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Lucid Motors cut its production forecast to “over 10,000” this year from its previous estimate of 10,000 to 14,000 and posted a first-quarter net loss of $780 million as it burns through cash amid waning demand. Despite the disappointing numbers, which sent its stock price down nearly 9 percent in extended trading, CEO Peter Rawlinson

In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Win Mcnamee | Getty Images News | Getty Images Tesla CEO Elon Musk joined Texas Governor Greg Abbott to break ground at the site of the electric vehicle maker’s new lithium refinery in Corpus Christi on Monday. Tesla plans to invest $375 million to build

Laurence Edmondson, F1 EditorMay 8, 2023, 10:07 AM ET Close • Joined ESPN in 2009• An FIA accredited F1 journalist since 2011 MIAMI, Florida — The organisers of the Miami Grand Prix have held discussions about turning their annual Formula One event into a night race in the future. The 3.3-mile circuit is located around the grounds

Volkswagen Credit, the captive lending arm for VW Group of America, has named a new CEO, effective June 1. Ernst Jan van Eijkelenburg, previously regional manager of VW Financial Services China, will take over the top job at the captive, succeeding Jens Effenberger, who will return to VW Financial Services in Braunschweig, the company said.

In this article MAHM-IN TATAMOTORS-IN STLA Follow your favorite stocksCREATE FREE ACCOUNT The NH48 highway in India. The country’s electric car sector is small compared to other major economies like China and the U.S. Sw Photography | Digitalvision | Getty Images With a huge population, military and economy, India is viewed by many as country

MIAMI – Formula One turned to will.i.am and LL Cool J to add some razzmatazz around the build-up to the Miami Grand Prix but drivers remained unconvinced about the introductions they had to take part in before the race. In a departure from the conventional pre-race procedure ahead of Sunday’s main event, a portion of

BRUSSELS — Some of the first seeds of Audi‘s global ambitions to transition from fossil fuels toward carbon-neutral products and production were planted on the roof of the luxury brand’s assembly plant here more than a decade ago. Now, not only have those seeds taken root, but they’ve started to propagate from Brussels to locations

In this article RACE-IT RACE Follow your favorite stocksCREATE FREE ACCOUNT Ferrari Roma Source: Ferrari Ferrari said on Thursday that its first-quarter profit jumped 24% to 297 million euros ($328.8 million), on a 10% increase in shipments as huge demand for its latest models drove a surge in profitability.   “Our order book already extends

New York City is handing out 500 free Apple AirTags to help police fight an epidemic of stolen Hyundais and Kias. Mayor Eric Adams said at a press conference last week that the city, like others around the country, has seen a rise in car thefts linked to viral TikTok videos that show how to

In this article RIDE Follow your favorite stocksCREATE FREE ACCOUNT Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event. Michael Wayland / CNBC Lordstown Motors expects to end production of its Endurance pickup truck “in the near future,” as the

Laurence Edmondson, F1 EditorMay 6, 2023, 08:19 PM ET Close • Joined ESPN in 2009• An FIA accredited F1 journalist since 2011 MIAMI — Mercedes boss Toto Wolff described his team’s car as “a nasty piece of work” after Lewis Hamilton qualified 13th for Sunday’s Miami Grand Prix. Mercedes struggled throughout qualifying Saturday, with Hamilton missing out

Four of the six publicly traded dealership groups in the first quarter posted lower year-over-year average finance and insurance gross profit per vehicle retailed the U.S. The drops were single-digit. Only two groups showed increases in the first quarter of 2023, with AutoNation up 1.6 percent and Sonic Automotive up 0.1 percent. Higher interest rates

In this article P911-DE Follow your favorite stocksCREATE FREE ACCOUNT Porsche’s bestselling cars today are SUVs, a far cry from what the luxury brand built its reputation on — small, nimble and, above all, unique rear-engine sports cars like the 911. Now the famous German automaker is faced with the challenge of how to maintain

Associated Press May 6, 2023, 02:43 AM ET Seven-time Formula One champion Lewis Hamilton hit out at anti-gay measures enacted by Florida lawmakers and criticised the state’s controversial “Don’t Say Gay” law ahead of the Miami Grand Prix on Sunday. Hamilton, F1’s only Black driver, regularly uses his platform to speak on issues of social

