CHICAGO — After a robust couple of years when retailers of all sizes and their frenzied dealership acquisitions helped create a seller’s market, what’s to come? A few industry experts shared their thoughts on why and more during the Let’s Make a Deal panel at the Automotive News Retail Forum: Chicago last week. A shift
Month: October 2022
Ford Motor Co. CEO Jim Farley said new federal electric vehicle tax credits created by the Inflation Reduction Act should have a “wide range of positive impacts” for the automaker as it ramps up production. “What’s not yet clear is the degree to which the IRA will drive customer demand versus offsetting our EV investments
Tesla Powerwall was powering 44,000 homes in Puerto Rico during the latest island-wide grid outage due to a hurricane. The number of Powerwalls on the island is much higher than expected. In 2017, Puerto Rico’s power grid was badly destroyed by a strong hurricane. At the time, Tesla had somewhat recently launched its energy division
12:53 PM ET The Mexican Grand Prix will stay on the Formula One schedule until 2025 after securing a new contract extension. The Mexico City race has become one of the most popular on the calendar, with its final corners snaking through a converted baseball stadium which is always packed full of fans. National hero
In this article F Follow your favorite stocksCREATE FREE ACCOUNT 2023 Ford F-150 Raptor R Ford DETROIT – Ford Motor recorded a net loss of $827 million during the third quarter, weighed down by supply chain problems and costs related to disbanding its autonomous vehicle unit Argo AI. Still, the automaker was able to narrowly
French President Emmanuel Macron is looking to enlist German Chancellor Olaf Scholz’s support for a new plan to help European automakers compete with the U.S. and China, after President Joseph Biden outlined heavy subsidies benefiting electric cars made in North America. Though they have squabbled over defense and energy policies, Paris and Berlin agree that
A terrifying crash occurred in The Netherlands last Monday, when a train smashed through a city bus, cutting it in half. Thankfully there were no injuries reported since the bus was empty of passengers and the driver escaped unharmed albeit in shock. In the video uploaded on YouTube by Hart van Nederland, we can see
Lear Corp. will open an $80 million plant and create hundreds of jobs in Michigan after winning a program with General Motors Co. that marks its largest electric vehicle deal and investment to date, the supplier said Thursday. The Southfield-based company struck a deal with the automaker to exclusively supply the battery disconnect unit on
Tesla’s all-new battery energy storage system (BESS) factory in Lathrop, California is almost ready and is ramping up production. This week, the company showed a short video, presenting the plant and some of the production processes, on its Linkedin profile. Tesla is now looking for more employees – but that’s not a surprise, as basically
The 2022 SEMA show is just around the corner and Acura on Wednesday previewed a trio of tuned 2023 Integras bound for the annual tuning fest in Las Vegas. Previous Integra generations have been, and still are popular, among tuners, and Acura has sought to highlight the potential of the new 2023 model by partnering
Ford Motor (F) reported a top- and bottom line beat for the third quarter after the closing bell on Wednesday, while demonstrating solid free cash flow — a key reason why the Club continues to back the automaker. Automotive revenue climbed 12% year-on-year, to $37.2 billion, beating analysts’ forecasts of $36.25 billion, according to estimates
Ford said it would exit Russia, after the automaker finalized a deal to sell its 49 percent stake in the Sollers Ford joint venture. “Ford shares will be transferred to the Joint Venture for a nominal value,” the company said on Wednesday, adding that it retains the option to buy them back within a 5-year
Lamborghini has partnered up yet again with Culti Milano, a maker of candles, lotions, and other smelly stuff, to make a product for the home that seeks to capture the essential spirit of Lamborghini and bottle it. Together they have come up with a new diffuser (of the reedy variety, not the aerodynamic variety) whose
DETROIT — Ford Motor Co. on Wednesday posted a third-quarter loss of $827 million that it largely blames on newly revealed plans to shut down Argo AI, a self-driving vehicle development company the automaker had invested in heavily. CEO Jim Farley said the company now believes mass deployment of fully self-driving vehicles is “a long
Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co. and Volkswagen Group, TechCrunch reported on Wednesday, citing people familiar with the matter. Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said, adding that
