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SEOUL/WASHINGTON (Reuters) - South Korea's LG Chem said on Thursday it would invest $916 million in its U.S. subsidiary by 2023 to set up an electric vehicle battery joint venture with General Motors . An LG Chem spokesman confirmed an earlier Reuters report on the joint venture, but declined to give details. One source familiar with the matter told Reuters earlier that the facility, expected to be located in the Lordstown area of Ohio, would see investment of more than $2 bi
Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the carmaker's battered share price up nearly 15% on Thursday. The British sports car maker's share price has slumped since its flotation in October last year. Stroll, who is the father of Formula One driver Lance Stroll, is heading up a consortium looking to take a "major shareholding" in Aston Martin, Autocar said on Thursday.
In these uneasy times, as we move along to a new decade, the Pantone Color Institute has reached back in time to calming, confident Classic Blue as its color of the year for 2020. The color is an anchor offering stability, constancy and connection, said Laurie Pressman, vice president of the global purveyors of color consulting, trendspotting and analysis. Akin to maritime blue — not indigo and brighter than navy — Classic Blue evokes a feeling of vast expanse, Pressman said of the shade also
Former United Auto Workers vice president Joseph Ashton pleaded guilty on Wednesday to conspiracy to commit money laundering and wire fraud as part of a wide-ranging federal corruption probe into the union. Ashton, a former General Motors Co board member, was charged last month with conspiring with other union officials to receive "hundreds of thousands of dollars in bribes and kickbacks" according to documents filed in U.S. District Court in Detroit. Ashton, when asked by the judge whether he
Union leaders from Fiat Chrysler factories are sending a new four-year contract to a membership vote. The 47,000 members of the United Auto Workers union at the company will vote on the deal starting Friday. Local leaders assembled on Wednesday in Detroit to go over the pact, which includes a $9,000 bonus per worker upon ratification.
Elon Musk, wrapping up two days of testimony at his defamation trial on Wednesday, insisted his "pedo guy" Twitter message at the heart of the case was an "off-the-cuff" insult hurriedly written in anger and not meant to be taken literally. The chief executive of electric carmaker Tesla Inc and founder of rocket company SpaceX also acknowledged in a packed Los Angeles federal courtroom his net worth, mostly from stock holdings in those two companies, was about $20 billion (£15.59 billion). Mus