Delta raises employee pay 5%, second increase in a year

Nurphoto | Nurphoto | Getty Images Delta Air Lines is raising employee pay 5%, the second time its lifted staff pay in less than a year as a sharp rebound in travel boosts the carrier’s profits and the U.S. labor market remains tight. Delta raised employee pay 4% in May, the first increases since before … Read more

Used vehicle prices swing higher amid unseasonably high demand in January

A man shops for used vehicles at the Toyota of Deerfield dealership in Deerfield Beach, Florida. Getty Images DETROIT – Stronger-than-expected demand for used vehicles last month led to the largest increase in wholesale values since late 2021, according to new data Tuesday from Cox Automotive. The automotive data firm’s Manheim Used Vehicle Value Index … Read more

Hertz fourth-quarter profit beats as costs come down and travel rebounds

Rental car giant Hertz reported fourth-quarter earnings that were better than Wall Street expected, on renewed demand for travel as the Covid-19 pandemic eased in many parts of the world. The company also benefited from improved operating performance, CEO Stephen Scherr told CNBC, helping to boost earnings even as revenue came in roughly in line … Read more

Why traffic can’t be solved with just adding more highway lanes

Traffic and congestion have been worsening in American cities for decades. The average American driver lost 51 hours and  $869 in valued time by sitting in traffic in 2022, a 54% jump from the previous yearaccording to a report by INRIX, a global traffic tracker. In 2019, before the pandemic, traffic snarls cost the average … Read more

Canoo’s shares sink after EV maker agrees to sell $52 million in discounted stock

The Lifestyle Vehicle electric minivan from Canoo. Source: Canoo Shares of electric vehicle startup Canoo were sharply lower in early trading on Monday after the company said that it has agreed to sell discounted shares to raise $52.5 million. The stock opened Monday at $1 per share, off 20%. It’s lost more than 80% of … Read more

FAA proposes more than $1 million fine on United Airlines over preflight safety checks

United Airlines Boeing wide body 777-200 aircraft as seen during take off and flying phase, passing in front of the air traffic control tower while the plane is departing from Amsterdam Schiphol Airport AMS towards Houston IAH in the United States of America as flight UA21. Nicolas Economou | Nurphoto | Getty Images The Federal … Read more

Inside the ‘Wormhole,’ Relativity Space’s monster factory 3D-printing reusable rockets

The exterior of “The Wormhole” factory. Relativity Space LONG BEACH, California – It was a few days into the new year yet Relativity Space’s factory was anything but quiet, a din of activity with massive 3D printers humming and the clanging of construction ringing out. Now about eight years on from its founding, Relativity continues … Read more

Ford sold 91 million shares of EV startup Rivian last year

RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian. Source: Ford Motor Co. DETROIT – Ford Motor liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotiveaccording to the Detroit automaker’s annual report submitted to the Securities and Exchange Commission … Read more

Southwest faces Senate hearing next week following holiday meltdown

John and Lori Ingoldsby, who drove to Denver after the first leg of their flight on Southwest Airlines was canceled, wait for a flight to finish their trip at Denver International Airport on December 28, 2022 in Denver, Colorado. Michael Ciaglo | Getty Images Southwest Airlines‘ chief operating officer, Andrew Watterson, will face questions from … Read more

UPS and the Teamsters prepare for high-stakes talks with union contract set to expire

With United Parcel Service’s labor negotiations approaching, CEO Carol Tomé sounded confident on this week’s fourth-quarter earnings call that a “win-win-win” agreement would be reached before the end of July. But Tomé’s optimism comes as the Teamsters union, which represents more than 340,000 UPS workers, amps up pressure on the delivery giant. “There have been … Read more

Biden administration expands EV tax credits in boost for Tesla, Cadillac, others

A Tesla Model Y on display inside a Tesla store at the Westfield Culver City shopping mall in Culver City, California, U.S., on Thursday, April 14, 2022. Bing Guan | Bloomberg | Getty Images DETROIT – The U.S. Treasury said Friday it is changing its definition of an “SUV” to make more electric vehicles from … Read more

Some of Wall Street’s biggest names are exposed to the Adani Enterprises plunge

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Indranil Mukherjee AFP | Getty Images Shares of India’s Adani Enterprises have plummeted over the past week, after the publication of an extensive critical report from U.S. short-seller Hindenburg Research. Some big international players … Read more

Ford CEO Jim Farley’s frustration builds as he vows to transform the automaker

Ford CEO Jim Farley is frustrated. The company’s fourth-quarter earnings on Thursday missed analyst expectations by a wide margin, as costs and supply chain issues again hurt Ford’s bottom lineFarley knows his company needs to change. related investing news “We have to change our cost profile,” Farley told CNBC after a call with analysts to … Read more

