Latest news with #MakeinAmerica
Time of India
8 hours ago
- Business
- Time of India
'Time to woo Europe, ASEAN': Harsh Goenka sees opportunity for India amid Trump's 25% tariff announcement
President Trump announced tariffs on Indian imports starting August 1. This move follows concerns over India's trade practices and Russian oil purchases. Industrialist Harsh Goenka sees opportunities for India in sectors like IT and pharmaceuticals. He suggests focusing on 'Make in America' and exploring trade with Europe and ASEAN. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a move that rattled markets and drew concern from policymakers, US President Donald Trump on Wednesday announced a 25% tariff on all goods imported from India starting August 1, alongside an additional penalty over India's continued purchase of Russian crude oil and military hardware. While many view this as a significant blow to India's trade prospects, industrialist Harsh Goenka believes there are silver pointed out that key sectors like pharmaceuticals, steel, and IT exports may remain largely unaffected by the tariff hike. In a post on social media, he emphasized that this could be a chance for India to rethink its trade and manufacturing strategies.'There's scope to boost ' Make in America ' through joint ventures,' Goenka wrote, suggesting that Indian businesses could benefit by aligning more closely with US manufacturing goals. He also advised looking eastward: 'Time to woo Europe, ASEAN. Ride the China+1 shift.' The chairman of RPG Enterprises summed up his stance with a proactive message: 'India's playbook: turn pressure into opportunity!'Meanwhile, the timing of Trump's announcement surprised many, coming just a day after Indian officials confirmed a US trade delegation would visit on August 25 to explore a bilateral deal. Analysts say the tariffs are likely a strong-arm tactic to push India into trade concessions, especially as the US has recently secured favorable terms with partners like Japan, the UK, and the his statement, Trump criticized India's trade policies as 'most strenuous and obnoxious,' claiming that despite being a friend, India maintains one of the highest tariffs and strictest non-monetary trade barriers further accused India of ignoring geopolitical concerns by purchasing discounted oil and weapons from Russia, making it the first country to be penalized specifically for doing so—despite China being Russia's largest oil import of Russian crude has surged from a mere 0.2% before the Ukraine conflict to 35–40% of total oil imports. In response to Trump's remarks, New Delhi said it is assessing the impact of the new tariffs but remains committed to achieving a "fair, balanced, and mutually beneficial" trade agreement with the US.
RTÉ News
11-06-2025
- Automotive
- RTÉ News
GM to invest $4 billion in three US facilities as it ramps up gas-powered vehicles
General Motors said it is planning to invest about $4 billion over the next two years at three US facilities in Michigan, Kansas and Tennessee as it moves to boost production of gas-powered vehicles amid slowing electric vehicle demand. The company said it will begin production of gas-powered full-size SUVs and light-duty pickup trucks at its Orion Assembly plant in Orion Township, Michigan, in early 2027. Orion Assembly was previously slated to build electric trucks starting next year. The move calls into question GM's plan to end the production of gas-powered cars and trucks by 2035. It was welcomed by the White House, which has imposed significant tariffs on imported vehicles to pressure car makers to move more production to the US. In March, GM CEO Mary Barra met with US President Donald Trump to talk about investment plans and told the president GM needed relief from California emissions and federal fuel economy requirements in order to expand US production, sources told Reuters. Trump is set to sign legislation tomorrow to rescind California's 2035 zero-emission vehicle rules. "No president has taken a stronger interest in reviving America's once-great auto industry than President Trump, and GM's investment announcement builds on trillions of dollars in other historic investment commitments to Make in America," White House spokesman Kush Desai said. GM's Fairfax Assembly plant in Kansas is set to start building the all-electric Chevrolet Bolt by the end of this year, and GM says it will now also build the gas-powered Chevrolet Equinox starting in mid-2027. In a statement, the largest US car maker said it expects to make "new future investments in Fairfax for GM's next generation of affordable EVs." GM last month said it is also investing $888m at a New York propulsion plant to increase gas engine production. At its Spring Hill plant in Tennessee, GM will add production of the gas-powered Chevy Blazer beginning in 2027. It will be built alongside the electric Cadillac Lyriq and Vistiq SUVs as well as the gas-powered Cadillac XT5. The gas-powered Chevrolet Equinox and Blazer are both currently produced in Mexico. The Equinox will continue to be built in Mexico once production starts at US facilities in order to supply markets outside of North America. Mexico's economy minister Marcelo Ebrard said in a social media post he talked with GM and said there is no expectation of any plant closure or layoffs at the automaker's Mexican plants. GM said it expects annual capital spending will be between $10 billion and $12 billion up to 2027, reflecting increased US investment, prioritisation of key programmes and efficiency offsets.
