Ford Motor Co. CEO Jim Farley said new federal electric vehicle tax credits created by the Inflation Reduction Act should have a “wide range of positive impacts” for the automaker as it ramps up production. “What’s not yet clear is the degree to which the IRA will drive customer demand versus offsetting our EV investments
In this article AN LAD GPI ABG Follow your favorite stocksCREATE FREE ACCOUNT Vehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California. Mario Tama | Getty Images DETROIT – Shares of AutoNation, Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic
In order to qualify for the $7,500 tax credit, the Biden administration’s Inflation Reduction Act (IRA) requires a proportion of battery minerals in EVs to be extracted or processed in the US or free-trade partner countries. But a lot of automakers simply aren’t prepared for that requirement. Electrek spoke with Megan O’Connor, cofounder and CEO of Nth Cycle, a
Automakers asked new Prime Minister Rishi Sunak and his government to improve the UK’s business environment after car production in the country declined again. The Society of Motor Manufacturers and Traders included the plea in its monthly report on output, which dropped 6 percent in September to 63,125 vehicles, roughly half what companies produced prior
A terrifying crash occurred in The Netherlands last Monday, when a train smashed through a city bus, cutting it in half. Thankfully there were no injuries reported since the bus was empty of passengers and the driver escaped unharmed albeit in shock. In the video uploaded on YouTube by Hart van Nederland, we can see
Lear Corp. will open an $80 million plant and create hundreds of jobs in Michigan after winning a program with General Motors Co. that marks its largest electric vehicle deal and investment to date, the supplier said Thursday. The Southfield-based company struck a deal with the automaker to exclusively supply the battery disconnect unit on
SAVANNAH, Georgia – Hyundai Motor Co will break ground on a $5.54 billion electric vehicle (EV) and battery plant in the United States on Tuesday, as South Korea’s biggest automaker grapples with an uncertain outlook for its EV sales in its top market. Hyundai plans to begin commercial production in the first half of 2025
Ford Motor (F) reported a top- and bottom line beat for the third quarter after the closing bell on Wednesday, while demonstrating solid free cash flow — a key reason why the Club continues to back the automaker. Automotive revenue climbed 12% year-on-year, to $37.2 billion, beating analysts’ forecasts of $36.25 billion, according to estimates
The 2022 SEMA show is just around the corner and Acura on Wednesday previewed a trio of tuned 2023 Integras bound for the annual tuning fest in Las Vegas. Previous Integra generations have been, and still are popular, among tuners, and Acura has sought to highlight the potential of the new 2023 model by partnering
Tesla’s all-new battery energy storage system (BEES) factory in Lathrop, California is almost ready and is ramping up production. This week, the company showed a short video, presenting the plant and some of the production processes, on its Linkedin profile. Tesla is now looking for more employees – but that’s not a surprise, as basically
Ford said it would exit Russia, after the automaker finalized a deal to sell its 49 percent stake in the Sollers Ford joint venture. “Ford shares will be transferred to the Joint Venture for a nominal value,” the company said on Wednesday, adding that it retains the option to buy them back within a 5-year
4:07 AM ET Audi will enter Formula One in 2026 as the partner of the Sauber team, which currently races as Alfa Romeo. In August, Audi confirmed it would be joining F1 as an engine constructor when it introduces new regulations, but did not confirm which team that would be with. On Wednesday it was
Lamborghini has partnered up yet again with Culti Milano, a maker of candles, lotions, and other smelly stuff, to make a product for the home that seeks to capture the essential spirit of Lamborghini and bottle it. Together they have come up with a new diffuser (of the reedy variety, not the aerodynamic variety) whose
DETROIT — Ford Motor Co. on Wednesday posted a third-quarter loss of $827 million that it largely blames on newly revealed plans to shut down Argo AI, a self-driving vehicle development company the automaker had invested in heavily. CEO Jim Farley said the company now believes mass deployment of fully self-driving vehicles is “a long
Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co. and Volkswagen Group, TechCrunch reported on Wednesday, citing people familiar with the matter. Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said, adding that
In this article DAII-FF Follow your favorite stocksCREATE FREE ACCOUNT 2022 Mercedes-Benz EQS EV Mercedes-Benz Mercedes-Benz finance chief on Wednesday told CNBC the automaker’s pricing of its cars in China is “well-supported” after U.S. electric vehicle giant Tesla slashed prices. “We definitely see the demand being well but also we see the pricing levels we
By Simon Alvarez Posted on October 26, 2022 The electric vehicle transition is hitting its pace, and battery suppliers definitely seem to be feeling it. Tesla supplier LG Energy Solution (LGES), for one, recently upped its revenue guidance by 14% after quarterly profit beat forecasts on strong demand from EV makers. LG Energy Solution noted
BERLIN/MOSCOW — Mercedes-Benz will withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest automaker to exit the country. Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom. Mercedes Chief Financial Officer Harald Wilhelm, while presenting