Tag: CEO

Mercedes-Benz CEO signals more potential US investment

Bullseye American Ingenuity Fund portfolio manager Adam Johnson breaks down President Donald Trump’s tariff plans and evaluates economic data from the week on ‘Maria Bartiromo’s Wall Street.’

The CEO of Mercedes-Benz on Thursday signaled the company plans to invest more in the U.S. in the coming years and also discussed how tariffs could impact the automaker’s business.

Mercedes-Benz CEO Ola Källenius said on a call with reporters after the company announced its quarterly earnings results that it has “been operating in the United States for more than 120 years” and has “invested tens of billions of dollars into the United States.”

“We have two large operations on the passenger car side, one in Alabama and one in South Carolina,” Källenius said. “Directly, we employ more than 11,000 people in the United States. If you would count in all the suppliers and the ones that kind of are dependent on those final assembly jobs, the usual calculation is roughly 1-to-10, so another 100,000 jobs are associated with those plants. Our dealer partners, strong private investors around the country, employ 28,000 people and then again, they have a residual effect. “

“The several hundred thousand jobs, tax revenue, etc. is the Mercedes-Benz footprint in the U.S.,” he explained. “What’s the point I am making? The point is we’re also an American company. Yes, we have our headquarters in Germany and our European origins, but we feel American.”

TRUMP SAYS HE WILL INTRODUCE 25% TARIFFS ON AUTOS, PHARMACEUTICALS AND CHIPS

Mercedes-Benz CEO Ola Källenius said the company is opening to increasing its investments in the U.S. (Andrew Caballero-Reynolds/AFP via Getty Images / Getty Images)

Källenius noted that Mercedes-Benz has research and development activities in Silicon Valley as well as a presence in Michigan. He also indicated that the company plans to increase its investment in the U.S. to expand that footprint going forward.

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MBGYY MERCEDES-BENZ GROUP AG 15.5863 -0.26 -1.66%

“What’s the road ahead? We are prepared to continue to invest billions and we want to grow our footprint in the United States. We are committed,” he said. “A little known fact — we are one of the major industrial exporters out of the United States. Two-thirds of the vehicles that we make in our Tuscaloosa plant actually go out into the world, a significant part of them obviously to Europe.”

STARBUCKS, MERCEDES TEAM UP IN EV CHARGING NETWORK EXPANSION

Källenius said Mercedes-Benz is mindful of how policy changes could impact its cash flows and, in turn, its investment opportunities. (AFP / Getty Images)

Given Mercedes-Benz’s global presence, Källenius said that changes in tariffs or other aspects of trade policy could impact its investment decisions over the long-term. President Donald Trump signaled Wednesday that he is planning to impose 25% tariffs on imported automobiles.

“So shifts in trade policy in either direction, of course, is very important to us,” Källenius explained. “When we make investment decisions about new models, as you rightly point out, you cannot move a plant over the weekend from one continent to another. Those are longer-term commitments, it takes two to three, maybe even four years to make those types of adjustments. And our supply network literally includes all five continents of the world, so it’s very, very sophisticated. It is more than a supply chain, I would call it more of a supply network.”

FORD CEO SAYS TARIFFS COULD ‘BLOW A HOLE’ IN US AUTO INDUSTRY

Mercedes-Benz CEO Ola Källenius said that zeroing out auto tariffs between the U.S. and European Union would spur investment. (Artur Widak/NurPhoto via Getty Images / Getty Images)

Källenius also said that “trade policy can affect our business model” and that while policymakers will ultimately determine what comes of trade negotiations, a reciprocal move to lower tariffs or even no tariffs between the U.S. and the European Union (EU) would spur investment.

“In the case of the EU, actually the tariff is larger going into the EU than into the United States at the moment, and somebody mentioned why not take it down to zero-zero and make the playing field level and maybe spur growth, which would encourage companies like us to invest even more,” he explained. “If they come up with solutions like that, that would, of course, be fantastic.”

“I’m not going to speculate on what the result will be of the negotiation. All I can say is Mercedes-Benz is committed to the United States,” he added.

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“We have to produce positive cash flows to fuel our investments. And financial strength equals innovation strength, equals return to the shareholder,” Källenius said. “We’re very mindful of things that could negatively influence our business model and reduce our cash flow. So if we’re operating in an environment as a strong member of the U.S. industrial family, we hope that will be taken into account, and there is nothing stopping us from upping the ante and investment more in the United States.”

February 21, 2025
Delta’s Toronto crash: CEO statement

Footage from Mark Fitzpatrick shows the plane lying upside down, and emergency services responding. (Credit: Mark Fitzpatrick via Storyful)

Delta CEO Ed Bastian spoke out following the plane crash at Toronto Pearson Airport on Monday using his LinkedIn.

