Raphael Stevens

Ford CEO Jim Farley on Wednesday called for a “comprehensive” look at U.S. tariffs involving automobiles to level the playing field for the American automaker.
Farley singled out imports from Japan and South Korea that have little to no duties compared with the 25% tariff President Donald Trump has threatened Canada and Mexico with in recent weeks.
Farley’s comments follow Trump implementing a 10% additional tariff on goods from China as well as ongoing negotiations with Canada and Mexico involving 25% levies on imports.

Ford Motor Co., CEO Jim Farley gives the thumbs up sign before announcing Ford Motor will partner with Chinese-based, Amperex Technology, to build an all-electric vehicle battery plant in Marshall, Michigan, during a press conference in Romulus, Michigan February 13, 2023.
Rebecca Cook | Reuters

DETROIT — Ford Motor CEO Jim Farley on Wednesday said if the Trump administration is going to implement tariffs affecting the automotive industry, it should take a “comprehensive” look at all countries.
Farley singled out Toyota Motor and Hyundai Motor for importing hundreds of thousands of vehicles annually from Japan and South Korea, respectively, that have little to no duties compared with the 25% tariff President Donald Trump has threatened imposing on Canada and Mexico.

“There are millions of vehicles coming into our country that are not being applied to these [incremental tariffs],” Farley said during the company’s fourth-quarter earnings call with investors. “So if we’re going to have a tariff policy … it better be comprehensive for our industry.
“We can’t just cherry pick one place or the other because this is a bonanza for our import competitors.”

Farley’s comments follow Trump implementing a 10% additional tariff on goods from China, which include automobiles, and ongoing negotiations with Canada and Mexico regarding 25% levies on imports from those countries to the U.S.
For years, Ford has touted its investments in the U.S., as well as having the most American workers of any automaker, even as it is considered a disadvantage to its business.
GlobalData reports 46.6% of all vehicles sold in the U.S. last year were produced outside of the country. South Korea, at 8.6%, and Japan, at 8.2%, rank second and third in vehicle imports, only trailing Mexico, at 16.2%, GlobalData reports.

Cars imported from South Korea currently have no tariffs, while those imported from Japan are subject to 2.5% duties. Truck imports for the countries are 25%.
Aside from Hyundai and its sibling company Kia, General Motors annually imports hundreds of thousands of vehicles tariff-free from South Korea.
Nissan Motor and Honda Motor, along with smaller carmakers such as Subaru, also import vehicles from Japan, along with Toyota. More

The move to put 10% additional tariffs on imports from China will affect a small number of U.S. vehicles, but increased costs of auto parts could affect already heightened car prices.
The biggest impact on vehicles will be on Ford Motor’s Lincoln Nautilus and General Motors’ Buick Envision.

2024 Lincoln Nautilus 

DETROIT — President Donald Trump’s move Saturday to impose 10% additional tariffs on imports from China affects a small number of U.S. vehicles. But those tariffs are also hitting auto parts, which could increase already heightened vehicle prices for consumers.
The U.S. in recent years has imported from about $15.4 billion to more than $17.5 billion worth of transportation goods from China each year, including $9 billion to $10 billion per year in auto parts and accessories for vehicles and tractors, among other special purpose vehicles, according to the U.S. International Trade Commission.

The biggest impact on vehicles will be on Ford Motor’s Lincoln Nautilus and General Motors’ Buick Envision. Those crossovers accounted for 83,884, or 95%, of the 88,515 China-made vehicles that were sold in the U.S. last year.
“It’s mainly GM and Ford that are really hit from a volume standpoint,” said Jeff Schuster, GlobalData vice president of automotive research. “Our domestic guys are the ones taking the brunt of this, at least for full vehicles … but it can be muted to some extent.”

Employees work on Buick Envision SUVs at General Motors’ Dong Yue assembly plant, officially known as SAIC-GM Dong Yue Motors Co., Ltd., in Yantai, Shandong Province, China, Nov. 17, 2022.
Tang Ke | Visual China Group | Getty Images

Other carmakers such as Volvo, which is owned by China’s Geely and its electric vehicle spin-off Polestar, import far fewer vehicles to the U.S. They’ve also changed production plans to reduce the number of vehicles being imported from China. That’s especially true for EVs, given the Biden administration’s 100% tariff last year on such models from China.
Ford incoming CFO Sherry House said Wednesday the automaker will “assess the situation” of tariffs on China goods “as it plays out, including the response from China, and evaluate whether or not it affects” the company’s import and export strategy.
Spokespeople for Ford and GM declined to comment on potential changes to production or prices for their China-made vehicles. Volvo and Polestar did not respond.

