News Bingo

We got budget-friendly EVs, labor victories, possible union scandals, corporate maneuvering, V-12s, and fake engine noise.

If you have a BINGO at the end, please see Chris or Kristi after class, and we will get your ring pop.

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$25K Jeeps?

Stellantis CEO Carlos Tavares announced plans for a $25,000 all-electric Jeep in the U.S. "very soon." This addition addresses the scarcity of affordable EVs, which has slowed EV adoption in America. Jeep's first fully electric vehicle, the Wagoneer S, currently starts at $70,200. Introducing a low-cost Jeep EV will broaden options for budget-conscious consumers and promote wider EV adoption.

UAW: Deals and Thrills

Ultium Cells and UAW Local 1112 reached a historic tentative agreement in Lordstown, Ohio, marking a breakthrough for electric vehicle workers. This agreement, following last year's UAW master agreement, aims to double wages and improve safety for battery workers. UAW President Shawn Fain praised the deal as a significant step in ensuring a fair transition to electric vehicle production.

Meanwhile, in a plot twist worthy of a thriller, UAW President Shawn Fain is under investigation by a federal monitor for potential abuse of power in violation of a 2020 consent decree with the DOJ. The investigation accuses Fain and other union leaders of obstructing the monitor's access to information. Despite the scrutiny, Fain emphasized the union's commitment to transparency and better serving its membership.

GM Stock Buyback

GM announced a $6 billion share buyback plan following first-quarter solid results and an improved annual forecast. The decision follows a $10 billion stock buyback announced in November after a new labor agreement with the UAW.

• CFO Paul Jacobson emphasized the profitability of GM's gas-powered vehicle business and growth in its EV sector.
• No specific timeframe was given for the buyback, allowing GM to repurchase shares opportunistically.
• GM shares rose 1.8% in early trading despite pressure from a UAW strike and issues with its Cruise unit.
• Shares have increased by about 50% since the November buyback announcement.
• GM raised its dividend by 33% to 12 cents per share in January, and rival Ford committed to significant returns to investors.

Ferrari: Techno Outlaws?

Ferrari is living on the edge, vowing to keep its iconic V-12 engines alive until they're banned. The new 12Cilindri Coupe and Spider boast a 6.5-liter engine capable of hitting 10,000 rpm, ensuring enthusiasts get high-octane thrills. Despite the turbocharged V-8 being more efficient, Ferrari fights for the V-12, prioritizing emotion over practicality.

In contrast to its V-12 devotion, Ferrari also embraces the future with plans for its first electric vehicle by 2025. Promising an "authentic" sound, Ferrari's EV aims to evoke unique emotions while steering the brand into the techno realm. By 2026, Ferrari expects EVs to comprise 40% of its sales, navigating a path between tradition and innovation.

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So, what do you think? Are Stellantis's affordable electric Jeeps going to bring us into the glory days of Power Wheels, or will Ferrari's outlaw V-12 keep people dreaming of burning gas and kicking... "grass?"

Grab the talking stick, and let us know what today's news has you thinking!