general motors is planning for an electrified future. what strides have the company made to dominate the ev world? i am speaking as closely to the ceo. i'm looking at the list, and give you my take. we will also learn more about plug power and the plan to expand the top brass. stay with cramer. >>> don't miss a second of 29. follow jim cramer on twitter. also you can tweet at #madtweets. you can also give us a call at 800-743-cnbc. wow! it's been 38 years since we were here. back then we could barely afford a hostel. i'm glad we invested for the long term with vanguard. and now, we're back here again... no jobs, no kids, just us. and our advisor is preparing us for what lies ahead. only at vanguard, you're more than just an investor you're an owner. giving you confidence throughout today's longer retirement. that's the value of ownership. we've been streaming all day from every room. throughout today's longer retirement. the power and speed of this super-sonic wifi from xfinity is incredible. mom! mass speeds was my idea, remember? get m

there is also mcdonald's, general motors, at&t, marriott to name a few. they are painting a picture of whether the consumer is starting to crack. we will take a close look now at demand and spending in retail, and restaurants, and automobiles as well, and what it all could mean to the economy and to your investments. we will start with the industry leader walmart. as she mentioned, it is down seven, nearly 8% right now, trading slightly above where it was at the start of the pandemic. courtney reagan starts us off with the news on walmart. courtney? >> reporter: hi, ty, it has been 8 1/2 years since walmart has issued any kind of warning. sales are higher but profit is lower. ceo doug mcmillan says that the increasing prices of food and fuel are affecting how customers spend, particularly on general merchandise and apparel. so walmart is cutting prices further to incentivize shoppers to buy more discretionary merchandise. however, the retailer is increasing its total sales expectation, because it is selling more grocery items, which in turn are less profi

the president of general motors will join us next. andrew ross sorkin givess the inside scoop on the biggest business story of the way. >> elon musk. >> that is what we should be talking about. >> we'll get t w him in next ti. >> okay. in next time. ok >> okay.bout those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in ont anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just p

. >> general motors is under a little bit of pressure earning 1.20 a share, and if you want to blame in miss, blame it on the three cs -- china, chips and supply chain, being under pressure, and the chip supply, and they warnd about this three weeks ago, and the supply chain issue that have been hitting all of the automakers over there, and if there is any good news in the q2 report of gm, it is coming on the side of revenue. revenue is bert tter than expecd well ahead of what the street was expected, and the average transaction price, guys, near a record high of $50,499 and yes, they are seeing plenty of demand, and not enough to say they are worried yet about the consumer, and here is cfo paul jacobson talking to us on squawk box. >> everything that we are seeing is indicating that the demand for the veeck sls very, very strong despite increased production, and the inventory levels are stag down, and lot of demand that is unmet over the last couple of years as we have gone through covid and the chip issues. >> did you take a share of the shares of general motors, one more news item

can you bring the financial discipline to develop persistent free cash flow to general motors?l: what i'm really excited about, the opportunity here at gm is it is an industry that is in transformation, not just a company. when you look at the capability of electric vehicles and what they can bring to consumers, we are focused on the entire universe of revenue opportunities yada just the first sale of the vehicle. we just announced charging infrastructure to america's interstates, more than 2 thousand hwy chargers with a network that will provide great benefits for gm customers. that is the recipe for generating strong cash flow. tom: the problem i have is the car value. for those of you on radio, the blazer behind paul jacobson is a crimson color, much like the university of alabama. paul, bad form. as an auburn guy, you just can't have a crimson car behind you. thanks so much. paul: i tried to push for origin but we don't manufacture that color. tom: it is about football always if you are from alabama. jonathan: tom, you mentioned the stock, a great year last year. tom: i kee

then he called the leaders of the biggest e such mm locomotives of the american economy, like general motors there still others said you will return production in uh, the united states uh there is a huge tax rebate. so what does it mean to be suffering and so on, that is, in his own way he was from the point of view. i consider the national interests of the united states to be precisely the real non-global ones to manage all that to a large extent. well, it's different colonial. you're right. whenever you talk about it politics, but this is still an ideological narrow-mindedness, a terrible trotsky itch for the uniformity of the world. his the dominance of e trump is unconditional, while as a person - this is the vepr billhook, which goes ahead e. you know, this is how they break into the bushes. he does not know how, probably not used to team play. although we see that now biden and the united states are somehow lost under the democrats. today. they also bend europe, but they are trying to somehow tie them up and pretend to look like that, after all, this is a team that a single and so on t

