built by general motors as a companion car to the cadillac. it was introduced as a close second to the cadillac. folks who could not quite afford a cadillac could buy a lasalle. the reason we have this car on the timeline is because it represents a demarcation in the development of the automobile. if you had to pick a moment when a car became something unto itself, you would probably say 1932-1933. in the 1930's, cars still had a lot of straight lines and vertical edges. there were elements of the carriage in the design. you still see some of those lines by the early 1930's, but by 1933, there is a real shift. cars are moving to a more shapely type. part of that is improvement in the manufacturing process. the lasalle is a good example of a streamlined design. the whole thing looks very fast. there is also a degree of technical maturity reached in 1932. you could drive on highway at 55 miles per hour and be fine. you could not say that about a model a or a model t. -- cars could not drive long distances like that. but with the lasalle, it was

this plant in the mexican city of steel are always run by american multinational general motors each year it produces four hundred times and pick up trucks destined for the u.s. market. it's just the kind of operation u.s. president donald trump has tried to clamp down on he wants american carmakers to produce at home. but such protectionist rhetoric often overlooks the importance of america's own export markets staying with the example of general motors some five thousand of the company's employees in the united states produce parts which are assembled in mexico. if the united states follows through on its threat to impose tariffs on car imports the cost of pickup trucks in the u.s. would be very likely to increase for general motors that could mean job losses in both mexico and the united states and that's just one example of the potentially disruptive effect of the protection. measure. the lines of force in the be a manufacturers which represents several major car makers is due to voice their concerns at a public hearing on thursday the group's sense higher tariffs could result in

general motors, coca-cola, boeing among the names reporting. and stock moves straight ahead >>> "squawk box" news maker. republicans roll out tax reform 2.0. we'll talk to the man behind the proposal kevin brady. >>> and breaking news on a titan of industry. fiat chrysler says its former ceo sergio marchionne has died a look at his life and legacy coming up as the final hour of "squawk box" begins right now. >>> live from the most powerful city in the world, new york, this is "squawk box. >> good morning. welcome back to "squawk box" here on cnbc we're live at the nasdaq market site in times square i'm andrew ross sorkin along with melissa lee and mike santoli. the futures right now under some pressure boeing a large part of that. we'll talk about that in a moment dow jones looks like it would open down 100 points s&p down five points right now and nasdaq five points as well check out shares of the some of the automakers this morning. red arrows across the board. trade tariffs, it's a long story. we will get to it in just a moment the other bre

it's on quite a roll with earnings coming in fast and furious and while general motors had a terrible session today. less than an hour to the closing bell. let's start the countdown. ♪ spiegelman to get to the breaking news and we have a bifurcated story that's actually half of one and six-- 601 and half a dozen of the other. what you sell a template of your green is what we are waiting for a second state mike pompeo said to appear on capitol hill to be interrogated by the senate forces interrogation can many on what really happened during president trump's meeting off-camera with only translators with russian president vladimir putin? what came out of that meeting, because the russians are apparently making comments, but the united states doesn't seem to have an idea get and the administration's recent meeting with policy regarding iran, north korea, syria and we will monitor the testimony and bring you the latest updates as they happen, but over breaking news national security advisor john bolton has just announced that president trump's next meeting with vladimir putin, which was s

there it was found by a fellow who was the chief engineer at general motors. he bought the car for something like $400, which has to be on the short list of the greatest bargains for all time, and he was basically able to rebuild the engine block and make several modifications. he changed the outlook, the paint. he also physically changed some pedals and instruments in the car. is one of the most popular cars we have here. visitorsten see staring of the cart with her jaw open or posing for pictures with it. some people will come to the museum just to see this car. popular forys visitors and i am always happy to share this one on tours. the car behind me is a 1937 lasalle built by general motors as a companion car to cadillac. cadillac had always been top of the line. they introduced lasalle as folks who could not quite afford a cadillac could buy a lasalle. the reason we have this car on the timeline is because it represents a demarcation in the development of the automobile. if you had to pick a moment when a car became something unto itself, you would probab

