For more than a decade, the United States has sought to keep out of Syria's political debacle, seeing no viable partner. Islamist rebels' toppling of strongman Bashar al-Assad has forced a change of tune -- and a debate over just what US interests are. Donald Trump, who returns to the White House in little more than a month, on the eve of Assad's fall called Syria "a mess" and stated in his plain-speaking style that the United States should not be involved. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.US stock indices pushed to fresh records Tuesday, shrugging off tariff threats from President-elect Donald Trump while European equities retreated. Trump, who doesn't take office until January 20, made his threat in social media posts Monday night, announcing huge import tariffs against neighbors Canada and Mexico and also rival China if they do not stop illegal immigration and drug smuggling. Both the Dow and S&P 500 notched all-time highs, with investors regarding the incoming president's words as a bargaining chip. "In theory, higher tariffs should not be good news for stocks. But, you know, I think the market's chosen to think of (it) as a negotiating tactic," said Steve Sosnick of Interactive Brokers. "You have bullish sentiment," said LBBW's Karl Haeling. "People are tending to look at things as positively as possible." But General Motors, which imports autos from Mexico to the United States, slumped 9.0 percent, while rival Ford dropped 2.6 percent. Overseas bourses were also buffeted by the news. European stocks followed losses in Asia, despite Trump excluding Europe as an immediate target for tariffs. "These are his first direct comments on tariffs and tariff levels since becoming president-elect, and they have roiled markets," said Kathleen Brooks, research director at XTB trading group, ahead of the Wall Street open. "It is early days, and there are plenty of opportunities for Trump to direct his attention to Europe down the line," Brooks added. The US dollar rallied against its Canadian equivalent, China's yuan and Mexico's peso, which hit its lowest level since August 2022. In other economic news, the Conference Board's consumer confidence index rose to 111.7 this month, up from 109.6 in October, boosted by greater optimism surrounding the labor market. "November's increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," said Dana Peterson, chief economist at The Conference Board. Pantheon Macroeconomics chief US economist Samuel Tombs added in a note that the increase in consumer confidence overall "likely was driven by euphoria among Republicans." "The index also jumped in late 2016, when Mr. Trump was elected for the first time," he said. Federal Reserve meeting minutes showed policy makers expect inflation to keep cooling, signaling a gradual approach to interest rate cuts if price increases ease further and the job market remains strong. New York - Dow: UP 0.3 percent at 44,860.31 (close) New York - S&P 500: UP 0.6 percent at 6,021.63 (close) New York - Nasdaq: UP 0.6 percent at 19,174.30 (close) London - FTSE 100: DOWN 0.4 percent at 8,258.61 (close) Paris - CAC 40: DOWN 0.9 percent at 7,194.51 (close) Frankfurt - DAX: DOWN 0.6 percent at 19,295.98 (close) Tokyo - Nikkei 225: DOWN 0.9 percent at 38,442.00 (close) Hong Kong - Hang Seng Index: FLAT at 19,159.20 (close) Shanghai - Composite: DOWN 0.1 percent at 3,259.76 (close) Euro/dollar: DOWN at $1.0482 from $1.0495 on Monday Pound/dollar: DOWN at $1.2567 from $1.2568 Dollar/yen: DOWN at 153.06 yen from 154.23 yen Euro/pound: DOWN at 83.41 pence from 83.51 pence Brent North Sea Crude: DOWN 0.3 percent at $72.81 per barrel West Texas Intermediate: DOWN 0.3 percent at $68.77 per barrel bur-jmb/st
WASHINGTON — An American schoolteacher arrested in Russia on drug charges more than four years ago has been designated by the U.S. government as wrongfully detained, the State Department said Friday. Marc Fogel, a history teacher from Pennsylvania, is serving a 14-year prison sentence after being arrested in August 2021 at a Russian airport and possessing what his family and supporters said was medically prescribed marijuana. After Fogel was omitted from a massive prisoner swap last August that resulted in the release of Wall Street Journal reporter Evan Gershkovich and corporate security executive Paul Whelan, among others, his family’s lawyers made another push for the Biden administration to secure his freedom, including by designating him as wrongfully detained. The State Department considers a range of factors in deciding whether to designate an American jailed in a foreign country as wrongfully detained, including if there’s credible information that the person is innocent. The factors also include if they are being held for the primary purpose of influencing U.S. policy or securing concessions from the U.S. government. Officials confirmed Friday that Fogel had now received that designation. “The United States has been working to secure Marc Fogel’s release for some time. We have long called for his humanitarian release and tried to include him in the August 1 deal, but were unable to. The Secretary determined Marc is wrongfully detained in October,” the department said in a statement. The designation traditionally shifts supervision of a detainee’s case to the office of the Special Presidential Envoy for Hostage Affairs, a State Department office focused on negotiating for the release of hostages and other Americans classified as being wrongfully detained in other countries.
