The climate and energy package awaiting final approval by Congress aims to achieve two goals that are not always compatible: Make electric vehicles more affordable while freezing China out of the supply chain. Auto industry representatives have been griping that the proposed $7,500 tax credits for electric vehicle buyers come with so many strings attached… Continue reading For Electric Vehicle Makers, Winners and Losers in Climate Bill
Author: New York Times Online News
Rivian Lost $1.7 Billion in the Second Quarter
Rivian, a fledgling electric vehicle manufacturer, said Thursday that it lost $1.7 billion in the second quarter and estimated that it would make just over 26,000 vehicles this year, about a thousand more than it previously forecast. The company said it was continuing to struggle to get enough components to ramp up production to higher… Continue reading Rivian Lost $1.7 Billion in the Second Quarter
Ford Raises Prices of F-150 Lightning Electric Truck
Ford Motor on Tuesday became the latest automaker to raise the price of electric vehicles when it significantly increased prices of its popular F-150 Lightning because of rising materials costs. The company began making the Lightning in April and had sold more than 4,400 through the end of July. Ford has taken reservations for more… Continue reading Ford Raises Prices of F-150 Lightning Electric Truck
California Regulator Accuses Tesla of Falsely Advertising Autopilot
California’s Department of Motor Vehicles has accused Tesla of falsely advertising its driver-assistance technology in two complaints that could affect the company’s ability to sell cars in the state. The agency said Tesla had misled customers by claiming in advertisements that vehicles equipped with its Autopilot and Full Self-Driving Capability programs were autonomous. If the… Continue reading California Regulator Accuses Tesla of Falsely Advertising Autopilot
GM Quarterly Sales Fall Amid Shortage in Computer Chips and Other Parts
The auto industry is facing worrying signs all across its horizon, including rising interest rates and fears of a recession. But the biggest problem still seems to be making enough cars. General Motors said Friday that its U.S. deliveries of new vehicles in the second quarter declined 15 percent from a year earlier, while Toyota… Continue reading GM Quarterly Sales Fall Amid Shortage in Computer Chips and Other Parts
Tesla Faces Pressure Campaign From Activist Shareholders
Tesla investors on Thursday will vote on several proposals by activist investors that seek to pressure the company and its chief executive, Elon Musk, to change the way they treat workers, add more independent voices to the automaker’s board and disclose more about how it lobbies government officials. Tesla is widely credited with pioneering the… Continue reading Tesla Faces Pressure Campaign From Activist Shareholders
Ford quarterly profit is up 20% from a year earlier.
Ford Motor said Wednesday that its second-quarter profit rose nearly 20 percent from a year earlier, when the global chip shortage took a severe toll on its operations. The automaker recorded a profit of $667 million, up from $561 million in the same period a year ago. Its revenue was up substantially, to $40.2 billion… Continue reading Ford quarterly profit is up 20% from a year earlier.
Energy Department will lend G.M. and LG $2.5 billion to build battery factories.
The U.S. Energy Department said Monday that it would lend $2.5 billion to General Motors and LG Energy Solution to build battery factories, advancing the Biden administration’s plan to promote electric vehicles and reduce dependence on China for critical components. G.M. and LG Energy, a South Korean battery maker, are partners in Ultium, a joint… Continue reading Energy Department will lend G.M. and LG $2.5 billion to build battery factories.
Tesla will spend more to increase production at two new factories.
Tesla said on Monday that it was increasing spending by about $1 billion to ramp up its factories, develop new batteries and finance other projects. In a securities filing, Tesla said it expected capital expenditures to be $6 billion to $8 billion in 2022, up from an April forecast of $5 billion to $7 billion.… Continue reading Tesla will spend more to increase production at two new factories.
Formula 1 Struggles With Bouncing Cars and Injured Drivers
The safety of drivers has become political this season. New aerodynamic regulations were introduced at the start of the year that were intended to allow the cars to follow more closely and aid overtaking, making the races more exciting. A side effect is porpoising, a violent up-and-down movement caused by the stalling of airflow beneath… Continue reading Formula 1 Struggles With Bouncing Cars and Injured Drivers