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Electric Chevy pickup to get estimated 400 miles per charge

Associated Press

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Electric Chevy pickup to get estimated 400 miles per charge

An electric version of the Chevrolet Silverado pickup truck will get an estimated 400 miles of range per charge, General Motors says.

The company announced the range in a webcast on Tuesday and said the truck would be built at a factory straddling the border of Detroit and the enclave of Hamtramck. It also announced that the plant would build the new 2024 GMC Hummer SUV.

The pickup announcement raises the level of competition for future buyers in the hot truck market. Ford already has announced plans to build an electric F-150 starting next year in Dearborn, Michigan, while Fiat Chrysler (now Stellantis) has said it plans to have an all-electric Ram pickup.

GM would not say when the electric Silverado would arrive in dealerships, but the company plans to sell 30 electric vehicles globally by the end of 2025. It also has set a goal of making all of its passenger vehicles electric by 2035.

Ford’s F-Series pickups are the top-selling vehicles in the U.S., followed by the Silverado and Ram pickups. In addition to conventional automakers, electric vehicle leader Tesla plans to start selling a futuristic “Cybertruck” pickup later this year, and EV startup companies Bollinger Motors, Nikola, Rivian and Lordstown Motors are planning to enter the market.

GM President Mark Reuss said the electric Silverado will be designed from the ground up as an an electric truck for commercial and individual users. “This announcement affirms Chevrolet’s commitment to build on 100 years of truck expertise leadership while transitioning to an all-electric future in the light vehicle space,” he said.

The Detroit-Hamtramck plant, named “Factory Zero” by GM, is being retooled to build four electric vehicles with an investment of $2.2 billion. Eventually it will employ 2,200 workers to make the two GMC Hummers, the electric Silverado and the Origin, an autonomous passenger vehicle for GM’s Cruise subsidiary.

Reuss said the factory has built 4 million vehicles since 1985 and “will help lead us into the future of transportation.”

United Auto Workers Vice President Terry Dittes said that in November of 2018, GM announced it would close the factory. But it became part of the 2019 negotiations with the union that resulted in a 40-day strike, and was brought back as one of four North American electric vehicle factories. The others are in Orion Township, Michigan, north of Detroit; Spring Hill, Tennessee; and in Ingersoll, Ontario.

In the next two years, GM will build more electric models than any other manufacturer, Dittes said. “It’s always a good day when GM tells us there is more product coming into our location. Because that is more jobs,” he said.

But the future for workers is also a bit of a mystery. Electric vehicles have 30% to 40% fewer moving parts than those run on internal combustion engines, so companies will need fewer workers to put them together. Also, jobs making complex internal combustion engines and transmissions could be in jeopardy when more electric vehicles are on the road.


DETROIT (AP) — By TOM KRISHER

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Consumer confidence hitting record high, but with hangovers left from pandemic

TK Maloy

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Consumer confidence

Global consumer confidence soared to record heights in the first quarter of 2021, according to The Conference Board: Global Consumer Confidence Survey, as vaccination campaigns broadened, travel restrictions loosened, and governments and central banks continued to provide robust economic stimulus.

These factors are contributing to various geographic regions returning to a “state of normalcy sooner” including increased spending across the spectrum, but some economic hangovers persist from the global pandemic crisis.

The Conference Board is a member-driven think tank that has delivered economic insights since 1916. It released this recent global consumer confidence survey on Wednesday. Their methodology for what is comparably a business cycle index is based on a point system where a figure above 100 is considered positive, or below 100 representing decline. This survey also employs opinion polling which is expressed as percentages.

“The lightening of consumer moods globally bodes well for spending throughout the remainder of the year as economies continue to emerge from the 2020 pandemic-induced economic downturn and work toward arresting the spread of the virus,” said Dana Peterson, Chief Economist of The Conference Board.

“Nonetheless, the global economic recovery – and, consequently, consumer sentiment – is likely to continue to vary notably from region to region. Economies with greater access to vaccines are likely to achieve herd immunity, and thus will return to a state of normalcy sooner,” Peterson added.

The survey found that overall global consumer confidence shot up from 98 in the fourth quarter of 2020 to 108 points in the first quarter of 2021. That figure exceeded the reading of 106 registered in pre-pandemic 2020 Q1. Reminder, a figure above 100 is considered positive and the 108-point score is the highest recorded since the survey began in 2005.