“The hearts of the entire global Delta family are with those affected by today’s incident at Toronto-Pearson International Airport. I want to express my thanks to the many Delta and Endeavor team members and the first responders on site. We are working to confirm the details and will share the most current information on news.delta.com as soon as it becomes available. In the meantime, please take care and stay safe” he wrote on the platform where he is active, on corporate, business and aviation matters. Bastian became CEO of the airline in 2016.

The plane crash, which involved a Delta Air Lines CRJ-900 jet that had departed from Minneapolis, was first reported by CTV. The flight was identified as Delta 4819, operated by Endeavor Air, and carried 80 people all of whom have been accounted for.

The incident is the latest in a string of aviation accidents just this year including the American Airlines Collison with a Black Hawk Army Helicopter in Washington D.C. killing all 64 passengers and military crew. This was followed by a private medical flight that crashed in Philadelphia on its return to Mexico, killing 7 onboard and countless individuals on the ground.

DELTA TORONTO PLANE CRASH: LIVE UPDATES

The incident was reported at 2:45 p.m. local time. Pictures of the scene show the plane upside down and mangled on a snow-covered runway.

First responders work at the Delta Air Lines plane crash site at Toronto Pearson International Airport in Mississauga, Ontario, Canada February 17, 2025. (REUTERS/Arlyn McAdorey / Reuters)

DELTA CEO HINTS AT WHEN FLYING TAXIS WILL BE THE REAL DEAL

At least 15 people were injured with some being treated at local hospitals.

First responders work at the Delta Air Lines plane crash site at Toronto Pearson International Airport in Mississauga, Ontario, Canada February 17, 2025. (REUTERS/Arlyn McAdorey / Reuters)

The U.S. stock market was closed in observance of President’s Day, Delta shares will resume trading on Tuesday and have gained over 10% this year.

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Fox News’ Andrea Margolis, Christopher Guly contributed to this report.

This is a developing story.

February 17, 2025
Trump tariffs spark ‘exciting time’ for Ohio steel plant as CEO eyes adding jobs, boosting productivity

FIRST ON FOX: President Donald Trump’s tariffs will be a boon for an Ohio-based steel mill and its employees, the CEO of JSW Steel USA, a subsidiary of a massive India-based steel manufacturer, told Fox News Digital in an exclusive interview.

“It’s a good piece of the formula that results in our company increasing utilization in the next 12 months, from 68% to probably 84%, and beyond that in years to come. So it’s a very exciting time for us,” JSW Steel USA CEO Robert Simon told Fox News Digital of Trump’s tariff plan in a phone interview on Thursday evening.

Simon has served as the CEO of JSW Steel USA since March of last year, bringing with him more than 30 years of experience in the steel industry. He spoke to Fox News Digital following Trump announcing his administration’s “fair and reciprocal plan on trade,” which he celebrated during a press conference as a project that will flood the U.S. with jobs as trading partners move their industries to U.S. soil to avoid tariffs.

JSW USA is a subsidiary of Mumbai-headquartered JSW Group, which owns India’s second-largest private steel company, JSW Steel. JSW USA has two steel locations in the U.S., one at Mingo Junction, Ohio, and another operation in Baytown, Texas.

TRUMP DETAILS HIS RECIPROCAL TARIFF PLANS, ASKS FOREIGN COUNTRIES TO ‘TREAT US FAIRLY’: ‘DELIVER RECIPROCITY’

JSW Steel USA CEO Robert Simon spoke with Fox Digital in an exclusive interview. (JSW Steel USA )

Simon told Fox News Digital that across his more than 30 years in the industry, U.S. steel manufacturers have complied with strict environmental and safety practices, and paid their employees fairly, while foreign steel manufacturers could skirt U.S. regulations while exporting their goods to the U.S.

“We, as steel producers, we paid our employees fair wages, treated them fairly, met some of the most – if not the most strict – environmental requirements in the world, and those practices in our markets, with the simple supply-demand equation establishes market pricing.”

The JSW Steel USA facility in Mingo Junction, Ohio. (JSW Steel USA )

“The frustration is, how is it fair that others that don’t treat their employees the same way, don’t follow the same rules, don’t follow environmental practices… they get government subsidies. How is it fair that they can come into our markets and take market share when it’s not an equal playing field?” he said.

Simon said the Ohio plant alone will likely see a minimum increase of 100 jobs in the next year under Trump’s tariff plan.

“As you look at that increase in utilization coupled with the overall increase in production that we foresee in the next three to five years, we estimate, at a minimum, a 100 jobs increase in the next 12 plus months associated with that utilization rate increase,” he said.