on general motors you have a $50 price target, it's at 32.y have 95,000 zombie cars? >> you've got to look on other side of the story. it's the lek electrification strategy. i think what mary and team are doing going into 2023-2024, it's a stock that could get ultimately rerated along with ford, and i think that's why you've got to be able to look on the other side of this economic supply chain storm because -- and i think that's really what i view as gm's stock up today, a positive, also the market rallied a bit. liz: no price targets for either gm or tesla, cuts by you? >> still $1,000 tesla, $50 on gm. and when i look at tesla, it all goes back to my view it's a disruptive technology player in the midst of of what's going to be a mass transition to evs. liz: okay. there were 679 at change. apple, you've been very hot on apple many part because of the role it could start to play in sports streaming. this earthquake of a headline, ucla and sc are are leaving the pac-10 to go to the big ten. you've got to figure when these contracts come up,

prior to the 2009 bankruptcy of general motors an delphi, general motors made an agreement to top upenefit losses for certain unionized employees represented by the united autoworkers. general motors honored that agreement and those unionized employees were not subject to the same benefit losses caused by the statutory limits. now this bill could create a significant precedent in the single employer pension system by allowing a taxpayer funded increase for one, for one of over 5,000 terminated single employer pbgce trustee plans. it would also create and expectation that congress will do the same with current and future terminated plans. here's the deal. this bill has no committee hearings, no markup, no input from committee republicans. instead of working on appropriations, the majority has decided to use this last week in july to allow some of their members to take home a win before the august recess. lastly, h.r. 3771, the south asian heart health awareness and research act of 2022 takes an important public health issue and makes it partisan. the energy and commerce committee repu

more than $100 billion in electric vehicle battery investments by ford, general motors,-day, tesla and more. and just last week, s.k. corporation of the republican of korea announced $22 billion in new investments in semiconductor batteries, chargers and medical devices, creating another 16,000 jobs here in america. and this is following the strongest rebound in american manufacturing in over three decades, creating 613,000 manufacturing jobs. passing the chips bill was going to put another $72 billion for incentives and tax credits to expand semiconductor production. and the inflation reduction act will add another $370 billion in clean energy tax credits in reconciliation. included to accelerate domestic production of solar panel, wind turbine, batteries and critical materials processing. that doesn't sound like a recession to me. thank you very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2022] mr. mccarthy: mr. speaker, i thank you for

workers, electricians, electrical workers at westinghouse, sons and daughters of auto workers from general motors and machinists from ohio brass, carpenters and pipe fitters and electricians who built our city and serviced these large companies. but by the time i graduated mansfield high school, from mansfield sr. high school, those plants were shutting down one after another. why? because corporate america wanted cheap labor. first they went to antiunion states in the south. a plant might shut down in mansfield or barberton, ohio, and move to alabama. a plant might shut down in shelby, ohio, or springfield, ohio, and move to georgia. a plant might shut down in toledo or in wadsworth, ohio, and move to north carolina or arkansas or virginia. they went to antiunion states. they went to antiunion states with low wages. but you know what? then those ceo's, paying themselves really, really good incomes, you could see already then the average pay for a worker in those days when i was, i guess, in junior high school, a ceo made about -- the plant manager made about 25 times what the worker made or even

more than 100 billion electric vehicle betterer investments by ford, general motors, hyundai, tesla and more. just last week sk corporation of korea announced $22 billion in new investments in semiconductor batteries, chargers, medical devices created another 16000 jobs here in america. this is powering the strongest rebound in american manufacturing in over three decades creating 613,000, 1,613,000 manufacturing jobs. pass in the chips bill is going to put another $72 billion for tax credits to expand semi conductor. on the inflation reduction act ddwill add another $370 billionn clean energy tax credits and reconciliation buried including incentives to accelerate domestic production of solar panels, wind turbines, batteries and critical materials processing. that is not selling a recession to me. thank you very much. [background noises] >> c-span has unfiltered coverage of the house generate six committee hearings investigating the attack on the capitol. go to c-span.org/january 6, our web resource page to actually see videos of the hearings, briefings, all of our coverage on the atta