China-made vehicles for consumers only represented 0.6% of the roughly 16 million new vehicles sold in 2024 in the U.S., according to GlobalData. That’s about the same as imports from the United Kingdom, Sweden and Slovakia.

Tariffs on Canada or Mexico — which GlobalData reports accounted for 23.4% of U.S. sales last year — would have a far greater impact on the U.S. car market.
“While vehicle imports are minimal from China, auto parts imports are about ~$15-20 bn per year per the US International Trade Commission, and China is a key part of the battery/storage supply chain (especially LFP batteries used in utility scale energy storage),” Goldman Sachs analyst Mark Delaney said Sunday in an investment note.
It’s unclear how much of an impact tariffs could have on batteries or raw materials for EVs, which are experiencing a slower-than-expected adoption.
But many electrified vehicles in the U.S. feature a notable percentage of components from China, according to data from the National Highway Traffic Safety Administration. They include the Genesis G80 EV (25%); Hyundai Kona EV (50%) and Hyundai Ioniq 5 N (30%; ); Kia EV9 (35%) and Niro Electric (25%); Nissan Ariya EV (40%); Toyota bZ4x EV (20%) and RAV4 PHEV (20%); and Volkswagen ID Buzz EV (25%).
Mike Jackson, executive director of strategy and research for MEMA Original Equipment Suppliers, said the auto association is “concerned” about tariffs in general. He said while the 10% additional tariff on China isn’t as impactful as ones in North America, it increases costs.
“It’s a challenge. It represents a higher cost, and that cost is going to have to be borne,” Jackson told CNBC on Wednesday on the sidelines of the Federal Reserve Bank of Chicago’s auto conference in Detroit. “Clearly China continues to contribute very valuable content. They’ve optimized for electronics and a wide range of aspects.”
Whether automakers decide to pass increases in costs on to consumers, change sourcing or take other actions is yet to be seen.
Passing the costs on to consumers could be troublesome for sales. New vehicle prices remain historically elevated at around $50,000, according to Cox Automotive.
“There’s not a specific item coming from China that’s under this tariff that says, ‘Oh, no, this is the thing that’s going to mess everything up’ … but they will drive up costs,” said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. “It plays into a broader issue, a broader problem with pricing.”
Brinley said such price increases could affect new U.S. vehicle sales, which S&P Global Mobility prior to any tariffs forecast to be 16.2 million vehicles. More

Ford Motor beat Wall Street’s top- and bottom-line expectations for the fourth quarter.
But the automaker said its 2025 guidance, which is in line with or lower than many analysts’ expectations, “presumes headwinds related to market factors.
Ford executives will host an earnings conference call at 5 p.m. ET.

DETROIT — Ford Motor beat Wall Street’s top- and bottom-line expectations for the fourth quarter but forecast a tougher year ahead for the company, as CEO Jim Farley promises improvements in vehicle quality and costs.
Shares of Ford fell 5% in after-hours trading.

Ford’s forecast this year calls for adjusted earnings before interest and taxes, or EBIT, of $7 billion to $8.5 billion; adjusted free cash flow of $3.5 billion to $4.5 billion; and capital expenditures between $8 billion and $9 billion.
For 2024, Ford reported adjusted EBIT of $10.2 billion, or $1.84 in adjusted earnings per share, and net income of $5.9 billion, or $1.46 in earnings per share. The automaker reported total revenue, including its financial arm, was a company record of $185 billion, and adjusted free cash flow was $6.7 billion.
“We think it’s prudent. There’s a lot of external factors … but our future is really in our hands,” Farley said Wednesday during CNBC’s “Closing Bell” on the cautionary guidance. 
Here’s how the company performed in the fourth quarter compared with average estimates compiled by LSEG:

Earnings per share: 39 cents adjusted vs. 33 cents expected
Automotive revenue: $44.9 billion vs. $43.02 billion expected

The company said its 2025 guidance, which is in line with or lower than many analysts’ expectations, “presumes headwinds related to market factors.” They include 2% industry lower pricing and slightly lower wholesales for Ford but not additional tariffs by the Trump administration.

