGPT</a>
<ul>
<li>Baidu Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>) said the artificial intelligence model underpinning its chatbot outperformed OpenAI&#39;s ChatGPT in several key areas.</li>
<li>The Chinese search engine firm has publicly tested the Ernie Bot in China since the company revealed it in March.&nbsp;</li>
<li>Baidu said Ernie 3.5 surpassed ChatGPT in several benchmark tests. ChatGPT is based on OpenAI&rsquo;s GPT 3.5 model.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33019112/ford-conducts-engineering-jobs-cut-in-us-canada-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford Conducts Engineering Jobs Cut In US, Canada</a>
<ul>
<li>Ford Motor Co&nbsp;F reportedly plans to commence layoffs this week in its engineering sections in the U.S. and Canada.</li>
<li>The job loss is expected to affect all three of its business units.</li>
<li>The move comes as the auto manufacturing giant seeks to cut costs to realign its operations.</li>
<li>In its filing in May, Ford said it expected to take between $1.5 billion and $2 billion in charges for employee separations and supplier settlements.</li>
</ul>
&nbsp;
TechCrunch
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33019156/metas-whatsapp-business-soars-past-200m-users-boosts-ad-and-payment-capabilities" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Meta&#39;s WhatsApp Business Soars Past 200M Users, Boosts Ad And Payment Capabilities</a>
<ul>
<li>Meta Platforms, Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) WhatsApp Business app, designed specifically for small businesses, has exceeded 200 million monthly active users &mdash; up from 50 million in 2020.</li>
<li>Today, WhatsApp Business users can create &quot;click-to-WhatsApp&quot; ads without a Facebook account.</li>
<li>Sellers can create, purchase, and publish ads for Facebook and Instagram directly from within the app.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/06/33015970/robinhood-to-cut-7-of-its-full-time-staff-after-two-rounds-of-layoffs-in-past-year" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Robinhood To Cut 7% Of Its Full-Time Staff After Two Rounds Of Layoffs In Past Year</a>
<ul>
<li>Robinhood Markets Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hood#NASDAQ">HOOD</a>) is cutting about 7% of its full-time staff in response to a slowdown in customer trading activity and reduced customer engagement.</li>
<li>The company is making these layoffs to adjust to volumes and align team structures. The decrease in customer trading activity and engagement could be attributed to factors such as higher costs of commodities and a downturn in the cryptocurrency market.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33019148/general-dynamics-rheinmetall-compete-for-45b-us-army-vehicle-contract-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">General Dynamics, Rheinmetall Compete For ~$45B US Army Vehicle Contract</a>
<ul>
<li>General Dynamics Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gd#NYSE">GD</a>) and American Rheinmetall reportedly compete to replace the Bradley fighting vehicle, a tracked armored fighting vehicle platform.</li>
<li>The U.S. Army had selected General Dynamics and American Rheinmetall to compete to replace the Bradley fighting vehicle in a deal that could be worth more than $45 billion to the winner.</li>
<li>The proposed platform has been named the XM30 Mechanized Infantry Combat Vehicle.</li>
</ul>
TotalEnergies&#39; Uganda And Tanzania Projects Face Lawsuit By Activist Groups
<ul>
<li>TotalEnergies SE&nbsp;TTE got sued by five activist groups for a second time for its Uganda and Tanzania projects in a Paris civil court.&nbsp;</li>
<li>The French and Ugandan activist groups accused the French oil major company of environmental hazards from its Tilenga oil development and the $3.5 billion East African Crude Oil Pipeline.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33018511/former-audi-boss-sentenced-in-volkswagen-diesel-scandal-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Former Audi Boss Sentenced In Volkswagen Diesel Scandal</a>
<ul>
<li>Former Chairman of&nbsp;Volkswagen&nbsp;(OTC:&nbsp;VWAGY) owned Audi, Rupert Stadler, has been given a suspended sentence of one year and nine months by a German court for fraud by negligence.</li>
<li>The sentence for the 2015 diesel scandal has made Stadler the first former Volkswagen board member to get a sentence,</li>