how is general motors expressing that idea besides filings?ou being listened to in the white house? >> if you look at the impairment today there is a lot of , a lot of ongoing engagement on trade across a number of dimensions, china or the eu or nafta. we are long-standing view that we support free trade. we have been actively engaged on many dimensions with the government, as these potential policies are being formulated, and will continue to be engaged. ultimately what we want is a strong and vibrant u.s. and global industry. we think it is in the best interest of all parties to reach an agreement that continues to facilitate that. that drives jobs and growth. that is how we are engaging with the government. a lot of moving pieces right now, as you can imagine. we will continue to stay engaged. david: you mentioned china and nafta, as well as europe. viewu look at the point of of the chief financial officer china, northtors, america or europe? >> i'm not going to get into the specifics. it is too early. there is too much uncertainty around t

general motors is making a big play in the car sharing market phil lebeau joins us with the details.l be able to sublet your car >> essentially, jon. gm has been doing car sharing through its maven subsidiary, but those were vehicles owned by general motors this is a case where if you own a car, a gm car, then you can rent it out to another person. peer to peer car rentals it is open now for gm owners and lessees. 2015 vehicles and newer. can't take an old gm model, has to be relatively new revenue split is like other rentals, 60% to the vehicle owner, 40% to the company, to maven. here is julia stein talking about how they came up with the revenue split of 60, 40. >> i believe it is market standard today we might revisit it later on, but we also provide 150,000 people who are willing to rent your vehicle, so we'll see how it goes. we are excited we're offering this we believe we'll see high growth of gm owners putting the car on the platform. >> how many are using car sharing in the united states it is about 1.5 to 2 million people who are active car share users in the u.s., a good

general motors is down 7% in that index. the dollar is a little weighty.t is before the meeting today. will trade escalation impacts north america? you can see the 10 year moving higher, day by day. inventories,d of one barrel of wti is trading at $68.62. this is bloomberg. ♪ his is bloomberg. ♪ caroline: this is "bloomberg markets." from a sunny city of london. vonnie: 80's raining here in new york. biggest look at the stories in the news. general motors is now the highest company to fall victim to trumps trade war. with steel and aluminum, material costs will be a $1 billion headwind for gm this year which is twice what the company expected earlier. shares of fiat chrysler are falling today. targets the financial after disappointing sales in china. that is a significant challenge for the new ceo. you have a five-year plan to double profit and extent in china, the world's largest market. and boeing boasted quarterly profit and sales that beat estimates. but the company reported a cost overrun as it appears to present to the u.s. air force. produce cash fl

automakers alliance along with names like general motors ford and folks. all of them produced in the u.s. and they all oppose trump's plans if we put very very high taxes on cars in the united states and keep in mind since it's both auto imports and auto parts imports every single car or truck sold in america would face price increases higher taxes higher taxes will lead to fewer sales fewer sales will lead to less production less productions will risk american jobs in the hundreds of thousands of job say the protesters who also claim auto prices would rise by an average five thousand dollars we're very concerned about the security of our jobs and if i get these vehicles or claim that their calls are national security issues here that refers to trump's claim that national security is at risk if tariffs on to imposed on all toes on components. this is not good business this is not good for our economy this is not good for the very workers who in fact voted for him so far there's been no word on when washington actually intends to put the threatened tariffs

you have general motors, daimlerchrysler, you have foord, you have harley—davidson.panies are all already seeing the profits chipped away. the share price has fallen and gm had its steepest fall in seven years, even before the trade tariffs have been imposed. it is only the freight. it emphasises how detrimental trade tariffs are to global growth and to global recovery. turning attention now to the southern hemisphere. new zealand, we have seen moves to introduce... this is a first. for victims of domestic violence, taking time off work. it seems obvious and a sensible thing to do but it is the first time anywhere in the world it has been done, as i understand. what is interesting is that new zealand is interesting is that new zealand is one of the countries that suffers from the highest levels of domestic violence. what they have introduced is ten days of leave from work for victims of domestic violence and the possibility of a more flexible working arrangement in the hope is that this increase productivity and turnover and for workplaces, being supportive to an emp