“Given the pause in the current tariff situation, specifically in Mexico and Canada, we are not choosing to take any actions at this time,” Ford Chief Financial Officer Sherry House told media on Wednesday during a call. “We’re going to let this run itself out so we can better understand the potential impacts on our business.”

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Ford, GM, Stellantis and Tesla stocks

House said this year’s forecast also takes into account expectations of a $1 billion reduction in material and warranty costs compared with last year. This follows $1.4 billion in cost reductions in 2024, which were largely offset by unexpected quality and warranty costs.
The first half of 2025 is expected to be weaker than the backend. That includes first-quarter adjusted EBIT that is projected to be roughly breakeven due to lower wholesales and less profitable vehicles being produced, including launch activity at major U.S. assembly plants in Kentucky and Michigan.
For the fourth quarter of 2024, Ford reported net income of $1.8 billion, or 45 cents per share, compared with a net loss of $526 million, or a loss of 13 cents per share, a year earlier. Adjusting for one-time items, the company reported earnings per share of 39 cents.
Ford’s traditional “Blue” operations and “Pro” fleet businesses carried the automaker to profitability, as its “Model e” electric vehicle business lost $5.08 billion in 2024, including $1.39 billion during the fourth quarter.

The Ford exhibit area is shown at the 2025 Detroit Auto Show at Huntington Place in Detroit, Michigan, on Jan. 10, 2025.
Bill Pugliano | Getty Images

Its Blue business, which includes internal combustion engine vehicles, earned $5.28 billion in 2024, a nearly $2.2 billion decrease from the year before. Pro earned more than $9 billion last year, including $1.63 billion in the fourth quarter.
For 2025, Ford is forecasting EBIT of $7.5 billion to $8 billion from Ford Pro; $3.5 billion to $4 billion for Ford Blue; and a loss of $5 billion to $5.5 billion for Ford Model e. Its Ford Credit arm is expected to post earnings of $2 billion.
Ford was under pressure to perform after crosstown rival General Motors easily topped Wall Street’s fourth-quarter expectations and said its 2025 guidance is in line with or above analysts’ expectations.
Ford underperformed expectations last year largely due to unexpected warranty and recall problems plaguing the company’s earnings. Shares of the automaker declined nearly 20% in 2024 amid the problems, which Farley has promised to rectify.

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DOT Secretary Sean Duffy said he spoke with SpaceX CEO and Trump advisor Elon Musk about reforming U.S. airspace.
Sixty-seven people were killed when an Army Black Hawk helicopter collided with an American Airlines regional jet last week.
Musk’s SpaceX shares airspace with commercial airplanes.

An American Airlines plane takes off as a salvage barge with a crane is positioned near the crash site along the Potomac River after a passenger jet collided with a helicopter while landing at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Sunday, Feb. 2, 2025. 
Al Drago | Bloomberg | Getty Images

U.S. Transportation Secretary Sean Duffy said he spoke with Trump administration advisor and CEO of SpaceX Elon Musk about reforming the country’s airspace and raised concerns about the military’s use of helicopters in Washington, D.C.’s crowded airspace after a deadly collision last week.
“I had a conversation with Elon Musk yesterday, pretty remarkable guy. He thinks differently than I think probably a lot of us do, but he has access to the best technological people, the best engineers in the world,” Duffy said Wednesday at a roadway transportation event in Washington. “We’re going to remake our airspace, and we’re going to do it quickly.”

Duffy’s comments come a week after an Army Black Hawk helicopter collided with an American Airlines regional jetliner that was moments away from landing at Ronald Reagan Washington National Airport. All 64 people on the American flight and the three military crew on the Black Hawk, which was on a training mission, were killed. It was the deadliest airline accident in the United States since 2001.
Trump has tasked Musk with running the so-called Department of Government Efficiency, which has received access to such data as the Treasury Department’s payment systems. Musk didn’t immediately respond to a request for comment.
SpaceX, along with other space companies, shares airspace with commercial airplanes. The FAA, which oversees U.S. airspace, also oversees Musk’s SpaceX. Musk threatened to sue FAA over “regulatory overreach” last year when the agency did not approve launch licenses for SpaceX as rapidly as he wished.
Last month, a Starship rocket suffered an inflight failure that resulted in a field of debris raining down near Caribbean islands and causing dozens of commercial flights to divert or delay to avoid the area.
U.S. airline executives have for years called for additional funding for the modernization of U.S. air traffic control systems and additional hiring of air traffic controllers to stem a yearslong shortage.