<li>He was fined &euro;1.1 million ($1.20 million) towards the state treasury and non-governmental organizations.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33018703/shareholders-back-nissan-leadership-despite-surveillance-controversy-and-renault-deal-strains" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Shareholders Back Nissan Leadership Despite Surveillance Controversy and Renault Deal Strains</a>
<ul>
<li>Nissan Motor Co, Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsany#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANY</a>) shareholders re-elected its CEO and other board nominees on Tuesday at an annual meeting amid internal discord.</li>
<li>The Japanese automaker is investigating claims that CEO Makoto Uchida conducted surveillance of his deputy Ashwani Gupta. The shareholder meeting follows a new deal with alliance partner&nbsp;Renault SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>), causing additional strain between Uchida, who supported the agreement, and Gupta, who had concerns about specific terms.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33018103/virgin-galactic-sets-date-for-1st-commercial-spaceflight-in-line-with-schedule" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Virgin Galactic Sets Date For 1st Commercial Spaceflight After Long Wait</a>
<ul>
<li>Richard Branson&#39;s&nbsp;space travel company&nbsp;Virgin Galactic Holdings Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spce#NYSE">SPCE</a>), said it would start commercial spaceflight with&nbsp;Galactic 01, expected to launch on June 29.</li>
<li>Virgin Galactic will embark on a research mission for the Italian Air Force as its first commercial mission. The crew includes personnel from the Italian Air Force and the National Research Council of Italy.</li>
<li>Col. Walter Villadei,&nbsp;Lt.Col. Angelo Landolfi, and&nbsp;Pantaleone Carlucci&nbsp;will board VSS Unity for a 90-minute flight and conduct 13 scientific research experiments, Galactic said in a statement.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33017879/lordstown-motors-files-for-bankruptcy-protection" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lordstown Motors Drives Into Bankruptcy After Foxconn Investment Fallout</a>
<ul>
<li>EV maker&nbsp;Lordstown Motors Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ride#NASDAQ">RIDE</a>) filed for bankruptcy protection on Tuesday following a drawn-out dispute over a $170 million investment with Foxconn.</li>
<li>The company said it started the sale process for its Endurance all-electric pickup truck and other related assets and has filed litigation against&nbsp;Hon Hai Precision Industry Co Ltd&nbsp;and its affiliate&nbsp;Foxconn Ventures Pte Ltd&nbsp;in the U.S. Bankruptcy Court for the District of Delaware.</li>
<li>Foxconn failed to live up to its financial commitments, thereby damaging the company and its prospects.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/06/33018677/second-most-prevalent-bacterial-sexually-transmitted-infection-gsks-gonorrhea-vaccine-secures-fda" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Second Most Prevalent Bacterial Sexually Transmitted Infection: GSK&#39;s Gonorrhea Vaccine Secures FDA Track</a>
<ul>
<li>The FDA has granted Fast Track designation to&nbsp;GSK plc&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gsk#NYSE">GSK</a>) investigational vaccine for Neisseria gonorrhea. The vaccine is currently in an ongoing Phase 2 trial.</li>
<li>The trial aims to demonstrate proof of concept by assessing the vaccine&#39;s efficacy in healthy adults aged 18 to 50, considered at risk of gonorrhea.</li>
<li>Gonorrhea is the second most prevalent bacterial sexually transmitted infection worldwide, with an estimated 82 million new cases yearly.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33018037/thomson-reuters-buys-casetext-to-up-the-ai-game" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Thomson Reuters Buys Casetext To Up The AI Game</a>
<ul>
<li>Thomson Reuters Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tri#NYSE">TRI</a>) inked a deal to acquire Casetext for $650 million in cash.</li>
<li>Casetext is a California-based technology provider for legal professionals and uses advanced AI and machine learning to aid them in offering higher-quality representation to clients.&nbsp;</li>