as mentioned diana is not the only car maker suffering from the terror of saga general motors shares have tumbled as the second quarter profit is down compared to last year the company's now lowered its profit outlook for the entire year because of germs roman cereals is going up in the fallout from the trade dispute it's america's biggest carmaker and it depends on imported steel. facebook shares took a beating after it reported that user numbers and revenue have been rising as quickly as expected shares fell more than twenty percent an hour for hours. rating in new york raising one hundred billion dollars in capital ad revenue was up forty two percent in the second quarter but costs continue to rise as facebook focuses on tightening security and improving content the company says it has two point two billion active monthly users now. all the participants of the bric summit have now arrived in the johannesburg breaks is an acronym for brazil russia india china and south africa more than a decade ago these five developing countries founded the economic alliance to secure their future

this plant in the mexican city of sea level is run by american multinational general motors each year it produces four hundred times and pick up trucks destined for the u.s. market. it's just the kind of operation u.s. president donald trump has tried to clamp down on he wants american carmakers to. at home. but such protectionist rhetoric often overlooks the importance of america's own export markets staying with the example of general motors some five thousand of the company's employees in the united states produce parts which are assembled in mexico. if the united states follows through on its threat to impose tariffs on car imports the cost of pickup trucks in the u.s. would be very likely to increase for general motors that could mean job losses in both mexico and the united states and that's just one example of the potentially disruptive effect of the protectionist measure. the lines of automobile manufacturers which represents several major car makers is due to voice their concerns at a public hearing on thursday the group says higher tariffs could result in hundreds of thousan

let's take general motors. general motors is being tariffed on its cars sent from europe to the u.s. it's being tariffed on the steel it brings into the u.s., it's being tariffed on the cars it makes in the u.s. and sends to china. general motors is a perfect example of a company that is literally being clobbered every which way and backwards fiscal cliff show me a winner that scenario, i'll take the hat off if i was wearing one. >> chris sliscillizza, what's t political calculation? are they betting that farmers in iowa and general motors will somehow be -- forgive them come the midterms or 2020? >> they're betting that. the tone of toughness will matter more than the hit that folks in iowa will take. donald trump promised he will make america great again by making better trade deals, by renegotiating, by making sure other countries did not take advantage of the united states in the ways he believed they had in the past. this is something he talked about on the campaign trail. it's not inconsistent with what h

ford and general motors lowered profit forecasts for 2018, citing higher steel and aluminium prices causedler also slashed its 2018 revenue outlook, after sales in china slumped as buyers postponed purchases. australia's fairfax media, owner of the sydney morning herald and tv broadcaster nine entertainment, have announced plans to merge. it's the first deal under a controversial new media ownership law passed in september last year which removed restrictions preventing media companies from owning newspapers, radio and television stations in the same city. let us look at what is trending this morning. 0n the wall street journal, more of africa finds itself in china's debt. chinese president xijinping has signed a slate of investment deals during a weeklong tour of africa, feeding into concerns over ballooning levels of indebtedness to beijing. 0n wired, china blocks qualcomm's attempt to buy dutch chipmaker — the $38 billion takeover of nxp needed approval by china as it does a lot of business there. wired says it's a symptom of trade tensions with the us which has blocked several chinese

general motors is a fairly well-run company. a shocking statement for those following it for a long time because, precrisis, it was a horribly run company. it throws off cash, it is a better company and it has a shot at doing something fantastic in autonomous driving. >> any other bets in autonomous driving, steve, other than gm? >> actives and obviously google. those are our three. betterare saying it is than talking about value, momentum, to look at the economy . lombard on the show earlier this week. one of the things he was talking about what was something leading to the crisis which was saving imbalance in the world. is that something that causes you concern now? >> he is probably referring to what is commonly called the debt super cycle which is fueled global economy -- which has fueled global economy for a long time. there is a very macro call to be made and that the super cycle will end. call such a huge macro that, who knows when it will happen. >> i want to go back to general motors. there is a huge focus on mr. musk a

