US blocks renewal of China’s Huawei export licenses

US blocks renewal of China’s Huawei export licenses

BEIJING (AP) — The Chinese government on Tuesday accused Washington of pursuing “tech hegemony,” as the United States began to step up pressure on tech giant Huawei. by blocking access to US suppliers. The Biden Administration stopped approving license renewals for some US companies that sold key components to the Chinese company, according to two … Read more

America’s Most Splendid Housing Bubbles, January Update: Now Phoenix, Las Vegas, San Francisco, Seattle, San Diego Are Plunging Fastest

America’s Most Splendid Housing Bubbles, January Update: Now Phoenix, Las Vegas, San Francisco, Seattle, San Diego Are Plunging Fastest

It takes time: Home prices in the San Francisco Bay Area have plunged faster from the peak than they peaked. By Wolf Richter for WOLF STREET. The housing bubble 2 continues to deflate unabated no matter what data set we look at. Today we got the S&P CoreLogic Case-Shiller Home Price Index for “November,” which … Read more

General Motors invests $650 million in a lithium mine in the United States to secure materials for electric vehicle batteries

General Motors invests 0 million in a lithium mine in the United States to secure materials for electric vehicle batteries

General Motors will invest $650 million in a lithium mine in the United States, a record investment by an automaker to secure the raw materials used in the batteries of electric vehicles. The American group will make an initial investment of $320 million by mid-2023 in exchange for exclusive rights to the first stage of … Read more

Boeing bids farewell to an icon and delivers the last 747 jumbo jet

Boeing bids farewell to an icon and delivers the last 747 jumbo jet

SEATTLE (AP) — Boeing bid farewell to an icon on Tuesday as it delivered its latest 747 jumbo jet. Since its first flight in 1969, the giant but graceful 747 has served as a cargo plane, a commercial aircraft capable of carrying nearly 500 passengers, a transport for NASA space shuttles and an Air Force … Read more

General Motors plans to increase production of electric vehicles in the second half

General Motors plans to increase production of electric vehicles in the second half

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 completely 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

Exxon smashes the profits of Western oil majors with $56 billion in 2022

Exxon smashes the profits of Western oil majors with  billion in 2022

HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted net profit of $56 billion for 2022, the company said on Tuesday, grossing around $6.3 million per hour last year and setting not only a corporate record, but also a historic record for the Western oil industry. The oil majors are expected to break their … Read more

Boeing bids farewell to ‘Queen of the Skies’ with final 747 delivery

Boeing bids farewell to ‘Queen of the Skies’ with final 747 delivery

(CNN) — More than half a century after the original jumbo jet ushered in a glamorous new era of jet aircraft, helping to bring affordable air travel to millions of passengers, the very last Boeing 747 was due for delivery on Tuesday, marking the start of the final chapter for the beloved aircraft. In a … Read more

GM to invest $650 million in lithium business to support EV growth

GM to invest 0 million in lithium business to support EV growth

US President Joe Biden with General Motors CEO Mary Barra looks at a Chevrolet Silverado EV as he visits the 2022 North American International Auto Show at the Huntington Place Convention Center in Detroit, Michigan, on September 14, 2022. – Biden visits the auto show to highlight electric vehicle manufacturing. Mandel Ngan | AFP | … Read more

US seeks Tesla driver assistance documents; the company increases its investment forecast

US seeks Tesla driver assistance documents;  the company increases its investment forecast

WASHINGTON, Jan 31 (Reuters) – Tesla Inc (TSLA.O) disclosed on Tuesday that the U.S. Justice Department had sought documents related to its self-driving (FSD) and Autopilot assistance systems as the regulatory scrutiny intensifies. The automaker said in a filing that it “has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD … Read more