WHO GETS HIT HARDEST BY STEEL AND ALUMINUM TARIFFS?

Trump’s administration issued a fact sheet last week restoring a 25% tariff on steel, which detailed “domestic steel and aluminum industries and achieving sustainable capacity utilization of at least 80%.” JSW Steel USA told Fox News Digital that they are already on track to increase their utilization rate from 68% to 84% – higher than Trump’s target number of 80%.

Under the first Trump administration, JSW Steel USA notably sued the federal government in 2019 over tariffs regarding imported steel-slab materials. The company now makes all domestic steel-slab materials as part of the JSW Group’s belief that its facilities both make products and supply the product in the communities they serve.

President Donald Trump speaks at a rally at Circa Resort & Casino on Jan. 25, 2025, in Las Vegas. (Ian Maule/Getty Images)

Simon celebrated in his comments to Fox Digital that Ohio families that had long worked in the steel industry are making a return to the factory as the industry reinvigorates under the first and second Trump administrations. JSW USA purchased the Ohio factory in 2018, after it had operated as a Wheeling-Pittsburgh Steel plant, but sat dormant for years.

TRUMP ADVISOR TEASES NEW ‘GOLDEN AGE’ OF U.S. STEEL AND ALUMINUM

“This is a company that had been shut down for over seven years, when we acquired it. We hired a workforce, trained a workforce, all from the local area. What’s really cool to see is we’ve got employees whose grandparents and great-grandparents worked in this same company, which ended up being shut down, and they’re part now of reviving that company and bringing it to an offering of products that’s extremely competitive and extremely impressive in terms of its value added products,” Simon said.

Trump announced a reciprocal tariff plan on Thursday, tapping Howard Lutnick, his nominee for commerce secretary, to produce a report on reciprocal trade relations within 180 days. Lutnik said Thursday that he will have the report ready for Trump by April 1.

Howard Lutnick, commerce secretary nominee, joins President Donald Trump in the Oval Office of the White House on Monday, Feb. 10, 2025. (Al Drago/Bloomberg via Getty Images)

WHAT ARE TARIFFS, HOW DO THEY WORK AND WHO PAYS FOR THEM?

”On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff – meaning whatever countries charge the United States of America, we will charge them no more, no less. In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. Very simple,” he said at the White House on Thursday.

Trump touted that the plan will lead to a job boon in the U.S. as foreign trading partners move operations stateside to avoid the reciprocal tariffs.

“They can build a factory here, a plant or whatever it may be, here,” Trump said Thursday afternoon from the Oval Office. “And that includes the medical, that includes cars, that includes chips and semiconductors. That includes everything. If you build here, you have no tariffs whatsoever. And I think that’s what’s going to happen. I think our country is going to be flooded with jobs.”

Simon told Fox News Digital that Trump’s business and deal-making abilities are “obvious to everybody” as he whips through dozens of executive actions and orders in just a few weeks back in the Oval Office, remarking that it’s “pretty amazing.”

“It’s become obvious to everybody that Mr. Trump is not a politician, right, but, more of a business person stepping in and leading our country, from much more of a business perspective than as a career politician. Like it or not, for those folks that have different opinions, this results in very quick negotiations. I don’t think I’ve ever in my time here seen so much movement, so much decision-making, so many decisions being made in this shorter period of time since he’s been in office. It’s pretty, pretty amazing,” he said.

JSW USA purchased the Ohio factory in 2018, after it had sat dormant for years. (JSW Steel USA )

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Trump also met with Indian Prime Minister Narendra Modi on Thursday, and the two discussed trade, the economic relationship between India and the United States and military sales. The pair also “committed to drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries,” including naming JSW’s operations at Texas and Ohio as a prime ongoing investment in the U.S., according to a joint statement from the two nations.

President Donald Trump and India’s Prime Minister Narendra Modi shake hands during a news conference at the White House, Thursday, Feb. 13, 2025. (AP Photo/Alex Brandon)

“The steel tariffs enacted by President Trump are a necessary step in leveling the playing field for American steelworkers and manufacturers. Foreign competitors fail to protect their workforce at the same safety standards, do not compensate them fairly, and produce steel that contributes to environmental degradation, all the while, seeking to flood the U.S. market, taking advantage of our strong economy, driving a collapse of our markets in the process,” Simon added in comment provided to Fox Digital.

February 16, 2025
Nissan could ditch some Mexico production lines due to Trump tariffs, CEO says

MonetaryMacro.com CIO Joseph Wang argues President Donald Trump’s tariffs on Canada and Mexico are more than just a negotiating tactic on ‘Making Money.’

Nissan CEO Makoto Uchida suggested President Trump’s tariffs could force the car manufacturer to shift its production outside of Mexico.

