In this article NKLA NKLA Follow your favorite stocksCREATE FREE ACCOUNT Nikola Motor Company Source: Nikola Motor Company Electric heavy truck maker Nikola said that it produced 75 trucks in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Street’s expectations. But the company trimmed its production guidance
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Three dealership groups added single stores in separate third-quarter transactions. Here’s a look at the deals involving domestic and import dealerships in Maine, New Hampshire and New York. Key Auto adds another Ford dealership Key Auto Group on Aug. 9 added its third Ford store, purchasing Rockland Ford in Thomaston, Maine, from Tony Esposito. The
In this article STLA-IT Follow your favorite stocksCREATE FREE ACCOUNT Engines undergo a final inspection at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan. Bill Pugliano | Getty Images Automaker Stellantis expects inflation costs on raw materials to subside next year following significant increases during the coronavirus pandemic, CFO Richard Palmer
A demand problem taking root in the used-vehicle industry is forcing Carvana Co. further into cost-cutting territory. The Tempe, Ariz.-based online used-vehicle retailer said last week that a multitude of economic factors — including rising interest rates — are converging to disrupt consumer demand and hinder the sales volume growth the company had anticipated for
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC Shares of Carvana fell in extended trading Thursday after the online used car retailer missed Wall Street’s top- and bottom-line expectations for the third quarter and reported declines in revenue, profit and sales compared with a year
12:51 PM ET Associated Press AVONDALE, Ariz. — Jimmie Johnson‘s NASCAR retirement and IndyCar experiment lasted all of two seasons. The seven-time NASCAR champion is returning in 2023 to the series that made him a global motorsports star as the part-owner of Petty GMS. He’ll also enter about five Cup races. Johnson announced that his
Most dealers keep their new, unsold luxury vehicles far away from mud pits, dirt roads, deep water, jagged rocks and other things that can potentially cause damage. Larry Zinn is not most dealers. Long before the market filled with upscale SUVs, Zinn’s Land Rover stores held yearly events that brought customers into the wilderness to
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT Source: NYSE Shares of Carvana posted their worst day on record Friday after the company missed Wall Street’s top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus pandemic. The stock
10:00 AM ET One of Joey Logano, Ross Chastain, Chase Elliott and Christopher Bell will be crowned 2022 NASCAR Cup Series champion on Sunday in Phoenix. Sean Gardner/Getty Images After nine months, 35 points-paying races, two exhibition events, 19 different race winners, paddock parity like we’ve never seen before and nearly as much controversy as there
Dealer associations in at least 13 states say Ford Motor Co. is unfairly burdening its retail network with costly requirements for electric vehicle sales and breaking some franchise laws. Officials in Pennsylvania, Virginia, North Carolina and other states have written to Ford calling for significant change to one of CEO Jim Farley’s signature initiatives, which
In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Elon Musk attends The 2022 Met Gala Celebrating “In America: An Anthology of Fashion” at The Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Gotham/Getty Images) Gotham | Getty Images Since Tesla CEO Elon Musk announced his bid to
Carvana Co. said Thursday it recorded a net loss of $508 million in the quarter ending Sept. 30, noting it continues to grapple with inflationary pressures and rising interest rates that are causing consumer demand for used vehicles to wane. The loss is larger than both Carvana’s $506 million first-quarter loss and the $68 million loss
In this article TWTR Follow your favorite stocksCREATE FREE ACCOUNT In this photo illustration, the image of Elon Musk is displayed on a computer screen and the logo of twitter on a mobile phone in Ankara, Turkiye on October 06, 2022. Muhammed Selim Korkutata | Anadolu Agency | Getty Images When Tesla and SpaceX CEO
On a stage below the twin spires of Churchill Downs racetrack, Ford Motor Co. CEO Jim Farley choked up while addressing hundreds of local factory workers for the reveal of the automaker’s redesigned heavy-duty pickup line. “Kentucky matters,” he said Sept. 27. “All of you matter. And the Super Duty matters.” The next 12 months
Tim Boyle | Bloomberg | Getty Images Although prices for new cars are moderating a bit, financing a vehicle purchase hasn’t been getting any cheaper. With the Federal Reserve’s latest interest rate hike — the sixth this year — auto loans are poised to become even more expensive. The Fed’s move has a ripple effect,
Nov 1, 2022 Max Verstappen is enjoying the most dominant of Formula One seasons, but Red Bull team boss Christian Horner reckons the double world champion still deserves more recognition. The 25-year-old took a record 14th win of the season in Mexico City on Sunday and has now scored more points in a single campaign
General Motors has named a new head of its OnStar in-vehicle safety, security and connectivity business, replacing Jeff Massimilla after a little more than a year. Mike Devereux, a top GM sales and marketing executive in China, took over as vice president, OnStar safety and security, as of Nov. 1, a GM spokeswoman told Automotive
In this article TWTR Follow your favorite stocksCREATE FREE ACCOUNT Elon Musk’s photo is seen through a Twitter logo in this illustration taken October 28, 2022. Dado Ruvic | Reuters Twitter employees are expecting a 50% overall reduction in force after Tesla and SpaceX CEO Elon Musk took the reins of the social network last