BUSINESS - Page 24

CFO Mark Mason said that the bank will spend $1 billion on restructuring and severance charges. He added that it is expected to be fully completed by the end of the first quarter of next year. The changes include slimming down management and potentially laying off thousands of employees. By simplifying the company’s structure, Citigroup hopes to cut annual expenses by $51 billion to $53 billion, enabling it to approach its profit targets. The overhaul will also revive the company’s

Chinese EV maker Nio may undertake more job cuts after the company announced plans to cut 10% of its workforce last month. The company’s founder and chief executive, William Li, said in an internal letter that reducing staff is necessary as the company faces fierce competition in the world’s largest electric vehicle (EV) market. “I will focus on improving resource efficiency, cutting projects that do not contribute to financial performance in three years, and ensuring core products are released on

British American Tobacco said it would take a hit of around $31.5 billion as it wrote down the value of some U.S. cigarette brands, acknowledging on Wednesday that its traditional market has no long-term future. The move comes as ever-stricter regulation and growing awareness of health risks squeeze tobacco companies’ traditional business, driving declines in cigarette volumes in some markets. The company’s share price fell almost 6% as investors digested the news. The write-down is part of a larger plan

The European planemaker delivered 64 aircraft in November, down 6% from the same month of 2021, to bring the total so far this year to 623 units. The tally leaves Airbus needing 97 deliveries in December to reach its full-year target of 720 deliveries, industry sources said. However, the company has yet to exclude the possibility that it might need to trim its goal as it closes out the year with a near-record backlog. Airbus logged 144 net new orders

Sales of U.S. automaker Tesla’s China-made electric vehicles skidded 17.8% in November from the same month a year earlier to 82,432 cars, China Passenger Car Association data showed on Monday. But deliveries of China-made Model 3 and Model Y cars rose 14.3% from October. Despite the drop, Tesla remains China’s EV sales leader — though it faces tough competition from local rival BYD. BYD sold 229,942 electrified vehicles last month, including 113,915 pure electric vehicles, up by a record 92%

The EU’s power grids need help to cope with the surge in electricity demand from EV charging, which can add up to 5% of annual peak demand. Moreover, that is without accounting for the impact of electrification on other applications, such as heating and cooling. In the short term, the solution to these challenges lies in increasing the capacity of existing transmission and distribution networks. However, in the longer term, smarter EV charging controls can mitigate the need for such

The best-performing stock in the Dow Jones Industrial Average this year is getting a further lift from its earnings report after it raised its forecast and its third-quarter results beat Wall Street targets. The customer relationship management software provider benefited from solid demand for its products in an uncertain economy, while disciplined cost-cutting helped to boost margins. Its share rose 7% after the bell as it forecast fourth-quarter revenue and profit above expectations. It now expects to bring in between

Tesla’s long-delayed Cybertruck will be priced at $60,990, over 50% more than CEO Elon Musk had touted in 2019, and cost analysts have said it will only draw select, affluent buyers. Experts say that the futuristic bakkie enters a hot market segment but will need to compete with more valuable and mainstream models from Ford, Chevrolet, and Rivian Automotive. Its new body material and unconventional, futuristic styling have added complexity and costs to production and threaten to alienate traditional buyers

Amid the uncertainty surrounding VMware’s takeover by Broadcom, employees have awaited their fate. It’s not the first time that VMware has trimmed its workforce after a takeover, but it may be the most impactful as far as the company’s current employees are concerned. The uncertainty has caused a great deal of anxiety among staff, especially managers who are unlikely to have any say in how their teams will be divided up, a source familiar with the situation told Business Insider.

Four years after starting the car world with designs for the Cybertruck, Elon Musk is set Thursday to mark the arrival of Tesla’s iconoclastic take on the American pickup. The company’s new electric truck is expected to have a maximum range of 500 miles between charges and can tow 14,000 pounds. Its stainless steel body is bulletproof and can swing from 0 to 60 in less than 3 seconds. Its design, to some, has evoked a futuristic, sometimes dystopian future