general motors has posted a 15 percent drop in sales for the 2nd quarter. us comic assess supply chain problems mean is holding 95000 unfinished vehicles in storage. it however says that pent up demand is driving strong pickup truck sales. average inflation in europe rose to another record high in june. and seaman prices in the 19 euro zone, countries reached 8.6 percent half a percentage point up from may. germany, inflation dropped to half point one. inflation in spain rose above the 10 percent threshold the 1st time since 1985 and weight prices have dropped 27 percent close to rates available before the war in ukraine sent prices to record levels. alice believe this is due to recent comments by of russia and turkey. they say they're willing to discuss the safe passage of ukrainian grain from block horse are numerous parts of europe. so record june temperatures in recent weeks, and the extreme heat has been taking its toll on the continents harvests. in italy, the farmer's association says, a lack of rainfall could cast them members, 3000000000 euros this year. this rice, paddy isn't

and then on top of adults with household names, mcdonalds, coca cola, general motors, the big oil giant on friday. so yeah, when it comes to earnings, especially tech companies, there's a lot of. thank you. yann's carter there in new york for us and here some other business news gas prom says it will further cut deliveries of natural gas threats. nordstrom, one pipeline, the russian state own company will lower the flow to germany to 20 percent of capacity this week. it says this is due to repairs. germany says there is no tactical reason for the cut morale among german businesses has fallen as rising prices for goods and fuel damping growth prospects according to a survey by the german e fo institute think tank published on monday. the fo, business climate index felt its lowest point in 2 years as companies anticipate intern army recession to the philippines. now, where the president ferdinand marcus junior, delivered his 1st state of the nation address. marcus outlined his administration's economic goals, including having between 68 percent g d p growth in the next 5 years and slashin

general motors has posted a 15 percent drop in sales for the 2nd quarter. us comic assess supply chain problems mean is holding 95000 unfinished vehicles in storage. it however, says that pent up demand is driving strong pickup truck, so average inflation in europe rose to another record high in june and seem of prices in the 19 euro zone. countries reached 8.6 percent half a percentage point up from may. germany inflation dropped to half point one. inflation in spain rose above the 10 percent threshold the 1st time since 1985 and weight prices have dropped 27 percent close to rates available before the war in ukraine sent prices to record levels. alice believe this due to recent comments by russia and turkey, they say they're willing to discuss the safe passage of ukrainian grain from block horse are numerous parts of europe. so reco june temperatures in recent weeks and the extreme heat has been taking his toll on the continent harvests in italy, the farmer's association says, a lack of rainfall could cost their members, 3000000000 euros this year. this rice, paddy isn't italy's reso

general motors closed -- posted second quarter profits weaker than expected.iconductor shortages limited vehicle production. gm maintained its guidance. it signals optimism that gm can get the chips it needs. that is your bloomberg business flash. alix: ge out with earnings earlier today, stock up 5%, second quarter profits top expectations. joining us is david westin. thank you for doing this. was this a lowered expectations? david: it is aerospace, aerospace. everything did better but aerospace shut the lights out, 46% up in aftermarket. this is what they would say is a resurgence of aerospace. new units were down a little bit. it was all the aftermarket. anna: good to see you. supply chain issues and the stock goes up. we have spoken to other businesses where supply chain issues have been dominant and they told a much worse story. how does ge tell the story? david: i don't know if it is better but they would say they have real supply chain issues and aerospace and power and health care, the other two major lines. they are trying to actually send 20% of the

