A day after a “frustrating” earnings report, Ford Motor Co. CEO Jim Farley told employees in a letter that he is cutting the percentage used to calculate bonuses for senior leaders including himself. The letter, co-signed by CFO John Lawler and obtained by Automotive News, explained that for 2022, the company’s salaried work force is
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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
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
Spartan Radar, an automotive software startup focused on leveraging radar technology for driver-assist systems and self-driving vehicles, closed its $17 million series B funding round on Wednesday. The funding will help the Los Alamitos, Calif., company deliver its flagship Ago software-based program that improves driver-assist systems’ resolution and range to market. It also will use
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,
The parent company of two Massachusetts Mazda dealerships will pay $350,000 to settle allegations the stores charged Black and Latino customers more for finance-and-insurance products than white customers, the state attorney general’s office said Tuesday. Hometown Auto Framingham in Massachusetts, which operates North Shore Mazda in Danvers, Mass., and Wellesley Mazda in Wellesley, Mass., has
In this article F Follow your favorite stocksCREATE FREE ACCOUNT Ford CEO Jim Farley takes off his mask at the Ford Built for America event at Fords Dearborn Truck Plant on September 17, 2020 in Dearborn, Michigan. Nic Antaya | Getty Images DETROIT – Ford Motor is set to report its fourth-quarter earnings after the
6:09 PM ET Associated Press IndyCar driver Conor Daly would accept a last-minute Daytona 500 ride if offered the chance to enter “The Great American Race.” Helio Castroneves last week ruled out trying to make NASCAR’s season-opening race because the four-time Indianapolis 500 winner did not believe there was enough time to prepare for the
SAN FRANCISCO – Tesla Inc. suppliers are bracing for pressure from Chief Executive Elon Musk and his team to cut their prices further after the EV maker aggressively slashed vehicle prices in a slowing economy, industry officials who work with the automaker and its suppliers said. The suppliers saw as ominous last month’s comments by
In the race to find cleaner fuels, the heavy duty transportation sector is woefully behind because batteries don’t have enough juice to power trucks and ships. Enter ammonia. New technology and new companies are working on turning ammonia into hydrogen to power tractors, trucks and even ships. The heavy duty trucking industry alone accounts for
Most of the time, when brands bring work in-house it’s bad news for the incumbent agency. But that is not the case with Audi, which is giving one of its digital shops an ownership stake in a new venture called Audi RED, which will handle digital design and development for the luxury auto brand. The
In this article RIVN Follow your favorite stocksCREATE FREE ACCOUNT Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company’s manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Jamie Kelter Davis | Bloomberg | Getty Images Electric truck maker Rivian Automotive said it is laying
GM Financial‘s profit is expected to normalize this year after high used-vehicle prices during the past two years contributed to strong earnings results, executives said. The company said Tuesday that net income fell 33 percent to $605 million in the fourth quarter compared with the same time last year as the lender experienced the effects
In this article GM Follow your favorite stocksCREATE FREE ACCOUNT Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs. Photo by Jeffrey Sauger for General Motors
8:55 AM ET The Haas F1 team has revealed its updated livery for the 2023 season, featuring the prominent branding of its new title sponsor MoneyGram. The American team is the first F1 outfit to unveil its colour scheme for the upcoming season, although the digital renders did not represent this year’s car, the VF-23,