Streetbeat News

Labor Issues

NIO

TSLA

Shares of Chinese EV company NIO Inc. (NYSE:NIO) are on the rise following the announcement that it plans to launch its Firefly brand in Europe by 2025. The brand will focus on smaller, family-oriented vehicles. Despite not disclosing pricing details, the expansion into Europe comes as Chinese EV makers seek new markets amid slowing domestic demand and competition from Western manufacturers. The European Union is scrutinizing Chinese EV imports for potential competition rule violations. NIO faces increasing losses due to a price war with Tesla, Inc. (NASDAQ:TSLA) and has cut its workforce by 10% and is considering division separations and partnerships to finance initiatives like battery swapping. NIO's stock price increased by 1.17% to $7.95.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 4:52 pm

AAL

FM

The Panamanian government has ordered the shutdown of First Quantum Minerals' Cobre Panama copper mine due to a Supreme Court ruling and protests. This closure, which affects a significant portion of Panama's GDP and employment, exacerbates the global copper deficit, with potential impacts on prices and economic growth. The copper market is already facing a projected deficit due to increased demand, particularly from the electric vehicle sector, and production cuts from other major miners like Anglo American.

Portfolio Pulse from Stjepan Kalinic

December 15, 2023 | 3:33 pm

AYRO

Thomas Wittenschlaeger has resigned from his positions as CEO, employee, and director of AYRO Inc, effective December 13, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:05 pm

CING

Cingulate's CFO Louis G. Van Horn retired effective immediately on Dec 13, as per an SEC filing. Shane Schaffer will serve as the interim Principal Financial Officer until a new CFO is appointed.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:00 pm

VLD

Velo3D's CEO Benny Buller has stepped down from his position effective immediately. The company has appointed Brad Kreger as the Interim CEO and has begun the search for a permanent replacement. This sudden leadership change may affect the company's strategic direction and investor confidence in the short term.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:04 pm

NVDA

Nvidia CEO Jensen Huang expressed concerns about complacency among long-term employees due to the company's significant stock growth and resulting employee wealth. At a company-wide meeting, he emphasized the importance of individual responsibility and work ethic. Nvidia's stock has increased by about 1,200% in the last five years, leading to internal friction as some employees feel others aren't contributing enough. This complacency poses a risk as Nvidia faces regulatory pressure and competition from AMD, Intel, Amazon, and Microsoft.

Portfolio Pulse from Benzinga Neuro

December 15, 2023 | 9:42 am

GM

General Motors Co. (NYSE:GM) is laying off over 1,300 employees due to the end of production for the Chevrolet Camaro and Bolt at two Michigan plants. The Lake Orion plant will lay off 945 workers and retool for electric truck production, while the Lansing Grand River plant will lay off 369 workers but continue producing Cadillac models. The Bolt EV and EUV are GM's best-selling EVs, contributing significantly to last quarter's sales. GM withdrew its EV production targets during the third-quarter earnings call without setting new ones.

Portfolio Pulse from Anan Ashraf

December 15, 2023 | 8:21 am

FXI

The Chinese unemployment rate for November remained steady at 5%, indicating no change from previous figures. This stability in the job market may reflect ongoing economic conditions in China.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 5:53 am

PPL

Louisville Gas and Electric, a subsidiary of PPL Corporation, has successfully negotiated a new three-year contract with IBEW Local 2100, representing over 600 employees. This agreement may contribute to stable labor relations and operational efficiency for the company.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 11:04 pm

GM

General Motors (GM) is set to lay off 1,314 employees at two Michigan plants due to production changes. The Orion Assembly plant will lose 945 jobs as GM delays production of the Chevrolet Silverado EV and GMC Sierra EV, with the plant's reopening pushed to late 2025. Additionally, 369 jobs will be cut at Lansing Grand River Assembly/Stamping with the end of Camaro production. GM plans to offer affected employees positions at other company locations.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 10:42 pm