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
Author: New York Times Online News
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
Michael Andretti Wants F1 to Make Room for a New Team
Formula 1’s popularity in the United States has accelerated in 2022, making it a vital market that the sport’s bosses are eager to grow. As of 2023, there will be three U.S. races, in Miami; Austin, Texas; and Las Vegas. But Formula 1 has only one American team, Haas, which is based in England, and… Continue reading Michael Andretti Wants F1 to Make Room for a New Team
Tesla’s Second-Quarter Earnings Hurt By Supply Chain Problems and Bitcoin
Tesla said Wednesday that profit in the second quarter fell nearly one-third from the first quarter as deliveries slowed because of shutdowns and raw materials shortages at the carmaker’s factory in Shanghai. Profit in the quarter was $2.3 billion, Tesla said, compared to $3.3 billion in the first quarter, which was a record. Sales fell… Continue reading Tesla’s Second-Quarter Earnings Hurt By Supply Chain Problems and Bitcoin
F1’s Williams Struggles to Return to Racing Glory
Williams has won its home Grand Prix in England 10 times, but at Silverstone this weekend even a smattering of points would represent success. Once a formidable front-runner, Williams drifted backward as the team budget shrank. The last of its 16 championships came in 1997, its last title fight was in 2003 and it has… Continue reading F1’s Williams Struggles to Return to Racing Glory
Electric Car Sales Climb Sharply Despite Shortages
Americans are buying electric vehicles at a record pace, undeterred by rising prices and long waits for delivery, a further indication that the twilight of the internal combustion engine is on the horizon. Vehicles that run on batteries accounted for 5.6 percent of new-car sales from April through June, still a small slice of the… Continue reading Electric Car Sales Climb Sharply Despite Shortages