Chinese electric vehicle maker XPeng has achieved a significant milestone, producing its 500,000th vehicle. This comes as the company continues to ramp up production and sales, despite facing competition from other EV manufacturers like Li Auto. XPeng’s recent launch of the Mona M03 hatchback coupe has also been a success, with the company producing 10,000 units in just 22 days.
Stellantis, the parent company of Chrysler, has denied allegations by the United Auto Workers (UAW) that it has broken promises made to union workers. The UAW claims that Stellantis is planning to move production of the Dodge Durango SUV out of the U.S. and is not reopening the Belvidere assembly plant in Illinois despite previous commitments. However, Stellantis insists that it is abiding by the agreement reached last year and that market conditions are impacting its production decisions.
Monroe Capital LLC is launching a $1 billion fund to provide loans to smaller auto suppliers transitioning to electric vehicle production. This initiative, backed by the US Small Business Administration and the Treasury Department, aims to facilitate access to financing for these crucial businesses, ensuring a smooth shift towards a cleaner automotive industry.
General Motors is laying off 1695 employees at its Fairfax Assembly and Stamping plant in Kansas City, impacting production of the Cadillac XT4 and Chevrolet Malibu. The layoffs come as the plant prepares for a retooling to produce the next generation of Chevrolet Bolt EVs and XT4.
Tesla’s new vehicle registrations in the European Union dropped by 15% in the first eight months of 2024, mirroring a broader decline in electric vehicle demand. While other automakers like Volvo and SAIC Motor saw growth, Ford’s sales also fell in the region. The European Automobile Manufacturers Association (ACEA) highlighted the challenges facing EV adoption, including a lack of charging infrastructure and a competitive manufacturing environment. The ACEA is calling for a review of the EU’s 2025 CO2 emission targets to avoid potential fines and job losses.
Former President Donald Trump has vowed to implement a 200% tariff on all Mexican auto imports if he is re-elected, arguing that it would protect American jobs and prevent Chinese dominance in the auto industry. He also alluded to the recent assassination attempts against him as a consequence of his policies, highlighting the risks associated with his approach.
StoreDot, a leader in fast-charging EV battery technology, has added veteran Wall Street analyst Rod Lache to its advisory board. Lache’s extensive experience in the auto industry will guide StoreDot’s global expansion efforts.
Unifor, Canada’s largest private sector union, has extended the negotiation deadline with General Motors for members at the CAMI Assembly and Battery Assembly facilities in Ingersoll, Ontario. Negotiations are ongoing, and members will continue to work regular shifts. The union is prioritizing improvements to wages, pensions, and job security for its members, who have experienced significant layoffs following the plant’s transition to electric vehicle production.
The United Auto Workers (UAW) union has filed charges against Stellantis for allegedly breaking their 2023 labor contract, claiming the automaker is refusing to provide information about production plans and attempting to move production outside of the US. The union plans to enforce the contract and ensure Stellantis fulfills its commitments.
Volkswagen is ending decades-old job guarantees at six German plants, potentially leading to layoffs from next year. This move, part of a cost-cutting drive to compete with cheaper Asian rivals, has sparked a showdown with workers and raised concerns about the future of Germany’s industrial relations model.
