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BMW will release annual sales figures for BMW-branded passenger cars on Friday. BMW Group, which includes the Mini and Rolls-Royce brands, sold 2.49 million cars last year. By contrast, Mercedes-Benz and its sister brand Smart sold 2.44 million cars last year. Hummel said Tesla could pose a threat in the medium term because it offers better connectivity and over-the-air updates. “Tesla has a lead of three to four years in areas like software and electronics. The millennials are much more focused on these things. There is a risk that the Germans can’t catch up,” he said.
DETROIT burberry cufflinks (Reuters) - The head of Canada’s auto union blasted General Motors Co on Tuesday for pushing ahead with plans to phase out work at its Oshawa, Ontario, assembly plant despite calls by workers and politicians in Canada to find a new vehicle to build there, Unifor, the union that represents workers at the plant, has vowed to block its closure, “They’re moving ahead with their plan, We’re going to continue to have discussions with them about solutions,” Jerry Dias, national president of Unifor, the union that represents workers at the plant, told Reuters after a meeting he had with GM officials at the No, 1 U.S, automaker’s Detroit headquarters..
“I’m furious right now,” Dias added. “The reality is that GM can reverse its decision. The question is do they have the political will to do so.”. GM said in a letter to Dias that it had already considered several proposals including those the union raised at the meeting. “Unfortunately, all Unifor’s proposals would involve substantial incremental costs and a further deterioration of GM’s competitive position,” GM said, adding that “it cannot pursue them” because of the weakening market in North America.
GM confirmed it has no plans to build vehicles in the Oshawa plant after the end of 2019, which is part of a broad restructuring announced in November, GM also has not allocated new products for four U.S, plants, raising the possibility burberry cufflinks of their closure and the elimination of a total of about 15,000 jobs in North America, Dias previously promised “one hell of a fight” to prevent the Oshawa plant’s closure, Going into the Tuesday meeting, he has voiced optimism a solution could be found..
Dias also previously said one option would be to extend operations for nine months, when regular contract talks are scheduled to begin, allowing more time for a long-term solution. The union has said the decision is contrary to commitments made by GM in contract negotiations with Unifor in 2016. Unifor said the deal stipulates there will be no plant closures before Sept. 21, 2020. After he returned from the meeting with GM, Dias told reporters in a press conference in Windsor, Ontario, that the union was looking at its legal options regarding whether the Detroit company violated the labor contract.
GM officials have said the fate of the U.S, plants is subject to talks with the United Auto Workers union, which represents the U.S, workers at those plants, GM Chief Executive Mary Barra promised in early December to keep an “open mind” about another affected plant, Ohio’s Lordstown Assembly, Hundreds of workers walked off the job at the Oshawa plant in protest burberry cufflinks on the day GM announced its plans, GM has said the Oshawa closure affects 2,973 assembly line jobs, The company employs 8,150 in Canada..
(Reuters) - PG&E Corp’s shares fell 14 percent on Tuesday, after S&P Global stripped the California power company of its investment-grade credit rating in the face of massive claims stemming from deadly wildfires. S&P cut the rating on PG&E and its Pacific Power & Gas Co unit on Monday to “B” from “BBB-,” the lowest tier of so-called investment-grade ratings, citing political and regulatory pressure and uncertainty over its potential liabilities. The utility, whose roughly $18 billion in bonds fell on Monday due to bankruptcy fears, has come under severe pressure since a fatal Camp fire in November compounded its woes. It currently faces billions of dollars in liabilities related to wildfires in 2017 and 2018.
S&P Global said it could further cut the company’s rating over the next few months if explicit steps are not taken by authorities to improve the regulatory situation, signaling that the agency may be losing faith that lawmakers could rescue PG&E, “We could also lower the ratings by one or more notches if management does not clearly articulate specific steps it burberry cufflinks will take to preserve credit quality over the long term,” S&P said, On Monday, PG&E shares dived more than 22 percent and its largest bond, a $3 billion note due in March 2034 with a coupon of 6.05 percent, fell to a record-low bid price of 91.5 cents on the dollar, while its yield rose to nearly 7 percent..