general motors posted profits that were weaker than expected.intains its guidance for the full year. that reflects robust demand for suvs and trucks and it signals optimism that gm can get what it needs. ubs has reported weaker then -- institutional investors withdrew funds and investment banking also trailed expectations. ubs plans to buy back 5 million shares in shares -- global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. ♪ >> first it will increase gas prices. second it will render a couple industries very inefficient and with that generating further inflation, making inflation stubborn which is the real danger. jonathan: the ubs ceo there. futures -4/10 on the s&p. pain in europe, the euro-dollar -7/10 of 1%. 10 years since president draghi was in london and mentioned those few words. whatever it takes. tom: a few words and then a distinctive feature of the ecb, they would come out with confidence about 18 mo

also i am grateful to my family 's nominating judge to all my students and colleagues at abby general motorsnd delphi rolls royce at the university of texas at dallas, and now at the university of houston when i received the letter. at first i could not even believe that i was chosen for such a prestigious award this award definitely shows the importance of improving energy efficiency and reducing emissions, especially in the field of transport, which is responsible for a large part of them this award. it also encourages researchers and companies to further development of technologies in the field of transport and electrification. the electrification of transport has come a very long way in the 1990s , when i said that electric cars were the future, no one believed in it. and now we see them picking up the baton and being available everywhere 20 years ago when the conversation turned to fuel cell aircraft and electric planes and flying cars. people laughed at this when i talked about flying cars 15 years ago, everyone thought it was a joke, and now it's more hundreds of companies are working

mcdonald's, general motors and coca-cola reporting before the opening bell this morning likely setting the tone for stocks this morning we will have the numbers as soon as they hit the tape you have alphabetic parent of google and microsoft tonight "after the bell" with quarterly earnings were waiting on consumer confidence this morning we will get confidence in home sales data out this morning at 10:00 a.m. eastern as the home index out at 9:00 a.m. eastern a lot economic data on tap once again outlining whether or not we are in recession or slowdown stocks ended the day yesterday higher the dow and s&p 500 finishing with the nasdaq closing down on technology ahead of the tech earnings "after the bell" tonight and later on with apple and amazon reporting as well later on in the week yesterday the dow up 90 points in the nasdaq down 91 s&p higher by five and a quarter but has been technology leading gains for the month of july a good many rally for the month of july the dow industrials up 4% nasdaq up 7% in the s&p empire by four and three quarters% in the month of july interest-rate t

general motors, there are so many cross currents rolling around. we are trying to get a feel for how things are going. general motors, just reporting. >> this is a miss on the bottom line, despite respective revenue. the company, earning $1.14 a share. as i mentioned, better than expected. 35 points, $75 billion. were expecting 3.5 billion. two things hurt gm in the second quarter. the covid lockdowns in china. let's start off with the chip shortage. they warned that they were not going to be delivering as many difficulties as expected. they did not deliver 95,000 vehicles that are built. this was from the second quarter, but not delivered. they warned this would be happening. they didn't have a full complement of chips for these vehicles. that's in the second half of this year. profit margins in north america is as a result. they lost $87 million in china in the second quarter. first quarterly loss since quarter one of 2020. they hurt not only manufacturing's, but abilities for the chinese consumer to go out and buy vehicles. gm is reaffirming all

several heavyweights are reporting earnings. 3m, coca-cola, general motors comic mcdonald's, and ups. and this afternoon we we hear from alphabet and microsoft. >>> best buy will open a small format store in north carolina today. the store office only 5000 square feet but it's about 15% of the size of a typical best buy and that has a curated selection of digital products including large tvs, computers, headphones, wearable devices, and phones. and there are lockers to pick up online orders. when you want to buy something in store, you scan a qr code and an employee will fetch the item. >>> and kim kardashian and kylie jenner are urging instagram to stop trying to copy tiktok. the sisters posting a message to the millions of followers saying make instagram instagram again. meta, the parent company of facebook have been pushing facebook and instagram into shorter videos. the market dominated by tiktok. jenner and kardashian are highly influential on social media and a few years ago kylie jenner slammed the snapchat redesign causing that stock to drop 7%. we don't see the same impact th

