This tiny $4,500 EV with just 27 horsepower is crushing the Tesla Model 3 in China

Wuling Hong Guang Mini EV.
The Wuling Hong Guang Mini EV is about as long as a Smart ForTwo.

  • In China, Tesla’s most popular car is getting outsold by a minuscule EV called the Wuling Hong Guang Mini EV.
  • The tiny electric car starts at around $4,500 at current exchange rates and seats four.
  • It can go just over 100 miles on a charge and hits a top speed of 62 mph.
  • See more stories on Insider’s business page.
A tiny bargain-bin electric car is crushing the Tesla Model 3 in one of the US carmaker’s most crucial markets.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

In April, the Wuling Hong Guang Mini EV was China’s most popular EV, selling 26,592 units, according to the China Passenger Car Association.

SAIC GM
Wuling Hong Guang Mini EV.

Elon Musk’s automaker came in second, moving 6,264 Model 3 sedans in China over the same period.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Mini EV was launched in July through a joint venture between GM and two Chinese companies: Wuling and SAIC.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The model starts at the equivalent of around $4,500, but a fully-loaded version will run you $6,000.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The tiny hatchback is just under 115 inches long and roughly 59 inches wide.

SAIC GM
Wuling Hong Guang Mini EV.

For reference, a Fiat 500 is around 140 inches long. The Mini EV is closer to the size of a Smart ForTwo.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

It has around 26 cubic feet of cargo space, roughly the same as a Fiat 500. Wuling says it can fit a stroller or two small suitcases.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

That’s with the rear seats folded down. Yes – believe it or not, the Mini EV does have room for four passengers.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Hong Guang Mini EV can only go around 105 miles on a charge, but it’s meant more for urban driving than long road trips.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

It makes a claimed 27 horsepower and has a top speed of 62 mph.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Hong Guang Mini EV, of course, isn’t in the same league as Tesla’s premium electric sedans and SUVs.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Model 3 delivers almost 300 miles of range in its base configuration.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Tesla also costs almost 10 times more than the Hong Guang Mini EV, retailing for right around $39,000 in China at current exchange rates.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

Tesla hasn’t indicated it has any plans to go after China’s budget-EV market, but it is developing a $25,000 EV at its Shanghai plant.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

Read the original article on Business Insider

This tiny $4,400 EV with 23 horsepower that can seat 4 is outselling the Tesla Model 3 in China

Wuling Hong Guang Mini EV.
The Wuling Hong Guang Mini EV is about as long as a Smart ForTwo.

A tiny bargain-bin electric car is outselling the Tesla Model 3 in one of the US carmaker’s most crucial markets.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

In March, the Wuling Hong Guang Mini EV was China’s most popular EV, selling 39,745 units, according to the China Passenger Car Association.

SAIC GM
Wuling Hong Guang Mini EV.

That’s compared to just over 25,000 of Tesla’s best-selling Model 3 sedans sold over the same period.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Mini EV was launched in July through a joint venture between GM and two Chinese companies: Wuling and SAIC.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The model starts at the equivalent of around $4,400, but a fully-loaded version will run you closer to $6,000.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The tiny hatchback is just under 115 inches long and roughly 59 inches wide.

SAIC GM
Wuling Hong Guang Mini EV.

For reference, a Fiat 500 is around 140 inches long. The Mini EV is closer to the size of a Smart ForTwo.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

It has around 26 cubic feet of cargo space, roughly the same as a Fiat 500. Wuling says it can fit a stroller or two small suitcases.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

That’s with the rear seats folded down. Yes – believe it or not, the Mini EV does have room for four passengers.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Hong Guang Mini EV can only go around 105 miles on a charge, but it’s meant more for urban driving than long road trips.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

It makes a claimed 27 horsepower and has a top speed of 62 mph.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Hong Guang Mini EV, of course, isn’t in the same league as Tesla’s premium electric sedans and SUVs.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Model 3 delivers almost 300 miles of range in its base configuration.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

The Tesla also costs almost 10 times more than the Hong Guang Mini EV, retailing for right around $39,000 in China at current exchange rates.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

Tesla hasn’t indicated it has any plans to go after China’s budget-EV market, but it is developing a $25,000 EV at its Shanghai plant.