CHARLOTTE, N.C. (AP) — Front Row Motorsports, one of two teams suing NASCAR in federal court, accused the stock car series Thursday of rejecting the planned purchase of a valuable charter unless the lawsuit was dropped. Front Row made the claim in a court filing and said it involved its proposed purchase of the charter from Stewart-Haas Racing. Front Row said the series would only approve it if Front Row and 23XI Racing dropped their court case. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
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Minor league pitchers Luis Moreno, Alejandro Crisostomo suspended after positive drug testsTORONTO — Canada's premiers are meeting virtually Wednesday with the prime minister to discuss the threat of U.S. tariffs on Canadian imports, and Ontario Premier Doug Ford said he hopes to talk about the country's approach to negotiations. It comes two weeks after the premiers' last meeting with Justin Trudeau, where they discussed how to respond to U.S. president-elect Donald Trump's warning that he will impose a 25 per cent tariff on goods from Canada and Mexico when he takes office next month. The federal government promised at the last meeting to update the premiers, Ford said. "They said they were going to come back with a plan to put together a proposal, No. 1 to strengthen our borders and hopefully meet our two-per-cent NATO commitment," Ford said. Trudeau has committed to meet NATO members' pledge to spend at least two per cent of GDP on national defence by 2032. Trudeau recently flew to Trump's Mar-a-Lago estate in Florida to dine with the president-elect and some of his cabinet nominees for an informal discussion on trade and border security. News of the first ministers' meeting comes the same day as Trump tauntingly took to social media to say it was a pleasure to dine with "Governor Justin Trudeau of the Great State of Canada," a nod to a joke he made at the dinner that he might make Canada the 51st U.S. state. Trump has said the tariffs would remain in effect until Canada and Mexico stop illegal border crossings and prevent drugs like fentanyl from entering the U.S. Ontario has produced a slick ad to highlight the mutually beneficial trade connections between the province and the United States, and recently began rolling it out in a massive campaign that includes Fox News prime time, NFL football games and at Washington, D.C., airports over the holidays. The ads will also run in Washington on transit shelters and billboards, as well as across target states via digital channels and prime placement for Super Bowl streaming on the Fox Sports app, the premier's office has said. Ontario's minister of economic development, job creation and trade was in Washington, D.C., this week meeting with officials from the U.S. Senate and Congress, and said they had all seen Ontario's ads. "They also caught the subtleties, like we've got the critical minerals that you need," Vic Fedeli said. "They need us for these things that are very valuable for their military or chips that they want to make. So there's a lot of things they're going to need from us, and that's why we're running commercials. That's why we're taking these trips down there to make sure that all the right people are talking about all the right points." On Fedeli's last trip to the U.S. he met with both Republicans and Democrats, but this time focused solely on Republicans, he said. "We've got to start focusing now on people who are going to be crafting laws if these things happen to be done by legislation," Fedeli said. He is heading back to the U.S. in January, to Nevada, California, Michigan and to Washington, D.C. on inauguration day. This report by The Canadian Press was first published Dec. 10, 2024. Allison Jones, The Canadian PressFofana 2-3 1-2 5, Jones 4-6 8-8 17, Lewis 2-3 2-2 6, Fuller 2-8 6-6 10, Washington 3-7 3-5 9, Adams 8-12 3-3 19, Martindale 1-2 3-4 6, Brinson 3-3 3-4 9, Beard 1-4 0-0 2, Barbee 1-2 0-0 2, Cain 0-1 4-4 4, Thibiant 0-1 0-0 0. Totals 27-52 33-38 89. Pickett 1-4 0-0 3, Addo-Ankrah 1-6 0-0 3, Craig 3-7 0-0 8, Lee 2-6 2-2 8, Shogbonyo 6-11 1-1 15, Lopez-Sanvicente 3-4 3-6 10, Akins 2-9 2-5 7, Mani 0-5 0-0 0, Bowen 0-1 4-4 4, Carney 1-3 0-0 2. Totals 19-56 12-18 60. Halftime_CS Northridge 48-33. 3-Point Goals_CS Northridge 2-14 (Jones 1-1, Martindale 1-2, Barbee 0-1, Cain 0-1, Thibiant 0-1, Beard 0-2, Washington 0-2, Fuller 0-4), Denver 10-30 (Lee 2-2, Shogbonyo 2-4, Craig 2-5, Lopez-Sanvicente 1-1, Pickett 1-3, Addo-Ankrah 1-5, Akins 1-5, Bowen 0-1, Carney 0-2, Mani 0-2). Fouled Out_Lee, Akins. Rebounds_CS Northridge 40 (Adams 11), Denver 18 (Lopez-Sanvicente 5). Assists_CS Northridge 9 (Beard 4), Denver 10 (Lopez-Sanvicente 3). Total Fouls_CS Northridge 19, Denver 29. A_109 (7,321).