general motors and pilot are teaming up to build a coast to coast network of electric charging stationsbuilding 2000 fast chargers at hundreds of pilot and flying j travel centers nationwide. this pd chargers will be part of the ego network. >> any type of electric car will be able to use them. but gm owners will get special benefits like exclusive reservations and charging discounts. research shows that access to highway charging, especially in rural areas is a big barrier to ev adoption. tiktok is working on a system to assign videos are ratings sort of like a movie rating system. the company says the first label will help identify videos with mature themes so that they aren't seen by 13 to 17 year-olds. ai will scan videos and look for elements including frightening or intense scenes. that's just one example. this is in addition to automated systems that we doubt videos that violate tiktok rules like no nudity or violent content. tiktok is also giving users the ability to automatically filter out videos with words or hashtags. they don't want to see in their feed. remember, you can a

lg is teaming up with general motors and michigan. fiat chrysler's parent and samsung are planning a factory and indiana. watching those progressions . >>> apple could be the frontliner to land the nfl sunday ticket package. pocket news reports the apple ceo tim cook met with nfl commissioner judge or goodell during the sun valley media conference last week but disney, amazon, and directv reportedly have made offers and sources say the price tag could be $3 billion a year. apple is currently streaming friday night baseball games on apple tv plus and will start airing major league soccer games next year. we wait with baited breath for who gets the football games. >> i can't just wait for football to start. i love football season. thank you. >> let's get through summer. >>> this morning pg&e is under fire once again. coming up on today in the bay coming up on today in the bay we investigate ♪♪ [children playing outside] reynolds wrap makes it easy to cook and clean up meals in no time. ♪♪ [food sizzle] so i don't miss all the fun stuff.

what produced by football, which was owned by the american company, general motors before 940 ford supplied the german army with motor cars and crude rubber. with in july 1938 for his hold of nazi germany, the american manufacturer, henry ford, received the 3rd racks highest possible award for a foreigner, the order of the german eagle. it goes off the night of idle dies, you fought each if you read each bit draft the henry thought i'd say my name is spearhead showed on him la 19 fione fancy showed fault. yes. i know the via toys these, these guys that i can call camper d n as the r p. what as a stark finance here at the office, it was on on the on from the bank of america door knob and leash on the mountain bush did warm goals. foxon on george bush of west president. i think is this money from you? you and it was on the, i mean, i'm hot. that's all pong o. d. u was of it on you long and i didn't treat castro valley for the 20th century. so a confrontation between 2 opposing systems, capitalism and socialism. the example of the soviet union, the proclaimed equality of all nations and all cl

stock surge briefly made it one of the most valuable automakers in the world, worth more than general motors ford, but the stock has plummeted. lately the road for rivian has been pretty rough. it has been plagued by chronic production delays due in part to a shortage of parts, including semiconductor chips. it's sprawling factory can annually produce 150,000 vehicles but this year the company expects to roll just 25,000 off the assembly line. the wait to get one is now more than a year long. >> so this blue car, what is interesting is this car has already been assigned to a customer. >> reporter: 39-year-old scaringe has been heralded as tesla ceo elon musk's nemesis. musk is questioning whether rivian will survive. musk recently said you guys are tracking towards bankruptcy. what is your response to that? >> you don't start a car company immediately making money. i think he is maybe forgetting some of the things tesla themselves went through, but i take it as him hopefully just trying to be constructive and helpful. >> reporter: what has been helpful is the billions in cash rivian is sitti

. >>> california regulators launching an investigation into general motors.ties commission says it is looking at the claims made in a letter sent to it. according to the wall street journal the letter reportedly says vehicles in the fleet regularly call and blocking lane of traffic. we've seen pictures of that online and at least one driverless cruise car has been involved in an accident last month. shortly after regulators shortly after regulators granted permission my tribe has lived on this land for 12,000 years. we call it oleyumi. you call it california. our land, our culture, our people once expansive, now whittled down to a small community. only one proposition supports california tribes like ours. while providing hundreds of millions in yearly funding to finally address homelessness in california. vote yes on 27. tax online sports betting and protect tribal sovereignty and help californians that are hurting the most. >>> one of america's most popular fried chicken franchises now open in the bay area. some lucky customers at a surprise of a lifetime. >

