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A man shops for used vehicles at the Toyota of Deerfield dealership in Deerfield Beach, Florida. Getty Images DETROIT – Stronger-than-expected demand for used vehicles last month led to the largest increase in wholesale values since late 2021, according to new data Tuesday from Cox Automotive. The automotive data firm’s Manheim Used Vehicle Value Index

12:48 PM ET Martin Truex Jr. won NASCAR’s exhibition race at the LA Coliseum on Sunday, a mouth-watering appetizer ahead of the 2023 season. Chris Williams/Icon Sportswire via Getty Images The NASCAR season has arrived. The real season. After the stock car equivalent to a department-store soft opening at the LA Coliseum on Sunday night, the

Michigan’s Shyft Group is bolstering its investment in commercial electric delivery vehicles with a $16 million expansion of the company’s production facilities near Lansing, the state capitol. Shyft, formerly Spartan Motors, says its plans to expand its Charlotte, Mich., with facility upgrades and additional equipment that will enable production of 3,000 Blue Arc EVs per

Miniseries | E+ | Getty Images As with many line items in your household budget, your auto insurance probably costs more this year than in 2022. How much more? It depends on a variety of factors, including where you live. Nationally, the average for full coverage — generally defined as liability, collision and comprehensive —

5:20 AM ET Formula One drivers need more guidance from the governing FIA on what they can say at races this season after a rule change caused concern, Williams driver Alex Albon said on Monday. The FIA updated the International Sporting Code last December with a clause requiring prior written permission for drivers to make

Vietnamese electric vehicle maker VinFast is cutting its workforce in the United States, the company said on Monday, amid a restructuring in its major overseas market as the startup grapples with a stalled shipment of its first cars and prepares for a potential stock listing. The Vietnamese company, a subsidiary of conglomerate Vingroup, has been

In this article 9868-HK XPEV Follow your favorite stocksCREATE FREE ACCOUNT Xpeng is pushing aggressively into international markets. The Chinese electric car start-up launched its P7 sedan and G9 SUV in Denmark, Norway, the Netherlands and Sweden. Zhang Peng | LightRocket | Getty Images Xpeng, a Chinese electric vehicle startup, on Friday launched two of

9:19 AM ET Logan Sargeant says it will be an honour to end Formula One’s eight-year wait for an American driver this year. Florida-born Sargeant, 22, will race at Williams this season alongside Alex Albon at a time when F1’s popularity Stateside is booming like never before. Until this year, F1 had been without a

Ford Motor Co.’s engineering ranks may bear the brunt of additional job cuts the automaker has alluded to in the wake of disappointing earnings, judging from CEO Jim Farley’s latest interview. “It takes us 25 percent more engineers to do the same work statements as our competitors,” Farley said on “Cars & Culture with Jason

In this article GOEV Follow your favorite stocksCREATE FREE ACCOUNT The Lifestyle Vehicle electric minivan from Canoo. Source: Canoo Shares of electric vehicle startup Canoo were sharply lower in early trading on Monday after the company said that it has agreed to sell discounted shares to raise $52.5 million. The stock opened Monday at $1

Every maintenance and repair job tells a story. The quality and accuracy, however, varies greatly, depending on the storyteller. That’s because service technicians are trained to fix problems, not document what they do. But the details matter — a lot. Poorly written reports can cost dealerships time, money and customers, said industry veteran Joe McCue,

In this article F Follow your favorite stocksCREATE FREE ACCOUNT Ford CEO Jim Farley is frustrated. The company’s fourth-quarter earnings on Thursday missed analyst expectations by a wide margin, as costs and supply chain issues again hurt Ford’s bottom line, Farley knows his company needs to change. related investing news Meta’s Q4 beat and commitment

DALLAS — Stellantis’ dealer diversity team likes to build a bench of qualified candidates it can turn to when ownership opportunities arise, but they’ll need to replenish that roster after a whirlwind of activity in the last two years. Stellantis had a net gain of 60 minority dealers in 2021 and 2022 combined after single-digit

Ford Motor (F) CEO Jim Farley said the automakers’ messy fourth quarter was a function of its transition to a new business structure that limited production capacity, combined with poor execution. But we remain disappointed in the results and need to see an increase in profitability to stick with the stock after the next quarter.

4:53 AM ET F1 boss Stefano Domenicali’s bizarre no-show on stage at Red Bull’s season launch was due to a last minute decision not to steal the limelight from the confirmation of the Ford partnership. Domenicali created the viral moment of Red Bull’s car launch at Manhattan’s Classic Car Club on Friday, as he failed

Tesla Inc. raised prices in the United States of its best-selling vehicle, the Model Y, by $1,000 after the government raised the ceiling on the price of crossover electric vehicles eligible for tax credits. Tesla increased the price of the Model Y Long Range to $54,990, and the Model Y Performance to $57,990, a $1,000

In this article RIVN F Follow your favorite stocksCREATE FREE ACCOUNT RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian. Source: Ford Motor Co. DETROIT – Ford Motor liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotive, according to

2:11 PM ET NEW YORK — On Friday, Ford announced its return to Formula One as a partner of Red Bull’s nascent powertrains division. The deal will see the famous Blue Oval back on the F1 grid from 2026 onwards, although its involvement in F1 will remain a step short of the likes of Mercedes,

SAN FRANCISCO — A jury cleared Elon Musk of claims by Tesla Inc. investors that he defrauded them when he tweeted 4 1/2 years ago that he was considering taking the company private and had “funding secured” to make the deal happen. The verdict in San Francisco federal court rejects allegations that the electric-car maker’s

Fotostorm | E+ | Getty Images For a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. While borrowers who are behind on their payments by more than 60 days represent a tiny portion of all outstanding auto loans — 1.84% — their ranks are growing, according to

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

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.

In this article TSLA TWTR Follow your favorite stocksCREATE FREE ACCOUNT Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, January 27, 2023. Jonathan Ernst | Reuters Elon Musk and Tesla were found not liable by a jury in a San Francisco federal court on Friday in a class-action

4:28 PM ET NEW YORK — Five years ago, all of this seemed impossible. Formula One broadcasts were just returning to ESPN airwaves, Netflix’s “Drive to Survive” series was still a year away from premiering, and the sport’s popularity in the U.S. showed few signs of emerging from a decades-long slumber. There was a four-year

Legislation in Virginia aims to keep automakers from negotiating directly with consumers or going so far as to declare franchised dealers delivery agents. A pair of identical bills passed unanimously in both Virginia’s House and Senate late last month, and one of them may be headed for final passage as soon as next week, said

In this article F GM TSLA Follow your favorite stocksCREATE FREE ACCOUNT A Tesla Model Y on display inside a Tesla store at the Westfield Culver City shopping mall in Culver City, California, U.S., on Thursday, April 14, 2022. Bing Guan | Bloomberg | Getty Images DETROIT – The U.S. Treasury said Friday it is

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

In this article F Follow your favorite stocksCREATE FREE ACCOUNT Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC). Michael Wayland | CNBC DETROIT — Ford Motor‘s new U.S. vehicle sales started 2023 on a stronger footing than a year earlier but were

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,

TOKYO — When Afeela, the new electric vehicle brand created by Honda Motor Co. and Sony Corp., starts delivering cars in 2026, it won’t just consider Honda and Acura dealers to service them. In the U.S., the new EV venture may also look to brands outside the Honda and Acura dealer networks — including retailers