<li>The acquisition will complement Thomson Reuters&#39; AI roadmap and build on its recent initiatives.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33017988/alibabas-freshippo-targets-hong-kong-ipo-marks-its-first-spin-off-listing" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba&#39;s Freshippo Targets Hong Kong IPO, Marks Its First Spin-Off Listing</a>
<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) grocery arm,&nbsp;Freshippo, will likely go public on the Hong Kong stock exchange by mid-November.&nbsp;</li>
<li>The IPO would make it the first Alibaba subsidiary to list independently after its highly publicized restructuring plans.&nbsp;</li>
<li>Freshippo offers&nbsp;Walmart Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/wmt#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WMT</a>) Sam&#39;s Club-like supermarket experience with a dine-in restaurant and 30-minute home delivery.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33020653/walgreens-boots-stock-plunges-after-q3-earnings-heres-why" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walgreens Boots Stock Plunges After Q3 Earnings&nbsp;</a>
<ul>
<li>Walgreens Boots Alliance Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wba#NASDAQ">WBA</a>) Q3 FY23 sales increased 8.6% Y/Y to $35.4 billion, up 8.9% on a constant currency basis, beating the consensus of $34.25 billion.</li>
<li>Q3 reported EPS was $0.14, a decrease of $0.20 from the year-ago quarter. Adjusted EPS increased 3.3% to $1.00, up 3.6% on a constant currency basis, reflecting a 19.5% headwind from significantly lower COVID-19 vaccine and testing volumes, missing the consensus of $1.07.</li>
<li>Walgreens has lowered its FY23 adjusted EPS guidance to $4.00-$4.05 from the previous $4.45 - $4.65 (versus the consensus of $4.45) to account for consumer and category conditions, lower COVID-19 contribution, and a more cautious macroeconomic forward view.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/06/33020546/manchester-united-clocks-11-revenue-growth-in-q3-boosts-outlook-ahead-of-potential-sale" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Manchester United Clocks 11% Revenue Growth In Q3; Boosts Outlook Ahead Of Potential Sale</a>
<ul>
<li>Manchester United PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/manu#NYSE">MANU</a>) reported third-quarter FY23 sales growth of 11.3% year-on-year to&nbsp;$206.53 million&nbsp;(&pound;170 million), beating the analyst consensus of $173.69 million.</li>
<li>Adjusted basic loss per share for the period narrowed to (7.41) pence versus (13.75) pence last year. Adjusted EPS loss of $(0.09) missed the consensus of $(0.05).</li>
<li>Manchester raised FY23 revenue guidance to &pound;630 million - &pound;640 million from &pound;590 million - &pound;610 million previously.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/33021174/whats-going-on-with-delta-air-lines-shares-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Delta Air Lines Investor Day 2023: Revises FY23 Outlook, Reiterates FY24 Targets</a>
<ul>
<li>Delta Air Lines Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dal#NYSE">DAL</a>) revised its FY23 outlook and reiterated its FY24 targets in its Investor Day 2023 presentation.</li>
<li>The airline mentioned that the air travel revenue is returning to Long-Term Trend, with Industry Revenue to, from, and within the U.S. as % of GDP.</li>
<li>The historical average was 1.3%, for 2022, it reached 1.2%, and for FY23, it is estimated to reach 1.3%.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/33020230/lufthansa-begins-critical-week-of-negotiations-with-pilot-union-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lufthansa Begins Critical Week Of Negotiations With Pilot Union</a>
<ul>
<li>German carrier&nbsp;Deutsche Lufthansa AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/dlaky#OTC">DLAKY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dlakf#OTC">DLAKF</a>) reportedly has entered decisive talks with its pilots&#39; union.</li>
<li>Lufthansa enters decisive talks with its pilots&#39; union as the German airline races to reach an agreement by the end of the week to avert the threat of a strike during the crucial summer travel season.</li>
<li>Last week, Lufthansa presented an offer to the union, which labor officials rejected as &quot;absolutely insufficient.&quot;</li>
</ul>

