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China's best-selling, GM-backed electric car brand launches a mini convertible

Wuling Motors unveiled a convertible model of its highly popular budget mini electric car at the Shanghai auto show in April 2021. Evelyn Cheng | CNBC SHANGHAI – General Motors' joint venture in China is launching a miniature electric convertible under a low-cost brand that has soared in popularity in the last year. Called the Hongguang Mini EV Cabrio, the convertible will begin mass production next year, according to a release. Details on pricing and availability weren't available at the time of the vehicle's unveiling at the Shanghai auto show this week. The car is the latest from the popular Hongguang Mini EV line developed by General Motors' joint venture with Wuling Motors and state-owned SAIC Motor. GM China has a 44% stake, while SAIC holds 50.1%, according to GM's website. The initial Hongguang Mini EV launched in July with a starting price of just a couple thousand U.S. dollars. It has sold more than 270,000 units over 270 days, according to ...

Jaguar Land Rover, Daimler production scaled back due to global chip shortage

2020 Land Rover Defender Source: Land Rover LONDON – The global chip shortage is continuing to wreak havoc at some of the world's biggest carmakers. Britain's Jaguar Land Rover announced Thursday that it has been forced to stop car production for a "limited period" at its Castle Bromwich and Halewood manufacturing plants in England as a result of the chip shortage, which has been going on for several months now. "Like other automotive manufacturers, we are currently experiencing some Covid-19 supply chain disruption, including the global availability of semi-conductors, which is having an impact on our production schedules and our ability to meet global demand for some of our vehicles," a spokesperson told CNBC. They added: "We are working closely with affected suppliers to resolve the issues and minimize the impact on customer orders wherever possible." The Coventry-headquartered firm — which produces cars like the popular Range Rove...

Nestle CEO says business case for sustainability emerges as consumers demand it more than before

Nestle is maintaining growth despite committing billions of dollars towards improving the company's environmental footprint, CEO Mark Schneider told CNBC Thursday. "Today's consumer asks even more than before for sustainability. They want to know that we are treating the planet well, they want to know we're taking care of the next generation," he said in an interview with Jim Cramer on "Mad Money." "I think there's a good business case emerging and that's what we're pursuing," said Schneider, whose interview landed on Earth Day. As laid out in its sustainability strategy, Nestle plans to reduce emissions within its business and supply chains, snuffing out its carbon footprint by 2050. In the near term, the Switzerland-based food and beverage maker, whose portfolio includes Gerber, KitKat and Nespresso, has announced moves to end its dependence on deforestation by next year and to shift operations completely to renewable electr...

Fears of Biden's capital gains tax proposal are discounting stocks, Jim Cramer says

Investors selling stocks in reaction to the Biden administration's rumored plan to hike taxes on investments are making a mistake, CNBC's Jim Cramer said Thursday. "Please, do not fear the taxman. Don't fixate on where a stock came from, only think about where it might be going," the "Mad Money" host said, shrugging off the odds that the proposal would get through Congress as is. Stocks fell after a Bloomberg News report said that President Joe Biden could propose raising capital gains taxes on millionaires. Convinced that the situation is creating discounts in the market, Cramer is taking the other side of the trade. "Be ready to buy stocks that are getting crushed by tax fears that have nothing to do with the fundamentals and watch for stocks with good yields if you're desperate for tax-efficient income," he said. Cramer advised investors to not sell the news, given the hurdles Democrats have to push the policy through a Senate wit...

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