“From Mexico to the U.S., we are exporting a significant number of cars this fiscal year[…] 320,000 units are exported from Mexico to the U.S., and if the high tariffs are imposed, we need to be ready for this, and maybe we can transfer the production of these models elsewhere if this were the decision, we will think how we can make it a reality while monitoring the situation,” Uchida said, according to a translation on Reuters.

The move could be a major blow to Mexico’s auto production sector, as nearly 670,000 vehicles were made by Nissan in the country last year, with over 456,000 of those being exported, according to the Spanish-language UnoTV.

The outlet said Nissan ranks second in Mexico for those metrics after General Motors.

WHITE HOUSE ECONOMIST SAYS RECIPROCAL TARIFF NEGOTIATIONS WITH OTHER COUNTRIES UNDERWAY

White House counselor for trade and manufacturing Peter Navarro detailed the “most potent weapons” Trump has against inflation, on “Mornings with Maria.” (Chip Somodevilla / Getty Images)

“We are exporting a large volume to U.S., so if there’s a high tariff, this would have huge implications on our business, so we need to monitor this carefully.”

Trump’s 25% tariffs on Mexico are currently on hold until at least March following a conversation with Mexican President Claudia Sheinbaum. Trump has argued that the primary goal of tariffs on the United States’ southern neighbor is to promote border security.

Nissan CEO Makoto Uchida speaks during a Bloomberg Television interview at the company’s global headquarters in Yokohama, Japan, on Nov. 29, 2021. (Kiyoshi Ota/Bloomberg via / Getty Images)

“It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our Country,” Trump said in a Truth Social post after the conversation with Sheinbaum, as critics argued that Mexico has sent in border troops multiple times in previous years.

WHAT’S HAPPENING WITH TRUMP’S TARIFFS ON CHINA, CANADA AND MEXICO?

Still, Trump said that conversations between the two countries will now be conducted by Cabinet officials, including Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, according to the post at the time.

Treasury Secretary Scott Bessent discussed global trade and Trump’s tariff plans on “Mornings with Maria” Friday. (Paul Morigi / Getty Images)

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However, the possibility of tariffs resuming is causing popular companies in the United States, like Nissan, to consider actions to avoid higher costs if their production lines are based out of Mexico, China or Canada. Besides the tariffs with Mexico, the White House announced there would be reciprocal tariffs on countries that add a premium to the cost of American goods.

“By making trade more reciprocal and balanced, we can reduce the trade deficit; grow the United States economy; and improve our trade relationships with trading partners to the benefit of American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses,” Trump said in a memorandum on Thursday.

February 16, 2025
Amazon CEO ‘relieved’ after Hamas releases employee taken hostage on Oct. 7

Ret. Lt. Col. Jonathan Conricus evaluates the situation in the Middle East on ‘The Claman Countdown.’

Amazon CEO Andy Jassy sent a message to employees saying he was “incredibly relieved” that Alexander (Sasha) Troufanov was released from Hamas captivity after being held hostage for nearly 500 days.

“I’m incredibly relieved to share the news that our AWS teammate, Sasha Troufanov, who had been held hostage since the October 7, 2023, attacks in Israel, has been released from captivity,” Jassy wrote in a message to employees.

Jassy says that the company had a team of experts working with Troufanov’s family “behind the scenes” to secure his release. The exec explained that Amazon “painfully” could not comment on Troufanov’s abduction publicly “for fear that we would negatively impact their ability to be released or how they were treated in captivity.”

Alexander (Sasha) Troufanov was held hostage by Hamas for nearly 500 days. (Courtesy of Bring Them Home Now/Handout via REUTERS / Reuters)

UNITED AIRLINES FIRST US CARRIER TO RESUME SERVICE TO ISRAEL

Amazon faced criticism in May 2024 when it was revealed that Troufanov worked for the company, as many noted that the company hadn’t said anything publicly. Some at the time speculated that Amazon was keeping quiet to protect itself and its brand. However, billionaire hedge fund manager Bill Ackman, a vocal supporter of Israel, gave the online shopping giant the benefit of the doubt.

A woman holds posters of Iair Horn, U.S.-Israeli Sagui Dekel-Chen and Russian-Israeli Sasha (Alexandre) Troufanov, hostages who were held in Gaza since the deadly Oct. 7, 2023, attack, and are set to be released as part of a ceasefire deal in Gaza be (REUTERS/Ronen Zvulun TPX IMAGES OF THE DAY)

BILL ACKMAN SAYS US AID TO UN ‘DESERVES CAREFUL SCRUTINY’

Troufanov was working at Amazon Web Services as an electrical engineer when he was kidnapped during Hamas’ deadly Oct. 7 attacks. He was taken hostage with his mother, grandmother and girlfriend, all of whom were released in November 2023 while he remained in captivity. Troufanov’s father was killed during the attacks.