WASHINGTON (AP) — One year after the Jan. 6, 2021 , U.S. Capitol attack, Attorney General Merrick Garland said the Justice Department was committed to holding accountable all perpetrators “at any level” for “the assault on our democracy.” That bold declaration won't apply to at least one person: Donald Trump. Special counsel Jack Smith's move on Monday to abandon the federal election interference case against Trump means jurors will likely never decide whether the president-elect is criminally responsible for his attempts to cling to power after losing the 2020 campaign. The decision to walk away from the election charges and the separate classified documents case against Trump marks an abrupt end of the Justice Department’s unprecedented legal effort that once threatened his liberty but appears only to have galvanized his supporters. The abandonment of the cases accusing Trump of endangering American democracy and national security does away with the most serious legal threats he was facing as he returns to the White House. It was the culmination of a monthslong defense effort to delay the proceedings at every step and use the criminal allegations to Trump's political advantage, putting the final word in the hands of voters instead of jurors. “We always knew that the rich and powerful had an advantage, but I don’t think we would have ever believed that somebody could walk away from everything,” said Stephen Saltzburg, a George Washington University law professor and former Justice Department official. “If there ever was a Teflon defendant, that’s Donald Trump.” While prosecutors left the door open to the possibility that federal charges could be re-filed against Trump after he leaves office, that seems unlikely. Meanwhile, Trump's presidential victory has thrown into question the future of the two state criminal cases against him in New York and Georgia. Trump was supposed to be sentenced on Tuesday after his conviction on 34 felony counts in his New York hush money case , but it's possible the sentencing could be delayed until after Trump leaves office, and the defense is pushing to dismiss the case altogether. Smith's team stressed that their decision to abandon the federal cases was not a reflection of the merit of the charges, but an acknowledgement that they could not move forward under longstanding Justice Department policy that says sitting presidents cannot face criminal prosecution. Trump's presidential victory set “at odds two fundamental and compelling national interests: On the one hand, the Constitution’s requirement that the President must not be unduly encumbered in fulfilling his weighty responsibilities . . . and on the other hand, the Nation’s commitment to the rule of law,” prosecutors wrote in court papers. The move just weeks after Trump's victory over Vice President Kamala Harris underscores the immense personal stake Trump had in the campaign in which he turned his legal woes into a political rallying cry. Trump accused prosecutors of bringing the charges in a bid to keep him out of the White House, and he promised revenge on his perceived enemies if he won a second term. “If Donald J. Trump had lost an election, he may very well have spent the rest of his life in prison,” Vice President-elect JD Vance, wrote in a social media post on Monday. “These prosecutions were always political. Now it’s time to ensure what happened to President Trump never happens in this country again.” After the Jan. 6 attack by Trump supporters that left more than 100 police officers injured, Republican leader Mitch McConnell and several other Republicans who voted to acquit Trump during his Senate impeachment trial said it was up to the justice system to hold Trump accountable. The Jan. 6 case brought last year in Washington alleged an increasingly desperate criminal conspiracy to subvert the will of voters after Trump's 2020 loss, accusing Trump of using the angry mob of supporters that attacked the Capitol as “a tool” in his campaign to pressure then-Vice President Mike Pence and obstruct the certification of Democrat Joe Biden's victory. Hundreds of Jan. 6 rioters — many of whom have said they felt called to Washington by Trump — have pleaded guilty or been convicted by juries of federal charges at the same courthouse where Trump was supposed to stand trial last year. As the trial date neared, officials at the courthouse that sits within view of the Capitol were busy making plans for the crush of reporters expected to cover the historic case. But Trump's argument that he enjoyed absolute immunity from prosecution quickly tied up the case in appeals all the way up to the Supreme Court. The high court ruled in July that former presidents have broad immunity from prosecution , and sent the case back to the trial court to decide which allegations could move forward. But the case was dismissed before