Time of India
11-06-2025
- Automotive
- Time of India
GM to invest $4 billion in three US facilities as it ramps up gas-powered vehicles
General Motors said on Tuesday it is planning to invest about $4 billion over the next two years at three U.S. facilities in Michigan, Kansas, and Tennessee as it moves to boost production of gas-powered vehicles amid slowing electric vehicle demand . The company said it will begin production of gas-powered full-size SUVs and light-duty pickup trucks at its Orion Assembly plant in Orion Township, Michigan, in early 2027. Orion Assembly was previously slated to build electric trucks starting next year. The move calls into question GM's plan to end the production of gas-powered cars and trucks by 2035. It was welcomed by the White House, which has imposed significant tariffs on imported vehicles to pressure automakers to move more production to the United States. In March, GM CEO Mary Barra met with U.S. President Donald Trump to talk about investment plans and told the president GM needed relief from California emissions and federal fuel economy requirements in order to expand U.S. production, sources told Reuters. Trump is set to sign legislation on Thursday to rescind California's 2035 zero-emission vehicle rules. "No president has taken a stronger interest in reviving America's once-great auto industry than President Trump, and GM's investment announcement builds on trillions of dollars in other historic investment commitments to Make in America," White House spokesman Kush Desai said. GM's Fairfax Assembly plant in Kansas is set to start building the all-electric Chevrolet Bolt by the end of this year, and GM says it will now also build the gas-powered Chevrolet Equinox starting in mid-2027. In a statement, the largest U.S. automaker said it expects to make "new future investments in Fairfax for GM's next generation of affordable EVs." GM last month said it is also investing $888 million at a New York propulsion plant to increase gas engine production. At its Spring Hill, Tennessee, plant, GM will add production of the gas-powered Chevy Blazer beginning in 2027. It will be built alongside the electric Cadillac Lyriq and Vistiq SUVs as well as the gas-powered Cadillac XT5. The gas-powered Chevrolet Equinox and Blazer are both currently produced in Mexico. The Equinox will continue to be built in Mexico once production starts at U.S. facilities in order to supply markets outside of North America. Mexico's economy minister Marcelo Ebrard said in a social media post he talked with GM and said there is no expectation of any plant closure or layoffs at the automaker's Mexican plants.