Wuling Hong Guang Mini EV.
Wuling Hong Guang Mini EV.

Read the original article on Business Insider

Fisker and Lordstown Motors slide as Goldman Sachs downgrades the stocks on electric-vehicle industry competition

Fisker Ocean
The Fisker Ocean.

  • Fisker and Lordstown Motors fell Thursday after Goldman Sachs cut its stock ratings for both companies.
  • The firm lowered Fisker to a sell rating from neutral, and Lordstown was reduced to neutral from buy.
  • Goldman expects General Motors, Ford, Apple and others to escalate competition in the electric-vehicle industry.
  • See more stories on Insider’s business page.

Shares of Fisker and Lordstown Motors dropped Thursday after Goldman Sachs downgraded the ratings of both electric-vehicle makers. The firm cited increasing competition and concerns about product timing.

Fisker was cut to sell from a neutral rating, and its 12-month price target was lowered to $10 from $15. Lordstown was cut to a neutral rating from buy, and while its target was cut to $10 from $21.

Fisker dropped as much as 12%, while Lordstown lost 5% at intraday lows.

Goldman said the downgrades come as multiple companies including General Motors, Ford and Volkswagen plan to accelerate their transition toward EVs as they seek to completely exist the internal combustion engine market.

Meanwhile, the firm noted that several big tech companies such as Apple, Xiaomi and Baidu are considering a larger role in the auto market with a branded product, or through a collaboration with an original-equipment manufacturer.

“Established EV OEMs such as Tesla are also scaling quickly,” said Goldman Sachs equity research analysts led by Mark Delaney. “Several of these companies are committing billions of R&D dollars to both powertrain technology and software.”

For Fisker specifically, Goldman said while it appreciates the steps it’s taking to try to differentiate its upcoming products “we are incrementally concerned about what we believe is the company’s late time to market … as competition increases.” Fisker is preparing to enter the EV industry in the fourth quarter of 2022 with its Ocean SUV.

The bank pointed out that Fisker has announced a plan for a “unique follow-on vehicle” with Apple supplier Foxconn that could enter the market around the fourth quarter of 2023. However, “by the time this vehicle may be ramping, the competitive landscape could be even more challenging (including the potential for new big tech entrants via partnerships).”

On Lordstown, Goldman said it’s “now more cautious on the ramp for the Endurance truck,” after the vehicle ran out of battery after about 40 miles during an off-road race in Baja California, last week. That “suggests to us that there could be more development work to do on the powertrain than we had expected,” said Goldman.

“This factor, coupled with the global auto supply chain challenges that are making it difficult to obtain parts, could increase the probability that the company’s market entry will be delayed and/or could occur at a more measured pace than we had expected,” said the bank, adding that Lordstown is aiming to start vehicle production in September.

Read the original article on Business Insider

General Motors rises 4% after it confirms plans to sell all-electric Chevy Silverado pickup truck

2020 Chevrolet Silverado
Chevrolet Silverado.


Shares of General Motors extended their gains on Tuesday to as much as 4% after the company confirmed plans to sell an all-electric Chevy Silverado pickup truck.

GM made the announcement at a media event at its factory in Detroit, Michigan. The all-electric Silverado will be built in the same factory as the Hummer EV and utilize the same Ultium battery technology platform that is unique to the company.

The move comes as the 112 year-old car manufacturer accelerates its transition from internal combustion engines to battery powered electric motors with the upcoming launch of the Hummer EV.

Investors are cheering GM’s pivot, given that its stock price has more than doubled since it doubled down on its its electric vehicle plans last October.

The electric Silverado will have 400 miles in range on a single charge and is expected to be released in 2023 or 2024, according to a report from Car and Driver.

“The GMC Hummer EV SUV joins its stablemate in the realm of true supertrucks, and Chevrolet will take everything Chevy’s loyal truck buyers love about Silverado, and more, and put it into an electric pickup that will delight retail and commercial customers alike,” said GM President Mark Reuss.

