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Month: February 2022
Volkswagen Group says the many of the 4,000 cars from its multiple brands aboard the Felicity Ace are a total loss because of a fire on board that forced the crew to abandon the container ship in the Atlantic Ocean last week. “We fear that the fire on the ship has damaged a large number
Two groups expanded with fourth-quarter and first-quarter dealership acquisitions, while a father-and-son duo bought a single store in the fourth quarter. Here’s a look at the deals involving domestic and import brands and dealerships in Florida, Texas and Massachusetts. Butler Automotive Group of Macon, Ga., bought a Toyota dealership in Jacksonville, Fla., in late 2021,
By Joey Klender Posted on February 25, 2022 Tesla’s (NASDAQ: TSLA) plans to expand its production capacity, along with other factors like surging oil prices that could sway consumers to electric vehicles, have contributed to Daiwa Securities analysts upgrading their outlook on the automaker’s stock. Daiwa analyst Jairam Nathan said Tesla is “best positioned” to
2:52 PM ET Associated Press ST. PETERSBURG, Fla. — Michael Andretti said Friday that his father revealed his Formula One aspirations last week to show the FIA there is strong public support for an expansion team, adding that he would need a decision from motorsports’ governing body in the next month to be properly prepared
Elon Musk’s brother Kimbal Musk applauds to him at a briefing after the launch of a SpaceX Falcon 9 rocket and Crew Dragon spacecraft on NASA’s SpaceX Demo-2 mission to the International Space Station from NASA’s Kennedy Space Center in Cape Canaveral, Florida, U.S. May 30, 2020. Jonathan Ernst | Reuters Coincidence or stock tip?
Virgin Hyperloop’s yearslong goal of transporting people via vacuum-sealed tubes at speeds of up to 670 mph is on hold. The California company, founded in 2014 and backed by billionaire Richard Branson, will shift its focus to transporting cargo instead, according to multiple media reports. Virgin Hyperloop laid off 111 employees, or about half of
Russia’s invasion of Ukraine presents a “substantial risk” to the recovery of global light-vehicle sales this year, auto industry consultants J.D. Power and LMC Automotive said in a joint forecast on Friday. The consultants cut their sale forecast by 400,000 to 85.8 million units, also due to rising oil and aluminum prices that could discourage
More than a week after a ship packed with luxury cars caught fire in the middle of the Atlantic Ocean, a salvage team managed to board the vessel on Friday and started to tow it to a safe location off the Portuguese Azores archipelago. In a statement, ship manager Mitsui O.S.K. Lines Ltd (MOL) said
Whether you know Revel from its bright blue electric scooters or from its somehow brighter blue Model Y taxis, you could soon be seeing much more of the company. That’s thanks to a massive new $126 million funding round just announced by Revel. The new Series B funding round was reportedly led by BlackRock Renewable
Tesla has had a vehicle plant up and running in China since 2019, and now the automaker could be close to starting construction of a second Chinese plant to keep up with strong demand both locally and abroad. Citing two sources familiar with the matter, Reuters reported on Thursday that Tesla could start construction on
12:43 PM ET BARCELONA, Spain — Ferrari’s Charles Leclerc set the pace in the second day of preseason testing at the Circuit de Catalunya as hype continued to build around the performance of the Italian team. A clear favourite has yet to emerge from the first F1 test of 2022, with teams focusing on gaining
In this article NKLA San Pedro, CA – December 17: The first two zero-emissions electric trucks, from an order of 100 vehicles, delivered from the Nikola Corporation to Total Transportation Services at the Port of Los Angeles in San Pedro on Friday, December 17, 2021. Brittany Murray | MediaNews Group | Getty Images Shares of
Not long after the police department in the town of Nitro, W.Va., added a Tesla Model 3 to its fleet of 22 patrol cars last summer, the cruiser was involved in a 20-minute pursuit that reached speeds over 100 mph. The incident gave the city’s police officials a real-world look at how the department’s first
FRANKFURT/BERLIN — Volkswagen Group and its top shareholder Porsche Automobil Holding SE have entered a framework agreement for a possible stock market listing of iconic sports car brand Porsche, edging closer to what could become one of the world’s largest stock market debuts. “The automotive industry is changing fundamentally. Volkswagen is determined to play a
Online used-vehicle retailer Carvana, pressed in recent months to expand its vehicle reconditioning capacity, said Thursday it plans to buy the ADESA U.S. physical wholesale auction business from KAR Global Inc. for $2.2 billion in cash. The transaction would “include all auction sales, operations and staff” at ADESA’s 56 vehicle logistics centers in the U.S.
EV startup Faraday Future has built the first production-intent FF 91 featuring production-specification components at its plant in Hanford, California. By manufacturing the first pre-production FF 91 flagship EV, Faraday Future says it has marked manufacturing milestone #4—”pre-production builds for final engineering validation and certification.“ As a result, the company claims it remains on track
2:00 PM ET BARCELONA, Spain – Haas will run a plain white car, minus any of its Uralkali branding or Russian flag colours, for the final day of F1 testing on Friday. Russia’s military launched a long-feared invasion of Ukraine early Thursday, attacking its ex-Soviet neighbour from multiple directions despite warnings of dire consequences from
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