“It’s been an extremely trying time for everybody who knows and cares for Sasha — a lot of angst and feelings of helplessness. But, it can’t approach what Sasha and his family have been through, and we will continue to support them and do everything we can to help them heal,” Jassy wrote in his February 2025 message. He also said that his “heart goes out to everyone impacted by the war” and expressed hope that there would be a “long-term peaceful path.”

Hamas has released Alexander (Sasha) Troufanov, 29; Sagi Dekel-Chen, 36, and Iair Horn, 46. (The Hostages Family Forum)

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On Saturday, Troufanov was released alongside Iair Horn and Sagui Dekel-Chen, who is an American citizen. However, this almost did not happen as days before their release, Hamas threatened to delay it over alleged ceasefire violations by Israel.

President Donald Trump then said Israel should “let all hell break out” if Hamas did not release all the remaining hostages by 12 p.m. eastern on Saturday. The terror group eventually walked back its threat on Thursday, saying the release would go on as planned.

After more than 15 months of war, on Jan. 19, Israel and Hamas entered a ceasefire deal in which 33 hostages are expected to be released in exchange for nearly 2,000 Palestinian prisoners.

February 15, 2025
Coca-Cola may shift toward more plastic bottles under Trump aluminum tariffs: CEO

O’Leary Ventures Chairman Kevin O’Leary shares whether he’s concerned about President Donald Trump’s tariffs on steel and aluminum, the fate of the U.S. penny and the handling of the TikTok sale.

President Donald Trump might feel the impact of one of his own tariff policies, as his beloved Diet Coke could soon be much harder to get in a can. During an earnings call, Coca-Cola CEO James Quincey said the company may have to put more “emphasis” on plastic bottles in the wake of President Trump’s 25% tariff on aluminum imports.

“If one package suffers some increase in input costs, we continue to have other packaging offerings that will allow us to compete in the affordability space,” Quincey said. “For example, if aluminum cans become more expensive, we can put more emphasis on PET [plastic] bottles, et cetera.”

Quincey also emphasized the importance of not “exaggerating the impact” of the tariffs on the “total system,” according to CBS News. He admitted that the price increase as a result of the tariffs was not “insignificant,” but said it would not “radically change” the business and that packaging is “only a small component.”

Left: Then-Republican presidential candidate former President Donald Trump participates in a Fox News Town Hall on January 10, 2024, in Des Moines, Iowa; Right: Can of Diet Coke from Coca-Cola on artificial grass surface outdoors, San Ramon, Californ (Left: Joe Raedle/Getty Images; Right: Smith Collection/Gado/Getty Images)

WHAT’S HAPPENING WITH TRUMP’S TARIFFS ON CHINA, CANADA AND MEXICO?

Approximately half of all aluminum used in the U.S. is imported, with most of it coming from Canada, Reuters reported. Coca-Cola imports its aluminum cans from Canada and would face increased costs if President Trump’s tariff goes into effect on March 12, 2025.

Canadian businesses have already felt the impact of President Trump’s tariffs, as some U.S. clients have already moved to cancel their orders, according to Canadian Broadcasting Corporation (CBC). However, after visiting Washington, D.C., Canada’s Minister of Innovation, Science and Industry, François-Philippe Champagne, told CBC that he believes Americans will push back against the president’s tariffs.

“I think they’re starting to realize how impactful this could be and how damaging it could be to America,” Champagne told CBC. “If you say no to Canada, you’re going to basically have to say yes to China or Russia. I don’t think that’s where you want to be in terms of critical supply chains that are essential for the defense of North America.”

Soda packaging is seen in a grocery store in Las Vegas, Nevada on Nov. 17, 2023. ( Jakub Porzycki/NurPhoto via Getty Images / Getty Images)

HOW TRUMP’S TARIFFS CLOSED THE LOOPHOLE USED BY CHINESE RETAILERS

President Trump’s executive order, “Adjusting Imports of Steel into The United States,” states that the goal of the tariff is to increase U.S. aluminum production. Upon signing the order, the president said the nation needs aluminum to be made in America, and “not in foreign lands.”

Miami Beach, Florida, Publix grocery store, a variety of Coca-Cola products. (Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images)

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“President Trump is taking action to protect America’s critical steel and aluminum industries, which have been harmed by unfair trade practices and global excess capacity,” the White House wrote in a fact sheet on the president’s proclamation.