Duffy didn’t elaborate on the potential changes to U.S. airspace management.
Duffy said that one air traffic controller was handling both airplane and helicopter traffic at the time of the crash and that he will “look at the policies and the procedures inside the tower.”
“We’re going to pull that authority back to make sure that we have the right policies in place inside our towers to make sure when you fly, you’re safe,” he said.
Duffy said officials need to look at the safety of conducting military training missions at night.
“And if we have generals who are flying in helicopters for convenience through this airspace, that’s not acceptable,” he said. “Get in a damn Suburban and drive. You don’t need to take a helicopter.”
The U.S. Army didn’t immediately comment. The Pentagon declined to comment.
The National Transportation Safety Board, which is leading the investigation into last week’s crash, is still probing the cause of the deadly collision.
— CNBC’s Michael Sheetz contributed to this report.

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Cosm is considering a broad long-term expansion plan as it builds venues across the U.S. and potentially abroad, said CEO Jeb Terry in an interview with CNBC Sport.
Cosm has raised $300 million and may be in the market for more funding soon, Terry said.

Cosm may be coming to a city near you — both in the U.S. and abroad.
The immersive sports-viewing technology company has built two dome venues in Los Angeles and Dallas that emulate the experience of being live at a sports stadium. The startup plans to build two more venues in Atlanta and Detroit in 2026.

Cosm CEO Jeb Terry told CNBC Sport he is already thinking about international expansion as he takes inbound phone calls from real estate developers and municipality leaders in countries around the world.
“I get calls daily from everywhere in Europe,” said Terry. “You look at calls from China, the Middle East, Japan. Australia is banging down our door. There’s an opportunity to bring these venues globally, and we’re looking to figure out what’s the best path to do that.”
Terry declined to share specifics on the cost of the company’s “shared experience” venues, which feature 87-foot-diameter LED domes and wall-to-wall screens to simulate the look and feel of being at a live game.

Cosm currently has two locations in Los Angeles and Dallas, Texas, but is planning on expanding to additional locations in the future.
Courtesy: Cosm

The company is “doing well” on its path to profitability, he said, and has thus far raised $300 million from investors including Stan Kroenke, the owner of sports teams including the National Football League’s Los Angeles Rams; Marc Lasry, the former owner of the National Basketball Association’s Milwaukee Bucks; and Dan Gilbert, owner of the NBA’s Cleveland Cavaliers.
Cosm is already thinking about another capital round, too, Terry said. How much money he will ask for will depend on the pace of construction, he said.
“We’ll be looking to raise again in the future,” Terry said. “It’s really a function of scale. How fast are we going to go? And we’re going to kind of navigate that as this year evolves.”

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The NWSL and three attorneys general have agreed to a settlement over the league’s past mistreatment of players.
The league has made changes to its hiring and policies in response to previous allegations of sexual misconduct and emotional abuse.
Players will be able to apply for compensation from the $5 million settlement.

The official National Women’s Soccer League game ball sits on a pedestal at the start of the NWSL match between NJ/NY Gotham FC and North Carolina Courage at Red Bull Arena in Harrison, New Jersey, May 4, 2024.
Ira L. Black – Corbis | Getty Images Sport | Getty Images

The National Women’s Soccer League has agreed to a $5 million settlement with three attorneys general over past mistreatment of its athletes, according to a joint announcement Wednesday.
The settlement closes investigations by New York, Illinois, and Washington, D.C., and comes after years of allegations by NWSL players of sexual misconduct and emotional abuse by coaches and officials dating back more than 10 years. Independent investigations and the attorneys general found the league failed to take reasonable measures to protect its players.