But GM will be facing increased competition in the EV pickup truck space once the Silverado EV launches, as battery-powered trucks from Rivian, Tesla, and Lordstown Motors are expected to be available for sale by then. But the EV Silverado’s most direct competitor will likely be Ford’s highly anticipated electric F-150, which is expected to launch in 2022.

gm charrt.JPG
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Stellantis to delay production of its Ram 1500 Classic pickup trucks due to global chip shortage

GettyImages 1231592561
  • Production at Stellantis assembly plants in Michigan and Mexico will be impacted, the statement said.
  • The pandemic caused a disruption in the supply chain of semiconductor chips used in cars and electronics.
  • The computer chips make up around 40% of a new car’s cost, according to a report by Deloitte.
  • See more stories on Insider’s business page.

Stellantis will delay the production of its Ram 1500 Classic pickup trucks due to the global chip shortage.

The company is currently building the trucks but delaying the completing production for a “number of weeks” at the Warren Truck Assembly Plant in Michigan and the Saltillo Truck Assembly Plant in Mexico, a company spokesperson said in a statement to Insider.

The truck will be completed when the chips become available, the statement added.

“We continue working closely with our suppliers to mitigate the manufacturing impacts caused by the various supply chain issues facing our industry,” the statement said.

Earlier in March, Stellantis CEO Carlos Tavares said that problems caused by the chip shortage may not be fully resolved by the second half of 2021, Reuters reported.

Stellantis is the world’s fourth-largest automaker created by the merger of Fiat Chrysler Automobiles and PSA Group.

The pandemic caused a disruption in the supply chain of semiconductor chips used in the manufacturing of cars and electronics. The chips are used in vehicles’ navigation systems, Bluetooth, and collision-detection systems and make up around 40% of a new vehicle’s cost, according to a report by Deloitte.

Due to the global computer chip shortage, a production slowdown in the auto industry surfaced earlier this year as some car companies changed their manufacturing plans while others searched for new suppliers.

On Thursday, Ford said in a statement that it will build F-150 trucks and Edge SUVs in North America without specific parts including some electronic modules that contain semiconductors.

The impact extends to other carmakers such as Volvo that decided to adjust its production plans temporarily for some periods in March while General Motors said it will lengthen its production cuts at three North American plants.

Automakers could lose as much as $61 billion in revenue due to the chip shortage, Bloomberg reported citing estimates from Alix Partners.

Read the original article on Business Insider

Ford paves the way as the first automaker to allow 86,000 employees to work from home permanently

Ford logo
Ford’s new policy will be introduced in July.

  • Ford has become the first auto company to announce employees can work from home in the long-term.
  • The company will explore flexible arrangements from July, depending on individual responsibilities.
  • A survey showed 95% of employees wanted a hybrid form of working and felt more productive at home.
  • See more stories on Insider’s business page.

Ford has become the first automobile company to shift towards remote working on a permanent basis, according to CNBC, with around 86,000 employees being allowed to work at least partially from home.

The policy is aimed at office workers rather than factory workers, who number around 100,000 and have largely returned to work.

Hybrid work plans and remote working will depend on individual and managerial responsibilities.

“The nature of the work we do really is going to be a guiding element,” chief people and employee experiences officer Kiersten Robinson told CNBC. “If there’s one thing we’ve learned over the last 12 months, it is that a lot of our assumptions around work and what employees need has shifted.”

Ford’s new policy will be introduced in July when most employees are expected to make at least a partial return to the office after more than a year.

“The nature of work drives whether or not you can adopt this model. There are certain jobs that are place-dependent – you need to be in the physical space to do the job,” chairman and chief executive of Ford Land, David Dubensky, told The Washington Post.

“Having the flexibility to choose how you work is pretty powerful,” Dubensky added. “It’s up to the employee to have dialogue and discussion with their people leader to determine what works best.”

Remote work coronavirus
95% of Ford employees wanted a hybrid form of working.

According to a survey conducted at Ford in June 2020, 95% of employees wanted a hybrid form of working and a number of them felt more productive at home.

