In this article F Bronco SUVs in production at Ford’s Michigan Assembly plant, June 14, 2021. Michael Wayland | CNBC DETROIT – Ford Motor is cutting production next week of several key products due to an ongoing global shortage of semiconductor chips. The automaker on Friday confirmed production downtime next week for the Ford Bronco
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LMP Automotive Holdings Inc. said the seller in a proposed transaction in which it was to buy five import dealerships in Texas will keep a $1.5 million deposit per terms of the contract, which was terminated this week. The Fort Lauderdale, Fla., publicly traded company said in a Thursday regulatory filing that its asset purchase
11:15 AM ET Haas team boss Guenther Steiner expressed doubt about whether Formula One’s plan to host six sprint races in 2022 would go ahead, with the top teams demanding an increase in the sport’s cost cap. Formula One trialled the sprint-race format at three events last year, with qualifying brought forward a day to
In this article TSLA GS VOW3-DE A Volvo XC40 Recharge car on display at the 38th Thailand International Motor Expo 2021. Peerapon Boonyakiat /SOPA Images | LightRocket | Getty Images Volvo Cars and Northvolt said Friday they would build a battery manufacturing plant in Gothenburg, Sweden, with construction set to begin in 2023. According to
TOKYO — Toyota will continue its low-profile approach to Olympic sponsorship during this month’s Winter Games in Beijing, despite splurging to be the exclusive mobility provider to the international sporting events. All told, the world’s biggest automaker will provide some 2,200 vehicles for the Beijing Olympiad, to shuttle around athletes, coaching staff, officials and VIPs,
4:34 AM ET Red Bull has announced it will launch its new car, the RB18, on February 9. Max Verstappen won last year’s drivers’ championship with Red Bull and remains at the team alongside teammate Sergio Perez this year. Verstappen will defend his title with the No.1 on his car this season. 1 Related Although
In this article F Ford Motor Co. signage at the Washington Auto Show in Washington, D.C., Jan. 21, 2022. Al Drago | Bloomberg | Getty Images DETROIT — Ford Motor‘s shares slid after it reported fourth-quarter earnings Thursday that significantly missed Wall Street’s earnings expectations and slightly missed on revenue. The company’s shares tumbled by
DETROIT — Ford Motor Co. on Thursday said fourth-quarter net income jumped to $12.3 billion from a $2.8 billion loss a year earlier, despite continued production and inventory struggles stemming from the ongoing semiconductor shortage. The profit includes an $8.2 billion gain from Ford’s investment in Rivian, the EV maker that went public in November,
10:21 AM ET Alpine has announced a restructuring of its technical department following the departure of executive director Marcin Budkowski last month. Pat Fry has been promoted to Chief Technical Officer and will be in charge of all major decisions from a technical point of view while his former role as technical director will be
In this article F A 2022 Ford Motor Co. Maverick compact pickup truck during the Washington Auto Show in Washington, D.C., on Friday, Jan. 21, 2022. Al Drago | Bloomberg | Getty Images DETROIT – Shares of Ford Motor led the automotive sector in growth last year, soaring by about 140% thanks to a restructuring
Canadians Annie Brennan and Shea Brennan bought their first dealership in the U.S. in December, a Buick-GMC store in upstate New York. The Brennans bought Knight Buick-GMC in Plattsburgh on Dec. 13 from Richard Knight Jr. The dealership was renamed Brennan Buick-GMC. “Shea and I had been looking to purchase our own store in Atlantic
1:15 PM ET Eric GomezMexico writer British driver Jamie Chadwick is a two-time champion of the all-female W Series circuit. Photo by Clive Rose/Getty Images When Jamie Chadwick first sat behind the wheel of a Formula One car, the moment highlighted both the promise of progress and the historical stagnation of women in one of motorsports’
The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s facility in Mishawaka, Indiana. Electric Last Mile Solutions Shares of Electric Last Mile Solutions plummeted Wednesday by more than 50% after the
Toyota Motor Corp. said its researchers have programmed a vehicle to autonomously drift around obstacles on a closed track, a first that the automaker said provides a preview into how self-driving systems can complement human driving in hazardous conditions.The Toyota Research Institute on Wednesday released a video that showcases the technology, which was outfitted on
5:29 AM ET Alfa Romeo’s 2022 Formula One car will not be officially launched until after the opening test of the season, but it will still appear at the three-day session in Barcelona in an interim livery. On Wednesday, Alfa Romeo announced that its new car, the C42, will not launch until February 27, the