New Straits Times
11-06-2025
- Automotive
- New Straits Times
GM to invest US$4bil in three US facilities as it ramps up gas-powered vehicles
DETROIT/WASHINGTON: General Motors said on Tuesday it is planning to invest about US$4 billion over the next two years at three US facilities in Michigan, Kansas, and Tennessee as it moves to boost production of gas-powered vehicles amid slowing electric vehicle demand. The company said it will begin production of gas-powered full-size SUVs and light-duty pickup trucks at its Orion Assembly plant in Orion Township, Michigan, in early 2027. Orion Assembly was previously slated to build electric trucks starting next year. The move calls into question GM's plan to end the production of gas-powered cars and trucks by 2035. It was welcomed by the White House, which has imposed significant tariffs on imported vehicles to pressure automakers to move more production to the United States. In March, GM CEO Mary Barra met with US President Donald Trump to talk about investment plans and told the president GM needed relief from California emissions and federal fuel economy requirements in order to expand US production, sources told Reuters. Trump is set to sign legislation on Thursday to rescind California's 2035 zero-emission vehicle rules. "No president has taken a stronger interest in reviving America's once-great auto industry than President Trump, and GM's investment announcement builds on trillions of dollars in other historic investment commitments to Make in America," White House spokesman Kush Desai said. GM's Fairfax Assembly plant in Kansas is set to start building the all-electric Chevrolet Bolt by the end of this year, and GM says it will now also build the gas-powered Chevrolet Equinox starting in mid-2027. In a statement, the largest US automaker said it expects to make "new future investments in Fairfax for GM's next generation of affordable EVs." GM last month said it is also investing US$888 million at a New York propulsion plant to increase gas engine production. At its Spring Hill, Tennessee, plant, GM will add production of the gas-powered Chevy Blazer beginning in 2027. It will be built alongside the electric Cadillac Lyriq and Vistiq SUVs as well as the gas-powered Cadillac XT5. The gas-powered Chevrolet Equinox and Blazer are both currently produced in Mexico. The Equinox will continue to be built in Mexico once production starts at US facilities in order to supply markets outside of North America. Mexico's economy minister Marcelo Ebrard said in a social media post he talked with GM and said there is no expectation of any plant closure or layoffs at the automaker's Mexican plants. GM said it expects annual capital spending will be between US$10 billion and US$12 billion through 2027, reflecting increased US investment, prioritisation of key programmes, and efficiency offsets.
Business Insider
23-05-2025
- Business
- Business Insider
Wolfspeed Stock (WOLF) Craters Over 59% on Bankruptcy News
Shares of semiconductor player Wolfspeed (WOLF) cratered over 59% on May 21 after the Wall Street Journal reported about its probable bankruptcy. The chipmaker and component supplier is set to file for a pre-packaged Chapter 11 bankruptcy within weeks, the report said, and most creditors are likely to support the proceedings. Confident Investing Starts Here: Wolfspeed is struggling with a mounting debt load that far exceeds its cash balance. In March, the company rejected several out-of-court settlement proposals from bond holders after its largest backer rebuffed the offers. Now, bankruptcy appears to be the only option as it has become harder to refinance its soon-to-mature debt securities. Diminishing chip demand from the automotive and industrial markets, coupled with stiff competition from Chinese players and tariff uncertainty has undermined Woldspeed's ambitions. Here's How Wolfspeed Got into This Mess Wolfspeed is an all-American semiconductor manufacturer and would have really succeeded under President Donald Trump's 'Make in America' initiative, were it not for its debt problems. In October 2024, Wolfspeed secured a $750 million financing deal with a group of investors led by Apollo Global Management APO +0.10% ▲ . At the time, Wolfspeed was also expected to receive up to $750 million in funding under the CHIPS Act of 2022. However, that taxpayer money was contingent on Wolfspeed refinancing its convertible notes maturing in 2026, 2028, and 2029. The silicon carbide chipmaker has roughly $6.5 billion in debt, while its cash and cash equivalents balance stood at $1.3 billion as of March 31, 2025. Out of the looming debt, the Apollo-led group holds $1.5 billion in senior secured loans, which forms the top-most tier. The group has the right to approve any new secured financing and was also responsible for rejecting all restructuring offers in March. Those deals included a provision for Wolfspeed's largest lender, Japan's Renesas Electronics, to convert some of its outstanding convertible notes to equity. Notably, Apollo has a 'make-whole' provision in the agreement, which means it remains unscathed from Wolfspeed's bankruptcy proceedings. Wolfspeed recently warned investors about its ' going concern ' risks and also cut its 2026 revenue outlook to $850 million, significantly below the consensus. The company has tried to streamline costs by cutting 20% of its workforce and shuttering facilities. However, to make matters worse, intense competition has led to a heated price war among chipmakers over the N-type SiC substrates, one of Wolfspeed's specialties. Will Wolfspeed Stock Recover? On TipRanks, WOLF stock has a Hold consensus rating based on three Buys, two Holds, and four Sell ratings. Also, the average Wolfspeed price target of $4.13 implies 141.5% upside potential from current levels. Meanwhile, the stock has lost 74.3% so far this year, and chances of a recovery seem very slim at the moment.
