A customer looks at a vehicle at a BMW dealership in Mountain View, California, on Dec. 14, 2022. David Paul Morris | Bloomberg | Getty Images DETROIT — Wall Street and industry analysts remain on high alert for signs of a “demand destruction” scenario for the U.S. automotive industry this year as interest rates rise
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VinFast is celebrating the arrival of its first electric vehicle on U.S. shores, the VF 8 midsize crossover. But it’s also getting pushback for introducing a $56,700 vehicle with just 179 miles of battery range. And that’s not all of its struggles. The Vietnamese automaker, which moved quickly into the U.S. after first showing the
If you haven’t shopped for a car lately, brace for sticker shock. Not only are vehicle prices at an all-time high, but the interest rate to finance a purchase has also jumped dramatically. A record 15% of new car buyers who financed a new car last quarter committed to a monthly payment of more than
Jan 13, 2023 Williams’ new principal James Vowles said after his appointment on Friday that the struggling former champions would be no Mercedes ‘B’ team in Formula One. Vowles will join next month from Mercedes, where he was head of strategy and part of Toto Wolff’s top management at a team that won a record
Proper Group Holdings LLC is planning to close its plastic tooling and molding plant near Detroit and lay off 130 workers due to financial hardship and a private equity takeover that went sideways. Proper Tooling will close its manufacturing plant in Warren, Mich., by March 31 after a series of employee terminations— unless it can
In this article GOEV FFIE RIDE RIVN FSR LCID TSLA Follow your favorite stocksCREATE FREE ACCOUNT Pedestrians walk past the Tesla Motors official authorized car dealer store in Hong Kong. Sopa Images | Lightrocket | Getty Images Is the first electric-vehicle recession here, or coming soon? As electric-car stocks plummeted in late 2022, the rout
3:02 PM ET Associated Press LAS VEGAS — Robbie Knievel, an American stunt performer who set records with daredevil motorcycle jumps following the tire tracks of his thrill-seeking father — including at Caesars Palace in Las Vegas in 1989 and a Grand Canyon chasm a decade later — has died in Nevada, his brother said.
Eighty-four-month auto loans have soared in popularity among new vehicles and more than doubled on used vehicles over the past five years, credit bureau data show. As of the third quarter of 2022, one-fifth of all new-vehicle borrowers and one-tenth of all used-vehicle borrowers were committing to seven years of debt on their vehicle, Experian
Jan 12, 2023 Ferrari have terminated a Formula One sponsorship deal with Swiss blockchain technology company Velas, the team said on Thursday. The Zug-based company became a partner of the Italian racing team last season, with branding prominent on the cars’ rear wings, as part of a multi-year deal. Velas was also title sponsor of
Carvana Co. will lay off more workers and take other measures such as reduced work hours as the used-car retailer contends with weak sales, The Wall Street Journal reported on Friday. The company was letting open positions go unfilled and several operations teams were working fewer than 30 hours a week or four-day work weeks,
Electric vehicle maker Tesla is cutting prices in the United States and throughout Europe again, according to listings on the company’s website on Thursday night in the U.S. Tesla did not respond to a request for comment on what motivated it to slash prices this week. related investing news Guggenheim downgrades Tesla to sell, says
6:05 PM ET Kevin Harvick announced on Thursday that 2023 would be his final full-time season in NASCAR. Logan Riely/Getty Images If Kevin Harvick had announced his retirement on Jan. 12, 2002 instead of Jan. 12, 2023, he would have already had a plenty strong-enough case for the NASCAR Hall of Fame. Thankfully, he didn’t then.
ANN ARBOR, Mich. — Vice President Kamala Harris highlighted investments in U.S. auto production and manufacturing in a visit to Michigan for a federal environmental policy talk. Electric vehicle and battery production is critical to “building a clean energy economy,” Harris said.Energy Secretary Jennifer Granholm joined Harris in Ann Arbor for the Thursday conversation about climate
In this article LCID Follow your favorite stocksCREATE FREE ACCOUNT With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan. Lucid Motors Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. The company told investors in
1:25 PM ET Associated Press CHARLOTTE, N.C. — Kyle Larson will attempt to race the Indianapolis 500 next year with McLaren Racing in a joint effort with NASCAR team owner Rick Hendrick. The surprise announcement Thursday by McLaren and Hendrick at last gives Larson a path into his dream race. It also means he will
BERLIN — German automotive supplier Bosch is investing about $1 billion in a new R&D and assembly center in Suzhou, China, the company said on Thursday, with the first phase of the project ready by mid-2024. The center will develop and assemble components for electromobility and automated driving to sell primarily to Chinese customers, it
Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Bloomberg | Getty Images Porsche managed to increase its global deliveries last year by 2.6% despite worldwide supply chain issues that crippled other carmakers as well as sales of its first all-electric car. The German sports
9:57 AM ET CHARLOTTE, N.C. — — Jimmie Johnson on Wednesday revealed his rebranded NASCAR team and said he will drive the No. 84 — the reverse of his longtime No. 48 — when the seven-time champion competes for Legacy Motor Club. Legacy Motor Club replaces Petty GMS, the name the two-car Cup team had