Magna International Inc.‘s first-quarter net income fell 41 percent from a year earlier as the microchip shortage, the impact of the war in Ukraine and inflation weigh down the Canadian supplier giant’s results. Magna reported Friday that net income fell to $364 million in the quarter ended March 31, compared with $615 million in the
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In this article GM VOW3-DE In 2021, Volvo Cars said it planned to become a “fully electric car company” by the year 2030, a move which will require it to have a consistent and secure supply of batteries for its vehicles. Peerapon Boonyakiat /SOPA Images | LightRocket | Getty Images The new CEO and president
3:26 PM ET Formula One teams agreed to double the number of sprint races to six in 2023 in a meeting on Tuesday, but formal approval was stalled by the FIA who called for a further evaluation. The world governing body said in a statement that the proposal was to use the same format as
In this article TSLA Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves while arriving to a discussion at the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020. Andrew Harrer | Bloomberg | Getty Images Elon Musk sold roughly $4 billion worth of Tesla shares in the days following
Asbury Automotive Group Inc. now seeks to produce $32 billion in revenue by 2025 — including $6.2 billion that would come from buying more companies. The revised 2025 revenue target announced Thursday is 60 percent higher than the $20 billion goal the public dealership group had set for the same timetable in December 2020. Asbury,
4:10 AM ET Formula One race directors Eduardo Freitas and Niels Wittich have both tested positive for COVID-19, raising questions about who will take charge of next week’s inaugural Miami Grand Prix, British media reported on Wednesday. A well-placed source confirmed to Reuters that the news, first reported by the Daily Telegraph and Sky Sports
In this article F Ford Motor Company world headquarters, Dearborn, Michigan on January 19, 2021. Aaron J. Thornton | Getty Images After several setbacks and delays due to the Covid-19 pandemic, Ford Motor Co. finally started to welcome its salaried workforce back to its offices earlier this month. It also came alongside a significant shift
U.S. Sen. Marco Rubio is seeking information from Volkswagen Group about a pair of planned joint ventures with companies accused of having a record of alleged human rights violations such as forced labor and human trafficking. Rubio, R-Fla., who is known for his hawkish stance on China, wants the German automaker to explain its decision
3:10 PM ET Formula One’s 46-year wait for a woman driver is likely to continue for some years but next week’s Miami Grand Prix could be a significant springboard for the all-female W Series, according to founder Catherine Bond Muir. The single-seater championship, which uses F3 cars and partnered with Formula One in 2021, has
In this article F Ford CEO Jim Farley at the company’s Dearborn, Michigan, plant where it’s building the electric F-150 Lightning on April 26, 2022. CNBC | Michael Wayland DETROIT – Ford Motor is cutting 580 U.S. salaried employees and agency workers as part of its ongoing Ford+ turnaround plan, the company confirmed Wednesday night.
Tesla Inc. co-founder Elon Musk won’t have to hand over as much as $13 billion in shares of the EV maker he got in a buyout of SolarCity, after a judge found he isn’t liable for backing the deal. Delaware Chancery Court Judge Joseph Slights III concluded that the multibillionaire properly used his influence with
7:26 AM ET Associated Press HOBART, Australia — A 59-year-old driver was killed in a crash at the Targa Tasmania rally Wednesday, a year after three competitors died in the annual race. The Australian man and a female passenger were in a 1989 Porsche 944 S2 when it crashed over an embankment on a closed
In this article LCID With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan. Lucid Motors Lucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years. Saudi Arabia’s public wealth fund holds
Penske Automotive Group Inc.‘s first-quarter net income more than doubled, generating the retailer’s most profitable quarter ever, as used-vehicle revenue surged and the company’s car dealerships produced higher gross profits across all business lines. Penske reported Wednesday that net income soared to $369.5 million, up from $183.1 million in the year-earlier period. Revenue jumped 21 percent
6:10 PM ET Associated Press Roger Penske has tweaked qualifying for next month’s Indianapolis 500 to add a shootout that will determine the first four starting rows for “The Greatest Spectacle in Racing.” Penske told The Associated Press the tweaks will create a high-pressure atmosphere on the second day of qualifying. “We’re going to have
In this article GM General Motors Chairwoman and Chief Executive Officer Mary Barra speaks during a meeting hosted by U.S. President Joe Biden with private sector CEOs to discuss the Build Back Better agenda at the White House in Washington, U.S., January 26, 2022. Kevin Lamarque | Reuters DETROIT – General Motors will begin tying
The U.S. saw a record number of light-vehicle recall campaigns in 2021, but a smaller number of vehicles were affected, according to data from investment bank and advisory firm Stout. Individual recall campaigns reached a record high of 406 in 2021 compared with 317 in 2020, while the total number of vehicles affected dropped to
12:28 PM ET As Lewis Hamilton crossed the line in 13th place at the Emilia Romagna Grand Prix, Mercedes team principal Toto Wolff issued an apology to his driver over the pit-to-car radio. “Lewis, sorry for what you have needed to drive today,” Wolff said. “This is undriveable and not what we deserve to score