Fiat Chrysler and PSA announce merger
In an agreement that will make them the fourth biggest car manufacturer in the world, Fiat Chrysler and PSA recently released information to their employees about the two companies' upcoming merger. In response to retaliatory litigation from General Motors, FCA chairman Elkann has stated he is not bothered by it and remains confident of a final agreement being reached in the next few weeks.
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Tesla beats Toyota to become the world’s most valuable automaker
American electric automaker Tesla became the world’s most valuable automaker on Wednesday when the electric vehicle company’s market capitalization surpassed Toyota’s for the first time. Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion
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CNBC
HHS to work with GM under Defense Production Act to produce 30,000 ventilators for national stockpile
The Department of Health and Human Services on Wednesday announced a nearly $500 million contract with General Motors under the Defense Production Act to produce 30,000 ventilators that will be delivered to the national stockpile to help treat coronavirus patients.
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Google
Fiat Chrysler will be making 1 million face masks every month
Vehicle manufacturer, Fiat Chrysler, has announced that it will be producing 1 million face masks every month in order to assist in the fight against the coronavirus. These masks will be donated to those working in emergency services such as the police and healthcare workers. Other companies have begun work on making ventilators.
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TechCrunch
GM to reveal new electric vehicles to compete with Tesla
Vehicle manufacturing giant, General Motors, is all set to reveal their new line of electric vehicles to convince investors that it can compete with Tesla. The company has focused on reducing the cost of the batteries used in these cars, potentially reducing their cost by a large amount. Although Tesla is still the leader in the market, GM may be able to catch up.
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Reuters