In February 2025, President Trump and Canadian Prime Minister Justin Trudeau announced a one-month delay in proposed tariffs. This led to an agreement from Trudeau to increase security along the U.S.-Canada border, something President Trump discussed in his campaign. The order delaying the tariffs noted that President Trump could implement them before the agreed upon date if Canada failed to take “sufficient steps” to alleviate the flow of illegal migrants and illicit drugs.

February 12, 2025

Ticker	Security	Last	Change	Change %
MBGYY	MERCEDES-BENZ GROUP AG	15.5863	-0.26	-1.66%

Ford CEO says tariffs bringing ‘a lot of cost and a lot of chaos’

The Lonski Group President John Lonski breaks down President Donald Trump’s economic agenda during an appearance on ‘Varney & Co.’

Ford CEO Jim Farley said Tuesday that President Donald Trump’s tariff push has so far brought “a lot of cost and a lot of chaos” to the auto industry despite the president’s aims to help the industry.

“President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation to the U.S., and if this administration can achieve that, it would be one of the most signature accomplishments,” Farley said at an analyst conference in Detroit.

“So far, what we’re seeing is a lot of cost and a lot of chaos,” he added.

Farley also said that if Trump’s 25% tariffs on Mexico and Canada are implemented and remain in effect for the long term, it would “blow a hole” in the U.S. auto industry, with rivals from Asia and Europe poised to benefit.

FORD EXPECTING MOUNTING EV LOSSES THIS YEAR

Ford CEO Jim Farley warned that tariffs on Mexico and Canada would “blow a hole” in the U.S. auto industry over the long term. (Emily Elconin/Bloomberg via Getty Images / Getty Images)

“Let’s be real honest: Long term, a 25% tariff across Mexico and Canada borders would blow a hole in the U.S. industry that we have never seen,” Farley said. “Frankly, it gives free rein to South Korean, Japanese and European companies that are bringing 1.5 million to 2 million vehicles into the U.S. that wouldn’t be subject to those Mexican and Canadian tariffs. It would be one of the biggest windfalls for those companies ever.”

“Meanwhile, we’re USMCA-compliant with almost all of our content, finished vehicles and components going across the borders. To have the kind of a size of tariff would be devastating,” Farley said.

Ticker	Security	Last	Change	Change %
F	FORD MOTOR CO.	9.21	-0.03	-0.32%
GM	GENERAL MOTORS CO.	46.70	+0.13	+0.28%
STLA	STELLANTIS NV	13.09	+0.12	+0.93%

FORD EXECUTIVE BELIEVES TRUMP AND MUSK WANT TO ‘STRENGTHEN’ THE AMERICAN AUTO INDUSTRY

Ford CEO Jim Farley warned that foreign automakers would benefit if Trump’s 25% tariffs on Mexico and Canada are implemented. (Photographer: Emily Elconin/Bloomberg via Getty Images / Getty Images)

The Dearborn, Michigan-based automaker is less exposed to fallout from tariffs on Canada and Mexico than its crosstown rival General Motors or Stellantis, the parent company of brands such as Jeep and Dodge, analysts said.

That’s because more of Ford’s manufacturing base is located within the U.S. and the vehicles that it does import from outside the country tend to be less profit-rich than the products its rivals import.

FORD MUSTANG MACH-E SALES SURPASS TRADITIONAL MUSTANG

Ford execs said the company sources much of its steel and aluminum domestically, so those pending tariffs wouldn’t be as harmful to its operations. (Jeff Kowalsky / Getty Images)

Ford is considering areas in which it can build up inventory to prepare for potential 25% tariffs on Mexico and Canada, executives said Tuesday.

Those tariffs were planned to take effect in early February, but Trump delayed them until at least March after Canada and Mexico announced border security measures.

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Trump’s announcement of tariffs on steel and aluminum that are scheduled to take effect next month was discussed with Ford executives noting the company gets 90% of its steel from the U.S. and about 10% from Canada, while the company’s aluminum is also primarily sourced domestically.

Reuters contributed to this report.

February 11, 2025

Nokia picks Intel’s AI and data center leader Justin Hotard as new CEO
Vice President JD Vance told world leaders in Paris that AI must be ‘free from ideological bias,’ and that American tech won’t be a censorship tool. (Credit: Reuters)
- Nokia CEO Pekka Lundmark will step down and be replaced by Justin Hotard, the Finnish telecoms company said on Monday.
- Hotard is currently the executive vice president and general manager of Data Center & AI Group at Intel, according to the chipmaker’s website.
- Nokia shares are up 27.85% over the past year, but are down more than 90% since peaking in June 2000.
Finnish telecoms company Nokia on Monday said Pekka Lundmark would step down as CEO, and that it has appointed Justin Hotard to take over his role.

Hotard, who will take up the position on April 1, is currently the executive vice president and general manager of Data Center & AI Group at Intel, according to the chipmaker’s website.