kevin: general motors in terms of u.s.e presence in china and one of the things about china that is interesting is electrified vehicles. that is the place where the volume numbers can advertise those costs over time and make them more attractive in other markets such as the u.s. or europe. julia: what you guys think -- what do you think these guys think when tesla is talking about producing 5000 or 7000? kevin: i think they are amused. when you think about a company like general motors and the chevrolet volt ev and people compare it to the model three and it is not comparable because general motors is not -- does not actually want to sell that many of them because they sell at a loss. what they create is the technology, realize they can design engineer and market it and put it on the shelf and if the technology proves profitable, you go and put it in a compact crossover. it really does drive home the point that he made that tesla is making great strides but you do have the economies of scale with the fords and general moto

general motors is a stepping system. starting with a chevrolet, perhaps working your way towards a buick, ultimately a cadillac. brand,e your basic mercury in the middle line. he was introduced to be that fourth step in the company chain. ford introduced it with more than it can possibly imagine. he brought out an hour of prime time television. also bob hope and frank sinatra and other stars of the day. day, ite the rollout flops. people aren't interested. i think there are three reasons for it. the unconventional style, you look at that horse colored grille, it was different than anything that was on the road. you have it unfavorably compared to other things. not an attractive look. the russians launched the sputnik satellite. of course stop buying large expensive items. promised on ander revolutionary brand-new car. he had things i would call gimmicks. instead it's ominous like a floating compass and their, the dial spins around and the needle stay stationary. is it really a technological improvement? i don't think so.

so remember when the general motors ceo said what's good for general motors is good for america -mark he believes that. he's wrong it turns out. what's good for america is pa good for general motors. our quality of life encompassesmore than wealth . so the problem here with a corporate accuracy and looking at just the value of money changing hands as a measure of prosperity is that this actually drives the suicide economy. sorry. it drives the suicide economy fuels where an exchange of money is not attached to value. it'sjust simply money exchanging hands . so this is you'll buy things like oil. war. and disaster capitalism. meaning however, these are people making money on disaster . your intent and more frequent natural disasters set by global climate change. asthma, heart attacks, other illnesses, divorces, mortgage loans. all sorts of similar problems where money exchanges hands but there is no conference exchange of value. qualityof life limits and the corporations . here we are. democracy in crisis. we're facing a huge problem. we have some very critical decisions to make. we ne

general motors and fiat chrysler reporting before the bill, ford after the close. analysts tempering expectations after the companies took down full-year guide anxious. phil lebeau joins us with the latest. >> what's interesting is that the companies that we've heard from, fiat chrysler and general motors expect higher costs to continue for some time let's start off with general motors it cut its full year earnings guidance going down to $6 per share. $6.30 to $6.60 was the previous guidance a lot coming in terms of raw materials, steel and aluminum. here is the cfo of general motors talking with us earlier today on "squawk box." >> we have seen an escalation of commodity prices across the spectrum of commodities, including steel and aluminum, that has been driven by market forces >> now let's talk about fiat chrysler because it has also lord its guide anxious 2018, revenue growth down 5% to 8% earnings growth is also lower than previously guided and the china tariff impact, that's what they're noticing at fiat chrysler. what is interesting with both of these compa

so remember when the general motors ceo said what's good for general motors is good for america we believet is good for america -- it is good for general motors our quality of life encompasses more than just economic wealth. so -- the problem here with a looking at the value of money changing hands as a measure of prosperity -- is that this actually drives a suicide economy and still exchange of money is not exchanging hands so this is fueled by things like -- oil -- war, disaster capitalism. more intense and more frequent natural disasters said by global climate change. and divorces, sub preschool mortgage loans, all sorts of similar problems where money exchanges hands but there's no concurrent exchange of value. quality of life plummets and corporations grow rich. so here we are. democracy crisis. we're facing a huge problem. we have some very critical decisions to make we need to move forward as a nation but we're handicapped our communities are are divided. and we've lost control of our democracy. so i expel become at this point on some teachings by my father who do you do? you get th