Chinese Tesla rival Xpeng launches flagship EVs in Europe in international push

Xpeng is pushing aggressively into international markets. The Chinese electric car start-up launched its P7 sedan and G9 SUV in Denmark, Norway, the Netherlands and Sweden. Zhang Peng | LightRocket | Getty Images Xpenga Chinese electric vehicle startup, on Friday launched two of its flagship cars across a number of European countries, as it continues … Read more

Ford is set to report results after the bell. Here’s what Wall Street expects

Ford CEO Jim Farley takes off his mask at the Ford Built for America event at Fords Dearborn Truck Plant on September 17, 2020 in Dearborn, Michigan. Nic Antaya | Getty Images DETROIT – Ford Motor is set to report its fourth-quarter earnings after the bell Thursday. Here’s what Wall Street is expecting, according to … Read more

Ferrari’s profits jump 13% in 2022, supercar maker expects an even better year in 2023

Ferrari CEO Benedetto Vigna poses for a photograph as Ferrari unveils a new long term strategy, in Maranello, Italy, June 15, 2022. Flavio Lo Scalzo | Reuters Ferrari on Thursday reported full-year profit up 13% year over year and guided to an even stronger year in 2023 on what its CEO called “persistently high demand” … Read more

Ford’s U.S. sales start 2023 on strong footing, boosted by F-Series and Bronco

Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC). Michael Wayland | CNBC DETROIT – Ford Motor’s new U.S. vehicle sales started 2023 on stronger footing than a year earlier, but were down 18.4% from December. January is historically one of the weakest … Read more

Saudi Aramco backs Brooklyn-based startup turning ammonia into fuel

In the race to find cleaner fuels, the heavy duty transportation sector is woefully behind because batteries don’t have enough juice to power trucks and ships. Enter ammonia. New technology and new companies are working on turning ammonia into hydrogen to power tractors, trucks and even ships. The heavy duty trucking industry alone accounts for … Read more

FedEx is laying off 10% of its officers and directors amid cooling demand

Raj Subramaniam, FedEx Corporation, speaks at the U.S. Chamber of Commerce Aviation Summit in Washington, D.C. on March 5, 2020. Kristoffer Tripplaar | Sipa via AP Images FedEx is cutting more than 10% of its officers and directors, CEO Raj Subramaniam announced on Wednesday, as the company slashes corporate jobs to cut costs amid cooling … Read more

Senators push for airline passenger protections after holiday travel meltdown

Passengers walk past a flight status board in Terminal C at Orlando International Airport that shows many delays, Wednesday, Jan. 11, 2023, after the FAA grounded all U.S. flights earlier in the day. Joe Burbank | Tribune News Service | Getty Images Two Senate Democrats on Tuesday reintroduced legislation to strengthen airline passenger protections following … Read more

The ‘land grab’ for lithium is just getting started with GM deal, says EV materials expert

Brine pools at the Albemarle Corp. Lithium mine in Calama, Antofagasta region, Chile, on Tuesday, July 20, 2021. Cristobal Olivares | Bloomberg | Getty Images General Motors‘ announcement on Tuesday that it plans to invest $650 million into Lithium Americas to secure access to lithium is probably the first of many such deals, according to … Read more

General Motors doesn’t expect significant U.S. production of EVs until second half of year

Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs. Photo by Jeffrey Sauger for General Motors DETROIT – When General Motors launched the GMC Hummer EV … Read more

Winter weather disrupts hundreds of flights across Texas

Delayed flights prepare to depart from Dallas-Fort Worth International Airport (DFW) on January 11, 2023 in Dallas, Texas. John Moore | Getty Images More than 1,000 U.S. flights were canceled Tuesday as winter weather hit Texas. Over 700 flights to and from American Airlines‘ hub Dallas/Fort Worth International Airport were canceled, about 40% of the … Read more

LA-based Embedded Ventures launches inaugural fund, with focus on national security and space tech

Cofounders of Embedded Ventures Jenna Bryant, CEO, and Jordan Noone, CTO. Embedded Ventures Los Angeles-based Embedded Ventures kicked off an inaugural $100 million fund, the firm announced Tuesday, as it looks to back companies building for both commercial and national security customers, especially in the space sector. Embedded is led by general partners Jenna Bryant … Read more

UPS revenue falls short of expectations despite growth in U.S. business

UPS electric vehicle delivery van on 2nd December 2022 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images United Parcel Service on Tuesday morning reported fourth-quarter revenue that missed Wall Street’s expectations and declined from last year, as the company continues to see volume decline amid cooling demand. Here’s how UPS performed … Read more