The move from Ford comes after major companies including Google, Spotify, and Salesforce all announced that they were offering their employees the option to work from home permanently.

A survey conducted in January by the National Association for Business Economics suggested just one in 10 companies expected employees to return to the office after the pandemic.

“These companies are all looking at each other,” associate professor at Michigan State University’s School of Human Resources and Labor Relations, Angela Hall, told The Detroit News. “And especially someone like Ford, who is a large, respected employer – people are going to model that behavior.”

The Washington Post also reported that General Motors and Toyota were looking at flexible options for a return to the office, although they are both yet to announce new policies.

Read the original article on Business Insider

Warren Buffett’s Berkshire Hathaway scores $17 billion gain across 5 stocks as value stages a comeback

warren buffett
Warren Buffett.

  • Warren Buffett has racked up $17 billion in gains across just five stocks this year.
  • Berkshire Hathaway’s Bank of America stake has soared in value by $9 billion.
  • Buffett is up more than $1 billion on Kraft Heinz, GM, and US Bancorp in 2021.
  • See more stories on Insider’s business page.

Warren Buffett is winning big from the flight to value stocks ahead of the global economy reopening this summer. The famed investor’s Berkshire Hathaway conglomerate has notched an astounding $17 billion in gains across only five stocks this year.

Buffett’s company is up $9 billion on Bank of America alone. The banking group’s stock price has surged 30% since the start of January, boosting the value of Berkshire’s enlarged stake from $30 billion to $39 billion.

Moreover, Berkshire has scored a $3.7 billion gain on American Express, as the financial-services group’s stock has jumped 30% this year. It has also made $1.5 billion on Kraft Heinz, $1.4 billion on General Motors, and $1.3 billion on US Bancorp in under three months.

Buffett’s bets on five Japanese trading houses last fall are delivering too. Itochu, Mitsui, Marubeni, Mitsubishi, and Sumitomo shares have gained an average of 26% this year, lifting the combined value of Berkshire’s holdings by $1.6 billion.

Other Berkshire investments are outperforming as well. Chevron, Suncor Energy, and Synchrony Financial have all climbed more than 20% this year, while Wells Fargo – previously one of Berkshire’s biggest holdings – has rallied 37%. Meanwhile, the benchmark S&P 500 index is up 5.8% this year.

However, Berkshire’s gains have been partly offset by the recent exodus from tech stocks. Apple – which makes up more than 40% of Buffett’s US stock portfolio – has slumped 7% this year. The decline has wiped close to $8 billion off the value of Berkshire’s stake.

Berkshire has also taken a hit from Coca-Cola, leaving its shares worth about $900 million less today than at the start of January. The company’s also down about $400 million on both Snowflake and Verizon.

Buffett’s signature approach of sniffing out high-quality, undervalued businesses and investing for the long term is finally paying off. Yet if growth stocks do take off again, his Apple wager will likely flourish. It appears Buffett’s found a way to have his cake and eat it too.

Read the original article on Business Insider

Chevrolet just debuted its cheapest 2 EVs yet as part of its massive electric car push – check out the 2022 Bolt EUV and Bolt EV

EMBARGO 2/14/2022 4PM 2022 Chevrolet BoltEUV 013
2022 Chevrolet Bolt EV and Bolt EUV.

  • Chevrolet on Sunday took the wraps off of two of its lowest-priced EVs yet. 
  • The new Bolt EUV crossover will start at $33,995, while the Bolt EV hatchback retails for $31,995. 
  • Both vehicles promise a range of at least 250 miles. 
  • Visit the Business section of Insider for more stories.

The benefits of electric vehicles are numerous: they’re better for the environment, need less maintenance, and have significantly lower fueling costs than gas-powered vehicles. But, by and large, the good ones have been out of reach for the average consumer. 

General Motors aims to change that with two surprisingly attainable battery-powered models it debuted on Sunday. 

The refreshed 2022 Bolt EV hatchback will start at $31,995, a more than $5,000 price drop from the 2021 model. The base version of the new Bolt EUV crossover will cost $33,995, making it the lowest-priced EV destined for the US’s most popular vehicle segment

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEUV 008
2022 Chevrolet Bolt EUV.