the dollar an issue, many companies with larges opera overseas, coca-cola, general motors, they mention the dollar strength as a potential headwind. finally growing concerns,fi immediate p might take a hit from higher regulatory cost particularly in europe where new data protection regations are w in effect. this is an issue for facebook, an issue for alabet, spotify and for twitter. while everybody is focused on tariffs, it's the tax cuts that really matter. that's one of the things powering the markets. the bottom line, the overall mark is holding up well because of revenue growth, tax cuts, and no cut to earnings in the third and fourth quarter. "nightly business repor i'm bob pisani at the business exchange. >> it's time to t a look at upgrades and down grades right now. alysts at just about every wall street bank and brokerage issued a report on amazon today. many hiked their price targets including jpmorgan which upped its target to $2200 on that stock. the analyst citn ama significant profit growth we saw in the second quarter following that earngs report last night. the rating r

they believe they would be active in the market if you will tomorrow morning is when general motors reportsumbers you don't want to miss the interview with chuck stephens, the cfo of jrnl motor. we talk about this, state of the business, and it's a big day for auto earnings, hearing from ford later in the day after it releases earnings on the closing bell we will talk with bob shanks, the cfo of ford busy day. >> back to car sharing, what if they wreck your car. >> it's insured. >> who pays for it. >> it's part of the -- if you pay as the renter you are paying that insurance and it's -- the insurance is done through general motors. and it's similar to what you get with tour o and get around we have had the question before. what if i rent out the car and somebody cracks it up. >> >> right. >> there is insurance. it's not like you're stuck going wait asfwleekd what if they crash it. >> i know be, and the maintenance of it. gets dirty >> it is a business. it is a business nothing is for free. >> thank you, phil we are two days in the busiest week of the year for earnings, the stocks and sector

in this particular case, general motors has said we think this is a bad idea. if we cut off fair access to other people selling cars in america, other countries will cut off access to general motors and ford selling cars overseas. general motors is one of the biggest car sellers in china, for instance. >> it's an idiotic idea that would harm the economy. we have some issues for trade in particular with china. involving protection that the chinese are doing to try to key industries build up their capacity at the expense of others. that is not the case with europe and autos and the flaw of the president's policy is that while targeting the genuine bad actor in terms of china, it's targeting everyone else to diminish the fights we ought to be fighting in is no economic economics. the question is is the president going to do the rational thing and not impose these national security linked auto tariffs. i don't know if he's rational or not. >> the president sgeting out of our commitments to the world trade organization. the dangers could become like the brexit. th t

david: general motors announced second-quarter earnings, beating estimates for earnings per share andwing record returns from china and its financing business, but also it took its guidance for the year down. >> big picture, we're seeing $1 billion of unmitigated headwinds for the balance of the year. some came in q2, and we expect it to continue for the rest of the year. roughly half of that are commodity increases escalating greater than we anticipated, and roughly half of it is currency, primarily south america, hence our view it was prudent to recalibrate expectations for overall earnings this year. emily: ford reported results earlier this hour, adjusted earnings per share $.27, trailing estimates. in addition, ford cut its 2018 earning outlook and season $11 billion restructuring charge over the next three to five years. >> the issue we have in china, as well as europe, those were the two factors behind the guidance change we provided today. they are really more about our business. if you look at china, we were down about $500 million in consolidated operations and our joint ven

now if you liked general motors wfr, p f you like general motors, two, three, six month ago like jim has, are you now reassessing a stock like general motors because you think the tariffs won't be so punitive the it's down 7% today because of these inp put costs i'm still buyer because i'm not full convinced this is going to be a permanent issue the tariffs coming through oil and other thing, i would stay away from certain stocks what they're earnings are going b to be. 2.5% on the gdp. those are two different questions. that's a different question to me as far as me dismissing what if this is the all time high for gdp. we don't know if we're going to broadly upset the north american supply chain if we're going to put these tariffs on chinese goods and raise prices if we're going to have a battle with with europe, none of us has any experience at all in how well this plays out. i'm watch iing for example ceo confidence surveys they don't appear to be affected by this. i'm watching these earnings. i'll tell you what i'm watching. not just the statement about how high high tariffs are