Telecom gear makers, struggling with lower sales of 5G equipment, have been looking for ways to diversify their markets and break into growing areas such as artificial intelligence.

AI WILL HELP LOWER PRICES, BUT COULD BE USED BY AUTHORITARIAN GOVERNMENTS, OPENAI CEO SAM ALTMAN SAYS

“He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia’s future growth,” Nokia’s Chair Sari Baldauf said in a statement.

Shares were up 1.6% at 4.7 euros by 0854 GMT on Helsinki’s stock exchange, which was up just 0.45%.

JPMorgan analysts called the CEO transition a surprise as they said Lundmark had been successful at “steadying the ship.”

Nokia’s current President and Chief Executive Officer, Pekka Lundmark, Nokia’s Chair of the Board of Directors Sari Baldauf and the next President and Chief Executive Officer of Nokia, Justin Hotard, attend the company’s press conference in Espoo, Fi (Lehtikuva/Markku Ulander/via Reuters / Reuters)

“Given that a new CEO has already been appointed, it looks like this transition was in the works for some time. With the Datacentre and AI background of the new CEO, it is clear which areas Nokia wants to focus on,” they said in a note.

This view was echoed by analysts at Inderes, who see the change as a strategic shift towards Nokia’s Network Infrastructure unit, where data centers and AI investments are fostering new growth opportunities.

Last year, Nokia made a move to buy U.S. optical networking gear maker Infinera in a $2.3 billion deal to gain from the billions of dollars in investment pouring into data centers to cater to the rise of artificial intelligence.

Lundmark, who was appointed as Nokia’s CEO in 2020, will stay on as an advisor to Hotard until the end of the year, the company said.

In September, Nokia declined media reports saying the company was looking for a new chief executive.

“The planning for this leadership transition was initiated when Pekka indicated to the Board that he would like to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified,” Baldauf said.

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Nokia shares are up 27.85% over the past year, but are down more than 90% since peaking in June 2000.

Its infrastructure business, increasingly integrating AI technologies, focuses on building and maintaining communication systems, including data centers, servers and routers.

Its mobile networks unit concentrates on technologies and services enabling mobile communication, including the development and management of cell towers and 5G technologies.
February 11, 2025
Costco CEO, execs members of Washington business group dedicated to “racial equity”

‘The Big Money Show’ explores companies turning against DEI policies while Costco bucks the trend.

Costco’s CEO and several executives are affiliated with a Washington business group dedicated to advancing “racial equity for Black Washingtonians,” showcasing just how deeply committed the grocery wholesaler is to diversity, equity and inclusion as it faces mounting pressure from investors to drop the controversial programs.

Washington Employers for Racial Equity is a group that brings together local business leaders, ranging from Costco CEO Ron Vachris to Microsoft President Brad Smith in order to support “Black Washingtonians” and build “a future rooted in equity for all,” according to its website.

WERE members have pledged to achieve a series of equity-related goals by the year 2030. Among those goals are racial quotas for their workforce, vowing to have the percentage of Black employees mirror the percentage of working-age Black people living in the communities the WERE members are doing business in, investing a combined $2 billion in programs to support “racial equity,” increasing investment in Black-owned business and providing anti-bias training.

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Several Costco execs are members of a “racial equity” business group.

“Equity will increase prosperity for our entire state. Our communities will be stronger, healthier, and more vibrant. Our economy and our companies will benefit from a greater diversity of ideas, a more robust talent pipeline, and increased opportunity for all Washingtonians. We will start by owning our part of this problem, actively working to contribute to solutions, and using our voices to advocate for governmental action that supports transformational and lasting change,” WERE’s report “The Commitment to Progress: An Equitable Future for Washington,” said.

In addition to Vachris, several other Costco execs are members of WERE’s “Supplier Diversity Task Force.” Costco Director, Journeys, Diversity & Inclusion Claude Green, Senior Vice President, Corporate Foods & Sundries Nancy Griese and Food & Sundries Assistant General Merchandise Manager Leanne Bender are all listed as being part of the taskforce.

“This task force focuses on removing barriers and identifying opportunities to improve supplier diversity and support investment in Black-owned businesses,” the website stated.

The grocery wholesaler has been under pressure to drop their DEI policies. (Justin Sullivan/Getty Images / Getty Images)

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Costco’s commitment to diversity, equity and inclusion has made the grocery wholesaler the focus of a broader national conversation around DEI. In January Costco’s board shot down an investors’ proposal to investigate the risks associated with their DEI policies, which led to backlash as well as support from the Rev. Al Sharpton, who staged a “buy in” at wholesaler’s Harlem location.