The most affordable compact electric crossovers on sale in the US already or coming soon – like the Volkswagen ID.4, Kia Niro EV, Hyundai Kona Electric, and Nissan Ariya – all push $40,000. The Tesla Model Y, more of a luxury offering, starts at $41,990. 

Plus, remarkably, Chevy managed to knock thousands off of the Bolt’s base price without sacrificing range, one of the key factors shoppers weigh when choosing between EVs. The 2022 Bolt hatchback gets a claimed 259 miles per charge across all its trim levels – exactly the same as the outgoing model

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEV 006
2022 Chevrolet Bolt EV.

The new Bolt EUV promises to go 250 miles on a charge, as it’s slightly larger and heavier than the hatchback but shares the same 200-horsepower motor and 65 kWh battery pack. Using DC fast charging, the Bolt EV can recoup up to 100 miles of range in 30 minutes, while the EUV can add 90 miles in the same period. 

Through a partnership with EV charger company Qmerit, Chevrolet said it will cover installation costs of Level 2 charging capability for eligible customers who buy or lease a Bolt EUV or EV. 

EMBARGO 2/14/2022 4PM ET Chevrolet BoltEUV 005
2022 Chevrolet Bolt EUV.

The key differences between the two models are their shape and size. The EUV has a more crossover-like profile and is slightly bigger than its sibling all around. It’s roughly six inches long, with the primary result being a few inches more legroom for rear passengers. 

Strangely enough, the EUV actually has a touch less cargo room than the EV – both behind the rear seats and with them folded down.

Read more: Meet the 11 top execs helping CEO Mary Barra make General Motors all-electric by 2035

The Bolt EUV also will be the first Chevy available with Super Cruise, GM’s driver-assistance system that rivals Tesla Autopilot. A $43,495 Launch-Edition version of the EUV comes with Super Cruise and a sunroof, among other special add-ons. 

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEUV 015
2022 Chevrolet Bolt EUV.

As for design, the new Bolt EV has the same egg-shaped body as its predecessor, but it comes in an overall much sleeker package. Both models get slim LED running lights and a textured panel in place of a grille. Inside, both vehicles have an 8-inch digital gauge cluster and a 10.2-inch center touchscreen.

The 2022 Bolt EUV and Bolt EV will be available this summer, according to Chevrolet. Their launch comes as GM embarks on a massive electrification push that will see it introduce 30 electric models by 2025 and phase out the sale of gas-powered vehicles by 2035. 

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEV 002
2022 Chevrolet Bolt EV.

GM also plans to roll out luxury EVs like the Cadillac Lyriq and GMC Hummer EV in the near future, along with an electric Chevy pickup. Rumors have also swirled around a high-performance, Corvette-branded electric crossover.

Read the original article on Business Insider

Cadillac’s taking on Mercedes and BMW with 2 hardcore new ‘Blackwing’ models starting at $60,000 – tour both

2022 Cadillac CT4 V Blackwing and CT5 V Blackwing._2
2022 Cadillac CT4-V Blackwing and CT5-V Blackwing.

  • The 2022 CT5-V Blackwing and CT4-V Blackwing are the highest-performance Cadillacs there currently are.
  • Available with manual transmissions, they are aimed directly at competition from Mercedes, Audi, and BMW.
  • Prices start at $59,990 for the CT4-V Blackwing and $84,990 for the CT5-V Blackwing.
  • Visit Business Insider’s homepage for more stories.

It’s a new year and it’s time for some new Cadillacs. These, officially, are the 2022 CT4-V Blackwing and CT5-V Blackwing. 

As Blackwing models, these cars are the best of what Cadillac’s got to offer in terms of power and performance. With their angular and sharpened design language, as well as the availability of a manual transmission (!!!), the CT4-V Blackwing and CT5-V Blackwing will hopefully inject some excitement back into the Cadillac brand.

With order books opening on February 1 and deliveries starting this summer, the CT4-V Blackwing starts at $59,990 and the CT5-V Blackwing starts at $84,990. 