the trial court could get a chance to do so. The other indictment brought in Florida accused Trump of improperly storing at his Mar-a-Lago estate sensitive documents on nuclear capabilities, enlisting aides and lawyers to help him hide records demanded by investigators and cavalierly showing off a Pentagon “plan of attack” and classified map. But U.S. District Judge Aileen Cannon dismissed the case in July on grounds that Smith was illegally appointed . Smith appealed to the Atlanta-based 11th U.S. Circuit Court of Appeals, but abandoned that appeal on Monday. Smith's team said it would continue its fight in the appeals court to revive charges against Trump's two co-defendants because “no principle of temporary immunity applies to them.” In New York, jurors spent weeks last spring hearing evidence in a state case alleging a Trump scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex. New York prosecutors recently expressed openness to delaying sentencing until after Trump's second term, while Trump's lawyers are fighting to have the conviction dismissed altogether. In Georgia, a trial while Trump is in office seems unlikely in a state case charging him and more than a dozen others with conspiring to overturn his 2020 election loss in the state. The case has been on hold since an appeals court agreed to review whether to remove Fulton County District Attorney Fani Willis over her romantic relationship with the special prosecutor she had hired to lead the case. Associated Press reporter Lisa Mascaro in Washington contributed.Brighton were booed off after their winless run was stretched to six Premier League games by a frustrating goalless draw against away-day strugglers Brentford. Albion dominated for large periods on a foggy evening at the Amex Stadium and hit the woodwork inside four minutes through Julio Enciso. Bees goalkeeper Mark Flekken also made a string of important saves before being forced off injured in the 36th minute, albeit his replacement Hakon Valdimarsson was rarely tested on his Premier League debut. Brentford, who remain without a top-flight away win this term, had an early Yoane Wissa finish ruled out for offside following VAR intervention but barely threatened, despite an improved second-half showing. The Seagulls remain 10th ahead of Monday’s trip to Aston Villa, with Thomas Frank’s visitors a position and two points below moving towards their New Year’s Day showdown with Arsenal. Brighton have plummeted from second place to mid-table amid a poor run of form which has increased scrutiny on head coach Fabian Hurzeler. Seagulls chief executive Paul Barber called for perspective from fans in his programme notes after revealing he revealed emails “full of doom and gloom” following the recent 3-1 home defeat to rivals Crystal Palace. Enciso, one of two players recalled by Hurzeler following Saturday’s 1-1 draw at West Ham, almost gave Albion a dream start. A poor pass from Bees goalkeeper Flekken was intercepted by Carlos Baleba and, following a neat layoff from Joao Pedro, Paraguay forward Enciso curled against the right post. Brentford arrived in Sussex with the worst away record in the division, having previously taken a solitary point from 24 available this term. Flekken saved well from Baleba and then collected a tame header from the unmarked Enciso before the away side thought they had snatched a 13th-minute lead. After being slipped in by Mads Roerslev at the end of a swift counter-attack, Wissa thumped high into the net beyond Seagulls keeper Bart Verbruggen only to be ruled marginally offside. Flekken made further saves from Brajan Gruda and Matt O’Riley before hurting himself keeping out a deflected Kaoru Mitoma cross and being replaced by 23-year-old Iceland international Valdimarsson. Brentford remained on the back foot and, aside from Wissa’s disallowed effort, offered little going forward in a one-sided opening period which somehow ended level. Brighton defender Jan Paul van Hecke produced a crucial block to deny Wissa as the west London club began the second half brightly before Christian Norgaard’s ambitious effort deflected wide amid groans from increasingly restless home fans. Hurzeler responded with a triple change, introducing Yasin Ayari, Simon Adingra and Yankuba Minteh in place of O’Riley, Gruda and Mitoma. Albion forward Pedro then escaped punishment in the 76th minute after swinging an arm at Bees substitute Yehor Yarmoliuk without making contact before defender Ben Mee became the second visiting player to depart injured. The introduction of Solly March in the 88th minute for his first appearance since suffering a serious knee injury in October last year briefly lifted the mood on the terraces. But, following a frantic five minutes of added time, some Seagulls supporters vented their displeasure at full-time as their club’s wait for victory goes on.