bored to german car brand opel from general motors last year and now the acquisition is starting to payoff during the first half of twenty eighteen opel returned to the black after almost twenty years of losses with profits of more than five hundred million euros p s a's restructuring plan hopefully with shedding a fifth of its former eighteen thousand staff a also owns a situation and it's a total half here profits were one point seven billion euros. all right two carmakers two interesting stories and let's talk about those with daniel corp our man in the front with stock exchange daniel lets out with tesla which used to be that shining beacon for electro mobility it's a rough waters know what's going wrong. well the big problem and we heard that in the report is that the model three this production of the car has been taking extremely long on the one hand and the production also has been getting way more expensive because of that we are seeing and that's what experts are actually calling in saying that tesla is really having a problem with their liquidity and also with their cash flow

ford was thinking they needed to compete more with general motors. general motors had a very established steppingstone system in their car plant -- car brand. you would start with a chevrolet and ultimately get up to cadillac. ford had three divisions -- the ford brand, mercury, and the lincoln at the top of the chain. they thought they needed another step in there. was introduced to be that fourth step in the ford motor somebody changed. ford introduced it with more razzmatazz than we can possibly imagine today. they put advertisements in newspapers, they bought out an hour of prime time special. they had a special with not just in crosby, but bob hope and frank not to stars of the day -- and frank sinatra, stars of the day singing the praises of this car. but it flopped. people were not interested. i think there are three reasons. frankly, the unconventional styling. you look at that -- sometimes this is called a horst koehler to grill. it was different from anything else on the road in the 1950's. it also sometimes got unfavorably impaired to othe

think back to 2001, 2002, there was a time when general motors had taken a stake in fiat.actly doing well at the time, looked at fiat and said what are we doing why are we taking a stake in these guys sergio marchionne was brought in and remember, he's not from the auto industry. he did not come into that job from the auto industry he came in and said let's get back to the basics of being a manufacturer he got out of that relationship with general motors, nursed them back to health starting in 2004. to the point that by 2009 they were relatively strong in most of europe, certainly in southern europe as well as latin america, brazil where fiat has a big presence and to a certain extent in china where fiat, the brand, can be seen and has been seen for a number of years. he did he saved fiat before putting together fiat chryslerment. >> four years ago today fiat chrysler was a $5 stock. today it's over 15 dollars you have more than a 200% return for that company's stock the shareholders, the employees all benefiting from this sergio marchionne was 66 we knew he was not going

whether here or in china impacting the auto industry, it's certainly having an impact on both general motorsnd fiat chrysler they both wrapped up the conference calls within the last couple minutes and for general motors, think about this they are noticing a $2 billion impact in terms of higher costs this year. and a good chunk of that being with raw materials now, they have mitt grated about a billion dollars of that through a number of moves they have been able to make, whether through pricing, whether it is through changes that they have been able to make. so they have been able to offset about a billion dollars, but they finally came out today to say, you know what we can't offset the other $1 billion. about two-thirds of which is due to raw material costs. and while they sourced 90% of their aluminum and steel here in the u.s., this is a global market and we saw what happened, particularly with aluminum prices let's say about three months ago. the entire second quarter you saw a huge spike in aluminum prices at the aluminum tariffs being put in place that's now filtering through and tha

general motors making a big morning. theater chrysler warning on sales in china.t&t trading at a six year low after its wireless numbers disappointed. takingas you said, trade center stage. investors, cautious. given that and any moment, president trump and the european commission president our meeting. president trump heated up the rhetoric, talking about the trade deficit and how the u.s. is in an unfavorable position. if you take a look at this gtv go library terminal, you can see the u.s. has a pretty big trade deficit, especially with china. and also the size of the deficit with the eu are pretty considerable. president trump saying he wants the u.s. and the european union to eliminate all tariffs, barriers, and subsidies. that will be a key focus today as we head into that conversation. anytime now at the white house. one of the most high profile american companies to fall the m2 president trump's trade war has been general motors. cuttingic car company its profit projections for the year on surging prices for steel and aluminum. stephen spoke earlier with b