Keep reading to see both.

The 2022 CT4-V Blackwing and CT5-V Blackwing are the top-of-the-line Cadillac models, designed to compete with the likes of BMW, Audi, and Mercedes.

2022 Cadillac CT4 V Blackwing and CT5 V Blackwing._1
2022 Cadillac CT4-V Blackwing and CT5-V Blackwing.

The CT4-V Blackwing is the spiritual replacement of the ATS-V.

2022 Cadillac CT4 V Blackwing._2
2022 Cadillac CT4-V Blackwing.

It has a 3.6-liter twin-turbo V6 that produces a claimed 472 horsepower and 445 pound-feet of torque.

2022 Cadillac CT4 V Blackwing._4
2022 Cadillac CT4-V Blackwing.

You can tell it’s coming for the BMW M3 and M4.

2021 BMW M3 and M4_1
2021 BMW M3 and M4.

Both cars will have GM’s high-performance Magnetic Ride Control 4.0 suspension system.

2022 Cadillac CT4 V Blackwing._1
2022 Cadillac CT4-V Blackwing.

Cadillac estimates the CT4-V Blackwing to hit 60 mph from a standstill in 3.8 seconds.

2022 Cadillac CT4 V Blackwing._3
2022 Cadillac CT4-V Blackwing.

Its top speed is an estimated 189 mph.

2022 Cadillac CT4 V Blackwing._5
2022 Cadillac CT4-V Blackwing.

Both cars offer a six-speed Tremec manual transmission as standard.

2022 Cadillac CT4 V Blackwing._6
2022 Cadillac CT4-V Blackwing.

There’s a big, carbon-fiber lip spoiler on the trunk lid.

2022 Cadillac CT4 V Blackwing._8
2022 Cadillac CT4-V Blackwing.

The cars come with forged aluminum-alloy wheels as standard.

2022 Cadillac CT4 V Blackwing._9
2022 Cadillac CT4-V Blackwing.

They’re staggered, which means they are wider in the back than they are in the front.

2022 Cadillac CT4 V Blackwing._10
2022 Cadillac CT4-V Blackwing.

As standard, the cars also have AKG sound systems.

2022 Cadillac CT4 V Blackwing._11
2022 Cadillac CT4-V Blackwing.

V badging can be found throughout the interior.

2022 Cadillac CT4 V Blackwing._12
2022 Cadillac CT4-V Blackwing.

The leather is quilted and ventilated.

2022 Cadillac CT4 V Blackwing._13
2022 Cadillac CT4-V Blackwing.

And there are red seat belts.

2022 Cadillac CT4 V Blackwing._14
2022 Cadillac CT4-V Blackwing.

The front seats are bolstered to hold you in place under hard cornering.

2022 Cadillac CT4 V Blackwing._15
2022 Cadillac CT4-V Blackwing.

A performance steering wheel, 14.5 inches in diameter, comes as standard with the mid-and upper-trim CT4-V Blackwing models.

2022 Cadillac CT4 V Blackwing._16
2022 Cadillac CT4-V Blackwing.

The CT5-V Blackwing is the successor to the mighty CTS-V.

2022 Cadillac CT5-V Blackwing._1
2022 Cadillac CT5-V Blackwing.

Its 6.2-liter supercharged V8 produces a claimed 668 horsepower and 659 pound-feet of torque.

2022 Cadillac CT5 V Blackwing._2
2022 Cadillac CT5-V Blackwing.

This one’s after the BMW M5. But whereas no modern BMW M5 offers a manual transmission, the Cadillac does.

2022 BMW M5 CS sedan._4
2022 BMW M5 CS sedan.

Cadillac estimates its top speed to be over 200 mph.

2022 Cadillac CT5 V Blackwing._3
2022 Cadillac CT5-V Blackwing.

Like any serious sports car, it has a big rear diffuser.

2022 Cadillac CT5 V Blackwing._4
2022 Cadillac CT5-V Blackwing.

An additional front splitter helps with front-end aerodynamics.