In response, 19 states’ attorneys general wrote a letter to CEO Vachris ordering the grocery chain to drop their DEI policies to get in line with President Trump’s executive orders combating the controversial programs.

A former Costco executive Roger Campbell told Fox News Digital that DEI is part of the company’s culture, and a key ingredient in the secret sauce that made the grocery chain so successful.

President Trump has signed several executive orders combating DEI. (Andrew Harnik/Getty Images / Getty Images)

“The term DEI didn’t even exist to us, it was the way we ran our business… it’s who we are,” former Costco International Division Senior Vice President Roger Campbell told Fox News Digital.

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Several members of Costco’s board donated heavily to Democratic party aligned groups, with Chairman of the Board Hamilton E. James having given $100,000 to the Harris Action Fund in May 2023, FEC data revealed.

Neither WERE nor Costco responded to Fox News Digital’s request for comment.

February 11, 2025
Boom Supersonic CEO Blake Scholl on supersonic flight without audible sonic boom

Boom Supersonic founder and CEO Blake Scholl, whose company is working to develop supersonic passenger aircraft, discuses how it is possible to fly at supersonic speeds without a sonic boom being audible on the ground below.

Boom Supersonic, a company working to develop passenger aircraft capable of traveling faster than the speed of sound, announced that its planes will be able to fly at supersonic speeds without the sonic boom being audible on the ground below.

The company says that it accomplished the feat during a test flight of its XB-1 aircraft late last month.

“During its historic first supersonic flight on January 28, 2025, Boom’s demonstrator aircraft, XB-1, broke the sound barrier three times without generating a sonic boom that reached the ground, demonstrating that quiet supersonic travel is possible,” the aviation company noted in a press release on Monday. “Specialized microphone arrays placed in strategic locations under the flight path confirmed that sonic booms did not reach the ground as XB-1 flew at a top speed of Mach 1.12.”

Fast flights sans the sonic boom sound on the ground are possible due to the concept known as “Mach cutoff,” Boom Supersonic’s founder and CEO Blake Scholl explained.

In a thread on X, Scholl said, “It’s actually well-known physics called Mach cutoff. When an aircraft breaks the sound barrier at a sufficiently high altitude, the boom refracts in the atmosphere and curls upward without reaching the ground. It makes a U-turn before anyone can hear it.”

BOOM SUPERSONIC XB-1 BREAKS SOUND BARRIER DURING TEST FLIGHT

Boom Supersonic founder and CEO Blake Scholl speaks to Fox News Digital on Feb. 10, 2025. (Fox News Digital)

“Just as a light ray bends as it goes through a glass of water, sound rays bend as they go through media with varying speeds of sound. Speed of sound varies with temperature… and temperature varies with altitude. With colder temperatures aloft, sonic booms bend upward,” he noted.

“This means that sonic booms can make a U-turn in the atmosphere without ever touching the ground. The height of the U varies—with the aircraft speed, with atmospheric temperature gradient, and with winds. So making this work requires tech not available in Concorde’s era,” he indicated on X.

Scholl suggested that this could be possible with speeds as fast as Mach 1.3.

“Top speed for Boomless Cruise varies with weather and can be as high as Mach 1.3—but will usually be between Mach 1.1 and Mach 1.2. At higher speeds, the geometry doesn’t work and a boom will still reach the ground,” he tweeted.

Scholl told Fox News Digital during an interview on Monday that the ability to consistently avoid audible sonic booms will be “very reliable.”

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While supersonic flight over land is not currently permitted, Scholl hopes that will change.

“Currently, all civil aircraft flights are prohibited from operating above Mach one speeds over land in the United States. Aircraft companies seeking to advance the testing of civil supersonic aircraft require a special flight authorization,” according to the Federal Aviation Administration.

Scholl said that the president could issue an executive order directing the FAA to allow for supersonic flight over land as long as there is not an audible sonic boom.

Though frequent fliers may find the prospect of dramatically slashing their travel times exciting, they will have to keep waiting as the company works to develop its Overture passenger aircraft.

Scholl said the company will begin building the first Overture aircraft at its factory in North Carolina in around 18 months and the first one will “roll off the line” in around three years, with the goal for passengers to be able to buy tickets aboard the supersonic planes by the end of 2029.

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FOX Business correspondent Grady Trimble speaks with Boom Supersonic CEO Blake Scholl after the aviation company’s test flight on ‘Varney & Co.’

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“Overture’s order book stands at 130 aircraft, including orders and pre-orders from American Airlines, United Airlines, and Japan Airlines. Boom is working with Northrop Grumman for government and defense applications of Overture,” the company noted in its press release.

The company’s XB-1 aircraft is conducting its second supersonic test flight today.

February 10, 2025