Until about two years ago, Gates Automotive Group focused its marketing efforts on monthly sales promotions that were aimed at consumers close to making a purchase decision. That strategy has evolved. Now, the dealership group in South Bend, Ind., has emphasized brand awareness marketing that combines social media engagement, collaboration with local athletes and business

In this article SP Follow your favorite stocksCREATE FREE ACCOUNT As the automobile took over America, so did parking lots and parking garages. There are between 700 million and 2 billion parking spaces in America — or put another way, between 2.5 to seven spots for every registered vehicle. About 10% of that inventory is

Drivetrain components and systems manufacturer American Axle & Manufacturing on Friday reported a first-quarter net loss of $5.1 million. That’s compared with net income of $1 million in the first quarter of 2022. In a Friday morning call, executives attributed losses to new program launch costs, material and labor inflation and market inefficiencies caused by

A used car dealership is seen in Annapolis, Maryland on May 27, 2021, as many car dealerships across the country are running low on new vehicles as a computer chip shortage has caused production at many vehicle manufactures to nearly stop. Jim Watson | AFP | Getty Images DETROIT – Wholesale used vehicle prices declined

George Russell has labelled Max Verstappen pathetic for his behaviour after their collision during the Azerbaijan Grand Prix. Verstappen called Russell a “d—head” after the Mercedes driver forced him wide during the Baku sprint race. The reigning world champion later referred to Russell as “Princess George” in an interview with the Dutch media. Russell likened

Lucid Motors is expected to face difficult questions about its future when the EV startup posts first-quarter earnings after the market close Monday. The industry newcomer delivered just 1,406 vehicles in the January-March period, well shy of the pace needed to meet its full-year forecast of between 10,000 and 14,000 Air sedans from its Arizona

In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Tesla has enacted a series of price cuts on its cars. But it has recently begun raising the prices again. Chukrut Budrul | Sopa Images | Lightrocket | Getty Images Tesla raised the price of its more expensive Model S and Model X cars in

Hazel Southwell May 4, 2023, 12:43 PM ET Porsche is one of the automotive sector’s leading investors in synthetic-fuel development, designing the 911 GT3 Cup to run on e-fuel. Porsche AG The Federation Internationale de l’Automobile (FIA) has promised that every series it presides over, from karting to rallying to Formula One, will use 100% carbon-neutral

Lordstown Motors on Thursday reported a steep fall in its cash reserves and warned it might have to stop making its Endurance electric pickup truck in the near future unless it finds a partner. The cash-strapped EV maker had earlier this week said it might be forced to file for bankruptcy, citing uncertainty over a

In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois. Armando L. Sanchez | Tribune News Service | Getty Images Carvana on Thursday said it expects to achieve positive adjusted earnings during the second quarter of this year — earlier than

Seating and electronics supplier Lear Corp. is moving to permanently close two manufacturing plants in Detroit after expanding its new plant at the former Cadillac Stamping site. The company will cease operations at its Davison Plant and Nevada Plant by June 30, according to a pair of notices filed with the state of Michigan, dated

First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Bloomberg | Bloomberg | Getty Images German giant Volkswagen on Thursday reported a drop in first-quarter profit, saying weaker sales in China reaffirms the need for the carmaker to close

9:21 AM ET Nikita Mazepin, a Russian ex-Formula One driver, is fighting British government sanctions imposed following the invasion of Ukraine in a bid to resurrect his racing career. Nikita Mazepin was dropped last March by his team Haas, which also severed ties with its title sponsor Uralkali URKAI.MM, a Russian fertiliser producer then controlled

Come learn about Automotive News‘ PACEpilot program at a free information session on May 16 in Detroit with program judges, a recent honoree and Executive Editor Jamie Butters. PACEpilot recognizes pre-commercial Innovations to Watch in the automotive and future mobility space. These represent not only products, but also software/IT systems and other processes that have

UAW President Shawn Fain chairs the 2023 Special Elections Collective Bargaining Convention in Detroit, Michigan, March 27, 2023. Rebecca Cook | Reuters DETROIT – Leaders of the United Auto Workers are withholding a re-election endorsement for President Joe Biden until the union’s concerns about the auto industry’s transition to all-electric vehicles are addressed, according to

Tesla is once again taking orders for the long-range version of its Model 3 sedan, which is the most popular electric passenger car in the U.S. by a wide margin. The option for the Model 3 Long Range returned to Tesla’s online order page late Tuesday after it was temporarily discontinued in August last year.