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GM and Honda are joining forces on self-driving cars with a $750 million Honda investment making GM Cruise worth $14.6 billion
GM will join with Honda to develop a "purpose-built autonomous vehicle" for Cruise, GM's self-driving division. Honda will invest $2 billion over 12 years, with an additional $750 million invested in Cruise. Honda's equity investment raises Cruise's valuation to $14.6 billion.
Aston Martin went public in London on Wednesday. Shares were priced at £19, valuing the luxury-car maker at £4.3 billion. After a small price bump, shares have fallen to £18.40. The performance underlines weakness in the London IPO market and ongoing trade war and Brexit fears in the auto sector.
Tesla reported a strong Q3 for deliveries, with 83,500 vehicles sold. Analysts aren't yet overly concerned about Tesla overproducing for the US market, an inversion of the worry they usually have for established automakers.
Zhejiang Geely Holding Group said it will allow Proton to tap its green-car technology.
The automakers and the oil companies have long been thought to have shared interests. But when it comes to California's waiver to set its own mileage and emissions standards, those interests may diverge. The EPA has taken on California in a looming battle that big oil wants but big auto doesn't.
The auto industry has been predicting a downturn, but GM, Ford, and FCA might have sent a unified signal to Trump that if changes aren't made fast, the slide could arrive ahead of schedule. The big three all lowered 2018 profit forecasts.
Both GM and FCA stock took losses in the markets after reporting second-quarter earnings. The CFOs of both automakers addressed higher steel costs due to Trump's tariffs. GM and FCA cut full-year profit guidance.
Ford missed analysts' expectations for Q2 profit. As with GM and FCA, which also reported Q2 earnings Wednesday, Ford lowered it full-year profit guidance.
Trump’s proposed auto tariffs will lead to sharp spikes in the price of Americans’ most prized possession
ANALYSIS: President Donald Trump shows no sign of pulling back from his trade war, and the auto sector appears a dangerous next candidate on the administration's list of goods that should face tariffs.
Former Fiat Chrysler and Ferrari CEO Sergio Marchionne, a legend of the modern auto industry, has died at 66 after shoulder surgery
Former FCA and Ferrari CEO Sergio Marchionne has died at 66. He had reportedly been in a coma in intensive care in a Zurich hospital after complications from surgery. Marchionne was an auto-industry legend, leading a turnaround at Fiat and taking Chrysler from bankruptcy to renewed prosperity.