stock surge briefly made it one of the most valuable automakers in the world, worth more than general motors and ford. but the stock plummeted and lately the road for rivian has been rough. it's been plagued by production are declares due shortages to semiconductor chips. its growing illinois factory can annually produce 150,000 vehicles. but this year the company is expecting to roll just 25,000 off the assembly line. the wait to get one is now more than a yearlong. >> so this blue car, what's interesting is this car has already been assigned to a customer. >> reporter: 39-year-old skin cancer -- skaringe as been deemed musk's competition. >> even elon musk said you guys are tracking towards bankruptcy. what is your response to that? >> you don't start a car company immediately making money. i'd say i think he's maybe forgetting some of the things that tesla themselves went through. but i take it as him hopefully just trying to be constructive and helpful. >> reporter: what's been helpful is the billions in cash rivian is sitting on, thanks largely to amazon. it's one of rivian's biggest sh

mary: we really feel general motors has mov

also this week, general motors for general electric visa ups just to name a few, and we're going to hearrms of interest rates this week as well . now as we take a live look at the big board, the dow jones has steadily increased a little bit in the last hour now up 100 points. as you see, just turned. and it is back above 32,000 for the dow, the s and p 500 also up about 20% and it does look like it's getting closer to the 4000 mark, but the nasdaq down about a third of a percent. analysts expect the fed to raise interest rates again this week. and that means your credit card interest could go up again. the average credit card debt is more than $6000. the average rate is more than 16% financial advisors say increasing credit card rates, combined with rising inflation can make it hard to stick to a budget. a lot of the assumptions that you might have made about expenses six months ago have kind of been blown out of the water. by the way, we've seen inflation explode over the last little while. now the advice is to make paying off credit card debt a top priority if you do have an equity lin

so that's 95,000 vehicles in sales in revenue that general motors could not realize or will not be able to realize in the second quarter. nonetheless, the company expects to deliver them by the end of the year and have the same full year. so this does not change but if terms of the q2 sales and delivery there's impact there but overall sales down 15%. the estimate, according to edmonds was for sales to be down 17%. so a let lit better. keep in mind, carl, the street was expecting a decline of 17%. bottom line is they continue to be restricted. there's far more demand than there is supply have you new vehicles. >> as for tesla, it will open higher. we had delivery numbers cut by citi, web bush. is there a sense they can hit the mark? >> well i think everyone is listening at tesla. china was pizzazz in a disaster. you have this bring down the numbers. they have started to ramp up production. look at the volume they have in china right now relative to tesla. doesn't moon they can't catch up. some believe they will have a portfolio at neil but right now it's really, really low volume relati

stuart: general motors down $33 a share.00 cars they could not deliver. >> they did not have the chips or the parts so they're not completely finished so they could not deliver to customers that is one piece of bad news the other piece their margins fell to 8% from over 10% a year ago there is good news think batteries, to make 1 million electric vehicles a year by 2025 and they maintain their guidance because their confidence they could ramp up in the second half of the year maybe try to get the car that you want in your pain $10000 above asking price maybe that situation will change a little bit if they can get the parts that they need. stuart: i'm going to quaint base crypto exchange seven and half percent. >> a government probe bloomberg is reporting this exchange has an sec investigation into digital asset trades and how they were registered the sec says she should have registered them at security and he says we don't list securities on our platform it was also maddox. stuart: bitcoin is at $20000. pretty stable. i got

and texas estimates more than $100000000000.00 electric vehicle battery investments by ford, general motors. hon day tesla and more. and just last week, as it had s k corporation of republic, a korean awesome 22000000000 dollars in new investment and semiconductor batteries, charges and medical devices created another 16000 jobs here in america. and this is powering the strongest rebound in american manufacturing, in over 3 decades. crating, 613613000 manufacturing jobs. passing the chips bills going to put another $72000000000.00 for incentives and tax credits to expand semi conductor production. in the inflation reduction act, or add another $370000000000.00 in clean energy tax credits and reconciliation. including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical materials processing that does sound like recession to me. thank you very much. oh, that is of course us president joe biden is talking primarily about the inflation reduction acts and he's really encouraging the house to pass it today. bill, he says that will reduce inflationar

mary: we really feel general motors' move from being an automaker to a platform innovator.: the shift comes with ambitious goals -- to sell one million electric vehicles in the un