Caterpillar Inc. Maintains Dividend
Strong Partnership ROHM and Valeo leverage their combined strengths and intensive exchange to achieve high- performance powertrains. Nicolas Gelez, Valeo Power Inverter Platform Director at Valeo (right), Christophe Chevalier, Power Purchasing Vice President at Valeo (center), and Wolfram Harnack, President at ROHM Semiconductor GmbH (left), value the good cooperation. Valeo is broadening access to efficient, electrified mobility across various vehicle types and markets from the smallest one (ebikes), through the mainstream (passenger cars) to the largest one (eTrucks). By combining Valeo's expertise in mechatronics, thermal management and software development with ROHM's power modules, Valeo drives the power electronics solution forward, contributing to the performance, efficiency, and decarbonization of automotive systems worldwide. ROHM and Valeo have been collaborating since 2022, initially focusing on technical exchanges aimed at improving the performance and efficiency of the motor inverter - a key component in the propulsion systems of electric vehicles (EVs) and plug-in hybrids (PHEVs). By refining power electronics, both companies aim to offer optimized cost/performance by delivering higher energy efficiency, reducing heat generation thanks to an optimized cooling and mechatronic integration, and increasing overall reliability with a SiC packaging. "We are pleased to support Valeo, a renowned automotive supplier, with our power semiconductors. ROHM's TRCDRIVE pack provides high power density, leading to an improved power efficiency. Together, we contribute to the development of highly efficient powertrains by fostering the collaboration with Valeo,” said Wolfram HARNACK, President ROHM Semiconductor GmbH. "This partnership marks, for Valeo Power Division, a significant step forward in delivering advanced and high-efficient power electronics,” says Xavier DUPONT, Valeo Power Division CEO. "Together, we aim to set new industry standards for high voltage inverters and accelerate the transition towards more efficient and affordable electric mobility.” These evolutions are all essential to supporting the growing demand for longer range, faster charging capabilities and, overall, a high-performance and an affordable inverter for BEVs and PHEVs. Valeo will start supplying a first series project in early 2026. ROHM and Valeo will contribute to the improvement of efficiency and downsizing of Valeo's next generation of xEV inverters. Background on ROHM's TRCDRIVE pack TRCDRIVE pack is a trademark for ROHM's SiC molded module developed for traction inverter drives. This product features high power density and a unique terminal configuration, solving the key challenges of traction inverters in terms of miniaturization, higher efficiency, and fewer person-hours. Because SiC enables low-loss power conversion under high-voltage conditions, combining Valeo's component technology, casing design and thermal management expertise with ROHM's power module creates a synergistic effect. Through both companies' collaboration in automotive power electronics, they contribute to achieving a decarbonized society by enhancing the performance and efficiency of the motor inverter. More information is available at: https://www.rohm.com/news-detail?news-title=2024-06-11_news_trcdrive-pack&defaultGroupId=false TRCDRIVE packTM is a trademark or registered trademark of ROHM Co., Ltd. About Valeo Valeo is a technology company and partner to all automakers and new mobility players worldwide. The company innovates to make mobility safer, smarter and more sustainable. Valeo enjoys technological and industrial leadership in electrification, driving assistance systems, reinvention of the interior experience and lighting everywhere. These four areas, vital to the transformation of mobility, are the Group's growth drivers. https://www.valeo.com/ Valeo in figures: 22 billion euros in sales in 2023 | 109 600 employees, 28 countries, 159 plants, 64 research and development centers and 19 distribution platforms (June 30, 2024). Valeo is listed on the Paris stock Exchange. About ROHM Semiconductor ROHM, a leading semiconductor and electronic component manufacturer, was established in 1958. From the automotive and industrial equipment markets to the consumer and communication sectors, ROHM supplies ICs, discretes, and electronic components featuring superior quality and reliability through a global sales and development network. The company's strengths in the analog and power markets allow ROHM to propose optimized solutions for entire systems that combine peripheral components (i.e., transistors, diodes, resistors) with the latest SiC power devices, as well as drive ICs that maximize their performance. https://www.rohm.com/ Attachment Strong Partnership CONTACT: Keng Ly ROHM Semiconductor (248) 348-9920 [email protected] Heather Savage BWW Communications (408) 507-4398 [email protected]