2022 Cadillac CT5 V Blackwing._5
2022 Cadillac CT5-V Blackwing.

The bigger front grille is designed to let more air in to help with cooling.

2022 Cadillac CT5 V Blackwing._6
2022 Cadillac CT5-V Blackwing.

The 2022 Cadillac CT5-V Blackwing is the most powerful Cadillac ever made.

2022 Cadillac CT5 V Blackwing._8
2022 Cadillac CT5-V Blackwing.

It wears 15.67-inch front brake rotors, the biggest brakes that have ever been installed on a Cadillac from the factory.

2022 Cadillac CT5 V Blackwing._9
2022 Cadillac CT5-V Blackwing.

If a manual transmission isn’t your thing, then a 10-speed automatic is also available as an option on both cars.

2022 Cadillac CT5 V Blackwing._13
2022 Cadillac CT5-V Blackwing.

Inside, there are bolstered seats as well.

2022 Cadillac CT5 V Blackwing._10
2022 Cadillac CT5-V Blackwing.

That 14.5-inch performance steering wheel is a standard feature on the CT5-V Blackwing.

2022 Cadillac CT5 V Blackwing._11
2022 Cadillac CT5-V Blackwing.

On the higher trims, you can get high-performance front seats.

2022 Cadillac CT5 V Blackwing._12
2022 Cadillac CT5-V Blackwing.

Starting MSRP for the 2022 Cadillac CT4-V Blackwing and CT5-V Blackwing are $59,990 and $84,990, respectively.

2022 Cadillac CT4 V Blackwing and CT5 V Blackwing._2
2022 Cadillac CT4-V Blackwing and CT5-V Blackwing.

Order books open on February 1 and first deliveries will start in the summer.

2022 Cadillac CT5 V Blackwing._7
2022 Cadillac CT5-V Blackwing.

Read the original article on Business Insider

Warren Buffett’s Berkshire Hathaway scores $1.6 billion gain on GM stock in under 4 months

warren buffett
Warren Buffett

  • Warren Buffett’s Berkshire Hathaway has likely scored a 65% gain on its General Motors bet in under four months.
  • The billionaire investor’s conglomerate backed the automaker in 2012 and grew its stake to 80 million shares worth $2.4 billion at the end of September.
  • GM stock has soared by about two-thirds to a record high since then, increasing the value of Berkshire’s stake to about $3.9 billion.
  • The auto giant’s shares have rallied strongly due to excitement about its advances in electric vehicles as well as futuristic technologies such as self-driving and flying cars.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Warren Buffett’s Berkshire Hathaway has probably scored a 65% gain on General Motors in the past four months, boosting the value of its investment by around $1.5 billion.

The famed investor’s company took a stake in the automaker in 2012, snapping up 10 million shares worth about $260 million at the time. It steadily grew the position to 80 million shares worth $2.4 billion as of September 30 last year.

Read more: A leading Wall Street firm asked 7 famous investors about their favorite stocks and the global trades they’re using to stay ahead of the competition. Here’s what they’re betting on now.

GM’s stock price has jumped by about two-thirds to an all-time high since then, lifting the value of Berkshire’s stake by roughly $1.5 billion to $3.9 billion, assuming Buffett and his team haven’t touched the holding. They will disclose the contents of their stock portfolio as of December 30 in mid-February.

The automaker’s transformation efforts are driving its stock rally. Its shares have surged 8% in the past day alone, fueled by CEO Mary Barra and her team detailing their plans to roll out 30 new electric vehicles by 2025 at the 2021 Consumer Electronics Show on Tuesday.

GM’s bosses also trumpeted their progress in developing nascent technologies such as autonomous driving and even flying cars during the virtual event.

Read more: GOLDMAN SACHS: Buy these 50 under-owned stocks that will roar higher as growth and inflation lift off in 2021

Rival automaker Tesla’s focus on electric vehicles and self-driving cars has helped propel its stock price up more than 700% over the past year, raising its valuation to an astounding $800 billion.

The prospect of GM snatching some of Tesla’s market share has likely prompted investors to revalue the company, benefiting Buffett in the process.

Read the original article on Business Insider