The all-electric Ford F-150 Lightning truck during an augmented reality presentation at the Motor Bella Auto Show in Pontiac, Michigan, on Tuesday, Sept. 21, 2021. Emily Elconin | Bloomberg | Getty Images Ford Motor is reportedly planning to accelerate its deployment of electric vehicles and could increase investments in EVs by up to $20 billion,
Electric vehicle firm Faraday Future said on Tuesday a review had identified inaccurate statements its employees made to investors and announced changes in its leadership structure. Faraday said it had appointed Susan Swenson, an independent member of its board, to the newly created position of executive chairperson of the company. The company said its chief
In this article GM A General Motors sign is seen during an event on January 25, 2022 in Lansing, Michigan. – General Motors will create 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity. Jeff Kowalsky | AFP | Getty Images General Motors is set to report its
Six dealerships across the U.S. changed ownership in December and January transactions that included one group’s first Lexus dealership and another expanding group’s first Honda store. Here’s a look at the deals involving luxury, import and domestic brands. PSD Automotive Group bought its first Lexus dealership last month as part of a two-store acquisition in
In this article GM General Motors CEO Mary Barra speaks at the General Motors Factory ZERO electric vehicle assembly plant on November 17, 2021 in Detroit, Michigan. Nic Antaya | Getty Images DETROIT – General Motors is expected to report a relatively positive fourth-quarter profit after the markets close Tuesday, capping off an unprecedented year
In vehicles with partial automation, driver-facing cameras are far safer systems than steering wheel-based ones in making sure that drivers are paying attention, a new study released by AAA on Monday found. The study analyzed four different vehicles equipped with partial automation: the 2021 Cadillac Escalade, the 2021 Subaru Forester, the 2021 Hyundai Santa Fe
9:12 AM ET Formula One will make it mandatory for all personnel working in its paddock to be fully vaccinated against COVID-19, without exemption, starting this season, a spokesperson for the sport’s commercial arm said on Monday. The mandate, which was first reported by the Times newspaper and the BBC, will apply to anyone entering
In this article TSLA A Tesla mobile service vehicle outside a dealership in Vallejo, California, U.S., on Tuesday, Oct. 19, 2021. David Paul Morris | Bloomberg | Getty Images Shares in electric vehicle maker Tesla climbed nearly 10% on Monday after Credit Suisse upgraded the stock to “outperform” and the broader market rebounded. Tesla had
A 180-day suspension on Carvana’s operations in Raleigh, N.C., expired on Saturday, leaving the online used-retail giant free to continue selling in the area. The suspension was handed down last August, after a North Carolina Division of Motor Vehicles investigation found the company didn’t deliver title work on time, issued out-of-state, temporary tags for a
9:50 AM ET Formula One will make it mandatory for all personnel working in its paddock to be fully vaccinated against COVID-19, without exemption, starting this season, a spokesperson for the sport’s commercial arm said on Monday. The mandate, which was first reported by the Times newspaper and the BBC, will apply to anyone entering
In this article TSLA Tesla finds itself starting 2022 in reverse, with its shares declining more than 9% to begin the year. Elon Musk‘s electric automaker is scheduled to report earnings after the bell on Wednesday, and options traders are betting those results could be just the thing to kick the stock into high gear.
TOKYO — The Renault–Nissan– Mitsubishi alliance’s bid to plow $26 billion into electric vehicles may splash less cash than big rivals such as General Motors or Toyota. But the grand investment announced last week seemed aimed as much at reassuring the world the Franco-Japanese partners are still talking as much as touting their future trajectory.
3:14 PM ET Associated Press DAYTONA BEACH, Fla. — What a year for Helio Castroneves, the ageless Spider-Man of motorsports. Castroneves climbed the fence for the third time in a calendar year Sunday after earning another crown jewel victory, this time a second consecutive win in the Rolex 24 at Daytona. The Brazilian closed out
Freeman H. Shen, Founder, Chairman & CEO of WM Motor, speaks during Fireside Chat on Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 28, 2018 in Nansha, Guangzhou, China. Dave Zhong/Getty Images for CNBC International BEIJING — Covid-related restrictions have increased production costs for Chinese electric car start-up
A few years ago, Nissan’s U.S. business was in free fall — its balance sheet hemorrhaging, a rebellious dealer body and customers largely uninterested in the brand. Nissan’s outlook today is decidedly brighter. The Japanese automaker is at the tail end of a product overhaul that is drawing more customer attention. Tight new-vehicle supplies and