Foley is here to help you through all aspects of rethinking your long-term business strategies, investments, partnerships, and technology. Contact the authors, your Foley relationship partner, or our Automotive Team to discuss and learn more. Key Developments Foley & Lardner announced the 2024 installment of its Auto Trends series—A Year in Review: Updates, Trends and the Road Ahead . This series delves deep into the transformative forces shaping the automotive world by providing weekly insights and analysis tailored to help business leaders navigate a shifting market landscape. The first two articles in the series address the regulatory themes and outlook for the National Highway Traffic Safety Administration , and potential scenarios for a realignment of the EV and EV infrastructure market . manufacturing under President-elect Donald Trump’s administration in the Pitchbook article, “ Manufacturers prep for a new tariff regime .” President-elect Donald Trump in a November 25 social media post stated he would impose additional 10% tariffs on goods from China , and 25% tariffs on all products from Mexico and Canada for the nations’ alleged facilitation of illegal immigration and fentanyl abuse in the U.S. In response, officials from Canada and Mexico indicated retaliatory tariffs would be pursued. [ News coverage of this development is rapidly evolving .] The cost of tariffs on imported vehicles or components would eventually be passed along to consumers in the form of higher vehicle prices , according to commentary from S&P Global Mobility. The New York Times reported the effects of U.S. tariffs on Mexico’s auto industry “would be profound , affecting the price in the United States of popular models like Ford Maverick pickups, Chevrolet Equinox sport-utility vehicles and several variations of Ram trucks.” A number of provincial leaders in Canada recently called for a bilateral trade agreement between the U.S. and Canada that would exclude Mexico. In response, Prime Minister Justin Trudeau indicated that including Mexico in the U.S.-Mexico-Canada trade agreement is his “first choice,” but he is “leaving all doors open.” Political leaders in the U.S. and Canada have expressed concerns over the potential for Chinese goods to avoid tariffs by entering the North American market through Mexico , a claim Mexican President Claudia Sheinbaum has disputed , as well as the possibility that Chinese companies such as BYD could soon establish manufacturing operations in Mexico. As part of a goal to dismantle Biden administration policies that have been described as equivalent to an “EV mandate,” the incoming Trump administration signaled an intent to weaken the National Highway Traffic Safety Administration’s Corporate Average Fuel Economy (CAFE) standards and the Environmental Protection Agency’s tailpipe emissions requirements . The first Trump administration overturned similar Obama-era vehicle fuel economy and emissions regulations. The Alliance for Automotive Innovation urged President-elect Donald Trump to maintain the $7,500 consumer tax credit for qualifying EV purchases , and to establish policies to accelerate the deployment of autonomous vehicles . The industry association also suggested revisions to vehicle emissions and fuel-economy regulations , as well as the need to rethink a requirement to equip nearly all new light vehicles with advanced automatic emergency braking systems by 2029. Wood Mackenzie analysis indicates a potential revision or repeal of federal EV subsidies , as well as fuel economy and vehicle emissions rules ,could lower projected U.S. EV sales by nine percentage points to 23% of new light vehicles by 2030 . The analysis also predicts hybrid vehicles could achieve a U.S. market share of 18% by 2030 . Consultancy AlixPartners predicted that up to $129 billion of EV investments in North America through 2027 are “at risk” due to anticipated Trump administration policiesthat are expected to be unfavorable to EVs , as well as the expectation automakers will delay or cancel BEV models and further reduce electrification expenditures. Members of President-elect Donald Trump’s transition team indicated that establishing a federal framework for autonomous vehicles could be among the Transportation Department’s top priorities, according to unnamed sources in Bloomberg . Foley & Lardner provided highlights from the MEMA Original Equipment Suppliers Annual Conference held on November 12 and 13 in Novi, Michigan. During the conference, at least one automotive analyst remarked on the risk of excessive inventory levels and underutilized manufacturing capacity. OEMs/Suppliers