BABA

BIDU

DLAKF

DLAKY

HOOD

MANU

Lordstown Motors Corp. - Class A Common Stock

RIDE

SPCE

Baidu Says Ernie Bot Beats ChatGPT, Meta's WhatsApp Business Soars Past 200M Users, Walgreens Earnings Disappointment: Today's Top Stories

Nissan Motor Co, Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) shareholders re-elected its CEO and other board nominees on Tuesday at an annual meeting amid internal discord.
The Japanese automaker is investigating claims that CEO Makoto Uchida conducted surveillance of his deputy Ashwani Gupta.&nbsp;
The controversy mirrors previous internal issues leading to former CEO Carlos Ghosn&#39;s dismissal, raising fears of a distraction from essential recovery efforts, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/nissan-shareholders-support-board-first-agm-since-striking-alliance-deal-2023-06-27/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31834507/chinas-new-ev-dynamics-byd-leads-ev-race-while-gm-honda-nissan-trail" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">China&#39;s New EV Dynamics: BYD Leads EV Race While GM, Honda, Nissan Trail</a>
The shareholder meeting follows a new deal&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30621195/renault-and-nissan-reach-equal-cross-shareholding-under-new-deal-nissan-to-become-strategic-holder-i" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">with alliance partner</a>&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>), causing additional strain between Uchida, who supported the agreement, and Gupta, who had concerns about specific terms.
Christopher Richter, deputy head of research at brokerage&nbsp;CLSA, flagged that internal disagreements and drawn-out talks about the Renault alliance have taken management&#39;s focus away from core business activities.&nbsp;
At the same time, competitors like&nbsp;Toyota Motor Corp&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TM</a>) make significant advancements in electric vehicles and solid-state batteries.
The terms of the deal announced in February, where Nissan would acquire up to a 15% stake in Renault&#39;s spinning-off electric vehicle unit, and Renault would lessen its 43% stake in Nissan, have not been finalized.
Gupta, who was COO and seen as a likely future CEO, did attend the shareholder meeting though Tuesday was his last day at the company.
Price Action: NSANY shares closed higher by 0.13% at $3.75 on Monday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shareholders Back Nissan Leadership Despite Surveillance Controversy and Renault Deal Strains

General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will reportedly pause production at its Fort Wayne Truck Assembly plant in Indiana, starting March 27 for the second time in a span of 12 months. All production will be halted for two weeks. 
What happened: For two weeks, production at the Indiana plant will be idled in hopes of balancing the inventory which is presently outweighing demand, Reuters reported on Thursday. 
While production increased over the last month, demand remained the same, leading to a surge in inventory, the report said. 
&#8220;Fort Wayne Assembly production will be down for two weeks beginning March 27 in an effort to maintain optimal inventory levels with our dealerships,&#8221; GM spokesperson Dan Flores told The Detroit News. 
Employees at Fort Wayne Assembly build more than 1300 trucks each day, according to the GM website.
General Motors did not immediately respond to Benzinga&#8217;s request for comment. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/02/30670091/general-motors-outperforms-raises-2023-outlook-analysts-weigh-in">General Motors Outperforms, Raises 2023 Outlook: Analysts Weigh In</a>
Why is this important: Until recently, automakers including Ford, Nissan and Stellantis were struggling with backlogs due to shortages of parts, particularly in EV production.
Semiconductor chip shortage rose due to the COVID-19 pandemic and subsequent lockdowns, particularly in China. The Fort Wayne plant was halted in April last year owing to semiconductor shortages, which have been plaguing U.S. automakers for the last two years.
The proposed idling marks a shift from this industry dynamic; inventory is now exceeding demand, arising due to increased vehicle costs and interest rates.
Last Month, General Motors <a href="https://investor.gm.com/news-releases/news-release-details/gm-releases-2022-fourth-quarter-and-full-year-results-and-2023">said</a> it expects core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to shareholders of&nbsp;$8.7 billion-$10.1 billion.
Price Action: Shares in General Motors fell 4% to $39.24 on Thursday, according to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/23/02/30689165/netflix-collaborates-with-gm-to-showcase-automakers-evs-in-its-popular-shows">Netflix Collaborates With GM To Showcase Automaker&#8217;s EVs In Its Popular Shows</a>

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