“For too long, the hardworking and talented women of the National Women’s Soccer League were forced to endure an unacceptable culture of abuse, harassment, and retaliation,” said New York Attorney General Letitia James in a statement posted by the NWSL Players Association. “This settlement sends a clear message that such misconduct will not be tolerated and ensures players receive the compensation and protections they deserve.”
As part of the settlement, the NWSL will create a $5 million fund for players who experienced the abuse to collect compensation. The settlement does not preclude individual players from pursuing private legal actions against the NWSL or its teams, according to a separate news release.
“We remain grateful to the many brave individuals who came forward to share their experiences, which has informed our approach to systemic reform,” NWSL Commissioner Jessica Berman said in a statement. “We will continue to do the work necessary to maintain the trust of our players and build an ecosystem where the best in the world want to come.”
In addition to the players fund, the league has implemented reforms across nearly every aspect of its business. Some of the safeguards include increased vetting of coaches, having a mental health professional on staff, and increasing training programs to prevent bullying and harassment.
The NWSL will be required to provide biannual reports to the attorneys general detailing any complaints that allege misconduct for the next three years. The attorneys general will also provide players with anonymous annual surveys regarding their coaches and team culture.

Failure by the league to comply with any terms of the agreement could mean an additional penalty of $2 million.
Berman took the helm in 2022 and has been on a mission to reform the league. Since she took over, the NWSL has helped to improve players’ contracts with the league’s first-ever collective bargaining agreement, which included advancements for compensation and working conditions.
She cleaned up the league’s personnel, issuing lifetime bans against four former coaches over their roles in the past misconduct. She’s also brought in new wealthy ownership groups and private equity committed to the welfare of players.
As a result, business has been booming. Denver was just awarded the league’s 16th franchise, selling at a record $110 million expansion fee.
Correction: This article has been updated to correct the day of the joint announcement to Wednesday. More

Novo Nordisk shares rose Wednesday after fourth-quarter earnings beat Wall Street’s estimates, 2025 forecast came in line with expectations.
Novo CEO Lars Fruergaard Jorgensen sees Wegovy supply improving this year, and brushed off fears of the company falling behind Eli Lilly & Co.
Details about its next-generation weight loss drugs CagriSema and amycretin are also in focus.

It’s been a rocky few months for Novo Nordisk.
Prescription data from IQVIA suggests Novo’s obesity drug Wegovy is losing ground to rival Zepbound from Eli Lilly. Wegovy’s potential successor, CagriSema, came up short of investor expectations in a closely watched Phase 3 trial. Novo’s stock has fallen more than 20% over the last year, and people feared things would get even worse when the company released fourth-quarter earnings and its 2025 outlook on Wednesday.

Instead, Novo beat fourth-quarter expectations and provided a sales growth forecast between 16% and 24% – in line with the 20% Wall Street was looking for. Novo’s stock rose more than 4% on Wednesday.
In an interview with CNBC, Novo Chief Executive Officer Lars Fruergaard Jorgensen brushed off concerns that Novo is falling behind Lilly.
“We are quite confident that as we move into the year and we’ll be supplying more and more of the starter doses, we can see a nice step up in our volume and serving more and more patients,” Jorgensen said. “And the guidance we have given for this year, you can say, testifies to an underlying significant ramp in our business. So we’re quite confident both in the demand in the market and also our ability to supply and compete in that market.”

Jonathan Raa | Nurphoto | Getty Images

People taking Wegovy start off on the lowest dose – or the starter dose – then work their way up to stronger formulations so their bodies can get used to the drug. At times, Novo has limited the amount of starter doses it shipped because it struggled to make enough of the drug and wanted to make sure people who were already on the medication could stay on it.
Novo’s 2025 sales guidance implies a 30% increase in the number of patients taking one of the company’s GLP-1 drugs, such as Ozempic, the company said on its earnings call.

The company also tried to reassure investors about CagriSema’s effectiveness. Jorgensen said some people lost weight very quickly, and another group lost weight continuously, showing no sign of stopping by the time the trial ended, so they might need longer treatment.
“I’m very confident in the potency of the biology we have here,” he said.
People are watching an earlier-stage treatment – amycretin – even closer. That experimental drug recently showed promising results in a phase 1b/2a trial.
Jorgensen said Novo is talking to the FDA about possibly moving straight to a phase three trial. More