Automotive News summarized remarks by Ford and GM regarding the automakers’ scenario planning ahead of the incoming Trump administration . Stellantis is exploring potential revisions to its manufacturing and sourcing strategies in the event Trump administration policies affect supply chains, and the automaker indicated it could revisit a plan to expand production and sourcing from lower-cost countries if new tariffs are imposed. GM will lay off approximately 1,000 workers worldwide , and a significant portion of the reductions will affect employees at the Global Technical Center in Warren, Michigan. This follows layoffs of over 1,000 software and services employees in August 2024 . A report in The Detroit News estimates Stellantis has laid off over 3,750 hourly workers in the U.S. in recent months. Ford will eliminate 4,000 employees in Europe, equivalent to 14% of the region’s workforce, by the end of 2027 because of economic challenges, increased competition and weaker-than-anticipated EV sales. The majority of the reductions will occur in Germany . Volkswagen’s union workersin Germany could begin mass walkouts in December if an agreement is not reached during negotiations over the automaker’s planned cost reductions. VW’s labor costs in Germany are reported to be higher than competitors that include BMW and Mercedes. Ford will reallocate 400 hourly workers following reduced Bronco production at the Michigan Assembly Plant in Wayne, MI. Electric Vehicles and Low EmissionS Technology During a panel at the MEMA Original Equipment Suppliers Annual Conference , purchasing executives at three major automakers assured suppliers of transparency for evolving product plans and EV programs. Volkswagen increased its potential investment in Rivian by $800 million to $5.8 billion, as part of a joint venture to advance both in-vehicle software capabilities and EV development . VW previously invested $1 billion in the EV maker as part of a collaboration announced earlier this year. S&P Global Market Intelligence estimates global private equity and venture capital deal value in EVs and EV components reached $3.32 billion in the first three quarters of 2024, compared to $4.03 billion raised by non-EV companies in the same period. Global private equity deal value in EV charging infrastructure from January through October 18, 2024, reached $1.04 billion, according to data from S&P Global Market Intelligence. This compares to a deal value of $1.11 billion in full-year 2023. Swedish battery maker Northvolt AB filed for Chapter 11 bankruptcy protection in the U.S. Separately, Northvolt recently sold certain production assets to Lyten , a California-based lithium-sulfur battery maker. Rivian received approval for a conditional loan of up to $6.6 billion from the Department of Energy to expand EV production. Separately, LG Energy Solution was awarded a five-year battery supply agreement for Rivian’s R2 crossover model. Ford will no longer participate in a joint venture manufacturing plant in Quebec that will produce battery materials for EVs. Construction on the cathode active materials plant is already underway and it is expected to continue, according to a report in La Presse . Workers at the Ford – SK On battery joint venture plant in Kentucky signed union authorization cards to begin a campaign to join the UAW. Stellantis delayed the launch of the 2025 Ram 1500 REV electric pickup truck and its range-extended version to the first half of 2025 from the end of this year. The automaker is also working toward two additional EV launches, the Dodge Charger Daytona muscle car and the Jeep Wagoneer S SUV . EVgo hopes to close a U.S. Energy Department $ 1.05 billion conditional loan guarantee for up to 7,500 fast-charging stalls ahead of the incoming Trump administration. Chinese EV makers delivered 9.75 million EVs to mainland buyers in the first ten months of 2024, reflecting an increase of 34% compared to the same period last year. BYD could surpass Ford in worldwide annual shipments this year, and the milestone would establish the Chinese EV maker as a top 10 global automaker measured by unit volumes. California Governor Gavin Newsom plans to offer EV rebates to consumers in the state if the federal tax credit of up to $7,500 for qualifying EV purchases is eliminated. Stellantis plans to add a hybrid model to the Jeep lineup sometime next year, according to an announcement at the Los Angeles Auto Show . Kia intends to produce the 2025 EV6 compact electric crossover at its plant in Georgia , and the vehicle will begin sales in the first half of next year. Hyundai’s 2026 Ioniq 9 electric SUV will have three-row seating and an estimated 300 miles of range. Hyundai and Kia will recall over 200,000 EVs in North America over a defect that may cause the loss of drive