By Simon Alvarez Posted on October 26, 2022 The electric vehicle transition is hitting its pace, and battery suppliers definitely seem to be feeling it. Tesla supplier LG Energy Solution (LGES), for one, recently upped its revenue guidance by 14% after quarterly profit beat forecasts on strong demand from EV makers. LG Energy Solution noted
4:07 AM ET Audi will enter Formula One in 2026 as the partner of the Sauber team, which currently races as Alfa Romeo. In August, Audi confirmed it would be joining F1 as an engine constructor when it introduces new regulations, but did not confirm which team that would be with. On Wednesday it was
TOKYO — Toyota is considering a sharp increase in production of its first mass-market battery-electric vehicle from 2025, according to three people with knowledge of the developing plans, ramping up output of the vehicle amid a broader strategy rethink. The automaker is considering increasing production of its bZ4X electric crossover by either six or 12
Hertz has been sued by a customer who was held at gunpoint by police after his rental vehicle was allegedly falsely reported as stolen by the rental car giant. Nicholas Wright rented a car with his 13-year-old daughter in October last year from Hertz subsidiary Thrifty. Just 30 minutes later, he was surrounded by police
Franchise Equity Partners, a private investment firm connected to longtime automaker executive Mark LaNeve that launched in November 2021, has made its first foray into car dealerships via a multimillion-dollar deal with a growing dealership group in the Northeast. New York-based Franchise Equity Partners invested $70 million into Georgica Auto Holdings, which is headed by
Mobileye Global Inc., the self-driving technology company owned by Intel Corp., priced one of the biggest U.S. initial public offerings of the year above its marketed range to raise $861 million. The company sold 41 million shares for $21 each, according to a statement Tuesday confirming earlier reports. Mobileye had marketed the shares for $18
In this article DAII-FF Follow your favorite stocksCREATE FREE ACCOUNT 2022 Mercedes-Benz EQS EV Mercedes-Benz Mercedes-Benz finance chief on Wednesday told CNBC the automaker’s pricing of its cars in China is “well-supported” after U.S. electric vehicle giant Tesla slashed prices. “We definitely see the demand being well but also we see the pricing levels we
Tesla has unveiled its Megafactory in California for the first time as part of a hiring effort as it ramps up battery production. Last year, Tesla broke ground on a new “Megafactory” to produce Megapack batteries in Lathrop, California. The goal is to have a new factory focused only on building the large battery pack for utility-scale
The 2023 Honda Accord debuts in November, but in the meantime Honda has released a teaser of the redesigned mid-size sedan. Honda was short on details—including the actual reveal date—in its brief press release, but confirmed a 12.3-inch touchscreen, Google built-in connectivity (a first for the brand), and “a more responsive and fun-to-drive hybrid powertrain.”
1:07 PM ET Associated Press Colton Herta has signed a four-year contract extension with Andretti Autosport that ties the American racer to the IndyCar team through 2027 and indicates Herta has put a pause on his Formula One ambitions. The extension announced Tuesday is significant because it shuts out the biggest teams in IndyCar from
Getty Images By Theo Leggett & Lora Jones BBC Business The popular Ford Fiesta is set to be discontinued as early as next year as costs of parts rise and drivers opt for SUVs, the BBC understands. Ford bosses are expected to announce in the next few days that the production of the Fiesta will
Volvo will use colors to signal the difference between driver-assisted mode and what it calls “unsupervised autonomous driving” mode in its full-electric flagship. The EX90 driver-focused display screen visual through the steering wheel will use green to signal when the car is using assistance solutions such as lane keeping and adaptive cruise control. This color,
The first known crash of a 2023 Chevrolet Corvette Z06 appears to have recently occurred in Bloomfield, Michigan, despite the fact that customers deliveries of the supercar have yet to commence. A single image of the damaged ‘Vette was shared to Instagram by user zr1_m7. It shows a black C8 Corvette Z06 sitting in the
ELLABELL, Ga. — Hyundai Motor Group broke ground Tuesday on a mammoth $5.54 billion manufacturing project that will produce electric vehicles and batteries for the Hyundai, Genesis and Kia brands. Jose Munoz, Hyundai’s global chief operating officer, said the dedicated EV factory, to be called the Metaplant, will build up to six models and have
Hyundai executives and government officials break ground on the automaker’s new “Metaplant America” in Bryan County, Georgia, on Tues., Oct. 25, 2022. CNBC | Michael Wayland SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to
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