Confidence rose in 49 of 65 markets surveyed, as economic activity resumed, COVID-19 cases peaked in many economies, and vaccine development and distribution expanded.

The vaccines contributed to that revival, so individual economies’ level of access to them will greatly affect the timing of their recoveries and boosts in consumer confidence. (For 2020 Q4 indexes, results exclude China due to data collection constraints.)

Confidence still varied across regions: Latin America (up 13 points, from 86 to 99) and Europe (up 11 points, from 76 to 87) enjoyed the biggest gains in consumer confidence. But both regions started from low bases, and Europe remains the least confident region. North America, by contrast, slipped six points, from 116 to 110, while Africa and the Middle East dropped from 101 to 97.

Growing confidence in personal finances, especially, propelled the stronger global sentiment: Consumers were significantly more optimistic about their finances in Q1 2021, with the gap between positive and negative responses standing at +29 percentage points, up substantially from +15 percentage points in Q4 2020.

Of the three key drivers of global confidence, personal finances made the largest impact, although the other two drivers also trended upward: Sentiment about job prospects were up overall around the globe and spending intentions flipped from negative (-7 ppts) in Q4 2020 to positive (+6 ppts) in Q1 2021.

Consumers are gearing up for a return to normalcy: Consumers spent more on entertainment outside of the home, clothing, and vacations. Taken together, these trends indicate that consumers are increasingly looking forward to returning to normal activities at some point this year.

Given that consumption levels significantly contribute to growth in many mature economies, such activity in anticipation of greater freedom later on supports The Conference Board’s upwardly revised projection of 5 percent real GDP growth globally this year.

However, around the world, consumers also ramped up their protective savings: 57 percent of global consumers indicated that they are putting money into savings, an increase of 9 ppts from the previous quarter. Their efforts to economize primarily reflected savings on hospitality and entertainment services.

Consumers planned to eliminate annual vacations, delay upgrading technology, and cut meals away from home. They also switched to cheaper grocery brands and drove their cars less.

The scars of the recession lingered, with health and economic concerns still looming large.

The world is not quite buzzing yet.

A strong majority of consumers (64 percent) said that their market was still in recession during the first quarter of 2021. While that figure dropped sharply from the end of 2020 (down 17 percentage points, from 81 percent) recession concerns remained elevated.

Globally, only 41 percent of consumers expected that their economy would be out of recession in 12 months, virtually unchanged from the previous quarter.

Consumers’ worries about their own health (22 percent) and economic performance (20 percent) dominated their top concerns. This trend will likely hold through mid-2021 given the continued crisis, and the time it will take to arrest the coronavirus and establish herd immunity.

“With uncertainty around jobs and health prompting consumers to continue economizing, it seems clear that GDP returning to pre-pandemic levels will not in itself mark a return to the old normal,” said board chief economist Peterson. “Healing in labor markets may take longer, with greater potential for scarring among industries that are vulnerable to automation and digital transformation.”

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Unbound by geography, CFOs look to capitalize on global talent pool

Inside Telecom Staff

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global talent pool

A large majority of CFOs around the world are planning to expand operations into new countries in 2021 to achieve their long-term growth strategies, according to a recent survey by CFO Research and Globalization Partners.

The survey also uncovered changing perceptions about hiring and remote work because of their pandemic experiences, with respondents saying they want to attract from the global talent pool that is unbound by the geographic restrictions of their company’s operating model.

The February 2021 survey of chief financial officers, chief executive officers and other senior finance executives also cites a common theme that they are prioritizing the need to build resiliency and although optimistic, disclose that their businesses are still stabilizing and in recovery.

Optimism towards organizational performance in 2021 varies across the regions. Asia-Pacific (APAC) CFOs are more optimistic about success in 2021 than their counterparts in the UK and North America. Since 65 percent of APAC respondents indicated that they expect to exceed goals and expectations in 2021, compared to 46 percent for UK and 47 percent for North America.

“The ongoing rollout of COVID-19 vaccines, investments flowing into the region, and momentum gained as companies accelerated their digital investments during the pandemic – all these are contributing to positive sentiments toward business in 2021,” said Charles Ferguson, General Manager, Asia Pacific, Globalization Partners. “With the ongoing shift in the global supply chain and a renewed focus of the US, UK and EU to grow alliances with APAC markets, there is an abundance of opportunity to expect from this region.”

