Diversified supplier Magna International Inc. said today it expects to generate $2.5 billion in annual revenue from electric vehicle battery enclosures by 2027, up from $100 million in 2022.
The company terminated all 545 of its employees ahead of Thursday’s Chapter 11 filing in bankruptcy court in Delaware, according to a court filing.
BMW is tapping the virtual tools of Nvidia to speed up the creation of new factory capacity.
By TOM KRISHER (AP Auto Writer)
DETROIT (AP) — General Motors’ first wage-and-benefit offer to the United Auto Workers on Thursday fell far short of the union’s initial demands.
The offer comes just a week before the UAW’s national contracts with GM, Stellantis and Ford expire, and even though both sides are far apart, it’s a sign of movement on economic issues.
Still, union President Shawn Fain called the offer “insulting.” He is threatening to strike against any automaker that hasn’t reached a tentative agreement by the time contracts expire at 11:59 p.m. on Sept. 14. A strike against one or more automakers by up to 146,000 auto workers is a real possibility.
GM said in a letter to workers that it’s offering a 10% wage increase during a new four-year contract, plus two more 3% one-time payments. It’s also offering a $6,000 inflation payment, $5,000 more in lump sums to protect against inflation during the contract, and a $5,000 contract ratification bonus. The company wouldn’t say when the pay raises or most of the lump sums would be effective.
Gov. Ron DeSantis’ tourism oversight district agreed Thursday to narrow Disney’s federal lawsuit to just the issue of free speech.
Disney wants to focus on what its lawyers call “a retaliatory weaponization of government in violation of Disney’s First Amendment rights,” leaving other matters dealing with development agreements and contracts to be resolved in state court.
On Sept. 1, federal Judge Allen Winsor rejected Disney’s motion to narrow the lawsuit because of a procedural rule requiring it to confer with the state’s lawyers.
In a statement Thursday, officials with the Central Florida Tourism Oversight District said they accepted Disney’s proposal.
“Disney’s latest legal move puts them in line with the position of what the district has been advocating for months now: that these matters should be decided in state court,” said Alexei Woltornist, a spokesman for the Central Florida Tourism Oversight District. “We hope this helps expedite justice for the people of Florida.”