Sonic Automotive Inc., citing lower used-vehicle availability and higher wholesale pricing, has indefinitely suspended operations at eight EchoPark used-only locations and an unspecified number of delivery/buy centers, and it will take a significant second-quarter charge. The Charlotte, N.C., company said it anticipates a one-time charge from $60 million to $80 million, noting that all but
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In this article STLA F TSLA PSNY TM GM TSLA Follow your favorite stocksCREATE FREE ACCOUNT The 2023 Alfa Romeo Tonale. Alfa Romeo New vehicles are becoming more troublesome, due in part to new technologies including safety systems, according to the 2023 edition of J.D. Power’s Initial Quality Study released Thursday. “The automotive industry is
Some of the recent darlings of the EV market, including Kia and Rivian Automotive, are off to a slow start this year due to supply chain issues, softening demand and the loss of the federal EV tax incentive because of tougher eligibility rules. Overall, EV registrations grew 72 percent in the January to April period,
Cadillac advertises for its electric car in Shanghai on May 23, 2023. A traffic police woman stands below. Hugo Hu | Getty Images News | Getty Images BEIJING — Subsidies for electric cars aren’t enough to boost growth in China’s slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends
Jun 21, 2023, 11:28 AM ET Former Formula One world champion Jenson Button has said that Sergio Perez could be looking for another team next year if the Red Bull driver’s recent struggles continue throughout the rest of the season. Perez was in the thick of the championship hunt just a month ago but has
Toyota Motor Corp. will offer special limited editions of each of its three GR track car models this year, including two that hearken back to Toyota models from decades ago. Arriving in U.S. dealerships this fall, the 45th-anniversary edition of the GR Supra will be limited to 900 vehicles, split evenly between orange and white
In this article GM Follow your favorite stocksCREATE FREE ACCOUNT When Francisco “Cisco” Mercado saw a bright yellow Chevrolet Camaro play one of the shapeshifting robotic superhero Transformers in the 2009 eponymous movie, he knew he had to have a real-life version. “My wife was sitting with me. I said, ‘We’re going to get that
Tesla Inc. is likely to make a significant investment in India, CEO Elon Musk said after meeting with Narendra Modi during the Indian Prime Minister’s U.S. visit to promote development in the world’s most populous country. “I’m confident that Tesla will be in India and we’ll do so as soon as humanly possible,” Musk told
It’s not unusual for a company’s stock price to soar — or sink — on news of a CEO shakeup. When Mary Dillon, revered on Wall Street for her eight-year run at Ulta Beauty (ULTA), was named to the top job at Foot Locker (FL) last year, the shoe retailer’s stock jumped 20% in a
Daniel Ricciardo has admitted for the first time during his sabbatical year that the dream end to his Formula One career would be a return to racing for the Red Bull team. Ricciardo is currently Red Bull’s third driver, serving as a back-up to Max Verstappen and Sergio Perez, following a tough spell with McLaren.
WASHINGTON — ARC Automotive has responded to the latest request by NHTSA as part of the agency’s ramped-up investigation of rupturing airbag inflators manufactured by the Tier 2 supplier. NHTSA on May 31 issued a special order directing ARC to answer written questions under oath and produce additional documents by June 14. The request came
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. ‘Still in sell mode’ Stay bullish on Nvidia Watch Ford 1. ‘Still in sell mode’ Stocks started the holiday-shortened trading week under pressure Tuesday, even as technology companies continued to
BEIRUT — Former Nissan Motor Co. Chairman Carlos Ghosn sued the automaker for more than $1 billion in a lawsuit filed to Lebanon’s public prosecutor. The lawsuit accuses Nissan along with two other companies and 12 named individuals of crimes including defamation, slander and libel, and fabricating material evidence. Ghosn, once a leading light of
Sony Honda Mobility CEO Yasuhide Mizuno speaks at a news conference in Tokyo, on Oct. 13, 2022. Sony and Honda’s joint mobility venture unveiled a new EV prototype in January. Kiyoshi Ota | Bloomberg | Getty Images Japan is gearing up to be a larger player in the EV space by signing a critical minerals
Jun 19, 2023, 12:35 PM ET Red Bull boss Christian Horner recognised after Sunday’s landmark Canadian Grand Prix that his runaway Formula One leaders could win every race this season. “Can we? Yes. Will we? Who knows, because there are so many variables in this game,” Horner told Sky Sports after Max Verstappen took his
WASHINGTON — Trade groups representing franchised car dealers and automakers are asking the U.S. Treasury Department to tie battery sourcing requirements in the electric vehicle tax credit to when the vehicle was manufactured instead of when it was delivered to the buyer. Under a proposed rule issued in March, Treasury defined “placed in service” as
In this article 7203.T-JP Follow your favorite stocksCREATE FREE ACCOUNT Akio Toyoda, Chairman of Toyota Motor Corp. Yoshikazu Tsuno | Gamma-rapho | Getty Images DETROIT – Toyota Motor’s stock is having its best week since 2009 following the company disclosing plans for its next-generation electric vehicles and shareholders voting in favor of its new leadership, including
Jun 18, 2023, 07:31 PM ET Even seventh place can feel like a victory for Formula One’s backmarkers and a joyous Alex Albon was proof of that at the Canadian Grand Prix on Sunday. Williams had taken just one point from their previous seven races and were last in the standings but Albon’s six point