Tesla reported a rise in profit for the second quarter after the company, led by Elon Musk, cut prices in response to increased competition and higher borrowing costs for car buyers. The company said on Wednesday that it earned $2.7 billion from April through June, up from $2.5 billion in the first quarter this year… Continue reading Tesla’s Profit Rose in the Second Quarter as Price Cuts Spurred Demand
Author: New York Times Online News
Carvana, Used Car Dealer, Reaches Deal to Restructure Debt
Carvana, the troubled used car retailer, announced on Wednesday that it had reached a debt restructuring agreement with most of its bondholders in an effort to lower interest payments over at least the next two years and put its business on more solid financial footing. The once fast-growing company, which sells cars online and at… Continue reading Carvana, Used Car Dealer, Reaches Deal to Restructure Debt
Ford Slashes Price of Electric F-150 Lightning as Demand Weakens
After struggling to find enough batteries and other parts for the past couple of years, automakers are finally beginning to churn out large numbers of electric cars and trucks. More than 30 new models will arrive in showrooms this year. What they need now are more customers. While sales of electric vehicles are increasing —… Continue reading Ford Slashes Price of Electric F-150 Lightning as Demand Weakens
F1 Academy Picks Up Where the W Series Left Off
It has been 47 years since a woman drove in a Formula 1 Grand Prix, when Lella Lombardi of Italy finished 12th at the Austrian Grand Prix in 1976. In 2019, the all-female W Series started in an attempt to provide a way to get women behind the wheel, but it collapsed in June without… Continue reading F1 Academy Picks Up Where the W Series Left Off
United Auto Workers Open Contract Talks in Detroit
The three Detroit automakers and the United Auto Workers union have begun negotiating a new labor contract in what could become the most contentious talks between the two sides in perhaps half a century. The discussions, which formally started on Thursday, come as General Motors, Ford Motor and Stellantis have posted a long streak of… Continue reading United Auto Workers Open Contract Talks in Detroit
At Auction, American Cars Are Often Not Valued as Highly as their European Counterparts
In the 1950s, the Australian Broadcasting Commission presented the radio show “Incognito,” which featured two musical performances, one by an Australian artist and the other by a foreigner. At the end of the show, the audience members were invited to guess which performer was Australian. Very often, they guessed wrong. The show had unwittingly uncovered… Continue reading At Auction, American Cars Are Often Not Valued as Highly as their European Counterparts
A Kansas College Restored a Mercedes. It’s Now Headed to Pebble Beach.
Vintage car collecting faces an existential threat: The artisans who know how to restore the classics are aging. According to Paul Russell, the founder of a classic-car restoration shop in Massachusetts, the rate of attrition now exceeds that of replacement. A group of more than 60 college students in Kansas is bringing attention to the… Continue reading A Kansas College Restored a Mercedes. It’s Now Headed to Pebble Beach.
The Big Number: 19
G.M. said it had sold 691,978 vehicles from April through June — a 19 percent jump from a year earlier. Like other automakers, G.M. faced shortages of computer chips and other parts in the pandemic, which sent up the cost of vehicles, forced factories to shut down and left car dealers with sparse lots. Sales… Continue reading The Big Number: 19
Dozens of Children Die in Hot Cars Each Year. Back-Seat Sensors Could Save Them.
Ever since Tyler Cestia left his son Thomas in his truck on a hot morning in June two years ago, he has felt, he said, like a cork bobbing in the ocean. It was June 14, 2021, and Mr. Cestia was preparing for a stressful audit at work when he forgot to drop off Thomas… Continue reading Dozens of Children Die in Hot Cars Each Year. Back-Seat Sensors Could Save Them.
San Francisco Officials Hesitant to Expand Driverless Car Services
Over the past year or so, a jarring sight has become common in San Francisco: driverless cars buzzing around the city’s streets with no one at the wheel and an expensive array of electronic sensors guiding the way. But a plan by two companies to expand driverless taxi services in San Francisco has met stiff… Continue reading San Francisco Officials Hesitant to Expand Driverless Car Services