CFOs’ global view within their hiring approaches

When asked to describe their hiring strategy over the next 12 to 18 months as, 48 percent of APAC respondents say they will attract new talent where they are based while 43 percent say they want to attract new talent that is unbounded by the geographic restrictions of their company’s operating model.

APAC CFOs have a high degree of interest in tapping into a more cost-effective, global talent pool—a concept favored by half of those surveyed –and capturing market share through global expansion, which is favored by 61 percent.

CFOs’ altered workforce management strategies

Seventy-four percent of the survey respondents in APAC anticipate operating remote and/or hybrid workforce models in the next 12 to 18 months.

Eighty-three percent of executives also say the COVID-19 pandemic fundamentally altered the way they think about hiring and workforce management and 89 percent say it altered how they consider remote employees or the work-from-anywhere model.

In parallel, CFOs are deeming global expansion as a top priority in the next 12 to 18 months.

“Implementing a strategy for global expansion and presence” was deemed a top priority in the next 12 to 18 months for 52 percent of APAC executives, compared to 38 percent of the EMEA executives and 36 percent of the North American executives.

With that in mind, 55 percent of the APAC CFOs that are expecting to achieve their goals in 2021 are already engaging a global (Professional Employer Organization) PEO, while 25 percent plan to use a global PEO within one year to support their international business strategy and 17 percent plan to engage a global PEO within three years.

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United Airlines highlighting new emphasis on sustainable fuel along with global corporate partners

Inside Telecom Staff

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sustainable

United Airlines is setting a course toward a sustainable future with the launch of its Eco-Skies Alliance – working with the airline, more than a dozen leading global corporations will collectively contribute towards the purchase of approximately 3.4 million gallons of sustainable aviation fuel (SAF) this year.

With its nearly 80 percent emissions reductions on a lifecycle basis compared to conventional jet fuel, this is enough SAF to eliminate approximately 31,000 metric tons of greenhouse gas emissions, or enough to fly passengers over 220 million miles.

As inaugural participants, a number of top corporate names are becoming part of the program, with the hoped-for effect of creating and increasing demand for SAF, including Autodesk, Boston Consulting Group, CEVA Logistics, Deloitte, DHL Global, DSV Panalpina, HP Inc, Nike, Palantir, Siemens, and Takeda Pharmaceuticals.

“While we’ve partnered with companies for years to help them offset their flight emissions, we applaud those participating in the Eco-Skies Alliance for recognizing the need to go beyond carbon offsets and support SAF-powered flying, which will lead to more affordable supply and ultimately, lower emissions,” said United CEO Scott Kirby.

 “This is just the beginning. Our goal is to add more companies to the Eco-Skies Alliance program, purchase more SAF and work across industries to find other innovative paths towards decarbonization,” he added.

According to its media statement, United has made the airline industry’s single largest investment in SAF and has purchased more SAF than any other airline in the world.

World Energy, a long-term partner of United, will supply the SAF to Los Angeles International Airport (LAX), which makes it conveniently accessible to United’s operations.

In addition to the Eco-Skies Alliance program, United is giving customers the ability to contribute funds for additional SAF purchase or for use on initiatives United believes will help decarbonize aviation – the first of any U.S. airline to do so. Understanding there is a growing interest among customers for real, lasting solutions, this new capability will be available starting immediately via portal on at: united.com/ecoskiesalliance.

The company added in its statement that strong federal and state policy leadership will be essential to reducing the climate impacts of air travel, so starting immediately United will help individuals connect with elected representatives to advocate for policies that would make air travel more sustainable for the long term.

United will be the first airline in the world to connect customers directly with policy makers to voice the support that is needed to advance and accelerate permanent, scalable solutions that hold the potential to decarbonize the air transportation industry – and not just offset emissions.

 “We know there is a growing demand from a wide range of our customers including corporations, cargo shippers and individuals who share the same concern we do – that climate change is the most pressing issue of our generation,” Kirby said.

United says it’s making a 100 percent “Green Commitment,” noting that the company believes the airline industry needs to be bolder when it comes to making decisions that confront the climate crisis.

“That’s why we’ve committed to become100 percent green and reduce our greenhouse gas emissions 100 percent by 2050 by taking the harder, better path of reducing emissions from flying, rather than relying on traditional carbon offsets,” the company said in its statement.

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