general motors was born in flint, , the auto industry was born in flint. but even more importantly than being the birthplace of cars, flint is the place of unique or the uaw was born in flint due to the tenacity, the bravery of autoworkers in the late 1930s, who sat down for something called flint sitdown strikes for 44 days and car plants to many their share of prosperity. it took the personal intervention of the then governor of michigan, and franklin roosevelt's, president roosevelt to end that strike. and finally the uaw was recognized. what happened something called the grand bargain. this was born in flint which created living wages which created benefits, which created amazing school system which was afforded to about 300 school districts which created prosperity. those wages that were informed in flint were spread throughout the country. that is the loyalty the flint, the recent that i know in flint. at one point because of all that link has the highest per capita income in the country. can you believe that? the wages were the highest in the countr

problem these firms are losing a refit money tesla is worth more than a car colossus is ford or general motors despite selling a tiny fraction of the cars and losing billions music streaming giant spotify is just enough to vos lost is now the biggest startup in the world but it's lost money every year of its life and last year the worst an i was four and a half billion the hope is one fine day we'll all book. to electric cars while uploading spotify music to the dropbox cloud or something like that but new economy new danger these aren't small companies anymore they affect millions of workers and users and cracks beginning to show suggesting far from expanding some are starting to fire their workforce and in the new economy relationships are shall we say complicated hundreds of thousands of paid for tesla cause the poor company hasn't even built if it goes bust these are all very people would likely be quote wiped out definitely there's a a there's.

general motors and b.m.w. they're all building and assembling cars are in the process of building more factories and guess what china owns half of them and he's going to need about five billion dollars to do it out of his own pocket when you partner with china you cut that cost in half and it will take about three years if you're super aggressive on building it which means you have to start like yesterday it's going to take quite a few billion dollars you've got to train employees and it would double the capacity i think that it's a very ambitious suggestion but to me it sounds like hype in order to raise money because he's burning through cash like nobody's business and soon as they make that two hundred thousands car here in the u.s. he's going to lose a seventy five hundred dollar tax credit and the competitors are going to have that available and that will hurt his sales all that's very interesting on the tax front lauren tesla is that the only one i read i don't it's news out today but i read it today tha

general motors is the one automaker that does not report monthly numbers.however >>> the california supreme court now has issued that yelp can't be forced to remove negative reviews. this is interesting. the case reviewed by a judge that overturned a lower court ruling that said yelp could lead to widespread removal of negative reviews so another interesting case. by the way, there's another fascinating one at instagram right now with a fellow saying he was defamed by anonymous folks who included him in a me too campaign now he's going after sort of jane does to try to figure out who they are and try to compel -- >> instagram to review the identities >> yes he's arguing it's defamation >> imagine if that case sided for the man. imagine -- right think of how many eggs on twitter say nasty things that may be defamatory. >> the issue in that instance is you can't just say i think he's a bad guy. if it was said in a factual way, he did "x" and he in fact didn't do "x," then it's more complicated. >>> separately, one of this morning's big stock winners, office f

general motors cut targets on higher steal and aluminum cost.w that after lackluster sales in china, announcing a costly restructuring. but the prospects for carmakers. kevin joins us. what are we looking at? kevin: gm was a bit of a warning shot as they cut aluminum and steal tariffs. the imf has estimated that, if the auto tariffs trump is threatening are imposed, it would do more than double the damage of all the other tariffs that trump has either implemented or suggested. it looms large over everyone. , hyundai makes half the cars it sells in the u.s. nissan is one third of the cars. the u.s. is still the biggest market. is something that everybody is watching and the u.s. market is having trouble, already passed its peak. the sun, in particular, has been guilty of boosting discounts, consumers, and it tried to pull that back now this year. success soimited far. china is increasingly important, and they have improved a bit in china as well as. that's right. it has been the biggest market since about 2010. year,an into trouble last got embro

