A former General Motors manager has been charged with conspiracy to commit bribery after allegedly taking $3.4 million from an international parts supplier to help him get a job. Hyoung Nam So, who goes by the name Brian So, worked for General Motors as a global purchasing and supply chain manager. He was in charge of parts used to build the interiors of North American cars and trucks. It says that in October 2015, So agreed to a deal with the owner of a South Korean parts company for $5 million. This is what an indictment said: The owner of…
Author: hendfares88
Volta Inc.’s stock plummeted to all-time lows following the abrupt departure of two of its top executives, both of whom were co-founders of the company. The resignations of CEO Scott Mercer and President Chris Wendel came less than a week after the San Francisco-based company delayed reporting its latest quarterly earnings, although it was unclear whether the two events were connected. Mercer will serve as CEO during a transition period while the company’s board of directors searches for a replacement. Volta shares fell as much as 20% in U.S. trading Monday, the company’s steepest decline in nearly six months. As…
Washington, D.C. The National Highway Traffic Safety Administration in the United States reinstated a sharp increase in penalties on Sunday against automakers whose vehicles do not meet fuel economy standards for model years 2019 and beyond. Tesla Inc. benefited from the decision, which could cost other automakers hundreds of millions of dollars or more. Confirming an earlier report by Reuters, the NHTSA stated that the decision “increases manufacturers’ accountability for violating the nation’s fuel economy standards” and that the increased penalty “incentivizes manufacturers to improve fuel economy.” In the final days of President Donald Trump’s presidency in January 2021, he…
To facilitate a stock split in the form of a dividend, Tesla will seek investor approval to raise its share count. The board has approved the idea, and the annual meeting will vote on it. If approved, the stock split would be the second in 2020, following a five-for-one stock split in August. Alphabet Inc., Amazon.com Inc., and Apple Inc. have recently split their shares to make them more inexpensive. Ten years after its $17 IPO, Telsa trades at $1,000. The company’s market capitalization has risen to over $1 trillion, making it the largest U.S. carmaker by that measure. Tesla’s…
“I’m not complaining,” he added. “We’re GM dealers, therefore we’ll comply. Nobody in Orlando wants this more than my family.” In Mahwah, N.J., Liberty Hyundai dealer Rick DeSilva claimed he had a similar issue installing chargers. “Rockland Electric said, ‘We’ve got to bring you more electricity,'” he remarked during the NADA Show. Mike DeSilva co-owns and manages Liberty Hyundai. His response, in a phone interview, was that the dealership is “on the hook” for a new, stronger power line. Mike DeSilva said the utility is “months away” from installing the system. He’s hoping the dealership qualifies for a local EV…
It takes “far longer,” according to Merry, to teach a new employee for a hybrid function than it does to train a salesperson, and it takes roughly a year to completely develop that person. Her response was, “There’s a lot of mentorship going on.” For a hybrid sales and F&I manager, though, Merry said Continental streamlines their roles. F&I options are presented by a F&I hybrid employee, but the sales manager handles deal finance and contracts are prepared by an agreement specialist. Other than the hybrid staffer, the other two professions do not deal with customers; they operate behind the…
The groups will also develop an internship programme to aid in the promotion of job prospects at franchised dealerships, such as roles in sales, service, financing and insurance, digital marketing, or parts and accessories. Candidates for the internships will be recruited from historically Black colleges and universities, minority-serving institutions, and universities with a diverse student body, among other places. Will Green, president of the Louisiana Automobile Dealers Association, said in a statement that “we have a serious lack of automotive technicians working within franchised stores.” It is an exciting moment in our industry, and we want a well-trained workforce to…
Shanghai will be shut down in two phases to conduct COVID-19 mass testing, as authorities battle a spreading outbreak in the Chinese financial hub and beyond. The 25 million-person city locked down the financial district and industrial parks east of the Huangpu River at 5 a.m. on Monday. The lockdown then moves to the western half of the city for four days, the local government said Sunday. Public transport and car-hailing services will be suspended. Private cars will only be allowed when necessary. The curbs will halt production at Tesla Inc.’s Shanghai factory, sources told Bloomberg News. The company’s first…
A: California’s capacity to set its own emissions standards for motor vehicles and associated fuels is critical to the state’s overall approach to addressing air pollution and climate change. It is at the heart of what has enabled us to advance, be innovative, and develop initiatives that have pushed technology to new heights, often leading the globe and industry into previously unimaginable areas. What happens now that authority has been restored? Even before we knew the judgement would be final or the precise day on which it would occur, the employees at the Air Resources Board had been discussing their…
Jeep knew just where to go with its message when electrification arrived. The company famed for off-road adventures has kept its 4xe series of plug-in hybrids outdoorsy. In 2020, Jeep began promoting the Wrangler 4xe’s silent ride, claiming it emphasised the sounds of nature. Then came Jeep’s “Pale Blue Dot” homage to Earth preservation, featuring astronomer Carl Sagan and the Wrangler plug-in. As a result, Jeep has created a mission statement of “Zero Emission Freedom” and has branded charging stations at trailheads around the US. “Jeep loves nature, and we want nature to know it,” said Olivier Francois, Stellantis’ CMO.…