for example a shortage of computer chips forced general motors to idol its plants in fort wayne indiana twice already this year. 40% of the supply dropped at to just 12% while china's production share is increasing rapidly. 90% used are made overseas. let me say that again. 90% of the chips used in the military technology are made overseas. most are made in south korea and taiwan, but an increasing number are produced in china. this is a very real economic and national security vulnerability. and this bill will reassert america's place in the industry and take a giant leap towards ensuring that the supply chain and national defense will never be c at the mercy of technology produced overseas. the applied research fundingng this legislation reforms and invests in the national science foundation to partner with the private sector and universities to develop critical emerging technologies that will transform the global landscape. we know that national success will be built on emerging technologies like quantum computing and artificial intelligence. funding research crucial to keeping ameri

that's what's happening to general motors. >> i will go to joanna.l is describing, a delay in terms of being able to ship the vehicles. what do you think that mons for the proud are market? >> this is consistent with the semiconductors we've been hearing off the last year and a half. so i think it's a positive. what you're seeing as a signal for the broad are market is some of the constraints will be resolved as the year goes by. the auto industry has gotten pummeled. we see continued consumer demand. for the broader market, i don't think there's much of a signal. there's still such a backlog of demand for that. folks are overreacting about lower consumer spending. some are in the middle income or higher. >> apologies for the breaking news from gm. i want to wish both of you a terrific 4th of july. we are in the red, 63 points down on the dow. joe, hope you have a ball. >> margarita night. >> it's crypto night and margarita night. join us on tuesday. "squawk on the street" begins right now. >>> good friday. welcome to "squawk on the street." kicking

can you characterize your commissions hearing what the position of general motors was as represented rews and their lobbyists ? >> i believe that ev or ev companies in general wanted to have more options to locate flee charging so they are particularly looking at our rc districts and rnc districts to open up their locations. primarily in sort of the historic garages that were built in 1920 to be the ones that they electedthe most . >> while we have not called item for you were you aware of the city attorney's concern that the conditional use provisions in this item and the next item conflict? >> i am. the next item delete it entirely which if you take the changes out of this one and delete it entirely solve the issue. it was modified in this ordinance to allow the gas stations to convert our automobile service stations to ev charging without having to go through conditional use but if that provision is removed then it should be more dominant. i know that at some point a few months ago i think it was planning staff or maybe it was mayor's staff or maybe environment staff asked my offic

general motors has been making electric cars for 11 years and they were only able to make 25 thousand last year compared to tesla's 925,000. they have a long way to go. that being said, rivian makes a great truck, but they are laying people off. they have taken their production numbers down to 25,000 well tesla is ramping their predictions up to 1.5 million. the real people to look at, they saw the writing on the wall. he took battery production in-house early. they have deep pockets, factories on multiple continents. then there's the chinese. most americans never heard of a chinese auto company, but dyd, and others are going to be coming to market 4023, 2024. they are moving faster than any other auto company except tesla. the chinese are subsidizing auto costs. they make good cars. expect global competition. it is good for the consumer but there's going to be a shakeup. electric vehicle companies are coming to market, we may be heading into a recession, more cars, fewer buyers, we will see who ends up on top. keep an eye on tesla, volkswagen, and the chinese. emily: is the china pro

for example a shortage of computer chips for general motors to idle is assembly plant in fort wayne indiana twice already this year. you semi conductor production was again a nearly 40 percent of the world's supply has brought to just 12 percent while china's production a share, is increasing rapidly. 90 percent of the chips using a military technology are made overseas. let me say that again, 90 percent of the chaps chips using a military technology are made overseas and most made in south korea and taiwan but increasing number have produced in china. this is a very real economic and national security vulnerability this bill, will reassert america's place in this industry in a giant leap towards ensuring that our supply chain and national defense will never be at the mercy of technology produce overseas and another important aspect of this bill is critical applied research funding in this legislation reforms and invest inin the national science foundation of the partner with the private sector and universities to develop critical emerging technologies that will transform the global landsca