this plant in the city of sellout produces pickup trucks it's run by the american company general motors which benefits from mexico's lower wage cost. it's just the kind of set up us president donald trump is determined to clamp down on he's hoping to lure companies back to the united states by imposing tariffs of up to twenty five percent on car imports it certainly wouldn't be the first protectionist move back in may trump imposed a twenty five percent tariff on steel and ten percent unemployment in imports mexico responded by placing a levy on imports of american pork. tariffs have made pork too expensive stuff in mexico is managed one could say within a few hours to substitute u.s. pork exports with e.u. exports of cork. mexico is currently in the middle of updating its own free trade deal with the european union amid strained relations with the united states the country is keen to strengthen economic ties with other countries. but to mexico is not just the u.s.a.'s neighbor it's a member of the pacific alliance it's an economic bloc that's getting stronger and stronger in latin amer

and general motors approach was we need to have a higher octane engine, more powerful engine so wecan build bigger cars. people want bigger cars, they become a prestige item . ford was much more interested as i said keeping something that would be smaller, more efficient so general motors began the search for some way to increase the octane rating of gasoline and although alcohol was obviously one solution, mister kettering was the scientist doing the research didn't think there was enough alcohol production in the united states to meet the demand and in any case, he went to work and after a lot of rather complicated work describing in some detail in the book, i found it fascinating how they found their way to the right material, they came up with the introduction of lead into gasoline which for all the pollution problems followed over the next six decades where he finally pulled a out of gasoline in the 1970s , was a direct result of a contest between two large structures that were trying to dominate the new market. let's move forward to the present. i've given you a few highlights b

they are in a facility that wants to produce over 1,000,300 cars when it was a general motors factory in the 1970's. they have one of the most advanced auto assembly lines ever made. i think they will be able to sustain the production level and this does take tesla to the next level of taking it from a niche car producer to a mainstream auto manufacturer. >> max, you have covered tesla four years, elon musk said he spent the night in the factory. they can't take a break? a lot of pressure on the company , can they keep it going, is this the turnaround tesla watchers hope it is? >> you hope the way elon musk has been living, seems like he has been up all night and sleeping in the factory, you hope you will take a day or two and rest. because all of the tesla working that been have been working nonstop to hit the milestone. -- have been working nonstop to the milestone. what they are doing now is not sustainable but as time goes on they will improve the robotic manufacturing line and that will get them up to around 5000 cars. they want to get the same production number without looking a

having an impact on them and one of and now the president not the one the president intended general motors for one saw its shares tumble on wednesday in their second quarter profit down compared to last year the company's now lowered its profit outlook for the entire year the cost of g.m. two materials have been going up in the fallout from the trade dispute it's america's biggest carmaker the news is huge amounts of steel. well before trump's announcement that the u.s. intends to work with the e.u. i asked our financial correspondent so if you should month ski where to go wrong the g.m. or the auto makers being hit by the terrorists and this becomes very obvious when looking at the outlook g.m. gave one reporting their earnings the nation's largest automaker lowered its profit outlook for twenty eighteen saying it expects commodity price pressures to continue and guess where this is coming from right and it's coming from trump and his protectionism is specially from his tariffs on elam many i'm in feel because they're simply the most important draw materials being used in auto production

german copper and opel from general motors last year now the acquisition is starting to pay off. during the first half of twenty eighteen opel returned to the block after almost twenty years of losses with profits of more than five hundred million euros. p.s.a. is restructuring pound for opel includes shutting a fifth of its former eighteen thousand staff. google's parent company alphabet has reported impressive second quarter earnings they trans to preface testaments boosted by strong growth and its advertising business. google ad revenues rose twenty four percent but the record trust fine from the e.u. is set to cost the internet giant billions european regulators accused of forcing my pal device makers to take its products when using android operating system alphabet says it will appeal. just three weeks ago china learned pakistan another one billion u.s. dollars a substantial part of the funds will go to. pakistan's infrastructure into the china pakistan economic corridor or the project is part of beijing's plan to create a new silk road trade treaty. the key factor is access