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Hyundai and GM say they're serious about air taxis

The Hyundai S-A1 electric concept is displayed at the 2020 Consumer Electronics Show (CES) in Las Vegas. (Getty Images)   DETROIT — Hyundai and General Motors said on Monday they are pushing ahead with developing "flying cars," with the South Korean company expressing optimism it could have an air-taxi service in operation as soon as 2025. A GM executive said it could take until 2030 for air-taxi services to overcome technical and regulatory hurdles and reach commercialization. Electric vertical takeoff and landing (eVTOL) zero-emissions aircraft, which take off and land like helicopters and carry passengers and cargo, are being developed by a number of startups as well as aircraft makers and automakers, but they face a long road to profitability. Hyundai is ahead of its previously stated timetable for rolling out air-mobility vehicles, Jose Munoz, the company's global chief operating officer, said in an interview broadcast on Monday at the Reuters Events Car of the Future conference. Munoz, who is also CEO of Hyundai North America, previously said urban air taxis would be in operation at major U.S. airports by 2028 and perhaps earlier. He told Reuters on Monday it could possibly happen before 2025. Cadillac Vertile View 9 Photos "We see this market as a significant growth opportunity," Munoz said, adding he was "very confident" of the technology's development. Hyundai is developing air taxis powered by electric batteries that can transport five to six people from highly congested urban centers to airports. Other automakers developing flying cars either alone or with startups include Toyota, Daimler and China's Geely. "I think that there's a long pathway here," Pamela Fletcher, vice president of GM's Global Innovation team, said at the Reuters event. "2030 is probably a real commercial inflection point." She added: "It's a very nascent space. There's a lot of work to be done on the regulatory side, as well as the actual technology side." In January, GM unveiled a flying Cadillac concept. Morgan Stanley has estimated the total addressable market for urban air mobility could hit $1 trillion by 2040 and $9 trillion by 2050. In 2019, Hyundai, which has a dedicated Urban Air Mobility Division led by Jaiwon Shin, a former NASA engineer, pledged to invest about $1.5 billion in urban air mobility by 2025. Munoz said Hyundai sees its flying cars serving not only residential customers but also transporting commercial cargo.

GM's labor deal with UAW union on verge of ratification

Nov 15 (Reuters) - General Motors' tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. Following the approval earlier in the day by more than 60% of union members at the Detroit automaker's large Arlington, Texas, assembly plant, additional votes in favor have the deal close to clinching majority approval. The number of union locals, most of which are smaller, still to report vote totals is not large. After several large assembly plants voted against the deal earlier on Wednesday, some media had reported the deal was heading toward failure. But Arlington's support, followed by strong voting in favor by smaller warehouse and parts facilities, has put the deal on the brink of approval. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. Ford and Stellantis voting is still under way, and workers at both companies were favoring ratification by comfortable margins. The UAW's GM vote tracking site currently shows approval of the contract leading by a 54% to 46% margin with almost 32,000 workers having cast votes out of about 46,000 UAW-represented GM workers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Voting officially ends on Thursday at 4 p.m. EST, although most votes will be cast on Wednesday. The UAW went on strike for more than six weeks against the Detroit Three, seeking better wages, working conditions and cost-of-living adjustments. All three companies agreed to tentative agreements about two weeks ago. Workers at other GM assembly plants voted against the deal, including 60% of workers at its Fort Wayne, Indiana, truck plant, 53% at its Wentzville, Missouri, plant, 58% of workers at GM's Lansing Grand River plant and 61% of workers at the Lansing Delta Township plant. Seven of GM's 11 assembly plants rejected the deal. In addition to Arlington, workers at plants in Detroit, Fairfax, Kansas; and Lake Orion, Michigan; approved the agreement. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Those voting in favor of the agreement have a lead of almost 2,500 and many of the facilities still to come include workers who stand to receive large pay increases upon ratification.

These are the fastest-selling new cars of 2024

Automakers finally appear to be back on their feet after a few years of severe instability, but that hasn’t helped all of them in the sales department. iSeeCars recently released its study on the fastest- and slowest-selling new vehicles and found that some companies are moving vehicles off dealersÂ’ lots at more than twice the pace of others. Toyota was the fastest-selling new car brand between October 2023 and March 2024, moving vehicles in an average of 39.6 days. Surprisingly, Alfa Romeo came second, averaging 41.8 days on the market. Last year, we saw a list of the fastest-selling individual nameplates overall, as opposed to this study that's ranked by brand. Fastest-selling new cars of 2024 Toyota: 39.6 days on the market Alfa Romeo: 41.8 Cadillac: 43.4 Honda: 44.2 Jaguar: 44.4 Kia: 47 Hyundai: 47.1 Subaru: 49 BMW: 49.1 Mazda: 53.1 The brands moving inventory the fastest show a strong value and desirability for buyers. iSeeCars executive analyst Karl Brauer noted, “Fast-selling brands like Toyota and Honda represent mainstream consumers seeking maximum value for their new-car dollar. Conversely, high-ranking luxury, low-volume brands like Alfa Romeo, Cadillac, and Jaguar reflect both their limited supply as well as high demand from affluent buyers willing to snap these models up shortly after they arrive on dealer lots.” Of course, there is no light without darkness, and on the other side of the list are a handful of brands struggling to move inventory. Lincoln was the slowest-selling new car company, with an average of 82.6 days to sell. Infiniti was close behind at 79.8 days, and Buick took an average of 79 days to move units. iSeeCars noted that new EVs take much longer to sell than their hybrid counterparts, at an average of 70.6 days on the market in March 2024, compared to just 49.5 for hybrids. Some of the fast-selling new brands also made the used car list. Used Hondas sold the fastest, only sitting on dealersÂ’ lots for an average of 26.1 days. LexusÂ’ used cars sat for 26.3 days, and Toyota moved its used inventory in an average of 27.4 days. By the Numbers Green Alfa Romeo Cadillac Toyota Car Buying