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GM Has a Deal, But End to UAW’s Strike Could Still Be Weeks Away The good news is General Motors Co. has a tentative agreement with the United Auto Workers to end a 31-day strike that has cost the company an estimated $2 billion. The bad news is 48,000 striking workers could stay out during a ratification vote that could last another two weeks. On Thursday, the union’s local presidents and chairman—roughly 200 officials—will decide whether to put the tentative deal to a vote of the entire membership and if workers will return to their jobs before ratification. Source: Bloomberg
Ally Gets Boost from Consumer Spending, Used-Vehicle Prices Auto originations rose for Ally Financial Inc. in the third quarter, driven by demand for leases and for loans on new General Motors products. For the seventh consecutive quarter, used vehicles accounted for at least half of Ally's auto originations. Ally CFO Jenn LaClair said on a call with investors that steady interest rates, healthy consumer spending and strong used-vehicle prices helped maintain Ally's growth in the quarter. Source: Automotive News
Ford Launches Two Major EV Charging Initiatives Ford Motor Co. plans to offer customers of future electric vehicles access to the Electrify America network of charging stations and will partner with Amazon to install at-home outlets once its first long-range EV goes on sale next year. The automaker on Thursday laid out its charging infrastructure plans for the first time, roughly a month ahead of the planned introduction of a long-range EV crossover, expected to be called the Mach E. Source: Automotive News
Volvo Reveals Its First Electric Car: XC40 Recharge SUV Makes Debut Volvo revealed its first electric car on Wednesday as the automotive brand moves ahead with its plan to convert its entire lineup into electric or hybrid cars. The Swedish brand, which is owned by Chinese automaker Geely, debuted the Volvo XC40 Recharge SUV. If it looks familiar, that's because it's essentially a battery-powered version of the standard XC40. Another difference is a brand-new infotainment system using Google's Android operating system. Source: USA Today
Ford Credit Launches Auto Insurance Discount Plan Captive finance companies are joining the search for tools that leverage information about consumers' driving habits into discounts on auto insurance. Ford Insure, a product created by Ford Motor Credit Co., is being rolled out state by state, said CEO David McClelland. The product is underwritten by Nationwide Mutual Insurance and its affiliates. Source: Automotive News
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