power. Automated, Autonomous or Connected Vehicles Technologies GM autonomous driving unit Cruise agreed to pay a $500,000 criminal fine to end claims that it made false statements to federal investigators after one of its vehicles struck a pedestrian. This follows a $1.5 million civil penalty for the same incident. Autonomous technology developer May Mobility launched robotaxi operations in Ann Arbor, Michigan, without human backup drivers in the vehicles. The company previously established driverless operations in Sun City, Arizona. Market Trends and Regulatory Recent appointments announced by the incoming Trump administration include: former Wisconsin Rep. Sean Duffy to serve as the next secretary of the Department of Transportation ; Oregon Rep. Lori Chavez-DeRemer , described as a “pro-union Republican,” to lead the Labor Department ; Cantor Fitzgerald CEO Howard Lutnick to head the Commerce Department and have “additional direct responsibility” for the U.S. Trade Representative’s office; and Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to lead a new Department of Government Efficiency tasked to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” The National Highway Traffic Safety Administration fined Ford $165 million over claims the automaker delayed the recall of more than 600,000 vehicles with defective rearview cameras. This represents the second largest civil penalty in the agency’s history. Less than a week later, NHTSA opened separate investigations into 457,000 Ford Bronco Sport SUVs over the potential for vehicles to lose power, and roughly 113,000 Ford Expeditions due to the possibility of faulty seat belts. New passenger car registrations in Europe reached 8.9 million units for the first ten months of 2024, reflecting growth of less than 1% when compared to the same period in 2023. In the past decade, venture capitalists have invested approximately $120 billion globally into shared mobility service businesses such as ride-hailing and station-based bike systems. The Federal Communications Commission announced final rules governing cellular-vehicle-to-everything technology in the 5.9 GHz band. This is expected to promote the use of 30 megahertz of spectrum previously reserved for dedicated short-range radio communications for in-vehicle and roadside C-V2X units. Analysis by Julie Dautermann, Competitive Intelligence Analyst
The prime minister has labelled a new graffiti and arson attack as an "abhorrent anti-Semitic hate crime" after a spate of similar incidents across the country. or signup to continue reading A car was burned on Magney Street, Woollahra in Sydney's east, a suburb known for its Jewish community, in the early hours of Wednesday morning. The vehicle, two buildings and a footpath were graffitied with hate speech, NSW Police said. The perpetrators are believed to be two people of slim build, aged between 15 and 20 years, wearing face coverings and dark clothing. The graffiti on one of the buildings said 'Kill Israiel' (sic). Anthony Albanese said it was an "anti-Semitic attack". "This isn't an attack on a government, this is an attack on people because they happen to be Jewish," he told ABC radio. "This is a hate crime, it's as simple as that." Mr Albanese said the perpetrators were guilty of "abhorrent criminal behaviour". "This does not change anything that is occurring on the ground in the Middle East," he said. "This is an attack against their fellow Australians." The incident has been escalated to the Australian Federal Police, after a spate of similar incidents across the country. On Friday, the Adass Israel Synagogue at Ripponlea in Melbourne's southeast was set alight in a pre-dawn attack while a number of people were inside. The federal police have set up Operation Avalanche to investigate what was labelled a "likely" act of terrorism. Operation Avalanche will now also investigate Wednesday's incident. This is the second such incident in Woollahra, which is home to more than 7000 people, after buildings and vehicles were targeted in November. A ute was set on fire, multiple cars were graffitied and a restaurant and other buildings were graffitied with anti-Israel messages. Two men were arrested and charged over that attack. NSW Premier Chris Minns branded Wednesday's incident an act of anti-Semitism. "I'll be speaking to police this morning," he posted on social media. "They will be found and they will face the full force of the law." Executive Council of Australian Jewry co-chief executive Alex Ryvchin said it was designed to terrorise Jewish Australians. "The Jewish community again wakes to scenes of terror and devastation," he said. "How long will this continue and with what horrors will it end?" Advertisement Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our . Advertisement