keep in mind general motors has been making electric cars for 11 years now and they were only able to make 25,000 last year compared to tesla's 920 5000. they need to kick it into a higher gear. rivian makes a great truck and they are laying people off. they have taken their production numbers down to 35,000. volkswagen saw the writing on the wall. there ceo took battery production in-house and they have got deep pockets, factories on multiple content -- continents. then there are the chinese. most americans have never heard of a chinese auto company but xpeng and others are going to come into the market i am 23 and 2024. they are moving faster than any other auto company except tesla. chinese companies are subsidizing battery and auto costs. they also make pretty good cars. expect a lot more competition. 30 electric vehicle companies have come to the market the last 24 months. we are heading into a recession with more cars and fewer buyers, we will see who ends up on top. keep an eye on tesla, volkswagen and the chinese. emily: you still have that when he one-day lockdown in shanghai

lauren: general motors delivered hummers and other electric vehicles and only 370 some this past months but you have to understand if they are not making profits they will not make a limited quantities of the. if they make more of those vehicles it will not reduce the price of rare earth minerals and the batteries. we have a chip shortage, wiring harnesses, tires. the supply chain is broken. they are correcting it by bringing everything to the us trying to have more controls on the supply chain. the problem remains this doesn't happen overnight and we are looking at lost sales and revenues, we are looking at maybe 2024. neil: when i hear the automakers, although promising to have its whole line ev in a number of years and don't know what the others were but they want to beef up the ev presence. the timetable i imagine has been pushed back. lauren: absolutely pushed back. a lot of countries say we can't make 2035, not even possible. new york state, kathy huchul said all electric vehicles by 2035, most people can't afford the. double the insurance cost, you have to have a charger, no pla

general motors halted for news pending. jonathan: we will wait and see what that news is.the front end of this yield curve. looking ahead to the ism and about one hour 12 minutes from now anticipating maybe weaker data. this conversation about not rate hikes but may be rate cuts in our future. tom: fractional curve steepening. equities have not played. it will be interesting to see coming off the economic data. jonathan: that is such a good point. they have not played at all considering what we are seeing layoff in the bond market. tom: we will see. what we are going to do is cover airlines and all of the uproar and we are not wedded to the goss about there. everybody is having a field day with this we are going to try to get some clarity thought. we are going to go to nashville, tennessee which is the franchise of raymond james but first, we have kridi good with us. the brand spanking new system outlook already a. it is not the panic of two days ago is it? kridi: i think the story here is going to be the trade-off between the airline story and the the driving story. you t

auto sales including general motors at 9:00, toyota at 10:30. the expectation is for the number to stabilize around 13 million, which is well below the 17 million we saw in 2018 and 2019. jonathan: let's get straight into it with michael o'rourke, chief market strategist at jones trading. your words, i am getting worried about energy and materials. talk to me about energy. michael: i've been on the value trade and i see the key components are financials, banks, energy. we have had a great run in energy. the energy policy in this country has worked to the advantage of investors and oil prices have shot up with the war in ukraine. now we are starting to see this economy slow. we are getting clear signs of slowing. the downside volatility could become tied to energy needs if we see a real slow down or a recession it will be trouble. tom: can you buy quality? if you have a one year or three year perspective, stocks have revenue stability, they persistent free cash flows, can you begin to acquire those shares are you have to be as gloomy as lisa? mic

report that came out from bank of america talking about the car wars and looking up up ford and general motors looking to catch up with tesla in the next five to ten years. i look at them pointing to 3.5 years growth ratio my money goes to ford and it goes to gm >> people like to talk about second mover advantage, and they always invoke apple as an example. how much can we equate gm and ford's prowess with apple's manufacturing process? >> i think one of the things gm and ford has going for it, they already have some balance sheets, they already have cash flow being generated by the legacy business. i think what they started doing slowly but really did much more quickly is re-reporting that advantage, and i think the second advantage piece is hitting on other stocks as well. >> the whole gross stock picture to -- growth stock picture looks a little weird to me snowflake is higher than by 14%, doordash better than 5%, there's other things that are done overall to start this week, i'm looking at china lockdowns and consumer spending. some of the areas around shanghai seem to be potentially locki