A pedestrian walks past a certified pre-owned car sales lot in Alhambra, California on January 12, 2022. Frederic J. Brown | AFP | Getty Images DETROIT – Wholesale prices of used vehicles reached their lowest level in more than a year last month, as retail sales decline amid interest rate hikes, rising new vehicle availability
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WASHINGTON — The United Auto Workers union called on automakers to shift their entire supply chain out of China’s Xinjiang region after a new report on Tuesday suggests that nearly every major automaker has significant exposure to products made with forced labor. In June, a U.S. law took effect banning the import of forced labor
Striking United Auto Workers members and supporters attend a speech by Vermont Sen. Bernie Sanders outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBC DETROIT — The United Auto Workers union will for the first time this week attempt to organize a major electric vehicle battery plant for
Toyota Motor North America has appointed Takefumi Shiga as the new head of production engineering and manufacturing for its operations in the region and handed him the leading role in developing its first battery manufacturing plant now under construction in North Carolina. His new role is effective Jan. 1. Shiga, 55, will have responsibility for
The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUV’s, is on display at their showroom in Santa Monica, California, on July 18, 2022. Frederic J. Brown | AFP | Getty Images Vietnamese EV maker VinFast is going public in the U.S. VinFast on Tuesday said it has filed a registration
The 2022 Automotive News All-Stars persevered during a challenging year for the industry, with the chip shortage improving somewhat but still lingering. These All-Stars delivered excellent products and services to their customers, introduced innovations and made other significant contributions to the industry. Their successes were celebrated at a ceremony Dec. 5 at the Detroit Athletic
Delivery giant DHL and Club holding Ford Motor (F) struck an electric van and software deal that bolsters the automaker’s multipronged EV strategy, an approach that’s central to why we own the stock. The news DHL will acquire 2,000 Ford E-Transit cargo vans by the end of 2023, the companies announced Monday. The agreement also includes
DETROIT — About two-thirds of Ford Motor Co.’s U.S. dealer network has signed up for the automaker’s electric-vehicle certification program, CEO Jim Farley said Monday. Speaking at the Automotive News Congress in Detroit, Farley said 1,920 retailers have agreed to follow rigorous new sales standards and invest heavily in EV chargers and training. Of those,
In this article F Follow your favorite stocksCREATE FREE ACCOUNT Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan. Courtesy: Ford Motor Co. DETROIT – About 65% of Ford Motor’s dealers have agreed to sell electric vehicles as the company invests billions to expand production and sales of the battery-powered
Ford Pro, Ford Motor Co.’s unit focusing on commercial customers, has signed a memorandum of understanding with Deutsche Post DHL Group to supply the German courier service with 2,000 electric vans, as well as access to E-Telematics software and charging solutions. At least a portion of the order will come in the form of Ford‘s
Ford CEO Jim Farley told Jim Cramer that the F-150 Lightning’s abilities as a source of backup power for homes and job sites have been a real “eye-opener” for the automaker. Farley was responding to an inquiry from the Club after Jefferies earlier this week downgraded generator mainstay Generac on the thought that electric vehicles
Dealership group AutoNation Inc. is slowly integrating its recently acquired CIG Financial into the company. AutoNation in October purchased Irvine, Calif.-based auto finance company CIG Financial for $85 million. Glenn Chin, senior equity analyst at Seaport Research Partners, said CIG is not yet integrated in AutoNation’s new-car dealerships but is active in the group’s AutoNation
New cars are getting increasingly expensive. But they’re also more durable than before, which means drivers have a better chance of getting their money’s worth. As the average transaction price for new cars reached an estimated $45,872 in November — the highest on record, according to a joint forecast from J.D. Power and LMC Automotive —
This year in an industry first, late-model used electric vehicles held their value better than the market as a whole, according to Black Book, although only briefly. Alex Yurchenko, chief data science officer for Black Book, speculated higher gasoline prices made a difference. However, there’s been a “very steep drop” in the percent of sticker
In this article GOOG GOOGL Follow your favorite stocksCREATE FREE ACCOUNT Waze app with icon showing police Source: Waze In this weekly series, CNBC takes a look at companies that made the inaugural Disruptor 50 list, 10 years later. Nobody enjoys sitting in bumper-to-bumper traffic jams, getting an arrival time delayed due to street construction
Used-vehicle auction services company America’s Group said Thursday that its CEO, Cam Hitchcock, will retire Dec. 31. Hitchcock will be replaced by Chuck Tapp, the company’s chief revenue officer and executive vice president, according to a news release. The executive transition comes roughly one year after auction company XLerate Group completed its acquisition of America’s
In this article 7203.T-JP Follow your favorite stocksCREATE FREE ACCOUNT A Toyota logo displayed on a vehicle in Poland. The Japanese automotive giant started working on the development of fuel cell vehicles back in 1992. Artur Widak | Nurphoto | Getty Images LONDON — A consortium led by automotive giant Toyota will receive millions in
7:16 AM ET It may not have come down to the final lap of the final race like 2021, but 2022’s Formula One season still threw up plenty of drama. There were plenty of standout performers and a handful of disappointments from the 20 drivers who make up the grid. Here’s our full driver rankings,