Month: February 2023

A pair of Automotive News Europe Rising Stars have had a successful start to 2023. Onto CEO Rob Jolly’s electric car subscription service has raised 100 million pounds ($121 million) to help it expanding its EV fleet in the UK. The credit funding line comes from global investment group CDPQ and independent asset manager Pollen
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10:03 AM ET NEW YORK, U.S. — Red Bull has launched the car which will defend the Formula One title in 2023. While the colour scheme stayed true to previous seasons, Red Bull confirmed at the event at Manhattan’s Classic Car Club that it will run fan-designed liveries at the U.S. races in Miami, Austin
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For more than two years, the U.S. auto industry has been an extraordinary case study in Economics 101: The balance between supply and demand. January illustrated what happens when the market shifts: Supply got better, but the demand that’s driven prices and profits since the microchip shortage began is beginning to soften under economic pressure.
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Spartan Radar, an automotive software startup focused on leveraging radar technology for driver-assist systems and self-driving vehicles, closed its $17 million series B funding round on Wednesday. The funding will help the Los Alamitos, Calif., company deliver its flagship Ago software-based program that improves driver-assist systems’ resolution and range to market. It also will use
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SAN LUIS POTOSI, Mexico — BMW plans to invest 800 million euros ($866 million) in the central Mexican state of San Luis Potosi to produce high-voltage batteries and fully electric Neue Klasse models. The expansion, set to add around 1,000 new jobs at its operations in the Mexican state, is BMW’s latest push into electric
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StoreDot, a startup developing fast-charging electric vehicle batteries, and Circulor, a supply chain tracing company, unveiled a partnership Tuesday aimed at increasing transparency in the EV battery supply chain. The companies will track carbon dioxide emissions from mining the necessary raw materials used in StoreDot battery cells and the cell manufacturing process. That will help
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Audi’s latest A3 only started sales in the U.S. in 2021, but an updated version of the trendy compact is already out testing. That’s because the latest A3 has been on sale outside the U.S. since 2020, meaning it should be due for a mid-cycle update by late 2023 or early the following year. Prototypes
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Collector Bruce Meyer discusses the history of the 1965 Ferrari Iso Bizzarrini, a car that won it’s class at LeMan and finished in the top 10 overall. Watch the 2016 Pebble Beach Concours d’Elegance Live Stream on Sunday 8/21 @ 2pm PST Facebook – http://facebook.com/motortrendmag Twitter – http://twitter.com/motortrend Instagram – @motortrend Website – http://www.motortrend.com
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STOCKHOLM — Chinese electric-car maker Xpeng is repositioning itself as a premium brand as it rolls out larger, more expensive models in its initial European markets while dropping some smaller cars. The Tesla rival launched in Norway in 2020 with the G3 compact SUV, which was renamed the G3i after a face-lift. The automaker had
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Asbury Automotive Group Inc. spent $2.7 million during the fourth quarter on “a significant acquisition that did not materialize,” the company said Thursday. Asbury’s sale of nine North Carolina stores in the fourth quarter was also partly agreed to in anticipation of the unconsummated purchase, CEO David Hult told analysts and investors on a call. Asbury did not
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Automotive tech supplier Aptiv reported double-digit revenue growth and a surge in net income for the fourth quarter as the company continued to mitigate supply chain uncertainty. “Proactive initiatives and risk mitigation actions related to our supply chain have contributed to our ability to keep customers connected through significant disruptions,” CEO Kevin Clark said in
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10:14 AM ET Formula One’s governing body, the FIA, has officially opened the application process for a new team to join the grid by 2025 at the earliest. With F1’s worldwide popularity booming like never before, interest in joining the series is high. Editor’s Picks Under the bid process outlined by the FIA on Thursday,
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